<SEC-DOCUMENT>0001062993-15-003332.txt : 20150611
<SEC-HEADER>0001062993-15-003332.hdr.sgml : 20150611
<ACCEPTANCE-DATETIME>20150611170726
ACCESSION NUMBER:		0001062993-15-003332
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		10
FILED AS OF DATE:		20150611
DATE AS OF CHANGE:		20150611

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LIGHTBRIDGE Corp
		CENTRAL INDEX KEY:			0001084554
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MANAGEMENT CONSULTING SERVICES [8742]
		IRS NUMBER:				911975651
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-204889
		FILM NUMBER:		15926663

	BUSINESS ADDRESS:	
		STREET 1:		1600 TYSONS BOULEVARD
		STREET 2:		SUITE 550
		CITY:			MCLEAN,
		STATE:			VA
		ZIP:			22102
		BUSINESS PHONE:		703.918.4904

	MAIL ADDRESS:	
		STREET 1:		1600 TYSONS BOULEVARD
		STREET 2:		SUITE 550
		CITY:			MCLEAN,
		STATE:			VA
		ZIP:			22102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Thorium Power, Ltd
		DATE OF NAME CHANGE:	20061011

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NOVASTAR RESOURCES LTD.
		DATE OF NAME CHANGE:	20051011

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NOVASTAR RESOURCES LTD
		DATE OF NAME CHANGE:	20050829
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>forms3.htm
<DESCRIPTION>FORM S-3
<TEXT>
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   <TITLE>Lightbridge Corp.: Form S-3 - Filed by newsfilecorp.com</TITLE>
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  <TR vAlign=top>
    <TD align=center>As filed with the Securities and Exchange Commission on
    June 11, 2015</TD>
  </TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="23%" align=right style="BORDER-BOTTOM: #000000 3px double"><B>Registration No. 333-</B></TD></TR></TABLE>
<P align=center><B><FONT size=5>UNITED STATES </FONT><BR></B><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION </FONT></B><BR><B>Washington, D.C.
20549 </B></P>
<P align=center><B>&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150; </B></P>
<P align=center><B><FONT size=5>FORM S-3 </FONT></B></P>
<P align=center><B>REGISTRATION STATEMENT<br>
&nbsp;UNDER<br>
THE SECURITIES ACT OF
1933</B></P>
<P align=center><B>&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150; </B></P>
<P align=center><B><FONT size=5>Lightbridge Corporation
</FONT><BR></B>(Exact name of registrant as specified in its charter) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center><B>Nevada </B></TD>
    <TD align=center width="50%"><B>91-1975651 </B></TD></TR>
  <TR vAlign=top>
    <TD align=center>(State or other jurisdiction of </TD>
    <TD align=center width="50%">(I.R.S. Employer </TD></TR>
  <TR vAlign=top>
    <TD align=center>incorporation or organization) </TD>
    <TD align=center width="50%">Identification Number) </TD></TR></TABLE>
    <P align=center><B>&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150; </B></P>
<P align=center><B>1600 Tysons Boulevard, Suite 550 <BR></B><B>McLean, Virginia
22102 <BR></B><B>(571) 730-1200 <BR></B>(Address, including zip code, and
telephone number, including area code of registrant&#146;s principal executive
offices) </P>
<P align=center><B>&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150; </B></P>
<P align=center><B>Seth Grae <BR>President and CEO <BR></B><B>Lightbridge
Corporation <BR>1600 Tysons Boulevard, Suite 550 <BR>McLean, Virginia 22102
<BR></B><B>(571) 730-1200 <BR></B>(Name, address, including zip code, and
telephone number, including area code, of agent for service) </P>
<P align=center><B>&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150; </B></P>
<P align=center><B><I>Copy to: </I></B></P>
<P align=center><B>David R. Crandall <BR></B><B>Hogan Lovells US
LLP<BR></B><B>1200 Seventeenth Street, Suite 1500 <BR>Denver, Colorado 80202
<BR>(303) 899-7300 </B></P>
<P align=center><B>&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150; </B></P>
<P align=justify style="text-indent:5%"><B>Approximate date of commencement of proposed sale to the
public: </B>From time to time after this registration statement becomes
effective.</P>
<P align=center><B>&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150; </B></P>
<P align=justify style="text-indent:5%">If the only securities being registered on this Form are being
offered pursuant to dividend or interest reinvestment plans, please check the
following box: [&nbsp;&nbsp; ]</P>
<P align=justify style="text-indent:5%">If any of the securities being registered on this Form are to
be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, other than securities offered only in connection with
dividend or interest reinvestment plans, check the following box: [X]</P>
<P align=justify style="text-indent:5%">If this Form is filed to register additional securities for an
offering pursuant to Rule 462(b) under the Securities Act, please check the
following box and list the Securities Act registration statement number of the
earlier effective registration statement for the same offering: [&nbsp;&nbsp;
]</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify style="text-indent:5%">If this Form is a post-effective amendment filed pursuant to
Rule 462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective
registration statement for the same offering: [&nbsp;&nbsp; ]</P>
<P align=justify style="text-indent:5%">If this Form is a registration statement pursuant to General
Instruction I.D. or a post-effective amendment thereto that shall become
effective upon filing with the Commission pursuant to Rule 462(e) under the
Securities Act, check the following box: [&nbsp;&nbsp; ]</P>
<P align=justify style="text-indent:5%">If this Form is a post-effective amendment to a registration
statement filed pursuant to General Instruction I.D. filed to register
additional securities or additional classes of securities pursuant to Rule
413(b) under the Securities Act, check the following box: [&nbsp;&nbsp; ]</P>
<P align=justify style="text-indent:5%">Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See the definitions of &#147;large accelerated filer,&#148;
&#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule 12b-2 of the
Exchange Act. (Check one): [&nbsp;&nbsp; ]</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center>Large accelerated filer [&nbsp;&nbsp; ]</TD>
    <TD align=center width="25%">Accelerated filer [&nbsp;&nbsp; ]</TD>
    <TD align=center width="25%">Non-accelerated filer [&nbsp;&nbsp; ]</TD>
    <TD align=center width="25%">Smaller reporting company [X]</TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD align=center width="25%">&nbsp; </TD>
    <TD align=center width="25%">(Do not check if a smaller </TD>
    <TD align=center width="25%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD align=center width="25%">&nbsp; </TD>
    <TD align=center width="25%">reporting company) </TD>
    <TD align=center width="25%">&nbsp; </TD></TR></TABLE></DIV>
<P align=center><B>CALCULATION OF REGISTRATION FEE</B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center rowSpan=3><B>Title of Each Class of
      Securities to be</B> <BR><B>Registered</B> </TD>
    <TD vAlign=bottom noWrap align=center width="20%" rowSpan=3><B>Amount to
      be</B> <BR><B>Registered(1)</B> </TD>
    <TD vAlign=bottom noWrap align=center width="20%" rowSpan=3><B>Proposed
      maximum</B> <BR><B>offering price</B> <BR><B>per unit(1)(2)</B> </TD>
    <TD vAlign=bottom noWrap align=center width="20%" rowSpan=3><B>Proposed
      maximum</B> <BR><B>aggregate offering</B> <BR><B>price(1)(2)</B> </TD>
    <TD vAlign=bottom noWrap align=center width="20%" rowSpan=3><B>Amount
      of</B> <BR><B>Registration Fee(3)</B> </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD align=left>Common Stock, par value $0.001 per share </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Preferred Stock, par value $0.001 per share </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Depositary Shares(4) </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Debt Securities </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Warrants </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Purchase Contracts </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Units </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Total </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=center width="20%">$75,000,000 </TD>
    <TD align=center width="20%">$5,067 </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>There are being registered hereunder an indeterminate
      aggregate initial offering price or number of the securities of each
      identified class as shall have an aggregate initial offering price not to
      exceed $75,000,000. If any debt securities are issued at an original issue
      discount, then the offering price of such debt securities shall be in such
      greater principal amount as shall result in an aggregate initial offering
      price not to exceed $75,000,000, less the aggregate dollar amount of all
      securities previously issued hereunder. Any securities registered
      hereunder may be sold separately or as units with other securities
      registered hereunder. The proposed maximum initial offering price per unit
      will be determined, from time to time, by the registrant in connection
      with the issuance by the registrant of the securities registered
      hereunder. Separate consideration may or may not be received for
      securities that are issuable on exercise, conversion or exchange of other
      securities or that are issued in units or represented by depositary
      shares. In addition, pursuant to Rule 416 under the Securities Act of
      1933, as amended, the shares being registered hereunder include such
      indeterminate number of shares of common stock and preferred stock as may
      be issuable with respect to the shares being registered hereunder as a
      result of stock splits, stock dividends or similar transactions.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The proposed maximum aggregate offering price per class
      of securities will be determined from time to time by the registrant in
      connection with the issuance by the registrant of the securities
      registered hereunder and is not specified as to each class of security
      pursuant to General Instruction II.D. of Form S-3 under the Securities
      Act.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Calculated pursuant to Rule 457(o) under the Securities
      Act. The $75,000,000 of securities registered hereunder includes
      $31,395,694 of securities (the &#147;Unsold Securities&#148;) registered pursuant to
      Registration Statement No. 333-187659, which was filed on April 1, 2013
      and declared effective May 1, 2013. Pursuant to Rule 415(a)(6) under the
      Securities Act, $4,282 of filing fees previously paid in connection with
      the Unsold Securities will continue to be applied to such Unsold
      Securities. A filing fee of $5,067 is paid herewith in connection with the
      $43,604,306 of new securities registered hereunder.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>To be represented by depositary receipts and representing
      an interest in all or a specified portion of a share of preferred
      stock.</P></TD></TR></TABLE>
      <P align=center><B>&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150; </B></P>
<P align=justify style="text-indent:5%"><B>The registrant hereby amends
this registration statement on such date or dates as may be necessary to delay
its effective date until the registrant shall file a further amendment which
specifically states that this registration statement shall thereafter become
effective in accordance with Section 8(a) of the Securities Act or until this
registration statement shall become effective on such date as the Commission,
acting pursuant to said Section 8(a), may determine.</B> </P>
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<P align=center><B>EXPLANATORY NOTE </B></P>
<P align=justify style="text-indent:5%">This registration statement contains two prospectuses: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center  ><B>&#149;</B> </TD>
    <TD align=left width="95%">
      <P align=justify>a base prospectus which covers the offering, issuance and
      sale by us of up to $75,000,000 in the aggregate of the securities
      identified above from time to time in one or more offerings; and
</P></TD></TR>
  <TR>
    <TD align=center  >&nbsp;</TD>
    <TD width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center  ><B>&#149;</B> </TD>
    <TD align=left width="95%">
      <P align=justify>a sales agreement prospectus covering the offering,
      issuance and sale by us of up to a maximum aggregate offering price of
      $478,500 of our common stock that may be issued and sold under a sales
      agreement with MLV &amp; Co. LLC. </P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">The base prospectus immediately
follows this explanatory note. The specific terms of any securities to be
offered pursuant to the base prospectus will be specified in a prospectus
supplement to the base prospectus. The sales agreement prospectus immediately
follows the base prospectus. The $478,500 of common stock that may be offered,
issued and sold under the sales agreement prospectus is included in the
$75,000,000 of securities that may be offered, issued and sold by us under the
base prospectus. </P>
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<P align=justify><B><FONT color=#ff0000>The information in this prospectus is
not complete and may be changed. We may not sell these securities until the
registration statement filed with the Securities and Exchange Commission is
effective. This prospectus is not an offer to sell these securities and it is
not soliciting an offer to buy these securities in any state where the offer or
sale is not permitted. </FONT></B></P>
<P align=center><FONT color=#ff0000><B>Subject to
Completion, Dated June 11, 2015</B></FONT><B> </B></P>
<P align=justify><B>PROSPECTUS </B></P>
<P align=center><IMG src="forms3x4x1.jpg" border=0 width="326" height="94"> </P>
<P align=center><B>LIGHTBRIDGE CORPORATION </B></P>
<P align=center><B>$75,000,000 </B></P>
<P align=center><B>Common Stock</B>, <B>Preferred Stock, Depositary Shares, Debt
Securities, <BR>Warrants, Purchase Contracts and Units </B></P>
<P align=justify style="text-indent:5%">We may offer and sell from time
to time up to $75,000,000 of any combination of the securities described in this
prospectus, in one or more classes or series and in amounts, at prices and on
terms that we will determine at the times of the offerings. These securities
may, if applicable, be convertible into, or exercisable or exchangeable for,
other securities described in this prospectus. This prospectus provides you with
a general description of the securities. </P>
<P align=justify style="text-indent:5%">Each time we sell securities, we
will provide a supplement to this prospectus that contains specific information
about the offering and the amounts, prices and terms of the securities. Any
prospectus supplement may also add, update or change information contained in
this prospectus. You should carefully read this prospectus and the accompanying
prospectus supplement before you invest in any of our securities.<B> This
prospectus may not be used to sell securities unless accompanied by a prospectus
supplement. </B></P>
<P align=justify style="text-indent:5%">The securities may be offered
directly by us, through agents designated from time to time by us or to or
through underwriters or dealers, on an immediate, continuous or delayed basis.
If any agents, dealers or underwriters are involved in the sale of any of the
securities, their names and any applicable purchase price, fee, commission or
discount arrangement between or among them will be set forth, or will be
calculable from the information set forth, in the applicable prospectus
supplement.</P>
<P align=justify style="text-indent:5%">Our common stock is listed on the
NASDAQ Capital Market under the symbol &#147;LTBR&#148;. On June 10, 2015, the last
reported sale price of our common stock on the NASDAQ Capital Market was $1.19
per share. As of May 18, 2015, the aggregate market value of our outstanding
common stock held by non-affiliates, or public float, was approximately
$31,601,908, based on 18,082,874 shares of outstanding common stock, of which
approximately 861,126 shares were held by affiliates, and a price of $1.835 per
share, which was the average of the last bid and asked prices of our common
stock on the NASDAQ Capital Market on May 18, 2015. We have sold approximately
$10,055,376 of securities as calculated pursuant to General Instruction I.B.6 of
Form S-3 during the prior 12 calendar month period that ends on and includes the
date of this prospectus. Pursuant to General Instruction I.B.6 of Form S-3, in
no event will we sell securities registered on this registration statement in a
public primary offering with a value exceeding more than one-third of our public
float in any 12 calendar month period so long as our public float remains below
$75,000,000. </P>
<P align=center><B>&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150; </B></P>
<P align=justify style="text-indent:5%"><B>Investing in our securities
involves risks. See &#147;Risk Factors&#148; beginning on page 4 of this prospectus and the risks and uncertainties described in the documents we file with the Securities and Exchange Commission that are incorporated in this prospectus by
reference for certain risks and uncertainties relating to an investment in our securities. </B></P>
<P align=center><B>&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150; </B></P>
<P align=justify style="text-indent:5%"><B>Neither the Securities and
Exchange Commission nor any state securities commission has approved or
disapproved of these securities or passed upon the adequacy or accuracy of this
prospectus. Any representation to the contrary is a criminal offense. </B></P>
<P align=center><B>&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150; </B></P>
<P align=center>This prospectus is
dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2015.<B> </B></P>
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<P align=center><B>TABLE OF CONTENTS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_6">ABOUT
      THIS PROSPECTUS </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_6">1
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_6">WHERE
      YOU CAN FIND ADDITIONAL INFORMATION </A></TD>
    <TD align=left width="5%" ><A
      href="#page_6">1
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_7">INCORPORATION
      OF CERTAIN INFORMATION BY REFERENCE </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_7">2
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_7">CAUTIONARY
      NOTE REGARDING FORWARD-LOOKING STATEMENTS </A></TD>
    <TD align=left width="5%" ><A
      href="#page_7">2
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_9">ABOUT
      LIGHTBRIDGE CORPORATION </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_9">4
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_9">RISK
      FACTORS </A></TD>
    <TD align=left width="5%" ><A
      href="#page_9">4
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_10">USE
      OF PROCEEDS </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_10">5
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_10">DILUTION
      </A></TD>
    <TD align=left width="5%" ><A
      href="#page_10">5
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_10">RATIO
      OF EARNINGS TO FIXED CHARGES </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_10">5
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_10">DESCRIPTION
      OF CAPITAL STOCK </A></TD>
    <TD align=left width="5%" ><A
      href="#page_10">5
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_13">DESCRIPTION
      OF DEPOSITARY SHARES </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_13">8
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_16">DESCRIPTION
      OF DEBT SECURITIES </A></TD>
    <TD align=left width="5%" ><A
      href="#page_16">11
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_26">DESCRIPTION
      OF WARRANTS </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_26">21
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_27">DESCRIPTION
      OF PURCHASE CONTRACTS </A></TD>
    <TD align=left width="5%" ><A
      href="#page_27">22
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_28">DESCRIPTION
      OF UNITS </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_28">23
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_28">PLAN
      OF DISTRIBUTION </A></TD>
    <TD align=left width="5%" ><A
      href="#page_28">23
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_30">LEGAL
      MATTERS </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_30">25
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_30">EXPERTS
      </A></TD>
    <TD align=left width="5%" ><A
      href="#page_30">25
      </A></TD></TR></TABLE>
      <P align=center><B>&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150; </B></P>
<P align=justify style="text-indent:5%"><B>We have not authorized anyone
to provide you with information different from that contained or incorporated by
reference in this prospectus or any accompanying prospectus supplement or free
writing prospectus, and we take no responsibility for any other information that
others may give you. This prospectus is not an offer to sell, nor is it a
solicitation of an offer to buy, the securities in any jurisdiction where the
offer or sale is not permitted. You should not assume that the information
contained in this prospectus or any prospectus supplement or free writing
prospectus is accurate as of any date other than the date on the front cover of
those documents, or that the information contained in any document incorporated
by reference is accurate as of any date other than the date of the document
incorporated by reference, regardless of the time of delivery of this prospectus
or any sale of a security. Our business, financial condition, results of
operations and prospects may have changed since those dates. </B></P>
<P align=center>i</P>
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<P align=center><B>ABOUT THIS PROSPECTUS </B></P>
<P align=justify style="text-indent:5%">This prospectus is part of a registration statement that we
filed with the Securities and Exchange Commission, or SEC, using a &#147;shelf&#148;
registration process. Under this shelf registration process, we may sell our
securities described in this prospectus in one or more offerings up to a total
dollar amount of $75,000,000. This prospectus provides you with a general
description of the securities we may offer. Each time we offer our securities,
we will provide you with a supplement to this prospectus that will describe the
specific amounts, prices and terms of the securities we offer. </P>
<P align=justify style="text-indent:5%">This prospectus does not contain all of the information
included in the registration statement. For a more complete understanding of the
offering of the securities, you should refer to the registration statement,
including its exhibits. The prospectus supplement may also add, update or change
information contained or incorporated by reference in this prospectus. However,
no prospectus supplement will offer a security that is not registered and
described in this prospectus at the time of its effectiveness. This prospectus,
together with the applicable prospectus supplements and the documents
incorporated by reference into this prospectus, includes all material
information relating to the offering of securities under this prospectus. You
should carefully read this prospectus, the applicable prospectus supplement, the
information and documents incorporated herein by reference and the additional
information under the heading &#147;Where You Can Find Additional Information&#148; and
&#147;Incorporation of Certain Information by Reference&#148; before making an investment
decision. </P>
<P align=justify style="text-indent:5%">This prospectus may not be used to consummate sales of our
securities unless it is accompanied by a prospectus supplement. To the extent
there are inconsistencies between any prospectus supplement, this prospectus and
any documents incorporated by reference, the document with the most recent date
will control. </P>
<P align=justify style="text-indent:5%">References in this prospectus to &#147;Lightbridge,&#148; &#147;we,&#148; &#147;us,&#148;
&#147;our,&#148; &#147;our Company,&#148; or &#147;the Company&#148; mean Lightbridge Corporation, a Nevada
corporation, and its consolidated subsidiaries, unless we state otherwise or the
context indicates otherwise. </P>
<P align=center><B>WHERE YOU CAN FIND ADDITIONAL INFORMATION </B></P>
<P align=justify style="text-indent:5%">We are subject to the reporting requirements of the Securities
Exchange Act of 1934, as amended, or the Exchange Act, and file annual,
quarterly and current reports, proxy statements and other information with the
SEC. You may read and copy these reports, proxy statements and other information
at the SEC&#146;s public reference facilities at 100 F Street, N.E., Room 1580,
Washington, D.C. 20549. You can request copies of these documents by writing to
the SEC and paying a fee for the copying cost. Please call the SEC at
1-800-SEC-0330 for more information about the operation of the public reference
facilities. SEC filings are also available at the SEC&#146;s website at
<I>www.sec.gov</I>. </P>
<P align=justify style="text-indent:5%">This prospectus forms part of a registration statement on Form
S-3 filed by us with the SEC under the Securities Act of 1933, as amended, or
the Securities Act. As permitted by the SEC, this prospectus does not contain
all the information in the registration statement filed with the SEC. For a more
complete understanding of this offering, you should refer to the complete
registration statement, including the exhibits thereto, on Form S-3 that may be
obtained as described above. Statements contained in this prospectus or any
prospectus supplement about the contents of any contract or other document are
not necessarily complete. If we have filed any contract or other document as an
exhibit to the registration statement or any other document incorporated by
reference in the registration statement of which this prospectus forms a part,
you should read the exhibit for a more complete understanding of the document
or matter involved. Each statement regarding a contract or
other document is qualified in its entirety by reference to the actual document.
</P>
<P align=center>1</P>
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<P align=center><B>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE </B></P>
<P align=justify style="text-indent:5%">The SEC allows us to &#147;incorporate by reference&#148; in this
prospectus certain of the information we file with the SEC. This means we can
disclose important information to you by referring you to another document that
has been filed separately with the SEC. The information incorporated by
reference is considered to be a part of this prospectus, and information that we
file later with the SEC will automatically update and supersede information
contained in this prospectus and any accompanying prospectus supplement. We
incorporate by reference the documents listed below that we have previously
filed with the SEC: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">our Annual Report on Form 10-K for the fiscal
      year ended December 31, 2014, filed on March 25, 2015, as amended by the
      Form 10-K/A filed on April 30, 2015; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">our Quarterly Report on Form 10-Q for the
      quarter ended March 31, 2015, filed on May 7, 2015; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">our Current Reports on Form 8-K filed on
      January 30, 2015, March 27, 2015, April 10, 2015, April 13, 2015, May 18,
      2015 and June 10, 2015; and </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">the description of our common stock contained
      in our Registration Statement on Form 8-A filed on July 18, 2006,
      including any amendments or reports filed for the purpose of updating such
      description. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">We also incorporate by reference into this prospectus
additional documents that we may file with the SEC under Sections 13(a), 13(c),
14 or 15(d) of the Exchange Act prior to the completion or termination of the
offering of the securities described in this prospectus, including all such
documents we may file with the SEC after the date of the initial registration
statement and prior to the effectiveness of the registration statement, but
excluding any information deemed furnished and not filed with the SEC. Any
statements contained in a previously filed document incorporated by reference
into this prospectus is deemed to be modified or superseded for purposes of this
prospectus to the extent that a statement contained in this prospectus, or in a
subsequently filed document also incorporated by reference herein, modifies or
supersedes that statement. Any statement so modified or superseded will not be
deemed, except as so modified or superseded, to constitute a part of this
prospectus. </P>
<P align=justify style="text-indent:5%">You may request, orally or in writing, a copy of any or all of
the documents incorporated herein by reference. These documents will be provided
to you at no cost by contacting: Lightbridge Corporation, 1600 Tysons Boulevard,
Suite 550, McLean, Virginia, 22102; telephone number: (571) 730-1200. You may
also access the documents incorporated by reference in this prospectus through
our website at <I>www.ltbridge.com</I>. Except for the specific incorporated
documents listed above, no information available on or through our website shall
be deemed to be incorporated in this prospectus or the registration statement of
which it forms a part. </P>
<P align=center><B>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS </B></P>
<P align=justify style="text-indent:5%">This prospectus contains or incorporates forward-looking
statements within the meaning of section 27A of the Securities Act and section
21E of the Exchange Act. These forward-looking statements are management&#146;s
beliefs and assumptions. In addition, other written or oral statements that
constitute forward-looking statements are based on current expectations,
estimates and projections about the industry and markets in which we operate and
statements may be made by or on our behalf. Words such as &#147;should,&#148; &#147;could,&#148; &#147;may,&#148; &#147;will,&#148; &#147;expect,&#148; &#147;anticipate,&#148;
&#147;intend,&#148; &#147;target,&#148; &#147;plan,&#148; &#147;believe,&#148; &#147;seek,&#148; &#147;estimate,&#148; variations of such
words and similar expressions are intended to identify such forward-looking
statements. Such statements include, among others, (i) those concerning market
and business segment growth, demand and acceptance of our nuclear energy
consulting services and nuclear fuel technology business, (ii) any projections
of sales, earnings, revenue, margins or other financial items, (iii) any
statements of the plans, strategies and objectives of management for future
operations, (iv) any statements regarding future economic conditions or
performance, (v) uncertainties related to conducting business in foreign
countries, as well as (vi) all assumptions, expectations, predictions,
intentions or beliefs about future events. These statements are not guarantees
of future performance and involve substantial risks, uncertainties and
assumptions that are difficult to predict. Important factors that could cause
actual results to differ materially from those in such forward-looking
statements are set forth in Item 1A &#147;Risk Factors&#148; in our Annual Report on Form
10-K, our other filings with the SEC and any applicable prospectus supplement
offering our securities and include but are not limited to: </P>
<P align=center>2</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">our ability to commercialize our nuclear fuel
  technology; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>&#149;</B> </TD>
  <TD width="90%" align=left style="text-align: justify">our ability to attract new customers; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">our ability to employ and retain qualified
      employees and consultants that have experience in the nuclear industry;
  </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">competition and competitive factors in the
  markets in which we compete; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">public perception of nuclear energy generally;
  </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">general economic and business conditions in the
      local economies in which we regularly conduct business, which can affect
  demand for our services; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">changes in laws, rules and regulations
  governing our business; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">development and utilization of our intellectual
  property; and </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">potential and contingent liabilities.
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The foregoing list of important factors is not intended to be
and is not exhaustive. We base our forward-looking statements on our
management&#146;s beliefs and assumptions based on information available to our
management at the time the statements are made. Actual outcomes and results may
differ materially from those expressed, implied or projected in such
forward-looking statements and therefore you should not place undue reliance on
them. Except as required under the federal securities laws and the rules and
regulations of the SEC, we do not have any intention or obligation to update
publicly any forward-looking statements after the distribution of this
prospectus, whether as a result of new information, future events, changes in
assumptions or otherwise. </P>
<P align=center>3</P>
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<P align=center><B>ABOUT LIGHTBRIDGE CORPORATION </B></P>
<P align=justify style="text-indent:5%">Lightbridge is a leading nuclear fuel technology company and we
participate in the nuclear power industry in the United States and
internationally. Our mission is to be a world leader in the design and licensing
of our patented nuclear fuels that are economically attractive, enhance reactor
safety, proliferation resistant, and produce less waste than current generation
nuclear fuels, and to provide world-class strategic advisory services to
governments and utilities seeking to develop or expand civil nuclear power
programs.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Our business operations can be
categorized in two segments: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%"><I>Nuclear Fuel Technology Business</I>. We
      develop next generation nuclear fuel technology that has the potential to
      significantly increase the power output of commercial reactors, reducing
      the cost of generating nuclear energy and the amount of nuclear waste on a
      per-megawatt-hour basis and enhancing reactor safety and the proliferation
      resistance of spent fuel. Our main focus is on our nuclear fuel technology
      business segment. </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%"><I>Nuclear Energy Consulting Business</I>. We
      provide nuclear power consulting and strategic advisory services to
      commercial and governmental entities worldwide. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">We were incorporated under the laws of the State of Nevada on
February 2, 1999 and engaged in businesses other than our current business until
October 6, 2006, when we acquired our wholly-owned subsidiary Thorium Power,
Inc. </P>
<P align=justify style="text-indent:5%">The address of our principal executive office is 1600 Tysons
Boulevard, Suite 550, McLean, Virginia, 22102, and our telephone number is (571)
730-1200. We maintain a website at <I>www.ltbridge.com</I> that contains
information about our Company, though no information contained on our website is
part of this prospectus.</P>
<P align=center><B>RISK FACTORS </B></P>
<P align=justify style="text-indent:5%">An investment in our securities involves a high degree of risk.
Prior to making a decision about investing in our securities, you should
carefully consider the specific risk factors discussed in the sections entitled
&#147;Risk Factors&#148; contained in our most recent Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and in any applicable prospectus supplement and
our other filings with the SEC and incorporated by reference in this prospectus,
together with all of the other information contained in this prospectus, or any
applicable prospectus supplement. Additional risks and uncertainties not
presently known to us, or that we currently view as immaterial, may also impair
our business. If any of the risks or uncertainties described in our SEC filings
or any prospectus supplement or any additional risks and uncertainties actually
occur, our business, financial condition and results of operations could be
materially and adversely affected. In that case, the trading price of our
securities could decline and you might lose all or part of your investment.</P>
<P align=center><B>USE OF PROCEEDS </B></P>
<P align=justify style="text-indent:5%">Unless specified otherwise in the applicable prospectus
supplement, we expect to use the net proceeds we receive from the sale of the
securities offered by this prospectus and the accompanying prospectus supplement
for general corporate purposes, which may include, among other things: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">acquisitions; </TD></TR></TABLE>
<P align=center>4</P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD align=left width="90%">working capital; </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD align=left width="90%">capital expenditures; </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD align=left width="90%">repayment of debt; </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD align=left width="90%">research and development expenditures; and
  </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD align=left width="90%">investments. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The precise amount and timing of the application of such
proceeds will depend upon our funding requirements and the availability and cost
of other capital. We will retain broad discretion over the use of the net
proceeds from the sale of the securities offered hereby. Pending any specific
application, we may initially invest funds in short-term marketable securities
or apply them to the reduction of short-term indebtedness. Additional
information on the use of net proceeds from the sale of securities covered by
this prospectus may be set forth in the prospectus supplement relating to the
specific offering.</P>
<P align=center><B>DILUTION </B></P>
<P align=justify style="text-indent:5%">We will set forth in a prospectus
supplement and/or free writing prospectus the following information, as
required, regarding any dilution of the equity interests of investors purchasing
securities in an offering under this prospectus: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD align=left width="90%">the net tangible book value per share of our
      equity securities before and after the offering; </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD align=left width="90%">the amount of the change in such net tangible
      book value per share attributable to the cash payments made by purchasers
      in the offering; and </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD align=left width="90%">the amount of the immediate dilution from the
      public offering price which will be absorbed by such purchasers.
  </TD></TR></TABLE>
<P align=center><B>RATIO OF EARNINGS TO FIXED CHARGES </B></P>
<P align=justify style="text-indent:5%">If any debt securities or preferred stock are offered pursuant
to this prospectus, we will provide a table setting forth our ratio of earnings
to fixed charges or ratio of combined fixed charges and preferred stock
dividends on a historical basis in the applicable prospectus supplement, if
required. </P>
<P align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>DESCRIPTION OF CAPITAL STOCK
</B></P>
<P align=left><B>Common Stock </B></P>
<P align=justify style="text-indent:5%">We are authorized to issue up to 500,000,000 shares of common
stock, par value $0.001 per share. Each outstanding share of common stock
entitles the holder thereof to one vote per share on all matters. Our bylaws
provide that elections for directors shall be by a plurality of votes.
Stockholders do not have preemptive rights to purchase shares in any future
issuance of our common stock. Upon our liquidation, dissolution or winding up,
and after payment of creditors and preferred stockholders, if any, our assets
will be divided pro-rata on a share-for-share basis among the holders of the
shares of common stock.</P>
<P align=justify style="text-indent:5%">The holders of shares of our common stock are entitled to
dividends out of funds legally available when and as declared by our board of
directors. Our board of directors has never declared a dividend and does not
anticipate declaring a dividend in the foreseeable future. Should we decide in
the future to pay dividends, as a holding company, our ability to do so and meet
other obligations depends upon the receipt of dividends or other payments from our operating subsidiary
and other holdings and investments. In addition, our operating subsidiary, from
time to time, may be subject to restrictions on its ability to make
distributions to us, including as a result of restrictive covenants in loan
agreements, restrictions on the conversion of local currency into U.S. dollars
or other hard currency and other regulatory restrictions. In the event of our
liquidation, dissolution or winding up, holders of our common stock are entitled
to receive, ratably, the net assets available to stockholders after payment of
all creditors.</P>
<P align=center>5</P>
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<P align=justify>&nbsp;</P>
<P align=justify style="text-indent:5%">All of the issued and outstanding shares of our common stock
are duly authorized, validly issued, fully paid and non-assessable. To the
extent that additional shares of our common stock are issued, the relative
interests of existing stockholders will be diluted.</P>
<P align=justify style="text-indent:5%">As of June 10, 2015, there were 18,082,874 shares of our common
stock outstanding.</P>
<P align=justify><B>Preferred Stock </B></P>
<P align=justify style="text-indent:5%">We are authorized to issue up to 50,000,000 shares of preferred
stock, par value $0.001 per share, in one or more classes or series within a
class as may be determined by our board of directors, who may establish, from
time to time, the number of shares to be included in each class or series, may
fix the designation, powers, preferences and rights of the shares of each such
class or series and any qualifications, limitations or restrictions thereof. Any
preferred stock so issued by the board of directors may rank senior to the
common stock with respect to the payment of dividends or amounts upon
liquidation, dissolution or winding up of us, or both. Moreover, under certain
circumstances, the issuance of preferred stock or the existence of the unissued
preferred stock might tend to discourage or render more difficult a merger or
other change of control.</P>
<P align=justify style="text-indent:5%">As of June 10, 2015, no shares of our preferred stock were
outstanding.</P>
<P align=justify><B>Anti-Takeover Effects of Our Articles of Incorporation and
Bylaws </B></P>
<P align=justify style="text-indent:5%">Our articles of incorporation and bylaws contain certain
provisions that may have anti-takeover effects, making it more difficult for or
preventing a third party from acquiring control of the Company or changing its
board of directors and management. According to our bylaws and articles of
incorporation, neither the holders of our common stock nor the holders of any
preferred stock we may issue in the future have cumulative voting rights in the
election of our directors. The combination of the present ownership by a few
stockholders of a significant portion of our issued and outstanding common stock
and lack of cumulative voting makes it more difficult for other stockholders to
replace our board of directors or for a third party to obtain control of the
Company by replacing its board of directors.</P>
<P align=justify><B>Anti-Takeover Effects of Nevada Law </B></P>
<P align=justify><B><I>Business Combinations </I></B></P>
<P align=justify style="text-indent:5%">The &#147;business combination&#148; provisions of Sections 78.411 to
78.444, inclusive, of the Nevada Revised Statutes, or NRS, generally prohibit a
Nevada corporation with at least 200 stockholders from engaging in various
&#147;combination&#148; transactions with any interested stockholder for a period of two
years after the date of the transaction in which the person became an interested
stockholder, unless the transaction is approved by the board of directors prior
to the date the interested stockholder obtained such status or the combination
is approved by the board of directors and thereafter is approved at a meeting of
the stockholders by the affirmative vote of stockholders representing at least
60% of the outstanding voting power held by disinterested stockholders, and
extends beyond the expiration of the two-year period, unless:</P>
<P align=center>6</P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">the combination was approved by the board of
      directors prior to the person becoming an interested stockholder or the
      transaction by which the person first became an interested stockholder was
      approved by the board of directors before the person became an interested
      stockholder or the combination is later approved by a majority of the
  voting power held by disinterested stockholders; or </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
  <TD width="90%" style="text-align: justify">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">if the consideration to be paid by the
      interested stockholder is at least equal to the highest of: (a) the
      highest price per share paid by the interested stockholder within the two
      years immediately preceding the date of the announcement of the
      combination or in the transaction in which it became an interested
      stockholder, whichever is higher, (b) the market value per share of common
      stock on the date of announcement of the combination and the date the
      interested stockholder acquired the shares, whichever is higher, or (c)
      for holders of preferred stock, the highest liquidation value of the
  preferred stock, if it is higher. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">A &#147;combination&#148; is generally defined to include mergers or
consolidations or any sale, lease exchange, mortgage, pledge, transfer, or other
disposition, in one transaction or a series of transactions, with an &#147;interested
stockholder&#148; having: (a) an aggregate market value equal to 5% or more of the
aggregate market value of the assets of the corporation, (b) an aggregate market
value equal to 5% or more of the aggregate market value of all outstanding
shares of the corporation, (c) 10% or more of the earning power or net income of
the corporation, and (d) certain other transactions with an interested
stockholder or an affiliate or associate of an interested stockholder. </P>
<P align=justify style="text-indent:5%">&nbsp;In general, an &#147;interested stockholder&#148; is a person who,
together with affiliates and associates, owns (or within two years, did own) 10%
or more of a corporation&#146;s voting stock. The statute could prohibit or delay
mergers or other takeover or change in control attempts and, accordingly, may
discourage attempts to acquire our Company even though such a transaction may
offer our stockholders the opportunity to sell their stock at a price above the
prevailing market price.</P>
<P align=justify style="text-indent:5%">&nbsp;Our articles of incorporation state that we have elected
not to be governed by the &#147;business combination&#148; provisions, therefore such
provisions currently do not apply to us.</P>
<P align=justify><B><I>Control Share Acquisitions </I></B></P>
<P align=justify style="text-indent:5%">The &#147;control share&#148; provisions of Sections 78.378 to 78.3793,
inclusive, of the NRS apply to &#147;issuing corporations&#148; that are Nevada
corporations with at least 200 stockholders, including at least 100 stockholders
of record who are Nevada residents, and that conduct business directly or
indirectly in Nevada. The control share statute prohibits an acquirer, under
certain circumstances, from voting its shares of a target corporation&#146;s stock
after crossing certain ownership threshold percentages, unless the acquirer
obtains approval of the target corporation&#146;s disinterested stockholders. The
statute specifies three thresholds: one-fifth or more but less than one-third,
one-third but less than a majority, and a majority or more, of the outstanding
voting power. Generally, once an acquirer crosses one of the above thresholds,
those shares in an offer or acquisition and acquired within 90 days thereof
become &#147;control shares&#148; and such control shares are deprived of the right to
vote until disinterested stockholders restore the right. These provisions also
provide that if control shares are accorded full voting rights and the acquiring
person has acquired a majority or more of all voting power, all other
stockholders who do not vote in favor of authorizing voting rights to the
control shares are entitled to demand payment for the fair value of their shares
in accordance with statutory procedures established for dissenters&#146; rights.</P>
<P align=justify style="text-indent:5%">A corporation may elect to not be governed by, or &#147;opt out&#148; of,
the control share provisions by making an election in its articles of
incorporation or bylaws, provided that the opt-out election must be in place on
the 10th day following the date an acquiring person has acquired a controlling
interest, that is, crossing any of the three thresholds described above. We have
not opted out of the control share statutes, and will be subject to these
statutes if we are an &#147;issuing corporation&#148; as defined in such statutes.</P>
<P align=center>7</P>
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<P align=justify style="text-indent:5%">The effect of the Nevada control share statutes is that the
acquiring person, and those acting in association with the acquiring person,
will obtain only such voting rights in the control shares as are conferred by a
resolution of the stockholders at an annual or special meeting. The Nevada
control share law, if applicable, could have the effect of discouraging
takeovers of our Company.</P>
<P align=justify><B>Transfer Agent and Registrar </B></P>
<P align=justify style="text-indent:5%">Our independent stock transfer agent is Computershare Trust
Company, located at 350 Indiana Street, Golden, Colorado 80401. Their phone
number is (303) 262-0600.</P>
<P align=center><B>DESCRIPTION OF DEPOSITARY SHARES </B></P>
<P align=left><B>General </B></P>
<P align=justify style="text-indent:5%">We may, at our option, elect to offer fractional shares of
preferred stock, which we call depositary shares, rather than full shares of
preferred stock. If we do, we will issue to the public receipts, called
depositary receipts, for depositary shares, each of which will represent a
fraction, to be described in the applicable prospectus supplement, of a share of
a particular series of preferred stock. Unless otherwise provided in the
prospectus supplement, each owner of a depositary share will be entitled, in
proportion to the applicable fractional interest in a share of preferred stock
represented by the depositary share, to all the rights and preferences of the
preferred stock represented by the depositary share. Those rights include
dividend, voting, redemption, conversion and liquidation rights. </P>
<P align=justify style="text-indent:5%">The shares of preferred stock underlying the depositary shares
will be deposited with a bank or trust company selected by us to act as
depositary under a deposit agreement between us, the depositary and the holders
of the depositary receipts. The depositary will be the transfer agent, registrar
and dividend disbursing agent for the depositary shares. </P>
<P align=justify style="text-indent:5%">The depositary shares will be evidenced by depositary receipts
issued pursuant to the deposit agreement. Holders of depositary receipts agree
to be bound by the deposit agreement, which requires holders to take certain
actions such as filing proof of residence and paying certain charges. </P>
<P align=justify style="text-indent:5%">The summary of terms of the depositary shares contained in this
prospectus is not a complete description of the terms of the depository shares.
You should refer to the form of the deposit agreement, our articles of
incorporation and the certificate of designation for the applicable series of
preferred stock that are, or will be, filed with the SEC. </P>
<P align=justify><B>Dividends and Other Distributions </B></P>
<P align=justify style="text-indent:5%">The depositary will distribute all cash dividends or other cash
distributions, if any, received in respect of the preferred stock underlying the
depositary shares to the record holders of depositary shares in proportion to
the numbers of depositary shares owned by those holders on the relevant record
date. The relevant record date for depositary shares will be the same date as
the record date for the underlying preferred stock. </P>
<P align=justify style="text-indent:5%">If there is a distribution other than in cash, the depositary
will distribute property (including securities) received by it to the record
holders of depositary shares, unless the depositary determines that it is not feasible to make the distribution. If this occurs,
the depositary may, with our approval, adopt another method for the
distribution, including selling the property and distributing the net proceeds
from the sale to the holders. </P>
<P align=center>8</P>
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<P align=justify><B>Liquidation Preference </B></P>
<P align=justify style="text-indent:5%">If a series of preferred stock underlying the depositary shares
has a liquidation preference, in the event of the voluntary or involuntary
liquidation, dissolution or winding up of us, holders of depositary shares will
be entitled to receive the fraction of the liquidation preference accorded each
share of the applicable series of preferred stock, as set forth in the
applicable prospectus supplement. </P>
<P align=justify><B>Withdrawal of Stock </B></P>
<P align=justify style="text-indent:5%">Unless the related depositary shares have been previously
called for redemption, upon surrender of the depositary receipts at the office
of the depositary, the holder of the depositary shares will be entitled to
delivery, at the office of the depositary to or upon his or her order, of the
number of whole shares of the preferred stock and any money or other property
represented by the depositary shares. If the depositary receipts delivered by
the holder evidence a number of depositary shares in excess of the number of
depositary shares representing the number of whole shares of preferred stock to
be withdrawn, the depositary will deliver to the holder at the same time a new
depositary receipt evidencing the excess number of depositary shares. In no
event will the depositary deliver fractional shares of preferred stock upon
surrender of depositary receipts. Holders of preferred stock thus withdrawn may
not thereafter deposit those shares under the deposit agreement or receive
depositary receipts evidencing depositary shares therefor. </P>
<P align=justify><B>Redemption of Depositary Shares </B></P>
<P align=justify style="text-indent:5%">Whenever we redeem shares of preferred stock held by the
depositary, the depositary will redeem as of the same redemption date the number
of depositary shares representing shares of the preferred stock so redeemed, so
long as we have paid in full to the depositary the redemption price of the
preferred stock to be redeemed plus an amount equal to any accumulated and
unpaid dividends on the preferred stock to the date fixed for redemption. The
redemption price per depositary share will be equal to the redemption price and
any other amounts per share payable on the preferred stock multiplied by the
fraction of a share of preferred stock represented by one depositary share. If
less than all the depositary shares are to be redeemed, the depositary shares to
be redeemed will be selected by lot or pro rata or by any other equitable method
as may be determined by the depositary. </P>
<P align=justify style="text-indent:5%">After the date fixed for redemption, depositary shares called
for redemption will no longer be deemed to be outstanding and all rights of the
holders of depositary shares will cease, except the right to receive the monies
payable upon redemption and any money or other property to which the holders of
the depositary shares were entitled upon redemption upon surrender to the
depositary of the depositary receipts evidencing the depositary shares. </P>
<P align=justify><B>Voting the Preferred Stock </B></P>
<P align=justify style="text-indent:5%">Upon receipt of notice of any meeting at which the holders of
the preferred stock are entitled to vote, the depositary will mail the
information contained in the notice of meeting to the record holders of the
depositary receipts relating to that preferred stock. The record date for the
depositary receipts relating to the preferred stock will be the same date as the
record date for the preferred stock. Each record holder of the depositary shares
on the record date will be entitled to instruct the depositary as to the
exercise of the voting rights pertaining to the number of shares of preferred
stock represented by that holder&#146;s depositary shares. The depositary will endeavor, insofar as practicable,
to vote the number of shares of preferred stock represented by the depositary
shares in accordance with those instructions, and we will agree to take all
action that may be deemed necessary by the depositary in order to enable the
depositary to do so. The depositary will not vote any shares of preferred stock
except to the extent it receives specific instructions from the holders of
depositary shares representing that number of shares of preferred stock. </P>
<P align=center>9</P>
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<P align=justify><B>Charges of Depositary </B></P>
<P align=justify style="text-indent:5%">We will pay all transfer and other taxes and governmental
charges arising solely from the existence of the depositary arrangements. We
will pay charges of the depositary in connection with the initial deposit of the
preferred stock and any redemption of the preferred stock. Holders of depositary
receipts will pay transfer, income and other taxes and governmental charges and
such other charges (including those in connection with the receipt and
distribution of dividends, the sale or exercise of rights, the withdrawal of the
preferred stock and the transferring, splitting or grouping of depositary
receipts) as are expressly provided in the deposit agreement to be for their
accounts. If these charges have not been paid by the holders of depositary
receipts, the depositary may refuse to transfer depositary shares, withhold
dividends and distributions and sell the depositary shares evidenced by the
depositary receipt. </P>
<P align=justify><B>Amendment and Termination of the Deposit Agreement </B></P>
<P align=justify style="text-indent:5%">The form of depositary receipt evidencing the depositary shares
and any provision of the deposit agreement may be amended by agreement between
us and the depositary. However, any amendment that materially and adversely
alters the rights of the holders of depositary shares, other than fee changes,
will not be effective unless the amendment has been approved by the holders of a
majority of the outstanding depositary shares. The deposit agreement may be
terminated by the depositary or us only if: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">all outstanding depositary shares have been
      redeemed; or </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">there has been a final distribution of the
      preferred stock in connection with our dissolution and such distribution
      has been made to all the holders of depositary shares.
</TD></TR></TABLE>
<P align=justify><B>Resignation and Removal of Depositary </B></P>
<P align=justify style="text-indent:5%">The depositary may resign at any time by delivering to us
notice of its election to do so, and we may remove the depositary at any time.
Any resignation or removal of the depositary will take effect upon our
appointment of a successor depositary and its acceptance of such appointment.
The successor depositary must be appointed within 60 days after delivery of the
notice of resignation or removal and must be a bank or trust company having its
principal office in the United States and having the requisite combined capital
and surplus as set forth in the applicable agreement. </P>
<P align=justify><B>Notices </B></P>
<P align=justify style="text-indent:5%">The depositary will forward to holders of depositary receipts
all notices, reports and other communications, including proxy solicitation
materials received from us, that are delivered to the depositary and that we are
required to furnish to the holders of the preferred stock. In addition, the
depositary will make available for inspection by holders of depositary receipts
at the principal office of the depositary, and at such other places as it may
from time to time deem advisable, any reports and communications we deliver to
the depositary as the holder of preferred stock. </P>
<P align=center>10</P>
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<P align=justify><B>Limitation of Liability </B></P>
<P align=justify style="text-indent:5%">Neither we nor the depositary will be liable if either we or it
is prevented or delayed by law or any circumstance beyond its control in
performing its obligations. Our obligations and those of the depositary will be
limited to performance in good faith of our and their duties thereunder. We and
the depositary will not be obligated to prosecute or defend any legal proceeding
in respect of any depositary shares or preferred stock unless satisfactory
indemnity is furnished. We and the depositary may rely upon written advice of
counsel or accountants, on information provided by persons presenting preferred
stock for deposit, holders of depositary receipts or other persons believed to
be competent to give such information and on documents believed to be genuine
and to have been signed or presented by the proper party or parties. </P>
<P align=center><B>DESCRIPTION OF DEBT SECURITIES </B></P>
<P align=justify style="text-indent:5%">The following is a summary of the general terms of the debt
securities that we may issue. We will file a prospectus supplement that may
contain additional terms when we issue debt securities. The terms presented
here, together with the terms in a related prospectus supplement, will be a
description of the material terms of the debt securities. You should also read
the indenture under which the debt securities are to be issued. We have
incorporated by reference a form of indenture governing different types of debt
securities with the SEC in the registration statement of which this prospectus
is a part. All capitalized terms have the meanings specified in the
indenture.</P>
<P align=justify style="text-indent:5%">We may issue, from time to time, debt securities, in one or
more series, that will consist of senior debt, senior subordinated debt or
subordinated debt. We refer to the subordinated debt securities and the senior
subordinated debt securities together as the subordinated securities. The debt
securities that we may offer will be issued under an indenture between us and an
entity, identified in the applicable prospectus supplement, as trustee. Debt
securities, whether senior, senior subordinated or subordinated, may be issued
as convertible debt securities or exchangeable debt securities. The following is
a summary of the material provisions of the indenture incorporated by reference
by the registration statement of which this prospectus is a part. </P>
<P align=justify style="text-indent:5%"><I>As you read this section, please remember that for each
series of debt securities, the specific terms of your debt security as described
in the applicable prospectus supplement will supplement and, if applicable, may
modify or replace the general terms described in the summary below. The
statements we make in this section may not apply to your debt security. </I></P>
<P align=justify><B>General Terms of the Indenture </B></P>
<P align=justify style="text-indent:5%">The indenture does not limit the amount of debt securities that
we may issue. It provides that we may issue debt securities up to the principal
amount that we may authorize and may be in any currency or currency unit that we
may designate. We may, without the consent of the holders of any series,
increase the principal amount of securities in that series in the future, on the
same terms and conditions and with the same CUSIP numbers as that series. Except
for the limitations on consolidation, merger and sale of all or substantially
all of our assets contained in the indenture, the terms of the indenture do not
contain any covenants or other provisions designed to give holders of any debt
securities protection against changes in our operations, financial condition or
transactions involving us. </P>
<P align=justify style="text-indent:5%">We may issue the debt securities issued under the indenture as
&#147;discount securities,&#148; which means they may be sold at a discount below their
stated principal amount. These debt securities, as well as other debt securities
that are not issued at a discount, may be issued with &#147;original issue discount&#148;,
or OID, for </P>
<P align=center>11</P>
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<P align=justify style="text-indent:5%">U.S. federal income tax purposes because of interest payment
and other characteristics. Material U.S. federal income tax considerations
applicable to debt securities issued with original issue discount will be
described in more detail in any applicable prospectus supplement. </P>
<P align=justify style="text-indent:5%">The applicable prospectus supplement for a series of debt
securities that we issue will describe, among other things, the following terms
of the offered debt securities: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">the title and authorized denominations of the
  series of debt securities; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">any limit on the aggregate principal amount of
  the series of debt securities; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">whether such debt securities will be issued in
      fully registered form without coupons or in a form registered as to
  principal only with coupons or in bearer form with coupons; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">whether issued in the form of one or more
      global securities and whether all or a portion of the principal amount of
  the debt securities is represented thereby; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">the price or prices at which the debt
  securities will be issued; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">the date or dates on which principal is
  payable; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">the place or places where and the manner in
      which principal, premium or interest, if any, will be payable and the
      place or places where the debt securities may be presented for transfer
  and, if applicable, conversion or exchange; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">interest rates, and the dates from which
      interest, if any, will accrue, and the dates when interest is payable and
  the maturity; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">the right, if any, to extend the interest
  payment periods and the duration of the extensions; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">our rights or obligations to redeem or purchase
  the debt securities; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">any sinking fund or other provisions that would
      obligate us to repurchase or otherwise redeem some or all of the debt
  securities; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">conversion or exchange provisions, if any,
      including conversion or exchange prices or rates and adjustments thereto;
  </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">the currency or currencies of payment of
  principal or interest; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">the terms applicable to any debt securities
  issued at a discount from their stated principal amount; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">the terms, if any, under which any debt
  securities will rank junior to any of our other debt; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">whether and upon what terms the debt securities
      may be defeased, if different from the provisions set forth in the
  indenture; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">if the amount of payments of principal or
      interest is to be determined by reference to an index or formula, or based
      on a coin or currency other than that in which the debt securities are
      stated to be payable, the manner in which these amounts are determined and
  the calculation agent, if any, with respect thereto; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">the provisions, if any, relating to any
  collateral provided for the debt securities; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>

  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">if other than the entire principal amount of
      the debt securities when issued, the portion of the principal amount
      payable upon acceleration of maturity as a result of a default on our
  obligations; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">the events of default and covenants relating to
      the debt securities that are in addition to, modify or delete those
  described in this prospectus; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">the nature and terms of any security for any
  secured debt securities; and </TD></TR></TABLE>
<P align=center>12</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_18></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">any other specific terms of any debt
      securities. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The applicable prospectus supplement will present material U.S.
federal income tax considerations for holders of any debt securities and the
securities exchange or quotation system on which any debt securities are to be
listed or quoted. </P>
<P align=justify><B>Senior Debt Securities </B></P>
<P align=justify style="text-indent:5%">Payment of the principal of, premium and interest, if any, on
senior debt securities will rank on a parity with all of our other
secured/unsecured and unsubordinated debt. </P>
<P align=justify><B>Senior Subordinated Debt Securities</B></P>
<P align=justify style="text-indent:5%">Payment of the principal of, premium and interest, if any, on
senior subordinated debt securities will be junior in right of payment to the
prior payment in full of all of our unsubordinated debt, including senior debt
securities and any credit facility. We will state in the applicable prospectus
supplement relating to any senior subordinated debt securities the subordination
terms of the securities as well as the aggregate amount of outstanding debt, as
of the most recent practicable date, that by its terms would be senior to the
senior subordinated debt securities. We will also state in such prospectus
supplement limitations, if any, on issuance of additional senior debt. </P>
<P align=justify><B>Subordinated Debt Securities</B></P>
<P align=justify style="text-indent:5%">Payment of the principal of, premium and interest, if any, on
subordinated debt securities will be subordinated and junior in right of payment
to the prior payment in full of all of our senior debt, including our senior
debt securities and senior subordinated debt securities. We will state in the
applicable prospectus supplement relating to any subordinated debt securities
the subordination terms of the securities as well as the aggregate amount of
outstanding indebtedness, as of the most recent practicable date, that by its
terms would be senior to the subordinated debt securities. We will also state in
such prospectus supplement limitations, if any, on issuance of additional senior
indebtedness. </P>
<P align=justify><B>Conversion or Exchange Rights</B></P>
<P align=justify style="text-indent:5%">Debt securities may be convertible into or exchangeable for
other securities, including, for example, shares of our equity securities. The
terms and conditions of conversion or exchange will be stated in the applicable
prospectus supplement. The terms will include, among others, the following: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">the conversion or exchange price; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">the conversion or exchange period; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">provisions regarding the ability of us or the
      holder to convert or exchange the debt securities; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">events requiring adjustment to the conversion
      or exchange price; and </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">provisions affecting conversion or exchange in
      the event of our redemption of the debt securities. </TD></TR></TABLE>
<P align=justify><B>Consolidation, Merger or Sale</B></P>
<P align=justify style="text-indent:5%">We cannot consolidate or merge with or into, or transfer or
lease all or substantially all of our assets to, any person, and we cannot
permit any other person to consolidate with or merge into us, unless (1) we will
be the continuing corporation or (2) the successor corporation or person to
which our assets are transferred or leased is a corporation organized under the
laws of the United States, any state of the United States or the District of
Columbia and it expressly assumes our obligations under the debt securities and the indenture. In addition, we cannot complete
such a transaction unless immediately after completing the transaction, no event
of default under the indenture, and no event which, after notice or lapse of
time or both, would become an event of default under the indenture, shall have
occurred and be continuing. When the person to whom our assets are transferred
or leased has assumed our obligations under the debt securities and the
indenture, we shall be discharged from all our obligations under the debt
securities and the indenture except in limited circumstances. </P>
<P align=center>13</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_19></A>
<P align=justify style="text-indent:5%">This covenant would not apply to any recapitalization
transaction, a change of control of us or a highly leveraged transaction, unless
the transaction or change of control were structured to include a merger or
consolidation or transfer or lease of all or substantially all of our assets.
</P>
<P align=justify><B>Events of Default</B></P>
<P align=justify style="text-indent:5%">The term &#147;Event of Default,&#148; when used in the indenture, unless
otherwise indicated, means any of the following: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">failure to pay interest for 30 days after the
      date payment is due and payable; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">failure to pay principal or premium, if any, on
      any debt security when due, either at maturity, upon any redemption, by
      declaration or otherwise; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">failure to make sinking fund payments when due;
    </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">failure to perform other covenants for 60 days
      after notice that performance was required; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">events in bankruptcy, insolvency or
      reorganization relating to us; or </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">any other Event of Default provided in the
      applicable officer&#146;s certificate, resolution of our board of directors or
      the supplemental indenture under which we issue a series of debt
      securities. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">An Event of Default for a particular series of debt securities
does not necessarily constitute an Event of Default for any other series of debt
securities issued under the indenture. </P>
<P align=justify style="text-indent:5%">If an Event of Default with respect to any series of senior
debt securities occurs and is continuing, then either the trustee for such
series or the holders of a majority in aggregate principal amount of the
outstanding debt securities of such series, by notice in writing, may declare
the principal amount of and interest on all of the debt securities of such
series to be due and payable immediately; <I>provided</I>, <I>however</I>,
unless otherwise provided in the applicable prospectus supplement, if such an
Event of Default occurs and is continuing with respect to more than one series
of senior debt securities under the indenture, the trustee for such series or
the holders of a majority in aggregate principal amount of the outstanding debt
securities of all such series of senior debt securities of equal ranking (or, if
any of such senior debt securities are discount securities, such portion of the
principal amount as may be specified in the terms of that series), voting as one
class, may make such declaration of acceleration as to all series of such equal
ranking and not the holders of the debt securities of any one of such series of
senior debt securities. </P>
<P align=justify style="text-indent:5%">If an Event of Default with respect to any series of
subordinated securities occurs and is continuing, then either the trustee for
such series or the holders of a majority in aggregate principal amount of the
outstanding debt securities of such series, by notice in writing, may declare
the principal amount of and interest on all of the debt securities of such
series to be due and payable immediately; <I>provided</I>, <I>however</I>,
unless otherwise provided in the applicable prospectus supplement, if such an
Event of Default occurs and is continuing with respect to more than one series
of subordinated securities under the indenture, the trustee for such series or
the holders of a majority in aggregate principal amount of the outstanding debt
securities of all such series of subordinated securities of equal ranking (or,
if any of such subordinated securities are discount securities, such portion of
the principal amount as may be specified in the terms of that series), voting as one class, may make such declaration of
acceleration as to all series of equal ranking and not the holders of the debt
securities of any one of such series of subordinated securities.</P>
<P align=center>14</P>
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<P align=justify style="text-indent:5%">The holders of not less than a majority in aggregate principal
amount of the debt securities of all affected series of equal ranking may, after
satisfying certain conditions, rescind and annul any of the above-described
declarations and consequences involving such series. </P>
<P align=justify style="text-indent:5%">If an Event of Default relating to events in bankruptcy,
insolvency or reorganization of us occurs and is continuing, then the principal
amount of all of the debt securities outstanding, and any accrued interest, will
automatically become due and payable immediately, without any declaration or
other act by the trustee or any holder. </P>
<P align=justify style="text-indent:5%">The indenture imposes limitations on suits brought by holders
of debt securities against us. Except for actions for payment of overdue
principal or interest, no holder of debt securities of any series may institute
any action against us under the indenture unless: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">the holder has previously given to the trustee
  written notice of default and continuance of such default; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
  <TD width="90%" style="text-align: justify">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">the holders of not less than a majority in
      principal amount of the outstanding debt securities of the affected series
      of equal ranking have requested that the trustee institute the action;
  </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
  <TD width="90%" style="text-align: justify">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">the requesting holders have offered the trustee
      reasonable indemnity for expenses and liabilities that may be incurred by
  bringing the action; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
  <TD width="90%" style="text-align: justify">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">the trustee has not instituted the action
  within 60 days of the request; and </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">the trustee has not received inconsistent
      direction by the holders of a majority in principal amount of the
      outstanding debt securities of the affected series of equal ranking.
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">We will be required to file annually with the trustee a
certificate, signed by one of our officers, stating whether or not the officer
knows of any default by us in the performance, observance or fulfillment of any
condition or covenant of the indenture. </P>
<P align=justify><B>Registered Global Securities and Book Entry System</B></P>
<P align=justify style="text-indent:5%">The debt securities of a series may be issued in whole or in
part in book-entry form and may be represented by one or more fully registered
global securities or in unregistered form with or without coupons. We will
deposit any registered global securities with a depositary or with a nominee for
a depositary identified in the applicable prospectus supplement and registered
in the name of such depositary or nominee. In such case, we will issue one or
more registered global securities denominated in an amount equal to the
aggregate principal amount of all of the debt securities of the series to be
issued and represented by such registered global security or securities. This
means that we will not issue certificates to each holder. </P>
<P align=justify style="text-indent:5%">Unless and until it is exchanged in whole or in part for debt
securities in definitive registered form, a registered global security may not
be transferred except as a whole: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">by the depositary for such registered global
      security to its nominee; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">by a nominee of the depositary to the
      depositary or another nominee of the depositary; or </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">by the depositary or its nominee to a successor
      of the depositary or a nominee of the successor. </TD></TR></TABLE>
<P align=center>15</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<!--$$/page=--><A name=page_21></A>
<P align=justify style="text-indent:5%">The prospectus supplement relating to a series of debt
securities will describe the specific terms of the depositary arrangement
involving any portion of the series represented by a registered global security.
We anticipate that the following provisions will apply to all depositary
arrangements for registered debt securities: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">
      <P align=justify>ownership of beneficial interests in a registered global
      security will be limited to persons that have accounts with the depositary
      for such registered global security, these persons being referred to as
      &#147;participants,&#148; or persons that may hold interests through participants;
      </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">
      <P align=justify>upon the issuance of a registered global security, the
      depositary for the registered global security will credit, on its
      book-entry registration and transfer system, the participants&#146; accounts
      with the respective principal amounts of the debt securities represented
      by the registered global security beneficially owned by the participants;
      </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">
      <P align=justify>any dealers, underwriters, or agents participating in the
      distribution of the debt securities represented by a registered global
      security will designate the accounts to be credited; and </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">
      <P align=justify>ownership of beneficial interest in such registered
      global security will be shown on, and the transfer of such ownership
      interest will be effected only through, records maintained by the
      depositary for such registered global security for interests of
      participants, and on the records of participants for interests of persons
      holding through participants. </P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">The laws of some states may require that specified purchasers
of securities take physical delivery of the securities in definitive form. These
laws may limit the ability of those persons to own, transfer or pledge
beneficial interests in registered global securities. </P>
<P align=justify style="text-indent:5%">So long as the depositary for a registered global security, or
its nominee, is the registered owner of such registered global security, the
depositary or such nominee, as the case may be, will be considered the sole
owner or holder of the debt securities represented by the registered global
security for all purposes under the indenture. Except as stated below, owners of
beneficial interests in a registered global security: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">will not be entitled to have the debt
      securities represented by a registered global security registered in their
  names; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
  <TD width="90%" style="text-align: justify">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">will not receive or be entitled to receive
      physical delivery of the debt securities in the definitive form; and
</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
  <TD width="90%" style="text-align: justify">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">will not be considered the owners or holders of
  the debt securities under the relevant indenture. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Accordingly, each person owning a beneficial interest in a
registered global security must rely on the procedures of the depositary for the
registered global security and, if the person is not a participant, on the
procedures of a participant through which the person owns its interest, to
exercise any rights of a holder under the indenture. </P>
<P align=justify style="text-indent:5%">We understand that under existing industry practices, if we
request any action of holders or if an owner of a beneficial interest in a
registered global security desires to give or take any action that a holder is
entitled to give or take under the indenture, the depositary for the registered
global security would authorize the participants holding the relevant beneficial
interests to give or take the action, and the participants would authorize
beneficial owners owning through the participants to give or take the action or
would otherwise act upon the instructions of beneficial owners holding through
them. </P>
<P align=justify style="text-indent:5%">We will make payments of principal and premium, if any, and
interest, if any, on debt securities represented by a registered global security
registered in the name of a depositary or its nominee to the depositary or its
nominee, as the case may be, as the registered owners of the registered global
security. </P>
<P align=center>16</P>
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<P align=justify style="text-indent: 5%">None of us, the trustee or any other agent of ours or the
trustee will be responsible or liable for any aspect of the records relating to,
or payments made on account of, beneficial ownership interests in the registered
global security or for maintaining, supervising or reviewing any records
relating to the beneficial ownership interests. </P>
<P align=justify style="text-indent:5%">We expect that the depositary for any debt securities
represented by a registered global security, upon receipt of any payments of
principal and premium, if any, and interest, if any, in respect of the
registered global security, will immediately credit participants&#146; accounts with
payments in amounts proportionate to their respective beneficial interests in
the registered global security as shown on the records of the depositary. We
also expect that standing customer instructions and customary practices will
govern payments by participants to owners of beneficial interests in the
registered global security held through the participants, as is now the case
with the securities held for the accounts of customers in bearer form or
registered in &#147;street name.&#148; We also expect that any of these payments will be
the responsibility of the participants. </P>
<P align=justify style="text-indent:5%">If the depositary for any debt securities represented by a
registered global security is at any time unwilling or unable to continue as
depositary or stops being a clearing agency registered under the Exchange Act,
we will appoint an eligible successor depositary. If we fail to appoint an
eligible successor depositary within 90 days, we will issue the debt securities
in definitive form in exchange for the registered global security. In addition,
we may at any time and in our sole discretion decide not to have any of the debt
securities of a series represented by one or more registered global securities.
In that event, we will issue debt securities of the series in a definitive form
in exchange for all of the registered global securities representing the debt
securities. The trustee will register any debt securities issued in definitive
form in exchange for a registered global security in the name or names as the
depositary, based upon instructions from its participants, shall instruct the
trustee. </P>
<P align=justify style="text-indent:5%">We may also issue bearer debt securities of a series in the
form of one or more global securities, referred to as &#147;bearer global
securities.&#148; The prospectus supplement relating to a series of debt securities
represented by a bearer global security will describe the applicable terms and
procedures. These will include the specific terms of the depositary arrangement
and any specific procedures for the issuance of debt securities in definitive
form in exchange for a bearer global security, in proportion to the series
represented by a bearer global security. </P>
<P align=justify><B>Discharge, Defeasance and Covenant Defeasance</B></P>
<P align=justify style="text-indent:5%">We can discharge or decrease our obligations under the
indenture as stated below. </P>
<P align=justify style="text-indent:5%">We may discharge obligations to holders of any series of debt
securities that have not already been delivered to the trustee for cancellation
and that have either become due and payable or are by their terms to become due
and payable, or are scheduled for redemption, within sixty (60) days. We may
effect a discharge by irrevocably depositing with the trustee cash or U.S.
government obligations, as trust funds, in an amount certified to be enough to
pay when due, whether at maturity, upon redemption or otherwise, the principal
of, premium and interest, if any, on the debt securities and any mandatory
sinking fund payments. </P>
<P align=justify style="text-indent:5%">Unless otherwise provided in the applicable prospectus
supplement, we may also discharge any and all of our obligations to holders of
any series of debt securities at any time, which we refer to as defeasance. We
may also be released from the obligations imposed by any covenants of any
outstanding series of debt securities and provisions of the indenture, and we
may omit to comply with those covenants without creating an event of default
under the trust declaration, which we refer to as covenant defeasance. We may
effect defeasance and covenant defeasance only if, among other things: </P>
<P align=center>17</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">we irrevocably deposit with the trustee cash or
      U.S. government obligations, as trust funds, in an amount certified to be
      enough to pay at maturity, or upon redemption, the principal, premium and
  interest, if any, on all outstanding debt securities of the series; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
  <TD width="90%" style="text-align: justify">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">we deliver to the trustee an opinion of counsel
      from a nationally recognized law firm to the effect that the holders of
      the series of debt securities will not recognize income, gain or loss for
      U.S. federal income tax purposes as a result of the defeasance or covenant
      defeasance and that defeasance or covenant defeasance will not otherwise
      alter the holders&#146; U.S. federal income tax treatment of principal, premium
      and interest, if any, payments on the series of debt securities; and
</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
  <TD width="90%" style="text-align: justify">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">in the case of subordinated debt securities, no
      event or condition shall exist that, based on the subordination provisions
      applicable to the series, would prevent us from making payments of
      principal of, premium and interest, if any, on any of the applicable
      subordinated debt securities at the date of the irrevocable deposit
      referred to above or at any time during the period ending on the 91st day
  after the deposit date. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">In the case of a defeasance by us, the opinion we deliver must
be based on a ruling of the Internal Revenue Service issued, or a change in U.S.
federal income tax law occurring, after the date of the indenture, since such a
result would not occur under the U.S. federal income tax laws in effect on such
date. </P>
<P align=justify style="text-indent:5%">Although we may discharge or decrease our obligations under the
indenture as described in the two preceding paragraphs, we may not avoid, among
other things, our duty to register the transfer or exchange of any series of
debt securities, to replace any temporary, mutilated, destroyed, lost or stolen
series of debt securities or to maintain an office or agency in respect of any
series of debt securities. </P>
<P align=justify><B>Modification of the Indenture</B></P>
<P align=justify style="text-indent:5%">The indenture provides that we and the trustee may enter into
supplemental indentures without the consent of the holders of debt securities
to: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">secure any debt securities and provide the
      terms and conditions for the release or substitution of the security;
  </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">evidence the assumption by a successor
  corporation of our obligations; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">add covenants for the protection of the holders
  of debt securities; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
  <TD width="90%" align=left style="text-align: justify">add any additional events of default; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">cure any ambiguity or correct any inconsistency
  or defect in the indenture; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">add to, change or eliminate any of the
      provisions of the indenture in a manner that will become effective only
      when there is no outstanding debt security which is entitled to the
  benefit of the provision as to which the modification would apply; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">establish the forms or terms of debt securities
  of any series; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">eliminate any conflict between the terms of the
  indenture and the Trust Indenture Act of 1939; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">evidence and provide for the acceptance of
      appointment by a successor trustee and add to or change any of the
      provisions of the indenture as is necessary for the administration of the
  trusts by more than one trustee; and </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">make any other provisions with respect to
      matters or questions arising under the indenture that will not be
      inconsistent with any provision of the indenture as long as the new
      provisions do not adversely affect the interests of the holders of any
outstanding debt securities of any series created prior to the modification.</TD></TR></TABLE>
<P align=center>18</P>
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<P align=justify style="text-indent:5%">The indenture also provides that we and the trustee may, with
the consent of the holders of not less than a majority in aggregate principal
amount of debt securities of all series of senior debt securities or of
subordinated securities of equal ranking, as the case may be, then outstanding
and affected, voting as one class, add any provisions to, or change in any
manner, eliminate or modify in any way the provisions of, the indenture or
modify in any manner the rights of the holders of the debt securities. We and
the trustee may not, however, without the consent of the holder of each
outstanding debt security affected thereby: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="88%" align=left style="text-align: justify">extend the final maturity of any debt security;
  </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="88%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="88%" align=left style="text-align: justify">reduce the principal amount or premium, if any;
  </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="88%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="88%" align=left style="text-align: justify">reduce the rate or extend the time of payment
  of interest; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="88%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="88%" align=left style="text-align: justify">reduce any amount payable on redemption or
      impair or affect any right of redemption at the option of the holder of
  the debt security; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="88%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="88%" align=left style="text-align: justify">change the currency in which the principal,
  premium or interest, if any, is payable; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="88%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="88%" align=left style="text-align: justify">reduce the amount of the principal of any debt
      security issued with an original issue discount that is payable upon
  acceleration or provable in bankruptcy; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="88%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="88%" align=left style="text-align: justify">alter provisions of the relevant indenture
  relating to the debt securities not denominated in U.S. dollars; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="88%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="88%" align=left style="text-align: justify">impair the right to institute suit for the
  enforcement of any payment on any debt security when due; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="88%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="88%" align=left style="text-align: justify">if applicable, adversely affect the right of a
  holder to convert or exchange a debt security; or </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="88%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="88%" align=left style="text-align: justify">reduce the percentage of holders of debt
      securities of any series whose consent is required for any modification of
  the indenture. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The indenture provides that the holders of not less than a
majority in aggregate principal amount of the then outstanding debt securities
of any and all affected series of equal ranking, by notice to the relevant
trustee, may on behalf of the holders of the debt securities of any and all such
series of equal ranking waive any default and its consequences under the
indenture except: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">a continuing default in the payment of interest
      on, premium, if any, or principal of, any such debt security held by a
  non-consenting holder; or </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
  <TD width="90%" style="text-align: justify">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">a default in respect of a covenant or provision
      of the indenture that cannot be modified or amended without the consent of
      the holder of each outstanding debt security of each series affected.
  </TD></TR></TABLE>
<P align=justify><B>Concerning the Trustee </B></P>
<P align=justify style="text-indent:5%">The indenture provides that there may be more than one trustee
under the indenture, each for one or more series of debt securities. If there
are different trustees for different series of debt securities, each trustee
will be a trustee of a trust under the indenture separate and apart from the
trust administered by any other trustee under that indenture. </P>
<P align=justify style="text-indent:5%">Except as otherwise indicated in this prospectus or any
prospectus supplement, any action permitted to be taken by a trustee may be
taken by such trustee only on the one or more series of debt securities for
which it is the trustee under the indenture. Any trustee under the indenture may
resign or be removed from one or more series of debt securities. All payments of
principal of, premium and interest, if any, on, and all registration, transfer,
exchange, authentication and delivery of, the debt securities of a series will
be effected by the trustee for that series at an office designated by the
trustee. </P>
<P align=center>19</P>
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<P align=justify style="text-indent:5%">If the trustee becomes a creditor of ours, the indenture places
limitations on the right of the trustee to obtain payment of claims or to
realize on property received in respect of any such claim as security or
otherwise. The trustee may engage in other transactions. If it acquires any
conflicting interest relating to any duties concerning the debt securities,
however, it must eliminate the conflict or resign as trustee. </P>
<P align=justify style="text-indent:5%">The holders of a majority in aggregate principal amount of any
and all affected series of debt securities of equal ranking then outstanding
will have the right to direct the time, method and place of conducting any
proceeding for exercising any remedy available to the trustee concerning the
applicable series of debt securities, provided that the direction: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">would not conflict with any rule of law or with
      the relevant indenture; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">would not be unduly prejudicial to the rights
      of another holder of the debt securities; and </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">would not involve any trustee in personal
      liability. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The indenture provides that in case an Event of Default shall
occur, not be cured and be known to any trustee, the trustee must use the same
degree of care as a prudent person would use in the conduct of his or her own
affairs in the exercise of the trustee&#146;s power. The trustee will be under no
obligation to exercise any of its rights or powers under the indenture at the
request of any of the holders of the debt securities, unless they shall have
offered to the trustee security and indemnity satisfactory to the trustee.</P>
<P align=justify><B>No Individual Liability of Incorporators, Stockholders,
Officers or Directors</B></P>
<P align=justify style="text-indent:5%">The indenture provides that no incorporator and no past,
present or future stockholder, officer or director of ours or any successor
corporation in their capacity as such shall have any individual liability for
any of our obligations, covenants or agreements under the debt securities or the
indenture. </P>
<P align=justify><B>Governing Law</B></P>
<P align=justify style="text-indent:5%">The indenture and the debt securities will be governed by, and
construed in accordance with, the laws of the State of New York. </P>
<P align=center><B>DESCRIPTION OF WARRANTS</B></P>
<P align=justify style="text-indent:5%">We may issue warrants for the purchase of common stock,
preferred stock and/or debt securities in one or more series. We may issue
warrants independently or together with common stock, preferred stock and/or
debt securities, and the warrants may be attached to or traded separate and
apart from these securities. Each series of warrants will be issued under a
warrant agreement all as set forth in the prospectus supplement. A copy of the
form of warrant agreement, including any form of warrant certificates
representing the warrants, reflecting the provisions to be included in the
warrant agreements and/or warrant certificates that will be entered into with
respect to particular offerings of warrants, will be filed as an exhibit to a
Form 8-K to be incorporated into the registration statement of which this
prospectus constitutes a part prior to the issuance of any warrants. </P>
<P align=justify style="text-indent:5%">The applicable prospectus supplement or term sheet will
describe the terms of the warrants offered thereby, any warrant agreement
relating to such warrants and the warrant certificates, including but not
limited to the following: </P>
<P align=center>20</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
  <TD width="90%" align=left style="text-align: justify">the offering price or prices; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">the aggregate amount of securities that may be
      purchased upon exercise of such warrants and minimum number of warrants
  that are exercisable; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">the currency or currency units in which the
  offering price, if any, and the exercise price are payable; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">the number of securities, if any, with which
      such warrants are being offered and the number of such warrants being
  offered with each security; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">the date on and after which such warrants and
  the related securities, if any, will be transferable separately; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">the amount of securities purchasable upon
      exercise of each warrant and the price at which the securities may be
      purchased upon such exercise, and events or conditions under which the
  amount of securities may be subject to adjustment; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">the date on which the right to exercise such
      warrants shall commence and the date on which such right shall expire;
  </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">the circumstances, if any, which will cause the
  warrants to be deemed to be automatically exercised; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">any material risk factors, if any, relating to
  such warrants; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
  <TD width="90%" align=left style="text-align: justify">the identity of any warrant agent; and </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">any other terms of such warrants (which shall
      not be inconsistent with the provisions of the warrant agreement).
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Each warrant will entitle the holder to purchase a principal
amount of common stock, preferred stock and/or debt securities at an exercise
price as shall in each case be set forth in, or calculable from, the prospectus
supplement relating to those warrants. Warrants may be exercised at the times
set forth in the prospectus supplement relating to such warrants. After the
close of business on the expiration date (or any later date to which the
expiration date may be extended by us), unexercised warrants will become void.
Subject to any restrictions and additional requirements that may be set forth in
the prospectus supplement relating thereto, warrants may be exercised by
delivery to the Company or its warrant agent of the certificate evidencing the
warrants properly completed and duly executed and of payment as provided in the
prospectus supplement of the amount required to purchase the debt securities or
shares of common stock, shares of preferred stock, or depositary shares
purchasable upon such exercise. The exercise price will be the price applicable
on the date of payment in full, as set forth in the prospectus supplement
relating to the warrants. Upon receipt of the payment and the certificate
representing the warrants to be exercised properly completed, duly executed and
properly delivered as indicated in the prospectus supplement, we will, as soon
as practicable, issue and deliver the debt securities or shares of common stock
or preferred stock purchasable upon such exercise. If fewer than all of the
warrants represented by that certificate are exercised, a new certificate will
be issued for the remaining amount of warrants.</P>
<P align=justify style="text-indent:5%">Prior to the exercise of any warrants, holders of such warrants
will not have any rights of holders of the securities purchasable upon such
exercise, including the right to receive payments of dividends, if any, on the
securities purchasable upon such exercise, statutory appraisal rights or the
right to vote such underlying securities. </P>
<P align=justify style="text-indent:5%">&nbsp;Prospective purchasers of warrants should be aware that
material U.S. federal income tax, accounting and other considerations may be
applicable to instruments such as warrants. </P>
<P align=center>21</P>
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<P align=center><B>DESCRIPTION OF PURCHASE CONTRACTS </B></P>
<P align=justify style="text-indent:5%">We may issue purchase contracts, including contracts obligating
holders to purchase from us, and for us to sell to holders, a specific or
variable number of our shares of common stock or preferred stock, depositary
shares, debt securities or warrants, or debt obligations of an entity
unaffiliated with us, or any combination of the above, at a future date or
dates. Alternatively, the purchase contracts may obligate us to purchase from
holders, and obligate holders to sell to us, a specific or variable number of
our shares of common stock or preferred stock, depositary shares, debt
securities, warrants or other property, or any combination of the above. The
price of the securities or other property subject to the purchase contracts may
be fixed at the time the purchase contracts are issued or may be determined by
reference to a specific formula described in the purchase contracts. We may
issue purchase contracts separately or as a part of units each consisting of a
purchase contract and one or more of our other securities described in this
prospectus or debt obligations of third parties, including U.S. Treasury
securities, securing the holder&#146;s obligations under the purchase contract. The
purchase contracts may require us to make periodic payments to holders or vice
versa and the payments may be unsecured or pre-funded on some basis. The
purchase contracts may require holders to secure the holder&#146;s obligations in a
manner specified in the applicable prospectus supplement. </P>
<P align=justify style="text-indent:5%">The applicable prospectus supplement will describe the terms of
any purchase contracts in respect of which this prospectus is being delivered,
including, to the extent applicable, the following: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">whether the purchase contracts obligate the
      holder or us to purchase or sell, or both purchase and sell, the
      securities subject to purchase under the purchase contract, and the nature
      and amount of each of those securities, or the method of determining those
  amounts; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">whether the purchase contracts are to be
  prepaid; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">whether the purchase contracts are to be
      settled by delivery, or by reference or linkage to the value, performance
      or level of the securities subject to purchase under the purchase
  contract; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">any acceleration, cancellation, termination or
      other provisions relating to the settlement of the purchase contracts;
  </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TD width="90%" align=left style="text-align: justify" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">any applicable U.S. federal income tax
  considerations; and </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">whether the purchase contracts will be issued
  in fully registered or global form. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">To the extent any purchase contract relates to third party debt
obligations, we will comply with the registration and disclosure requirements of
the Securities Act and any other applicable rules and regulations and will
include disclosure as necessary in the applicable prospectus supplement or other
offering materials, including, as necessary, any required financial statement
and non-financial statement disclosure about the issuer of such third party debt
obligations. </P>
<P align=justify style="text-indent:5%">The preceding description sets forth certain general terms and
provisions of the purchase contracts to which any prospectus supplement may
relate. The particular terms of the purchase contracts to which any prospectus
supplement may relate and the extent, if any, to which the general provisions
may apply to the purchase contracts so offered will be described in the
applicable prospectus supplement. To the extent that any particular terms of the
purchase contracts described in a prospectus supplement differ from any of the
terms described above, then the terms described above will be deemed to have
been superseded by that prospectus supplement. We encourage you to read the
applicable purchase contract for additional information before you decide
whether to purchase any of our purchase contracts. </P>
<P align=center>22</P>
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<P align=center><B>DESCRIPTION OF UNITS</B></P>
<P align=justify style="text-indent:5%">We may issue units comprised of one or more of the other
securities described in this prospectus in any combination. Each unit will be
issued so that the holder of the unit is also the holder of each security
included in the unit. Thus, the holder of a unit will have the rights and
obligations of a holder of each included security. The unit agreement under
which a unit is issued may provide that the securities included in the unit may
not be held or transferred separately, at any time or at any time before a
specified date. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The applicable prospectus supplement
may describe:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">the designation and terms of the units and of
      the securities comprising the units, including whether and under what
      circumstances those securities may be held or transferred separately;
  </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
  <TD width="90%" style="text-align: justify">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">any provisions for the issuance, payment,
      settlement, transfer or exchange of the units or of the securities
  comprising the units; and </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
  <TD width="90%" style="text-align: justify">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD width="90%" align=left style="text-align: justify">any additional terms of the governing unit
  agreement. </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The applicable prospectus supplement
will describe the terms of any units. </P>
<P align=center><B>PLAN OF DISTRIBUTION</B></P>
<P align=justify style="text-indent:5%">We may sell the securities offered by this prospectus in any
one or more of the following ways from time to time: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">directly to investors, including through a
      specific bidding, auction or other process; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">to investors through agents; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">directly to agents; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">to or through brokers or dealers; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">to the public through underwriting syndicates
      led by one or more managing underwriters; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">to one or more underwriters acting alone for
      resale to investors or to the public; and </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">through a combination of any such methods of
      sale. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">We may also sell and distribute the securities offered by this
prospectus from time to time in one or more transactions, including in &#147;at the
market offerings&#148; within the meaning of Rule 415(a)(4) of the Securities Act, to
or through a market maker or into an existing trading market, on an exchange or
otherwise. </P>
<P align=justify style="text-indent:5%">The accompanying prospectus supplement will set forth the terms
of the offering and the method of distribution and will identify any firms
acting as underwriters, dealers or agents in connection with the offering,
including: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">the name or names of any underwriters, dealers
      or agents; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">the purchase price of the securities and the
      proceeds to us from the sale; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">any over-allotment options under which
      underwriters may purchase additional securities from us; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">any underwriting discounts and other items
      constituting compensation to underwriters, dealers or agents;
  </TD></TR></TABLE>
<P align=center>23</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">any public offering price; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">any discounts or concessions allowed or
      reallowed or paid to dealers; and </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="90%">any securities exchange or market on which the
      securities offered in the prospectus supplement may be listed.
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Only those underwriters identified in such prospectus
supplement are deemed to be underwriters in connection with the securities
offered in the prospectus supplement. Any underwritten offering may be on a best
efforts or a firm commitment basis. </P>
<P align=justify style="text-indent:5%">The distribution of the securities may be effected from time to
time in one or more transactions at a fixed price or prices, which may be
changed, at varying prices determined at the time of sale, or at prices
determined as the applicable prospectus supplement specifies. The securities may
be sold through a rights offering, forward contracts or similar arrangements. In
any distribution of subscription rights to stockholders, if all of the
underlying securities are not subscribed for, we may then sell the unsubscribed
securities directly to third parties or may engage the services of one or more
underwriters, dealers or agents, including standby underwriters, to sell the
unsubscribed securities to third parties. </P>
<P align=justify style="text-indent:5%">In connection with the sale of the securities, underwriters,
dealers or agents may be deemed to have received compensation from us in the
form of underwriting discounts or commissions and also may receive commissions
from securities purchasers for whom they may act as agent. Underwriters may sell
the securities to or through dealers, and the dealers may receive compensation
in the form of discounts, concessions or commissions from the underwriters or
commissions from the purchasers for whom they may act as agent. </P>
<P align=justify style="text-indent:5%">We will provide in the applicable prospectus supplement
information regarding any underwriting discounts or other compensation that we
pay to underwriters or agents in connection with the securities offering, and
any discounts, concessions or commissions which underwriters allow to dealers.
Underwriters, dealers and agents participating in the securities distribution
may be deemed to be underwriters, and any discounts and commissions they receive
and any profit they realize on the resale of the securities may be deemed to be
underwriting discounts and commissions under the Securities Act. Underwriters
and their controlling persons, dealers and agents may be entitled, under
agreements entered into with us, to indemnification against and contribution
toward specific civil liabilities, including liabilities under the Securities
Act. </P>
<P align=justify style="text-indent:5%">Unless otherwise specified in the related prospectus
supplement, each series of securities will be a new issue with no established
trading market, other than shares of common stock, which are listed on the
NASDAQ Capital Market. Any common stock sold pursuant to a prospectus supplement
will be listed on the NASDAQ Capital Market, subject to official notice of
issuance. We may elect to list any series of debt securities, preferred stock or
depositary shares on an exchange, but we are not obligated to do so. It is
possible that one or more underwriters may make a market in the securities, but
such underwriters will not be obligated to do so and may discontinue any market
making at any time without notice. No assurance can be given as to the liquidity
of, or the trading market for, any offered securities. </P>
<P align=justify style="text-indent:5%">In connection with an offering, the underwriters may purchase
and sell securities in the open market. These transactions may include short
sales, stabilizing transactions and purchases to cover positions created by
short sales. Short sales involve the sale by the underwriters of a greater
number of securities than they are required to purchase in an offering.
Stabilizing transactions consist of bids or purchases made for the purpose of
preventing or retarding a decline in the market price of the securities while an
offering is in progress. The underwriters also may impose a penalty bid. This
occurs when a particular underwriter repays to the underwriters a portion of the
underwriting discount received by it because the underwriters have repurchased securities sold by or for the
account of that underwriter in stabilizing or short-covering transactions. These
activities by the underwriters may stabilize, maintain or otherwise affect the
market price of the securities. As a result, the price of the securities may be
higher than the price that otherwise might exist in the open market. If these
activities are commenced, they may be discontinued by the underwriters at any
time. Underwriters may engage in overallotment. If any underwriters create a
short position in the securities in an offering in which they sell more
securities than are set forth on the cover page of the applicable prospectus
supplement, the underwriters may reduce that short position by purchasing the
securities in the open market. </P>
<P align=center>24</P>
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<P align=justify style="text-indent:5%">Underwriters, dealers or agents that participate in the offer
of securities, or their affiliates or associates, may have engaged or engage in
transactions with and perform services for, us or our affiliates in the ordinary
course of business for which they may have received or receive customary fees
and reimbursement of expenses. </P>
<P align=center><B>LEGAL MATTERS</B></P>
<P align=justify style="text-indent:5%">Certain legal matters in connection with the offered depositary
shares, debt securities, warrants, purchase contracts and units will be passed
upon for us by Hogan Lovells US LLP, Denver, Colorado. Certain legal matters
with respect to the offered common stock and preferred stock and with respect to
Nevada corporate law will be passed upon for us by Gary R. Henrie, Esq., Las
Vegas, Nevada. The legality of the securities for any underwriters, dealers or
agents will be passed upon by counsel as may be specified in the applicable
prospectus supplement. </P>
<P align=center><B>EXPERTS</B></P>
<P align=justify style="text-indent:5%">The consolidated financial statements of the Company for the
years ended December 31, 2014 and 2013 incorporated in this prospectus by
reference have been audited by Anderson Bradshaw PLLC, an independent registered
public accounting firm, and are incorporated in reliance upon their report dated
March 25, 2015, given upon such firm&#146;s authority as experts in auditing and
accounting. </P>
<P align=center>25</P>
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<A name=page_31></A>
<P align=justify><B><FONT color=#ff0000>The information in this prospectus is
not complete and may be changed. We may not sell these securities until the
registration statement filed with the Securities and Exchange Commission is
effective. This prospectus is not an offer to sell these securities and it is
not soliciting an offer to buy these securities in any state where the offer or
sale is not permitted. </FONT></B></P>
<P align=center><FONT color=#ff0000><B>Subject to
Completion, Dated June 11, 2015 </B><B>PROSPECTUS</B></FONT><B> </B></P>
<P align=center><IMG src="forms3x4x1.jpg" border=0 width="326" height="94"> </P>
<P align=center><B>LIGHTBRIDGE CORPORATION </B></P>
<P align=center><B>$478,500 <BR></B><B>Common Stock </B></P>
<P align=justify style="text-indent:5%">We have entered into an
At-the-Market Issuance Sales Agreement, or sales agreement, with MLV &amp; Co.
LLC, or MLV, dated June 11, 2015, relating to the sale of shares of our common
stock offered by this prospectus. In accordance with the terms of the sales
agreement, under this prospectus we may offer and sell shares of our common
stock, $0.001 par value per share, having an aggregate offering price of up to
$478,500 from time to time through MLV, acting as agent. </P>
<P align=justify style="text-indent:5%">Sales of our common stock, if
any, under this prospectus will be made by any method permitted that is deemed
an &#147;at the market offering&#148; as defined in Rule 415 under the Securities Act of
1933, as amended, or the Securities Act, including sales made directly on or
through the NASDAQ Capital Market, the existing trading market for our common
stock, sales made to or through a market maker other than on an exchange or
otherwise, in negotiated transactions at market prices, and/or any other method
permitted by law. MLV is not required to sell any specific amount, but will act
as our sales agent using commercially reasonable efforts consistent with its
normal trading and sales practices. There is no arrangement for funds to be
received in any escrow, trust or similar arrangement. </P>
<P align=justify style="text-indent:5%">MLV will be entitled to
compensation at a commission rate of up to 4.5% of the gross sales price per
share sold. In connection with the sale of the common stock on our behalf, MLV
may be deemed to be an &#147;underwriter&#148; within the meaning of the Securities Act
and the compensation of MLV may be deemed to be underwriting commissions or
discounts. We have also agreed to provide indemnification and contribution to
MLV with respect to certain liabilities, including liabilities under the
Securities Act. </P>
<P align=justify style="text-indent:5%">Our common stock is listed on the
NASDAQ Capital Market under the symbol &#147;LTBR&#148;. On June 10, 2015, the last
reported sale price of our common stock on the NASDAQ Capital Market was $1.19
per share. As of May 18, 2015, the aggregate market value of our outstanding
common stock held by non-affiliates, or public float, was approximately
$31,601,908, based on 18,082,874 shares of outstanding common stock, of which
approximately 861,126 shares were held by affiliates, and a price of $1.835 per
share, which was the average of the last bid and asked prices of our common
stock on the NASDAQ Capital Market on May 18, 2015. We have sold approximately
$10,055,376 of securities as calculated pursuant to General Instruction I.B.6 of
Form S-3 during the prior 12 calendar month period that ends on and includes the
date of this prospectus. Pursuant to General Instruction I.B.6 of Form S-3, in
no event will we sell securities registered on this registration statement in a
public primary offering with a value exceeding more than one-third of our public
float in any 12 calendar month period so long as our public float remains below
$75,000,000. </P>
<P align=center><B>&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150; </B></P>
<P align=justify style="text-indent:5%"><B>Investing in our common stock
involves risks. See &#147;Risk Factors&#148; beginning on page SA-5 of this prospectus and
the risks and uncertainties described in the documents we file with the
Securities and Exchange Commission that are incorporated in this prospectus by
reference for certain risks and uncertainties relating to an investment in our
common stock. </B></P>
<P align=center><B>&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150; </B></P>
<P align=justify style="text-indent:5%"><B>Neither the Securities and
Exchange Commission nor any state securities commission has approved or
disapproved of these securities or passed upon the adequacy or accuracy of this
prospectus. Any representation to the contrary is a criminal offense. </B></P>
<P align=center><B>&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150; </B></P>
<P align=center><IMG src="forms3x31x1.jpg" border=0 width="266" height="74"> </P>
<P align=center>This prospectus is
dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2015. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center><B>TABLE OF CONTENTS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_33">ABOUT
      THIS PROSPECTUS </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_33">SA-1
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_33">CAUTIONARY
      NOTE REGARDING FORWARD-LOOKING STATEMENTS </A></TD>
    <TD align=left width="5%" ><A
      href="#page_33">SA-1
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_35">PROSPECTUS
      SUMMARY </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_35">SA-3
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_37">RISK
      FACTORS </A></TD>
    <TD align=left width="5%" ><A
      href="#page_37">SA-5
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_38">USE
      OF PROCEEDS </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_38">SA-6
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_38">DIVIDEND
      POLICY </A></TD>
    <TD align=left width="5%" ><A
      href="#page_38">SA-6
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_38">DILUTION
      </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_38">SA-6
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_39">PLAN
      OF DISTRIBUTION </A></TD>
    <TD align=left width="5%" ><A
      href="#page_39">SA-7
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_41">LEGAL
      MATTERS </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_41">SA-9
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_41">EXPERTS
      </A></TD>
    <TD align=left width="5%" ><A
      href="#page_41">SA-9
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_41">WHERE
      YOU CAN FIND ADDITIONAL INFORMATION </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_41">SA-9
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_41">INCORPORATION
      OF CERTAIN INFORMATION BY REFERENCE </A></TD>
    <TD align=left width="5%" ><A
      href="#page_41">SA-9
      </A></TD></TR></TABLE>
      <P align=center><B>&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150;&#150; </B></P>
<P align=justify style="text-indent:5%"><B>We have not, and MLV has not,
authorized anyone to provide you with information different from that contained
or incorporated by reference in this prospectus or in any supplement to this
prospectus or free writing prospectus, and neither we nor MLV takes any
responsibility for any other information that others may give you. This
prospectus is not an offer to sell, nor is it a solicitation of an offer to buy,
the securities in any jurisdiction where the offer or sale is not permitted. You
should not assume that the information contained in this prospectus or any
prospectus supplement or free writing prospectus is accurate as of any date
other than the date on the front cover of those documents, or that the
information contained in any document incorporated by reference is accurate as
of any date other than the date of the document incorporated by reference,
regardless of the time of delivery of this prospectus or any sale of a security.
Our business, financial condition, results of operations and prospects may have
changed since those dates. </B></P>
<P align=center>SA-i</P>
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<P align=center><B>ABOUT THIS PROSPECTUS </B></P>
<P align=justify style="text-indent:5%">This prospectus relates to the
offering of our common stock. Before buying any of the common stock that we are
offering, you should carefully read this prospectus, any supplement to this
prospectus, the information and documents incorporated herein by reference and
the additional information under the heading &#147;Where You Can Find Additional
Information&#148; and &#147;Incorporation of Certain Information by Reference.&#148; These
documents contain important information that you should consider when making
your investment decision. </P>
<P align=justify style="text-indent:5%">We provide information to you
about this offering of our common stock in two separate documents that are bound
together: (1) this sales agreement prospectus, which describes the specific
details regarding this offering; and (2) the accompanying base prospectus, which
provides general information, some of which may not apply to this offering.
Generally, when we refer to this &#147;prospectus,&#148; we are referring to both
documents combined. If information in this sales agreement prospectus is
inconsistent with the accompanying base prospectus, you should rely on this
prospectus. To the extent there is a conflict between the information contained
in this prospectus, on the one hand, and the information contained in any
document incorporated by reference in this prospectus, on the other hand, you
should rely on the information in this prospectus. If any statement in one of
these documents is inconsistent with a statement in another document having a
later date&#151;for example, a document incorporated by reference into this
prospectus&#151;the statement in the document having the later date modifies or
supersedes the earlier statement. </P>
<P align=justify style="text-indent:5%">References in this prospectus to
&#147;Lightbridge,&#148; &#147;we,&#148; &#147;us,&#148; &#147;our,&#148; &#147;our Company,&#148; or &#147;the Company&#148; mean
Lightbridge Corporation, a Nevada corporation, and its consolidated
subsidiaries, unless we state otherwise or the context indicates otherwise. </P>
<P align=center><B>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
</B></P>
<P align=justify style="text-indent:5%">This prospectus contains or
incorporates forward-looking statements within the meaning of section 27A of the
Securities Act of 1933, as amended, or the Securities Act, and section 21E of
the Securities Exchange Act of 1934, as amended, or the Exchange Act. These
forward-looking statements are management&#146;s beliefs and assumptions. In
addition, other written or oral statements that constitute forward-looking
statements are based on current expectations, estimates and projections about
the industry and markets in which we operate and statements may be made by or on
our behalf. Words such as &#147;should,&#148; &#147;could,&#148; &#147;may,&#148; &#147;will,&#148; &#147;expect,&#148;
&#147;anticipate,&#148; &#147;intend,&#148; &#147;target,&#148; &#147;plan,&#148; &#147;believe,&#148; &#147;seek,&#148; &#147;estimate,&#148;
variations of such words and similar expressions are intended to identify such
forward-looking statements. Such statements include, among others, (i) those
concerning market and business segment growth, demand and acceptance of our
nuclear energy consulting services and nuclear fuel technology business, (ii)
any projections of sales, earnings, revenue, margins or other financial items,
(iii) any statements of the plans, strategies and objectives of management for
future operations, (iv) any statements regarding future economic conditions or
performance, (v) uncertainties related to conducting business in foreign
countries, as well as (vi) all assumptions, expectations, predictions,
intentions or beliefs about future events. These statements are not guarantees
of future performance and involve substantial risks, uncertainties and
assumptions that are difficult to predict. Important factors that could cause
actual results to differ materially from those in such forward-looking
statements are set forth in Item 1A &#147;Risk Factors&#148; in our Annual Report on Form
10-K, our other filings with the Securities and Exchange Commission, or SEC, and
any supplement to this prospectus and include but are not limited to: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center ><B>&#149;</B> </TD>
    <TD align=left width="95%">our ability to commercialize our nuclear fuel
      technology; </TD></TR>
  <TR>
    <TD align=center >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B> </TD>
    <TD align=left width="95%">our ability to attract new customers;
  </TD></TR></TABLE>
<P align=center>SA-1</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center ><B>&#149;</B> </TD>
    <TD align=justify width="95%">our ability to employ and retain qualified
      employees and consultants that have experience in the nuclear
  industry;</TD></TR>
  <TR vAlign=top>
    <TD align=center >&nbsp; </TD>
    <TD align=left width="95%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B> </TD>
    <TD align=left width="95%">competition and competitive factors in the
      markets in which we compete; </TD></TR>
  <TR>
    <TD align=center >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B> </TD>
    <TD align=left width="95%">public perception of nuclear energy generally;
    </TD></TR>
  <TR>
    <TD align=center >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B> </TD>
    <TD align=left width="95%">
      <P align=justify>general economic and business conditions in the local
      economies in which we regularly conduct business, which can affect demand
      for our services; </P></TD></TR>
  <TR vAlign=top>
    <TD align=center >&nbsp; </TD>
    <TD align=left width="95%"></TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B> </TD>
    <TD align=left width="95%">changes in laws, rules and regulations
      governing our business; </TD></TR>
  <TR>
    <TD align=center >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B> </TD>
    <TD align=left width="95%">development and utilization of our intellectual
      property; and </TD></TR>
  <TR>
    <TD align=center >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B> </TD>
    <TD align=left width="95%">potential and contingent liabilities.
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The foregoing list of important
factors is not intended to be and is not exhaustive. We base our forward-looking
statements on our management&#146;s beliefs and assumptions based on information
available to our management at the time the statements are made. Actual outcomes
and results may differ materially from those expressed, implied or projected in
such forward-looking statements and therefore you should not place undue
reliance on them. Except as required under the federal securities laws and the
rules and regulations of the SEC, we do not have any intention or obligation to
update publicly any forward-looking statements after the distribution of this
prospectus, whether as a result of new information, future events, changes in
assumptions or otherwise. </P>
<P align=center>SA-2</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center colSpan=2>&nbsp;<B>PROSPECTUS SUMMARY</B> </TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left colSpan=2>
      <P align=justify style="text-indent:5%"><I>This summary highlights selected information about us,
      this offering and selected information</I> <I>appearing elsewhere in this
      prospectus and in the documents we incorporate by reference herein.
      This</I> <I>summary is not complete and does not contain all of the
      information that you should consider before</I> <I>deciding whether to
      invest in our common stock. You should read this entire prospectus
      carefully,</I> <I>including the &#147;Risk Factors&#148; section beginning on page
      SA-5 of this prospectus and the &#147;Risk Factors&#148;</I> <I>section of our
      Annual Report on Form 10-K for the year ended December 31, 2014, our
      financial</I> <I>statements and the related notes and the other documents
      incorporated by reference in this prospectus.</I> </P></TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="95%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center colSpan=2>&nbsp;<B>About Lightbridge Corporation</B> </TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left colSpan=2>
      <P align=justify style="text-indent:5%">Lightbridge is a leading nuclear fuel technology company
      and we participate in the nuclear power industry in the United States and
      internationally. Our mission is to be a world leader in the design and
      licensing of our patented nuclear fuels that are economically attractive,
      enhance reactor safety, proliferation resistant, and produce less waste
      than current generation nuclear fuels, and to provide world- class
      strategic advisory services to governments and utilities seeking to
      develop or expand civil nuclear power programs. </P></TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left colSpan=2><P align=justify style="text-indent:5%">Our business
      operations can be categorized in two segments:</P></TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=center><B>&#149;</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="95%">
      <P align=justify><I>Nuclear Fuel Technology Business</I>. We develop next
      generation nuclear fuel technology that has the potential to significantly
      increase the power output of commercial reactors, reducing the cost of
      generating nuclear energy and the amount of nuclear waste on a
      per-megawatt-hour basis and enhancing reactor safety and the proliferation
      resistance of spent fuel. Our main focus is on our nuclear fuel technology
      business segment. </P></TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1px solid" align=center>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=center><B>&#149;</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="95%">
      <P align=justify><I>Nuclear Energy Consulting Business</I>. We provide
      nuclear power consulting and strategic advisory services to commercial and
      governmental entities worldwide. </P></TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left colSpan=2>
      <P align=justify style="text-indent:5%">We were incorporated under the laws of the State of
      Nevada on February 2, 1999 and engaged in businesses other than our
      current business until October 6, 2006, when we acquired our wholly-owned
      subsidiary Thorium Power, Inc. </P></TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left colSpan=2>
      <P align=justify style="text-indent:5%">The address of our principal executive office is 1600
      Tysons Boulevard, Suite 550, McLean, Virginia, 22102, and our telephone
      number is (571) 730-1200. We maintain a website at <I>www.ltbridge.com
      </I>that contains information about our Company, though no information
      contained on our website is part of this prospectus.
</P></TD></TR></TABLE>
<P align=center>SA-3</P>
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noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=center colSpan=2><B>The Offering</B> </TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 0px solid; BORDER-TOP: #000000 0px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 0px solid; BORDER-LEFT: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid"
    width="50%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Common stock offered
      pursuant to this prospectus </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="50%">
      <P align=justify>Shares of our common stock having an aggregate offering
      price of up to $478,500. In no event will we sell securities with a value
      exceeding more than one-third of our &#147;public float&#148; (the market value of
      our common stock and any other equity securities that we may issue in the
      future that are held by non-affiliates) in any 12 calendar month period.
      </P></TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="50%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Manner of offering
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="50%">
      <P align=justify>&#147;At the market offering&#148; that may be made from time to
      time on the NASDAQ Capital Market or other market for our common stock in
      the United States through our agent, MLV &amp; Co. LLC. See the section
      entitled &#147;Plan of Distribution&#148; on page SA-7 of this prospectus.
</P></TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="50%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Use of proceeds </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="50%">
      <P align=justify>We intend to use the net proceeds from this offering for
      general corporate purposes. We will retain broad discretion over the use
      of the net proceeds from the sale of the securities offered hereby. See
      &#147;Use of Proceeds&#148; on page SA-6 of this prospectus for additional
      information. </P></TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="50%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>NASDAQ Capital
      Market symbol </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="50%">
      <P align=justify>&#147;LTBR&#148; </P></TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="50%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>Risk factors </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="50%">
      <P align=justify>See &#147;Risk Factors&#148; beginning on page SA-5 of this
      prospectus and the other information included in, or incorporated by
      reference into, this prospectus for a discussion of certain factors you
      should carefully consider before deciding to invest in shares of our
      common stock. </P></TD></TR></TABLE>
<P align=center>SA-4</P>
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<P align=center><B>RISK FACTORS </B></P>
<P align=justify style="text-indent:5%"><I>An investment in our common
involves a high degree of risk. Prior to making a decision about investing in
our common, you should carefully consider the risk factors described below and
the risk factors discussed in the sections entitled &#147;Risk Factors&#148; contained in
our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and
in any applicable prospectus supplement and our other filings with the SEC and
incorporated by reference in this prospectus, together with all of the other
information contained in this prospectus, or any applicable prospectus
supplement. Additional risks and uncertainties not presently known to us, or
that we currently view as immaterial, may also impair our business. If any of
the risks or uncertainties described in our SEC filings or any prospectus
supplement or any additional risks and uncertainties actually occur, our
business, financial condition and results of operations could be materially and
adversely affected. In that case, the trading price of our common stock could
decline and you might lose all or part of your investment.</I></P>
<P align=justify><B>Risks Related to this Offering </B></P>
<P align=justify style="text-indent:5%"><B><I>Our management will have
broad discretion over the use of the net proceeds from this offering, you may
not agree with how we use the proceeds, and the proceeds may not be invested
successfully.</I></B></P>
<P align=justify style="text-indent:5%">Our management will have broad
discretion as to the use of the net proceeds from any offering by us and could
use them for purposes other than those contemplated at the time of this
offering. Accordingly, you will be relying on the judgment of our management
with regard to the use of these net proceeds, and you will not have the
opportunity, as part of your investment decision, to assess whether the proceeds
are being used appropriately. It is possible that the proceeds will be invested
in a way that does not yield a favorable, or any, return for Lightbridge.</P>
<P align=justify style="text-indent:5%"><B><I>You may experience
immediate and substantial dilution in the net tangible book value per share of
the common stock you purchase in the offering.</I></B></P>
<P align=justify style="text-indent:5%">The offering price per share in
this offering may exceed the pro forma net tangible book value per share of our
common stock outstanding prior to this offering. Assuming that an aggregate of
402,100 shares of our common stock are sold at a price of $1.19 per share, the
last reported sale price of our common stock on the NASDAQ Capital Market on
June 10, 2015 for aggregate gross proceeds of approximately $478,500, and after
deducting commissions and estimated aggregate offering expenses payable by us,
you will experience immediate dilution of $0.98 per share, representing the
difference between our pro forma as adjusted net tangible book value per share
as of March 31, 2015 after giving effect to this offering and the assumed
offering price. The exercise of outstanding stock options or warrants could
result in further dilution of your investment. See the section below entitled
&#147;Dilution&#148; for a more detailed illustration of the dilution you would incur if
you participate in this offering.</P>
<P align=justify style="text-indent:5%"><B><I>You may experience future dilution as a result of future
equity offerings. </I></B></P>
<P align=justify style="text-indent:5%">In order to raise additional
capital, we may in the future offer additional shares of our common stock or
other securities convertible into or exchangeable for our common stock at prices
that may not be the same as the price per share in this offering. We may sell
shares or other securities in any other offering at a price per share that is
less than the price per share paid by any investors in this offering, and
investors purchasing shares or other securities in the future could have rights
superior to existing stockholders. The price per share at which we sell
additional shares of our common stock, or securities convertible or exchangeable
into common stock, in future transactions may be higher or lower than the price
per share paid by any investors in this offering. </P>
<P align=center>SA-5</P>
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<P align=center><B>USE OF PROCEEDS </B></P>
<P align=justify style="text-indent:5%">We may issue and sell shares of
our common stock having aggregate sales proceeds of up to $478,500 from time to
time. Because there is no minimum offering amount required as a condition to
close this offering, the actual total public offering amount, commissions and
proceeds to us, if any, are not determinable at this time. </P>
<P align=justify style="text-indent:5%">We intend to use the net proceeds
from this offering for general corporate purposes. The precise amount and timing
of the application of such proceeds will depend upon our funding requirements
and the availability and cost of other capital. As of the date of this
prospectus, we cannot specify with certainty all of the particular uses for the
net proceeds to us from this offering. Accordingly, we will retain broad
discretion over the use of the net proceeds from the sale of the securities
offered hereby. Pending any specific application, we may initially invest funds
in short-term marketable securities or apply them to the reduction of short-term
indebtedness.</P>
<P align=center><B>DIVIDEND POLICY </B></P>
<P align=justify style="text-indent:5%">We have never declared or paid
cash dividends. We currently intend to retain and use any future earnings for
the development and expansion of our business and do not plan to pay any cash
dividends in the foreseeable future. Any future determination to pay dividends
will be at the discretion of our board of directors. </P>
<P align=center><B>DILUTION </B></P>
<P align=justify style="text-indent:5%">If you invest in this offering,
your ownership interest will be diluted to the extent of the difference between
the public offering price per share and the as adjusted net tangible book value
per share after giving effect to this offering. We calculate net tangible book
value per share by dividing the net tangible book value, which is tangible
assets less total liabilities, by the number of outstanding shares of our common
stock. Dilution represents the difference between the portion of the amount per
share paid by purchasers of shares in this offering and the as-adjusted net
tangible book value per share of our common stock immediately after giving
effect to this offering. Our net tangible book value as of March 31, 2015 was
approximately $3.5 million, or $0.20 per share.</P>
<P align=justify style="text-indent:5%">After giving effect to the sale
of our common stock pursuant to this prospectus in the aggregate amount of
$478,500 at an assumed offering price of $1.19 per share, the last reported sale
price of our common stock on the NASDAQ Capital Market on June 10, 2015, and
after deducting commissions and estimated aggregate offering expenses payable by
us, our net tangible book value as of March 31, 2015 would have been
approximately $3.9 million, or $0.21 per share of common stock. This represents
an immediate increase in the net tangible book value of $0.01 per share to our
existing stockholders and an immediate dilution in net tangible book value of
$0.98 per share to new investors. </P>
<P align=center>SA-6</P>
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<P align=justify style="text-indent:5%">The following table illustrates this per share dilution: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Assumed offering price per
      share </TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;1.19 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Net tangible book value per share as of March
      31, 2015 </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%" >&nbsp;0.20 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"></TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Increase per share
      attributable to new investors </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%"  bgColor=#e6efff>&nbsp;0.01 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>As adjusted net tangible book value per share
      as of March 31, 2015, after giving effect to this offering </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">0.21 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Dilution per share to new
      investors purchasing shares in this offering </TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;0.98 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify style="text-indent:5%">The table above assumes for
illustrative purposes that an aggregate of 402,100 shares of our common stock
are sold pursuant to this prospectus at a price of $1.19 per share, the last
reported sale price of our common stock on the NASDAQ Capital Market on June 10,
2015, for aggregate gross proceeds of $478,500. The shares sold in this
offering, if any, will be sold from time to time at various prices. An increase
of $0.25 per share in the price at which the shares are sold from the assumed
offering price of $1.19 per share shown in the table above, assuming all of our
common stock in the aggregate amount of $478,500 is sold at that price, would
result in an adjusted net tangible book value per share after the offering of
$0.21 per share and would increase the dilution in net tangible book value per
share to new investors in this offering to $1.23 per share, after deducting
commissions and estimated aggregate offering expenses payable by us. A decrease
of $0.25 per share in the price at which the shares are sold from the assumed
offering price of $1.19 per share shown in the table above, assuming all of our
common stock in the aggregate amount of $478,500 is sold at that price, would
result in an adjusted net tangible book value per share after the offering of
$0.21 per share and would decrease the dilution in net tangible book value per
share to new investors in this offering to $0.73 per share, after deducting
commissions and estimated aggregate offering expenses payable by us. </P>
<P align=justify style="text-indent:5%">The foregoing table and
discussion is based on 18,082,874 shares of common stock outstanding as of March
31, 2015 and excludes: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center ><B>&#149;</B> </TD>
    <TD align=left width="95%">1,912,157 shares of our common stock subject to
      outstanding options having a weighted exercise price of $9.35 per share;
    </TD></TR>
  <TR>
    <TD align=center >&nbsp; </TD>
    <TD width="94%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B> </TD>
    <TD align=left width="94%">4,886,764 shares of our common stock that have
      been reserved for issuance upon exercise of outstanding warrants having a
      weighted exercise price of $3.72 per share; and </TD></TR>
  <TR>
    <TD align=center >&nbsp; </TD>
    <TD width="94%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B> </TD>
    <TD align=left width="94%">463,192 shares of our common stock that were
      available for issuance under our 2006 Stock Plan. </TD></TR></TABLE>
<P align=center><B>PLAN OF DISTRIBUTION</B></P>
<P align=justify style="text-indent:5%">We have entered into an
At-the-Market Issuance Sales Agreement, or sales agreement, with MLV &amp; Co.
LLC, or MLV, under which we may issue and sell shares of our common stock from
time to time through MLV acting as agent, subject to certain limitations,
including the number of shares registered under the registration statement to
which the offering relates. Sales of our common stock, if any, under this
prospectus may be made in sales deemed to be &#147;at the market offerings&#148; as
defined in Rule 415 promulgated under the Securities Act, including sales made
directly on or through NASDAQ Capital Market, the existing trading market for
our common stock, sales made to or through a market maker other than on an
exchange or otherwise, in negotiated transactions at market prices prevailing at
the time of sale or at prices related to such prevailing market prices, and/or
any other method permitted by law. We may instruct MLV not to sell our common
stock if the sales cannot be effected at or above the price designated by us
from time to time. We or MLV may suspend the offering of our common stock upon
notice and subject to other conditions. </P>
<P align=center>SA-7</P>
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<P align=justify style="text-indent:5%">Each time we wish to issue and
sell common stock under the sales agreement, we will notify MLV of the number of
shares to be issued, the dates on which such sales are anticipated to be made,
any minimum price below which sales may not be made and other sales parameters
as we deem appropriate. Once we have so instructed MLV, unless MLV declines to
accept the terms of the notice, MLV has agreed to use its commercially
reasonable efforts consistent with its normal trading and sales practices to
sell such shares up to the amount specified on such terms. The obligations of
MLV under the sales agreement to sell our common stock are subject to a number
of conditions that we must meet.</P>
<P align=justify style="text-indent:5%">We will pay MLV commissions for
its services in acting as agent in the sale of our common stock. MLV will be
entitled to compensation at a commission rate of up to 4.5% of the gross sales
price per share sold. Because there is no minimum offering amount required as a
condition to closing this offering, the actual total public offering amount,
commissions and proceeds to us, if any, are not determinable at this time. In
addition, we have agreed to reimburse MLV for fees and disbursements related to
its legal counsel in an amount not to exceed $25,000, and for certain other
expenses. We estimate that the total expenses for the offering, excluding
compensation payable to MLV under the terms of the sales agreement, will be
approximately $75,000. </P>
<P align=justify style="text-indent:5%">Settlement for sales of our
common stock will occur on the third business day following the date on which
any sales are made, or on some other date that is agreed upon by us and MLV in
connection with a particular transaction, in return for payment of the net
proceeds to us. There is no arrangement for funds to be received in an escrow,
trust or similar arrangement.</P>
<P align=justify style="text-indent:5%">In connection with the sale of
the common stock on our behalf, MLV may, and will with respect to sales effected
in an &#147;at the market offering,&#148; be deemed to be an &#147;underwriter&#148; within the
meaning of the Securities Act, and the compensation of MLV may be deemed to be
underwriting commissions or discounts. We have agreed to provide indemnification
and contribution to MLV against certain civil liabilities, including liabilities
under the Securities Act.</P>
<P align=justify style="text-indent:5%">The offering pursuant to the
sales agreement will terminate upon the earlier of (i) the issuance and sale of
all shares of our common stock subject to the sales agreement, or (ii) the
termination of the sales agreement as permitted therein.</P>
<P align=justify style="text-indent:5%">This summary of the material
provisions of the sales agreement does not purport to be a complete statement of
its terms and conditions. A copy of the sales agreement is filed with the SEC
and incorporated by reference into the registration statement of which this
prospectus forms a part. See &#147;Where You Can Find Additional Information&#148; below.
</P>
<P align=justify style="text-indent:5%">MLV and its affiliates may in the
future provide various investment banking and other financial services for us
and our affiliates, for which services they may in the future receive customary
fees. To the extent required by Regulation M, MLV will not engage in any market
making or stabilizing activities involving our common stock while the offering
is ongoing under this prospectus. </P>
<P align=center>SA-8</P>
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<P align=center><B>LEGAL MATTERS</B></P>
<P align=justify style="text-indent:5%">Gary R. Henrie, Las Vegas,
Nevada, has passed upon the validity of the common stock offered hereby. K&amp;L
Gates LLP, Irvine, California, is counsel for MLV in connection with this
offering. </P>
<P align=center><B>EXPERTS</B></P>
<P align=justify style="text-indent:5%">The consolidated financial
statements of the Company for the years ended December 31, 2014 and 2013
incorporated in this prospectus by reference have been audited by Anderson
Bradshaw PLLC, an independent registered public accounting firm, and are
incorporated in reliance upon their report dated March 25, 2015, given upon such
firm&#146;s authority as experts in auditing and accounting. </P>
<P align=center><B>WHERE YOU CAN FIND ADDITIONAL INFORMATION </B></P>
<P align=justify style="text-indent:5%">We are subject to the reporting
requirements of the Exchange Act and file annual, quarterly and current reports,
proxy statements and other information with the SEC. You may read and copy these
reports, proxy statements and other information at the SEC&#146;s public reference
facilities at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. You can
request copies of these documents by writing to the SEC and paying a fee for the
copying cost. Please call the SEC at 1-800-SEC-0330 for more information about
the operation of the public reference facilities. SEC filings are also available
at the SEC&#146;s website at <I>www.sec.gov</I>. </P>
<P align=justify style="text-indent:5%">This prospectus forms part of a
registration statement on Form S-3 filed by us with the SEC under the Securities
Act. As permitted by the SEC, this prospectus does not contain all the
information in the registration statement filed with the SEC. For a more
complete understanding of this offering, you should refer to the complete
registration statement, including the exhibits thereto, on Form S-3 that may be
obtained as described above. Statements contained or incorporated by reference
in this prospectus or any prospectus supplement about the contents of any
contract or other document are not necessarily complete. If we have filed any
contract or other document as an exhibit to the registration statement or any
other document incorporated by reference in the registration statement of which
this prospectus forms a part, you should read the exhibit for a more complete
understanding of the document or matter involved. Each statement regarding a
contract or other document is qualified in its entirety by reference to the
actual document. </P>
<P align=center><B>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE </B></P>
<P align=justify style="text-indent:5%">The SEC allows us to &#147;incorporate
by reference&#148; in this prospectus certain of the information we file with the
SEC. This means we can disclose important information to you by referring you to
another document that has been filed separately with the SEC. The information
incorporated by reference is considered to be a part of this prospectus, and
information that we file later with the SEC will automatically update and
supersede information contained in this prospectus and any accompanying
prospectus supplement. We incorporate by reference the documents listed below
that we have previously filed with the SEC: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center><B>&#149;</B> </TD>
    <TD align=left width="95%">
      <P align=justify>our Annual Report on Form 10-K for the fiscal year ended
      December 31, 2014, filed on March 25, 2015, as amended by the Form 10-K/A
      filed on April 30, 2015; </P></TD></TR>
  <TR>
    <TD align=center>&nbsp; </TD>
    <TD width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>&#149;</B> </TD>
    <TD align=left width="95%">our Quarterly Report on Form 10-Q for the
      quarter ended March 31, 2015, filed on May 7, 2015; </TD></TR></TABLE>
<P align=center>SA-9</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center ><B>&#149;</B> </TD>
    <TD align=left width="95%">
      <P align=justify>our Current Reports on Form 8-K filed on January 30,
      2015, March 27, 2015, April 10, 2015, April 13, 2015, May 18, 2015 and
      June 10, 2015; and </P></TD></TR>
  <TR>
    <TD align=center >&nbsp; </TD>
    <TD width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B> </TD>
    <TD align=left width="95%">
      <P align=justify>the description of our common stock contained in our
      Registration Statement on Form 8-A filed on July 18, 2006, including any
      amendments or reports filed for the purpose of updating such description.
      </P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">We also incorporate by reference
into this prospectus additional documents that we may file with the SEC under
Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act prior to the completion
or termination of the offering of the securities described in this prospectus,
including all such documents we may file with the SEC after the date of the
initial registration statement and prior to the effectiveness of the
registration statement, but excluding any information deemed furnished and not
filed with the SEC. Any statements contained in a previously filed document
incorporated by reference into this prospectus is deemed to be modified or
superseded for purposes of this prospectus to the extent that a statement
contained in this prospectus, or in a subsequently filed document also
incorporated by reference herein, modifies or supersedes that statement. Any
statement so modified or superseded will not be deemed, except as so modified or
superseded, to constitute a part of this prospectus. </P>
<P align=justify style="text-indent:5%">You may request, orally or in
writing, a copy of any or all of the documents incorporated herein by reference.
These documents will be provided to you at no cost by contacting: Lightbridge
Corporation, 1600 Tysons Boulevard, Suite 550, McLean, Virginia, 22102;
telephone number: (571) 730-1200. You may also access the documents incorporated
by reference in this prospectus through our website at <I>www.ltbridge.com</I>.
Except for the specific incorporated documents listed above, no information
available on or through our website shall be deemed to be incorporated in this
prospectus or the registration statement of which it forms a part. </P>
<P align=center>SA-10</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center><IMG src="forms3x4x1.jpg" border=0 width="326" height="94"> </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="15%" border=0>

  <TR vAlign=bottom>
    <TD align=center><B>$478,500</B> </TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center><B>Common Stock</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center><B>PROSPECTUS</B> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=center>&nbsp;</TD></TR></TABLE></DIV>
<P align=center><IMG src="forms3x31x1.jpg" border=0 width="266" height="74"></P>
<P align=center><B>, 2015 </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center><B>PART II</B></P>
<P align=center><B>INFORMATION NOT REQUIRED IN THE
PROSPECTUS </B></P>
<P align=justify><B>Item 14. Other Expenses of Issuance and Distribution.
</B></P>
<P align=justify style="text-indent:5%">The following is a statement of estimated expenses, to be paid solely by us, in connection with the issuance and
distribution of the securities being registered hereby: </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%"><B>Amount to</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>be Paid*</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>SEC Registration Fee </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;5,067 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>FINRA Filing Fee </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">12,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Legal Fees and Expenses </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>50,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Accounting Fees and Expenses </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">5,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Printing and miscellaneous
      expenses </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>2,933 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%">&nbsp;75,000 </TD>
    <TD vAlign=bottom align=left
width="2%">&nbsp;</TD></TR></TABLE></DIV>
<P align=justify>_____________________<BR>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All amounts shown herein, except the SEC registration
      fee, are estimated and may vary based upon, among other things, the number
      of issuances and amount of securities offered. We will pay all of these
expenses.</P>
<P align=justify><B>Item 15. Indemnification of Directors and Officers.</B></P>
<P align=justify style="text-indent:5%">We are a Nevada corporation and
generally governed by the Nevada Private Corporations Code, Title 78 of the
Nevada Revised Statutes, or NRS.</P>
<P align=justify style="text-indent:5%">Section 78.138 of the NRS
provides that, unless the corporation&#146;s articles of incorporation provide
otherwise, a director or officer will not be individually liable unless it is
proven that (i) the director&#146;s or officer&#146;s acts or omissions constituted a
breach of his or her fiduciary duties, and (ii) such breach involved intentional
misconduct, fraud or a knowing violation of the law.</P>
<P align=justify style="text-indent:5%">Section 78.7502 of the NRS
permits a Nevada corporation to indemnify its directors and officers against
expenses, judgments, fines, and amounts paid in settlement actually and
reasonably incurred in connection with a threatened, pending, or completed
action, suit, or proceeding, except an action by or on behalf of the
corporation, if the officer or director (i) is not liable pursuant to NRS
78.138, or (ii) acted in good faith and in a manner the officer or director
reasonably believed to be in or not opposed to the best interests of the
corporation and, if a criminal action or proceeding, had no reasonable cause to
believe the conduct of the officer or director was unlawful. Section 78.7502 of
the NRS also requires a corporation to indemnify its officers and directors if
they have been successful on the merits or otherwise in defense of any claim,
issue, or matter resulting from their service as a director or officer.</P>
<P align=justify style="text-indent:5%">Section 78.751 of the NRS permits
a Nevada corporation to indemnify its officers and directors against expenses
incurred by them in defending a civil or criminal action, suit, or proceeding as
they are incurred and in advance of final disposition thereof, upon
determination by the stockholders, the disinterested board members, or by
independent legal counsel. Section 78.751 of NRS requires a corporation to
advance expenses as incurred upon receipt of an undertaking by or on behalf of
the officer or director to repay the amount if it is ultimately determined by a
court of competent jurisdiction that such officer or director is not entitled to
be indemnified by the corporation if so provided in the corporation&#146;s articles
of incorporation, bylaws, or other agreement. Section 78.751 of the NRS further
permits the corporation to grant its directors and officers additional
rights of indemnification under its articles of incorporation, bylaws or other
agreement.</P>
<P align=center>II-1</P>
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noShade SIZE=5>
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<P align=justify style="text-indent:5%">Section 78.752 of the NRS
provides that a Nevada corporation may purchase and maintain insurance or make
other financial arrangements on behalf of any person who is or was a director,
officer, employee or agent of the corporation, or is or was serving at the
request of the corporation as a director, officer, employee or agent of another
company, partnership, joint venture, trust or other enterprise, for any
liability asserted against him and liability and expenses incurred by him in his
capacity as a director, officer, employee or agent, or arising out of his status
as such, whether or not the corporation has the authority to indemnify him
against such liability and expenses.</P>
<P align=justify style="text-indent:5%">Our Articles of Incorporation and
  Bylaws implement the indemnification and insurance provisions permitted by
Chapter 78 of the NRS by providing that:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center ><B>&#149;</B> </TD>
    <TD align=left width="95%">
      <P align=justify>We shall indemnify our directors and officers to the
      fullest extent permitted by the NRS against expense, liability and loss
      reasonably incurred or suffered by them in connection with their service
      as an officer or director; and </P></TD></TR>
  <TR>
    <TD align=center >&nbsp; </TD>
    <TD width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B> </TD>
    <TD align=left width="95%">
      <P align=justify>We may purchase and maintain insurance, or make other
      financial arrangements, on behalf of any person who holds or who has held
      a position as a director, officer, or representative against liability,
      cost, payment, or expense incurred by such person.
</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">At the present time, there is no
pending litigation or proceeding involving a director, officer, employee or
other agent of ours in which indemnification would be required or permitted. We
are not aware of any threatened litigation or proceeding which may result in a
claim for such indemnification.</P>
<P align=justify><B>Item 16. Exhibits. </B></P>
<P align=justify style="text-indent:5%">The list of exhibits in the
Exhibit Index to this registration statement is incorporated herein by
reference.</P>
<P align=justify><B>Item 17. Undertakings.</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The undersigned registrant hereby
  undertakes:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>To file, during any period in which offers or sales are
      being made, a post-effective amendment to this registration
    statement:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>to include any prospectus required by Section 10(a)(3) of
      the Securities Act of 1933;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>to reflect in the prospectus any facts or events arising
      after the effective date of the registration statement (or the most recent
      post-effective amendment thereof) which, individually or in the aggregate,
      represent a fundamental change in the information set forth in the
      registration statement. Notwithstanding the foregoing, any increase or
      decrease in volume of securities offered (if the total dollar value of
      securities offered would not exceed that which was registered) and any
      deviation from the low or high end of the estimated maximum offering range
      may be reflected in the form of prospectus filed with the SEC pursuant to
      Rule 424(b) if, in the aggregate, the changes in volume and price
      represent no more than a 20% change in the maximum aggregate offering
      price set forth in the &#147;Calculation of Registration Fee&#148; table in the
      effective registration statement; and</P></TD></TR></TABLE>
<P align=center>II-2</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>to include any material information with respect to the
      plan of distribution not previously disclosed in the registration
      statement or any material change to such information in the registration
      statement,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify><I>provided, however</I>, that
subsections (i), (ii) and (iii) above do not apply if the information required
to be included in a post-effective amendment by those subsections is contained
in reports filed with or furnished to the SEC by the registrant pursuant to
Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are
incorporated by reference in the registration statement, or is contained in a
form of prospectus filed pursuant to Rule 424(b) that is part of the
registration statement. <I></I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>That, for the purpose of determining any liability under
      the Securities Act of 1933, each such post-effective amendment shall be
      deemed to be a new registration statement relating to the securities
      offered therein, and the offering of such securities at that time shall be
      deemed to be the initial <I>bona fide </I>offering thereof.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>To remove from registration by means of a post-effective
      amendment any of the securities being registered which remain unsold at
      the termination of the offering.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>That, for the purpose of determining liability under the
      Securities Act of 1933 to any purchaser:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>each prospectus filed by the registrant pursuant to Rule
      424(b)(3) shall be deemed to be part of the registration statement as of
      the date the filed prospectus was deemed part of and included in the
      registration statement; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>each prospectus required to be filed pursuant to Rule
      424(b)(2), (b)(5), or (b)(7) as part of a registration statement in
      reliance on Rule 430B relating to an offering made pursuant to Rule
      415(a)(1)(i), (vii), or (x) for the purpose of providing the information
      required by section 10(a) of the Securities Act of 1933 shall be deemed to
      be part of and included in the registration statement as of the earlier of
      the date such form of prospectus is first used after effectiveness or the
      date of the first contract of sale of securities in the offering described
      in the prospectus. As provided in Rule 430B, for liability purposes of the
      issuer and any person that is at that date an underwriter, such date shall
      be deemed to be a new effective date of the registration statement
      relating to the securities in the registration statement to which that
      prospectus relates, and the offering of such securities at that time shall
      be deemed to be the initial <I>bona fide </I>offering thereof.
      <I>Provided</I>, <I>however</I>, that no statement made in a registration
      statement or prospectus that is part of the registration statement or made
      in a document incorporated or deemed incorporated by reference into the
      registration statement or prospectus that is part of the registration
      statement will, as to a purchaser with a time of contract of sale prior to
      such effective date, supersede or modify any statement that was made in
      the registration statement or prospectus that was part of the registration
      statement or made in any such document immediately prior to such effective
      date.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>That, for the purpose of determining liability of the
      registrant under the Securities Act of 1933 to any purchaser in the
      initial distribution of the securities, the undersigned registrant
      undertakes that in a primary offering of securities of the undersigned
      registrant pursuant to this registration statement, regardless of the
      underwriting method used to sell the securities to the purchaser, if the
      securities are offered or sold to such purchaser by means of any of the
      following communications, the undersigned registrant will be a seller to
      the purchaser and will be considered to offer or sell such securities to
      such purchaser:</P></TD></TR></TABLE>
<P align=center>II-3</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>Any preliminary prospectus or prospectus of the
      undersigned registrant relating to the offering required to be filed
      pursuant to Rule 424;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>Any free writing prospectus relating to the offering
      prepared by or on behalf of the undersigned registrant or used or referred
      to by the undersigned registrant;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>The portion of any other free writing prospectus relating
      to the offering containing material information about the undersigned
      registrant or its securities provided by or on behalf of the undersigned
      registrant; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>Any other communication that is an offer in the offering
      made by the undersigned registrant to the
purchaser.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>The undersigned registrant hereby undertakes that, for
      purposes of determining any liability under the Securities Act of 1933,
      each filing of the registrant&#146;s annual report pursuant to section 13(a) or
      section 15(d) of the Securities Exchange Act of 1934 (and, where
      applicable, each filing of an employee benefit plan&#146;s annual report
      pursuant to section 15(d) of the Securities Exchange Act of 1934) that is
      incorporated by reference in the registration statement shall be deemed to
      be a new registration statement relating to the securities offered
      therein, and the offering of such securities at that time shall be deemed
      to be the initial <I>bona fide </I>offering thereof.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Insofar as indemnification for liabilities arising under
      the Securities Act of 1933 may be permitted to directors, officers and
      controlling persons of the registrant pursuant to the foregoing
      provisions, or otherwise, the registrant has been advised that in the
      opinion of the Securities and Exchange Commission such indemnification is
      against public policy as expressed in the Securities Act of 1933 and is,
      therefore, unenforceable. In the event that a claim for indemnification
      against such liabilities (other than the payment by the registrant of
      expenses incurred or paid by a director, officer or controlling person of
      the registrant in the successful defense of any action, suit or
      proceeding) is asserted by such director, officer or controlling person in
      connection with the securities being registered, the registrant will,
      unless in the opinion of its counsel the matter has been settled by
      controlling precedent, submit to a court of appropriate jurisdiction the
      question whether such indemnification by it is against public policy as
      expressed in the Securities Act of 1933 and will be governed by the final
      adjudication of such issue.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>The undersigned registrant hereby undertakes to file an
      application for the purpose of determining the eligibility of the trustee
      to act under subsection (a) of section 310 of the Trust Indenture Act
      (&#147;Act&#148;) in accordance with the rules and regulations prescribed by the
      Commission under section 305(b)(2) of the Act.</P></TD></TR></TABLE>
<P align=center>II-4</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_48></A>
<P align=center><B>SIGNATURES</B></P>
<P align=justify style="text-indent:5%">Pursuant to the requirements of
the Securities Act of 1933, the registrant certifies that it has reasonable
grounds to believe that it meets all of the requirements of filing on Form S-3
and has duly caused this registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of McLean, Commonwealth
of Virginia, on June 11, 2015.</P>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Lightbridge Corporation</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>By: /s/ Seth Grae
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Seth Grae </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;President and Chief
      Executive Officer </TD></TR></TABLE></DIV>
<P align=center><B>POWER OF ATTORNEY</B></P>
<P align=justify style="text-indent:5%">KNOW ALL MEN BY THESE PRESENTS,
that each person whose signature appears below constitutes and appoints Seth
Grae and Linda Zwobota, and each of them, his or her true and lawful
attorneys-in-fact and agents, with full power of substitution and
re-substitution, for him or her and in his or her name, place and stead, in any
and all capacities, to sign any or all amendments (including post-effective
amendments) to this registration statement (and any registration statement filed
pursuant to Rule 462(b) under the Securities Act, as amended, for the offering
which this registration statement relates), and to file the same, with all
exhibits thereto, and other documents in connection therewith, with the SEC,
granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform each and every act and thing requisite and
necessary to be done in and about the premises, as fully to all intents and
purposes as he or she might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents or any of them, or their
or his or her substitute or substitutes, may lawfully do or cause to be done by
virtue hereof.<B> </B></P>
<P align=justify style="text-indent:5%">Pursuant to the requirements of
the Securities Act of 1933, as amended, this registration statement has been
signed by the following persons in the capacities and on the dates indicated.
</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B>Signature</B>
    </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="33%"><B>Title</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="33%"><B>Date</B> </TD></TR>
  <TR>
    <TD align=center>&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">&nbsp; </TD></TR>
  <TR>
    <TD align=center>&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>/s/ Seth Grae
</TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">President, Chief Executive Officer and
      Director </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">June 11, 2015 </TD></TR>
  <TR vAlign=top>
    <TD align=center>Seth Grae </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">(Principal Executive Officer) </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">&nbsp; </TD></TR>
  <TR>
    <TD align=center>&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">&nbsp; </TD></TR>
  <TR>
    <TD align=center>&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>/s/ Linda
      Zwobota </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">Chief Financial Officer </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">June 11, 2015 </TD></TR>
  <TR vAlign=top>
    <TD align=center>Linda Zwobota </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">(Principal Financial and Accounting Officer)
    </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">&nbsp; </TD></TR>
  <TR>
    <TD align=center>&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">&nbsp; </TD></TR>
  <TR>
    <TD align=center>&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>/s/ Thomas
      Graham, Jr. </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">Chairman and Director </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">June 11, 2015 </TD></TR>
  <TR vAlign=top>
    <TD align=center>Thomas Graham, Jr. </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">&nbsp; </TD></TR>
  <TR>
    <TD align=center>&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">&nbsp; </TD></TR>
  <TR>
    <TD align=center>&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>/s/ Victor E.
      Alessi </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">Director </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">June 11, 2015 </TD></TR>
  <TR vAlign=top>
    <TD align=center>Victor E. Alessi </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">&nbsp; </TD></TR>
  <TR>
    <TD align=center>&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">&nbsp; </TD></TR>
  <TR>
    <TD align=center>&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>/s/ Kathleen
      Kennedy Townsend </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">Director </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">June 11, 2015 </TD></TR>
  <TR vAlign=top>
    <TD align=center>Kathleen Kennedy Townsend </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">&nbsp; </TD></TR>
  <TR>
    <TD align=center>&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">&nbsp; </TD></TR>
  <TR>
    <TD align=center>&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>/s/ Daniel B.
      Magraw </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">Director </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">June 11, 2015 </TD></TR>
  <TR vAlign=top>
    <TD align=center>Daniel B. Magraw </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="33%">&nbsp; </TD></TR></TABLE></DIV>
<P align=center>II-5 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_49></A>
<P align=center><B>EXHIBIT INDEX </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B>Exhibit No.
      </B></TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="88%"><B>Description </B></TD></TR>
  <TR vAlign=top>
    <TD align=left
      bgColor=#eeeeee>&nbsp;&nbsp;&nbsp;1.1+
    </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Form of Underwriting Agreement. </P></TD></TR>
  <TR vAlign=top>
    <TD
      align=left>&nbsp;&nbsp;&nbsp;<A href="exhibit1-2.htm">1.2*</A>
    </TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="88%"><A href="exhibit1-2.htm">
      <P align=justify>At-the-Market Issuance Sales Agreement, dated June 11,
      2015, between the Registrant and MLV &amp; Co. LLC. </P></A></TD></TR>
  <TR vAlign=top>
    <TD align=left
      bgColor=#eeeeee>&nbsp;&nbsp;&nbsp;3.1
    </TD>
    <TD align=left width="2%" bgColor=#eeeeee></TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Articles of Incorporation of the Registrant as filed with
      the Secretary of State of Nevada (incorporated by reference to Exhibit 3.1
      to the Registrant&#146;s registration statement on Form SB-2 filed on December
      11, 2001, File No. 333-74914). </P></TD></TR>
  <TR vAlign=top>
    <TD
      align=left>&nbsp;&nbsp;&nbsp;3.2
    </TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="88%">
      <P align=justify>Certificate of Amendment to Articles of Incorporation
      (incorporated by reference to Exhibit 3.1 to the Registrant&#146;s Current
      Report on Form 8-K filed on February 13, 2006). </P></TD></TR>
  <TR vAlign=top>
    <TD align=left
      bgColor=#eeeeee>&nbsp;&nbsp;&nbsp;3.3
    </TD>
    <TD align=left width="2%" bgColor=#eeeeee></TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Certificate of Amendment to Articles of Incorporation
      (incorporated by reference to Appendix A to the Registrant&#146;s definitive
      information statement on Schedule 14C filed on July 31, 2006). </P></TD></TR>
  <TR vAlign=top>
    <TD
      align=left>&nbsp;&nbsp;&nbsp;3.4
    </TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="88%">
      <P align=justify>Certificate of Amendment to Articles of Incorporation
      (incorporated by reference to Exhibit 3.1 to the Registrant&#146;s Current
      Report on Form 8-K filed on September 25, 2009). </P></TD></TR>
  <TR vAlign=top>
    <TD align=left
      bgColor=#eeeeee>&nbsp;&nbsp;&nbsp;3.5
    </TD>
    <TD align=left width="2%" bgColor=#eeeeee></TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Amended and Restated Bylaws of the Registrant
      (incorporated by reference to Exhibit 3.2 to the Registrant&#146;s Current
      Report on Form 8-K filed on July 9, 2007). </P></TD></TR>
  <TR vAlign=top>
    <TD
      align=left>&nbsp;&nbsp;&nbsp;4.1
    </TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="88%">
      <P align=justify>Specimen Certificate for Registrant&#146;s Common Stock
      (incorporated by reference to Exhibit 4.1 to the Registrant&#146;s registration
      statement on Form S-3 filed on April 1, 2013, File No. 333-187659).
  </P></TD></TR>
  <TR vAlign=top>
    <TD align=left
      bgColor=#eeeeee>&nbsp;&nbsp;&nbsp;4.2+
    </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Form of Certificate of Designation for Preferred Stock.
      </P></TD></TR>
  <TR vAlign=top>
    <TD
      align=left>&nbsp;&nbsp;&nbsp;4.3+
    </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="88%">
      <P align=justify>Form of Preferred Stock Certificate. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left
      bgColor=#eeeeee>&nbsp;&nbsp;&nbsp;4.4+
    </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Form of Deposit Agreement (including form of Depositary
      Receipt). </P></TD></TR>
  <TR vAlign=top>
    <TD
      align=left>&nbsp;&nbsp;&nbsp;4.5
    </TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="88%">
      <P align=justify>Form of Indenture relating to debt securities
      (incorporated by reference to Exhibit 4.4 to the Registrant&#146;s registration
      statement on Form S-3 filed on April 1, 2013, File No. 333-187659).
  </P></TD></TR>
  <TR vAlign=top>
    <TD align=left
      bgColor=#eeeeee>&nbsp;&nbsp;&nbsp;4.6+
    </TD>
    <TD align=left width="2%" bgColor=#eeeeee></TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Form of Supplemental Indenture or other instrument
      establishing the issuance of one or more series of senior debt securities
      or subordinated debt securities (including the form of such debt
      security). </P></TD></TR>
  <TR vAlign=top>
    <TD
      align=left>&nbsp;&nbsp;&nbsp;4.7+
    </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="88%">
      <P align=justify>Form of Warrant Agreement (including form of Warrant).
      </P></TD></TR>
  <TR vAlign=top>
    <TD align=left
      bgColor=#eeeeee>&nbsp;&nbsp;&nbsp;4.8+
    </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Form of Purchase Contract Agreement. </P></TD></TR>
  <TR vAlign=top>
    <TD
      align=left>&nbsp;&nbsp;&nbsp;4.9+
    </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="88%">
      <P align=justify>Form of Unit Agreement (including form of Unit
      Certificate). </P></TD></TR>
  <TR vAlign=top>
    <TD align=left
      bgColor=#eeeeee>&nbsp;&nbsp;&nbsp;<A href="exhibit5-1.htm">5.1*</A>
    </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee><A href="exhibit5-1.htm"><P align=justify>Opinion of Gary R. Henrie, Esq. </P></A></TD></TD></TR>
  <TR vAlign=top>
    <TD
      align=left>&nbsp;&nbsp;&nbsp;<A href="exhibit5-2.htm">5.2*</A>    </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="88%"><A href="exhibit5-2.htm"><P align=justify>Opinion of Gary R. Henrie, Esq. </P></A></TD></TR>
  <TR vAlign=top>
    <TD align=left
      bgColor=#eeeeee>&nbsp;&nbsp;&nbsp;<A href="exhibit5-3.htm">5.3* </A>
    </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
     <A href="exhibit5-3.htm"><P align=justify>Opinion of Hogan Lovells US LLP. </P></A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp;<A href="exhibit23-1.htm">23.1*</A></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="88%">
      <A href="exhibit23-1.htm"><P align=justify>Consent of Anderson Bradshaw PLLC. </P></A></TD></TR>
  <TR vAlign=top>
    <TD align=left
      bgColor=#eeeeee>&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;23.2*</TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Consent of Gary R. Henrie, Esq. (included in Exhibit
  5.1). </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp;23.3*</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="88%">
      <P align=justify>Consent of Gary R. Henrie, Esq. (included in Exhibit
  5.2). </P></TD></TR>
  <TR vAlign=top>
    <TD align=left
      bgColor=#eeeeee>&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp;23.4*</TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Consent of Hogan Lovells US LLP (included in Exhibit
  5.3). </P></TD></TR>
  <TR vAlign=top>
    <TD
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;24
    </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="88%">
      <P align=justify>Power of Attorney (included on signature page hereof).
      </P></TD></TR>
  <TR vAlign=top>
    <TD align=left
      bgColor=#eeeeee>&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp;&nbsp;&nbsp;25**</TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Form T-1 Statement of Eligibility of the trustee for the
  debt securities. </P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" align=left>+</TD>
    <TD width="95%" align=justify>To be filed by amendment or pursuant to a report to be filed
pursuant to Section 13 or 15(d) of the Exchange Act, if applicable, and
incorporated herein by reference.</TD></TR>
  <TR>
    <TD>*</TD>
    <TD>Filed herewith.</TD></TR>
  <TR vAlign=top>
    <TD>**</TD>
    <TD align="justify">To be filed separately pursuant to Section 305(b)(2) of the
Trust Indenture Act of 1939, if applicable.</TD></TR>
  </TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.2
<SEQUENCE>2
<FILENAME>exhibit1-2.htm
<DESCRIPTION>EXHIBIT 1.2
<TEXT>
<!DOCTYPE HTML PUBLIC "exhibit1-2.pdf">


<HTML>
<HEAD>
   <TITLE>Lightbridge Corp.: Exhibit 1.2 - Filed by newsfilecorp.com</TITLE>
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<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=justify><B>LIGHTBRIDGE CORPORATION </B></P>
<P align=center>Common Stock <BR>(par value $0.001 per share) </P>
<P align=center><B>At-the-Market Issuance Sales Agreement </B></P>
<P align=right>June 11, 2015 </P>
<P align=justify>MLV &amp; Co. LLC <BR>1301 Avenue of the Americas
<BR>43<SUP>rd</SUP> Floor <BR>New York, New York 10019 <BR></P>
<P align=justify>Ladies and Gentlemen: </P>
<P align=justify style="text-indent:5%">Lightbridge Corporation, a Nevada corporation (the &#147;Company&#148;),
confirms its agreement (this &#147;<U>Agreement</U>&#148;), with MLV &amp; Co. LLC
(&#147;<U>MLV</U>&#148;), as follows: </P>
<P align=justify style="text-indent:5%">1.&nbsp;&nbsp;&nbsp;&nbsp; <U>Issuance and Sale of Shares.</U>
The Company agrees that, from time to time during the term of this Agreement, on
the terms and subject to the conditions set forth herein, it may issue and sell
through MLV, shares (the &#147;<U>Placement Shares</U>&#148;) of the Company&#146;s common
stock, par value $0.001 per share (the &#147;<U>Common Stock</U>&#148;),<I> provided
however, </I>that in no event shall the Company issue or sell through MLV such
number of Placement Shares that (a) would cause the Company to exceed the
limitations set forth in General Instruction I.B.6 of Form S-3, (b) exceeds the
number of shares of Common Stock registered on the effective Registration
Statement (as defined below) pursuant to which the offering is being made, or
(c) exceeds the number of authorized but unissued shares of Common Stock that
are not reserved for other purposes (the lesser of (a), (b) and (c), the
&#147;<U>Maximum Amount</U>&#148;). Notwithstanding anything to the contrary contained
herein, the parties hereto agree that compliance with the limitations set forth
in this <U>Section 1</U> on the number of Placement Shares issued and sold under
this Agreement shall be the sole responsibility of the Company and that MLV
shall have no obligation in connection with such compliance. The issuance and
sale of Placement Shares through MLV will be effected pursuant to the
Registration Statement (as defined below), although nothing in this Agreement
shall be construed as requiring the Company to use the Registration Statement to
issue any Placement Shares. </P>
<P align=justify style="text-indent:5%">The Company shall file, in accordance with the provisions of
the Securities Act of 1933, as amended, and the rules and regulations thereunder
(the &#147;<U>Securities Act</U>&#148;), with the Securities and Exchange Commission (the
&#147;<U>Commission</U>&#148;), a registration statement on Form S-3, including a
prospectus relating to the Placement Shares to be issued from time to time by
the Company, and which incorporates by reference documents that the Company has
filed or will file in accordance with the provisions of the Securities Exchange
Act of 1934, as amended, and the rules and regulations thereunder (the
&#147;<U>Exchange Act</U>&#148;). The Company will, if necessary, prepare one or more
prospectus supplements to the prospectus included as part of such registration
statement specifically relating to the Placement Shares (each, a &#147;<U>Prospectus
Supplement</U>&#148;). The Company will furnish to MLV, for use by MLV, copies of the
prospectus included as part of such registration statement, as supplemented, if
at all, by any Prospectus Supplement, relating to the Placement Shares. Except
where the context otherwise requires, such registration statement, including all documents filed as part thereof or incorporated
by reference therein, and including any information contained in a Prospectus
(as defined below) subsequently filed with the Commission pursuant to Rule
424(b) under the Securities Act or deemed to be a part of such registration
statement pursuant to Rule 430B of the Securities Act, is herein called the
&#147;<U>Registration Statement</U>.&#148; The prospectus relating to the Placement
Shares, including all documents incorporated or deemed incorporated therein by
reference to the extent such information has not been superseded or modified in
accordance with Rule 412 under the Securities Act (as qualified by Rule 430B(g)
of the Securities Act), included in the Registration Statement, as it may be
supplemented by any Prospectus Supplement, in the form in which such prospectus
and/or Prospectus Supplement have most recently been filed by the Company with
the Commission pursuant to Rule 424(b) under the Securities Act, is herein
called the &#147;<U>Prospectus</U>.&#148; Any reference herein to the Registration
Statement, the Prospectus or any amendment or supplement thereto shall be deemed
to refer to and include the documents incorporated or deemed incorporated by
reference therein, and any reference herein to the terms &#147;amend,&#148; &#147;amendment&#148; or
&#147;supplement&#148; with respect to the Registration Statement or the Prospectus shall
be deemed to refer to and include the filing after the execution hereof of any
document with the Commission deemed to be incorporated by reference therein (the
&#147;<U>Incorporated Documents</U>&#148;). </P>
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<P align=justify style="text-indent:5%">For purposes of this Agreement, all references to the
Registration Statement, the Prospectus or to any amendment or supplement thereto
shall be deemed to include the most recent copy filed with the Commission
pursuant to its Electronic Data Gathering Analysis and Retrieval System, or if
applicable, the Interactive Data Electronic Application system when used by the
Commission (collectively, &#147;<U>EDGAR</U>&#148;). </P>
<P align=justify style="text-indent:5%">2.&nbsp;&nbsp;&nbsp;&nbsp; <U>Placements.</U> Each time that
the Company wishes to issue and sell Placement Shares hereunder (each, a
&#147;<U>Placement</U>&#148;), it will notify MLV by email notice (or other method
mutually agreed to in writing by the Parties) of the number of Placement Shares,
the time period during which sales are requested to be made, any limitation on
the number of Placement Shares that may be sold in any one day and any minimum
price below which sales may not be made (a &#147;<U>Placement Notice</U>&#148;), the form
of which is attached hereto as <U>Schedule 1.</U> The Placement Notice shall
originate from any of the individuals from the Company set forth on <U>Schedule
3</U> (with a copy to each of the other individuals from the Company listed on
such schedule), and shall be addressed to each of the individuals from MLV set
forth on <U>Schedule 3,</U> as such <U>Schedule 3</U> may be amended from time
to time. Provided that the Company is otherwise in compliance with the terms of
this Agreement, the Placement Notice shall be effective immediately upon receipt
by MLV unless and until (i) MLV declines to accept the terms contained therein
for any reason, in its sole discretion, (ii) the entire amount of the Placement
Shares thereunder has been sold, (iii) the Company suspends or terminates the
Placement Notice or (iv) this Agreement has been terminated under the provisions
of <U>Section 13</U>. The amount of any discount, commission or other
compensation to be paid by the Company to MLV in connection with the sale of the
Placement Shares shall be calculated in accordance with the terms set forth in
<U>Schedule 2</U>. It is expressly acknowledged and agreed that neither the
Company nor MLV will have any obligation whatsoever with respect to a Placement
or any Placement Shares unless and until the Company delivers a Placement Notice
to MLV and MLV does not decline such Placement Notice pursuant to the terms set
forth above, and then only upon the terms specified therein and herein. In the
event of a conflict between the terms of <U>Sections 2</U> or <U>3</U> of this
Agreement and the terms of a Placement Notice, the terms of the Placement Notice
will control.</P>
<P align=center>2</P>
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<P align=justify style="text-indent:5%">3. &nbsp;&nbsp;&nbsp; &nbsp;<U>Sale of Placement Shares by MLV</U>. </P>
<P align=justify style="text-indent:10%">a.&nbsp;&nbsp;&nbsp; &nbsp;Subject to the terms and conditions
of this Agreement, for the period specified in a Placement Notice, MLV will use
its commercially reasonable efforts consistent with its normal trading and sales
practices and applicable state and federal laws, rules and regulations and the
rules of The NASDAQ Capital Market (the &#147;<U>Exchange</U>&#148;), to sell the
Placement Shares up to the amount specified in, and otherwise in accordance with
the terms of, such Placement Notice. MLV will provide written confirmation to
the Company no later than the opening of the Trading Day (as defined below)
immediately following the Trading Day on which it has made sales of Placement
Shares hereunder setting forth the number of Placement Shares sold on such day,
the compensation payable by the Company to MLV pursuant to Section 2 with
respect to such sales, and the Net Proceeds (as defined below) payable to the
Company, with an itemization of the deductions made by MLV (as set forth in
Section 5(b)) from the gross proceeds that it receives from such sales. Subject
to the terms of a Placement Notice, MLV may sell Placement Shares by any method
permitted by law deemed to be an &#147;at-the-market&#148; offering as defined in Rule 415
of the Securities Act, including without limitation sales made directly on the
Exchange, on any other existing trading market for the Common Stock or to or
through a market maker. Subject to the terms of a Placement Notice, MLV may also
sell Placement Shares by any other method permitted by law and the rules and
regulations of the Exchange, including but not limited to negotiated
transactions, with the Company&#146;s consent. &#147;<U>Trading Day</U>&#148; means any day on
which Common Stock is purchased and sold on the Exchange. </P>
<P align=justify style="text-indent:10%">b.&nbsp;&nbsp;&nbsp;&nbsp; During the term of this Agreement,
neither MLV nor any of its affiliates or subsidiaries shall engage in (i) any
short sale of any security of the Company or (ii) any sale of any security of
the Company that MLV does not own or any sale which is consummated by the
delivery of a security of the Company borrowed by, or for the account of, MLV or
(iii) if such activity would be prohibited under Regulation M or other
anti-manipulation rules under the Securities Act, any market making, bidding,
purchasing, stabilization or other trading activity with regard to the Common
Stock, or attempting to induce another person to do any of the foregoing.
Neither MLV nor any of its affiliates or subsidiaries shall engage in any
proprietary trading or trading for MLV&#146;s (or its affiliates&#146; or subsidiaries&#146;)
own account. </P>
<P align=justify style="text-indent:5%">4.&nbsp;&nbsp;&nbsp;&nbsp; <U>Suspension of Sales.</U> The
Company or MLV may, upon notice to the other party in writing (including by
email correspondence to each of the individuals of the other party set forth on
<U>Schedule 3</U>, if receipt of such correspondence is actually acknowledged by
any of the individuals to whom the notice is sent, other than via auto-reply) or
by telephone (confirmed immediately by verifiable facsimile transmission or
email correspondence to each of the individuals of the other party set forth on
<U>Schedule </U>3), suspend any sale of Placement Shares; <I>provided,
however</I>, that such suspension shall not affect or impair any party&#146;s
obligations with respect to any Placement Shares sold hereunder prior to the
receipt of such notice. Each of the parties agrees that no such notice under
this <U>Section 4</U> shall be effective against any other party unless it is
made to one of the individuals named on <U>Schedule 3</U> hereto, as such
Schedule may be amended from time to time. </P>
<P align=center>3</P>
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<P align=justify style="text-indent:5%">5.&nbsp;&nbsp;&nbsp; &nbsp;<U>Sale and Delivery to MLV;
Settlement.</U> </P>
<P align=justify style="text-indent:10%">a.&nbsp;&nbsp;&nbsp; &nbsp;<U>Sale of Placement Shares.</U> On
the basis of the representations and warranties herein contained and subject to
the terms and conditions herein set forth, upon MLV&#146;s acceptance of the terms of
a Placement Notice, and unless the sale of the Placement Shares described
therein has been declined, suspended, or otherwise terminated in accordance with
the terms of this Agreement, MLV, for the period specified in the Placement
Notice, will use its commercially reasonable efforts consistent with its normal
trading and sales practices to sell such Placement Shares up to the amount
specified in, and otherwise in accordance with the terms of, such Placement
Notice. The Company acknowledges and agrees that (i) there can be no assurance
that MLV will be successful in selling Placement Shares, (ii) MLV will incur no
liability or obligation to the Company or any other person or entity if it does
not sell Placement Shares for any reason other than a failure by MLV to use its
commercially reasonable efforts consistent with its normal trading and sales
practices and applicable law and regulations to sell such Placement Shares as
required under this Agreement and (iii) MLV shall be under no obligation to
purchase Placement Shares on a principal basis pursuant to this Agreement,
except as otherwise agreed by MLV and the Company. </P>
<P align=justify style="text-indent:10%">b.&nbsp;&nbsp;&nbsp;&nbsp; <U>Settlement of Placement
Shares.</U> Unless otherwise specified in the applicable Placement Notice,
settlement for sales of Placement Shares will occur on the third
(3<SUP>rd</SUP>) Trading Day (or such earlier day as is industry practice for
regular-way trading) following the date on which such sales are made (each, a
&#147;<U>Settlement Date</U>&#148;). The amount of proceeds to be delivered to the Company
on a Settlement Date against receipt of the Placement Shares sold (the &#147;<U>Net
Proceeds</U>&#148;) will be equal to the aggregate sales price received by MLV, after
deduction for (i) MLV&#146;s commission, discount or other compensation for such
sales payable by the Company pursuant to <U>Section 2</U> hereof, and (ii) any
transaction fees imposed by any governmental or self-regulatory organization in
respect of such sales. </P>
<P align=justify style="text-indent:10%">c.&nbsp;&nbsp;&nbsp;&nbsp; <U>Delivery of Placement Shares.</U>
On or before each Settlement Date, the Company will, or will cause its transfer
agent to, electronically transfer the Placement Shares being sold by crediting
MLV&#146;s or its designee&#146;s account (provided MLV shall have given the Company
written notice of such designee at least one Trading Day prior to the Settlement
Date) at The Depository Trust Company through its Deposit and Withdrawal at
Custodian System or by such other means of delivery as may be mutually agreed
upon by the parties hereto which in all cases shall be freely tradable,
transferable, registered shares in good deliverable form. On each Settlement
Date, MLV will deliver the related Net Proceeds in same day funds to an account
designated by the Company on, or prior to, the Settlement Date. The Company
agrees that if the Company, or its transfer agent (if applicable), defaults in
its obligation to deliver Placement Shares on a Settlement Date through no fault
of MLV, then in addition to and in no way limiting the rights and obligations
set forth in <U>Section 11(a)</U> hereto, it will (i) hold MLV harmless against
any loss, claim, damage, or reasonable, documented expense (including reasonable
and documented legal fees and expenses), as incurred, arising out of or in
connection with such default by the Company or its transfer agent (if
applicable) and (ii) pay to MLV (without duplication) any commission, discount,
or other compensation to which it would otherwise have been entitled absent such
default; <I>provided</I>, <I>however</I>, that the Company shall not be
obligated to so indemnify and reimburse MLV if the Placement Shares are not
delivered due to (1) a suspension or material limitation in trading in
securities generally on the Exchange, or (2) a general moratorium on commercial banking activities
declared by either federal or New York State authorities or a material
disruption in commercial banking or securities settlement or clearance services
in the United States. </P>
<P align=center>4</P>
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<P align=justify style="text-indent:10%">d.&nbsp;&nbsp;&nbsp;&nbsp; <U>Limitations on Offering Size.</U>
Under no circumstances shall the Company cause or request the offer or sale of
any Placement Shares if, after giving effect to the sale of such Placement
Shares, the aggregate number of Placement Shares sold pursuant to this Agreement
would exceed the lesser of (A) together with all prior sales of Placement Shares
under this Agreement, the Maximum Amount, (B) the amount available for offer and
sale under the currently effective Registration Statement and (C) the amount
authorized from time to time to be issued and sold under this Agreement by the
Company&#146;s board of directors, a duly authorized committee thereof or a duly
authorized executive committee, and notified to MLV in writing. Under no
circumstances shall the Company cause or request the offer or sale of any
Placement Shares pursuant to this Agreement at a price lower than the minimum
price authorized from time to time by the Company&#146;s board of directors, a duly
authorized committee thereof or a duly authorized executive committee, and
notified to MLV in writing. Further, under no circumstances shall the Company
cause or permit the aggregate offering amount of Placement Shares sold pursuant
to this Agreement to exceed the Maximum Amount. </P>
<P align=justify style="text-indent:5%">6.&nbsp;&nbsp;&nbsp;&nbsp; <U>Representations and Warranties of
the Company.</U> Except as disclosed in the Registration Statement or Prospectus
(including the Incorporated Documents), the Company represents and warrants to,
and agrees with MLV that as of the date of this Agreement and as of each
Applicable Time (as defined below), unless such representation, warranty or
agreement specifies a different date or time: </P>
<P align=justify style="text-indent:10%">a.&nbsp;&nbsp;&nbsp;&nbsp; <U>Registration Statement and
Prospectus.</U> The Company and, assuming no act or omission on the part of MLV
that would make such statement untrue, the transactions contemplated by this
Agreement meet the requirements for and comply with the conditions for the use
of Form S-3 under the Securities Act. The Registration Statement will be
filed<SUP>1</SUP> with the Commission on June 11, 2015. The Prospectus will name
MLV as the agent in the section entitled &#147;Plan of Distribution.&#148; The Company has
not received, and has no notice of, any order of the Commission preventing or
suspending the use of the Registration Statement, or threatening or instituting
proceedings for that purpose. The Registration Statement and the offer and sale
of Placement Shares as contemplated hereby meet the requirements of Rule 415
under the Securities Act and comply in all material respects with said Rule. Any
statutes, regulations, contracts or other documents that are required to be
described in the Registration Statement or the Prospectus or to be filed as
exhibits to the Registration Statement have been so described or filed. Copies
of the Registration Statement, the Prospectus, and any such amendments or
supplements and all documents incorporated by reference therein that were filed
with the Commission on or prior to the date of this Agreement have been
delivered, or are available through EDGAR, to MLV and its counsel. The Company
has not distributed and, prior to the later to occur of each Settlement Date and
completion of the distribution of the Placement Shares, will not distribute any
offering material in connection with the offering or sale of the Placement
Shares other than the Registration Statement and the Prospectus and any Issuer
Free Writing Prospectus (as defined below) to which MLV has consented. The
Common Stock is currently quoted on the Exchange. The Company has not, in the
12 months preceding the date hereof, received notice from the Exchange to the
effect that the Company is not in compliance with the listing or maintenance
requirements of the Exchange, except as otherwise disclosed in the Registration
Statement and Prospectus. The Company has no reason to believe that it will not
in the foreseeable future continue to be in compliance with all such applicable
listing and maintenance requirements. </P>
<P align=justify><SUP>_________________________________<BR>1</SUP> NTD: Does the
Company expect to sign the Sales Agreement prior to S-3 filing? </P>
<P align=center>5</P>
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<P align=justify style="text-indent:10%">b.&nbsp;&nbsp;&nbsp; &nbsp;<U>No Misstatement or Omission.</U>
The Registration Statement, when it becomes effective, and the Prospectus, and
any amendment or supplement thereto, on the date of such Prospectus or amendment
or supplement, conformed and will conform in all material respects with the
requirements of the Securities Act. At each Settlement Date, the Registration
Statement and the Prospectus, as of such date, will conform in all material
respects with the requirements of the Securities Act. The Registration
Statement, when it becomes effective, will not contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading. The Prospectus and any
amendment and supplement thereto, on the date thereof and at each Applicable
Time (defined below), did not or will not include an untrue statement of a
material fact or omit to state a material fact necessary to make the statements
therein, in light of the circumstances under which they were made, not
misleading. The documents incorporated by reference in the Prospectus or any
Prospectus Supplement did not, and any further documents filed and incorporated
by reference therein will not, when filed with the Commission, contain an untrue
statement of a material fact or omit to state a material fact required to be
stated in such document or necessary to make the statements in such document, in
light of the circumstances under which they were made, not misleading. The
foregoing shall not apply to statements in, or omissions from, any such document
made in reliance upon, and in conformity with, information furnished to the
Company by MLV specifically for use in the preparation thereof. </P>
<P align=justify style="text-indent:10%">c.&nbsp;&nbsp;&nbsp;&nbsp; <U>Conformity with Securities Act
and Exchange Act.</U> The Registration Statement, the Prospectus, any Issuer
Free Writing Prospectus or any amendment or supplement thereto, and the
Incorporated Documents, when such documents were or are filed with the
Commission under the Securities Act or the Exchange Act or became or become
effective under the Securities Act, as the case may be, conformed or will
conform in all material respects with the requirements of the Securities Act and
the Exchange Act, as applicable. </P>
<P align=justify style="text-indent:10%">d.&nbsp;&nbsp;&nbsp;&nbsp; <U>Financial Information.</U> The
consolidated financial statements of the Company included or incorporated by
reference in the Registration Statement and the Prospectus, together with the
related notes and schedules, present fairly, in all material respects, the
consolidated financial position of the Company and the Subsidiaries (as defined
below) as of the dates indicated and the consolidated results of operations,
cash flows and changes in stockholders&#146; equity of the Company for the periods
specified and have been prepared in compliance in all material respects with the
requirements of the Securities Act and Exchange Act, as applicable, and in
conformity with generally accepted accounting principles in the United States
(&#147;<U>GAAP</U>&#148;) applied on a consistent basis (except for such adjustments to
accounting standards and practices as are noted therein and except for year-end
adjustments and the absence of certain footnotes with respect to quarterly
financial statements) during the periods involved; the other financial and
statistical data with respect to the Company and the Subsidiaries contained or
incorporated by reference in the Registration Statement and the Prospectus, are accurately and fairly presented in all material
respects and prepared on a basis materially consistent with the financial
statements and books and records of the Company; there are no financial
statements (historical or pro forma) that are required to be included or
incorporated by reference in the Registration Statement, or the Prospectus that
are not included or incorporated by reference as required; the Company and the
Subsidiaries do not have any material liabilities or obligations, direct or
contingent (including any off balance sheet obligations), not described in the
Registration Statement, and the Prospectus which are required to be described in
the Registration Statement or Prospectus; and all disclosures contained or
incorporated by reference in the Registration Statement and the Prospectus, if
any, regarding &#147;non-GAAP financial measures&#148; (as such term is defined by the
rules and regulations of the Commission) comply in all material respects with
Regulation G of the Exchange Act and Item 10 of Regulation S-K under the
Securities Act, to the extent applicable; </P>
<P align=center>6</P>
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<P align=justify style="text-indent:10%">e.&nbsp;&nbsp;&nbsp;&nbsp; <U>Conformity with EDGAR Filing.
</U>The Prospectus delivered to MLV for use in connection with the sale of the
Placement Shares pursuant to this Agreement will be identical to the versions of
the Prospectus created to be transmitted to the Commission for filing via EDGAR,
except to the extent permitted by Regulation S-T. </P>
<P align=justify style="text-indent:10%">f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Organization. </U>The
Company and any subsidiary that is a significant subsidiary (as such term is
defined in Rule 1-02 of Regulation S-X promulgated by the Commission) (each, a
&#147;<U>Subsidiary</U>&#148;, collectively, the &#147;<U>Subsidiaries</U>&#148;), are, and will be,
duly organized, validly existing and in good standing under the laws of their
respective jurisdictions of organization. The Company and the Subsidiaries are,
and will be, duly licensed or qualified for the transaction of business and in
good standing under the laws of each other jurisdiction in which their
respective ownership or lease of property or the conduct of their respective
businesses requires such license or qualification, and have all corporate power
and authority necessary to own or hold their respective properties and to
conduct their respective businesses as described in the Registration Statement
and the Prospectus, except where the failure to be so qualified or in good
standing or have such power or authority would not, individually or in the
aggregate, have a material adverse effect or would reasonably be expected to
have a material adverse effect on the business, financial condition, prospects,
stockholders&#146; equity or results of operations of the Company and the
Subsidiaries taken as a whole, or prevent the consummation of the transactions
contemplated hereby (a &#147;<U>Material Adverse Effect</U>&#148;). </P>
<P align=justify style="text-indent:10%">g.&nbsp;&nbsp;&nbsp;&nbsp; <U>Subsidiaries. </U>As of the date
hereof, the Company&#146;s only Subsidiaries are set forth on <U>Schedule
6</U><U>(g). </U>The Company owns directly or indirectly, all
of the equity interests of the Subsidiaries free and clear of any lien, charge,
security interest, encumbrance, right of first refusal or other restriction, and
all the equity interests of the Subsidiaries are validly issued and are fully
paid, nonassessable and free of preemptive and similar rights. </P>
<P align=justify style="text-indent:10%">h.&nbsp;&nbsp;&nbsp;&nbsp; <U>No Violation or Default.
</U>Neither the Company nor any Subsidiary is (i) in violation of its charter or
by-laws or similar organizational documents; (ii) in default, and no event has
occurred that, with notice or lapse of time or both, would constitute such a
default, in the due performance or observance of any term, covenant or condition
contained in any indenture, mortgage, deed of trust, loan agreement or other
agreement or instrument to which the Company or any Subsidiary is a party or by
which the Company or any Subsidiary is bound or to which any of the property or
assets of the Company or any Subsidiary is subject; or (iii) in violation of any law or statute or any judgment, order, rule or
regulation of any court or arbitrator or governmental or regulatory authority
having jurisdiction over the Company, except, in the case of each of clauses
(ii) and (iii) above, for any such violation or default that would not,
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. To the Company&#146;s knowledge, no other party under any material
contract or other material agreement to which it or any Subsidiary is a party is
in default in any respect thereunder where such default would reasonably be
expected to have a Material Adverse Effect.</P>
<P align=center>7</P>
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<P align=justify style="text-indent:10%">i.&nbsp;&nbsp;&nbsp;&nbsp; <U>No Material Adverse Effect.</U>
Since the date of the most recent financial statements of the Company included
or incorporated by reference in the Registration Statement and Prospectus, there
has not been (i) any Material Adverse Effect, or any development that would
reasonably be expected to have a Material Adverse Effect, (ii) any transaction
which is material to the Company and the Subsidiaries taken as a whole, (iii)
any obligation or liability, direct or contingent (including any off-balance
sheet obligations), incurred by the Company or the Subsidiaries, which is
material to the Company and the Subsidiaries taken as a whole, (iv) any material
change in the capital stock (other than (A) the grant of additional options or
other equity awards under any equity incentive plan of the Company, (B) changes
in the number of outstanding shares of Common Stock of the Company due to the
issuance of shares upon the exercise or conversion of securities exercisable
for, or convertible into, Common Stock outstanding on the date hereof or the
date of the most recent financial statements included or incorporated by
reference in the Registration Statement and Prospectus, (C) as a result of the
issuance of Placement Shares, (D) any repurchases of capital stock of the
Company, (E) as described in a proxy statement filed on Schedule 14A or a
Registration Statement on Form S-4, or (F) otherwise publicly announced) or
outstanding long-term indebtedness of the Company or the Subsidiaries or (v) any
dividend or distribution of any kind declared, paid or made on the capital stock
of the Company or any Subsidiary, other than in each case above (1) in the
ordinary course of business or, (2) as otherwise disclosed in the Registration
Statement or Prospectus. </P>
<P align=justify style="text-indent:10%">j.&nbsp;&nbsp;&nbsp; &nbsp;<U>Capitalization.</U> The issued
and outstanding shares of capital stock of the Company have been validly issued,
are fully paid and non-assessable and, other than as disclosed in the
Registration Statement or the Prospectus, are not subject to any preemptive
rights, rights of first refusal or similar rights. The Company has an
authorized, issued and outstanding capitalization as set forth in the
Registration Statement and the Prospectus as of the dates referred to therein
(other than (i) the grant of additional options or other equity awards under any
equity incentive plan of the Company, (ii) changes in the number of outstanding
shares of Common Stock of the Company due to the issuance of shares upon the
exercise or conversion of securities exercisable for, or convertible into,
Common Stock outstanding on the date hereof, (iii) as a result of the issuance
of Placement Shares, or (iv) any repurchases of capital stock of the Company)
and such authorized capital stock conforms in all material respects to the
description thereof set forth in the Registration Statement and the Prospectus.
The description of the Common Stock in the Registration Statement and the
Prospectus is complete and accurate in all material respects. As of the date
referred to therein, except (A) for awards pursuant to any equity incentive plan
of the Company or (B) as otherwise set forth in the Registration Statement and
the Prospectus, the Company did not have outstanding any options to purchase, or
any rights or warrants to subscribe for, or any securities or obligations
convertible into, or exchangeable for, or any contracts or commitments to issue
or sell, any shares of capital stock or other securities. </P>
<P align=center>8</P>
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<P align=justify style="text-indent:10%">k.&nbsp;&nbsp;&nbsp; &nbsp;<U>S-3 Eligibility</U>. (i) At the
time of filing the Registration Statement and (ii) at the time of the most
recent amendment thereto for the purposes of complying with Section 10(a)(3) of
the Securities Act (whether such amendment was by post-effective amendment,
incorporated report filed pursuant to Section 13 or 15(d) of the Exchange Act or
form of prospectus), the Company met the then applicable requirements for use of
Form S-3 under the Securities Act, including compliance with General Instruction
I.B.6 of Form S-3. As of the close of trading on the Exchange on the Trading Day
immediately prior to the date of this Agreement, the aggregate market value of
the outstanding voting and non-voting common equity (as defined in Rule 405) of
the Company held by persons other than affiliates of the Company (pursuant to
Rule 144 of the Securities Act, those that directly, or indirectly through one
or more intermediaries, control, or are controlled by, or are under common
control with, the Company) (the &#147;<U>Non-Affiliate Shares</U>&#148;), was
approximately $20.5 million (calculated by multiplying (x) the price at which
the common equity of the Company was last sold on the Exchange on the Trading
Day immediately prior to the date of this Agreement times (y) the number of
Non-Affiliate Shares). The Company is not a shell company (as defined in Rule
405) and has not been a shell company for at least 12 calendar months previously
and if it has been a shell company at any time previously, has filed current
Form 10 information (as defined in Instruction I.B.6 of Form S-3) with the
Commission at least 12 calendar months previously reflecting its status as an
entity that is not a shell company </P>
<P align=justify style="text-indent:10%">l.&nbsp;&nbsp;&nbsp;&nbsp; <U>Authorization;
Enforceability.</U> The Company has full legal right, power and authority to
enter into this Agreement and, except as set forth in paragraph 6(n) hereof,
perform the transactions contemplated hereby. This Agreement has been duly
authorized, executed and delivered by the Company and is a legal, valid and
binding agreement of the Company enforceable against the Company in accordance
with its terms, except to the extent that (i) enforceability may be limited by
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors&#146; rights generally and by general equitable principles and (ii) the
indemnification and contribution provisions of <U>Section 11</U> hereof may be
limited by federal or state securities laws and public policy considerations in
respect thereof. </P>
<P align=justify style="text-indent:10%">m.&nbsp;&nbsp;&nbsp;&nbsp; <U>Authorization of Placement
Shares.</U> The Placement Shares, when issued and delivered pursuant to the
terms approved by the board of directors of the Company or a duly authorized
committee thereof, or a duly authorized executive committee, against payment
therefor as provided herein, will be duly and validly authorized and issued and
fully paid and nonassessable, free and clear of any pledge, lien, encumbrance,
security interest or other claim (other than any pledge, lien, encumbrance,
security interest or other claim arising from an act or omission of MLV or a
purchaser), including any statutory or contractual preemptive rights, resale
rights, rights of first refusal or other similar rights, and will be registered
pursuant to Section 12 of the Exchange Act. The Placement Shares, when issued,
will conform in all material respects to the description thereof set forth in or
incorporated into the Prospectus.</P>
<P align=justify style="text-indent:10%">n.&nbsp;&nbsp;&nbsp;&nbsp; <U>No Consents Required.</U> No
consent, approval, authorization, order, registration or qualification of or
with any court or arbitrator or any governmental or regulatory authority is
required for the execution, delivery and performance by the Company of this
Agreement, and the issuance and sale by the Company of the Placement Shares as
contemplated hereby, except for the registration of the Placement Shares
under the Securities Act pursuant to the Registration Statement and such
consents, approvals, authorizations, orders and registrations or qualifications
as may be required under applicable state securities laws or by the by-laws and
rules of the Financial Industry Regulatory Authority (&#147;FINRA&#148;) or the Exchange,
including any notices that may be required by the Exchange, in connection with
the sale of the Placement Shares by MLV. </P>
<P align=center>9</P>
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<P align=justify style="text-indent:10%">o.&nbsp;&nbsp;&nbsp;&nbsp; <U>No Preferential Rights.</U> (i)
No person, as such term is defined in Rule 1-02 of Regulation S-X promulgated
under the Securities Act (each, a &#147;<U>Person</U>&#148;), has the right, contractual
or otherwise, to cause the Company to issue or sell to such Person any Common
Stock or shares of any other capital stock or other securities of the Company
(other than upon the exercise of options or warrants to purchase Common Stock or
upon the exercise of options or other equity awards that may be granted from
time to time under the equity incentive plans of the Company), (ii) no Person
has any preemptive rights, rights of first refusal, or any other rights (whether
pursuant to a &#147;poison pill&#148; provision or otherwise) to purchase any Common Stock
or shares of any other capital stock or other securities of the Company from the
Company which have not been duly waived with respect to the offering
contemplated hereby, (iii) no Person has the right to act as an underwriter or
as a financial advisor to the Company in connection with the offer and sale of
the Common Stock, and (iv) no Person has the right, contractual or otherwise, to
require the Company to register under the Securities Act any Common Stock or
shares of any other capital stock or other securities of the Company, or to
include any such shares or other securities in the Registration Statement or the
offering contemplated thereby, whether as a result of the filing or
effectiveness of the Registration Statement or the sale of the Placement Shares
as contemplated thereby or otherwise. </P>
<P align=justify style="text-indent:10%">p.&nbsp;&nbsp;&nbsp;&nbsp; <U>Independent Public
Accountant.</U> Anderson Bradshaw PLLC (the &#147;<U>Accountant</U>,&#148; which term
shall also include any subsequent independent public accountants reasonably
satisfactory to MLV, as applicable), whose report on the consolidated financial
statements of the Company is filed with the Commission as part of the Company&#146;s
most recent Annual Report on Form 10-K filed with the Commission and
incorporated into the Registration Statement, are and, during the periods
covered by their report, were independent public accountants within the meaning
of the Securities Act and the Public Company Accounting Oversight Board (United
States). To the Company&#146;s knowledge, with due inquiry, the Accountant is not in
violation of the auditor independence requirements of the Sarbanes-Oxley Act of
2002 (the &#147;<U>Sarbanes-Oxley Act</U>&#148;) with respect to the Company. </P>
<P align=justify style="text-indent:10%">q.&nbsp;&nbsp;&nbsp; &nbsp;<U>Enforceability of Agreements.</U>
To the Company&#146;s knowledge, all agreements between the Company and third parties
expressly referenced in the Prospectus, other than such agreements that have
expired by their terms or whose termination is disclosed in documents filed by
the Company on EDGAR, are legal, valid and binding obligations of the Company
enforceable in accordance with their respective terms, except to the extent that
(i) enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting creditors&#146; rights generally and by general
equitable principles and (ii) the indemnification provisions of certain
agreements may be limited by federal or state securities laws or public policy
considerations in respect thereof, and except for any unenforceability that,
individually or in the aggregate, would not reasonably be expected to have a
Material Adverse Effect. </P>
<P align=center>10</P>
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<P align=justify style="text-indent:10%">r.&nbsp;&nbsp;&nbsp;&nbsp; <U>No Litigation.</U> There are no
legal, governmental or regulatory actions, suits or proceedings pending, nor, to
the Company&#146;s knowledge, any legal, governmental or regulatory investigations,
to which the Company or a Subsidiary is a party or to which any property of the
Company or any Subsidiary is the subject that, individually or in the aggregate,
if determined adversely to the Company or any Subsidiary, would reasonably be
expected to have a Material Adverse Effect or materially and adversely affect
the ability of the Company to perform its obligations under this Agreement; to
the Company&#146;s knowledge, no such actions, suits or proceedings are threatened or
contemplated by any governmental or regulatory authority or threatened by others
that, individually or in the aggregate, if determined adversely to the Company
or any Subsidiary, would reasonably be expected to have a Material Adverse
Effect; and (i) there are no current or pending legal, governmental or
regulatory actions, suits or proceedings, or, to the Company&#146;s knowledge,
investigations, that are required under the Securities Act to be described in
the Prospectus that are not described in the Prospectus including any
Incorporated Document; and (ii) there are no contracts or other documents that
are required under the Securities Act to be filed as exhibits to the
Registration Statement that are not so filed. </P>
<P align=justify style="text-indent:10%">s.&nbsp;&nbsp;&nbsp;&nbsp; <U>Licenses and Permits.</U> The
Company and the Subsidiaries possess or have obtained, all licenses,
certificates, consents, orders, approvals, permits and other authorizations
issued by, and have made all declarations and filings with, the appropriate
federal, state, local or foreign governmental or regulatory authorities that are
necessary for the ownership or lease of their respective properties or the
conduct of their respective businesses as described in the Registration
Statement and the Prospectus (the &#147;<U>Permits</U>&#148;), except where the failure to
possess, obtain or make the same would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. Neither the Company
nor any Subsidiary has received written notice of any proceeding relating to
revocation or modification of any such Permit or has any reason to believe that
such Permit will not be renewed in the ordinary course, except where the
revocation, modification or failure to obtain the renewal of any such Permit
would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. </P>
<P align=justify style="text-indent:10%">t.&nbsp;&nbsp;&nbsp;&nbsp; <U>No Material Defaults.</U> Neither
the Company nor any Subsidiary has defaulted on any installment on indebtedness
for borrowed money or on any rental on one or more long-term leases, which
defaults, individually or in the aggregate, would reasonably be expected to have
a Material Adverse Effect. The Company has not filed a report pursuant to
Section 13(a) or 15(d) of the Exchange Act since the filing of its last Annual
Report on Form 10-K, indicating that it (i) has failed to pay any dividend or
sinking fund installment on preferred stock or (ii) has defaulted on any
installment on indebtedness for borrowed money or on any rental on one or more
long-term leases, which defaults, individually or in the aggregate, would
reasonably be expected to have a Material Adverse Effect. </P>
<P align=justify style="text-indent:10%">u.&nbsp;&nbsp;&nbsp;&nbsp; <U>Certain Market Activities.</U>
Neither the Company, nor any Subsidiary, nor, to the Company&#146;s knowledge, any of
their respective directors, officers or controlling persons has taken, directly
or indirectly, any action designed, or that has constituted or would reasonably
be expected to cause or result in, under the Exchange Act or otherwise, the
stabilization or manipulation of the price of any security of the Company to
facilitate the sale or resale of the Placement Shares. </P>
<P align=center>11</P>
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<P align=justify style="text-indent:10%">v.&nbsp;&nbsp;&nbsp;&nbsp; <U>Broker/Dealer Relationships.</U>
Neither the Company nor any Subsidiary or any related entities (i) is required
to register as a &#147;broker&#148; or &#147;dealer&#148; in accordance with the provisions of the
Exchange Act or (ii) directly or indirectly through one or more intermediaries,
controls or is a &#147;person associated with a member&#148; or &#147;associated person of a
member&#148; (within the meaning set forth in the FINRA Manual).&nbsp;</P>
<P align=justify style="text-indent:10%">w.&nbsp;&nbsp;&nbsp;&nbsp; <U>No Reliance.</U> The Company has
not relied upon MLV or legal counsel for MLV for any legal, tax or accounting
advice in connection with the offering and sale of the Placement Shares. </P>
<P align=justify style="text-indent:10%">x.&nbsp;&nbsp;&nbsp; &nbsp;<U>Taxes.</U> The Company and the
Subsidiaries have filed all federal, state, local and foreign tax returns which
have been required to be filed and paid all taxes shown thereon through the date
hereof, to the extent that such taxes have become due and are not being
contested in good faith, except where the failure to do so would not reasonably
be expected to have a Material Adverse Effect. Except as otherwise disclosed in
or contemplated by the Registration Statement or the Prospectus, no tax
deficiency has been determined adversely to the Company or any Subsidiary which
has had, or would reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect. The Company has no knowledge of any
federal, state or other governmental tax deficiency, penalty or assessment which
has been asserted or threatened against it which would reasonably be expected to
have a Material Adverse Effect. </P>
<P align=justify style="text-indent:10%">y.&nbsp;&nbsp;&nbsp; &nbsp;<U>Title to Real and Personal
Property.</U> The Company and the Subsidiaries have good and valid title in fee
simple to all items of real property and good and valid title to all personal
property (excluding Intellectual Property, which is discussed in Section 6(z)
below) described in the Registration Statement or Prospectus as being owned by
them that are material to the businesses of the Company or such Subsidiary, in
each case free and clear of all liens, encumbrances and claims, except those
that (i) do not materially interfere with the use made and proposed to be made
of such property by the Company and the Subsidiaries or (ii) would not
reasonably be expected, individually or in the aggregate, to have a Material
Adverse Effect. Any real property described in the Registration Statement or
Prospectus as being leased by the Company and the Subsidiaries is held by them
under valid, existing and enforceable leases, except those that (A) do not
materially interfere with the use made or proposed to be made of such property
by the Company or the Subsidiaries or (B) would not be reasonably expected,
individually or in the aggregate, to have a Material Adverse Effect. </P>
<P align=justify style="text-indent:10%">z.&nbsp;&nbsp;&nbsp;&nbsp; <U>Intellectual Property.</U> The
Company and the Subsidiaries own or possess, or can acquire on reasonable terms,
adequate enforceable rights to use all patents, patent applications, trademarks
(both registered and unregistered), service marks, trade names, trademark
registrations, service mark registrations, copyrights, licenses and know-how
(including trade secrets and other unpatented and/or unpatentable proprietary or
confidential information, systems or procedures) (collectively, the
&#147;<U>Intellectual Property</U>&#148;), necessary for the conduct of their respective
businesses as conducted as of the date hereof, except to the extent that the
failure to own or possess or acquire adequate rights to use such Intellectual
Property would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect; the Company and the Subsidiaries have not
received any written notice of any claim of infringement or conflict which
asserted Intellectual Property rights of others, which infringement or conflict, if the subject of an unfavorable
decision, would reasonably be expected to result in a Material Adverse Effect;
there are no pending, or to the Company&#146;s knowledge, threatened judicial
proceedings or interference proceedings against the Company or its Subsidiaries
challenging the Company&#146;s or any of its Subsidiary&#146;s rights in or to or the
validity of the scope of any of the Company&#146;s or any Subsidiary&#146;s patents,
patent applications or proprietary information, except for such proceedings that
would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect; no other entity or individual has any right or claim in
any of the Company&#146;s or any of its Subsidiary&#146;s patents, patent applications or
any patent to be issued therefrom by virtue of any contract, license or other
agreement entered into between such entity or individual and the Company or any
Subsidiary or, to the Company&#146;s knowledge, by any non-contractual obligation,
other than by written licenses granted by the Company or any Subsidiary; the
Company and the Subsidiaries have not received any written notice of any claim
challenging the rights of the Company or its Subsidiaries in or to any
Intellectual Property owned, licensed or optioned by the Company or any
Subsidiary which claim, if the subject of an unfavorable decision would
reasonably be expected to result in a Material Adverse Effect. </P>
<P align=center>12</P>
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<P align=justify style="text-indent:10%">aa.&nbsp;&nbsp;&nbsp;&nbsp;<U>Environmental Laws.</U> The
Company and the Subsidiaries (i) are in compliance with any and all applicable
federal, state, local and foreign laws, rules, regulations, decisions and orders
relating to the protection of human health and safety, the environment or
hazardous or toxic substances or wastes, pollutants or contaminants
(collectively, &#147;<U>Environmental Laws</U>&#148;); (ii) have received and are in
compliance with all permits, licenses or other approvals required of them under
applicable Environmental Laws to conduct their respective businesses as
described in the Registration Statement and the Prospectus; and (iii) have not
received notice of any actual or potential liability for the investigation or
remediation of any disposal or release of hazardous or toxic substances or
wastes, pollutants or contaminants, except, in the case of any of clauses (i),
(ii) or (iii) above, for any such failure to comply or failure to receive
required permits, licenses, other approvals or liability as would not,
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. </P>
<P align=justify style="text-indent:10%">bb.&nbsp;&nbsp;&nbsp;&nbsp;<U>Disclosure Controls.</U> The
Company maintains systems of internal accounting controls designed to provide
reasonable assurance that (i) transactions are executed in accordance with
management&#146;s general or specific authorizations; (ii) transactions are recorded
as necessary to permit preparation of financial statements in conformity with
GAAP and to maintain asset accountability; (iii) access to assets is permitted
only in accordance with management&#146;s general or specific authorization; and (iv)
the recorded accountability for assets is compared with the existing assets at
reasonable intervals and appropriate action is taken with respect to any
differences. The Company is not aware of any material weaknesses in its internal
control over financial reporting (other than as set forth in the Registration
Statement or the Prospectus). Since the date of the latest audited financial
statements of the Company included in the Prospectus, there has been no change
in the Company&#146;s internal control over financial reporting that has materially
affected, or is reasonably likely to materially affect, the Company&#146;s internal
control over financial reporting (other than as set forth in the Registration
Statement or the Prospectus). The Company has established disclosure controls
and procedures (as defined in Exchange Act Rules 13a-15 and 15d-15) for the
Company and designed such disclosure controls and procedures to ensure that
material information relating to the Company and the Subsidiaries is made known
to the certifying officers by others within those entities, particularly during
the period in which the Company&#146;s Annual Report on Form 10-K or
Quarterly Report on Form 10-Q, as the case may be, is being prepared. The
Company&#146;s certifying officers have evaluated the effectiveness of the Company&#146;s
controls and procedures as of a date within 90 days prior to the filing date of
the Form 10-K for the fiscal year most recently ended (such date, the
&#147;<U>Evaluation</U> <U>Date</U>&#148;). The Company presented in its Form 10-K for the
fiscal year most recently ended the conclusions of the certifying officers about
the effectiveness of the disclosure controls and procedures based on their
evaluations as of the most recent Evaluation Date. Since the most recent
Evaluation Date, there have been no significant changes in the Company&#146;s
internal controls (as such term is defined in Item 307(b) of Regulation S-K
under the Securities Act) or, to the Company&#146;s knowledge, in other factors that
could significantly affect the Company&#146;s internal controls. To the knowledge of
the Company, the Company&#146;s &#147;internal controls over financial reporting&#148; and
&#147;disclosure controls and procedures&#148; are effective. </P>
<P align=center>13</P>
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<P align=justify style="text-indent:10%">cc.&nbsp;&nbsp;&nbsp;&nbsp;<U>Sarbanes-Oxley Act.</U> There is
and has been no failure on the part of the Company or, to the knowledge of the
Company, any of the Company&#146;s directors or officers, in their capacities as
such, to comply in all material respects with any applicable provisions of the
Sarbanes-Oxley Act and the rules and regulations promulgated thereunder. Each of
the principal executive officer and the principal financial officer of the
Company (or each former principal executive officer of the Company and each
former principal financial officer of the Company as applicable) has made all
certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act with
respect to all reports, schedules, forms, statements and other documents
required to be filed by it or furnished by it to the Commission during the past
12 months. For purposes of the preceding sentence, &#147;principal executive officer&#148;
and &#147;principal financial officer&#148; shall have the meanings given to such terms in
the Exchange Act Rules 13a-15 and 15d-15. </P>
<P align=justify style="text-indent:10%">dd.&nbsp;&nbsp;&nbsp; <U>Finder&#146;s Fees.</U> Neither the Company
nor any Subsidiary has incurred any liability for any finder&#146;s fees, brokerage
commissions or similar payments in connection with the transactions herein
contemplated, except as may otherwise exist with respect to MLV pursuant to this
Agreement. </P>
<P align=justify style="text-indent:10%">ee.&nbsp;&nbsp;&nbsp; <U>Labor Disputes.</U> No labor
disturbance by or dispute with employees of the Company or any Subsidiary exists
or, to the knowledge of the Company, is threatened which would reasonably be
expected to result in a Material Adverse Effect. </P>
<P align=justify style="text-indent:10%">ff.&nbsp;&nbsp;&nbsp; <U>Investment Company Act.</U> Neither
the Company nor any Subsidiary is or, after giving effect to the offering and
sale of the Placement Shares, will be an &#147;investment company&#148; or an entity
&#147;controlled&#148; by an &#147;investment company,&#148; as such terms are defined in the
Investment Company Act of 1940, as amended (the &#147;<U>Investment Company
Act</U>&#148;). </P>
<P align=justify style="text-indent:10%">gg.&nbsp;&nbsp;&nbsp; <U>Operations.</U> The operations of the
Company and the Subsidiaries are and have been conducted at all times in
compliance with applicable financial record keeping and reporting requirements
of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the
money laundering statutes of all jurisdictions to which the Company or the
Subsidiaries are subject, the rules and regulations thereunder and any related
or similar rules, regulations or guidelines, issued, administered or enforced by
any governmental agency having jurisdiction over the Company (collectively, the
&#147;<U>Money Laundering Laws</U>&#148;), except as would not reasonably be expected to
result in a Material Adverse Effect; and no action, suit or proceeding by or
before any court or governmental agency, authority or body or any arbitrator
involving the Company or any Subsidiary with respect to the
Money Laundering Laws is pending or, to the knowledge of the Company,
threatened. </P>
<P align=center>14</P>
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<P align=justify style="text-indent:10%">hh.&nbsp;&nbsp;&nbsp; <U>Off-Balance Sheet Arrangements.</U>
There are no transactions, arrangements and other relationships between and/or
among the Company, and/or, to the knowledge of the Company, any of its
affiliates and any unconsolidated entity, including, but not limited to, any
structured finance, special purpose or limited purpose entity (each, an
&#147;<U>Off</U> <U>Balance Sheet Transaction</U>&#148;) that would reasonably be expected
to affect materially the Company&#146;s liquidity or the availability of or
requirements for its capital resources, including those Off Balance Sheet
Transactions described in the Commission&#146;s Statement about Management&#146;s
Discussion and Analysis of Financial Conditions and Results of Operations
(Release Nos. 33-8056; 34-45321; FR-61), required to be described in the
Registration Statement or the Prospectus which have not been described as
required. </P>
<P align=justify style="text-indent:10%">ii.&nbsp;&nbsp;&nbsp;&nbsp;<U>Underwriter Agreements.</U> The
Company is not a party to any agreement with an agent or underwriter for any
other &#147;at-the-market&#148; or continuous equity transaction. </P>
<P align=justify style="text-indent:10%">jj.&nbsp;&nbsp;&nbsp; <U>ERISA.</U> To the knowledge of the
Company, each material employee benefit plan, within the meaning of Section 3(3)
of the Employee Retirement Income Security Act of 1974, as amended
(&#147;<U>ERISA</U>&#148;), that is maintained, administered or contributed to by the
Company or any of its affiliates for employees or former employees of the
Company and the Subsidiaries has been maintained in material compliance with its
terms and the requirements of any applicable statutes, orders, rules and
regulations, including but not limited to ERISA and the Internal Revenue Code of
1986, as amended (the &#147;<U>Code</U>&#148;); no prohibited transaction, within the
meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred which
would result in a material liability to the Company with respect to any such
plan excluding transactions effected pursuant to a statutory or administrative
exemption; and for each such plan that is subject to the funding rules of
Section 412 of the Code or Section 302 of ERISA, no &#147;accumulated funding
deficiency&#148; as defined in Section 412 of the Code has been incurred, whether or
not waived, and the fair market value of the assets of each such plan (excluding
for these purposes accrued but unpaid contributions) equals or exceeds the
present value of all benefits accrued under such plan determined using
reasonable actuarial assumptions. </P>
<P align=justify style="text-indent:10%">kk.&nbsp;&nbsp; &nbsp;<U>Forward-Looking Statements.</U> No
forward-looking statement (within the meaning of Section 27A of the Securities
Act and Section 21E of the Exchange Act) (a &#147;<U>Forward-Looking Statement</U>&#148;)
contained in the Registration Statement and the Prospectus has been made or
reaffirmed without a reasonable basis or has been disclosed other than in good
faith. The Forward-Looking Statements incorporated by reference in the
Registration Statement and the Prospectus from the Company&#146;s Annual Report on
Form 10-K for the fiscal year most recently ended (i) except for any
Forward-Looking Statement included in any financial statements and notes
thereto, are within the coverage of the safe harbor for forward looking
statements set forth in Section 27A of the Securities Act, Rule 175(b) under the
Securities Act or Rule 3b-6 under the Exchange Act, as applicable, (ii) were
made by the Company with a reasonable basis and in good faith and reflect the
Company&#146;s good faith commercially reasonable best estimate of the matters
described therein as of the respective dates on which such statements were made,
and (iii) have been prepared in accordance with Item 10 of Regulation S-K under
the Securities Act. </P>
<P align=center>15</P>
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<P align=justify style="text-indent:10%">ll.&nbsp;&nbsp;&nbsp; <U>Margin Rules</U>. Neither the
issuance, sale and delivery of the Placement Shares nor the application of the
proceeds thereof by the Company as described in the Registration Statement and
the Prospectus will violate Regulation T, U or X of the Board of Governors of
the Federal Reserve System. </P>
<P align=justify style="text-indent:10%">mm.&nbsp;&nbsp;&nbsp; <U>Insurance.</U> The Company and the
Subsidiaries carry, or are covered by, insurance in such amounts and covering
such risks as the Company and the Subsidiaries reasonably believe are adequate
for the conduct of their business and as is customary for companies of similar
size engaged in similar businesses in similar industries. </P>
<P align=justify style="text-indent:10%">nn.&nbsp;&nbsp;&nbsp; <U>No Improper Practices.</U> (i) Neither
the Company nor, to the Company&#146;s knowledge, the Subsidiaries, nor to the
Company&#146;s knowledge, any of their respective executive officers has, in the past
five years, made any unlawful contributions to any candidate for any political
office (or failed fully to disclose any contribution in violation of law) or
made any contribution or other payment to any official of, or candidate for, any
federal, state, municipal, or foreign office or other person charged with
similar public or quasi-public duty in violation of any law or of the character
required to be disclosed in the Prospectus; (ii) no relationship, direct or
indirect, exists between or among the Company or, to the Company&#146;s knowledge,
the Subsidiaries or any affiliate of any of them, on the one hand, and the
directors, officers and stockholders of the Company or, to the Company&#146;s
knowledge, the Subsidiaries, on the other hand, that is required by the
Securities Act to be described in the Registration Statement and the Prospectus
that is not so described; (iii) no relationship, direct or indirect, exists
between or among the Company or the Subsidiaries or any affiliate of them, on
the one hand, and the directors, officers, stockholders or directors of the
Company or, to the Company&#146;s knowledge, the Subsidiaries, on the other hand,
that is required by the rules of FINRA to be described in the Registration
Statement and the Prospectus that is not so described; (iv) there are no
material outstanding loans or advances or material guarantees of indebtedness by
the Company or, to the Company&#146;s knowledge, the Subsidiaries to or for the
benefit of any of their respective officers or directors or any of the members
of the families of any of them; (v) the Company has not offered, or caused any
placement agent to offer, Common Stock to any person with the intent to
influence unlawfully (A) a customer or supplier of the Company or the
Subsidiaries to alter the customer&#146;s or supplier&#146;s level or type of business
with the Company or the Subsidiaries or (B) a trade journalist or publication to
write or publish favorable information about the Company or the Subsidiaries or
any of their respective products or services, and (vi) neither the Company nor
the Subsidiaries nor, to the Company&#146;s knowledge, any employee or agent of the
Company or the Subsidiaries has made any payment of funds of the Company or the
Subsidiaries or received or retained any funds in violation of any law, rule or
regulation (including, without limitation, the Foreign Corrupt Practices Act of
1977), which payment, receipt or retention of funds is of a character required
to be disclosed in the Registration Statement or the Prospectus. </P>
<P align=justify style="text-indent:10%">oo.&nbsp;&nbsp; &nbsp;<U>Status Under the Securities Act.</U>
The Company was not and is not an ineligible issuer as defined in Rule 405 at
the times specified in Rules 164 and 433 under the Securities Act in connection
with the offering of the Placement Shares. </P>
<P align=justify style="text-indent:10%">pp.&nbsp;&nbsp;&nbsp; <U>No Misstatement or Omission in an
Issuer Free Writing Prospectus.</U> Each Issuer Free Writing Prospectus, as of
its issue date and as of each Applicable Time (as defined in <U>Section 25</U>
below), did not, does not and will not include any information that conflicted,
conflicts or will conflict with the information contained in
the Registration Statement or the Prospectus, including any incorporated
document deemed to be a part thereof that has not been superseded or modified.
The foregoing sentence does not apply to statements in or omissions from any
Issuer Free Writing Prospectus based upon and in conformity with written
information furnished to the Company by MLV specifically for use therein. </P>
<P align=center>16</P>
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<P align=justify style="text-indent:10%">qq.&nbsp;&nbsp;&nbsp;&nbsp;<U>No Conflicts.</U> Neither the
execution of this Agreement, nor the issuance, offering or sale of the Placement
Shares, nor the consummation of any of the transactions contemplated herein, nor
the compliance by the Company with the terms and provisions hereof will conflict
with, or will result in a breach of, any of the terms and provisions of, or has
constituted or will constitute a default under, or has resulted in or will
result in the creation or imposition of any lien, charge or encumbrance upon any
property or assets of the Company pursuant to the terms of any contract or other
agreement to which the Company may be bound or to which any of the property or
assets of the Company is subject, except (i) such conflicts, breaches or
defaults as may have been waived and (ii) such conflicts, breaches and defaults
that would not reasonably be expected to have a Material Adverse Effect; nor
will such action result (x) in any violation of the provisions of the
organizational or governing documents of the Company, or (y) in any material
violation of the provisions of any statute or any order, rule or regulation
applicable to the Company or of any court or of any federal, state or other
regulatory authority or other government body having jurisdiction over the
Company, except where such violation would not reasonably be expected to have a
Material Adverse Effect. </P>
<P align=justify style="text-indent:10%">rr.&nbsp;&nbsp;&nbsp; <U>OFAC.</U></P>
<P align=justify style="text-indent:5%">(i)&nbsp;&nbsp;&nbsp;&nbsp; The Company represents that,
neither the Company nor any Subsidiary (collectively, the &#147;<U>Entity</U>&#148;) nor,
to the knowledge of the Company, any director, officer, employee, agent,
affiliate or representative of the Entity, is a government, individual, or
entity (in this paragraph (rr), &#147;<U>Person</U>&#148;) that is, or is owned or
controlled by a Person that is: </P>
<P align=justify style="margin-left:10%;text-indent:5%;">(a)&nbsp;&nbsp;&nbsp;&nbsp; the subject of any sanctions
administered or enforced by the U.S. Department of Treasury&#146;s Office of Foreign
Assets Control (&#147;<U>OFAC</U>&#148;), the United Nations Security Council
(&#147;<U>UNSC</U>&#148;), the European Union (&#147;<U>EU</U>&#148;), Her Majesty&#146;s Treasury
(&#147;<U>HMT</U>&#148;), or other relevant sanctions authority (collectively,
&#147;<U>Sanctions</U>&#148;), nor </P>
<P align=justify style="margin-left:10%;text-indent:5%;">(b)&nbsp;&nbsp;&nbsp;&nbsp; located, organized or resident in a
country or territory that is the subject of Sanctions (including, without
limitation, Burma/Myanmar, Cuba, Iran, North Korea, Sudan and Syria). </P>
<P align=justify style="text-indent:10%">(ii)&nbsp;&nbsp;&nbsp;&nbsp; The Entity represents and
covenants that it will not, directly or indirectly, knowingly use the proceeds
of the offering, or lend, contribute or otherwise make available such proceeds
to any subsidiary, joint venture partner or other Person: </P>
<P align=justify style="margin-left:10%;text-indent:5%;">(a)&nbsp;&nbsp;&nbsp; &nbsp;to fund or facilitate any
activities or business of or with any Person or in any country or territory
that, at the time of such funding or facilitation, is the subject of Sanctions;
or </P>
<P align=center>17</P>
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<P align=justify style="margin-left:10%;text-indent:5%;">(b)&nbsp;&nbsp;&nbsp;&nbsp; in any other manner that will
result in a violation of Sanctions by any Person (including any Person
participating in the offering, whether as underwriter, advisor, investor or
otherwise). </P>
<P align=justify style="text-indent:5%">(iii)&nbsp;&nbsp;&nbsp; The Entity represents and covenants
that, except as detailed in the Prospectus, for the past 5 years, it has not
knowingly engaged in, is not now knowingly engaged in, and will not engage in,
any dealings or transactions with any Person, or in any country or territory,
that at the time of the dealing or transaction is or was the subject of
Sanctions. </P>
<P align=justify style="text-indent:10%">ss.&nbsp;&nbsp;&nbsp; <U>Stock Transfer Taxes.</U> On each
Settlement Date, all stock transfer or other taxes (other than income taxes)
which are required to be paid in connection with the sale and transfer of the
Placement Shares to be sold hereunder will be, or will have been, fully paid or
provided for by the Company and all laws imposing such taxes will be or will
have been fully complied with in all material respects by the Company. </P>
<P align=justify style="text-indent:10%">Any certificate signed by an officer of the Company and
delivered to MLV or to counsel for MLV pursuant to or in connection with this
Agreement shall be deemed to be a representation and warranty by the Company, as
applicable, to MLV as to the matters set forth therein. </P>
<P align=justify style="text-indent:5%">7.&nbsp;&nbsp;&nbsp;&nbsp; <U>Covenants of the Company</U>. The
Company covenants and agrees with MLV that: </P>
<P align=justify style="text-indent:10%">a.&nbsp;&nbsp;&nbsp;&nbsp; <U>Registration Statement
Amendments.</U> After the date of this Agreement and during any period in which
a prospectus relating to any Placement Shares is required to be delivered by MLV
under the Securities Act (including in circumstances where such requirement may
be satisfied pursuant to Rule 172 under the Securities Act) (the <U>&#147;Prospectus
Delivery</U> <U>Period</U>&#148;) (i) the Company will notify MLV promptly of the
time when any subsequent amendment to the Registration Statement, other than
documents incorporated by reference or amendments not related to any Placement,
has been filed with the Commission and/or has become effective or any subsequent
supplement to the Prospectus, other than documents incorporated by reference,
has been filed and of any request by the Commission for any amendment or
supplement to the Registration Statement or Prospectus related to the Placement
or for additional information related to the Placement, (ii) the Company will
prepare and file with the Commission, promptly upon MLV&#146;s request, any
amendments or supplements to the Registration Statement or Prospectus that, in
MLV&#146;s reasonable opinion, may be necessary or advisable in connection with the
distribution of the Placement Shares by MLV (<I>provided, however</I>, that the
failure of MLV to make such request shall not relieve the Company of any
obligation or liability hereunder, or affect MLV&#146;s right to rely on the
representations and warranties made by the Company in this Agreement and
provided, further, that the only remedy MLV shall have with respect to the
failure to make such filing shall be to cease making sales under this Agreement
until such amendment or supplement is filed); (iii) the Company will not file
any amendment or supplement to the Registration Statement or Prospectus relating
to the Placement Shares or a security convertible into the Placement Shares
unless a copy thereof has been submitted to MLV within a reasonable period of
time before the filing and MLV has not reasonably objected thereto (<I>provided,
however</I>, that (A) the failure of MLV to make such objection shall not
relieve the Company of any obligation or liability hereunder, or affect MLV&#146;s right to rely on the representations and warranties made
by the Company in this Agreement and (B) the Company has no obligation to
provide MLV any advance copy of such filing or to provide MLV an opportunity to
object to such filing if the filing does not name MLV or does not relate to the
transaction herein provided; and provided, further, that the only remedy MLV
shall have with respect to the failure by the Company to obtain such consent
shall be to cease making sales under this Agreement) and the Company will
furnish to MLV at the time of filing thereof a copy of any document that upon
filing is deemed to be incorporated by reference into the Registration Statement
or Prospectus, except for those documents available via EDGAR; and (iv) the
Company will cause each amendment or supplement to the Prospectus to be filed
with the Commission as required pursuant to the applicable paragraph of Rule
424(b) of the Securities Act or, in the case of any document to be incorporated
therein by reference, to be filed with the Commission as required pursuant to
the Exchange Act, within the time period prescribed (the determination to file
or not file any amendment or supplement with the Commission under this <U>Section 7(a)</U>, based on the Company&#146;s reasonable opinion or reasonable
objections, shall be made exclusively by the Company). </P>
<P align=center>18</P>
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<P align=justify style="text-indent:10%">b.&nbsp;&nbsp;&nbsp;&nbsp; <U>Notice of Commission Stop
Orders.</U> The Company will advise MLV, promptly after it receives notice or
obtains knowledge thereof, of the issuance or threatened issuance by the
Commission of any stop order suspending the effectiveness of the Registration
Statement, of the suspension of the qualification of the Placement Shares for
offering or sale in any jurisdiction, or of the initiation or threatening of any
proceeding for any such purpose; and it will promptly use its commercially
reasonable efforts to prevent the issuance of any stop order or to obtain its
withdrawal if such a stop order should be issued. The Company will advise MLV
promptly after it receives any request by the Commission for any amendments to
the Registration Statement or any amendment or supplements to the Prospectus or
any Issuer Free Writing Prospectus or for additional information related to the
offering of the Placement Shares or for additional information related to the
Registration Statement, the Prospectus or any Issuer Free Writing Prospectus.
</P>
<P align=justify style="text-indent:10%">c.&nbsp;&nbsp;&nbsp;&nbsp; <U>Delivery of Prospectus;
Subsequent Changes.</U> During the Prospectus Delivery Period, the Company will
comply with all requirements imposed upon it by the Securities Act, as from time
to time in force, and to file on or before their respective due dates all
reports and any definitive proxy or information statements required to be filed
by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, 15(d)
or any other provision of or under the Exchange Act. If the Company has omitted
any information from the Registration Statement pursuant to Rule 430A under the
Securities Act, it will use its commercially reasonable efforts to comply with
the provisions of and make all requisite filings with the Commission pursuant to
said Rule 430A and to notify MLV promptly of all such filings. If during the
Prospectus Delivery Period any event occurs as a result of which the Prospectus
as then amended or supplemented would include an untrue statement of a material
fact or omit to state a material fact necessary to make the statements therein,
in the light of the circumstances then existing, not misleading, or if during
such Prospectus Delivery Period it is necessary to amend or supplement the
Registration Statement or Prospectus to comply with the Securities Act, the
Company will promptly notify MLV to suspend the offering of Placement Shares
during such period and the Company will promptly amend or supplement the
Registration Statement or Prospectus (at the expense of the Company) so as to
correct such statement or omission or effect such compliance; <I>provided,
however</I>, that the Company may delay the filing of any amendment or supplement, if in the
judgment of the Company, it is in the best interest of the Company. </P>
<P align=center>19</P>
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<P align=justify style="text-indent:10%">d.&nbsp;&nbsp;&nbsp; &nbsp;<U>Listing of Placement Shares.</U>
During the Prospectus Delivery Period, the Company will use its commercially
reasonable efforts to cause the Placement Shares to be listed on the Exchange
and to qualify the Placement Shares for sale under the securities laws of such
jurisdictions in the United States as MLV reasonably designates and to continue
such qualifications in effect so long as required for the distribution of the
Placement Shares; <I>provided, however</I>, that the Company shall not be
required in connection therewith to qualify as a foreign corporation or dealer
in securities or file a general consent to service of process in any
jurisdiction. </P>
<P align=justify style="text-indent:10%">e.&nbsp;&nbsp;&nbsp;&nbsp; <U>Delivery of Registration
Statement and Prospectus.</U> The Company will furnish to MLV and its counsel
(at the reasonable expense of the Company) copies of the Registration Statement,
the Prospectus (including all documents incorporated by reference therein) and
all amendments and supplements to the Registration Statement or Prospectus that
are filed with the Commission during the Prospectus Delivery Period (including
all documents filed with the Commission during such period that are deemed to be
incorporated by reference therein), in each case as soon as reasonably
practicable and in such quantities as MLV may from time to time reasonably
request and, at MLV&#146;s request, will also furnish copies of the Prospectus to
each exchange or market on which sales of the Placement Shares may be made;
<I>provided, however</I>, that the Company shall not be required to furnish any
document (other than the Prospectus) to MLV to the extent such document is
available on EDGAR. </P>
<P align=justify style="text-indent:10%">f.&nbsp;&nbsp;&nbsp;&nbsp; <U>Earnings Statement. </U>The
Company will make generally available to its security holders as soon as
practicable, but in any event not later than 15 months after the end of the
Company&#146;s current fiscal quarter, an earnings statement covering a 12-month
period that satisfies the provisions of Section 11(a) and Rule 158 of the
Securities Act. </P>
<P align=justify style="text-indent:10%">g.&nbsp;&nbsp;&nbsp; &nbsp;<U>Use of Proceeds.</U> The Company
will use the Net Proceeds as described in the Prospectus in the section entitled
&#147;Use of Proceeds.&#148; </P>
<P align=justify style="text-indent:10%">h.&nbsp;&nbsp;&nbsp; &nbsp;<U>Notice of Other Sales.</U>
Without the prior written consent of MLV, the Company will not, directly or
indirectly, offer to sell, sell, contract to sell, grant any option to sell or
otherwise dispose of any Common Stock (other than the Placement Shares offered
pursuant to this Agreement) or securities convertible into or exchangeable for
Common Stock, warrants or any rights to purchase or acquire, Common Stock during
the period beginning on the date on which any Placement Notice is delivered to
MLV hereunder and ending on the third (3rd) Trading Day immediately following
the final Settlement Date with respect to Placement Shares sold pursuant to such
Placement Notice (or, if the Placement Notice has been terminated or suspended
prior to the sale of all Placement Shares covered by a Placement Notice, the
date of such suspension or termination); and will not directly or indirectly in
any other &#147;at-the-market&#148; or continuous equity transaction offer to sell, sell,
contract to sell, grant any option to sell or otherwise dispose of any Common
Stock (other than the Placement Shares offered pursuant to this Agreement) or
securities convertible into or exchangeable for Common Stock, warrants or any
rights to purchase or acquire, Common Stock prior to the termination of this
Agreement; <I>provided, however</I>, that such restrictions will not be required
in connection with the Company&#146;s issuance or sale of (i) Common Stock, options
to purchase Common Stock or Common Stock issuable upon the exercise of options or other
equity awards, pursuant to any equity incentive plan, benefits plan, stock
ownership plan or dividend reinvestment plan (but not Common Stock subject to a
waiver to exceed plan limits in its dividend reinvestment plan) of the Company
whether now in effect or hereafter implemented; (ii) Common Stock issuable upon
conversion of securities or the exercise of warrants, options or other rights in
effect or outstanding, and disclosed in filings by the Company available on
EDGAR or otherwise in writing to MLV; (iii) Common Stock, or securities
convertible into or exercisable for Common Stock, offered and sold in a
privately negotiated transaction to vendors, customers, strategic partners or
potential strategic partners or other investors conducted in a manner so as not
to be integrated with the offering of Common Stock hereby; and (iv) any other
offering of Common Stock pursuant to the Registration Statement that is not an
&#147;at-the-market&#148; or continuous equity transaction, provided that the Company has
given MLV five (5) prior Trading Days&#146; written notice thereof. </P>
<P align=center>20</P>
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<P align=justify style="text-indent:10%">i.&nbsp;&nbsp;&nbsp;&nbsp; <U>Change of Circumstances.</U> The
Company will, at any time during the pendency of a Placement Notice advise MLV
promptly after it shall have received notice or obtained knowledge thereof, of
any information or fact that would alter or affect in any material respect any
opinion, certificate, letter or other document required to be provided to MLV
pursuant to this Agreement. </P>
<P align=justify style="text-indent:10%">j.&nbsp;&nbsp;&nbsp; &nbsp;<U>Due Diligence Cooperation.</U>
During the term of this Agreement, the Company will cooperate with any
reasonable due diligence review conducted by MLV or its representatives in
connection with the transactions contemplated hereby, including, without
limitation, providing information and making available documents and senior
corporate officers, during regular business hours and at the Company&#146;s principal
offices, as MLV may reasonably request. </P>
<P align=justify style="text-indent:10%">k.&nbsp;&nbsp;&nbsp;&nbsp; <U>Required Filings Relating to
Placement of Placement Shares.</U> The Company agrees that on such dates as the
Securities Act shall require, the Company will (i) file a prospectus supplement
with the Commission under the applicable paragraph of Rule 424(b) under the
Securities Act (the date of each and every filing under Rule 424(b), a
&#147;<U>Filing Date</U>&#148;), which prospectus supplement will set forth, within the
relevant period, the amount of Placement Shares sold through MLV, the Net
Proceeds to the Company and the compensation payable by the Company to MLV with
respect to such Placement Shares (provided that the Company may satisfy its
obligations under this Section 7(k)(i) by effecting a filing in accordance with
the Exchange Act with respect to such information), and (ii) deliver such number
of copies of each such prospectus supplement to each exchange or market on which
such sales were effected as may be required by the rules or regulations of such
exchange or market. </P>
<P align=justify style="text-indent:10%">l.&nbsp;&nbsp;&nbsp;&nbsp; <U>Representation Dates;
Certificate.</U> Each time during the term of this Agreement that the Company:
</P>
<P align=justify style="text-indent:5%">(i)&nbsp;&nbsp;&nbsp;&nbsp; amends or supplements (other than a
prospectus supplement relating solely to an offering of securities other than
the Placement Shares) the Registration Statement or the Prospectus relating to
the Placement Shares by means of a post-effective amendment, sticker, or
supplement but not by means of incorporation of documents by reference into the
Registration Statement or the Prospectus relating to the Placement Shares; </P>
<P align=center>21</P>
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<P align=justify style="text-indent:5%">(ii)&nbsp;&nbsp;&nbsp;&nbsp;files an annual report on Form 10-K
under the Exchange Act (including any Form 10-K/A containing amended financial
information or a material amendment to the previously filed Form 10-K); </P>
<P align=justify style="text-indent:5%">(iii)&nbsp;&nbsp;&nbsp; files its quarterly reports on Form
10-Q under the Exchange Act; or </P>
<P align=justify style="text-indent:5%">(iv)&nbsp;&nbsp;&nbsp; files a current report on Form 8-K
containing amended financial information (other than information &#147;furnished&#148;
pursuant to Items 2.02 or 7.01 of Form 8-K or to provide disclosure pursuant to
Item 8.01 of Form 8-K relating to the reclassification of certain properties as
discontinued operations in accordance with Statement of Financial Accounting
Standards No. 144) under the Exchange Act; </P>
<P align=justify style="margin-left:5%">(Each date of filing of one or more of the documents referred
to in clauses (i) through (iv) shall be a &#147;<U>Representation Date.</U>&#148;) </P>
<P align=justify>the Company shall furnish MLV (but in the case of clause (iv)
above only if MLV determines that the information contained in such Form 8-K is
material) with a certificate, in the form attached hereto as <U>Exhibit
7(1)</U>. The requirement to provide a certificate under this <U>Section
7(1)</U> shall be waived for any Representation Date occurring at a time at
which no Placement Notice is pending, which waiver shall continue until the
earlier to occur of the date the Company delivers a Placement Notice hereunder
(which for such calendar quarter shall be considered a Representation Date) and
the next occurring Representation Date on which the Company files its annual
report on Form 10-K. Notwithstanding the foregoing, (i) upon the delivery of the
first Placement Notice hereunder and (ii) if the Company subsequently decides to
sell Placement Shares following a Representation Date when the Company relied on
such waiver and did not provide MLV with a certificate under this <U>Section
7(1)</U>, then before MLV sells any Placement Shares, the Company shall provide
MLV with a certificate, in the form attached hereto as <U>Exhibit 7(1)</U>,
dated the date of the Placement Notice. </P>
<P align=justify style="text-indent:10%">m.&nbsp;&nbsp;&nbsp; &nbsp;<U>Legal Opinion.</U> On or prior to
the date of the first Placement Notice given hereunder the Company shall cause
to be furnished to MLV written opinions and a negative assurance letter of Hogan
Lovells US LLP and written opinions of Gary R. Henrie, or other counsel
reasonably satisfactory to MLV, in form and substance reasonably satisfactory to
MLV and its counsel. Thereafter, within five (5) Trading Days of each
Representation Date with respect to which the Company is obligated to deliver a
certificate in the form attached hereto as Exhibit 7(l) for which no waiver is
applicable, and not more than once per calendar quarter, the Company shall cause
to be furnished to MLV a written negative assurance letter of Hogan Lovells US
LLP modified, as necessary, to relate to the Registration Statement and the
Prospectus as then amended or supplemented; <I>provided that</I>, in lieu of
such negative assurance for subsequent periodic filings under the Exchange Act,
counsel may furnish MLV with a letter (a &#147;<U>Reliance Letter</U>&#148;) to the effect
that MLV may rely on the negative assurance letter previously delivered under
this Section 7(m) to the same extent as if it were dated the date of such letter
(except that statements in such prior letter shall be deemed to relate to the
Registration Statement and the Prospectus as amended or supplemented as of the
date of the Reliance Letter) </P>
<P align=justify style="text-indent:10%">n.&nbsp;&nbsp;&nbsp;&nbsp; <U>Comfort Letter.</U> On or prior
to the date of the first Placement Notice given hereunder and within five (5)
Trading Days after each subsequent Representation Date, other than pursuant to
<U>Section 7(l)(iii)</U>, the Company shall cause its independent accountants to
furnish MLV letters (the &#147;<U>Comfort Letters</U>&#148;), dated the
date the Comfort Letter is delivered, which shall meet the requirements set
forth in this <U>Section 7(n)</U>; provided, that if requested by MLV, the
Company shall cause a Comfort Letter to be furnished to MLV within ten (10)
Trading Days of such request following the date of occurrence of any restatement
of the Company&#146;s financial statements. The Comfort Letter from the Company&#146;s
independent accountants shall be in a form and substance reasonably satisfactory
to MLV, (i) confirming that they are an independent public accounting firm
within the meaning of the Securities Act and the PCAOB, (ii) stating, as of such
date, the conclusions and findings of such firm with respect to the financial
information and other matters ordinarily covered by accountants&#146; &#147;comfort
letters&#148; to underwriters in connection with registered public offerings (the
first such letter, the &#147;<U>Initial</U> <U>Comfort Letter</U>&#148;) and (iii)
updating the Initial Comfort Letter with any information that would have been
included in the Initial Comfort Letter had it been given on such date and
modified as necessary to relate to the Registration Statement and the
Prospectus, as amended and supplemented to the date of such letter. </P>
<P align=center>22</P>
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<P align=justify style="text-indent:10%">o.&nbsp;&nbsp;&nbsp; &nbsp;<U>Market Activities.</U> The
Company will not, directly or indirectly, (i) take any action designed to cause
or result in, or that constitutes or would reasonably be expected to constitute,
the stabilization or manipulation of the price of any security of the Company to
facilitate the sale or resale of Common Stock or (ii) sell, bid for, or purchase
Common Stock in violation of Regulation M, or pay anyone any compensation for
soliciting purchases of the Placement Shares other than MLV. </P>
<P align=justify style="text-indent:10%">p.&nbsp;&nbsp;&nbsp;&nbsp; <U>Investment Company Act.</U> The
Company will conduct its affairs in such a manner so as to reasonably ensure
that neither it nor the Subsidiaries will be or become, at any time prior to the
termination of this Agreement, an &#147;investment company,&#148; as such term is defined
in the Investment Company Act. </P>
<P align=justify style="text-indent:10%">q.&nbsp;&nbsp;&nbsp;&nbsp; <U>No Offer to Sell. </U>Other than
an Issuer Free Writing Prospectus approved in advance by the Company and MLV in
its capacity as agent hereunder pursuant to <U>Section 23</U>, neither MLV nor
the Company (including its agents and representatives, other than MLV in their
capacity as such) will make, use, prepare, authorize, approve or refer to any
written communication (as defined in Rule 405), required to be filed with the
Commission, that constitutes an offer to sell or solicitation of an offer to buy
Placement Shares hereunder. </P>
<P align=justify style="text-indent:10%">r.&nbsp;&nbsp;&nbsp;&nbsp; <U>Sarbanes-Oxley Act.</U> The
Company will maintain and keep accurate books and records reflecting its assets
and maintain internal accounting controls in a manner designed to provide
reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with
GAAP and including those policies and procedures that (i) pertain to the
maintenance of records that in reasonable detail accurately and fairly reflect
the transactions and dispositions of the assets of the Company, (ii) provide
reasonable assurance that transactions are recorded as necessary to permit the
preparation of the Company&#146;s consolidated financial statements in accordance
with GAAP, (iii) that receipts and expenditures of the Company are being made
only in accordance with management&#146;s and the Company&#146;s directors&#146; authorization,
and (iv) provide reasonable assurance regarding prevention or timely detection
of unauthorized acquisition, use or disposition of the Company&#146;s assets that
could have a material effect on its financial statements. The Company will
maintain such controls and other procedures, including, without limitation, those required by Sections 302 and 906 of the Sarbanes-Oxley
Act, and the applicable regulations thereunder that are designed to ensure that
information required to be disclosed by the Company in the reports that it files
or submits under the Exchange Act is recorded, processed, summarized and
reported, within the time periods specified in the Commission&#146;s rules and forms,
including, without limitation, controls and procedures designed to ensure that
information required to be disclosed by the Company in the reports that it files
or submits under the Exchange Act is accumulated and communicated to the
Company&#146;s management, including its principal executive officer and principal
financial officer, or persons performing similar functions, as appropriate to
allow timely decisions regarding required disclosure and to ensure that material
information relating to the Company or the Subsidiaries is made known to them by
others within those entities, particularly during the period in which such
periodic reports are being prepared. </P>
<P align=center>23</P>
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<P align=justify style="text-indent:5%">8.&nbsp;&nbsp;&nbsp; &nbsp;<U>Representations and Covenants of
MLV.</U> MLV represents and warrants that it is duly registered as a
broker-dealer under FINRA, the Exchange Act and the applicable statutes and
regulations of each state in which the Placement Shares will be offered and
sold, except such states in which MLV is exempt from registration or such
registration is not otherwise required. MLV shall continue, for the term of this
Agreement, to be duly registered as a broker-dealer under FINRA, the Exchange
Act and the applicable statutes and regulations of each state in which the
Placement Shares will be offered and sold, except such states in which MLV is
exempt from registration or such registration is not otherwise required, during
the term of this Agreement. MLV shall comply with all applicable law and
regulations, including but not limited to Regulation M, in connection with the
transactions contemplated by this Agreement, including the issuance and sale
through MLV of the Placement Shares. </P>
<P align=justify style="text-indent:5%">9.&nbsp;&nbsp;&nbsp;&nbsp; <U>Payment of Expenses.</U> The
Company will pay all expenses incident to the performance of its obligations
under this Agreement, including (i) the preparation, filing, including any fees
required by the Commission, and printing of the Registration Statement
(including financial statements and exhibits) as originally filed and of each
amendment and supplement thereto and each Issuer Free Writing Prospectus, in
such number as MLV shall deem reasonably necessary, (ii) the printing and
delivery to MLV of this Agreement and such other documents as may be required in
connection with the offering, purchase, sale, issuance or delivery of the
Placement Shares, (iii) the preparation, issuance and delivery of the
certificates, if any, for the Placement Shares to MLV, including any stock or
other transfer taxes and any capital duties, stamp duties or other duties or
taxes payable upon the sale, issuance or delivery of the Placement Shares to
MLV, (iv) the fees and disbursements of the counsel, accountants and other
advisors to the Company, (v) the reasonable fees and disbursements of counsel to
MLV up to $25,000; (vi) the fees and expenses of the transfer agent and
registrar for the Common Stock, (vii) the filing fees incident to any review by
FINRA of the terms of the sale of the Placement Shares, and (viii) the fees and
expenses incurred in connection with the listing of the Placement Shares on the
Exchange. </P>
<P align=justify style="text-indent:5%">10.&nbsp;&nbsp;&nbsp;&nbsp; <U>Conditions to MLV&#146;s
Obligations.</U> The obligations of MLV hereunder with respect to a Placement
will be subject to the continuing accuracy and completeness of the
representations and warranties made by the Company herein, to the due
performance by the Company of its obligations hereunder, to the completion by
MLV of a due diligence review satisfactory to it in its reasonable judgment, and
to the continuing satisfaction (or waiver by MLV in its sole discretion) of the following additional
conditions: </P>
<P align=center>24</P>
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<P align=justify style="text-indent:10%">a.&nbsp;&nbsp;&nbsp; &nbsp;<U>Registration Statement
Effective.</U> The Registration Statement shall have become effective and shall
be available for the sale of all Placement Shares contemplated to be issued by
any Placement Notice. </P>
<P align=justify style="text-indent:10%">b.&nbsp;&nbsp;&nbsp;&nbsp; <U>No Material Notices.</U> None of
the following events shall have occurred and be continuing: (i) receipt by the
Company of any request for additional information from the Commission or any
other federal or state governmental authority during the period of effectiveness
of the Registration Statement, the response to which would require any
post-effective amendments or supplements to the Registration Statement or the
Prospectus; (ii) the issuance by the Commission or any other federal or state
governmental authority of any stop order suspending the effectiveness of the
Registration Statement or the initiation of any proceedings for that purpose;
(iii) receipt by the Company of any notification with respect to the suspension
of the qualification or exemption from qualification of any of the Placement
Shares for sale in any jurisdiction or the initiation or threatening of any
proceeding for such purpose; or (iv) the occurrence of any event that makes any
material statement made in the Registration Statement or the Prospectus or any
material document incorporated or deemed to be incorporated therein by reference
untrue in any material respect or that requires the making of any changes in the
Registration Statement, the Prospectus or documents so that, in the case of the
Registration Statement, it will not contain any materially untrue statement of a
material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein not misleading and, that in the case
of the Prospectus, it will not contain any materially untrue statement of a
material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading. </P>
<P align=justify style="text-indent:10%">c.&nbsp;&nbsp;&nbsp;&nbsp; <U>No Misstatement or Material
Omission.</U> MLV shall not have advised the Company that the Registration
Statement or Prospectus, or any amendment or supplement thereto, contains an
untrue statement of fact that in MLV&#146;s reasonable opinion is material, or omits
to state a fact that in MLV&#146;s reasonable opinion is material and is required to
be stated therein or is necessary to make the statements therein not misleading.
</P>
<P align=justify style="text-indent:10%">d.&nbsp;&nbsp;&nbsp;&nbsp; <U>Material Changes.</U> Except as
contemplated in the Prospectus, or disclosed in the Company&#146;s reports filed with
the Commission, there shall not have been any Material Adverse Effect, or any
development that could reasonably be expected to cause a Material Adverse
Effect, or a downgrading in or withdrawal of the rating assigned to any of the
Company&#146;s securities (other than asset backed securities) by any rating
organization or a public announcement by any rating organization that it has
under surveillance or review its rating of any of the Company&#146;s securities
(other than asset backed securities), the effect of which, in the case of any
such action by a rating organization described above, in the reasonable judgment
of MLV (without relieving the Company of any obligation or liability it may
otherwise have), is so material as to make it impracticable or inadvisable to
proceed with the offering of the Placement Shares on the terms and in the manner
contemplated in the Prospectus. </P>
<P align=justify style="text-indent:10%">e.&nbsp;&nbsp;&nbsp;&nbsp; <U>Legal Opinion.</U> MLV shall have
received the opinions and negative assurances of Hogan Lovells US LLP and the
opinions of Gary R. Henrie required to be delivered pursuant <U>Section 7(m)</U>
on or before the date on which such delivery of such opinions are required pursuant to <U>Section 7(m)</U>. </P>
<P align=center>25</P>
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<P align=justify style="text-indent:10%">f.&nbsp;&nbsp;&nbsp;&nbsp; <U>Comfort Letter.</U> MLV shall
have received the Comfort Letter required to be delivered pursuant <U>Section
7(n)</U> on or before the date on which such delivery of such letter is required
pursuant to <U>Section 7(n)</U>. </P>
<P align=justify style="text-indent:10%">g.&nbsp;&nbsp;&nbsp;&nbsp; <U>Representation Certificate.</U>
MLV shall have received the certificate required to be delivered pursuant to
<U>Section 7(1)</U> on or before the date on which delivery of such certificate
is required pursuant to <U>Section 7(1)</U>. </P>
<P align=justify style="text-indent:10%">h.&nbsp;&nbsp;&nbsp;&nbsp; <U>No Suspension.</U> Trading in the
Common Stock shall not have been suspended on the Exchange and the Common Stock
shall not have been delisted from the Exchange. </P>
<P align=justify style="text-indent:10%">i.&nbsp;&nbsp;&nbsp;&nbsp; <U>Other Materials.</U> On each date
on which the Company is required to deliver a certificate pursuant to <U>Section
7(1)</U>, the Company shall have furnished to MLV such appropriate further
information, certificates and documents as MLV may reasonably request. All such
opinions, certificates, letters and other documents will be in compliance with
the provisions hereof. The Company will furnish MLV with such conformed copies
of such opinions, certificates, letters and other documents as MLV shall
reasonably request. </P>
<P align=justify style="text-indent:10%">j.&nbsp;&nbsp;&nbsp;&nbsp; <U>Securities Act Filings Made.</U>
All filings with the Commission required by Rule 424 under the Securities Act to
have been filed prior to the issuance of any Placement Notice hereunder shall
have been made within the applicable time period prescribed for such filing by
Rule 424. </P>
<P align=justify style="text-indent:10%">k.&nbsp;&nbsp;&nbsp;&nbsp; <U>Approval for Listing.</U> The
Placement Shares shall either have been approved for listing on the Exchange,
subject only to notice of issuance, or the Company shall have filed an
application for listing of the Placement Shares on the Exchange at, or prior to,
the issuance of any Placement Notice. </P>
<P align=justify style="text-indent:10%">l.&nbsp;&nbsp;&nbsp;&nbsp; <U>No Termination Event.</U> There
shall not have occurred any event that would permit MLV to terminate this
Agreement pursuant to <U>Section 13(a)</U>. </P>
<P align=justify style="text-indent:5%">11.&nbsp;&nbsp;&nbsp; <U>Indemnification and Contribution.</U>
</P>
<P align=justify style="text-indent:10%">(a)&nbsp;&nbsp;&nbsp;&nbsp; <U>Company Indemnification.</U> The
Company agrees to indemnify and hold harmless MLV, its partners, members,
directors, officers, employees and agents and each person, if any, who controls
MLV within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act as follows: </P>
<P align=justify style="text-indent:15%">(i)&nbsp;&nbsp;&nbsp; &nbsp;against any and all loss,
liability, claim, damage and expense whatsoever, as incurred, joint or several,
arising out of or based upon any untrue statement or alleged untrue statement of
a material fact contained in the Registration Statement (or any amendment
thereto), or the omission or alleged omission therefrom of a material fact
required to be stated therein or necessary to make the statements therein not
misleading, or arising out of any untrue statement or alleged untrue statement
of a material fact included in any related Issuer Free Writing Prospectus or the
Prospectus (or any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact necessary in
order to make the statements therein, in the light of the circumstances under
which they were made, not misleading; </P>
<P align=center>26</P>
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<P align=justify style="text-indent:15%">(ii)&nbsp;&nbsp; &nbsp;against any and all loss, liability,
claim, damage and expense whatsoever, as incurred, joint or several, to the
extent of the aggregate amount paid in settlement of any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or
threatened, or of any claim whatsoever based upon any such untrue statement or
omission, or any such alleged untrue statement or omission; provided that
(subject to <U>Section</U> <U>11(d)</U> below) any such settlement is effected
with the written consent of the Company, which consent shall not unreasonably be
delayed or withheld; and </P>
<P align=justify style="text-indent:15%">(iii)&nbsp;&nbsp; against any and all expense whatsoever, as
incurred (including the reasonable fees and disbursements of counsel),
reasonably incurred in investigating, preparing or defending against any
litigation, or any investigation or proceeding by any governmental agency or
body, commenced or threatened, or any claim whatsoever based upon any such
untrue statement or omission, or any such alleged untrue statement or omission,
to the extent that any such expense is not paid under (i) or (ii) above, </P>
<P align=justify><I>provided, however</I>, that this indemnity agreement shall
not apply to any loss, liability, claim, damage or expense to the extent arising
out of any untrue statement or omission or alleged untrue statement or omission
made solely in reliance upon and in conformity with written information
furnished to the Company by MLV expressly for use in the Registration Statement
(or any amendment thereto), or in any related Issuer Free Writing Prospectus or
the Prospectus (or any amendment or supplement thereto). </P>
<P align=justify style="text-indent:10%">(b)&nbsp;&nbsp;&nbsp;&nbsp; <U>MLV Indemnification.</U> MLV
agrees to indemnify and hold harmless the Company and its directors and each
officer of the Company who signed the Registration Statement, and each person,
if any, who (i) controls the Company within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act or (ii) is controlled by or is
under common control with the Company against any and all loss, liability,
claim, damage and expense described in the indemnity contained in <U>Section
11(a)</U>, as incurred, but only with respect to untrue statements or omissions,
or alleged untrue statements or omissions, made in the Registration Statement
(or any amendments thereto) or in any related Issuer Free Writing Prospectus or
the Prospectus (or any amendment or supplement thereto) in reliance upon and in
conformity with information relating to MLV and furnished to the Company in
writing by MLV expressly for use therein. </P>
<P align=justify style="text-indent:10%">(c)&nbsp;&nbsp;&nbsp;&nbsp; <U>Procedure.</U> Any party that
proposes to assert the right to be indemnified under this <U>Section 11</U>
will, promptly after receipt of notice of commencement of any action against
such party in respect of which a claim is to be made against an indemnifying
party or parties under this <U>Section 11</U>, notify each such indemnifying
party of the commencement of such action, enclosing a copy of all papers served,
but the omission so to notify such indemnifying party will not relieve the
indemnifying party from (i) any liability that it might have to any indemnified
party otherwise than under this <U>Section 11</U> and (ii) any liability that it
may have to any indemnified party under the foregoing provision of this
<U>Section 11</U> unless, and only to the extent that, such omission results in
the forfeiture of substantive rights or defenses by the indemnifying party. If any such action is brought against any
indemnified party and it notifies the indemnifying party of its commencement,
the indemnifying party will be entitled to participate in and, to the extent
that it elects by delivering written notice to the indemnified party promptly
after receiving notice of the commencement of the action from the indemnified
party, jointly with any other indemnifying party similarly notified, to assume
the defense of the action, with counsel reasonably satisfactory to the
indemnified party, and after notice from the indemnifying party to the
indemnified party of its election to assume the defense, the indemnifying party
will not be liable to the indemnified party for any legal or other expenses
except as provided below and except for the reasonable costs of investigation
subsequently incurred by the indemnified party in connection with the defense.
The indemnified party will have the right to employ its own counsel in any such
action, but the fees, expenses and other charges of such counsel will be at the
expense of such indemnified party unless (1) the employment of counsel by the
indemnified party has been authorized in writing by the indemnifying party, (2)
the indemnified party has reasonably concluded (based on advice of counsel) that
there may be legal defenses available to it or other indemnified parties that
are different from or in addition to those available to the indemnifying party,
(3) a conflict or potential conflict exists (based on advice of counsel to the
indemnified party) between the indemnified party and the indemnifying party (in
which case the indemnifying party will not have the right to direct the defense
of such action on behalf of the indemnified party) or (4) the indemnifying party
has not in fact employed counsel to assume the defense of such action within a
reasonable time after receiving notice of the commencement of the action, in
each of which cases the reasonable fees, disbursements and other charges of
counsel will be at the expense of the indemnifying party or parties. It is
understood that the indemnifying party or parties shall not, in connection with
any proceeding or related proceedings in the same jurisdiction, be liable for
the reasonable fees, disbursements and other charges of more than one separate
firm admitted to practice in such jurisdiction at any one time for all such
indemnified party or parties. All such fees, disbursements and other charges
will be reimbursed by the indemnifying party promptly after the indemnifying
party receives a written invoice relating to fees, disbursements and other
charges in reasonable detail. An indemnifying party will not, in any event, be
liable for any settlement of any action or claim effected without its written
consent. No indemnifying party shall, without the prior written consent of each
indemnified party, settle or compromise or consent to the entry of any judgment
in any pending or threatened claim, action or proceeding relating to the matters
contemplated by this <U>Section 11</U> (whether or not any indemnified party is
a party thereto), unless such settlement, compromise or consent (1) includes an
unconditional release of each indemnified party from all liability arising out
of such litigation, investigation, proceeding or claim and (2) does not include
a statement as to or an admission of fault, culpability or a failure to act by
or on behalf of any indemnified party. </P>
<P align=center>27</P>
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<P align=justify style="text-indent:10%">(d)&nbsp;&nbsp;&nbsp; &nbsp;<U>Contribution.</U> In order to
provide for just and equitable contribution in circumstances in which the
indemnification provided for in the foregoing paragraphs of this <U>Section
11</U> is applicable in accordance with its terms but for any reason is held to
be unavailable from the Company or MLV, the Company and MLV will contribute to
the total losses, claims, liabilities, expenses and damages (including any
investigative, legal and other expenses reasonably incurred in connection with,
and any amount paid in settlement of, any action, suit or proceeding or any
claim asserted, but after deducting any contribution received by the Company
from persons other than MLV, such as persons who control the Company within the
meaning of the Securities Act or the Exchange Act, officers of the Company who
signed the Registration Statement and directors of the Company, who also may be liable
for contribution) to which the Company and MLV may be subject in such proportion
as shall be appropriate to reflect the relative benefits received by the Company
on the one hand and MLV on the other hand. The relative benefits received by the
Company on the one hand and MLV on the other hand shall be deemed to be in the
same proportion as the total Net Proceeds from the sale of the Placement Shares
(before deducting expenses) received by the Company bear to the total
compensation received by MLV (before deducting expenses) from the sale of
Placement Shares on behalf of the Company. If, but only if, the allocation
provided by the foregoing sentence is not permitted by applicable law, the
allocation of contribution shall be made in such proportion as is appropriate to
reflect not only the relative benefits referred to in the foregoing sentence but
also the relative fault of the Company, on the one hand, and MLV, on the other
hand, with respect to the statements or omission that resulted in such loss,
claim, liability, expense or damage, or action in respect thereof, as well as
any other relevant equitable considerations with respect to such offering. Such
relative fault shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or omission or alleged
omission to state a material fact relates to information supplied by the Company
or MLV, the intent of the parties and their relative knowledge, access to
information and opportunity to correct or prevent such statement or omission.
The Company and MLV agree that it would not be just and equitable if
contributions pursuant to this <U>Section 11(d)</U> were to be determined by pro
rata allocation or by any other method of allocation that does not take into
account the equitable considerations referred to herein. The amount paid or
payable by an indemnified party as a result of the loss, claim, liability,
expense, or damage, or action in respect thereof, referred to above in this <U>Section 11(d) </U>shall be deemed to include, for the purpose of this <U>Section 11(d)</U>, any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending any such action
or claim to the extent consistent with <U>Section 11(c)</U> hereof.
Notwithstanding the foregoing provisions of this <U>Section 11(d)</U>, MLV shall
not be required to contribute any amount in excess of the commissions received
by it under this Agreement and no person found guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
will be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. For purposes of this <U>Section 11(d)</U>, any
person who controls a party to this Agreement within the meaning of the
Securities Act or the Exchange Act, and any officers, directors, partners,
employees or agents of MLV, will have the same rights to contribution as that
party, and each officer and director of the Company who signed the Registration
Statement will have the same rights to contribution as the Company, subject in
each case to the provisions hereof. Any party entitled to contribution, promptly
after receipt of notice of commencement of any action against such party in
respect of which a claim for contribution may be made under this <U>Section
11(d)</U>, will notify any such party or parties from whom contribution may be
sought, but the omission to so notify will not relieve that party or parties
from whom contribution may be sought from any other obligation it or they may
have under this <U>Section 11(d)</U> except to the extent that the failure to so
notify such other party materially prejudiced the substantive rights or defenses
of the party from whom contribution is sought. Except for a settlement entered
into pursuant to the last sentence of <U>Section 11(c)</U> hereof, no party will
be liable for contribution with respect to any action or claim settled without
its written consent if such consent is required pursuant to <U>Section 11(c)</U> hereof. </P>
<P align=center>28</P>
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<P align=justify style="text-indent:5%">12.&nbsp;&nbsp;&nbsp;&nbsp; <U>Representations and Agreements
to Survive Delivery.</U> The indemnity and contribution agreements contained in
Section 11 of this Agreement and all representations and warranties of the Company herein or in certificates delivered
pursuant hereto shall survive, as of their respective dates, regardless of (i)
any investigation made by or on behalf of MLV, any controlling persons, or the
Company (or any of their respective officers, directors or controlling persons),
(ii) delivery and acceptance of the Placement Shares and payment therefor or
(iii) any termination of this Agreement. </P>
<P align=center>29</P>
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<P align=justify style="text-indent:5%">13.&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination.</U> </P>
<P align=justify style="text-indent:10%">a.&nbsp;&nbsp;&nbsp;&nbsp; MLV may terminate this Agreement, by
notice to the Company, as hereinafter specified at any time (1) if there has
been, since the time of execution of this Agreement or since the date as of
which information is given in the Prospectus, any Material Adverse Effect, or
any development that is reasonably likely to have a Material Adverse Effect or,
in the reasonable judgment of MLV, is material and adverse and makes it
impractical or inadvisable to market the Placement Shares or to enforce
contracts for the sale of the Placement Shares, (2) if there has occurred any
material adverse change in the financial markets in the United States or the
international financial markets, any outbreak of hostilities or escalation
thereof or other calamity or crisis or any change or development involving a
prospective change in national or international political, financial or economic
conditions, in each case the effect of which is such as to make it, in the
judgment of MLV, impracticable or inadvisable to market the Placement Shares or
to enforce contracts for the sale of the Placement Shares, (3) if trading in the
Common Stock has been suspended or limited by the Commission or the Exchange, or
if trading generally on the Exchange has been suspended or limited, or minimum
prices for trading have been fixed on the Exchange, (4) if any suspension of
trading of any securities of the Company on any exchange or in the
over-the-counter market shall have occurred and be continuing, (5) if a major
disruption of securities settlements or clearance services in the United States
shall have occurred and be continuing, or (6) if a banking moratorium has been
declared by either U.S. Federal or New York authorities. Any such termination
shall be without liability of any party to any other party except that the
provisions of <U>Section</U> 9 (Payment of Expenses), <U>Section 11</U>
(Indemnification and Contribution), <U>Section 12</U> (Representations and
Agreements to Survive Delivery), <U>Section 18</U> (Governing Law and Time;
Waiver of Jury Trial) and <U>Section 19</U> (Consent to Jurisdiction) hereof
shall remain in full force and effect notwithstanding such termination. If MLV
elects to terminate this Agreement as provided in this Section 13(a), MLV shall
provide the required notice as specified in Section 14 (Notices). </P>
<P align=justify style="text-indent:10%">b.&nbsp;&nbsp;&nbsp;&nbsp; The Company shall have the right, by
giving ten (10) days notice as hereinafter specified to terminate this Agreement
in its sole discretion at any time after the date of this Agreement. Any such
termination shall be without liability of any party to any other party except
that the provisions of <U>Section 9</U> (Payment of Expenses), <U>Section 11</U>
(Indemnification and Contribution), <U>Section 12</U> (Representations and
Agreements to Survive Delivery), <U>Section 18</U> (Governing Law and Time;
Waiver of Jury Trial) and <U>Section 19</U> (Consent to Jurisdiction) hereof
shall remain in full force and effect notwithstanding such termination. </P>
<P align=justify style="text-indent:10%">c.&nbsp;&nbsp;&nbsp;&nbsp; MLV shall have the right, by giving
ten (10) days notice as hereinafter specified to terminate this Agreement in its
sole discretion at any time after the date of this Agreement. Any such
termination shall be without liability of any party to any other party except
that the provisions of <U>Section 9</U> (Payment of Expenses), <U>Section 11</U>
(Indemnification and Contribution), <U>Section 12</U> (Representations and
Agreements to Survive Delivery), <U>Section 18</U> (Governing Law and Time; Waiver of Jury Trial) and <U>Section
19</U> (Consent to Jurisdiction) hereof shall remain in full force and effect
notwithstanding such termination. </P>
<P align=center>30</P>
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<P align=justify style="text-indent:10%">d.&nbsp;&nbsp;&nbsp;&nbsp; Unless earlier terminated pursuant
to this <U>Section 13</U>, this Agreement shall automatically terminate upon the
issuance and sale of all of the Placement Shares through MLV on the terms and
subject to the conditions set forth herein except that the provisions of
<U>Section 9</U> (Payment of Expenses), <U>Section 11</U> (Indemnification and
Contribution), <U>Section 12</U> (Representations and Agreements to Survive
Delivery), <U>Section 18</U> (Governing Law and Time; Waiver of Jury Trial) and
<U>Section 19</U> (Consent to Jurisdiction) hereof shall remain in full force
and effect notwithstanding such termination. </P>
<P align=justify style="text-indent:10%">e.&nbsp;&nbsp;&nbsp;&nbsp; This Agreement shall remain in full
force and effect unless terminated pursuant to <U>Sections 13(a)</U>,
<U>(b</U>), <U>(c</U>), or <U>(d)</U> above or otherwise by mutual agreement of
the parties; <I>provided, however</I>, that any such termination by mutual
agreement shall in all cases be deemed to provide that <U>Section 9</U> (Payment
of Expenses), <U>Section 11</U> (Indemnification and Contribution), <U>Section
12</U> (Representations and Agreements to Survive Delivery), <U>Section 18</U>
(Governing Law and Time; Waiver of Jury Trial) and <U>Section 19</U> (Consent to
Jurisdiction) shall remain in full force and effect. Upon termination of this
Agreement, the Company shall not have any liability to MLV for any discount,
commission or other compensation with respect to any Placement Shares not
otherwise sold by MLV under this Agreement.</P>
<P align=justify style="text-indent:10%">f.&nbsp;&nbsp;&nbsp;&nbsp; Any termination of this Agreement
shall be effective on the date specified in such notice of termination;
<I>provided, however</I>, that such termination shall not be effective until the
close of business on the date of receipt of such notice by MLV or the Company,
as the case may be. If such termination shall occur prior to the Settlement Date
for any sale of Placement Shares, such Placement Shares shall settle in
accordance with the provisions of this Agreement. </P>
<P align=justify style="text-indent:5%">14.&nbsp;&nbsp;&nbsp;&nbsp; <U>Notices.</U> All notices or
other communications required or permitted to be given by any party to any other
party pursuant to the terms of this Agreement shall be in writing, unless
otherwise specified, and if sent to MLV, shall be delivered to: </P>
<P style="MARGIN-LEFT: 10%" align=justify>MLV &amp; Co. LLC <BR>1301 Avenue of
the Americas, 43<SUP>rd</SUP> Floor <BR>New York, New York 10019 <BR>Attention:
Legal Department <BR>Telephone: (212) 542-5880 <BR>Email:
<U>mlvlegal@mlvco.com</U></P>
<P align=center>31</P>
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<P align=justify>with a copy to: </P>
<P style="MARGIN-LEFT: 10%" align=justify>K&amp;L Gates LLP <BR>1 Park Plaza,
Twelfth Floor <BR>Irvine, CA 92614 <BR>Attention: Michael Hedge <BR>Telephone:
(949) 623-3519 <BR>Email: <U>Michael.hedge@klgates.com</U><BR></P>
<P align=justify>and if to the Company, shall be delivered to: </P>
<P style="MARGIN-LEFT: 10%" align=justify>Lightbridge Corporation <BR>1600
Tysons Boulevard, Suite 550 <BR>Mclean, VA 22102<BR>Attention: Seth Grae
<BR>Telephone: (571) 730-1200 <BR>Email: sgrae@ltbridge.com <BR></P>
<P align=justify>with a copy to: </P>
<P style="MARGIN-LEFT: 10%" align=justify>Hogan Lovells US LLP <BR>One Tabor
Center, Suite 1500 <BR>1200 Seventeenth Street <BR>Denver, CO 80202
<BR>Attention: David R. Crandall <BR>Telephone: (303) 454-2449 <BR>Email:
<U>david.crandall@hoganlovells.com</U> <BR></P>
<P align=justify style="text-indent:5%">Each party to this Agreement may change such address for
notices by sending to the parties to this Agreement written notice of a new
address for such purpose. Each such notice or other communication shall be
deemed given (i) when delivered personally, by email, or by verifiable facsimile
transmission (with an original to follow) on or before 4:30 p.m., New York City
time, on a Business Day or, if such day is not a Business Day, on the next
succeeding Business Day, (ii) on the next Business Day after timely delivery to
a nationally-recognized overnight courier and (iii) on the Business Day actually
received if deposited in the U.S. mail (certified or registered mail, return
receipt requested, postage prepaid). For purposes of this Agreement,
&#147;<U>Business Day</U>&#148; shall mean any day on which the Exchange and commercial
banks in the City of New York are open for business. </P>
<P align=justify style="text-indent:5%">An electronic communication (&#147;<U>Electronic Notice</U>&#148;) shall
be deemed written notice for purposes of this <U>Section 14</U> if sent to the
electronic mail address specified by the receiving party herein or under
separate cover. Electronic Notice shall be deemed received at the time the party
sending Electronic Notice receives confirmation of receipt by the receiving
party. Any party receiving Electronic Notice may request and shall be entitled
to receive the notice on paper, in a nonelectronic form (&#147;<U>Nonelectronic
Notice</U>&#148;) which shall be sent to the requesting party within ten (10) days of
receipt of the written request for Nonelectronic Notice. </P>
<P align=center>32</P>
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<P align=justify style="text-indent:5%">15.&nbsp;&nbsp;&nbsp; <U>Successors and Assigns.</U> This
Agreement shall inure to the benefit of and be binding upon the Company and MLV
and their respective successors and the affiliates, controlling persons,
officers and directors referred to in <U>Section 11</U> hereof. References to
any of the parties contained in this Agreement shall be deemed to include the
successors and permitted assigns of such party. Nothing in this Agreement,
express or implied, is intended to confer upon any party other than the parties
hereto or their respective successors and permitted assigns any rights,
remedies, obligations or liabilities under or by reason of this Agreement,
except as expressly provided in this Agreement. Neither party may assign its
rights or obligations under this Agreement without the prior written consent of
the other party. </P>
<P align=justify style="text-indent:5%">16.&nbsp;&nbsp;&nbsp; <U>Adjustments for Stock Splits.</U> The
parties acknowledge and agree that all share-related numbers contained in this
Agreement shall be adjusted to take into account any share consolidation, stock
split, stock dividend, corporate domestication or similar event effected with
respect to the Common Stock. </P>
<P align=justify style="text-indent:5%">17.&nbsp;&nbsp;&nbsp; <U>Entire Agreement; Amendment;
Severability.</U> This Agreement (including all schedules and exhibits attached
hereto and Placement Notices issued pursuant hereto) constitutes the entire
agreement and supersedes all other prior and contemporaneous agreements and
undertakings, both written and oral, among the parties hereto with regard to the
subject matter hereof. Neither this Agreement nor any term hereof may be amended
except pursuant to a written instrument executed by the Company and MLV. In the
event that any one or more of the provisions contained herein, or the
application thereof in any circumstance, is held invalid, illegal or
unenforceable as written by a court of competent jurisdiction, then such
provision shall be given full force and effect to the fullest possible extent
that it is valid, legal and enforceable, and the remainder of the terms and
provisions herein shall be construed as if such invalid, illegal or
unenforceable term or provision was not contained herein, but only to the extent
that giving effect to such provision and the remainder of the terms and
provisions hereof shall be in accordance with the intent of the parties as
reflected in this Agreement. </P>
<P align=justify style="text-indent:5%">18.&nbsp;&nbsp; &nbsp;<U>GOVERNING LAW AND TIME; WAIVER OF JURY
TRIAL.</U> THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS
OF LAWS. SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME. EACH PARTY HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND
ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO
THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. </P>
<P align=justify style="text-indent:5%">19.&nbsp;&nbsp;&nbsp; <U>CONSENT TO JURISDICTION.</U> EACH
PARTY HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE STATE
AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR
THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH ANY TRANSACTION
CONTEMPLATED HEREBY, AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN
ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO
THE JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING IS
BROUGHT IN AN INCONVENIENT FORUM OR THAT THE VENUE OF SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER. EACH PARTY HEREBY IRREVOCABLY WAIVES
PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH
SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF (CERTIFIED OR REGISTERED
MAIL, RETURN RECEIPT REQUESTED) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR
NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE
GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED
HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY
MANNER PERMITTED BY LAW. </P>
<P align=center>33</P>
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<P align=justify style="text-indent:5%">20.&nbsp;&nbsp; &nbsp;<U>Use of Information.</U> MLV may not
use any information gained in connection with this Agreement and the
transactions contemplated by this Agreement, including due diligence, to advise
any party with respect to transactions not expressly approved by the Company.
</P>
<P align=justify style="text-indent:5%">21.&nbsp;&nbsp; &nbsp;<U>Counterparts.</U> This Agreement may
be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same
instrument. Delivery of an executed Agreement by one party to the other may be
made by electronic portable document format (pdf) or facsimile transmission.
</P>
<P align=justify style="text-indent:5%">22.&nbsp;&nbsp;&nbsp; <U>Effect of Headings.</U> The section
and Exhibit headings herein are for convenience only and shall not affect the
construction hereof. </P>
<P align=justify style="text-indent:5%">23.&nbsp;&nbsp;&nbsp; <U>Permitted Free Writing
Prospectuses.</U> </P>
<P align=justify style="text-indent:10%">The Company represents, warrants and agrees that, unless it
obtains the prior consent of MLV, which consent shall not be unreasonably
withheld, conditioned or delayed, and MLV represents, warrants and agrees that,
unless it obtains the prior consent of the Company, which consent shall not be
unreasonably withheld, conditioned or delayed, it has not made and will not make
any offer relating to the Placement Shares that would constitute an Issuer Free
Writing Prospectus, or that would otherwise constitute a &#147;free writing
prospectus,&#148; as defined in Rule 405, required to be filed with the Commission.
Any such free writing prospectus consented to by MLV or by the Company, as the
case may be, is hereinafter referred to as a &#147;Permitted Free Writing
Prospectus.&#148; The Company represents and warrants that it has treated and agrees
that it will treat each Permitted Free Writing Prospectus as an &#147;issuer free
writing prospectus,&#148; as defined in Rule 433, and has complied and will comply
with the requirements of Rule 433 applicable to any Permitted Free Writing
Prospectus, including timely filing with the Commission where required,
legending and record keeping. For the purposes of clarity, the parties hereto
agree that all free writing prospectuses, if any, listed in <U>Exhibit 23</U>
hereto are Permitted Free Writing Prospectuses. </P>
<P align=justify style="text-indent:5%">24.&nbsp;&nbsp;&nbsp; <U>Absence of Fiduciary Relationship.
</U>The Company acknowledges and agrees that: </P>
<P align=justify style="text-indent:10%">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MLV is acting solely as agent
in connection with the public offering of the Placement Shares and in connection
with each transaction contemplated by this Agreement and the process leading to
such transactions, and no fiduciary or advisory relationship between the Company
or any of its respective affiliates, stockholders (or other equity holders),
creditors or employees or any other party, on the one hand, and MLV, on
the other hand, has been or will be created in respect of any of the
transactions contemplated by this Agreement, irrespective of whether or not MLV
has advised or is advising the Company on other matters, and MLV has no
obligation to the Company with respect to the transactions contemplated by this
Agreement except the obligations expressly set forth in this Agreement; </P>
<P align=center>34</P>
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<P align=justify style="text-indent:10%">b.&nbsp;&nbsp;&nbsp; &nbsp;it is capable of evaluating and
understanding, and understands and accepts, the terms, risks and conditions of
the transactions contemplated by this Agreement; </P>
<P align=justify style="text-indent:10%">c.&nbsp;&nbsp;&nbsp;&nbsp; MLV has not provided any legal,
accounting, regulatory or tax advice with respect to the transactions
contemplated by this Agreement and it has consulted its own legal, accounting,
regulatory and tax advisors to the extent it has deemed appropriate; </P>
<P align=justify style="text-indent:10%">d.&nbsp;&nbsp;&nbsp; &nbsp;it is aware that MLV and its
affiliates are engaged in a broad range of transactions which may involve
interests that differ from those of the Company and MLV has no obligation to
disclose such interests and transactions to the Company by virtue of any
fiduciary, advisory or agency relationship or otherwise; and </P>
<P align=justify style="text-indent:10%">e.&nbsp;&nbsp;&nbsp; &nbsp;it waives, to the fullest extent
permitted by law, any claims it may have against MLV for breach of fiduciary
duty or alleged breach of fiduciary duty in connection with the sale of
Placement Shares under this Agreement and agrees that MLV shall not have any
liability (whether direct or indirect, in contract, tort or otherwise) to it in
respect of such a fiduciary duty claim or to any person asserting a fiduciary
duty claim on its behalf or in right of it or the Company, employees or
creditors of Company, other than in respect of MLV&#146;s obligations under this
Agreement and to keep information provided by the Company to MLV and MLV&#146;s
counsel confidential to the extent not otherwise publicly-available. </P>
<P align=justify style="text-indent:5%">25.&nbsp;&nbsp;&nbsp; <U>Definitions.</U></P>
<P align=justify style="text-indent:5%">As used in this Agreement, the following terms have the
respective meanings set forth below: </P>
<P align=justify style="text-indent:5%">&#147;<U>Applicable Time</U>&#148; means (i) each Representation Date and
(ii) the time of each sale of any Placement Shares pursuant to this Agreement.
</P>
<P align=justify style="text-indent:5%">&#147;<U>Issuer Free Writing Prospectus</U>&#148; means any &#147;issuer free
writing prospectus,&#148; as defined in Rule 433, relating to the Placement Shares
that (1) is required to be filed with the Commission by the Company, (2) is a
&#147;road show&#148; that is a &#147;written communication&#148; within the meaning of Rule
433(d)(8)(i) whether or not required to be filed with the Commission, or (3) is
exempt from filing pursuant to Rule 433(d)(5)(i) because it contains a
description of the Placement Shares or of the offering that does not reflect the
final terms, in each case in the form filed or required to be filed with the
Commission or, if not required to be filed, in the form retained in the
Company&#146;s records pursuant to Rule 433(g) under the Securities Act. </P>
<P align=justify style="text-indent:5%">&#147;<U>Rule 164</U>,&#148; &#147;<U>Rule 172</U>,&#148; &#147;<U>Rule 405</U>,&#148;
&#147;<U>Rule 415</U>,&#148; &#147;<U>Rule 424</U>,&#148; &#147;<U>Rule 424(b)</U>,&#148; &#147;<U>Rule 430B</U>,&#148;
and &#147;<U>Rule 433</U>&#148; refer to such rules under the Securities Act. </P>
<P align=justify style="text-indent:5%">All references in this Agreement to financial statements and
schedules and other information that is &#147;contained,&#148; &#147;included&#148; or &#147;stated&#148; in the
Registration Statement or the Prospectus (and all other references of like
import) shall be deemed to mean and include all such financial statements and
schedules and other information that is incorporated by reference in the
Registration Statement or the Prospectus, as the case may be. </P>
<P align=center>35</P>
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<P align=justify style="text-indent:5%">All references in this Agreement to the Registration Statement,
the Prospectus or any amendment or supplement to any of the foregoing shall be
deemed to include the copy filed with the Commission pursuant to EDGAR; all
references in this Agreement to any Issuer Free Writing Prospectus (other than
any Issuer Free Writing Prospectuses that, pursuant to Rule 433, are not
required to be filed with the Commission) shall be deemed to include the copy
thereof filed with the Commission pursuant to EDGAR; and all references in this
Agreement to &#147;supplements&#148; to the Prospectus shall include, without limitation,
any supplements, &#147;wrappers&#148; or similar materials prepared in connection with any
offering, sale or private placement of any Placement Shares by MLV outside of
the United States. </P>
<P align=center>[Remainder of the page intentionally left blank] </P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center>36</P>
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<P align=justify>If the foregoing correctly sets forth the understanding between
the Company and MLV, please so indicate in the space provided below for that
purpose, whereupon this letter shall constitute a binding agreement between the
Company and MLV. </P>
<P style="MARGIN-LEFT: 50%" align=justify>Very truly yours, </P>
<P style="MARGIN-LEFT: 50%" align=justify><B>LIGHTBRIDGE CORPORATION</B></P>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left>By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="90%">/s/
      Seth Grae </TD></TR>
  <TR vAlign=top>
    <TD
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=left width="90%">Name: Seth Grae </TD></TR>
  <TR vAlign=top>
    <TD
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=left width="90%">Title: President and Chief Executive Officer
  </TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 50%" align=justify><B>ACCEPTED as of the date first-above
written: </B></P>
<P style="MARGIN-LEFT: 50%" align=justify><B>MLV &amp; CO. LLC </B></P>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left>By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="90%">/s/
      Patrice McNicoll </TD></TR>
  <TR vAlign=top>
    <TD
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=left width="90%">Name: Patrice McNicoll </TD></TR>
  <TR vAlign=top>
    <TD
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=left width="90%">Title: CEO </TD></TR></TABLE></DIV>
<P align=center>37</P>
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<P align=justify><B>SCHEDULE 1 </B></P>
<P align=center>FORM OF PLACEMENT NOTICE </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left >From: </TD>
    <TD align=left width="85%">Lightbridge Corporation </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >To: </TD>
    <TD align=left width="85%">MLV &amp; Co. LLC </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Attention: </TD>
    <TD align=left width="85%">Patrice McNicoll </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Subject: </TD>
    <TD align=left width="85%">At-the-Market Issuance--Placement Notice
  </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Gentlemen: </P>
<P align=justify style="text-indent:5%">Pursuant to the terms and subject to the conditions contained
in the At-the-Market Issuance Sales Agreement between Lightbridge Corporation, a
Nevada corporation (the &#147;<U>Company</U>&#148;), and MLV &amp; Co. LLC (&#147;<U>MLV</U>&#148;),
dated June 11, 2015, the Company hereby requests that MLV sell up to [_______]
shares of the Company&#146;s Common Stock, $0.001 par value per share, at a minimum
market price of $ per share, during the time period beginning [month, day, time]
and ending [month, day, time]. </P>
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<P align=justify><B>SCHEDULE 2 </B></P>
<P align=center><B>Compensation </B></P>
<P align=justify style="text-indent:5%">The Company shall pay to MLV in cash, upon each sale of
Placement Shares pursuant to this Agreement, an amount up to 4.5% of the gross
proceeds from each sale of Placement Shares.</P>
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<P align=justify><B>SCHEDULE 3 </B></P>
<P align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Notice Parties </B><B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><U>The Company</U> </TD>
    <TD align=left width="90%">&nbsp; </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Seth Grae </TD>
    <TD align=left width="90%"><font color="#0000FF"><U>sgrae@ltbridge.com </U>
    </font> </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Andrey Mushakov </TD>
    <TD align=left width="90%"><font color="#0000FF"><U>amushakov@ltbridge.com </U>
    </font> </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Linda Zwobota </TD>
    <TD align=left width="90%"><font color="#0000FF"><U>lzwobota@ltbridge.com </U>
    </font> </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Larry Goldman </TD>
    <TD align=left width="90%"><font color="#0000FF"><U>larry@goldmancpas.com </U>
    </font> </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><U>MLV</U> </TD>
    <TD align=left width="90%"><u><font color="#0000FF">&nbsp; </font></u> </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Seth Appel </TD>
    <TD align=left width="90%"><font color="#0000FF"><U>sappel@mlvco.com </U>
    </font> </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Matt Feinberg </TD>
    <TD align=left width="90%"><font color="#0000FF"><U>mfeinberg@mlvco.com </U>
    </font> </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Ryan Loforte </TD>
    <TD align=left width="90%"><font color="#0000FF"><U>rloforte@mlvco.com </U>
    </font> </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Patrice McNicoll </TD>
    <TD align=left width="90%"><font color="#0000FF"><U>pmcnicoll@mlvco.com </U>
    </font> </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Keith Pompliano </TD>
    <TD align=left width="90%"><font color="#0000FF"><U>kpompliano@mlvco.com </U>
    </font> </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>With a copy to&nbsp; </TD>
    <TD align=left
width="90%"><font color="#0000FF"><U>mlvatmdesk@mlvco.com</U></font></TD></TR></TABLE><BR>
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<P align=justify><B>SCHEDULE 6(g) </B></P>
<P align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Subsidiaries <BR></B></P>
<P align=justify>Thorium Power, Inc., a Delaware corporation <BR> Lightbridge International Holding, LLC, a Delaware limited
liability company</P>
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<P align=center><B><U>EXHIBIT 7(1)</U></B><B> </B></P>
<P align=center><B>Form of Representation Date Certificate
</B><B><I></I></B></P>
<P align=justify>This Representation Date Certificate (this
&#147;<U>Certificate</U>&#148;) is executed and delivered in connection with <U>Section
7(1)</U> of the At-the-Market Issuance Sales Agreement (the &#147;<U>Agreement</U>&#148;),
dated June 11, 2015, and entered into between Lightbridge Corporation (the
&#147;<U>Company</U>&#148;) and MLV &amp; Co. LLC. All capitalized terms used but not
defined herein shall have the meanings given to such terms in the Agreement.
</P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company hereby certifies as
follows: </P>
<P align=justify style="text-indent:5%">1.&nbsp;&nbsp;&nbsp;&nbsp; As of the date of this Certificate
(i) the Registration Statement does not contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary in order to make the statements therein not misleading and (ii)
neither the Registration Statement nor the Prospectus contain any untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary in order to make the statements therein, in light of
the circumstances under which they were made, not misleading and (iii) no event
has occurred as a result of which it is necessary to amend or supplement the
Prospectus in order to make the statements therein not untrue or misleading for
this paragraph 1 to be true. </P>
<P align=justify style="text-indent:5%">2.&nbsp;&nbsp;&nbsp; &nbsp;Each of the representations and
warranties of the Company contained in the Agreement were, when originally made,
and are, as of the date of this Certificate, true and correct in all material
respects. </P>
<P align=justify style="text-indent:5%">3.&nbsp;&nbsp;&nbsp; &nbsp;Except as waived by MLV in writing,
each of the covenants required to be performed by the Company in the Agreement
on or prior to the date of the Agreement, this Representation Date, and each
such other date prior to the date hereof as set forth in the Agreement, has been
duly, timely and fully performed in all material respects and each condition
required to be complied with by the Company on or prior to the date of the
Agreement, this Representation Date, and each such other date prior to the date
hereof as set forth in the Agreement has been duly, timely and fully complied
with in all material respects. </P>
<P align=justify style="text-indent:5%">4.&nbsp;&nbsp;&nbsp;&nbsp; Subsequent to the date of the most
recent financial statements in the Prospectus, and except as described in the
Prospectus, including Incorporated Documents, there has been no Material Adverse
Effect. </P>
<P align=justify style="text-indent:5%">5.&nbsp;&nbsp;&nbsp;&nbsp; No stop order suspending the
effectiveness of the Registration Statement or of any part thereof has been
issued, and no proceedings for that purpose have been instituted or are pending
or, to the Company&#146;s knowledge, threatened by any securities or other
governmental authority (including, without limitation, the Commission). </P>
<P align=justify style="text-indent:5%">6.&nbsp;&nbsp;&nbsp;&nbsp; No order suspending the
effectiveness of the Registration Statement or the qualification or registration
of the Placement Shares under the securities or Blue Sky laws of any jurisdiction are in effect and no proceeding for such purpose
is pending before, or threatened, to the Company&#146;s knowledge or in writing by,
any securities or other governmental authority (including, without limitation,
the Commission). </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify style="text-indent:5%">The undersigned has executed this Officer&#146;s Certificate as of
the date first written above. </P>
<P style="MARGIN-LEFT: 50%" align=justify><B>LIGHTBRIDGE CORPORATION </B></P>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left>By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="90%">&nbsp;</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Name: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="90%">&nbsp;</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Title: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="90%">&nbsp;</TD></TR></TABLE></DIV>
<P align=center>41</P>
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<P align=center><B><U>EXHIBIT 23</U></B><B> </B></P>
<P align=center><B>Permitted Issuer Free Writing Prospectuses </B></P>
<P align=justify>None. </P>
<HR align=center width="100%" color=black noShade SIZE=5>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>exhibit5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>Lightbridge Corp.: Exhibit 5.1 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
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<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>Gary R. Henrie <BR></B>Attorney at Law<BR>Licensed in the
States of Utah and Nevada <B></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>486 W. 1360 N. </TD>
    <TD align=right width="50%">Telephone: 801-310-1419 </TD></TR>
  <TR vAlign=top>
    <TD align=left>American Fork, UT 84003 </TD>
    <TD align=right width="50%">e-mail: grhlaw@hotmail.com
</TD></TR></TABLE>
<P align=justify>June 11, 2015 </P>
<P align=justify>Lightbridge Corporation <BR>1600 Tysons Blvd., Suite 550
<BR>McLean, Virginia 22102 </P>
<P align=justify>Re: Registration Statement on Form S-3 </P>
<P align=justify>Ladies and Gentlemen: </P>
<P align=justify>We are acting as special Nevada counsel for Lightbridge
Corporation, a Nevada corporation (the &#147;<B>Company</B>&#148;), in connection with its
registration statement on Form S-3, as amended (the &#147;<B>Registration
Statement</B>&#148;) filed by the Company with the Securities and Exchange Commission
(the &#147;<B>Commission</B>&#148;) under the Securities Act of 1933 (the &#147;<B>Act</B>&#148;),
relating to the proposed public offering of up to $75,000,000 in aggregate
amount of one or more series of the following securities of the Company: (i)
debt securities (the &#147;<B>Debt Securities</B>&#148;); (ii) shares of preferred stock,
$0.001 par value per share (the &#147;<B>Preferred Shares</B>&#148;); (iii) shares of
common stock, $0.001 par value per share (the &#147;<B>Common Shares</B>&#148;), (iv)
warrants to purchase Debt Securities (the &#147;<B>Debt Warrants</B>&#148;); (v) warrants
to purchase Preferred Shares (the &#147;<B>Preferred Stock Warrants</B>&#148;); (vi)
warrants to purchase Common Shares (the &#147;<B>Common Stock Warrants</B>&#148;); (vii)
Preferred Shares represented by depositary receipts (the &#147;<B>Depositary</B>
<B>Shares</B>&#148;); (viii) purchase contracts to purchase or sell Debt Securities,
Preferred Shares, Common Shares, Debt Warrants, Preferred Stock Warrants, Common
Stock Warrants or Depositary Shares, or debt obligations of third parties (the
&#147;<B>Purchase Contracts</B>&#148;); and (ix) units consisting of any of the Company&#146;s
other Securities (as defined herein) (the &#147;<B>Units</B>,&#148; and together with the
Debt Securities, Preferred Shares, Common Shares, Debt Warrants, Preferred Stock
Warrants, Common Stock Warrants, Depositary Shares and Purchase Contracts, the
&#147;<B>Securities</B>&#148;), all of which may be sold from time to time and on a
delayed or continuous basis, as set forth in the prospectus which forms a part
of the Registration Statement (the &#147;<B>Prospectus</B>&#148;), and as to be set forth
in one or more supplements to the Prospectus.</P>
<P align=justify>We have been advised by the Company that:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top align=center width="5%">A. </TD>
    <TD>
      <P align=justify>The Debt Securities may be senior, senior subordinated or
      subordinated debt, and if issued, will be issued pursuant to an Indenture
      in substantially the form of Exhibit 4.5 to the Registration Statement
      (the &#147;<B>Indenture</B>&#148;) to be entered into between the Company and a
      trustee to be identified in the Indenture (the &#147;<B>Trustee</B>&#148;). The form
      of the Debt Securities will be filed either as an exhibit to an amendment
      to the Registration Statement to be filed after the date of this opinion
      or as an exhibit to a Current Report on Form 8-K to be filed after the
      Registration Statement has become effective, and the particular terms of
      any Debt Securities will be set forth in a supplement to the
      Prospectus;</P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%">B. </TD>
    <TD>
      <P align=justify>The Debt Warrants will be issued pursuant to one or more
      debt warrant agreements to be entered into between the Company and a
      warrant agent selected by the Company (the &#147;<B>Debt Warrant
      Agreement</B>&#148;). The Debt Warrant Agreement will be filed either as an
      exhibit to an amendment to the Registration Statement to be filed after
      the date of this opinion or as an exhibit to a Current Report on Form 8-K
      to be filed after the Registration Statement has become effective, and the
      particular terms of any Debt Warrants will be set forth in a supplement to
      the Prospectus;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top align=center width="5%">C. </TD>
    <TD>
      <P align=justify>The Preferred Stock Warrants may be issued pursuant to
      one or more equity warrant agreements to be entered into between the
      Company and a warrant agent selected by the Company (the &#147;<B>Preferred
      Stock Warrant Agreement</B>&#148;). The Preferred Stock Warrant Agreement will
      be filed either as an exhibit to an amendment to the Registration
      Statement to be filed after the date of this opinion or as an exhibit to a
      Current Report on Form 8-K to be filed after the Registration Statement
      has become effective, and the particular terms of any series of Preferred
      Stock Warrants will be set forth in a supplement to the
  Prospectus;</P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%">D. </TD>
    <TD>
      <P align=justify>The Common Stock Warrants may be issued pursuant to one
      or more equity warrant agreements to be entered into between the Company
      and a warrant agent selected by the Company (the &#147;<B>Common Stock Warrant
      Agreement</B>&#148;). The Common Stock Warrant Agreement will be filed either
      as an exhibit to an amendment to the Registration Statement to be filed
      after the date of this opinion or as an exhibit to a Current Report on
      Form 8-K to be filed after the Registration Statement has become
      effective, and the particular terms of any Common Stock Warrants will be
      set forth in a supplement to the Prospectus;</P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%">E. </TD>
    <TD>
      <P align=justify>The Depositary Shares will be issued pursuant to one or
      more deposit agreements to be entered into between the Company and a
      financial institution identified therein as a depositary (the &#147;<B>Deposit
      Agreement</B>&#148;). The Deposit Agreement will be filed either as an exhibit
      to an amendment to the Registration Statement to be filed after the date
      of this opinion or as an exhibit to a Current Report on Form 8-K to be
      filed after the Registration Statement has become effective, and the
      particular terms of any series of Depositary Shares will be set forth in a
      supplement to the Prospectus;</P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%">F. </TD>
    <TD>
      <P align=justify>The Purchase Contracts will be issued pursuant to one or
      more agreements to be entered into between the Company and a financial
      institution or other party identified therein (the &#147;<B>Purchase
      Agreement</B>&#148;). The Purchase Agreement will be filed either as an exhibit
      to an amendment to the Registration Statement to be filed after the date
      of this opinion or as an exhibit to a Current Report on Form 8-K to be
      filed after the Registration Statement has become effective, and the
      particular terms of any series of Purchase Contracts will be set forth in
      a supplement to the Prospectus; and</P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%">G. </TD>
    <TD>
      <P align=justify>Units may be issued pursuant to one or more unit
      agreements to be entered into between the Company and a Unit agent
      selected by the Company (the &#147;<B>Unit Agreement</B>&#148;). The Unit Agreement
      will be filed either as an exhibit to an amendment to the Registration
      Statement to be filed after the date of this opinion or as an exhibit to a
      Current Report on Form 8-K to be filed after the Registration Statement
      has become effective, and the particular terms of any series of Units will
      be set forth in a supplement to the Prospectus.</P></TD></TR></TABLE>
<P align=justify>We have reviewed and are familiar with such corporate
proceedings and other matters as we have deemed necessary for this opinion.</P>
<P align=justify>In rendering the opinions set forth below, we have assumed that
(i) all information contained in all documents reviewed by us is true and
correct; (ii) all signatures on all documents examined by us are genuine; (iii)
all documents submitted to us as originals are authentic and all documents
submitted to us as copies conform to the originals of those documents; (iv) each
natural person signing any document reviewed by us had the legal capacity to do
so; (v) the Registration Statement, and any amendments thereto (including
post-effective amendments) will have become effective and comply with all
applicable laws; (vi) a prospectus supplement will have been prepared and filed
with the Commission describing the Securities offered thereby; (vii) all
Securities will be issued and sold in compliance with applicable federal and
state securities laws and in the manner stated in the Registration Statement and
the applicable prospectus supplement; (viii) a definitive purchase, underwriting
or similar agreement with respect to any Securities offered will have been duly
authorized and validly executed and delivered by the Company and the other
parties thereto; (ix) there will not have occurred any change in law affecting
the validity or enforceability of such Securities; (x) at the time of the sale,
issuance or delivery of the Securities, the authorization of such Securities by
the Company&#146;s Board of Directors or applicable committee thereof will not have been
modified or rescinded; (xi) with respect to the Common Shares and Preferred
Shares, the Company will have a sufficient number of authorized but unissued
shares thereof under its charter, and will have reserved from such authorized
but unissued and unreserved shares, sufficient shares for the issuance thereof;
(xii) the certificates representing the Securities will be duly authorized,
executed and delivered; and (xiii) where applicable, the Securities will be
properly authenticated by the manual signature of an authorized representative
of the Trustee, warrant agent, unit agent or transfer agent.</P>
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<P align=justify>Based upon the foregoing, we are of the opinion that:</P>
<P align=justify style="text-indent:5%">1.&nbsp;&nbsp;&nbsp;&nbsp; The Common Shares (including any
Common Shares duly issued upon the exchange or conversion of Debt Securities or
Preferred Shares that are exchangeable for or convertible into Common Shares or
upon the exercise of Common Stock Warrants, Purchase Contracts or Units and
receipt by the Company of any additional consideration payable upon such
conversion, exchange or exercise) will be validly issued, fully paid and
nonassessable, provided that (i) the Company&#146;s Board of Directors or an
authorized committee thereof has specifically authorized the issuance of such
Common Shares in exchange for a consideration that the Board of Directors or
such committee determines as adequate (&#147;<B>Authorizing Resolutions</B>&#148;), (ii)
the offer and sale of the Common Shares and the issuance and delivery thereof
are in conformity with the Company&#146;s charter and bylaws, and do not violate any
applicable law, or result in a default under or breach of any agreement or
instrument binding on the Company or a violation of any restriction imposed by
any court or governmental body having jurisdiction over the Company and (iii)
the Company has received the consideration provided for in the applicable
Authorizing Resolutions. </P>
<P align=justify style="text-indent:5%">2.&nbsp;&nbsp;&nbsp;&nbsp; The Preferred Shares (including any
Preferred Shares represented by Depositary Shares or that are duly issued upon
the exercise of Preferred Stock Warrants, Purchase Contracts or Units and
receipt by the Company of any additional consideration payable upon such
exercise) will be validly issued, fully paid and nonassessable, provided that
(i) such Preferred Shares are specifically authorized for issuance by
Authorizing Resolutions which include the terms on and consideration for which
the Preferred Shares are to be issued, (ii) the offer and sale of the Preferred
Shares and the issuance and delivery thereof are in conformity with the
Company&#146;s charter and bylaws, and do not violate any applicable law, or result
in a default under or breach of any agreement or instrument binding on the
Company or a violation of any restriction imposed by any court or governmental
body having jurisdiction over the Company and (iii) the Company has received the
consideration provided for in the applicable Authorizing Resolutions. </P>
<P align=justify style="text-indent:5%">3.&nbsp;&nbsp;&nbsp;&nbsp; The Company has the corporate
authority under Nevada law to execute and deliver one or more Indentures and the
Debt Securities. </P>
<P align=justify style="text-indent:5%">4.&nbsp;&nbsp;&nbsp;&nbsp; The Company has the corporate
authority under Nevada law to execute and deliver one or more Debt Warrant
Agreements. </P>
<P align=justify style="text-indent:5%">5.&nbsp;&nbsp;&nbsp;&nbsp; The Company has the corporate
authority under Nevada law to execute and deliver one or more Preferred Stock
Warrant Agreements. </P>
<P align=justify style="text-indent:5%">6.&nbsp;&nbsp;&nbsp;&nbsp; The Company has the corporate
authority under Nevada law to execute and deliver one or more Common Stock
Warrant Agreements. </P>
<P align=justify style="text-indent:5%">7.&nbsp;&nbsp;&nbsp;&nbsp; The Company has the corporate
authority under Nevada law to execute and deliver one or more Deposit
Agreements. </P>
<P align=justify style="text-indent:5%">8.&nbsp;&nbsp;&nbsp;&nbsp; The Company has the corporate
authority under Nevada law to execute and deliver one or more Purchase Contracts
Agreements. </P>
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<P align=justify style="text-indent:5%">9.&nbsp;&nbsp;&nbsp;&nbsp; The Company has the corporate
authority under Nevada law to execute and deliver one or more Unit Agreements.
</P>
<P align=justify>The foregoing opinions are qualified to the extent that the
enforceability of any document, instrument or Securities may be limited by or
subject to bankruptcy, insolvency, receivership, fraudulent transfer or
conveyance, reorganization, moratorium or other similar laws relating to or
affecting creditors&#146; rights generally, and general equitable or public policy
principles.</P>
<P align=justify>In providing this opinion, we have relied as to certain matters
on information obtained from public officials and officers or agents of the
Company.</P>
<P align=justify>We express no opinions concerning: (i) the validity or
enforceability of any provisions contained in the Debt Securities, Indenture,
Debt Warrant Agreement, Preferred Stock Warrant Agreement, Common Stock Warrant
Agreement, Deposit Agreement, Purchase Agreement or Unit Agreement, as
applicable, that purport to waive or not give effect to rights to notices,
defenses, subrogation or other rights or benefits that cannot be effectively
waived under applicable law; and (ii) any securities into which the Debt
Securities, Debt Warrants, Preferred Stock Warrants, Common Stock Warrants,
Depositary Shares, Purchase Contracts or Units, as applicable, may be
convertible or exercisable, except as opined to herein. Furthermore, the
opinions expressed herein as to the Indenture and the Debt Securities do not
include any opinion with respect to the creation, validity, perfection or
priority of any security interest or lien or any opinion with respect to
compliance with laws relating to the permissible rates of interest.</P>
<P align=justify>It is understood that this opinion is to be used only in
connection with the Registration Statement. </P>
<P align=justify>Please note that we are opining only as to the matters
expressly set forth herein, and no opinion should be inferred as to any other
matters. This opinion is limited to matters governed by the Nevada Revised
Statutes (including the statutory provisions and reported judicial decisions
interpreting such law) and the laws of the State of Nevada. We disclaim any
obligation to update this opinion or otherwise advise you of any change in any
of these sources of law or subsequent legal or factual developments which might
affect any matters or opinions set forth herein, nor do we deliver any opinion
as to the extent to which any laws other than the laws of the State of Nevada
apply or the effect of any such other laws should they apply.</P>
<P align=justify>We hereby consent to the filing of this opinion as Exhibit 5.1
to the Registration Statement and to the use of our name under the caption
&#147;Legal Matters&#148; in the Registration Statement and in the Prospectus and any
supplement thereto. In giving this consent, we do not thereby admit that we are
within the category of persons whose consent is required under Section 7 of the
Act or the rules and regulations of the Commission promulgated thereunder.
Subject to all of the qualifications, limitations, exceptions, restrictions and
assumptions set forth herein, Hogan Lovells US LLP may rely on this opinion as
if it were an addressee hereof on this date for the sole purpose of rendering
its opinion letter to the Company relating to the validity of the Securities
(other than the Common Shares and Preferred Shares), as filed with the
Commission as Exhibit 5.3 to the Registration Statement. </P>
<P align=justify>Sincerely,</P>
<P align=justify>/s/ Gary R. Henrie </P>
<P align=justify>Gary R. Henrie</P>
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<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>4
<FILENAME>exhibit5-2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
<HTML>
<HEAD>
   <TITLE>Lightbridge Corp.: Exhibit 5.2 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
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<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>Gary R. Henrie <BR></B>Attorney at Law<BR>Licensed in the
States of Utah and Nevada <B></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>486 W. 1360 N. </TD>
    <TD align=right width="50%">Telephone: 801-310-1419 </TD></TR>
  <TR vAlign=top>
    <TD align=left>American Fork, UT 84003 </TD>
    <TD align=right width="50%">e-mail: grhlaw@hotmail.com
</TD></TR></TABLE>
<P align=justify>June 11, 2015 </P>
<P align=justify>Lightbridge Corporation <BR>1600 Tysons Blvd., Suite 550
<BR>McLean, Virginia 22102 </P>
<P align=justify>Re:&nbsp;&nbsp;&nbsp;&nbsp; <U>Registration Statement on Form
S-3</U> </P>
<P align=justify>Ladies and Gentlemen: </P>
<P align=justify>We are acting as special Nevada counsel for Lightbridge
Corporation, a Nevada corporation (the &#147;<B>Company</B>&#148;), in connection with the
sale from time to time by the Company of shares of its common stock, par value
$0.001 per share (the &#147;<B>Shares</B>&#148;), having an aggregate offering price of up
to $478,500 through MLV &amp; Co. LLC (&#147;<B>MLV</B>&#148;) as the sales agent, to be
issued pursuant to a registration statement on Form S-3 filed by the Company
with the Securities and Exchange Commission (the &#147;<B>Commission</B>&#148;) on June
11, 2015 (the &#147;<B>Registration Statement</B>&#148;), the base prospectus included in
the Registration Statement (the &#147;<B>Base Prospectus</B>&#148;) and the related sales
agreement prospectus included in the Registration Statement (together with the
Base Prospectus, the &#147;<B>Prospectus</B>&#148;), and that certain At-the-Market
Issuance Sales Agreement, dated as of June 11, 2015, by and between the Company
and MLV (the &#147;<B>Sales Agreement</B>&#148;). </P>
<P align=justify>We have reviewed and are familiar with such corporate
proceedings and other matters as we have deemed necessary for this opinion.</P>
<P align=justify>In rendering the opinion set forth below, we have assumed that
(i) all information contained in all documents reviewed by us is true and
correct; (ii) all signatures on all documents examined by us are genuine; (iii)
all documents submitted to us as originals are authentic and all documents
submitted to us as copies conform to the originals of those documents; and (iv)
each natural person signing any document reviewed by us had the legal capacity
to do so.</P>
<P align=justify>Based upon, subject to and limited by the foregoing, we are of
the opinion that, as of the date hereof, the Shares have been duly authorized by
all necessary corporate action on the part of the Company and, following (i)
issuance and delivery of the Shares in the manner contemplated by the Sales
Agreement, and (ii) receipt by the Company of the consideration for the Shares
specified in the resolutions of the Board of Directors of the Company and the
Pricing Committee of such Board, the Shares will be validly issued, fully paid,
and nonassessable. </P>
<P align=justify>In providing this opinion, we have relied as to certain matters
on information obtained from public officials and officers or agents of the
Company.</P>
<P align=justify>Please note that we are opining only as to the matters
expressly set forth herein, and no opinion should be inferred as to any other
matters. This opinion is limited to matters governed by the Nevada Revised
Statutes (including the statutory provisions and reported judicial decisions
interpreting such law) and the laws of the State of Nevada. We disclaim any
obligation to update this opinion or otherwise advise you of any change in any
of these sources of law or subsequent legal or factual developments which might
affect any matters or the opinion set forth herein, nor do we deliver any opinion as to
the extent to which any laws other than the laws of the State of Nevada apply or
the effect of any such other laws should they apply.</P>
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<P align=justify>We hereby consent to the filing of this opinion as Exhibit 5.2
to the Registration Statement and to the use of our name under the caption
&#147;Legal Matters&#148; in the Registration Statement and in the Prospectus and any
supplement thereto. In giving this consent, we do not thereby admit that we are
within the category of persons whose consent is required under Section 7 of the
Act or the rules and regulations of the Commission promulgated thereunder.</P>
<P align=justify>Sincerely, </P>
<P align=justify>/s/ Gary R. Henrie </P>
<P align=justify>Gary R. Henrie</P>
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<DOCUMENT>
<TYPE>EX-5.3
<SEQUENCE>5
<FILENAME>exhibit5-3.htm
<DESCRIPTION>EXHIBIT 5.3
<TEXT>
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  <TR vAlign=top>
    <TD align=left rowSpan=7>
    <IMG src="exhibit5-3x1x1.jpg" border=0 width="104" height="103"><BR></TD>
    <TD align=left width="30%" >Hogan Lovells US LLP </TD></TR>
  <TR vAlign=top>
    <TD align=left width="30%" >One Tabor Center, Suite 1500
  </TD></TR>
  <TR vAlign=top>
    <TD align=left width="30%" >1200 Seventeenth Street </TD></TR>
  <TR vAlign=top>
    <TD align=left width="30%" >Denver, CO 80202 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="30%" >T&nbsp; +1 303 899 7300 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="30%" >F&nbsp; +1 303 899 7333 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="30%" >www.hoganlovells.com
  </TD></TR></TABLE>
<P align=justify>June 11, 2015 </P>
<P align=justify>Board of Directors <BR>Lightbridge Corporation <BR>1600 Tysons
Boulevard, Suite 550 <BR>McLean, Virginia 22102 </P>
<P align=justify>Ladies and Gentlemen: </P>
<P align=justify>We are acting as counsel to Lightbridge Corporation, a Nevada
corporation (the &#147;<B>Company</B>&#148;), in connection with its registration
statement on Form S-3, as amended (the &#147;<B>Registration Statement</B>&#148;), filed
with the Securities and Exchange Commission relating to the proposed public
offering of up to $75,000,000 in aggregate amount of one or more series of the
following securities of the Company: (i) debt securities (the &#147;<B>Debt
Securities</B>&#148;); (ii) shares of preferred stock, $0.001 par value per share
(the &#147;<B>Preferred Shares</B>&#148;); (iii) shares of common stock, $0.001 par value
per share (the &#147;<B>Common Shares</B>&#148;); (iv) warrants to purchase Debt
Securities (the &#147;<B>Debt Warrants</B>&#148;); (v) warrants to purchase Preferred
Shares (the &#147;<B>Preferred Stock Warrants</B>&#148;); (vi) warrants to purchase Common
Shares (the &#147;<B>Common Stock Warrants</B>&#148;); (vii) Preferred Shares represented
by depositary receipts (the &#147;<B>Depositary Shares</B>&#148;); (viii) purchase
contracts to purchase or sell Debt Securities, Preferred Shares, Common Shares,
Debt Warrants, Preferred Stock Warrants, Common Stock Warrants or Depositary
Shares, or debt obligations of third parties (the &#147;<B>Purchase Contracts</B>&#148;);
and (ix) units consisting of any combination of two or more of the foregoing
(the &#147;<B>Units</B>,&#148; and together with the Debt Securities, Preferred Shares,
Common Shares, Debt Warrants, Preferred Stock Warrants, Common Stock Warrants,
Depositary Shares and Purchase Contracts, the &#147;<B>Securities</B>&#148;), all of which
may be sold from time to time and on a delayed or continuous basis, as set forth
in the prospectus which forms a part of the Registration Statement, and as to be
set forth in one or more supplements to the prospectus. This opinion letter is
furnished to you at your request to enable you to fulfill the requirements of
Item 601(b)(5) of Regulation S-K, 17 C.F.R. &#167; 229.601(b)(5), in connection with
the Registration Statement. </P>
<P align=justify>For purposes of this opinion letter, we have examined copies of
such agreements, instruments and documents as we have deemed an appropriate
basis on which to render the opinions hereinafter expressed. In our examination
of the aforesaid documents, we have assumed the genuineness of all signatures,
the legal capacity of all natural persons, the accuracy and completeness of all
documents submitted to us, the authenticity of all original documents, and the
conformity to authentic original documents of all documents submitted to us as
copies (including telecopies). As to all matters of fact, we have relied on the
representations and statements of fact made in the documents so reviewed, and we
have not independently established the facts so relied on. This opinion letter
is given, and all statements herein are made, in the context of the foregoing.
</P>
<P align=justify><font style="font-size: 8pt">Hogan Lovells US LLP is a limited liability partnership
registered in the District of Columbia. &#147;Hogan Lovells&#148; is an international
legal practice that includes Hogan Lovells US LLP and Hogan Lovells
International LLP, with offices in: Alicante Amsterdam Baltimore Beijing Berlin
Brussels Caracas Colorado Springs Denver Dubai Dusseldorf Frankfurt Hamburg
Hanoi Ho Chi Minh City Hong Kong Houston London Los Angeles Madrid Miami Milan
Moscow Munich New York Northern Virginia Paris Philadelphia Prague Rome San
Francisco Shanghai Silicon Valley Singapore Tokyo Ulaanbaatar Warsaw Washington
DC Associated offices: Budapest Jakarta Jeddah Riyadh Zagreb. For more
information see www.hoganlovells.com </font> </P>
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  <TR vAlign=top>
    <TD align=left>Board of Directors </TD>
    <TD align=center width="33%">- 2 - </TD>
    <TD align=right width="33%">June 11, 2015 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Lightbridge Corporation </TD>
    <TD align=left width="33%">&nbsp; </TD>
    <TD align=left width="33%">&nbsp; </TD></TR></TABLE>
<P align=justify>For purposes of this opinion letter, we have assumed that (i)
the issuance, sale, amount and terms of any Securities of the Company to be
offered from time to time will have been duly authorized and established by proper action of the Board of Directors of the
Company or a duly authorized committee of such board (&#147;<B>Board Action</B>&#148;)
consistent with the procedures and terms described in the Registration Statement
and in accordance with the Company&#146;s charter and bylaws and applicable Nevada
corporate law, in a manner that does not violate any law, government or
court-imposed order or restriction or agreement or instrument then binding on
the Company or otherwise impair the legal or binding nature of the obligations
represented by the applicable Securities; (ii) at the time of offer, issuance
and sale of any Securities, the Registration Statement will have been declared
effective under the Securities Act of 1933, as amended (the &#147;<B>Act</B>&#148;), and
no stop order suspending its effectiveness will have been issued and remain in
effect; (iii) any Debt Securities will be issued pursuant to an indenture for
Debt Securities substantially in the form of such indenture incorporate by
reference as Exhibit 4.5 to the Registration Statement, with items shown in such
exhibit as subject to completion completed in a satisfactory manner; (iv) the
indenture under which any Debt Securities are issued will be qualified under the
Trust Indenture Act of 1939, as amended; (v) any Debt Warrants will be issued
under one or more debt warrant agreements, each to be between the Company and a
financial institution identified therein as a warrant agent; (vi) any Preferred
Stock Warrants will be issued under one or more equity warrant agreements, each
to be between the Company and a financial institution identified therein as a
warrant agent; (vii) any Common Stock Warrants will be issued under one or more
equity warrant agreements, each to be between the Company and a financial
institution identified therein as a warrant agent; (viii) prior to any issuance
of Preferred Shares or Depositary Shares, appropriate certificates of
designation will be accepted for record by the Secretary of State of the State
of Nevada; (ix) any Depositary Shares will be issued under one or more deposit
agreements by the financial institution identified therein as a depositary, each
deposit agreement to be between the Company and the financial institution
identified therein as a depositary; (x) any Purchase Contracts will be issued
under one or more agreements, each to be between the Company and a financial
institution or other party identified therein; (xi) any Units will be issued
under one or more unit agreements, each to be between the Company and a
financial institution or other party identified therein as unit agent; (xii) if
being sold by the issuer thereof, the Securities will be delivered against
payment of valid consideration therefor and in accordance with the terms of the
applicable Board Action authorizing such sale and any applicable underwriting
agreement or purchase agreement and as contemplated by the Registration
Statement and/or the applicable prospectus supplement; and (xiii) the Company
will remain a Nevada corporation.</P>
<P align=justify>To the extent that the obligations of the Company with respect
to the Securities may be dependent upon such matters, we assume for purposes of
this opinion that the other party under the indenture for any Debt Securities,
under the warrant agreement for any Debt Warrants, Preferred Stock Warrants or
Common Stock Warrants, under the deposit agreement for any Depositary Shares,
under the purchase agreement for any Purchase Contracts, and under the unit
agreement for any Units and namely, the trustee, the warrant agent, the
depositary, the applicable counterparty or the unit agent, respectively, is duly
organized, validly existing and in good standing under the laws of its
jurisdiction of organization; that such other party is duly qualified to engage
in the activities contemplated by such indenture, warrant agreement, deposit
agreement, purchase agreement or unit agreement, as applicable; that such
indenture, warrant agreement, deposit agreement, purchase agreement or unit
agreement, as applicable, has been duly authorized, executed and delivered by
the other party and constitutes the legal, valid and binding obligation of the
other party enforceable against the other party in accordance with its
terms; that such other party is in compliance with respect to performance of its
obligations under such indenture, warrant agreement, deposit agreement, purchase
agreement or unit agreement, as applicable, with all applicable laws and
regulations; and that such other party has the requisite organizational and
legal power and authority to perform its obligations under such indenture,
warrant agreement, deposit agreement, purchase agreement or unit agreement, as
applicable. </P>
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  <TR vAlign=top>
    <TD align=left>Board of Directors </TD>
    <TD align=center width="33%">- 3 - </TD>
    <TD align=right width="33%">June 11, 2015 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Lightbridge Corporation </TD>
    <TD align=left width="33%">&nbsp; </TD>
    <TD align=left width="33%">&nbsp; </TD></TR></TABLE>
<P align=justify>This opinion letter is based as to matters of law solely on the
applicable provisions of the laws of the State of New York (but not including
any laws, statutes, ordinances, administrative decisions, rules or regulations
of any political subdivision below the state level). We express no opinion
herein as to any other laws, statutes, ordinances, rules, or regulations (and in
particular, we express no opinion as to any effect that such other laws,
statutes, ordinances, rules, or regulations may have on the opinions expressed
herein). </P>
<P align=justify>Based upon, subject to and limited by the foregoing, we are of
the opinion that:</P>
<P align=justify style="text-indent:5%">(a)&nbsp;&nbsp;&nbsp;&nbsp; The Debt Securities (including any
Debt Securities duly issued upon the exercise of Debt Warrants, Purchase
Contracts or Units), upon due execution and delivery of an indenture relating
thereto on behalf of the Company and the trustee named therein, and upon
authentication by such trustee and due execution and delivery on behalf of the
Company in accordance with the indenture and any supplemental indenture relating
thereto, will constitute valid and binding obligations of the Company.</P>
<P align=justify style="text-indent:5%">(b)&nbsp;&nbsp;&nbsp;&nbsp; The Debt Warrants, upon due
execution and delivery of a debt warrant agreement relating thereto on behalf of
the Company and the warrant agent named therein and due authentication of the
Debt Warrants by such warrant agent, and upon due execution and delivery of the
Debt Warrants on behalf of the Company, will constitute valid and binding
obligations of the Company. </P>
<P align=justify style="text-indent:5%">(c)&nbsp;&nbsp;&nbsp;&nbsp; The Preferred Stock Warrants, upon
due execution and delivery of an equity warrant agreement relating thereto on
behalf of the Company and the warrant agent named therein and due authentication
of the Preferred Stock Warrants by such warrant agent, and upon due execution
and delivery of the Preferred Stock Warrants on behalf of the Company, will
constitute valid and binding obligations of the Company. </P>
<P align=justify style="text-indent:5%">(d)&nbsp;&nbsp;&nbsp;&nbsp; The Common Stock Warrants, upon due
execution and delivery of an equity warrant agreement relating thereto on behalf
of the Company and the warrant agent named therein and due authentication of the
Common Stock Warrants by such warrant agent, and upon due execution and delivery
of the Common Stock Warrants on behalf of the Company, will constitute valid and
binding obligations of the Company. </P>
<P align=justify style="text-indent:5%">(e)&nbsp;&nbsp;&nbsp;&nbsp; The depositary receipts evidencing
the Depositary Shares, upon due countersignature thereof and issuance against a
deposit of duly authorized and validly issued Preferred Shares in accordance
with the deposit agreement relating thereto, will be validly issued and entitle
the holders thereof to the rights specified in such depositary receipts and
deposit agreement. </P>
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  <TR vAlign=top>
    <TD align=left>Board of Directors </TD>
    <TD align=center width="33%">- 4 - </TD>
    <TD align=right width="33%">June 11, 2015 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Lightbridge Corporation </TD>
    <TD align=left width="33%">&nbsp; </TD>
    <TD align=left width="33%">&nbsp; </TD></TR></TABLE>
<P align=justify style="text-indent:5%">(f)&nbsp;&nbsp;&nbsp;&nbsp; The Purchase Contracts, upon due
execution and delivery of a purchase agreement relating thereto on behalf of the
Company, and upon due execution and delivery of one or more certificates bearing
such terms on behalf of the Company, will constitute valid and binding
obligations of the Company. </P>
<P align=justify style="text-indent:5%">(g)&nbsp;&nbsp;&nbsp;&nbsp; The Units, upon due execution and
delivery of a unit agreement relating thereto on behalf of the Company and the
unit agent named therein, upon due authentication of the Units by such unit
agent, and upon due execution and delivery of such Units and the underlying
securities that are components of such Units in accordance with any applicable
unit agreement and the applicable indenture (in the case of underlying Debt
Securities), certificate of designations (in the case of underlying Preferred
Stock), deposit agreement (in the case of underlying Depositary Shares), warrant
agreement (in the case of underlying Debt Warrants, Preferred Stock Warrants or
Common Stock Warrants, as applicable), or purchase agreement (in the case of
underlying Purchase Contracts), and assuming that the underlying securities that
are components of such Units have been duly and properly authorized for issuance
and constitute valid and binding obligations enforceable against the issuer
thereof in accordance with their terms, such Units will constitute valid and
binding obligations of the Company. </P>
<P align=justify>The opinions expressed above with respect to the valid and
binding nature of obligations may be limited by bankruptcy, insolvency,
reorganization, receivership, moratorium or other laws affecting creditors&#146;
rights (including, without limitation, the effect of statutory and other law
regarding fraudulent conveyances, fraudulent transfers and preferential
transfers) and by the exercise of judicial discretion and the application of
principles of equity, good faith, fair dealing, reasonableness, conscionability
and materiality (regardless of whether the Securities are considered in a
proceeding in equity or at law). </P>
<P align=justify>This opinion letter has been prepared for use in connection
with the Registration Statement. We assume no obligation to advise you of any
changes in the foregoing subsequent to the effective date of the Registration
Statement. </P>
<P align=justify>We hereby consent to the filing of this opinion letter as
Exhibit 5.3 to the Registration Statement and to the reference to this firm
under the caption &#147;Legal Matters&#148; in the prospectus constituting a part of the
Registration Statement. In giving this consent, we do not thereby admit that we
are an &#147;expert&#148; within the meaning of the Act. </P>
<P align=justify>Very truly yours, </P>
<P align=justify>/s/ HOGAN LOVELLS US LLP </P>
<P align=justify>HOGAN LOVELLS US LLP</P>
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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>6
<FILENAME>exhibit23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<P><!--$$/page=--><A name=page_1></A><BR>
<IMG src="exhibit23-1x1x1.jpg" border=0>&nbsp;</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="16%"
    align=left borderColor=#c0c0c0 style="BORDER-TOP: #EEEEEE 5px solid">&nbsp;</TD>
    <TD style="BORDER-TOP: #EEEEEE 5px solid; BORDER-LEFT: #EEEEEE 5px solid"
    borderColor=#c0c0c0 align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #EEEEEE 5px solid" borderColor=#c0c0c0 align=center
    width="82%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 0px solid" borderColor=#c0c0c0
    align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 0px solid; BORDER-LEFT: #EEEEEE 5px solid"
    borderColor=#c0c0c0 align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 0px solid" borderColor=#c0c0c0 align=center
    width="82%">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</TD></TR>
  <TR vAlign=top>
    <TD align=right>Russell E. Anderson, CPA&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-LEFT: #EEEEEE 5px solid" borderColor=#c0c0c0 align=right
    width="2%">&nbsp;</TD>
    <TD align=right width="82%"></TD></TR>
  <TR vAlign=top>
    <TD align=right>Russ Bradshaw, CPA&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-LEFT: #EEEEEE 5px solid" borderColor=#c0c0c0 align=right
    width="2%">&nbsp;</TD>
    <TD align=right width="82%"></TD></TR>
  <TR vAlign=top>
    <TD align=right>William R. Denney, CPA&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-LEFT: #EEEEEE 5px solid" borderColor=#c0c0c0 align=right
    width="2%">&nbsp;</TD>
    <TD align=right width="82%"></TD></TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;Kristofer Heaton, CPA&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-LEFT: #EEEEEE 5px solid" borderColor=#c0c0c0 align=left
    width="2%">&nbsp;</TD>
    <TD align=left
      width="82%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD style="BORDER-LEFT: #EEEEEE 5px solid" borderColor=#c0c0c0 align=left
    width="2%">&nbsp;</TD>
    <TD align=left width="82%">To the Board of Directors </TD></TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD style="BORDER-LEFT: #EEEEEE 5px solid" borderColor=#c0c0c0 align=left
    width="2%">&nbsp;</TD>
    <TD align=left width="82%">Lightbridge Corporation </TD></TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD style="BORDER-LEFT: #EEEEEE 5px solid" borderColor=#c0c0c0 align=left
    width="2%">&nbsp;</TD>
    <TD align=left width="82%">1600 Tysons Boulevard, Suite 550 </TD></TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD style="BORDER-LEFT: #EEEEEE 5px solid" borderColor=#c0c0c0 align=left
    width="2%">&nbsp;</TD>
    <TD align=left width="82%">McLean, VA 22102 </TD></TR>
  <TR>
    <TD align=right>&nbsp;</TD>
    <TD style="BORDER-LEFT: #EEEEEE 5px solid" borderColor=#c0c0c0 align=left
    width="2%">&nbsp;</TD>
    <TD align=left width="82%">&nbsp; </TD></TR>
  <TR>
    <TD align=right>&nbsp;</TD>
    <TD style="BORDER-LEFT: #EEEEEE 5px solid" borderColor=#c0c0c0 align=left
    width="2%">&nbsp;</TD>
    <TD align=left width="82%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=right></TD>
    <TD style="BORDER-LEFT: #EEEEEE 5px solid" borderColor=#c0c0c0 align=left
    width="2%">&nbsp;</TD>
    <TD align=justify width="82%">We hereby consent to the use of our report dated March 25,
2015, with respect to the financial statements of Lightbridge Corporation
incorporated by reference in the Registration Statement on Form S-3 to be filed
on or about June 11, 2015. We also consent to the use of our name and the
reference to us in the Experts section of the Registration Statement. </TD></TR>
  <TR>
    <TD align=right>&nbsp;</TD>
    <TD style="BORDER-LEFT: #EEEEEE 5px solid" borderColor=#c0c0c0 align=left
    width="2%">&nbsp;</TD>
    <TD align=left width="82%">&nbsp; </TD></TR>
  <TR>
    <TD align=right>&nbsp;</TD>
    <TD style="BORDER-LEFT: #EEEEEE 5px solid" borderColor=#c0c0c0 align=left
    width="2%">&nbsp;</TD>
    <TD align=left width="82%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD style="BORDER-LEFT: #EEEEEE 5px solid" borderColor=#c0c0c0 align=left
    width="2%">&nbsp;</TD>
    <TD align=left width="82%">/s/Anderson Bradshaw PLLC </TD></TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD style="BORDER-LEFT: #EEEEEE 5px solid" borderColor=#c0c0c0 align=left
    width="2%">&nbsp;</TD>
    <TD align=left width="82%">Salt Lake City, Utah </TD></TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD style="BORDER-LEFT: #EEEEEE 5px solid" borderColor=#c0c0c0 align=left
    width="2%">&nbsp;</TD>
    <TD align=left width="82%">June 11, 2015 </TD></TR>
  <TR>
    <TD align=right>&nbsp;</TD>
    <TD style="BORDER-LEFT: #EEEEEE 5px solid" borderColor=#c0c0c0 align=left
    width="2%">&nbsp;</TD>
    <TD align=left width="82%">&nbsp; </TD></TR>
  <TR>
    <TD align=right>&nbsp;</TD>
    <TD style="BORDER-LEFT: #EEEEEE 5px solid" borderColor=#c0c0c0
    width="2%">&nbsp;</TD>
    <TD width="82%">&nbsp; </TD></TR>
  <TR>
    <TD align=right>&nbsp;</TD>
    <TD style="BORDER-LEFT: #EEEEEE 5px solid" borderColor=#c0c0c0
    width="2%">&nbsp;</TD>
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  <TR>
    <TD align=right>&nbsp;</TD>
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    width="2%">&nbsp;</TD>
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  <TR vAlign=top>
    <TD align=right>5296 S. Commerce Dr&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</TD>
    <TD style="BORDER-LEFT: #EEEEEE 5px solid" borderColor=#c0c0c0 align=left
    width="2%">&nbsp;</TD>
    <TD align=left width="82%"></TD></TR>
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    <TD align=right>Suite 300&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</TD>
    <TD style="BORDER-LEFT: #EEEEEE 5px solid" borderColor=#c0c0c0 align=left
    width="2%">&nbsp;</TD>
    <TD align=left
      width="82%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>Salt Lake City, Utah&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</TD>
    <TD style="BORDER-LEFT: #EEEEEE 5px solid" borderColor=#c0c0c0 align=left
    width="2%">&nbsp;</TD>
    <TD align=left width="82%"></TD></TR>
  <TR vAlign=top>
    <TD align=right>84107&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</TD>
    <TD style="BORDER-LEFT: #EEEEEE 5px solid" borderColor=#c0c0c0 align=left
    width="2%">&nbsp;</TD>
    <TD align=left
      width="82%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
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    <TD align=right>USA&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
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    width="2%">&nbsp;</TD>
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    </TD></TR>
  <TR vAlign=top>
    <TD align=right>(T) 801.281.4700&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</TD>
    <TD style="BORDER-LEFT: #EEEEEE 5px solid" borderColor=#c0c0c0 align=left
    width="2%">&nbsp;</TD>
    <TD align=left width="82%"></TD></TR>
  <TR vAlign=top>
    <TD align=right>(F) 801.281.4701&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</TD>
    <TD style="BORDER-LEFT: #EEEEEE 5px solid" borderColor=#c0c0c0 align=left
    width="2%">&nbsp;</TD>
    <TD align=left width="82%"></TD></TR>
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    <TD align=left width="82%">&nbsp; </TD></TR>
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    width="2%">&nbsp;</TD>
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    <TD align=right>abcpas.net&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</TD>
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