<SEC-DOCUMENT>0001144204-16-116088.txt : 20160803
<SEC-HEADER>0001144204-16-116088.hdr.sgml : 20160803
<ACCEPTANCE-DATETIME>20160803092537
ACCESSION NUMBER:		0001144204-16-116088
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20160802
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160803
DATE AS OF CHANGE:		20160803

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VISTA GOLD CORP
		CENTRAL INDEX KEY:			0000783324
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			B0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09025
		FILM NUMBER:		161802422

	BUSINESS ADDRESS:	
		STREET 1:		7961 SHAFFER PKWY
		CITY:			LITTLETON
		STATE:			CO
		ZIP:			80127
		BUSINESS PHONE:		720-981-1185

	MAIL ADDRESS:	
		STREET 1:		7961 SHAFFER PKWY
		CITY:			LITTLETON
		STATE:			CO
		ZIP:			80127

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GRANGES INC
		DATE OF NAME CHANGE:	19950602

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GRANGES EXPLORATION LTD
		DATE OF NAME CHANGE:	19890619
</SEC-HEADER>
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<TYPE>8-K
<SEQUENCE>1
<FILENAME>v445863_8k.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B><BR>
<B>SECURITIES AND EXCHANGE COMMISSION</B><BR>
<B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">_________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Pursuant to Section 13 or 15(d) of the<BR>
Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Date of Report: August 2, 2016</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Date of earliest event reported)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>VISTA
GOLD CORP. </B></FONT><BR>
<FONT STYLE="font-size: 10pt">(Exact Name of Registrant as Specified in Charter)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>British Columbia, Canada</B><BR>
(State or Other Jurisdiction of Incorporation)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 49%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>1-9025</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(Commission File Number) </FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 49%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Not Applicable</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(IRS Employer Identification No.) </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>7961 Shaffer parkway, suite
5, littleton, colorado 80127</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address of Principal Executive Offices
and Zip Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Registrant&rsquo;s telephone number, including area code:&nbsp;&nbsp;
<B>(720) 981-1185</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Item 1.01 Entry into a Material Definitive
Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Underwriting Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 2, 2016, Vista Gold Corp.
(the &ldquo;<B>Registrant</B>&rdquo;) entered into an underwriting agreement (the &ldquo;<B>Underwriting
Agreement</B>&rdquo;) by and among the Registrant and Cantor Fitzgerald Canada Corporation (&ldquo;<B>CFCC</B>&rdquo;) and
Rodman &amp; Renshaw a unit of H.C. Wainwright &amp; Co., LLC (together with CFCC,<B> </B>the &ldquo;<B>Co-Lead
Underwriters</B>&rdquo; and acting as joint bookrunners), for a syndicate of underwriters, including Sprott Private Wealth
LP, Roth Capital Partners, LLC and Jett Capital Advisors, LLC, acting as co-managers (collectively with the Co-Lead
Underwriters, the <B>&ldquo;Underwriters&rdquo;</B>). The Underwriting Agreement relates to the offer and sale in the United
States and Canada of up to 10,750,000 units (the &ldquo;<B>Units</B>&rdquo;) of the Registrant at a public offering price of
$1.40 per Unit, each Unit consisting of one common share of the Registrant and one half (1/2) of a warrant to purchase a
common share at an exercise price of $1.92 per common share. The Registrant has granted the underwriters an option,
exercisable at the offering price until one business day prior to the closing date of the Offering, to purchase up to an
additional 15% of the base Units offered in the Offering (which may be exercised for Units, Shares, Warrants or a combination
thereof) to cover over-allotments, if any, and for market stabilization purposes. The Offering is expected to close on August
8, 2016, subject to obtaining customary TSX and NYSE MKT approvals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The offering is registered under the Registrant&rsquo;s
shelf registration statement on Form S-3 (Registration No. 333-196527), including a base prospectus dated August 15, 2014, as supplemented
by a prospectus supplement dated August 2, 2016. The offering is being made concurrently in Canada pursuant to a Canadian Prospectus
and Prospectus Supplement filed with the securities commissions or similar regulatory authorities in the provinces of Canada (except
Quebec) for the purpose of qualifying the Units for sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underwriting Agreement contains customary
representations, warranties and covenants by the Registrant, conditions to closing and indemnification provisions, as well as a
form lock-up agreement that will be signed by certain of the Registrant&rsquo;s directors and officers, filed herewith as Exhibit
&ldquo;B&rdquo; to Exhibit 1.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underwriting Agreement provides that
the Registrant will pay the Underwriters cash compensation in amount equal to 6% of the aggregate gross proceeds of the offering (3%
for Units purchased pursuant to a president&rsquo;s list) and warrants equal to 3% of the number of common shares issued in the
offering (1.5% of the number of common shares issued pursuant to the president&rsquo;s list), exercisable in the same terms as
warrants issued in the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The above description of the material terms
of the Underwriting Agreement is qualified in its entirety by the full terms and conditions of the Underwriting Agreement, attached
hereto as Exhibit 1.1 and incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 7.01 Regulation FD Disclosure</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">On August
2, 2016, the Registrant issued a press release, a copy of which is attached to this report as Exhibit 99.1. In accordance with
General Instruction B.1 of Form 8-K, the information set forth herein and in the press release is deemed to be &ldquo;furnished&rdquo;
and shall not be deemed to be &ldquo;filed&rdquo; for purposes of the United States Securities Exchange Act of 1934, as amended.
The information set forth in Item 7.01 of this report shall not be deemed an admission as to the materiality of any information
in this report on Form 8-K that is required to be disclosed solely to satisfy the requirements of Regulation FD. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 9.01 Financial Statements and Exhibits.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(d)</TD><TD STYLE="text-align: justify">Exhibits</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1in; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
    No.&#9;</FONT></TD>
    <TD STYLE="width: 0.25in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting Agreement, dated August 2, 2016*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borden Ladner Gervais LLP Opinion*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press Release, dated August 2, 2016**</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Borden Ladner Gervais LLP (contained in Exhibit 5.1)</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: -9pt; text-align: justify">*
The foregoing Exhibits are hereby incorporated by reference into the Registrant&rsquo;s Registration Statement on Form S-3
(File No. 333-196527), filed with the SEC on June 5, 2014, as declared effective on August 15, 2014, pursuant to the
United States Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: -9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: -9pt; text-align: justify">** The exhibit relating to Item
7.01 is intended to be furnished to, not filed with, the SEC pursuant to Regulation FD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: -9pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with the requirements of
the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VISTA GOLD CORP.</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Registrant) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 49%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:&nbsp;August 3, 2016</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/John F. Engele</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">John F. Engele</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Financial Officer</P>

</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>v445863_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 1.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXECUTION VERSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNDERWRITING AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">August 2, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Vista Gold Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Suite 5, 7961 Shaffer Parkway</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Littleton, Colorado</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">80127 USA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Attention: Mr. Frederick H. Earnest, President
and Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cantor Fitzgerald Canada
Corporation (&ldquo;<B>CFCC</B>&rdquo;) and Rodman &amp; Renshaw a unit of H.C. Wainwright &amp; Co., LLC (together with CFCC,<B>
</B>the &ldquo;<B>Co-Lead Underwriters</B>&rdquo; and acting as joint bookrunners), together with Sprott Private Wealth LP, Roth
Capital Partners, LLC and Jett Capital Advisors, LLC acting as co-managers (collectively with the Co-Lead Underwriters, the <B>&ldquo;Underwriters&rdquo;</B>),
understand that, subject to the terms and conditions stated herein, Vista Gold Corp., a company continued under the <I>Business
Corporations Act</I> (British Columbia)<I> </I>(the &ldquo;<B>Company</B>&rdquo;), proposes to issue and sell to the Underwriters
an aggregate of 10,750,000 units (the &ldquo;<B>Firm</B> <B>Units</B>&rdquo;), each Firm Unit consisting of one common share in
the capital of the Company (a &ldquo;<B>Unit Share</B>&rdquo;) and one-half of one common share purchase warrant in the capital
of the Company (each full warrant, a &ldquo;<B>Warrant</B>&rdquo;), with each Warrant entitling the holder thereof to purchase
one common share in the capital of the Company (each a &ldquo;<B>Warrant Share</B>&rdquo;) at any time prior to 4:30 p.m. (Toronto<B>
</B>time) on the date that is thirty-six months following the Closing Date (as defined in Section&nbsp;2(3)) upon payment of the
exercise price of US$1.92 per Warrant Share. The Warrants will be issued pursuant a warrant indenture to be dated the Closing Date
between the Company and Computershare Trust Company of Canada, as warrant agent, providing for the creation and issuance of the
Warrants (the &ldquo;<B>Warrant Indenture</B>&rdquo;). The Units will separate into Unit Shares and Warrants upon closing of the
offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on the foregoing,
and subject to the terms and conditions contained in this Underwriting Agreement (this &ldquo;<B>Agreement</B>&rdquo;), the Underwriters
severally and not jointly, in respect of their percentages set forth in Section&nbsp;9 hereof, agree to purchase from the Company,
and by its acceptance hereof, the Company agrees to sell to the Underwriters, all but not less than all of the Firm Units on the
Closing Date for a purchase price of US$1.40 (the &ldquo;<B>Offering Price</B>&rdquo;) per Firm Unit, being an aggregate purchase
price of US$15,050,000 against delivery of such Firm Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the Company
proposes to grant to the Underwriters, in respect of their percentages set forth in Section&nbsp;9 hereof, an option (the &ldquo;<B>Over-Allotment
Option</B>&rdquo;), exercisable in whole or in part at any time prior to one business day before the Closing Date, to purchase
up to an additional 1,612,500 units (the &ldquo;<B>Additional Units</B>&rdquo;) each comprised of one common share (an &ldquo;<B>Additional
Unit Share</B>&rdquo;) and one half of a warrant (each full additional warrant, an &ldquo;<B>Additional Warrant</B>&rdquo;) representing
up to 15% of the aggregate number of Firm Units, at the Offering Price and upon the terms and conditions set forth herein for the
purposes of covering over-allotments and for market stabilization purposes. The additional common shares of the Company issuable
upon the exercise of Additional Warrants are hereinafter referred to as the &ldquo;<B>Additional Warrant Shares</B>&rdquo;. The
Over-Allotment Option may be exercised by the Underwriters in respect of: (i) Additional Units at the Offering Price; or (ii) Additional
Unit Shares at a price of US$1.2676<B> </B>per Additional Unit Share; or (iii) Additional Warrants at a price of US$0.2649 per
Additional Warrant; or (iv) any combination of Additional Unit Shares and/or Additional Warrants so long as the aggregate number
of Additional Unit Shares and Additional Warrants that may be issued under the Over-Allotment Option does not exceed 1,612,500
Additional Unit Shares and 806,250 Additional Warrants. The Firm Units, including the Unit Shares, the Warrant Shares, the Additional
Unit Shares, the Additional Warrant Shares, the Warrants, and the Additional Warrants shall have the attributes described in and
contemplated by the Prospectuses which are referred to below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Underwriters understand
that the Company intends to allocate US$1.2676 of the Offering Price as consideration for the issue of each Unit Share (including
any Additional Unit Shares) and US$0.1324 of the Offering Price as consideration for the issue of each one-half Warrant (including
any Additional Warrants).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Firm Units (and
as the context requires, the securities underlying the Firm Units) and the Additional Units are collectively referred to herein
as the &ldquo;<B>Units</B>&rdquo;. Any references to &ldquo;<B>Additional Units</B>&rdquo; herein shall be construed as references
to Additional Unit Shares and/or Additional Warrants, as the context requires, based on whether or not the Over-Allotment Option
is exercised and the allocation of Additional Unit Shares and/or Additional Warrants thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Section 1</TD><TD STYLE="text-align: justify">Background and Interpretation.</TD>
</TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has filed with the United States Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;) the Registration
Statement (as defined in Section&nbsp;1(3)) under the United States Securities Act of 1933, as amended (together with the rules
and regulations promulgated thereunder, the &ldquo;<B>Securities Act</B>&rdquo;), which became effective pursuant to Rule 461 under
the Securities Act on August 15, 2014 (the &ldquo;<B>Effective Date</B>&rdquo;), for the registration under the Securities Act
of up to US$50,000,000 of common shares, warrants, subscription receipts and units of the Company, including the Units. At the
time of the filing of the Registration Statement and at the time of the filing of each Annual Report on Form 10-K filed thereafter,
the Company met the requirements of Form S-3 under the Securities Act. Any reference in this Agreement to the Registration Statement,
the U.S. Base Prospectus (as defined in Section&nbsp;1(3)) or the U.S. Prospectus Supplement (as defined in Section&nbsp;1(3))
shall be deemed to refer to and include the documents incorporated by reference therein pursuant to Item 12 of Form S-3 which were
filed under the United States Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;), on or before
the date of this Agreement, or the issue date of the U.S. Base Prospectus or the U.S. Prospectus Supplement, as the case may be;
and any reference in this Agreement to the terms &ldquo;amend,&rdquo; &ldquo;amendment&rdquo; or &ldquo;supplement&rdquo; with
respect to the Registration Statement, the Time of Sale Prospectus (as defined in Section&nbsp;1(3)) or the U.S. Prospectus shall
be deemed to refer to and include the filing of any document under the Exchange Act after the date of this Agreement, or the issue
date of the Time of Sale Prospectus or the U.S. Prospectus, as the case may be, deemed to be incorporated therein by reference
or is otherwise deemed to be a part of or included therein, as the case may be, by the Securities Act. All references in this Agreement
to financial statements and schedules and other information which is &ldquo;contained,&rdquo; &ldquo;included,&rdquo; &ldquo;described,&rdquo;
&ldquo;referenced,&rdquo; &ldquo;set forth&rdquo; or &ldquo;stated&rdquo; in the Registration Statement, the Time of Sale Prospectus
(as hereinafter defined) or the U.S. Prospectus (and all other references of like import) shall be deemed to mean and include all
such financial statements and schedules and other information which is or is deemed to be incorporated by reference or is otherwise
deemed to be a part of or included in the Registration Statement, the Time of Sale Prospectus or the U.S. Prospectus , as the case
may be, by the Securities Act. No stop order suspending the effectiveness of the Registration Statement or the use of the U.S.
Prospectus has been issued, and no proceeding for any such purpose is pending or has been initiated or, to the Company's knowledge,
is threatened by the SEC. The Company will not, without the prior consent of the Co-Lead Underwriters, prepare, use or refer to,
any free writing prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has prepared and filed with the securities regulatory authorities (the &ldquo;<B>Canadian Commissions</B>&rdquo;)
in each of the provinces and territories of Canada, other than Quebec (the &ldquo;<B>Qualifying Jurisdictions</B>&rdquo;), pursuant
to the Shelf Procedures (as defined below), a preliminary short form base shelf prospectus dated June 4, 2014 (the &ldquo;<B>Canadian
Preliminary Base Prospectus</B>&rdquo;), and a final short form base shelf prospectus, dated July 10, 2014 in respect of up to
$50,000,000 aggregate principal amount of common shares, warrants, subscription receipts and units of the Company (collectively,
the &ldquo;<B>Shelf Securities</B>&rdquo;) pursuant to applicable securities laws of the Qualifying Jurisdictions and the respective
rules, regulations, blanket rulings, orders and notices made thereunder and the local, uniform, national and multilateral instruments
and policies adopted by the Canadian Commissions in the Qualifying Jurisdictions (collectively, as applied and interpreted, the
&ldquo;<B>Canadian Securities Laws</B>&rdquo;). The Company selected the British Columbia Securities Commission (the &ldquo;<B>Reviewing
Authority</B>&rdquo;) as its principal regulator in respect of the offering of the Shelf Securities, and the Reviewing Authority
has issued a decision document (a &ldquo;<B>Decision Document</B>&rdquo;) under National Policy 11-202 &ndash; <I>Process for Prospectus
Reviews in Multiple Jurisdictions</I> on behalf of itself and the other Canadian Commissions for each of the Canadian Preliminary
Base Prospectus and the Canadian Base Prospectus. The term &ldquo;<B>Canadian Base Prospectus</B>&rdquo; means the final short
form base shelf prospectus relating to the Shelf Securities, including any documents incorporated therein by reference and the
documents otherwise deemed to be a part thereof or included therein pursuant to Canadian Securities Laws, at the time the Reviewing
Authority issued a Decision Document with respect thereto in accordance with Canadian Securities Laws, including National Instrument
44-101 &ndash; Short Form Prospectus Distributions (&ldquo;<B>NI 44-101</B>&rdquo;) and National Instrument 44-102 &ndash; <I>Shelf
Distributions</I> (together, the &ldquo;<B>Shelf Procedures</B>&rdquo;). The term &ldquo;<B>Canadian Prospectus</B>&rdquo; means
the final prospectus supplement relating to the offering to be dated the pricing date and then filed with the Canadian Commissions
in the Qualifying Jurisdictions in accordance with the Shelf Procedures (the &ldquo;<B>Canadian Prospectus Supplement</B>&rdquo;),
together with the Canadian Base Prospectus, including all documents incorporated therein by reference and the documents otherwise
deemed to be a part thereof or included therein pursuant to Canadian Securities Laws. All references in this Agreement to financial
statements and schedules or other information which is &ldquo;contained&rdquo;, &ldquo;included&rdquo;, &ldquo;described&rdquo;,
&ldquo;referenced&rdquo;, &ldquo;set forth&rdquo; or &ldquo;stated&rdquo; (or other references of like import) shall be deemed
to mean and include all such financial statements and other information which is incorporated by reference in or otherwise deemed
by Canadian Securities Laws to be a part of or included in the Canadian Preliminary Base Prospectus, the Canadian Base Prospectus
or the Canadian Prospectus, as the case may be. All references in this Agreement to the Canadian Preliminary Base Prospectus, the
Canadian Base Prospectus and the Canadian Prospectus or any amendments or supplements to any of the foregoing (including any Supplementary
Material) shall be deemed to include any copy thereof filed with the Canadian Commissions pursuant to the System for Electronic
Document Analysis and Retrieval (SEDAR).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For the purpose of this Agreement, &ldquo;<B>Registration Statement</B>&rdquo; means, collectively, the various parts of
the registration statement prepared and filed by the Company on Form S-3 (File No. 333-196527) with respect to the registration
of up to US$50,000,000 of common shares, warrants, subscription receipts and units of the Company, including the Units, at any
given time each part as amended or supplemented as of such time, including the U.S. base prospectus filed by the Company with the
SEC dated August 15, 2014 and contained in the Registration Statement and filed pursuant to Rule 424(b) of the Securities Act on
July 25, 2014 (the &ldquo;<B>U.S. Base Prospectus</B>&rdquo;) and U.S. Prospectus Supplement (defined in this Section) and all
exhibits filed with or incorporated by reference into such registration statement and the documents otherwise deemed to be a part
thereof or included therein by the Securities Act. The prospectus supplement relating to the Units, to be filed with the SEC on
or about August 2, 2016 pursuant to Rule 424(b) of the Securities Act (the &ldquo;<B>U.S. Prospectus Supplement</B>&rdquo;) together
with the U.S. Base Prospectus is hereafter referred to as the &ldquo;<B>U.S. Prospectus</B>&rdquo;.&nbsp;The U.S. Prospectus relating
to the Units, as amended or supplemented immediately prior to the Applicable Time (as defined below), is hereafter referred to
as the &ldquo;<B>Time of Sale Prospectus</B>&rdquo;.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The U.S. Base Prospectus and the Canadian Base Prospectus are hereinafter collectively sometimes referred to as the &ldquo;<B>Prospectuses</B>.&rdquo;
The U.S. Prospectus Supplement and the Canadian Prospectus Supplement are hereinafter collectively sometimes referred to as the
&ldquo;<B>Prospectus Supplements</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any amendment or supplement to the U.S. Prospectus or the Canadian Prospectus (including any document incorporated by reference
therein), that may be filed by or on behalf of the Company with the Canadian Commissions in the Qualifying Jurisdictions or with
the SEC after the Canadian Prospectus Supplement and the U.S. Prospectus Supplement have been filed and prior to the expiry of
the period of distribution of the Units, is referred to herein collectively as the &ldquo;<B>Supplementary Material</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(6)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As used herein, the &ldquo;<B>Applicable Time</B>&rdquo; is 8:30 a.m. (Toronto time) on the date of this Agreement. As used
herein, a &ldquo;free writing prospectus&rdquo; has the meaning set forth in Rule 405 under the Securities Act, and a &ldquo;<B>Time
of Sale Disclosure Package</B>&rdquo; means the Time of Sale Prospectus and the information set forth on Schedule 1(6) and any
issuer free writing prospectuses and each &ldquo;road show&rdquo; (as defined in Rule 433 under the Securities Act), if any, related
to the offering of the Units contemplated hereby that is a &ldquo;written communication&rdquo; (as defined in Rule 405 under the
Securities Act) (each such road show, a &ldquo;<B>Road Show</B>&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(7)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As used herein, the terms &ldquo;<B>Registration Statement</B>&rdquo;, &ldquo;<B>Time of Sale Prospectus</B>&rdquo; and
&ldquo;<B>U.S. Prospectus</B>&rdquo; shall include the documents incorporated and deemed to be incorporated by reference therein
pursuant to Form S-3 that were filed with the SEC on or before the date of such Registration Statement and Time of Sale Prospectus,
as the case may be, and the documents otherwise deemed to be a part thereof or included therein by the Securities Act (the &ldquo;<B>Incorporated
Documents</B>&rdquo;), including, unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated
Documents.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(8)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All references in this Agreement to the Registration Statement, the Time of Sale Prospectus and the U.S. Prospectus shall
include any copy thereof filed with the SEC pursuant to its Electronic Data Gathering, Analysis and Retrieval system (&ldquo;<B>EDGAR</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(9)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All references in this Agreement to &ldquo;<B>issuer free writing prospectus</B>&rdquo; means any &ldquo;issuer free writing
prospectus,&rdquo; as defined in Rule 433 of the Securities Act, relating to the Units that (i) is required to be filed with the
SEC by the Company, (ii) is a &ldquo;road show&rdquo; that is a &ldquo;written communication&rdquo; within the meaning of Rule
433(d)(8)(i) of the Securities Act whether or not required to be filed with the SEC, or (iii) is exempt from filing pursuant to
Rule 433(d)(5)(i) of the Securities Act because it contains a description of the Units 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 SEC or, if not required to be filed, in the form
retained in the Company&rsquo;s records pursuant to Rule 433(g) of the Securities Act under the rules and regulations of the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(10)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As used herein, &ldquo;<B>business day</B>&rdquo; shall mean a day on which each of the Toronto Stock Exchange (&ldquo;<B>TSX</B>&rdquo;)
and NYSE MKT LLC (&ldquo;<B>NYSE MKT</B>&rdquo;, and together with the TSX, the &ldquo;<B>Exchanges</B>&rdquo;) are open for trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(11)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The terms &ldquo;herein,&rdquo; &ldquo;hereof,&rdquo; &ldquo;hereto,&rdquo; &ldquo;hereinafter&rdquo; and similar terms,
as used in this Agreement, shall in each case refer to this Agreement as a whole and not to any particular section, paragraph,
sentence or other subdivision of this Agreement. The term &ldquo;or&rdquo;, as used herein, is not exclusive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(12)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As used herein, &ldquo;<B>Governmental Authority</B>&rdquo; means (i) any federal, provincial, state, local, municipal,
national or international government or governmental authority, regulatory or administrative agency, governmental commission, department,
board, bureau, agency or instrumentality, court, tribunal, arbitrator or arbitral body (public or private); (ii) any self-regulatory
organization; or (iii) any political subdivision of any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(13)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As used herein, &ldquo;<B>Applicable Law</B>&rdquo; means any and all laws, including all federal, provincial, state and
local statutes, codes, ordinances, guidelines, decrees, rules, regulations and municipal by- laws and all judicial, arbitral, administrative,
ministerial, departmental or regulatory judgments, orders, directives, decisions, rulings or awards or other requirements of any
Governmental Authority, binding on or affecting the person referred to in the context in which the term is used and rules, regulations
and policies of any stock exchange on which securities of the Company are listed for trading. &ldquo;<B>U.S. Securities Laws</B>&rdquo;
means all applicable securities laws in the United States, including without limitation, the Securities Act, the Exchange Act and
the rules and regulations promulgated thereunder, and any applicable state securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(14)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As used herein, &ldquo;associate&rdquo;, &ldquo;material change&rdquo;, &ldquo;material fact&rdquo;, and &ldquo;misrepresentation&rdquo;
shall have the meanings given to such terms under applicable Canadian Securities Laws, and the terms &ldquo;affiliate&rdquo; and
&ldquo;subsidiary&rdquo; shall have the meanings given to such terms in National Instrument 45-106 - <I>Prospectus Exemptions</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(15)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Underwriters shall offer the Units for sale to the public directly and through other duly registered investment dealers
and brokers in the Qualifying Jurisdictions and the United States only as permitted by Applicable Law and upon the terms and conditions
set forth in the Prospectuses and this Agreement. The Underwriters agree that they will not, directly or indirectly, distribute
the Registration Statement or the Prospectuses or publish any prospectus, circular, advertisement or other offering material in
any jurisdiction other than the Qualifying Jurisdictions in accordance with Canadian Securities Laws or such states of the United
States in which the Units are duly qualified under U.S. Securities Laws, in such manner as to require registration of the Units
or the filing of a prospectus or any similar document with respect to the Units by the Company therein or subject the Company to
ongoing periodic reporting obligations in such jurisdiction pursuant to the securities laws of such jurisdiction. The Underwriters
agree that each of the Underwriters that is not registered as a broker-dealer under Section 15 of the Exchange Act, will not offer
or sell any Units in, or to persons who are nationals or residents of, the United States other than through one of its United States
registered broker-dealer affiliates or otherwise in compliance with Rule 15a-6 under the Exchange Act. Sales of Units in the Qualifying
Jurisdictions may be made only by or through a dealer appropriately registered under applicable Canadian Securities Laws or in
circumstances where an exemption from the Canadian registered dealer requirements is available. Notwithstanding the foregoing provisions
of this paragraph, an Underwriter will not be liable to the Company under this Agreement with respect to a default by another Underwriter
under this paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Section 2</TD><TD STYLE="text-align: justify">Purchase, Sale, Payment and Delivery of the Units.</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company and the
Underwriters hereby confirm their agreement concerning the purchase and sale of the Units as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Public Offering of the Units.</I></B> The Co-Lead Underwriters hereby advise the Company that the Underwriters intend
to offer for sale to the public, on the terms set forth in the Time of Sale Prospectus and each Prospectus, their respective portions
of the Units as soon after this Agreement has been executed as the Co-Lead Underwriters, in their sole judgment, have determined
is advisable and practicable. After the Underwriters have made a reasonable effort to sell all of the Units at the Offering Price,
the purchase price of the Units may be decreased by the Underwriters and may be further changed from time to time to an amount
not greater than the Offering Price, and the compensation realized by the Underwriters will be decreased by the amount that the
aggregate price paid by purchasers for the Units is less than the gross proceeds paid by the Underwriters to the Company. Any such
decrease will not affect the proceeds to be received by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Underwriters&rsquo; Commission</I></B>. In consideration of this Agreement, the Company agrees to pay to the Underwriters
at the Closing Date an underwriting fee equal to (a) 6.0% of the gross proceeds from the sale of the Firm Units (other than certain
Firm Units that are subject to an agreed upon president&rsquo;s list for which the fee will be 3.0%)<B> </B>and, if applicable,
(b) 6.0% of the gross proceeds from the sale of any Additional Units (the &ldquo;<B>Underwriters&rsquo; Commission</B>&rdquo;).
The Underwriters&rsquo; Commission may be deducted by the Underwriters from the proceeds of sale of the Firm Units, and, if applicable,
the Additional Units, on the Closing Date. In addition, the Company agrees to pay to the Underwriters, and in the manner specified
by the Co-Lead Underwriters, all fees, disbursements and expenses incurred by the Underwriters in accordance with the provisions
in Section&nbsp;5 hereof. Each of the Co-Lead Underwriters shall be allocated a customary book-runner fee equal to 5.0% of the
Underwriters&rsquo; Commission (net of any selling concessions to the syndicate of Underwriters). For greater certainty, the book-runner
fee shall be allocated out of the Underwriters&rsquo; Commission and shall not increase the compensation payable to the Underwriters.
As additional consideration, the Underwriters will also receive that number of warrants (the &ldquo;<B>Underwriter Warrants</B>&rdquo;)
equal to 3.0% of the number of Unit Shares issued pursuant to the offering, including any Additional Unit Shares<B> </B>(other
than with respect to the agreed upon president&rsquo;s list for which the number of Underwriter Warrants will be 1.5% of the number
of Unit Shares issued in connection therewith). Each Underwriter Warrant will be on the same terms as the Warrants and accordingly,
will entitle the holder thereof to acquire, from the Company, one common share in the capital of the Company (each an &ldquo;<B>Underwriter
Warrant Share</B>&rdquo;) at any time prior to 4:30 p.m. (Toronto time) on the date that is thirty-six months following the Closing
Date upon payment of the exercise price of US$1.92.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>The Closing Date in respect of the Units</I></B>. Payment of the Offering Price for the Firm Units, and if applicable,
any Additional Units, shall be made to the Company by wire transfer against delivery of the Unit Shares and, if applicable, Additional
Unit Shares, to the Co-Lead Underwriters on behalf of the Underwriters, through the facilities of CDS Clearing and Depository Services
Inc. (&ldquo;<B>CDS</B>&rdquo;), and delivery to the Underwriters of Warrants, and if applicable, Additional Warrant certificates,
in such names and denominations as the Underwriters may request, and such payment and delivery shall be made at 8:30 a.m. (Toronto
time), on August 8, 2016 (the &ldquo;<B>Closing Date</B>&rdquo;) (unless another time shall be agreed to by the Co-Lead Underwriters
and the Company or unless postponed in accordance with the provisions of Section&nbsp;9 hereof). The Unit Shares, Additional Shares,
Warrants and Additional Warrants shall be registered in such names and in such denominations as specified by the Co-Lead Underwriters
on behalf of the Underwriters. It is understood that the Co-Lead Underwriters have been authorized, for their own accounts and
the accounts of the non-defaulting Underwriters, to accept delivery of and receipt for, and make payment of the Offering Price
for, the Units the Underwriters have agreed to purchase (subject to such adjustment as the Co-Lead Underwriters may determine to
eliminate fractional shares and subject to adjustment in accordance with Section&nbsp;9 hereof). The Co-Lead Underwriters, individually
and not as the Co-Lead Underwriters of the Underwriters, may (but shall not be obligated to) make payment for any Units to be purchased
by any Underwriter whose funds shall not have been received by the Co-Lead Underwriters by the Closing Date for the account of
such Underwriter, but any such payment shall not relieve such Underwriter from any of its obligations under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>The Additional Units</I></B>. In addition, the Company hereby grants to the Underwriters the Over-Allotment Option
to purchase, and upon the basis of the representations and warranties and subject to the terms and conditions set forth herein,
the Underwriters shall have the right to purchase, severally and not jointly, from the Company, all or a portion of the Additional
Units as may be necessary to cover over-allotments made in connection with the offering of the Firm Units. The Over-Allotment Option
may be exercised by the Underwriters in respect of: (i) Additional Units at the Offering Price; or (ii) Additional Unit Shares
at a price of US$1.2676 per Additional Unit Share; or (iii) Additional Warrants at a price of US$0.2649 per Additional Warrant;
or (iv) any combination of Additional Unit Shares and/or Additional Warrants so long as the aggregate number of Additional Unit
Shares and Additional Warrants that may be issued under the Over-Allotment Option does not exceed 1,612,500 Additional Unit Shares
and 806,250 Additional Warrants. The Over-Allotment Option granted hereunder may be exercised in whole or in part at any time prior
to one business day before the Closing Date upon notice by the Co-Lead Underwriters to the Company (the &ldquo;<B>Notice of Exercise</B>&rdquo;),
which notice may be given at any time prior to 10:00 a.m. (Toronto time) on the day that is one (1) business day prior to the Closing
Date. The Notice of Exercise shall set forth (i) the aggregate number of Additional Units, Additional Unit Shares and/or Additional
Warrants as to which the Underwriters are exercising the Over-Allotment Option, (ii) the names and denominations in which the Additional
Unit Shares are to be registered through the facilities of CDS, or otherwise, as applicable, and (iii) the names and denominations
that any Additional Warrant certificates shall be registered in.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Delivery of the Units and Closing Mechanics</I></B>. The Company shall deliver, or cause to be delivered, to the Co-Lead
Underwriters for the accounts of the Underwriters, the Firm Units, and if applicable, the Additional Units, at the Closing Date,
against the irrevocable release of a wire transfer of immediately available funds for the amount of the Offering Price therefor.
The Units shall be registered in such names and denominations as the Co-Lead Underwriters shall have requested at least one full
business day prior to the Closing Date. Deliveries of the documents described in Section&nbsp;6 hereof with respect to the purchase
of the Units shall be made at the offices of Borden Ladner Gervais LLP in Vancouver, British Columbia at 8:30 a.m. (Toronto time),
or at such other place as the Co-Lead Underwriters and the Company may agree, on the Closing Date. Time shall be of the essence,
and delivery at the time and place specified in this Agreement is a further condition to the obligations of the Underwriters and
the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Section 3</TD><TD STYLE="text-align: justify">Representations and Warranties of the Company.</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company hereby
represents and warrants to each Underwriter and Cantor Fitzgerald &amp; Co. (&ldquo;<B>CF US</B>&rdquo;), as of the date of this
Agreement, as of the Closing Date, and covenants with each Underwriter, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(a)</TD><TD STYLE="text-align: justify"><B><I>Registration Statement.</I></B> The Registration Statement meets the requirements set forth
in Rule 415(a)(1)(x) under the Securities Act and complies with said Rule and the U.S. Prospectus Supplement will meet the requirements
set forth in Rule 424(b). The Company has advised the Co-Lead Underwriters of all further information (financial and other) with
respect to the Company required to be set forth therein in the Registration Statement and U.S. Prospectus Supplement. The Registration
Statement has become effective under the Securities Act. No stop order suspending the effectiveness of the Registration Statement
is in effect and no proceedings for such purpose have been instituted or are pending or, to the knowledge of the Company, are contemplated
or threatened by the SEC. The U.S. Prospectus when filed complied in all material respects with the Securities Act and is identical
in all material respects to the copies thereof delivered to the Underwriters for use in connection with the offer and sale of the
Units. Each of the Registration Statement and any post-effective amendment thereto, at the time each part thereof became effective
pursuant to the Securities Act and at the Closing Date, complied and will comply in all material respects with the Securities Act
and did not and, any amendment or supplement thereto, will not contain any 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. As of the Applicable
Time, the Time of Sale Disclosure Package did not, and at the time of the Closing Date, the Time of Sale Disclosure Package, as
then amended or supplemented by the Company, if applicable, will not, contain any 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 under which they were made, not
misleading. The U.S. Prospectus, as amended or supplemented, as of its date and at the Closing Date, did not and will not contain
any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading. The representations and warranties set forth in the
three immediately preceding sentences 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 the Underwriters specifically for use in the preparation thereof
as set forth in Section 10(2). There are no agreements, contracts, arrangements or understandings (written or oral) or other documents
required to be described in the Time of Sale Prospectus or the U.S. Prospectus or to be filed as exhibits to the Registration Statement
which have not been described or filed as required.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(b)</TD><TD STYLE="text-align: justify"><B><I>Compliance with Canadian Laws and Regulations.</I></B> The Company is eligible to use the
Shelf Procedures. No cease trade order preventing or suspending the use of the Canadian Preliminary Base Prospectus or the Canadian
Prospectus or preventing the distribution of the Units has been issued and no proceeding for that purpose has been initiated or,
to the knowledge of the Company, threatened, by any of the Canadian Commissions; as of their respective dates, the Canadian Preliminary
Base Prospectus and the Canadian Prospectus complied in all material respects with all applicable Canadian Securities Laws; each
of the Canadian Commissions in the Qualifying Jurisdictions has issued or is deemed to have issued receipts for the Canadian Preliminary
Base Prospectus and the Canadian Prospectus. On the Closing Date (i) the Canadian Prospectus will comply in all material respects
with the Canadian Securities Laws and (ii) the Canadian Prospectus or any amendment or supplement thereto constituted at the respective
dates thereof, and will constitute at the Closing Date full, true and plain disclosure of all material facts relating to the Units,
that is required to be in the Canadian Prospectus, and did not at the respective dates thereof, and will not at the Closing Date
contain a misrepresentation or an untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. To its
knowledge, the Company is not a &ldquo;related issuer&rdquo; or &ldquo;connected issuer&rdquo; (as those terms are defined in National
Instrument 33-105 - <I>Underwriting Conflicts</I> of the Canadian Securities Administrators) of any of the Underwriters.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(c)</TD><TD STYLE="text-align: justify"><B><I>Reporting Issuer and TSX and NYSE MKT Status.</I></B> The Company is a &ldquo;reporting issuer&rdquo;
in the Qualifying Jurisdictions. The Company is in compliance in all material respects with the by-laws, rules and regulations
of each of the Exchanges.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(d)</TD><TD STYLE="text-align: justify"><B><I>Short Form Eligibility.</I></B> The Company is eligible to file a prospectus in the form
of a short form prospectus under NI 44-101.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(e)</TD><TD STYLE="text-align: justify"><B><I>Status under the Securities Act.</I></B> The Company was not and is not an &ldquo;ineligible
issuer&rdquo; as defined in Rule 405 under the Securities Act at the times specified in Rules 164 and 433 under the Securities
Act in connection with the offering of the Units.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(f)</TD><TD STYLE="text-align: justify"><B><I>Incorporated Documents.</I></B> The documents incorporated or deemed to be incorporated by
reference in the Prospectuses and the Registration Statement, when they were filed with the Canadian Commissions in each of the
Qualifying Jurisdictions or the SEC under the Securities Act or the Exchange Act, conformed in all material respects to the requirements
of the Canadian Securities Laws or U.S. Securities Laws, as applicable; and any further documents to be incorporated by reference
in the Prospectuses or the Registration Statement subsequent to the effectiveness of the Registration Statement and prior to the
completion of the distribution of the Units, when such documents are so filed, will conform in all material respects to the applicable
requirements of Canadian Securities Laws and U.S. Securities Laws, as applicable, and will not contain a misrepresentation or an
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(g)</TD><TD STYLE="text-align: justify"><B><I>No Marketing Materials.</I></B> Other than the term sheet in respect of the offering and
sale of Units dated August 2, 2016, the Company has not provided any &ldquo;marketing materials&rdquo; (as such term is defined
in National Instrument 41-101 - <I>General Prospectus Requirements</I>) to any potential investors of Units.</TD></TR></TABLE>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(h)</TD><TD STYLE="text-align: justify"><B><I>No Conflicts. </I></B>Neither the execution of this Agreement, nor the issuance, offering
or sale of the Units, nor the consummation of any of the transactions contemplated herein and therein, nor the compliance by the
Company with the terms and provisions hereof and thereof 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 agreements, contracts,
arrangements or understandings (written or oral) to which the Company may be bound or to which any of the property or assets of
the Company is subject, except (i)&nbsp;such conflicts, breaches or defaults as may have been waived, and (ii)&nbsp;such conflicts,
breaches and defaults that would not reasonably be expected to have a Material Adverse Effect (as defined in Section&nbsp;3(u));
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 violation of the provisions of any statute or any order, rule or regulation applicable to the Company or of any Governmental
Authority having jurisdiction over the Company, except such violations that would not reasonably be expected to have a Material
Adverse Effect, either individually or in the aggregate.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(i)</TD><TD STYLE="text-align: justify"><B><I>No Misstatement or Omission in an Issuer Free Writing Prospectus or marketing materials.
</I></B>Each issuer free writing prospectus and any marketing materials, as of its issue date and as of each Applicable Time, 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 included or incorporated by reference in the Time of Sale Prospectus and the Prospectuses, 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 or any marketing materials made in reliance upon, and
in conformity with, written information furnished to the Company by or on behalf of the Underwriters specifically for inclusion
therein as contemplated in Section 10(2).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(j)</TD><TD STYLE="text-align: justify"><B><I>Reports and Documents, etc.</I></B> There are no reports or information of the Company or,
to the knowledge of the Company, of any third party, that in accordance with the requirements of the Canadian Securities Laws or
U.S. Securities Laws must be made publicly available in connection with the offering of the Units that have not been made publicly
available as required. There are no documents of the Company or, to the knowledge of the Company, of any third party, required
to be filed with the Canadian Commissions in the Qualifying Jurisdictions or with the SEC in the United States in connection with
the Time of Sale Prospectus, the Canadian Prospectus and the U.S. Prospectus that have not been filed as required pursuant to the
Canadian Securities Laws or U.S. Securities Laws, as applicable. There are no agreements, contracts, arrangements or understandings
(written or oral) or other documents of the Company or, to the knowledge of the Company, of any third party, required to be described
in the Time of Sale Prospectus, the Canadian Prospectus and the U.S. Prospectus which have not been described or filed as required
pursuant to the Canadian Securities Laws or U.S. Securities Laws, as applicable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(k)</TD><TD STYLE="text-align: justify"><B><I>Offering Materials Furnished to Underwriters.</I></B> The Company has delivered or will deliver
on the Closing Date to the Co-Lead Underwriters (or with respect to the Registration Statement, the Time of Sale Prospectus, the
U.S. Prospectus, as amended or supplemented, and any free writing prospectus, made available on EDGAR) one complete manually signed
copy of the Registration Statement and each consent and certificate of experts filed as a part thereof, and conformed copies (to
the extent such documents contain signatures) of the Registration Statement, the Time of Sale Prospectus, the Canadian Prospectus
and the U.S. Prospectus, as amended or supplemented, and any free writing prospectus reviewed and consented to by the Co-Lead Underwriters,
in such quantities and at such places as the Co-Lead Underwriters have reasonably requested for each of the Underwriters.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-decoration: none">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-decoration: none"><TR STYLE="vertical-align: top; text-decoration: none">
<TD STYLE="width: 0.5in; text-decoration: none"></TD><TD STYLE="width: 0.35in; text-decoration: none">(l)</TD><TD STYLE="text-align: justify; text-decoration: none"><B><I>Warrants</I></B>.
                                         The Warrants and Additional Warrants will, as at the Closing Date, have been duly and
                                         validly created and the Warrant Shares and the Additional Warrant Shares have been authorized
                                         and allotted for issuance and upon the full payment therefor and the issue thereof upon
                                         exercise of the Warrants and Additional Warrant Shares in accordance with the provisions
                                         of the Warrant Indenture, the Warrant Shares and the Additional Warrant Shares will be
                                         validly issued as fully paid and non-assessable common shares in the capital of the Company
                                         (the &ldquo;<B>Common Shares</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-decoration: none">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-decoration: none"><TR STYLE="vertical-align: top; text-decoration: none">
<TD STYLE="width: 0.5in; text-decoration: none"></TD><TD STYLE="width: 0.35in; text-decoration: none">(m)</TD><TD STYLE="text-align: justify; text-decoration: none"><B><I>Corporate
                                         Action</I></B>. All necessary corporate action has been taken by the Company to authorize
                                         the issuance, sale and delivery of the Unit Shares, the Warrants, the Warrant Shares,
                                         the Additional Unit Shares, the Additional Warrants and the Additional Warrant Shares,
                                         on the terms set forth in this Agreement, and, if applicable, each certificate representing
                                         the Warrants and the Additional Warrants (the &ldquo;<B>Warrant Certificates</B>&rdquo;)
                                         will be, a valid and binding obligation of the Company enforceable against the Company
                                         in accordance with its terms, subject to bankruptcy, insolvency, moratorium or similar
                                         laws affecting creditors&rsquo; rights generally and, except as limited by the application
                                         of equitable remedies, which may be granted in the discretion of a court of competent
                                         jurisdiction, and that enforcement of the rights to indemnity and contribution set out
                                         in this Agreement may be limited by Applicable Law.</TD></TR></TABLE>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(n)</TD><TD STYLE="text-align: justify"><B><I>Distribution of Offering Material by the Company.</I></B> The Company has not distributed
and will not distribute, prior to the completion of the Underwriters&rsquo; distribution of the Units, any offering material in
connection with the offering and sale of the Units other than the Time of Sale Prospectus, the Canadian Prospectus, the U.S. Prospectus,
any free writing prospectus reviewed and consented to by the Co-Lead Underwriters on behalf of the Underwriters, or the Registration
Statement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(o)</TD><TD STYLE="text-align: justify"><B><I>Authorization; Enforceability.</I></B> The Company has full corporate right, power and authority
to enter into this Agreement and 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 in accordance with its terms,
except to the extent that enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors&rsquo; rights generally and by general equitable principles.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(p)</TD><TD STYLE="text-align: justify"><B><I>No Material Adverse Effect.</I></B> Subsequent to the respective dates as of which information
is given in the Registration Statement or included or incorporated by reference in the Time of Sale Prospectus and the Prospectuses,
if any (including any document deemed incorporated by reference therein), there has not been (i) any Material Adverse Effect, (ii)
any transaction which is material to the Company and the Material Subsidiaries (as defined in Section&nbsp;3(u)) taken as a whole,
(iii) any obligation or liability, direct or contingent (including any off-balance sheet obligations), incurred by the Company
or any Material Subsidiary, which is material to the Company and the Material Subsidiaries taken as a whole, (iv) any material
change in the capital stock or outstanding long-term indebtedness of the Company or any of the Material Subsidiaries or (v) any
dividend or distribution of any kind declared, paid or made on the capital stock of the Company or any Material Subsidiary, other
than in each case above in the ordinary course of business or as otherwise disclosed in the Registration Statement or included
or incorporated by reference in the Time of Sale Prospectus and the Prospectuses.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(q)</TD><TD STYLE="text-align: justify"><B><I>Independent Accountants.</I></B> EKS&amp;H LLLP, who have delivered their report with respect
to the audited Financial Statements (as defined in Section&nbsp;3(s)) filed with the SEC as a part of the Registration Statement
and included in the Time of Sale Prospectus, the Canadian Prospectus and the U.S. Prospectus (each, an &ldquo;<B>Applicable Prospectus</B>&rdquo;
and collectively, the &ldquo;<B>Applicable Prospectuses</B>&rdquo;), are independent public, certified public or chartered accountants
as required by the Securities Act, the Exchange Act and applicable Canadian Securities Laws. There has not been any &ldquo;reportable
event&rdquo; (as that term is defined in National Instrument 51-102 Continuous Disclosure Obligations of the Canadian Securities
Administrators) with EKS&amp;H LLLP or any other prior auditor of the Company or any of its Material Subsidiaries. To the Company&rsquo;s
knowledge, after due and careful inquiry, EKS&amp;H LLLP is not in violation of the auditor independence requirements of the Sarbanes-Oxley
Act of 2002.</TD></TR></TABLE>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(r)</TD><TD STYLE="text-align: justify"><B><I>Enforceability of Agreements.</I></B> All agreements between the Company and third parties
expressly referenced in the Registration Statement or included or incorporated by reference in the Time of Sale Prospectus and
the Prospectuses are to our knowledge legal, valid and binding obligations of the Company enforceable in accordance with their
respective terms, except to the extent that (i)&nbsp;enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium
or similar laws affecting creditors&rsquo; rights generally and by general equitable principles, and (ii)&nbsp;the indemnification
provisions of certain agreements may be limited by Applicable Law or public policy considerations in respect thereof, and except
for any other potentially unenforceable term that, individually or in the aggregate, would not reasonably be expected to be material
to the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(s)</TD><TD STYLE="text-align: justify"><B><I>Financial Information.</I></B> The consolidated financial statements of the Company filed
with the SEC as a part of the Registration Statement or included or incorporated by reference in the Time of Sale Prospectus and
the Prospectuses, together with the related notes and schedules (the &ldquo;<B>Financial Statements</B>&rdquo;), present fairly,
in all material respects, the consolidated financial position of the Company and the Material Subsidiaries as of the dates indicated
and the consolidated statements of comprehensive income, shareholders&rsquo; equity and cash flows of the Company for the periods
specified. Such Financial Statements conform in all material respects with United States generally accepted accounting principles
as issued by the Financial Accounting Standards Board (&ldquo;<B>US GAAP</B>&rdquo;), applied on a consistent basis during the
periods involved. The other financial and statistical data with respect to the Company and the Material Subsidiaries contained
or incorporated by reference in the Registration Statement or included or incorporated by reference in the Time of Sale Prospectus
and the Prospectuses, are accurately and fairly presented in all material respects and prepared on a basis 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 included or incorporated by reference in
the Time of Sale Prospectus and the Prospectuses that are not included or incorporated by reference as required; the Company and
the Material Subsidiaries do not have any material liabilities or obligations, direct or contingent (including any off-balance
sheet obligations), not described in the Registration Statement or included or incorporated by reference in the Time of Sale Prospectus
and the Prospectuses and all disclosures contained or incorporated by reference therein; and no other financial statements are
required to be set forth or to be incorporated by reference in the Registration Statement or included or incorporated by reference
in the Time of Sale Prospectus and the Prospectuses.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->-</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(t)</TD><TD STYLE="text-align: justify"><B><I>Statistical, Industry-Related and Market-Related Data</I></B>. The statistical, industry-related
and market-related data included in the Registration Statement or included or incorporated by reference in the Time of Sale Prospectus
and the Prospectuses, are based on or derived from sources that the Company reasonably believes are reliable and accurate.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(u)</TD><TD STYLE="text-align: justify"><B><I>Organization</I></B>. The Company and each of its Material Subsidiaries are, and will be,
duly organized, validly existing as a corporation and in good standing (where such concept is recognized) under the laws of their
respective jurisdictions of organization. The Company and each of the Material Subsidiaries are, and will be, duly licensed or
qualified as a foreign corporation for 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 or included or incorporated by reference in the Time of Sale Prospectus and
the Prospectuses, 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 or affecting
the assets, business, operations, earnings, properties, condition (financial or otherwise), shareholders&rsquo; equity or results
of operations of the Company and the Material Subsidiaries taken as a whole, or prevent or materially interfere with consummation
of the transactions contemplated hereby (a &ldquo;<B>Material Adverse Effect</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(v)</TD><TD STYLE="text-align: justify"><B><I>Subsidiaries</I></B>. The subsidiaries of the Company listed in Schedule &ldquo;A&rdquo;
(individually a &ldquo;<B>Material Subsidiary</B>&rdquo; and collectively, the &ldquo;<B>Material Subsidiaries</B>&rdquo;), include
all of the Company&rsquo;s significant subsidiaries (as such term is defined in Rule 1-02 of Regulation S-X promulgated by the
SEC). Except as set forth in the Registration Statement or included or incorporated by reference in the Time of Sale Prospectus,
the Prospectuses, and the Company owns, directly or indirectly, all of the equity interests of the Material 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 Material Subsidiaries are validly issued and are fully paid, non-assessable and free of preemptive and similar rights.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->-</P></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(w)</TD><TD STYLE="text-align: justify"><B><I>Minute Books</I></B>. Since January 1, 2014, all existing minute books of the Company and
each of the Material Subsidiaries, including all existing records of all meetings and actions of the board of directors (including,
the Audit, Compensation and Governance and Nominating Committees and other board committees) and securityholders of the Company
(collectively, the &ldquo;<B>Corporate Records</B>&rdquo;) have been made available to the Underwriters and their counsel, and
all such Corporate Records are complete in all material respects (except in respect of minutes for Board and Committee meetings
since July 31, 2016 that are not yet available in draft form or otherwise, in which case agendas setting out the business conducted
at such meetings have been made available for review by the Underwriters). There are no material transactions, agreements or other
actions of the Company or any of the Material Subsidiaries that are required to be recorded in the Corporate Records that are not
properly approved and/or recorded in the Corporate Records. All required filings have been made with the appropriate Governmental
Authorities in the Province of British Columbia in a timely fashion under the<I> Business Corporations Act </I>(British Columbia),
except for such filings where the failure to file would not have a Material Adverse Effect, either individually or in the aggregate.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(x)</TD><TD STYLE="text-align: justify"><B><I>No Violation or Default.</I></B> Neither the Company nor any of the Material Subsidiaries
is (i) in violation of its articles or by-laws or similar organizational documents; (ii) except as are disclosed in the Registration
Statement or included or incorporated by reference in the Time of Sale Prospectus and the Prospectuses, in violation or default,
and no event has occurred that, with notice or lapse of time or both, would constitute such a violation or 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 of the Material Subsidiaries is a party or by which the Company or
any of the Material Subsidiaries is bound or to which any of the property or assets of the Company or any of the Material Subsidiaries
are subject; or (iii) except as disclosed in the Registration Statement or included or incorporated by reference in the Time of
Sale Prospectus and the Prospectuses, in violation of any Applicable Law, 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, have a Material Adverse Effect. To the
Company&rsquo;s knowledge, no other party under any material agreements, contracts, arrangements or understandings (written or
oral) to which it or any of the Material Subsidiaries is a party is in violation or default in any respect thereunder where such
violation or default would have a Material Adverse Effect.</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(y)</TD><TD STYLE="text-align: justify"><B><I>Disclosure Controls.</I></B> The Company and each of the Material Subsidiaries (other than
Material Subsidiaries acquired not more than 365 days prior to the Evaluation Date, as defined below) maintain systems of internal
accounting controls applicable under US GAAP in applicable periods, or sufficient to provide reasonable assurance that (i) transactions
are executed in accordance with management&rsquo;s general or specific authorizations; (ii) transactions are recorded as necessary
to permit preparation of financial statements in conformity with US GAAP and to maintain asset accountability; (iii) access to
assets is permitted only in accordance with management&rsquo;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&rsquo;s internal control over financial reporting is effective and the Company is not aware of any material weaknesses
in its internal control over financial reporting. Since the date of the latest audited financial statements of the Company included
or incorporated by reference in the Registration Statement or included or incorporated by reference in the Time of Sale Prospectus
and the Prospectuses, there has been no change in the Company&rsquo;s internal control over financial reporting that has materially
affected, or is reasonably likely to materially affect, the Company&rsquo;s internal control over financial reporting. 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 each of the Material Subsidiaries
is made known to the certifying officers by others within those entities, particularly during the period in which the Company&rsquo;s
Annual Report on Form 10-K is being prepared or during the period in which financial statements will be filed or furnished with
the SEC on Form 10-Q. The Company&rsquo;s certifying officers have evaluated the effectiveness of the Company&rsquo;s controls
and procedures as of December 31, 2015 (such date, the <B>&ldquo;Evaluation Date</B>&rdquo;). The Company presented in its Annual
Report on Form 10-K for the fiscal year recently ended the conclusions of the certifying officers about the effectiveness of the
disclosure controls and procedures based on their evaluations as of the Evaluation Date and the disclosure controls and procedures
are effective. Since the Evaluation Date, there have been no significant changes in the Company&rsquo;s internal controls (as such
term is defined in Item 307(b) of Regulation S-K under the Securities Act) or, to the Company&rsquo;s knowledge, in other factors
that could significantly affect the Company&rsquo;s internal controls, except that the Company has limited the scope of its disclosure
controls and procedures and internal control over financial reporting for its quarter ended June 30, 2016 to exclude controls,
policies and procedures of a business that the Company acquired not more than 365 days before the last day of the period covered
by the interim filing.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(z)</TD><TD STYLE="text-align: justify"><B><I>Capitalization. </I></B>The issued and outstanding Common Shares have been validly issued,
are fully paid and non-assessable and 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 or included or incorporated
by reference in the Time of Sale Prospectus and the Prospectuses as of the dates referred to therein (other than the grant of additional
options under the Company&rsquo;s existing stock option plans, or changes in the number of outstanding Common Shares of the Company
due to the issuance of shares upon the exercise or conversion of securities exercisable for, or convertible into, Common Shares
outstanding on the date hereof, including due to vesting of outstanding restricted share units) and such authorized capital stock
conforms in all material respects to the description thereof set forth in the Registration Statement or included or incorporated
by reference in the Time of Sale Prospectus and the Prospectuses. The description of the securities of the Company in the Registration
Statement or included or incorporated by reference in the Time of Sale Prospectus and the Prospectuses is complete and accurate
in all material respects. Except as disclosed in or contemplated by the Registration Statement or included or incorporated by reference
in the Time of Sale Prospectus and the Prospectuses, as of the date referred to therein, the Company does 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 Common Shares or other securities.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(aa)</TD><TD STYLE="text-align: justify"><B><I>No Applicable Registration or Other Similar Rights.</I></B> There are no persons with registration
or other similar rights to have any equity or debt securities registered or qualified for sale under the Registration Statement
or the Canadian Prospectus or included in the offering contemplated by this Agreement who have not waived such rights in writing
(including electronically) prior to the execution of this Agreement.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(bb)</TD><TD STYLE="text-align: justify"><B><I>No Consents Required. </I></B>No consent, approval, authorization, order, registration or
qualification of or with Governmental Authority is required for the execution, delivery and performance by the Company of this
Agreement, the issuance and sale by the Company of the Units, except for (i) the qualification of the Units for distribution in
the United States and in Canada; and (ii) such consents, approvals, authorizations, orders and registrations or qualifications
as may be required under applicable U.S. federal and state securities laws or by the bylaws or the SEC in connection with the sale
of the Units by the Underwriters.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(cc)</TD><TD STYLE="text-align: justify"><B><I>No Preferential Rights.</I></B> Except as set forth in the Registration Statement or included
or incorporated by reference in the Time of Sale Prospectus and the Prospectuses, (i) and except pursuant to options to purchase
Common Shares pursuant to outstanding options, restricted share units, warrants or convertible debentures, no person, as such term
is defined in Rule 1-02 of Regulation S-X promulgated under the Securities Act (each, a &ldquo;<B>Person</B>&rdquo;), has the right,
contractual or otherwise, to cause the Company to issue or sell to such Person any Common Shares or other securities of the Company,
(ii) the Company has not granted to any Person any preemptive rights, resale rights, rights of first refusal, or any other rights
(whether pursuant to a &ldquo;poison pill&rdquo; provision or otherwise) to purchase any Common Shares or other securities of the
Company, (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 Units, and (iv) no Person has the right, contractual or otherwise, to require the Company to register under
the Securities Act or qualify for distribution under Canadian Securities Laws any Common Shares or other securities of the Company,
or to include any such Common Shares or other securities in the Registration Statement or included or incorporated by reference
in the Time of Sale Prospectus and the Prospectuses, whether as a result of the filing or effectiveness of the Registration Statement,
the Prospectuses (or documents incorporated by reference therein) or the sale of the Units as contemplated thereby or otherwise.</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(dd)</TD><TD STYLE="text-align: justify"><B><I>Forward-Looking Information.</I></B> No forward-looking statement (within the meaning of
Section 27A of the Securities Act and Section 21E of the Exchange Act and no forward-looking information within the meaning of
Section 1(1) of the <I>Securities Act</I> (Ontario)) contained or incorporated by reference in the Registration Statement, the
Prospectuses or the Time of Sale Prospectuses has been made or reaffirmed without a reasonable basis or has been disclosed other
than in good faith.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(ee)</TD><TD STYLE="text-align: justify"><B><I>Certificates.</I></B> The form of certificates representing the Unit Shares, the Warrants,
the Warrant Shares, the Additional Unit Shares, the Additional Warrants and the Additional Warrant Shares, to the extent that physical
certificates are issued for such securities, will be in due and proper form and conform to the requirements of the <I>Business
Corporations Act </I>(British Columbia), the articles of incorporation of the Company and applicable requirements of the Exchanges,
The Depository Trust Company (&ldquo;<B>DTC</B>&rdquo;) and CDS or will have been otherwise approved by the Exchanges, if required,
and will have been made eligible by DTC and CDS, except in the case of Warrants and the Additional Warrants which will not be DTC
eligible.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(ff)</TD><TD STYLE="text-align: justify"><B><I>Transfer Agent.</I></B> Computershare Investor Services Inc. has been duly appointed as registrar
and transfer agent for the Common Shares.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(gg)</TD><TD STYLE="text-align: justify"><B><I>Warrant Agent.</I></B> Computershare Trust Company of Canada will, as at the Closing Date,
be duly appointed as warrant agent for the Warrants, Additional Warrants and Underwriter Warrants.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(hh)</TD><TD STYLE="text-align: justify"><B><I>No Litigation</I></B>. Except as disclosed in writing to the Underwriters, there are no legal,
governmental or regulatory actions, suits or proceedings pending, nor, to the Company&rsquo;s knowledge, any legal, governmental
or regulatory audits or investigations, to which the Company or a Subsidiary is a party or to which any property of the Company
or any of the Material Subsidiaries is the subject that, individually or in the aggregate, if determined adversely to the Company
or any of the Material Subsidiaries, could 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; except as disclosed in the Registration Statement
or included or incorporated by reference in the Time of Sale Prospectus and the Prospectuses, to the Company&rsquo;s knowledge,
no such actions, suits or proceedings are threatened or contemplated by any Governmental Authority or threatened by others; and
(i) there are no current or pending audits or investigations, actions, suits or proceedings by or before any Governmental Authority
that are required under the Securities Act or Canadian Securities Laws to be described in the Registration Statement or included
or incorporated by reference in the Time of Sale Prospectus and the Prospectuses that are not so described; and (ii) there are
no agreements, contracts, arrangements or understandings (written or oral) or other documents that are required under the Securities
Act to be filed as exhibits to the Registration Statement that are not so filed.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(ii)</TD><TD STYLE="text-align: justify"><B><I>Labor Disputes. </I></B>No labor disturbance by or dispute with employees of the Company
or any of the Material Subsidiaries exists or, to the knowledge of the Company, is threatened that could reasonably be expected
to have a Material Adverse Effect.<B><I> </I></B></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(jj)</TD><TD STYLE="text-align: justify"><B><I>Local Disputes.</I></B> Except as set forth in the Registration Statement and the Prospectuses,
no dispute between the Company and any local, native or indigenous group exists, or to the Company&rsquo;s knowledge, is threatened
or imminent with respect to any of the Company&rsquo;s properties or exploration activities that could reasonably be expected to
have a Material Adverse Effect.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(kk)</TD><TD STYLE="text-align: justify"><B><I>Proposed Acquisition</I></B>. Except as described in the Registration Statement or included
or incorporated by reference in the Time of Sale Prospectus and the Prospectuses, there are no material agreements, contracts,
arrangements or understandings (written or oral) with any persons relating to the acquisition or proposed acquisition by the Company
or its Material Subsidiaries of any material interest in any business (or part of a business) or corporation, nor are there any
other specific contracts or agreements (written or oral) in respect of any such matters in contemplation.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(ll)</TD><TD STYLE="text-align: justify"><B><I>Intellectual Property Rights</I></B>. Except as disclosed in the Registration Statement or
included or incorporated by reference in the Time of Sale Prospectus and the Prospectuses, the Company and the Material Subsidiaries
own, possess, license or have other rights to use all foreign and domestic patents, patent applications, trade and service marks,
trade and service mark registrations, trade names, copyrights, licenses, inventions, trade secrets, technology, Internet domain
names, know-how and other intellectual property (collectively, the &ldquo;<B>Intellectual Property</B>&rdquo;), necessary for the
conduct of their respective businesses as now conducted except to the extent that the failure to own, possess, license or otherwise
hold adequate rights to use such Intellectual Property would not, individually or in the aggregate, have a Material Adverse Effect.
Except as disclosed in the Registration Statement or included or incorporated by reference in the Time of Sale Prospectus and the
Prospectuses (a) there are no rights of third parties to any such Intellectual Property owned by the Company and the Material Subsidiaries;
(b) to the Company&rsquo;s knowledge, there is no infringement by third parties of any such Intellectual Property; (c) there is
no pending or, to the Company&rsquo;s knowledge, threatened action, suit, proceeding or claim by others challenging the Company&rsquo;s
and the Material Subsidiaries&rsquo; rights in or to any such Intellectual Property, and the Company is unaware of any facts which
could form a reasonable basis for any such action, suit, proceeding or claim; (d) there is no pending or, to the Company&rsquo;s
knowledge, threatened action, suit, proceeding or claim by others challenging the validity or scope of any such Intellectual Property;
(e) there is no pending or, to the Company&rsquo;s knowledge, threatened action, suit, proceeding or claim by others that the Company
and the Material Subsidiaries infringe or otherwise violate any patent, trademark, copyright, trade secret or other proprietary
rights of others; (f) to the Company&rsquo;s knowledge, there is no third-party U.S. patent or published U.S. patent application
which contains claims for which an Interference Proceeding (as defined in 35 U.S.C. &sect; 135) has been commenced against any
patent or patent application described in the Registration Statement or included or incorporated by reference in the Time of Sale
Prospectus and the Prospectuses, as being owned by or licensed to the Company; and (g) the Company and the Material Subsidiaries
have complied with the terms of each agreement pursuant to which Intellectual Property has been licensed to the Company or such
Material Subsidiary, and all such agreements are in full force and effect, except, in the case of any of clauses (a)-(g) above,
for any such infringement by third parties or any such pending or threatened suit, action, proceeding or claim as would not, individually
or in the aggregate, result in a Material Adverse Effect.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(mm)</TD><TD STYLE="text-align: justify"><B><I>No Material Defaults.</I></B> Neither the Company nor any of the Material Subsidiaries 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 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 have a Material
Adverse Effect.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(nn)</TD><TD STYLE="text-align: justify"><B><I>Market Capitalization</I></B>. At the time the Registration Statement was originally declared
effective, and at the time the Company's most recent Annual Report on Form 10-K was filed with the SEC, the Company met the then
applicable requirements for the use of Form S-3 under the Securities Act, including, but not limited to, General Instruction I.B.1
of Form S-3. The Company satisfies the pre-1992 eligibility requirements for the use of a registration statement on Form S-3 in
connection with this offering (the pre-1992 eligibility requirements for the use of the registration statement on Form S-3 include
(i) having a non-affiliate, public common equity float of at least $150 million or a non-affiliate, public common equity float
of at least $100 million and annual trading volume of at least three million shares and (ii) having been subject to the Exchange
Act reporting requirements for a period of 36 months). The Company is not a shell company (as defined in Rule 405 under the Securities
Act) 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.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(oo)</TD><TD STYLE="text-align: justify"><B><I>Certain Market Activities</I></B>. Neither the Company, nor any of the Material Subsidiaries,
nor to the knowledge of the Company any of their respective directors or officers has taken, directly or indirectly, any action
designed, or that has constituted or might reasonably be expected to cause or result in, under the Exchange Act, Canadian Securities
Laws or otherwise, the stabilization, maintenance or manipulation of the price of any security of the Company to facilitate the
sale or resale of the Units.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(pp)</TD><TD STYLE="text-align: justify"><B><I>Title to Real and Personal Property</I></B>. Except as set forth in the Registration Statement
or included or incorporated by reference in the Time of Sale Prospectus and the Prospectuses, the Company and the Material Subsidiaries
have good and marketable title in fee simple to all items of real property owned by them, good and valid title to all personal
property described in the Registration Statement or included or incorporated by reference in the Time of Sale Prospectus and the
Prospectuses as being owned by them that are material to the businesses of the Company or such Material Subsidiary (taken as a
whole), 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 any of the Material Subsidiaries or (ii) would not, individually
or in the aggregate, have a Material Adverse Effect. Any real or personal property described in the Registration Statement or included
or incorporated by reference in the Time of Sale Prospectus and the Prospectuses as being leased by the Company and any of the
Material 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 any of the Material Subsidiaries or (B) would not,
individually or in the aggregate, have a Material Adverse Effect. Each of the properties of the Company and the Material Subsidiaries
complies with all applicable codes and Applicable Laws (including, without limitation, building and zoning codes, laws and regulations
and laws relating to access to such properties), except if and to the extent disclosed in the Registration Statement or included
or incorporated by reference in the Time of Sale Prospectus and the Prospectuses or except for such failures to comply that would
not, individually or in the aggregate, interfere in any material respect with the use made and proposed to be made of such property
by the Company and the Material Subsidiaries or otherwise have a Material Adverse Effect. None of the Company or the Material Subsidiaries
has received from any Governmental Authorities any notice of any condemnation of, or zoning change affecting, the properties of
the Company and the Material Subsidiaries, and the Company knows of no such condemnation or zoning change which is threatened,
except for such that would not interfere in any material respect with the use made and proposed to be made of such property by
the Company and the Material Subsidiaries or otherwise have a Material Adverse Effect, in the aggregate.</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(qq)</TD><TD STYLE="text-align: justify"><B><I>Mining Rights. </I></B>The Mt Todd Gold Project, Northern Territory, Australia, as described
in the Registration Statement or included or incorporated by reference in the Time of Sale Prospectus and the Prospectuses (collectively,
the &ldquo;<B>Material Property</B>&rdquo;) is the only mining property currently material to the Company in which the Company
or the Material Subsidiaries have an interest; the Company or through the Material Subsidiaries, hold either freehold title, mining
leases, mining concessions, mining claims, exploration permits, prospecting permits or participant interests or other conventional
property or proprietary interests or rights, recognized in the jurisdiction in which the Material Property is located, in respect
of the ore bodies and minerals located on the Material Property in which the Company (through the applicable Material Subsidiary)
has an interest under valid, subsisting and enforceable title documents or other recognized and enforceable agreements, contracts,
arrangements or understandings, sufficient to permit the Company (through the applicable Material Subsidiary) to explore for and
exploit the minerals relating thereto; all leases or claims and permits relating to the Material Property in which the Company
(through the applicable Material Subsidiary) has an interest or right have been validly located and recorded in accordance with
all Applicable Laws and are valid and subsisting; except as disclosed in the Registration Statement or included or incorporated
by reference in the Time of Sale Prospectus and the Prospectuses, the Company (through the applicable Material Subsidiary) has
all necessary surface rights, access rights and other necessary rights and interests relating to the Material Property in which
the Company (through the applicable Material Subsidiary) has an interest granting the Company (through the applicable Material
Subsidiary) the right and ability to explore for and exploit minerals, ore and metals for development and production purposes as
are appropriate in view of the rights and interest therein of the Company or the applicable Material Subsidiary, with only such
exceptions as do not materially interfere with the current use made by the Company or the applicable Material Subsidiary of the
rights or interest so held, and each of the proprietary interests or rights and each of the agreements, contracts, arrangements
or understandings and obligations relating thereto referred to above is currently in good standing in all respects in the name
of the Company or the applicable Material Subsidiary; except as disclosed in the Prospectuses, the Company and the Material Subsidiaries
do not have any responsibility or obligation to pay any commission, royalty, license, fee or similar payment to any person with
respect to the property rights thereof, except where such fee or payment would not have a Material Adverse Effect, either individually<B><I>
</I></B>or in the aggregate;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the Company or the applicable Material Subsidiary holds direct interests in the Material Property,
as described in the Registration Statement or included or incorporated by reference in the Time of Sale Prospectus and the Prospectuses
(the &ldquo;<B>Project Rights</B>&rdquo;), under valid, subsisting and enforceable agreements or instruments, and all such agreements
and instruments in connection with the Project Rights are valid and subsisting and enforceable in accordance with their terms;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the Company and the Material Subsidiaries have identified all the material permits, certificates,
and approvals (collectively, the &ldquo;<B>Permits</B>&rdquo;) which are or which we understand will be required for the exploration,
development and eventual or actual operation of the Material Property, which Permits include but are not limited to environmental
assessment certificates, water licenses, land tenures, rezoning or zoning variances and other necessary local, provincial, state
and federal approvals; and, except as disclosed in the Registration Statement or included or incorporated by reference in the Time
of Sale Prospectus and the Prospectuses, the appropriate Permits have either been received, applied for, or the processes to obtain
such Permits have been or will in due course be initiated by the Company or the applicable Material Subsidiaries; and, except as
disclosed in the Registration Statement or included or incorporated by reference in the Time of Sale Prospectus and the Prospectuses,
neither the Company nor the applicable Material Subsidiaries know of any issue or reason why the Permits should not be approved
and obtained in the ordinary course;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">all assessments or other work required to be performed in relation to the material mining claims
and the mining rights of the Company and the applicable Material Subsidiary in order to maintain their respective interests therein,
if any, have been performed to date and, except as disclosed in the Registration Statement or included or incorporated by reference
in the Time of Sale Prospectus and the Prospectuses, the Company and the applicable Material Subsidiary have complied in all material
respects with all Applicable Laws in this regard as well as with regard to legal and contractual obligations to third parties in
this regard except in respect of mining claims and mining rights that the Company and the applicable Material Subsidiary intend
to abandon or relinquish and except for any non-compliance which would not either individually or in the aggregate have a Material
Adverse Effect; all such mining claims and mining rights are in good standing in all respects as of the date of this Agreement;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">except as disclosed in the Registration Statement or included or incorporated by reference in the
Time of Sale Prospectus and the Prospectuses, there are no environmental audits, evaluations, assessments, studies or tests relating
to the Company or the Material Subsidiaries except for ongoing assessments conducted by or on behalf of the Company and the Material
Subsidiaries in the ordinary course;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">the Company made available to the respective authors thereof prior to the issuance of the current
technical report filed by the Company on SEDAR relating to the Material Property (the &ldquo;<B>Report</B>&rdquo;), for the purpose
of preparing the Report, as applicable, all information requested, and no such information contained any material misrepresentation
as at the relevant time the relevant information was made available;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">the Report complied in all material respects with the requirements of National Instrument 43-101
&ndash; <I>Standards of Disclosure for Mineral Projects </I>(&ldquo;<B>NI 43-101</B>&rdquo;) as at the amended and restated date
of such Report; and</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">the Company is in compliance, in all material respects, with the provisions of NI 43-101 and has
filed all technical reports required thereby; except as noted in the Prospectuses, all scientific and technical information disclosed
in the Registration Statement or included or incorporated by reference in the Time of Sale Prospectus and the Prospectuses: (i)
is based upon information prepared, reviewed and/or verified by or under the supervision of a &ldquo;qualified person&rdquo; (as
such term is defined in NI 43-101), (ii) has been prepared and disclosed in accordance with Canadian industry standards set forth
in NI 43- 101, and (iii) was true, complete and accurate in all material respects at the time of filing.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(rr)</TD><TD STYLE="text-align: justify"><B><I>Taxes. </I></B>The Company and each of the Material Subsidiaries have filed all federal,
state, provincial, 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 so file or pay would not have a Material Adverse Effect. Except as otherwise disclosed in or contemplated by the Registration
Statement or included or incorporated by reference in the Time of Sale Prospectus and the Prospectuses, no tax deficiency has been
determined adversely to the Company or any of the Material Subsidiaries which has had, individually or in the aggregate, a Material
Adverse Effect. The Company has no knowledge of any federal, state, provincial or other governmental tax deficiency, penalty or
assessment which has been or might be asserted or threatened against it which would have a Material<B><I> </I></B>Adverse Effect.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(ss)</TD><TD STYLE="text-align: justify"><B><I>No Reliance.</I></B> The Company has not relied upon the Underwriters or legal counsel for
the Underwriters for any legal, tax or accounting advice in connection with the offering and sale of the Units.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(tt)</TD><TD STYLE="text-align: justify"><B><I>Investment Company Act</I></B>. Neither the Company nor any of the Material Subsidiaries
is or, after giving effect to the offering and sale of the Units and the application of the proceeds thereof as described in the
Registration Statement or included or incorporated by reference in the Time of Sale Prospectus and the Prospectuses, will be an
&ldquo;investment company&rdquo; or an entity &ldquo;controlled&rdquo; by an &ldquo;investment company,&rdquo; as such terms are
defined in the Investment Company Act of 1940, as amended.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(uu)</TD><TD STYLE="text-align: justify"><B><I>ERISA</I></B>. The Company does not have a material employee benefit plan, within the meaning
of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(vv)</TD><TD STYLE="text-align: justify"><B><I>Company is not a &ldquo;Controlled Foreign Corporation&rdquo;. </I></B>As of the date hereof,
the Company is not a &ldquo;<I>controlled foreign corporation</I>,&rdquo; as such term is defined in the Internal Revenue Code
of 1986, as amended (the &ldquo;<B>Code</B>&rdquo;), and does not expect to become a controlled foreign corporation in the foreseeable
future.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(ww)</TD><TD STYLE="text-align: justify"><B><I>Insurance</I></B>. The Company and each of the Material Subsidiaries carry, or are covered
by, insurance in such amounts and covering such risks as the Company and each of the Material Subsidiaries reasonably believe are
adequate for the conduct of their properties and as is customary for companies engaged in similar businesses in similar industries.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(xx)</TD><TD STYLE="text-align: justify"><B><I>No Price Stabilization or Manipulation</I>; <I>Compliance with Regulation M</I></B>. The
Company has not taken, nor will the Company take, directly or indirectly, any action designed to or that might be reasonably expected
to cause or result in stabilization or manipulation of the price of the Common Shares, as applicable, or any other &ldquo;reference
security&rdquo; (as defined in Rule 100 of Regulation M under the Exchange Act (&ldquo;<B>Regulation M</B>&rdquo;)) whether to
facilitate the sale or resale of the Units, as applicable, or otherwise, and has taken no action which would directly or indirectly
violate Regulation M.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(yy)</TD><TD STYLE="text-align: justify"><B><I>Working Capital</I></B>. To the Company&rsquo;s knowledge and taking into account the available
working capital and the net proceeds receivable by the Company following the sale of the Units, the Company has sufficient working
capital for its present requirements that is for a period of at least 12 months from the date of the Prospectuses.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(zz)</TD><TD STYLE="text-align: justify"><B><I>Environmental Laws</I>.</B> Except as set forth in the Registration Statement or included
or incorporated by reference in the Time of Sale Prospectus and the Prospectuses:</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">each of the Company and the Material Subsidiaries is in compliance in all material respects with
all applicable federal, provincial, state, municipal and local laws, statutes, ordinances, bylaws and regulations and orders, directives
and decisions rendered by any ministry, department or administrative or regulatory agency, domestic or foreign (the &ldquo;<B>Environmental
Laws</B>&rdquo;) relating to the protection of the environment, occupational health and safety or the processing, use, treatment,
storage, disposal, discharge, transport or handling of any pollutants, contaminants, chemicals or industrial, toxic or hazardous
wastes or substance, including any uranium or derivatives thereof (the &ldquo;<B>Hazardous Substances</B>&rdquo;), except where
such non-compliance would not have a Material Adverse Effect, either individually or in the aggregate;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">each of the Company and the Material Subsidiaries has obtained all licenses, permits, approvals,
consents, certificates, registrations and other authorizations under all applicable Environmental Laws (the &ldquo;<B>Environmental
Permits</B>&rdquo;) necessary as at the date hereof for the operation of the businesses currently carried on by the Company and
the Material Subsidiaries and each Environmental Permit is valid, subsisting and in good standing and to the knowledge of the Company
neither the Company nor the Material Subsidiaries is in default or breach of any Environmental Permit which would have a Material
Adverse Effect, and no proceeding is pending or, to the knowledge of the Company or the Material Subsidiaries, threatened, to revoke
or limit any Environmental Permit;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">neither the Company nor the Material Subsidiaries has used, except in compliance with all Environmental
Laws and Environmental Permits, and other than as may be incidental to mineral resource exploration, development, mining, recovery,
processing or milling, any property or facility which it owns or leases or previously owned or leased, to generate, manufacture,
process, distribute, use, treat, store, dispose of, transport or handle any Hazardous Substance; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">neither the Company nor the Material Subsidiaries (including, if applicable, any predecessor companies)
has received any notice of, or been prosecuted for an offence alleging, non-compliance with any Environmental Law that would have
a Material Adverse Effect, and neither the Company nor the Material Subsidiaries (including, if applicable, any predecessor companies)
has settled any allegation of non-compliance that would have a Material Adverse Effect short of prosecution. There are no orders
or directions relating to environmental matters requiring any material work, repairs, construction or capital expenditures to be
made with respect to any of the assets of the Company or the Material Subsidiaries, nor has the Company or the Material Subsidiaries
received notice of any of the same; and (v) neither the Company nor the Material Subsidiaries has received any notice wherein it
is alleged or stated that the Company or the Material Subsidiaries is potentially responsible for a federal, provincial, state,
municipal or local clean-up site or corrective action under any Environmental Laws. Neither the Company nor the Material Subsidiaries
has received any request for information in connection with any federal, state, municipal or local inquiries as to disposal sites.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(aaa)</TD><TD STYLE="text-align: justify"><B><I>Finder&rsquo;s Fee&rsquo;s. </I></B>Neither the Company nor any of the Material Subsidiaries
has incurred any liability for any finder&rsquo;s fees, brokerage commissions or similar payments in connection with the transactions
herein contemplated, except as may otherwise exist with respect to the Underwriters pursuant<B><I> </I></B>to this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(bbb)</TD><TD STYLE="text-align: justify"><B><I>Broker/Dealer Relationships</I></B>. Neither the Company nor any of the Material Subsidiaries
or any related entities (i) is required to register as a &ldquo;broker&rdquo; or &ldquo;dealer&rdquo; in accordance with the provisions
of the Exchange Act or (ii) directly or indirectly through one or more intermediaries, controls or is a &ldquo;person associated
with a member&rdquo; or &ldquo;associated person of a member&rdquo; (within the meaning set forth in the FINRA Manual).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(ccc)</TD><TD STYLE="text-align: justify"><B><I>Dividend Restrictions</I></B>. Except as may be restricted by Applicable Law, no Material
Subsidiary is prohibited or restricted, directly or indirectly, from paying dividends to the Company, or from making any other
distribution with respect to such Material Subsidiaries&rsquo; equity securities or from repaying to the Company or any other Material
Subsidiaries any amounts that may from time to time become due under any loans or advances to such Material Subsidiaries from the
Company or from transferring any property or assets to the Company or to any other Material Subsidiaries.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(ddd)</TD><TD STYLE="text-align: justify"><B><I>No Improper Practices. </I></B>(i) Neither the Company nor, to the Company&rsquo;s knowledge,
the Material Subsidiaries, nor to the Company&rsquo;s knowledge, any of their respective directors or 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 Applicable Law) or made any contribution or other payment to any official of, or candidate for, any federal, state,
provincial, municipal, or foreign office or other person charged with similar public or quasi-public duty in violation of any Applicable
Law or of the character required to be disclosed in the Registration Statement or included or incorporated by reference in the
Time of Sale Prospectus and the Prospectuses; (ii) no relationship, direct or indirect, exists between or among the Company or,
to the Company&rsquo;s knowledge, any Material Subsidiary or any affiliate of any of them, on the one hand, and the directors,
officers and shareholders of the Company or, to the Company&rsquo;s knowledge, any Material Subsidiary, on the other hand, that
is required by the Securities Act or Canadian Securities Laws to be described in the Registration Statement or included or incorporated
by reference in the Time of Sale Prospectus and the Prospectuses that is not so described; (iii) no relationship, direct or indirect,
exists between or among the Company or any Material Subsidiary or any affiliate of them, on the one hand, and the directors, officers,
or shareholders of the Company or, to the Company&rsquo;s knowledge, any Material Subsidiary, on the other hand, that is required
by the rules of the Financial Industry Regulatory Authority, Inc. (&ldquo;<B>FINRA</B>&rdquo;) (or Canadian equivalent thereof)
to be described in the Registration Statement or included or incorporated by reference in the Time of Sale Prospectus and the Prospectuses
that is not so described; (iv) except as described in the Prospectuses, there are no material outstanding loans or advances or
material guarantees of indebtedness by the Company or, to the Company&rsquo;s knowledge, any Material Subsidiary 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; and (v) the Company
has not offered, or caused any placement agent to offer, Common Shares or to make any payment of funds to any person with the intent
to influence unlawfully (A) a customer or supplier of the Company or any Material Subsidiary to alter the customer&rsquo;s or supplier&rsquo;s
level or type of business with the Company or any Material Subsidiary or (B) a trade journalist or publication to write or publish
favorable information about the Company or any Material Subsidiary or any of their respective products or services, and, (vi) neither
the Company nor any Material Subsidiary nor, to the Company&rsquo;s knowledge, any director, officer, employee or agent of the
Company or any Material Subsidiary has made any payment of funds of the Company or any Material Subsidiary or received or retained
any funds in violation of any Applicable Law (including, without limitation, the Foreign Corrupt Practices Act of 1977 and the
<I>Corruption of Foreign Public Officials Act </I>(Canada)).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(eee)</TD><TD STYLE="text-align: justify"><B><I>Operations</I></B>. The operations of the Company and the Material Subsidiaries are and have
been conducted at all times in compliance with applicable financial record keeping and reporting requirements of the <I>Proceeds
of Crime (Money Laundering) and Terrorist Financing Act </I>(Canada), the <I>Corruption of Foreign Public Officials Act </I>(Canada)
and applicable rules and regulations thereunder, and the money laundering statutes of all applicable jurisdictions, the rules and
regulations thereunder and any related or similar applicable rules, regulations or guidelines, issued, administered or enforced
by any Governmental Authority (collectively, the &ldquo;<B>Money Laundering Laws</B>&rdquo;); and no action, suit or proceeding
by or before any court or Governmental Authority involving the Company or any of the Material Subsidiaries with respect to the
Money Laundering Laws is pending or, to the knowledge of the Company, threatened.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(fff)</TD><TD STYLE="text-align: justify"><B><I>Sanctions. </I></B>(i) The Company represents that, neither the Company nor any of the Material
Subsidiaries (collectively, the &ldquo;<B>Entity</B>&rdquo;) nor, to the Company&rsquo;s knowledge, any director, officer, employee,
agent, affiliate or representative of the Company, is a government, individual, or entity (in this paragraph (nnn), &ldquo;<B>Member</B>&rdquo;)
that is, or is owned or controlled by a Member that is:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.35in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: justify">the subject of any sanctions administered or enforced by the U.S. Department of Treasury&rsquo;s
Office of Foreign Assets Control, the United Nations Security Council, the European Union, Her Majesty&rsquo;s Treasury, the Office
of the Superintendent of Financial Institutions (Canada), or pursuant to the <I>Special Economic Measures Act </I>(Canada) or other
relevant sanctions authority or Applicable Law (collectively, &ldquo;<B>Sanctions</B>&rdquo;), nor</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.35in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">located, organized or resident in a country or territory that is the subject of Sanctions (including,
without limitation, Burma/Myanmar, Cuba, Iran, Libya, North Korea, Russia, Sudan, Syria, Ukraine and Zimbabwe).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">The Company represents and covenants that it will not, directly or indirectly, use the proceeds
of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other
Member:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.35in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: justify">to fund or facilitate any activities or business of or with any Member or in any country or territory
that, at the time of such funding or facilitation, is the subject of Sanctions; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.35in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">in any other manner that will result in a violation of Sanctions by any Member (including any Member
participating in the offering, whether as underwriter, advisor, investor or otherwise).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">The Company represents and covenants that, except as detailed in the Registration Statement or
included or incorporated by reference in the Time of Sale Prospectus and the Prospectuses, 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 Member, or in any country
or territory, that at the time of the dealing or transaction is or was the subject of Sanctions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(ggg)</TD><TD STYLE="text-align: justify"><B><I>Certification of Disclosure</I></B>. There has been no failure on the part of the Company
or any of the Company&rsquo;s directors or officers, in their capacities as such, to comply in all material respects with any applicable
provisions of the Sarbanes-Oxley Act, National Instrument 52-109 - <I>Certification of Disclosure in Issuers&rsquo; Annual and
Interim Filings </I>(&ldquo;<B>NI 52-109</B>&rdquo;) 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) and each certifying officer of the Company (or each former
certifying officer of the Company and each former certifying 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 SEC and as required to be made and filed by NI 52-109. For purposes
of the preceding sentence, &ldquo;principal executive officer&rdquo; and &ldquo;principal financial officer&rdquo; shall have the
meanings given to such terms in the Sarbanes-Oxley Act and &ldquo;certifying officer&rdquo; shall have the meanings given to such
term in NI 52-109.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(hhh)</TD><TD STYLE="text-align: justify"><B><I>Filings. </I></B>Since January 1, 2014, the Company has filed all documents or information
required to be filed by it under Canadian Securities Laws, U.S. Securities Laws, and the rules, regulations and policies of the
Exchanges, except where the failure to file such documents or information will not have a Material Adverse Effect, either individually
or in the aggregate; all material change reports, annual information forms, financial statements, management proxy circulars and
other documents filed by or on behalf of the Company with the Exchanges, the SEC and the Canadian Commissions, as of its date,
did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances under which they were made, not misleading and did not contain a
misrepresentation at the time at which it was filed; the Company has not filed any confidential material change report or any document
requesting confidential treatment with any Governmental Authority that at the date hereof remains confidential.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(iii)</TD><TD STYLE="text-align: justify"><B><I>Exchange Registration. </I></B>The Common Shares are registered pursuant to Section 12(b)
of the Exchange Act and are accepted for trading on the NYSE MKT under the symbol &ldquo;VGZ&rdquo; and the TSX under the symbol
&ldquo;VGZ,&rdquo; and the Company has taken no action designed to terminate the registration of the Common Shares under the Exchange
Act or delisting the Common Shares from either of the Exchanges, nor, except as disclosed in the Registration Statement or included
or incorporated by reference in the Time of Sale Prospectus and the Prospectuses, has the Company received any notification that
the SEC, the Canadian Commissions or either of the Exchanges is contemplating terminating such registration or listing. Except
as disclosed in the Registration Statement or included or incorporated by reference in the Time of Sale Prospectus and the Prospectuses,
the Company has complied in all material respects with the<B><I> </I></B>applicable requirements of the Exchanges for maintenance
of inclusion of the Common Shares thereon. The Company has applied for all necessary consents, approvals, authorizations or orders
of, or filing, notification or registration with, the Exchanges, the SEC and the Canadian Commissions, where applicable, required
for the listing and trading of the Unit Shares, the Warrant Shares, the Additional Shares and the Additional Warrant Shares. Upon
receipt by the Company of conditional listing approval of the TSX, the Company will have the necessary exchange approval, subject
only to satisfying their standard listing and maintenance requirements. The Company has no reason to believe that it will not in
the foreseeable future continue to be in compliance with all such listing and maintenance<B><I> </I></B>requirements of each Exchange.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence -->-</P></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In this Agreement,
a reference to &ldquo;knowledge&rdquo; of the Company means the knowledge of the directors or officers of the Company or any officer
who may be responsible for the subject matter at issue, in each case, after reasonable inquiry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any certificate signed
by any officer on behalf of the Company or any of the Material Subsidiaries and delivered to the Underwriters or counsel for the
Underwriters in connection with the offering of the Units shall be deemed to be a representation and warranty by the Company or
Material Subsidiaries, as the case may be, as to matters covered thereby, to each Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company acknowledges
that the Underwriters and, for purposes of the opinions to be delivered pursuant to Section&nbsp;6 hereof, counsel to the Company
and counsel to the Underwriters will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents
to such reliance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Section 4</TD><TD STYLE="text-align: justify">Certain Covenants of the Company.</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company further
covenants and agrees with each Underwriter and CF US as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(a)</TD><TD STYLE="text-align: justify"><B><I>Delivery of Registration Statement, Time of Sale Prospectus and Prospectuses</I></B>. To
the extent not available on EDGAR as it relates to the Registration Statement, the Time of Sale Prospectus, the U.S. Prospectus
and any supplements and amendments thereto, the Company shall furnish and deliver to the Underwriters, in such cities as the Underwriters
may reasonably and lawfully request without charge, as soon as practicable after the Registration Statement becomes effective (as
to the U.S. Prospectus) or after the filing thereof (as to the Canadian Prospectus), and during the period mentioned in Section&nbsp;4(e)
or Section&nbsp;4(f) below, as many commercial copies, or originally signed versions, of the Time of Sale Prospectus, the Canadian
Prospectus, the U.S. Prospectus and any supplements and amendments thereto or to the Registration Statement as the Co-Lead Underwriters
on behalf of the Underwriters may reasonably request for the purposes contemplated by the Securities Act and the Canadian Securities
Laws. As used herein, the term &ldquo;<B>Prospectus Delivery Period</B>&rdquo; means such period of time after the first date of
the public offering of the Units and ending on the completion of the distribution of the offering of the Units, during which time
a preliminary prospectus, preliminary prospectus supplement or a prospectus relating to the Units is required by applicable Canadian
Securities Laws or U.S. Securities Laws to be delivered (or required to be delivered but for Rule 172 under the Securities Act)
in connection with sales of the Units by any Underwriter or dealer.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence -->-</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(b)</TD><TD STYLE="text-align: justify"><B><I>Co-Lead Underwriters&rsquo; Review of Proposed Amendments and Supplements</I></B>. Prior
to amending or supplementing the Registration Statement, the Time of Sale Prospectus, the Canadian Prospectus or the U.S. Prospectus
(including any amendment or supplement through incorporation by reference of any document), the Company shall furnish to the Co-Lead
Underwriters for review, a reasonable amount of time prior to the proposed time of filing or use thereof, a copy of each such proposed
amendment or supplement, and the Company shall not file or use any such proposed amendment or supplement without the Co-Lead Underwriters&rsquo;
consent which shall not be unreasonably delayed, conditioned or withheld.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(c)</TD><TD STYLE="text-align: justify"><B><I>Free Writing Prospectuses</I></B>. The Company shall furnish to the Co-Lead Underwriters
for review, a reasonable amount of time prior to the proposed time of filing or use thereof, a copy of each proposed free writing
prospectus or any amendment or supplement thereto to be prepared by or on behalf of, used by, or referred to by the Company and
the Company shall not file, use or refer to any proposed free writing prospectus or any amendment or supplement thereto without
the Co-Lead Underwriters&rsquo; consent which shall not be unreasonably delayed, conditioned or withheld. The Company shall furnish
to each Underwriter, without charge, as many copies of any free writing prospectus prepared by or on behalf of, or used by, the
Company as such Underwriter may reasonably request. If during the Prospectus Delivery Period there occurred or occurs an event
or development as a result of which any free writing prospectus prepared by or on behalf of, used by, or referred to by the Company
conflicted or would conflict with the information contained in the Registration Statement or included or would include an untrue
statement of a material fact or, omitted or would omit to state a material fact necessary in order to make the statements therein,
in the light of the circumstances prevailing at that subsequent time, not misleading, the Company shall promptly amend or supplement
such free writing prospectus to eliminate or correct such conflict or so that the statements in such free writing prospectus as
so amended or supplemented will not include an untrue statement of a material fact or, omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances prevailing at such subsequent time, not misleading,
as the case may be; provided, however, that prior to amending or supplementing any such free writing prospectus, the Company shall
furnish to the Co-Lead Underwriters for review, a reasonable amount of time prior to the proposed time of filing or use thereof,
a copy of such proposed amended or supplemented free writing prospectus and the Company shall not file, use or refer to any such
amended or supplemented free writing prospectus without the Co-Lead Underwriters&rsquo; consent which shall not be unreasonably
delayed conditioned or withheld.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(d)</TD><TD STYLE="text-align: justify"><B><I>Filing of Underwriter Free Writing Prospectuses</I></B>. The Company shall not take any action
that would result in an Underwriter or the Company being required to file with the SEC pursuant to Rule 433(d) under the Securities
Act a free writing prospectus prepared by or on behalf of the Underwriter that the Underwriter otherwise would not have been required
to file thereunder.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(e)</TD><TD STYLE="text-align: justify"><B><I>Amendments and Supplements to Time of Sale Prospectus</I></B>. If any time prior to the Closing
Date any event shall occur or condition shall exist as a result of which the Time of Sale Prospectus, as amended or supplemented,
would include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances when delivered to a prospective purchaser, not misleading, or if, in the reasonable
opinion of counsel for the Company or Underwriters, it is necessary to amend or supplement the Time of Sale Prospectus to comply
with Applicable Law, including the Securities Act, the Company shall (subject to Section&nbsp;4(b) and Section&nbsp;4(c)) forthwith
prepare, file with the SEC and furnish, at its own expense, to the Underwriters and to any dealer upon request, either amendments
or supplements to the Time of Sale Prospectus so that the statements in the Time of Sale Prospectus as so amended or supplemented
will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances when delivered to a prospective purchaser, not misleading, or so that the Time of Sale
Prospectus, as amended or supplemented, will comply with Applicable Law including the Securities Act and the Canadian Securities
Laws.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(f)</TD><TD STYLE="text-align: justify"><B><I>Securities Act Compliance</I></B>. The Company will prepare the Canadian Prospectus Supplement
and the U.S. Prospectus Supplement in a form approved by the Co-Lead Underwriters (acting reasonably) and (i) will file the Canadian
Prospectus Supplement with the Principal Regulator in accordance with the Shelf Procedures as soon as practicably possible, and
in any event, not later than 5:00 p.m. (Toronto time) on August 3, 2016 and (ii) will file the U.S. Prospectus Supplement with
the SEC not later than the SEC&rsquo;s close of business on the first business day following the day on which the filing of the
Canadian Prospectus Supplement is made with the Principal Regulator. After the date of this Agreement, the Company shall promptly
advise the Co-Lead Underwriters in writing (i) of the receipt of any comments of, or requests for additional or supplemental information
or other communication from, any Canadian Commission or the SEC with respect to the Canadian Prospectus or the Registration Statement,
(ii) of any request by any Canadian Commission to amend or supplement the Canadian Prospectus or for additional information or
of any request by the SEC to amend the Registration Statement or to amend or supplement the U.S. Prospectus or for additional information,
(iii) of the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement
to the Time of Sale Prospectus, any free writing prospectus or the Prospectuses, (iv) of the time and date that any post-effective
amendment to the Registration Statement becomes effective, (v) of the issuance by the SEC or any Canadian Commission, as applicable,
of any stop order suspending the effectiveness of the Registration Statement, the U.S. Prospectus or the Canadian Prospectus or
any post-effective amendment thereto or any order directed at any document incorporated by reference in the Registration Statement,
the U.S. Prospectus or the Canadian Prospectus or any amendment or supplement thereto or any order preventing or suspending the
use of the Time of Sale Prospectus, any free writing prospectus, any marketing materials, the U.S. Prospectus or the Canadian Prospectus
or any amendment or supplement thereto or any post-effective amendment to the Registration Statement, or the suspension of the
qualification of the Units for sale in any jurisdiction, or of any proceedings to remove, suspend or terminate from listing or
quotation the Common Shares and the Units from the Exchanges, or of the threatening or initiation of any proceedings for any of
such purposes, and (vi) of the issuance by any Governmental Authority of any order having the effect of ceasing or suspending the
distribution of the Units, or of the institution or, to the knowledge of the Company, threatening of any proceedings for any such
purpose. If the SEC or any Canadian Commission shall enter any such stop order at any time, the Company will use best efforts to
obtain the lifting of such order at the earliest possible moment.</TD></TR></TABLE>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(g)</TD><TD STYLE="text-align: justify"><B><I>Amendments and Supplements to the Prospectuses and Other Securities Act Matters</I>.</B>
The Company will comply with the U.S. Securities Laws and the Canadian Securities Laws so as to permit the completion of the distribution
of the Units during the Prospectus Delivery Period as contemplated in this Agreement and the Prospectuses. If any event shall occur
or condition exist as a result of which it is necessary to amend or supplement the Prospectuses so that the Prospectuses do not
include a misrepresentation or an untrue statement of a material fact or omit to state a material fact necessary in order to make
the statements therein, in the light of the circumstances when the U.S. Prospectus or the Canadian Prospectus is delivered to a
purchaser, not misleading, or if during the Prospectus Delivery Period in the reasonable opinion of the Company, Co-Lead Underwriters
or counsel for the Company or Underwriters it is otherwise necessary to amend or supplement the Prospectuses to comply with U.S.
Securities Laws or Canadian Securities Laws, the Company agrees (subject to Section&nbsp;4(b) and Section&nbsp;4(c)) to promptly
prepare, file with the SEC and the Canadian Commissions and furnish at its own expense to the Underwriters and to dealers, amendments
or supplements to the Prospectuses so that the statements in the Prospectuses as so amended or supplemented will not include a
misrepresentation or an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances when the U.S. Prospectus or the Canadian Prospectus is delivered to a purchaser, not
be misleading or so that the Prospectuses, as amended or supplemented, will comply with the U.S. Securities Laws and the Canadian
Securities Laws, as applicable. Neither the Co-Lead Underwriters&rsquo; consent to, nor delivery of, any such amendment or supplement
shall constitute a waiver of any of the Company&rsquo;s obligations under Section&nbsp;4(b) or Section&nbsp;4(c).</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(h)</TD><TD STYLE="text-align: justify"><B><I>Lock-Up Agreements</I></B>. The Company shall use its commercially reasonable efforts to
cause each of the Company&rsquo;s directors and senior officers and each of the other persons listed on Exhibit &ldquo;A&rdquo;
to execute and deliver to the Co-Lead Underwriters a lock-up agreement in the form of Exhibit &ldquo;B&rdquo; hereto on or before
the Closing Date.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(i)</TD><TD STYLE="text-align: justify"><B><I>Stock Exchange Listing. </I></B>The Company shall use its commercially reasonable best efforts
to ensure that the Unit Shares, Warrant Shares, Additional Unit Shares, Additional Warrant Shares and Underwriter Warrant Shares
are conditionally approved for listing and for trading on the TSX and approved for listing on NYSE MKT subject in the case of the
TSX to satisfaction by the Company of the conditions imposed by the TSX.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(j)</TD><TD STYLE="text-align: justify"><B><I>Blue Sky Compliance</I></B>. The Company shall cooperate with the Co-Lead Underwriters and
counsel for the Underwriters to qualify or register the Units for sale under (or obtain exemptions from the application of) U.S.
Securities Laws, Canadian Securities Laws, or other foreign laws of jurisdictions designated by the Co-Lead Underwriters, shall
comply with such laws and shall continue such qualifications, registrations and exemptions in effect so long as required for the
distribution of the Units. The Company shall not be required to qualify as a foreign corporation or to take any action that would
subject it to general service of process in any jurisdiction in which it is not presently qualified or where it would be subject
to taxation as a foreign corporation (except service of process with respect to the offering and sale of the Units). The Company
will advise the Co-Lead Underwriters promptly of the suspension of the qualification or registration of (or any exemption relating
to) the Units for offering, sale or trading in any jurisdiction or any initiation or threat of any proceeding for any such purpose,
and in the event of the issuance of any order suspending such qualification, registration or exemption, the Company shall use its
best efforts to obtain the withdrawal thereof at the earliest possible moment.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(k)</TD><TD STYLE="text-align: justify"><B><I>Use of Proceeds</I></B>. The Company shall apply the net proceeds from the sale of the Units
and the Additional Units sold by it in the manner described under the caption &ldquo;<I>Use of Proceeds</I>&rdquo; in the Time
of Sale Prospectus.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(l)</TD><TD STYLE="text-align: justify"><B><I>Transfer/Warrant Agent</I></B>. The Company shall maintain, at its expense, a registrar and
transfer agent for the Unit Shares and the Additional Unit Shares and engage and maintain, at its expense, a warrant agent for
the Warrants and Additional Warrants.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(m)</TD><TD STYLE="text-align: justify"><B><I>Earnings Statement.</I> </B>As soon as practicable, but in any event no later than 18 months
after the date of this Agreement, the Company will make generally available to its security holders and to the Co-Lead Underwriters
an earnings statement (which need not be audited) covering a period of at least 12 months beginning with the first fiscal quarter
of the Company commencing after the date of this Agreement which shall satisfy the provisions of Section 11(a) of the Securities
Act and the rules and regulations of the SEC thereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(n)</TD><TD STYLE="text-align: justify"><B><I>Periodic Reporting Obligations</I></B>. During the period when the U.S. Prospectus is required
to be delivered under the Securities Act, the Company shall file, on a timely basis, with the SEC and NYSE MKT all reports and
documents required to be filed under the Exchange Act.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(o)</TD><TD STYLE="text-align: justify"><B><I>Agreement Not to Issue, Offer or Sell Additional Shares</I></B>. During the period commencing
on and including the date hereof and ending on and including the 90<SUP>th</SUP> day following the Closing Date (as the same may
be extended as described below, the &ldquo;<B>Lock-up Period</B>&rdquo;), the Company will not, without the prior written consent
of the Co-Lead Underwriters (which consent will not be unreasonably withheld), (i) issue, offer, sell (including, without limitation,
any short sale), contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree
to dispose of or transfer, directly or indirectly, or establish or increase a &ldquo;<I>put equivalent position</I>&rdquo; or liquidate
or decrease a &ldquo;<I>call equivalent position</I>&rdquo; within the meaning of Section 16 of the Exchange Act and the rules
and regulations of the SEC promulgated thereunder, with respect to, any Common Shares, or any securities convertible into or exchangeable
or exercisable for, or warrants or other rights to purchase, the foregoing, (ii) other than a registration Form on S-8 subject
to the restrictions set forth below, file or cause to become effective a registration statement under the Securities Act, or to
file a prospectus under the Canadian Securities Laws, relating to the offer and sale of any Common Shares or securities convertible
into or exercisable or exchangeable for Common Shares or other rights to purchase Common Shares or any other securities of the
Company that are substantially similar to Common Shares, or any securities convertible into or exchangeable or exercisable for,
or any warrants or other rights to purchase, the foregoing, (iii) enter into any swap or other arrangement that transfers to another,
in whole or in part, any of the economic consequences of ownership of Common Shares or any other securities of the Company that
are substantially similar to Common Shares, or any securities convertible into or exchangeable or exercisable for, or any warrants
or other rights to purchase, the foregoing, whether any such transaction is to be settled by delivery of Common Shares or such
other securities, in cash or otherwise or (iv) publicly announce an intention to effect any transaction specified in clause (i),
(ii) or (iii), except, in each case, for (A) the registration of the offer and sale of the Units under the Securities Act, the
filing of each Applicable Prospectus under the Canadian Securities Laws relating to the sale of the Units and the sales of the
Units to the Underwriters pursuant to this Agreement, (B) issuances of Common Shares upon the exercise of options or restricted
share units issued under the Company&rsquo;s equity compensation plans, (C) the issuance of stock options or restricted share units
in the ordinary course and the issuance of Common Shares pursuant to the Company&rsquo;s equity compensation plans, (D) the issuance
of Common Shares pursuant to the exercise of warrants outstanding as of the date hereof and pursuant to the Warrants and the Underwriter
Warrants, or (E) the issuance of options or securities of the Company in connection with <I>bona fide</I> arm&rsquo;s length acquisitions,
mergers, consolidations or amalgamations with any company or companies (other than a direct or indirect acquisition, merger, consolidation
or amalgamation, whether by way of one or more transactions, of an entity all or substantially all of the assets of which are cash,
marketable securities or financial in nature or an acquisition that is structured primarily to defeat the intent of this provision).</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(p)</TD><TD STYLE="text-align: justify"><B><I>Investment Limitation</I></B>. The Company shall not invest or otherwise use the proceeds
received by the Company from its sale of the Units and Additional Units in such a manner as would require the Company or any of
its Material Subsidiaries to register as an investment company under the Investment Company Act.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(q)</TD><TD STYLE="text-align: justify"><B><I>No Stabilization or Manipulation</I>; <I>Compliance with Regulation M</I></B>. The Company
will not take, directly or indirectly, any action designed to or that might be reasonably expected to cause or result in stabilization
or manipulation of the price of the Common Shares or any other reference security, whether to facilitate the sale or resale of
the Units or otherwise, and the Company will, and shall cause each of its affiliates to, comply with all applicable provisions
of Regulation M. If the limitations of Rule 102 of Regulation M (&ldquo;<B>Rule 102</B>&rdquo;) do not apply with respect to the
Units or any other reference security pursuant to any exception set forth in Section (d) of Rule 102, then promptly upon notice
from the Co-Lead Underwriters (or, if later, at the time stated in the notice), the Company will, and shall cause each of its affiliates
to, comply with Rule 102 as though such exception were not available but the other provisions of Rule 102 (as interpreted by the
SEC) did apply.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(r)</TD><TD STYLE="text-align: justify"><B><I>Press Releases/Announcements</I></B>. Prior to the Closing Date, the Company shall not, without
the Co-Lead Underwriters prior written consent, which shall not be unreasonably delayed, conditioned or withheld, issue any press
releases or other communications directly or indirectly and shall not hold any press conferences with respect to the Company or
any Material Subsidiaries, the financial condition, results of operations, business, properties, assets, or liabilities of the
Company or any Material Subsidiaries, or with respect to the offering of the Units, except the quarterly management conference
call scheduled for August 9, 2016. Notwithstanding the foregoing, nothing contained in this subsection shall prevent the Company
from issuing a press release forthwith in the event that the Company&rsquo;s counsel advises that it is necessary in order to comply
with Applicable Law or the rules or requirements of the Exchanges, or from issuing a press release or holding an analyst call in
the normal course in connection with the release of financial results.</TD></TR></TABLE>

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    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(s)</TD><TD STYLE="text-align: justify"><B><I>Right of First Refusal</I>. </B>If within the 12 month period following the Closing Date
the Company or any of its subsidiaries: (a) decides to finance or refinance any indebtedness using a manager or agent, the Co-Lead
Underwriters (or any affiliate designated by either of the Co-Lead Underwriters) shall have the right to act as co-lead book runner,
co-lead manager, co-lead placement agent or co-lead agent with respect to such financing or refinancing; or (b) decides to raise
funds by means of a public offering or a private placement of equity or debt securities using an underwriter or placement agent,
the Co-Lead Underwriters (or any affiliate designated by either of the Co-Lead Underwriters) shall have the right to act as co-lead
book runners, co-lead underwriters or co-lead placement agents for such financing; <U>provided</U>, <U>that</U> in the event that
either of the Co-Lead Underwriters, as the case may be, declines an engagement in respect of any of the matters described in (a)
or (b) above, then the non-declining Co-Lead Underwriter shall have the right, at its election, to act as lead book runner, lead
manager, lead placement agent, lead underwriter or lead placement agent for such financing, as the case may be. If both or either
of the Co-Lead Underwriters and/or one of their respective affiliates decide to accept any such engagement, the agreement governing
such engagement will contain, among other things, provisions for customary fees for transactions of similar size and nature and
the provisions of this Agreement, including indemnification, which are appropriate to such a transaction. Each of the Co-Lead Underwriters
would be entitled to the same economics in respect of any engagement contemplated in this Section 4(s).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Co-Lead Underwriters,
on behalf of the Underwriters, may, in their sole discretion, waive in writing the performance by the Company of any one or more
of the foregoing covenants or extend the time for their performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Section 5</TD><TD STYLE="text-align: justify">Payment of Expenses.</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Whether or not the
purchase and sale of the Units pursuant to this Agreement is completed, the Company will pay all costs, expenses, fees and taxes
incurred in connection with the purchase, sale and delivery of the Units and the performance of its obligations hereunder and in
connection with the transactions contemplated hereby, including without limitation, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(a)</TD><TD STYLE="text-align: justify">the preparation and filing of the Registration Statement (including the Financial Statements, exhibits,
schedules, consents and certificates of experts), the Time of Sale Prospectus, the Prospectuses, each free writing prospectus prepared
by or on behalf of, used by, or referred to by the Company and any amendments or supplements thereto, including the printing and
furnishing of copies of each thereof to the Underwriters and to dealers (including costs of mailing and shipment);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(b)</TD><TD STYLE="text-align: justify">the registration, issue, sale and delivery of the Units, including any stock or transfer taxes
and stamp or similar duties payable upon the sale, issuance or delivery of the Units to the Underwriters;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(c)</TD><TD STYLE="text-align: justify">the producing, word processing and/or printing of this Agreement, any agreement among Underwriters,
any dealer agreements, any powers of attorney and any closing documents (including compilations thereof) and the reproduction and/or
printing and furnishing of copies of each thereof to the Underwriters and to dealers (including costs of mailing and shipment);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(d)</TD><TD STYLE="text-align: justify">all filing fees, attorneys&rsquo; fees and expenses incurred by the Company in connection with
qualifying or registering (or obtaining exemptions from the qualification or registration of) all or any part of the Units for
offer and sale under the U.S. Securities Laws or Canadian Securities Laws, and, if reasonably requested by the Co-Lead Underwriters,
preparing, printing and furnishing copies of any blue sky surveys or legal investment surveys to the Underwriters and to dealers,
or other memorandum and any supplements thereto, advising the Underwriters of such qualifications, registrations and exemptions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(e)</TD><TD STYLE="text-align: justify">all fees and expenses of the Company&rsquo;s counsel, independent public or certified public accountants
and other advisors of the Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(f)</TD><TD STYLE="text-align: justify">the reasonable legal fees and filing fees and other disbursements of Canadian and U.S. counsel
for the Underwriters;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(g)</TD><TD STYLE="text-align: justify">the fees and expenses associated with the listing of the Unit Shares, Warrant Shares, Additional
Unit Shares and Additional Warrant Shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(h)</TD><TD STYLE="text-align: justify">any filing for review of the public offering of the Units by FINRA;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(i)</TD><TD STYLE="text-align: justify">the fees and disbursements of any transfer agent or registrar for the Units;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(j)</TD><TD STYLE="text-align: justify">the reasonable costs and expenses of the Underwriters relating to presentations or meetings undertaken
in connection with the marketing of the offering and sale of the Units to prospective investors and the Underwriters&rsquo; sales
forces (including reasonable travel and related expenses);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(k)</TD><TD STYLE="text-align: justify">the costs and expenses of qualifying the Unit Shares, the Warrant Shares, the Additional Unit Shares
and the Additional Warrant Shares for inclusion in the book-entry settlement systems of DTC and CDS; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(l)</TD><TD STYLE="text-align: justify">the performance of the Company&rsquo;s other obligations hereunder,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">including Canadian federal
goods and services tax and provincial sales tax eligible in respect of any of the foregoing. All such expenses incurred by or on
behalf of the Underwriters shall be payable by the Company within 30 days of the receipt of an invoice in respect thereof. Notwithstanding
the foregoing, the fees and expenses payable by the Company to the Underwriters pursuant to subparagraph (f) and (j) above shall
not exceed US$150,000. Except as provided in this Section 5, the Underwriters shall pay their own expenses, including the fees
and disbursements of their counsel, transfer taxes on resale of any Units by them, and any advertising expenses in connection with
any offers of Units that they may make following the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Section 6</TD><TD STYLE="text-align: justify">Conditions to the Obligations of the Underwriters.</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The obligations of
the Underwriters to purchase and pay for the Firm Units, and if applicable, the Additional Units, as provided herein on the Closing
Date shall be subject to the accuracy of the representations and warranties on the part of the Company set forth in Section&nbsp;3
as of the date hereof and as of the Closing Date, to the timely performance by the Company of its covenants and other obligations
of the Company hereunder, and to each of the following additional conditions precedent:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(a)</TD><TD STYLE="text-align: justify"><B><I>Opinion and 10b-5 Statement of United States Counsel for the Company</I></B>. On the Closing
Date, the Underwriters and CF US shall have received an opinion and Rule 10b-5 negative assurance statement of Dorsey &amp; Whitney
LLP, and with regard to any United States subsidiary opinions from such counsel as the Company may designate, addressed to the
Underwriters and CF US, and dated the Closing Date, in the form and substance as may be reasonably satisfactory to counsel for
the Underwriters.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(b)</TD><TD STYLE="text-align: justify"><B><I>Canadian Securities Law Opinion</I></B>. The Underwriters and CF US receiving a favourable
legal opinion of Borden Ladner Gervais LLP, Canadian counsel to the Company, addressed to the Underwriters, CF US and counsel to
the Underwriters, dated as of the Closing Date, as to the qualification of the Units for sale to the public and as to other matters
governed by the laws of the Qualifying Jurisdictions, provided that Borden Ladner Gervais LLP shall be entitled to rely exclusively
upon the opinions of local counsel as to matters governed by the laws of any Qualifying Jurisdictions in which it is not qualified
to practice, in each case in a form acceptable in all reasonable respects to counsel to the Underwriters.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(c)</TD><TD STYLE="text-align: justify"><B><I>Title Opinion</I></B>. The Underwriters and CF US receiving a favourable legal opinion (in
customary form and dated within three business days of the Closing Date) from Australian counsel to the Corporation as to title
matters in respect of the Material Property, in a form acceptable in all reasonable respects to counsel to the Underwriters.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(d)</TD><TD STYLE="text-align: justify"><B><I>Accountants&rsquo; Comfort Letters</I></B>. The Co-Lead Underwriters and CF US shall have
received from EKS&amp;H LLLP, independent public or certified public accountants for the Company, (i) letters dated, respectively,
the date of the Prospectus Supplements, and addressed to the Underwriters and CF US and the board of directors of the Company,
in form and substance reasonably satisfactory to the Co-Lead Underwriters, containing statements and information of the type ordinarily
included in accountant&rsquo;s &ldquo;<I>comfort letters</I>&rdquo; to underwriters which letters shall cover with respect to the
Financial Statements, including without limitation, certain financial and accounting disclosures contained or incorporated by reference
in the Registration Statement, the Prospectuses and the Prospectus Supplements, and (ii) confirming that they are independent public,
certified public or chartered accountants as required by the Securities Act.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(e)</TD><TD STYLE="text-align: justify"><B><I>Bring-down Comfort Letters</I></B>. On the Closing Date, the Co-Lead Underwriters and CF
US shall have received from EKS&amp;H LLLP, independent public or certified public accountants for the Company, a letter dated
such date, and addressed to the Underwriters and the board of directors of the Company, in form and substance reasonably satisfactory
to the Co-Lead Underwriters, to the effect that they reaffirm the statements made in the letters furnished by them pursuant to
Section&nbsp;6(d), except that the specified date referred to therein for the carrying out of procedures shall be no more than
two (2) business days prior to the Closing Date.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(f)</TD><TD STYLE="text-align: justify"><B><I>Company Compliance with Prospectus and Registration Requirements; No Stop Order</I>.</B>
For the period from and after effectiveness of this Agreement and prior to the Closing Date:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the U.S. Prospectus shall have been filed with the SEC in the manner and within the time period
required by the Securities Act, and the Canadian Prospectus shall have been filed with the Canadian Commissions in each of the
Qualifying Jurisdictions and in accordance with the Canadian Securities Laws, and a receipt obtained therefor;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">no stop order suspending the effectiveness of the Registration Statement, or any post-effective
amendment to the Registration Statement, shall be in effect and no proceedings for such purpose shall have been instituted or threatened
by the SEC;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">no order preventing or suspending the use of the Canadian Prospectus shall have been issued and
no proceeding for that purpose shall have been initiated or threatened by any Canadian Commission or other securities regulatory
authority in Canada;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">no order, ruling, determination having the effect of suspending the issuance, sale, exercise or
conversion or ceasing the trading of the Common Shares or securities convertible into Common Shares, or any other securities of
the Company shall have been issued by any Governmental Authority in Canada or the United States and no proceedings for that purpose
shall have been instituted or shall be pending or, to the knowledge of the Company, shall be contemplated or threatened by any
such court, securities regulatory authority or stock exchange;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">the Canadian Prospectus Supplement shall have been filed with the Canadian Commissions in each
of the Qualifying Jurisdictions in accordance with the Shelf Procedures and a U.S. Prospectus Supplement shall have been filed
with the SEC;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">the Registration Statement and all amendments thereto shall 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; and (a) neither the Prospectuses nor any amendment or supplement thereto, shall include a misrepresentation or an untrue
statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of
the circumstances under which they are made, not misleading, (b) no Time of Sale Prospectus, and no amendment or supplement thereto,
shall include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they are made, not misleading and (c) none of the free writing prospectuses,
if any, shall include an untrue statement of a material fact or, omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they are made, not misleading; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">all requests for additional information on the part of the SEC or any Canadian Commission shall
have been complied with.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(g)</TD><TD STYLE="text-align: justify"><B><I>No Material Adverse Effect</I></B>. For the period from the date of this Agreement and to
and including the Closing Date, in the judgment of the Co-Lead Underwriters, there shall not have occurred any Material Adverse
Effect.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(h)</TD><TD STYLE="text-align: justify"><B><I>Officers&rsquo; Certificate</I></B>. On the Closing Date, the Underwriters and CF US shall
have received a written certificate, addressed to the Underwriters and CF US, executed by the President and Chief Executive Officer
of the Company and the Chief Financial Officer of the Company, in each case, in such capacity and not in his personal capacity,
dated as of the Closing Date, to the effect that the conditions set forth in Section&nbsp;6(f) have been met, and further to the
effect that:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the representations, warranties and covenants of the Company set forth in Section&nbsp;3 of this
Agreement are true and correct in all material respects with the same force and effect as though expressly made on and as of such
Closing Date, except that any representations and warranties qualified by materiality or &ldquo;Material Adverse Effect&rdquo;
shall be true and correct in all respects;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">as at the Closing Date, no order, ruling or determination having the effect of ceasing or suspending
trading in the Common Shares or any securities convertible into Common Shares has been issued and no proceedings for such purpose
are pending or, to the best of the knowledge, information and belief of the person signing such certificate, are contemplated or
threatened; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">the Company has complied with all the agreements hereunder and satisfied all the conditions on
its part to be performed or satisfied hereunder at or prior to such Closing Date.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(i)</TD><TD STYLE="text-align: justify"><B><I>Certificates of the Company</I></B>. The Underwriters having received certificates dated
the Closing Date, addressed to the Underwriters and CF US, signed by the Corporate Secretary of the Company, in such capacity and
not personally, in form and content satisfactory to the Underwriters, acting reasonably, with respect to:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the constating documents and articles of the Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the resolutions of the directors of the Company relevant to the distribution of the Units in each
of the Qualifying Jurisdictions and in the United States, allotment, issue (or reservation for issue) and sale of the Units, the
authorization of this Agreement, and the other agreements and transactions contemplated by this Agreement; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">the incumbency and signatures of signing officers of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(j)</TD><TD STYLE="text-align: justify"><B><I>Good Standing</I></B>. The Co-Lead Underwriters shall have received on and as of the day
prior to the Closing Date, satisfactory evidence of the good standing of the Company and its Material Subsidiaries in their respective
jurisdictions of organization, in each case in writing or any standard form of telecommunication from the appropriate Governmental
Authorities of such jurisdictions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(k)</TD><TD STYLE="text-align: justify"><B><I>Listing</I></B><I>.</I> The Unit Shares, Warrant Shares, Additional Unit Shares, Additional
Warrant Shares and Underwriter Warrant Shares shall have been conditionally approved for listing on the TSX and approved for listing
on the NYSE MKT, subject, in the case of the TSX, to the fulfillment of the usual post-closing requirements and, in the case of
the NYSE MKT, only to notice of issuance at or prior to the Closing Date.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(l)</TD><TD STYLE="text-align: justify"><B><I>Warrant Indenture. </I></B>The Warrant Indenture shall have been executed and delivered by
the Company and Computershare Trust Company of Canada in form and substance satisfactory to the Co-Lead Underwriters and their
counsel, acting reasonably.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(m)</TD><TD STYLE="text-align: justify"><B><I>Lock-Up Agreements from Directors and Officers of the Company</I>. </B>On or prior to the
Closing Date, the Company shall have furnished to the Co-Lead Underwriters an agreement in the form of Exhibit &ldquo;B&rdquo;
hereto from each of the persons listed on Exhibit &ldquo;A&rdquo; hereto, and such agreement shall be in full force and effect
on the Closing Date.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(n)</TD><TD STYLE="text-align: justify"><B><I>Certificate of Transfer Agent</I></B>. The Company having delivered to the Underwriters on
the Closing Date, as the case may be, a certificate of Computershare Investor Services Inc. as registrar and transfer agent of
the Common Shares, which certifies the number of Common Shares issued and outstanding on the date prior to the Closing Date.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(o)</TD><TD STYLE="text-align: justify"><B><I>No Termination</I></B>. The Underwriters shall not have previously terminated their obligations
pursuant to Section&nbsp;8 of this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(p)</TD><TD STYLE="text-align: justify"><B><I>Additional Documents</I></B>. On or before the Closing Date, the Co-Lead Underwriters and
counsel for the Underwriters shall have received such information and other customary closing documents as they may reasonably
request for the purposes of enabling them to pass upon the issuance and sale of the Units as contemplated herein, or in order to
evidence the accuracy of any of the representations and warranties, or the satisfaction of any of the conditions or agreements,
herein contained; and all proceedings taken by the Company in connection with the issuance and sale of the Units as contemplated
herein and in connection with the other transactions contemplated by this Agreement shall be reasonably satisfactory in form and
substance to the Co-Lead Underwriters and counsel for the Underwriters.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any condition specified
in this Section&nbsp;6 is not satisfied when and as required to be satisfied, this Agreement may be terminated by the Co-Lead Underwriters
by notice to the Company at any time on or prior to the Closing Date, which termination shall be without liability on the part
of any party to any other party, except that Section&nbsp;5, Section&nbsp;6 and Section&nbsp;10 shall at all times be effective
and shall survive such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Section 7</TD><TD STYLE="text-align: justify">Representations, Warranties and Covenants of the Underwriters.</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Underwriters hereby severally, and not jointly, nor jointly and severally, represent and warrant to the Corporation,
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(a)</TD><TD STYLE="text-align: justify"><B><I>Registration</I></B>. The Underwriters are, and will remain so, until the completion of the
Offering, appropriately registered under applicable Securities Laws so as to permit it to lawfully fulfill its obligations hereunder.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(b)</TD><TD STYLE="text-align: justify"><B><I>Authority</I></B>. The Underwriters have good and sufficient right and authority to enter
into this Agreement and complete the transactions contemplated under this Agreement on the terms and conditions set forth herein
in all material respects and this Agreement has been duly authorized, executed and delivered by each of the Underwriters and is
a legal, valid and binding agreement of the Underwriters enforceable in accordance with its terms, except to the extent that enforceability
may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors' rights generally and
by general equitable principles.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Underwriter, severally and not jointly, covenants with the Company, after the Closing Date, that the Underwriters will
(a) use their reasonable best efforts to complete the distribution of the Units as promptly as possible and in any event on or
before August 10, 2016 and (b) give prompt written notice to the Company or its counsel when, in the opinion of the Underwriters,
they have completed distribution of the Units, and, as soon as practicable but in any event not later than August 10, 2016, will
provide the Company or its counsel in writing, with a breakdown of the number of Units distributed in each of the Qualifying Jurisdictions
and in the United States where that breakdown is required by a Canadian Commission or the SEC, as the case may be, for the purpose
of calculating fees payable to, or making filings with, that Canadian Commission or the SEC, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Underwriter, severally and not jointly, covenants with the Company, that it will comply with applicable Securities
Laws in connection with the offer and sale and distribution of the Units and will use its commercially reasonable efforts to ensure
that all members of any selling dealer group will likewise comply with Canadian Securities Laws and U.S. Securities Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Underwriter shall be liable to the Company under this Section&nbsp;7 with respect to a default by any of the other Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Underwriter, severally and not jointly, covenants with the Company not to take any action that would result in the
Company being required to file with the SEC pursuant to Rule 433(d) under the Securities Act a free writing prospectus prepared
by or on behalf such Underwriter that otherwise would not be required to be filed by the Company thereunder but for the action
of the Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Section 8</TD><TD STYLE="text-align: justify">Termination of this Agreement.</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In addition to any other remedies which may be available to the Underwriters, each Underwriter shall be entitled, at such
Underwriter&rsquo;s sole option, to terminate and cancel, without any liability on such Underwriter&rsquo;s part, its obligations
under this Agreement if, at any time prior to the Closing Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(a)</TD><TD STYLE="text-align: justify"><B><I>Litigation. </I></B>Any inquiry, action, suit, investigation or other proceeding, whether
formal or informal, is commenced, announced or threatened or any order is made by any Governmental Authority in Canada, the United
States or elsewhere, including, without limitation, the TSX or the NYSE MKT, in relation to the Company or the Material Subsidiaries
or the Company&rsquo;s directors and officers in their capacity as such with the Company which, in the sole opinion of the Co-Lead
Underwriters, acting reasonably, operates to prevent or restrict materially the distribution or trading of the Units or any other
securities of the Company in any of the Qualifying Jurisdictions or the United States.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(b)</TD><TD STYLE="text-align: justify"><B><I>Financial-Out. </I></B>Any change in the U.S., Canadian or international financial, political
or economic conditions or the effect of which is such as to make it, in the judgment of the Co-Lead Underwriters, acting reasonably,
impractical to market or to enforce contracts for the sale of the Units, including without limitation, (i) if trading or quotation
in any of the Company&rsquo;s securities shall have been suspended or limited by the SEC, or by the NYSE MKT or by any Canadian
Commission or by the TSX, or (ii) trading in securities generally on any of the NYSE MKT or the TSX shall have been suspended or
limited, or minimum or maximum prices shall have been generally established on any of such stock exchanges by the SEC or FINRA,
or (iii) the declaration of any banking moratorium by any Canadian, U.S. federal or New York authorities, or (iv) any major disruption
of settlements of securities or payment or clearance services in the United States or Canada where the securities of the Company
are listed.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(c)</TD><TD STYLE="text-align: justify"><B><I>Disaster Out</I></B>. There should develop, occur or come into effect or existence any attack
on, outbreak or escalation of hostilities or act of terrorism involving Canada, the United States or Australia, any declaration
of war by the United States Congress, any other national or international calamity or emergency, or any governmental action, change
of Applicable Law (or in the judicial interpretation thereof), if, in the judgment of the Co-Lead Underwriters, the effect of any
such attack, outbreak, escalation, act, declaration, calamity, emergency or governmental action, or change is material and adverse
such as to make it impractical or inadvisable to proceed with the offering of the Units or to enforce contracts for the sale of
the Units on the Closing Date, on the terms and in the manner contemplated by this Agreement, the Time of Sale Prospectus and each
of the Applicable Prospectuses or might be expected to have a significant adverse effect on the state of financial markets in Canada
or the United States or the business, operations, management or capital of the Company or the market price or value of the Common
Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(d)</TD><TD STYLE="text-align: justify"><B><I>Material Adverse Effect. </I></B>There should occur or be announced by the Company and its
Material Subsidiaries taken as a whole, any Material Adverse Effect or a change in any material fact, or there should be discovered
any previously undisclosed material fact (other than a material fact related solely to the Underwriters or any of their affiliates)
required to be disclosed in any Applicable Prospectus, which results, or in the sole judgment of the Co-Lead Underwriters, is reasonably
expected to result, in purchasers of a material number of Units exercising their right under applicable legislation to withdraw
from their purchase of the Units, or, in the judgment of the Co-Lead Underwriters, acting reasonably, has or may be expected to
have a significant adverse effect on the market price or value of the Units.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company agrees that all representations, warranties, terms and conditions of this Agreement (including the conditions
in Section&nbsp;6) shall be construed as conditions and complied with so far as they relate to acts to be performed or caused to
be performed by it, that it will use its commercially reasonable efforts to cause such representations, warranties, terms and conditions
not to be breached and to be complied with, and that any material breach (or in the case of any representation, warranty, term
or condition qualified by materiality, any breach) or failure by it to comply with any such conditions shall entitle any Underwriter
to terminate its obligations under this Agreement by notice to that effect given to the Company and the Co-Lead Underwriters at
or prior to the Closing Date, unless otherwise expressly provided in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The rights of termination contained in this Section&nbsp;8 may be exercised by the Underwriters (or any of them) and are
in addition to any other rights or remedies that the Underwriters may have in respect of any default, act or failure to act or
non-compliance by the Company in respect of any of the matters contemplated by this Agreement or otherwise. In the event of any
such termination, there shall be no further liability or obligation on the part of an Underwriter to the Company, or on the part
of the Company to such Underwriter except in respect of any liability or obligation under any of Section&nbsp;5 and Section&nbsp;10
hereof which shall at all times remain in full force and effect and shall survive such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Section 9</TD><TD STYLE="text-align: justify">Obligation to Purchase.</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the terms of this Agreement, the obligation of the Underwriters to purchase the Firm Units or the Additional
Units, if applicable, at the Closing Date, shall be several and not joint and several and shall be limited to the number and equivalent
percentage of the Firm Units or the Additional Units, if applicable, set out opposite the name of the Underwriters respectively
below (subject to such adjustment as the Co-Lead Underwriters may determine to eliminate fractional shares):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Number of Firm Units</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Percentage</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 72%; font-size: 10pt; text-align: justify">Cantor Fitzgerald Canada Corporation</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">4,568,750</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">42.5</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Rodman &amp; Renshaw a unit of H.C. Wainwright &amp; Co., LLC</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,568,750</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">42.5</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">Sprott Private Wealth LP</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">537,500</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Roth Capital Partners, LLC</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">537,500</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Jett Capital Advisors, LLC</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">537,500</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5.0</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10,750,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">100.0</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If, on the Closing Date, any one or more of the Underwriters shall fail or refuse to purchase the Units that it or they
have agreed to purchase hereunder on such date, and the aggregate number of Units which such defaulting Underwriter or Underwriters
agreed but failed or refused to purchase does not exceed 10% of the aggregate number of the Units to be purchased on such date,
the Co-Lead Underwriters may make arrangements satisfactory to the Company for the purchase of such Units by other persons, including
any of the Underwriters, but if no such arrangements are made by the Closing Date, the other Underwriters shall be obligated, severally
and not jointly, in the proportions that the number of Units set forth opposite their respective names in this Section&nbsp;9 bears
to the aggregate number of Units set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions
as may be specified by the Co-Lead Underwriters with the consent of the non-defaulting Underwriters, to purchase the Units which
such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date. If, on the Closing Date, any
one or more of the Underwriters shall fail or refuse to purchase the Units and the aggregate number of Units with respect to which
such default occurs exceeds 10% of the aggregate number of Units to be purchased on such date, and arrangements satisfactory to
the Co-Lead Underwriters and the Company for the purchase of such Units are not made within 48 hours after such default, this Agreement
shall terminate without liability of any party to any other party (other than the defaulting underwriter, who shall remain liable
to the Company) except that the provisions of Section&nbsp;5 and Section&nbsp;10 shall at all times be effective and shall survive
such termination. In any such case either the Co-Lead Underwriters or the Company shall have the right to postpone the Closing
Date, but in no event past 9:00 a.m. (Toronto time) on August 9, 2016 in order that the required changes, if any, to the Registration
Statement and the Prospectuses or any other documents or arrangements may be effected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As used in this Agreement, the term &ldquo;<B>Underwriter</B>&rdquo; shall be deemed to include any person substituted for
a defaulting Underwriter under this Section&nbsp;9. Any action taken under this Section&nbsp;9 shall not relieve any defaulting
Underwriter from liability in respect of any default of such Underwriter under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Section&nbsp;10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Indemnification.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company (referred in this Section&nbsp;10 as the &ldquo;<B>Company Indemnifying Party</B>&rdquo;) agrees to indemnify
and save harmless each of the Underwriters, CF US and their respective affiliates and each of their respective directors, officers,
partners, members, employees, shareholders and agents, and each person, if any, who controls the Underwriters within the meaning
of Section 15 of the Securities Act or Section 20 of the 1934 Act (each referred to in this Section&nbsp;10 as an <B>&ldquo;Underwriter
Indemnified Party&rdquo;</B>) from and against all liabilities, claims, losses (other than loss of profits in connection with the
distribution of the Units), actions, suits, proceedings, charges, reasonable costs, damages and reasonable expenses which an Underwriter
Indemnified Party may suffer or incur or be subject to, including all amounts paid to settle actions or satisfy judgments or awards
and all reasonable legal fees and expenses that may be incurred in advising with respect to investigating or defending any Claim
(as defined in Section&nbsp;10(3)), in any way caused by, or arising directly or indirectly from, or in consequence of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(a)</TD><TD STYLE="text-align: justify">any information or statement contained in the Registration Statement, the Prospectuses, any issuer
free writing prospectus or any Supplementary Material related thereto, or in any certificate or other document of the Company or
of any officer of the Company or any of its Material Subsidiaries delivered hereunder or pursuant hereto which contains or is alleged
to contain a misrepresentation;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(b)</TD><TD STYLE="text-align: justify">any omission or alleged omission to state in the Registration Statement, the Prospectuses, any
issuer free writing prospectus, any marketing materials or any Supplementary Material related thereto, or any certificate or other
document of the Company or any officer of the Company or any of the Material Subsidiaries delivered hereunder or pursuant hereto
any fact, whether material or not required to be stated therein or necessary to make any statement therein not misleading in light
of the circumstances under which it was made;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(c)</TD><TD STYLE="text-align: justify">any order made or any inquiry, investigation or proceedings commenced or threatened by any securities
commission, stock exchange or other Governmental Authority based upon any actual or alleged untrue statement, omission or misrepresentation
in the Prospectuses, the Registration Statement, any issuer free writing prospectus, any marketing materials or any Supplementary
Material or based upon any actual or alleged failure to comply with Canadian Securities Laws or U.S. Securities Laws, preventing
or restricting the trading in of the Firm Shares, Warrant Shares, Additional Unit Shares or Additional Warrant Shares or the distribution
of the Units or any other securities of the Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(d)</TD><TD STYLE="text-align: justify">the non-compliance or alleged non-compliance by the Company with any requirement of Canadian Securities
Laws or U.S. Securities laws in any of the Qualifying Jurisdictions or in the United States or any state therein in connection
with the transactions herein contemplated including the Company&rsquo;s non-compliance or alleged non-compliance with any statutory
requirement to make any document available for inspection; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(e)</TD><TD STYLE="text-align: justify">any breach of any representation or warranty of the Company contained herein or in any certificate
or other document of the Company or of any officers of the Company or any of the Material Subsidiaries delivered hereunder or pursuant
hereto or the failure of the Company to comply with any of its obligations hereunder,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><U>provided</U>,
<U>however</U>, that the foregoing indemnity 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 relating to the Underwriters furnished to the Company by the Underwriters expressly for use in the Prospectus
Supplements or Time of Sale Prospectus, or any such amendment or supplement thereto, or any issuer free writing prospectus, and
further provided that the Corporation will not be responsible for any portion of any Claim in the event and to the extent that
a court of competent jurisdiction, in a final judgment that has become non-appealable, determines that such portion of such Claim
has resulted primarily from the fraud, fraudulent misrepresentation, wilful misconduct or gross negligence of an Underwriter Indemnified
Party, and such Underwriter Indemnified Party shall promptly reimburse the Corporation for any amounts advanced to such Indemnified
Party pursuant to this Section 10(1) in respect of such Claim; for greater certainty, the Corporation and the Underwriters agree
that they do not intend that any failure by the Underwriters to conduct such reasonable investigation as necessary to provide the
Underwriters with reasonable grounds for believing the the Registration Statement, the Prospectuses or the Time of Sale Prospectuses
contained no misrepresentation shall constitute &ldquo;gross negligence&rdquo; for purposes of this Article 10 or otherwise disentitle
the Underwriters from indemnification hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Underwriter, severally and not jointly (each referred to in this Section&nbsp;10 as the &ldquo;<B>Underwriter Indemnifying
Party</B>&rdquo;), agrees to indemnify and hold harmless the Company and its directors and each officer and director of the Company
who signed the US Prospectus or the Canadian Prospectus, and each person, if any, who controls the Company within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act (each such person referred to in this Section&nbsp;10 as the
&ldquo;<B>Company Indemnified Party</B>&rdquo;) against any and all loss, liability, claim, damage and expense described in the
indemnity contained in Section&nbsp;10(1), as incurred, but only with respect to untrue statements or omissions, or alleged untrue
statements or omissions, made in the Prospectus Supplements or Time of Sale Prospectus (or any amendment or supplement thereto)
in reliance upon and in conformity with information relating to such Underwriter and furnished to the Company in writing by such
Underwriter expressly for use therein. The Company hereby acknowledges that the only information that the Underwriters have furnished
to the Company expressly for use in the Prospectus Supplements or Time of Sale Prospectus (or any amendment or supplement thereto)
are the statements set forth in the ninth and sixteenth<B> </B>paragraphs under the caption &ldquo;<I>Plan of Distribution</I>&rdquo;
in the Canadian Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If any matter or thing contemplated by this Section&nbsp;10 (any such matter or thing being hereinafter referred to as a
<B>&ldquo;Claim&rdquo;</B>) is asserted against either the Underwriter Indemnified Party or the Company Indemnified Party (as the
context requires, the &ldquo;<B>Indemnified Party</B>&rdquo;), the Indemnified Party shall notify the Company Indemnifying Party
or the Underwriter Indemnifying Party (as the context requires, the &ldquo;<B>Indemnifying Party</B>&rdquo;) as soon as practicable,
of such Claim to the extent allowable by Applicable Law (provided, however, that failure to provide such notice shall not affect
the Indemnified Party&rsquo;s right to indemnification hereunder, except (and only) to the extent of material prejudice (through
the forfeiture of substantive rights and defenses) to the Indemnifying Party therefrom) and the Indemnifying Party shall be entitled
(but not required) to assume the defence of any suit, action or proceeding brought to enforce such Claim; provided, however, that
the defence shall be conducted through legal counsel acceptable to the Indemnified Party and that no admission of liability or
settlement of any such Claim may be made by the Indemnifying Party or the Indemnified Party without the prior written consent of
the other.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In any such Claim, the Indemnified Party shall have the right to retain separate counsel to act on its behalf provided that
the fees and disbursements of such counsel shall be paid by the Indemnified Party unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(a)</TD><TD STYLE="text-align: justify">the Indemnifying Party fails to assume the defence of such Claim on behalf of the Indemnified Party
within five (5) business days of receiving notice thereof or, having assumed such defence, has failed to engage counsel promptly
or who is acceptable to the Indemnified Parties, or has failed to pursue it diligently;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(b)</TD><TD STYLE="text-align: justify">the Indemnifying Party and the Indemnified Party shall have mutually agreed to the retention of
the other counsel; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(c)</TD><TD STYLE="text-align: justify">the named parties to the Claim (including any added, third parties or interpleaded parties) include
the Indemnifying Party, and the Indemnifying Parties has been advised by counsel (including internal counsel) that there are legal
defences available to such Indemnified Party that are different or in addition to those available to the Indemnifying Party, that
representation of the Indemnified Party by counsel for the Indemnifying Party is inappropriate as a result of the potential or
actual conflicting interests of those represented, or where in such Indemnified Party&rsquo;s reasonable judgment, the Claim gives
rise to a conflict of interest between the Indemnifying Party and such Indemnified Party;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">in each of cases Section&nbsp;10(4)(a),
Section&nbsp;10(4)(b) and Section&nbsp;10(4)(c), the Indemnifying Party will not have the right to assume the defence of the suit
on behalf of such Indemnified Party, but the Indemnifying Party will be liable to pay the fees and expenses of separate counsel
for all Indemnified Parties and, in addition, of local counsel in each applicable jurisdiction. Notwithstanding the foregoing,
no settlement may be made by an Indemnified Party without the prior written consent of the Indemnifying Party, which consent will
not be unreasonably withheld, conditioned or delayed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In order to provide for a just and equitable contribution in circumstances in which the indemnity provided in Section&nbsp;10(1)
or Section&nbsp;10(2) would otherwise be available in accordance with its terms but is, for any reason, held to be unavailable
to or unenforceable by the Indemnified Party or enforceable otherwise than in accordance with its terms or is insufficient to hold
the Indemnified Party harmless, the Indemnifying Party shall contribute to the aggregate of all claims, expenses, costs and liabilities
and all losses (other than loss of profits in connection with the distribution of the Units) of the nature contemplated in this
Section&nbsp;10 and suffered or incurred by the Indemnified Parties in such proportions as is appropriate to reflect the relative
benefits received by the Company on the one hand and the Underwriters on the other hand from the distribution of the Units as well
as the relative fault of the parties in connection with the Claim or Claims which resulted in such claims, expenses, costs, damages,
liabilities or losses, as well as any other equitable considerations determined by a court of competent jurisdiction; provided
that: (i) no Underwriter shall in any event be liable to contribute, in the aggregate, any amount in excess of the aggregate fee
or any portion thereof actually received by such Underwriter hereunder; and (ii) no party who has been determined by a court of
competent jurisdiction in a final judgment that has become non-appealable to have engaged in any fraud, fraudulent misrepresentation,
wilful misconduct or gross negligence in connection with the Claim or Claims which resulted in such claims, expenses, costs, damages,
liabilities or losses shall be entitled to claim contribution from any person who has not been so determined to have engaged in
such fraud, fraudulent misrepresentation or gross negligence in connection with such Claim or Claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(6)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The rights of contribution and indemnity provided in this Section&nbsp;10 shall be in addition to and not in derogation
of any other right to contribution and indemnity which the Underwriters may have by statute or otherwise at law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(7)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Underwriters&rsquo; obligations to contribute pursuant to this Section&nbsp;10 are several, and not joint, in proportion
to their respective underwriting commitments as set forth opposite their respective names in Section&nbsp;9 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(8)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that any Company Indemnifying Party is held to be entitled to contribution from the Underwriters under the
provisions of any Applicable Law, the Company Indemnifying Party shall be limited to contribution from each of the Underwriters
in an amount not exceeding the lesser of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(a)</TD><TD STYLE="text-align: justify">the portion of the full amount of the loss or liability giving rise to such contribution for which
each of the Underwriters is responsible, as determined above; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(b)</TD><TD STYLE="text-align: justify">the amount of the aggregate fee actually received by the Underwriters from the Company hereunder,
provided that no individual Underwriter shall be required to contribute more than the fee actually received by such Underwriter.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(9)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Underwriters have reason to believe that a claim for contribution may arise, they shall give the Indemnifying Party
notice thereof in writing, but failure to notify the Indemnifying Party shall not relieve the Indemnifying Party of any obligation
which it may have to the Underwriters under this Section&nbsp;10, except (and only) to the extent of material prejudice (through
the forfeiture of substantive rights and defenses) to the Indemnifying Party therefrom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(10)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to this Section&nbsp;10, the Company acknowledges and agrees that the Underwriters are contracting on their
own behalf and as agents for their respective affiliates, directors, officers, employees and agents, and each person, if any, controlling
any Underwriter or any of its subsidiaries and each shareholder of any Underwriter. Accordingly, the Company hereby constitutes
the Underwriters as agents for each person who is entitled to the covenants of the Company contained in this Section&nbsp;10 and
is not a party hereto and the Underwriters agree to accept such agents and to hold in trust for and to enforce such covenants on
behalf of such persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Section 11</TD><TD STYLE="text-align: justify">Notification to the Underwriters.</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company undertakes
to notify the Co-Lead Underwriters immediately if it comes to its knowledge at any time up to the Closing Date that any of the
representations and warranties of the Company in this Agreement was not true or accurate or was misleading in any material respect
when given or made or has ceased to be true or accurate in any material respect or has become misleading by reference to the facts
or circumstances from time to time subsisting and of all other information of which it becomes aware which may give rise to an
obligation to prepare and file Supplementary Material. If, at any time prior to the Closing Date, the Co-Lead Underwriters shall
receive notification pursuant to this section or they shall otherwise become aware that any of the representations and warranties
in this Agreement is or has become or is likely to become untrue, inaccurate or misleading in any material respect, the Co-Lead
Underwriters may (without prejudice to their right to terminate their obligations under this Agreement pursuant to Section&nbsp;8)
require the Company at its own expense to make or cause to be made such announcement as the Underwriters may reasonably determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Section 12</TD><TD STYLE="text-align: justify">Representations, Warranties and Covenants to Survive
Delivery.</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The representations,
warranties and covenants (including indemnities) of the Company and the Underwriters contained in this Agreement and in any certificate
delivered pursuant to this Agreement or in connection with the purchase and sale of the Units shall survive the delivery of and
payment for the Units sold hereunder and shall continue in full force and effect unaffected by any subsequent disposition of the
Units by the Underwriters or the termination of the Underwriters&rsquo; obligations and shall not be limited or prejudiced by any
investigation made by or on behalf of the Underwriters in connection with the preparation of the Prospectuses, any amendments or
supplements related thereto or the distribution of the Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Section 13</TD><TD STYLE="text-align: justify">No Advisory or Fiduciary Relationship.</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company acknowledges
and agrees that (a) the purchase and sale of the Units pursuant to this Agreement, including the determination of the Offering
Price of the Units and any related discounts and commissions, is an arm&rsquo;s-length commercial transaction between the Company,
on the one hand, and the Underwriters, on the other hand, (b) in connection with the offering contemplated hereby and the process
leading to such transaction, each Underwriter is and has been acting solely as a principal and is not the agent or fiduciary of
the Company or its shareholders, creditors, employees or any other party, (c) no Underwriter has assumed or will assume an advisory
or fiduciary responsibility in favour of the Company with respect to the offering contemplated hereby or the process leading thereto
(irrespective of whether such Underwriter has advised or is currently advising the Company on other matters) and no Underwriter
has any obligation to the Company with respect to the offering contemplated hereby except the obligations expressly set forth in
this Agreement, (d) the Underwriters and their respective affiliates may be engaged in a broad range of transactions that involve
interests that differ from those of the Company, and (e) the Underwriters have not provided any legal, accounting, regulatory or
tax advice with respect to the offering contemplated hereby and the Company has consulted its own legal, accounting, regulatory
and tax advisors to the extent it deemed appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Section 14</TD><TD STYLE="text-align: justify">Notices.</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All communications
hereunder shall be in writing and shall be mailed, e-mailed, hand delivered, or faxed and confirmed to the parties hereto as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">If to the Underwriters and/or CF US:</TD>
</TR></TABLE>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 1in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Cantor Fitzgerald Canada Corporation</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">181 University Avenue, Suite 1500</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Toronto, Ontario M5H 3M7</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Attention: Graham Moylan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Facsimile Number: (416) 350-2985</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">H.C. Wainwright &amp; Co., LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">430 Park Avenue, 4th Floor</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">New York, New York 10022</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Attention: Craig Schwabe</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Email: notices@hcwco.com</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Cantor Fitzgerald &amp; Co.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">110 East 59<SUP>th</SUP> Street</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">New York, NY 10022</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Attention: Legal Department</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Facsimile Number: (212) 829-4708</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">with a copy (which shall not constitute notice) to:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Stikeman Elliott LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">5300 Commerce Court West</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">199 Bay Street</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Toronto, Ontario M5L 1B9</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Attention: Simon Romano and Martin Langlois</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Facsimile Number: (416) 947-0866</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Cooley LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">1114 Avenue of the Americas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">New York,&nbsp;NY&nbsp;10036</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Attention: Daniel I. Goldberg, Esq.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Facsimile Number: (212) 479-6275</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">If to the Company:</TD>
</TR></TABLE>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 1in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Vista Gold Corp.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Suite 5, 7961 Shaffer Parkway</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Littleton, Colorado</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">80127 USA</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Attention: Mr. Frederick H. Earnest, President and Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Facsimile Number: (720) 981-1186</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">with a copy (which shall not constitute notice) to:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Borden Ladner Gervais LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">1200 Waterfront Centre</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">200 Burrard Street</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">P.O. Box 48600</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Vancouver, BC V7X 1T2</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Attention: Melanie Bradley</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Facsimile Number: (604) 622-5824</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Dorsey &amp; Whitney LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">1400 Wewatta Street, Suite 400</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Denver, CO 80202-5549</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Attention: Jason K. Brenkert, Esq.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Facsimile Number: (303) 629-3450</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any party hereto may
change the address for receipt of communications by giving written notice to the others. The parties may change their respective
addresses, e-mail addresses and facsimile numbers for notice, by notice given in the manner aforesaid. Any such notification shall
be deemed to be effective when faxed or delivered, if faxed or delivered to the recipient on a business day and before 3:00 p.m.
(local time) on such business day, and otherwise shall be deemed to be given at 9:00 a.m. (local time) on the next following business
day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Section 15</TD><TD STYLE="text-align: justify">Authority and Use of the Advice of the Co-Lead Underwriters.</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company shall be
entitled to rely and shall act on any notice, waiver, extension or other communication given by or on behalf of the Underwriters
by the Co-Lead Underwriters, who have authority to bind the Underwriters with respect to all matters covered by this Agreement
insofar as such matters relate to the Underwriters, with the exception of matters arising under Section&nbsp;10, or notice of termination
pursuant to Section&nbsp;8, which notice may be given by any of the Underwriters. The Company agrees that all written and oral
opinions, advice, analysis and materials provided by the Underwriters in connection with the offering and sale of the Units are
intended solely for the Company&rsquo;s benefit and for the Company&rsquo;s use only and the Company covenants and agrees that
no such opinions, advice or material will be used for any other purpose whatsoever or reproduced, disseminated, quoted from or
referred to in whole or in part at any time, in any manner or for any purpose, without the prior consent of the Co-Lead Underwriters
in each specific circumstance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Section 16</TD><TD STYLE="text-align: justify">Successors.</TD>
</TR></TABLE>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement will
inure to the benefit of and be binding upon the parties hereto, including any substitute Underwriters pursuant to Section&nbsp;9
hereof, and to the benefit of the employees, officers and directors and controlling persons referred to in Section&nbsp;10 and
in each case their respective successors and personal representatives, and no other person will have any right or obligation hereunder.
The term &ldquo;<B>successors</B>&rdquo; shall not include any purchaser of the Units as such from any of the Underwriters merely
by reason of such purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Section 17</TD><TD STYLE="text-align: justify">Time of the Essence.</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Time shall be of the
essence of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Section 18</TD><TD STYLE="text-align: justify">Partial Unenforceability.</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The invalidity or unenforceability
of any Section, paragraph or provision of this Agreement shall not affect the validity or enforceability of any other Section,
paragraph or provision hereof. If any Section, paragraph or provision of this Agreement is for any reason determined to be invalid
or unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it
valid and enforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Section 19</TD><TD STYLE="text-align: justify">Governing Law and Venue.</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement shall
be governed by and construed in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable
therein governing contracts made and to be performed wholly therein and without reference to its principles governing the choice
or conflict of laws. The parties hereto irrevocably attorn and submit to the exclusive jurisdiction of the courts of the Province
of British Columbia, sitting in the City of Vancouver, with respect to any dispute related to this Agreement<B>. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Section 20</TD><TD STYLE="text-align: justify">Counterparts/Facsimile/Electronic Signatures.</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement may
be executed by any one or more of the parties to this Agreement in any number of counterparts, each of which shall be deemed to
be an original, but all such counterparts shall together constitute one and the same instrument. The transmission by facsimile
or e-mail of a copy of the execution page hereof reflecting the execution of this Agreement by any party hereto shall be effective
to evidence that party&rsquo;s intention to be bound by this Agreement and that party&rsquo;s agreement to the terms, provisions
and conditions hereof, all without the necessity of having to produce an original copy of such execution page.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Section 21</TD><TD STYLE="text-align: justify">CF US.</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It is acknowledged
and agreed that CF US is a U.S. affiliate of CFCC that will be selling the Units in the United States on behalf of CFCC in accordance
with Section&nbsp;2(1) and is a party to this Agreement for the purpose of receiving the benefit of the representations, warranties
and covenants made by the Company herein and enforcing the indemnity and contribution contained in Section&nbsp;10 hereof as an
Indemnified Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Section 22</TD><TD STYLE="text-align: justify">General Provisions.</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes all prior written or oral
and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof. This Agreement
may not be amended or modified unless in writing by all of the parties hereto, and no condition herein (express or implied) may
be waived unless waived in writing by each party whom the condition is meant to benefit. The Section headings herein are for the
convenience of the parties only and shall not affect the construction or interpretation of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company acknowledges that the Underwriters&rsquo; research analysts and research departments are required to be independent
from their respective investment banking divisions and are subject to certain regulations and internal policies, and that such
Underwriters&rsquo; research analysts may hold and make statements or investment recommendations and/or publish research reports
with respect to the Company and/or the offering that differ from the views of its investment bankers. The Company hereby waives
and releases, to the fullest extent permitted by law, any claims that the Company may have against the Underwriters with respect
to any conflict of interest that may arise from the fact that the views expressed by their independent research analysts and research
departments may be different from or inconsistent with the views or advice communicated to the Company by such Underwriters&rsquo;
investment banking divisions. The Company acknowledges that each of the Underwriters is a full service securities firm and as such
from time to time, subject to applicable Canadian Securities Laws and U.S. Securities Laws, may effect transactions for its own
account or the account of its customers and hold long or short position in debt or equity securities of the companies which may
be the subject to the transactions contemplated by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><I>[Remainder of Page Intentionally Left
Blank. Signature Page Follows] </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing is agreed
by the parties as of the date first mentioned above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>cantor fitzgerald canada </B></FONT><BR> <FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>corpORATION</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: justify"><FONT STYLE="font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><I>(signed)&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="width: 48%; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Laurence Rose</I>&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name:&#9; </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Laurence Rose</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&#9;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">President and Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>RODMAN &amp; RENSHAW A UNIT OF</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>H.C. WAINWRIGHT &amp; CO., LLC</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><I>(signed) </I></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Mark W. Viklund</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name:&#9; </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Mark W. Viklund</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title:&#9; </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>JETT CAPITAL ADVISORS, LLC</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>(signed) </I></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Joseph Riggio</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Name:&#9; </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Joseph Riggio</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title:&#9; </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>ROTH CAPITAL PARTNERS, LLC</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><I>(signed) </I></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Aaron Gurewitz</I>&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name:&#9; </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Aaron Gurewitz</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title:&#9; </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Head of Equity Capital Markets</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>SPROTT PRIVATE WEALTH LP</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><I>(signed) </I></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Kristin McTaggart</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name:&#9; </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Kristin McTaggart</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title:&#9; </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Director and Chief Compliance Officer</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Acknowledged by CF
US solely for the purpose of receiving the benefit of Section 22 of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>cantor fitzgerald &amp; Co.</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><I>(signed)&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="width: 48%; text-align: justify"><FONT STYLE="font-size: 10pt">Shawn Matthews</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Shawn Matthews</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Accepted and agreed
to as of this 2<SUP>nd</SUP> day of August, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>VISTA GOLD CORP.</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><I>(signed)&nbsp;&nbsp; </I></FONT></TD>
    <TD STYLE="width: 48%; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Frederick H. Earnest</FONT></TD>
    <TD STYLE="width: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name:&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Frederick H, Earnest</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">President and Chief Executive Officer</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">SCHEDULE &ldquo;A&rdquo;<BR>
MATERIAL SUBSIDIARIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 40%; text-align: left">Vista Minerals (Barbados) Corp.</td>
    <TD STYLE="width: 30%; text-align: center">Barbados</td>
    <TD STYLE="width: 30%; text-align: center">100%</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left">Vista Gold Australia Pty. Ltd. </td>
    <TD STYLE="text-align: center">Australia </td>
    <TD STYLE="text-align: center">100%</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>EXHIBIT &ldquo;A&rdquo;&#9;</B><BR>
<B>LIST OF PERSONS SUBJECT TO LOCK-UP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Michael B. Richings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">John M. Clark</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">C. Thomas Ogryzlo</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">W. Durland Eppler</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Tracey A. Stevenson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Frederick H. Earnest*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Senior Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Frederick H. Earnest*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">John W. Rozelle</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">John F. Engele</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Brent D. Murdoch</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><I>*Only one Lock-Up
Agreement required</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>EXHIBIT &ldquo;B&rdquo;&#9;</B><BR>
<B>FORM OF LOCK-UP AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75in 0pt 0; text-align: right">August ___, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75in 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">To:</TD><TD STYLE="text-align: justify">Cantor Fitzgerald Canada Corporation</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Rodman &amp; Renshaw a unit of H.C.
Wainwright &amp; Co., LLC<BR>
(collectively, the &ldquo;<B>Co-Lead Underwriters</B>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Re:</B></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Vista Gold Corp. </B></FONT><B>&ndash;
Lock-up Agreement</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned understands
that this lock-up agreement (the &ldquo;<B>Lock-Up Agreement</B>&rdquo;) is being delivered to you in connection with the Underwriting
Agreement dated August 2, 2016 (the &ldquo;<B>Underwriting Agreement</B>&rdquo;) entered into by Vista Gold Corp. (the &ldquo;<B>Company</B>&rdquo;)
and the Underwriters (as defined in the Underwriting Agreement), with respect to the public offering (the &ldquo;<B>Offering</B>&rdquo;)
of units of the Company (the &ldquo;<B>Units</B>&rdquo;), each Unit consisting of one common share in the capital of the Company
(the &ldquo;<B>Common Shares</B>&rdquo;) and one-half of one common share purchase warrant of the Company (the &ldquo;<B>Warrants</B>&rdquo;),
each Warrant entitling the holder thereof to purchase one Common Share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In consideration of
the benefit that the Offering will confer upon the undersigned as a [<B>director and/or officer</B>] of the Company, and for other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the undersigned agrees that, in respect
of Common Shares owned directly or indirectly by the undersigned, or under control or direction of the undersigned (including holding
as a custodian) or with respect to which the undersigned has beneficial ownership (as such term is used in Rule 13d-3 of the Securities
Exchange Act of 1934, as amended, and the rules and regulations of the United States Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;)
promulgated thereunder (the &ldquo;<B>Exchange Act</B>&rdquo;)) (collectively, the &ldquo;<B>Locked-Up Securities</B>&rdquo;),
during the period beginning from the date hereof and ending on the day that is ninety (90) days following the date of the closing
of the Offering (the &ldquo;<B>Lock-Up Period</B>&rdquo;), the undersigned will not, without the prior written consent of the Co-Lead
Underwriters, which consent shall not be unreasonably delayed, conditioned or withheld, (i) issue, offer, sell (including, without
limitation, any short sale), contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose
of or agree to dispose of or transfer, directly or indirectly, or establish or increase a &ldquo;put equivalent position&rdquo;
or liquidate or decrease a &ldquo;call equivalent position&rdquo; within the meaning of Section 16 of the Exchange Act with respect
to, any Locked-Up Securities, or any securities convertible into or exchangeable or exercisable for, or warrants or other rights
to purchase, the foregoing, (ii) except as permitted in Section&nbsp;4(o) of the Underwriting Agreement cause to become effective
a registration statement under the United States Securities Act of 1933, as amended, together with the rules and regulations promulgated
thereunder (the &ldquo;<B>Securities Act</B>&rdquo;), or to file a prospectus in Canada, relating to the offer and sale of any
Locked-Up Securities or securities convertible into or exercisable or exchangeable for Locked-Up Securities or other rights to
purchase Locked-Up Securities or any other securities of the Company that are substantially similar to the Locked-Up Securities,
or any securities convertible into or exchangeable or exercisable for, or any warrants or other rights to purchase, the foregoing,
(iii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences
of ownership of the Locked-Up Securities or any other securities of the Company that are substantially similar to the Locked-Up
Securities, or any securities convertible into or exchangeable or exercisable for, or any warrants or other rights to purchase,
the foregoing, whether any such transaction is to be settled by delivery of Common Shares or such other securities, in cash or
otherwise or (iv) publicly announce an intention to effect any transaction specified in clause (i), (ii) or (iii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing paragraph
shall not apply to (A) dispositions to any trust for the direct or indirect benefit of the undersigned and/or the spouse, any lineal
descendent, father, mother, brother or sister of the undersigned, provided that such trust agrees in writing with the Underwriters
to be bound by the terms of this Lock-Up Agreement, (B) tenders pursuant to a <I>bona fide</I> third party take-over bid made to
all holders of Common Shares of the Company or similar acquisition transaction provided that in the event that the take-over bid
or acquisition transaction is not completed, any Locked-Up Securities shall remain subject to the restrictions contained in this
Lock-Up Agreement, (C) any dispositions pursuant to any pre-existing 10b5-1 plans, (D) any dispositions required to pay the exercise
price of any stock options issued or outstanding under the Company&rsquo;s equity incentive compensation plans, or (E) any dispositions
required for tax withholdings in connection with the exercise or vesting of any stock options or restricted share units issued
or outstanding under the Company&rsquo;s equity incentive compensation plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the undersigned
hereby waives any and all pre-emptive rights, participation rights, resale rights, rights of first refusal and similar rights that
the undersigned may have in connection with the Offering or with any issuance or sale by the Company of any equity or other securities
in connection with the Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned hereby
confirms that the undersigned has not, directly or indirectly, taken, and hereby covenants that the undersigned will not, directly
or indirectly, take, any action designed, or which has constituted or will constitute or might reasonably be expected to cause
or result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of
the Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned understands
that the Company and the Underwriters are relying upon this Lock-Up Agreement in proceeding toward the consummation of the Offering.
The undersigned further understands that this Lock-Up Agreement is irrevocable and shall be binding upon the undersigned&rsquo;s
legal representatives, successors, and assigns, and shall enure to the benefit of the Company, the Underwriters and their legal
representatives, successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The obligations of
the undersigned pursuant to this Lock-Up Agreement may be waived in writing in whole or in part by the Co-Lead Underwriters in
their sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Lock-Up Agreement
is governed by the laws of the Province of British Columbia and the laws of Canada applicable therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#9;Yours very truly,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 47%; border-bottom: Black 1pt solid; text-align: justify">&nbsp;</td>
    <TD STYLE="width: 6%; text-align: center">&nbsp;</td>
    <TD STYLE="width: 47%; border-bottom: Black 1pt solid; text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 2pt; text-align: justify">Witness</td>
    <TD STYLE="padding-top: 2pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: justify">Name</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 47%; border-bottom: Black 1pt solid; text-align: justify">&nbsp;</td>
    <TD STYLE="width: 6%; text-align: center">&nbsp;</td>
    <TD STYLE="width: 47%; text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 2pt">Number of Common Shares subject to this Lock-Up Agreement</td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>v445863_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 32%; padding-right: 0; padding-left: 0; text-align: justify; font-size: 10pt; padding-bottom: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="width: 33%; padding-right: 0; padding-left: 0; padding-bottom: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Borden Ladner Gervais LLP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1200 Waterfront Centre</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">200 Burrard St, P.O. Box 48600</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Vancouver, BC, Canada V7X 1T2</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">T 604.687.5744</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">F 604.687.1415</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">blg.com</P></td>
    <TD STYLE="width: 35%; padding-right: 0; padding-left: 0; padding-bottom: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><img src="image_002.jpg" alt="" style="height: 89px; width: 174px"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">August 2, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Vista Gold Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Suite 5, 7961 Shaffer Parkway</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Littleton, Colorado</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Sirs/Mesdames</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Re: Registration Statement on Form S-3
(the &ldquo;Registration Statement&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have acted as British
Columbia counsel to Vista Gold Corp., a British Columbia corporation (the &ldquo;Company&rdquo;), with respect to certain legal
matters in connection with the registration by the Company, under the U.S. Securities Act of 1933, as amended (the &ldquo;<B>Securities
Act</B>&rdquo;), of the offer and sale by the Company of 10,750,000 units (&ldquo;<B>Units</B>&rdquo;). Each Unit consists of one
common share (&ldquo;<B>Common Share</B>&rdquo;) and one-half of one transferable common share purchase warrant. Each whole common
share purchase warrant (&ldquo;<B>Warrant</B>&rdquo;) will entitle the holder to purchase one common share (&ldquo;<B>Warrant Share</B>&rdquo;)
at a price of US$1.92 per Warrant Share at any time until 4:30 p.m. (Toronto Time) on the date that is three years following the
closing of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Units are being
offered pursuant to an underwriting agreement dated August 2, 2016 (the &ldquo;<B>Underwriting Agreement</B>&rdquo;) among the
Company and Cantor Fitzgerald Canada Corporation and Rodman &amp; Renshaw as a unit of H.C. Wainwright &amp; Co. LLC (together
with Cantor Fitzgerald Canada Corporation, the &ldquo;<B>Co-Lead Underwriters</B>&rdquo;) acting as joint book-running managers
and as representatives for Sprott Private Wealth LP, Roth Capital Partners, LLC and Jett Capital Advisors, LLC acting as co-managers
(collectively with the Co-Lead Underwriters, the &ldquo;<B>Underwriters</B>&rdquo;). The Company has agreed to issue up to 322,500
common share purchase warrants (the &ldquo;<B>Underwriters&rsquo; Warrants</B>&rdquo;) to the Co-Lead Underwriters. Each Underwriters&rsquo;
Warrant entitles its holder to purchase one common share (&ldquo;<B>Underwriter Warrant Share</B>&rdquo;) on the same terms as
the Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Underwriters have
been granted an option (the &ldquo;<B>Over-Allotment Option</B>&rdquo;) exercisable in whole or in part, to purchase up to 1,612,500
Units (the &ldquo;<B>Over-Allotment Securities</B>&rdquo;), each Over-Allotment Securities to be comprised of a Common Share and
one-half of one Warrant, at a price equal to the public offering price per Unit, less the underwriting commission, for a period
ending one business day before the closing of the offering to cover over-allotments, if any, and for market stabilization purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Collectively, the Units,
Common Shares, Warrants, Warrant Shares, Underwriters&rsquo; Warrants, the Underwriter Warrant Shares and Over-Allotment Securities
are referred to as the &ldquo;<B>Securities</B>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have examined such
documents and have reviewed such questions of law as we have considered necessary and appropriate for the purposes of our opinions
set forth below. In rendering our opinions set forth below, we have assumed the authenticity of all documents submitted to us as
originals, the genuineness of all signatures and the conformity to authentic originals of all documents submitted to us as copies
or facsimile transmissions. We have also assumed the legal capacity for all purposes relevant hereto of all natural persons and,
with respect to all parties to agreements or instruments relevant hereto other than the Company, that such parties had the requisite
power and authority (corporate or otherwise) to execute, deliver and perform such agreements or instruments, that such agreements
or instruments have been duly authorized by all requisite action (corporate or otherwise), executed and delivered by such parties
and that such agreements or instruments are the legal, valid, binding and enforceable obligations of such parties. As to questions
of fact material to our opinions, we have relied upon certificates of officers of the Company and of public officials.<B> </B>We
have not undertaken any independent investigation to verify the accuracy or completeness of any of the foregoing assumptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this
opinion letter, we have also assumed that (a) the Registration Statement, and any amendments thereto (including post-effective
amendments), will have become effective and such effectiveness will not have been terminated or rescinded, (b) all Securities will
be offered, issued and sold in compliance with applicable United States federal and state securities laws and in the manner stated
in the Registration Statement and the prospectus supplement filed in Canada, (c) at the time of the issuance of Units, Over-Allotment
Securities and Underwriters&rsquo; Warrants there will be sufficient common shares authorized and unissued under the Company&rsquo;s
then operative notice of articles (the &ldquo;<B>Notice of Articles</B>&rdquo;) and not otherwise reserved for issuance, (d) at
the time of issuance of the Units, Over-Allotment Securities and Underwriters&rsquo; Warrants, the Company validly exists and is
duly qualified and in good standing under the laws of its jurisdiction of incorporation, and has the necessary corporate power
for such issuance, (e) at the time of issuance of the Units, Over-Allotment Securities and the Underwriters&rsquo; Warrants, the
Notice of Articles and then operative articles of the Company (the &ldquo;Articles&rdquo; and collectively with the Notice of Articles,
the &ldquo;<B>Charter Documents</B>&rdquo;) are in full force and effect and have not been amended, restated, supplemented or otherwise
altered, and there has been no authorization of any such amendment, restatement, supplement or other alteration, in either case
since the date hereof, (f) a warrant indenture in respect thereof (a &ldquo;<B>Warrant Indenture</B>&rdquo;) and the Underwriting
Agreement have been duly authorized, executed and delivered by the parties thereto (other than the Company) and constitute legally
valid and binding obligations of the parties thereto (other than the Company), enforceable against each of them in accordance with
their respective terms, (g) the Warrant Indenture and Underwriting Agreement are governed by British Columbia law, and (h) that
the issuance, terms, execution and delivery of the Units, Over-Allotment Securities and Underwriters&rsquo; Warrants (A) do not
result in breaches of, or defaults under, agreements or instruments to which the Company is bound or violations of applicable statutes,
rules, regulations or court or governmental orders, and (B) comply with any applicable requirement or restriction imposed by any
court or governmental body having jurisdiction over the Company. We have not undertaken any independent investigation to verify
the accuracy or completeness of any of the foregoing assumptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based upon and subject
to the foregoing, we are of the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: justify">as of the date hereof, the Units, Over-Allotment Securities and Underwriters&rsquo; Warrants have
been duly authorized by all necessary corporate action on the part of the Company; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">upon issuance of the Common Shares and the Warrants comprising the Units and the Over-Allotment
Securities, the Underwriters&rsquo; Warrants and the Underwriter Warrant Shares in the manner contemplated by the Underwriting
Agreement, the Warrant Indenture and the Prospectus:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">The Common Shares comprising part of the Units and the Over-Allotment Securities will be duly authorized,
validly issued, fully paid and non-assessable when certificates representing the Common Shares have been duly executed, countersigned,
registered and delivered, or if uncertificated, valid book-entry notations have been made in the share register of the Company,
in each case in accordance with the Charter Documents against payment therefor in an amount of US$1.40 for each Unit and Over-Allotment
Security.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">The Underwriters&rsquo; Warrants and the Warrants comprising part of the Units and the Over-Allotment
Securities will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their
terms, when (a) the Warrant Indenture has been duly executed and delivered by the Company in accordance with applicable law, and
(b) the Warrants and the Underwriters&rsquo; Warrants have been duly executed and delivered against payment therefor (if required)
in accordance with the provisions of the Warrant Indenture.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">Upon exercise of the Warrants comprising part of the Units and the Over-Allotment Securities in
accordance with the terms thereof and the Warrant Indenture, which exercise will include payment of the required exercise price,
the Warrant Shares will be duly authorized, validly issued, fully paid and non-assessable, when certificates representing the Common
Shares have been duly executed, countersigned, registered and delivered, or if uncertificated, valid book-entry notations have
been made in the share register of the Company, in each case in accordance with the Charter Documents.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify">Upon exercise of the Underwriters&rsquo; Warrants in accordance with the terms thereof, the Warrant
Indenture and the Underwriting Agreement, which exercise will include payment of the required exercise price, the Underwriter Warrant
Shares will be duly authorized, validly issued, fully paid and non-assessable, when certificates representing the Common Shares
have been duly executed, countersigned, registered and delivered, or if uncertificated, valid book-entry notations have been made
in the share register of the Company, in each case in accordance with the Charter Documents.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our opinions expressed
herein are subject to the following qualifications:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the enforceability of any agreement may be limited by bankruptcy, reorganization, winding-up, insolvency,
moratorium, arrangement, fraudulent preference and conveyance, assignment and preference and other similar laws of general application
affecting the enforcement of creditor&rsquo;s rights;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">no opinion is given as to the enforceability of any term providing for the severance of void, illegal
or unenforceable provisions from the remaining provisions of an agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">no opinion is given as to the enforceability of any term providing that modifications, amendments
or waivers are not binding unless in writing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">no opinion is given with respect to rights to indemnity and contribution;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">the enforceability of the obligations of a party under any agreement is subject to general principles
of equity, including, without limitation:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"></P>

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">concepts of materiality, reasonableness, good faith and fair dealing in performance and enforcement
of a contract required of the party seeking its enforcement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the discretion exercisable by a court with respect to equitable remedies, such as specific performance
and injunction;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">the discretion exercisable by a court with respect to stays of enforcement proceedings and execution
of judgments;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">the effect of vitiating factors, such as mistake, misrepresentation, fraud, duress or undue influence;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">the discretion of a court with respect to the enforcement of provisions in an agreement to the
effect that certain factual or legal determinations, calculations or certificates will be conclusive and binding;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">a court may reserve to itself the right to decline jurisdiction in any action if the court is an
inconvenient forum to hear the action or if concurrent proceedings are being brought elsewhere, notwithstanding any waiver of the
right to raise such objection or defence thereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">the right to exercise any unilateral or unfettered discretion pursuant to an agreement will not
prevent a court from requiring such discretion to be exercised reasonably; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">the recoverability of costs and expenses may be limited to those a court considers to be reasonably
incurred, the costs and expenses incidental to all court proceedings are in the discretion of the court and the court has the discretion
to determine by whom and to what extent these costs shall be paid.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing opinions
are limited to the laws of the Province of British Columbia and the federal laws of Canada applicable therein on the date of this
opinion, and we are expressing no opinion as to the effect of the laws of any other jurisdiction, domestic or foreign.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The opinion expressed
in this letter is for the sole benefit of the Company in connection with the Registration Statement. This opinion may not be relied
upon by, disclosed to, or filed with, any other person without our prior written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the
foregoing, we hereby consent to the filing of this opinion with the Securities Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;)
as an exhibit to the Current Report on Form 8-K to be filed by the Company in connection with the offering. We also hereby consent
to the use of our name under the heading &ldquo;Legal Matters&rdquo; in the Base Prospectus and Prospectus Supplement which forms
part of the Registration Statement. 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 SEC promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This opinion is expressed
as of the date hereof and unless otherwise expressly stated, and we disclaim any undertaking to advise you of any subsequent changes
in the facts stated or assumed herein or of any subsequent changes in applicable laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Borden Ladner Gervais LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



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<TYPE>EX-99.1
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<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD ROWSPAN="5" NOWRAP STYLE="width: 20%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><IMG SRC="image_001.jpg" ALT=""></P></TD>
    <TD STYLE="width: 40%; border-left: Black 1pt solid; padding-left: 0.125in">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">7961 Shaffer Parkway</P></TD>
    <TD STYLE="width: 40%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 0.125in">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">Suite 5</P></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 0.125in">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">Littleton, CO 80127</P></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 0.125in">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">Phone: 720-981-1185</P></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Trading Symbol: <B>&nbsp;VGZ</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 0.125in">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">Fax: 720-981-1186</P></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Toronto and NYSE MKT Stock Exchanges</B></FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <TD STYLE="width: 48%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-size: 24pt">NEWS</FONT></TD>
    <TD STYLE="width: 48%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Vista Gold Corp. Announces US$15 Million
Bought Deal Offering of Units</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Denver, Colorado, August 2, 2016</B>
<B>-</B> Vista Gold Corp. (the &ldquo;Company,&rdquo; &ldquo;we&rdquo; or &ldquo;our&rdquo;) (NYSE MKT: VGZ) (TSX: VGZ) is pleased
to announce that it has entered into an underwriting agreement with a syndicate of underwriters led by Cantor Fitzgerald Canada
Corporation and Rodman &amp; Renshaw a unit of H.C. Wainwright &amp; Co., LLC, acting as co-lead underwriters and joint book-running
managers and representatives of the underwriters named therein, under which the underwriters have agreed to buy on an underwritten
basis 10,750,000 units (the &ldquo;<B>Units</B>&rdquo;), each Unit consisting of one common share (each a &ldquo;<B>Share</B>&rdquo;)
and one half of one common share purchase warrant (each whole warrant a &ldquo;<B>Warrant</B>&rdquo;), at a price of US$1.40 per
Unit for gross proceeds of US$15,050,000 (the &ldquo;<B>Offering</B>&rdquo;). Each Warrant will be exercisable for 36 months following
the closing date and will entitle the holder thereof to purchase one Share upon exercise at an exercise price of US$1.92<B> </B>per
Share, subject to adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has granted the underwriters
an option, exercisable in whole or in part, to purchase up to an additional 15% of the Units issued under the Offering to cover
over-allotments, if any, and for market stabilization purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Offering is expected to close on or
about August 8, 2016, subject to obtaining customary TSX and NYSE MKT approvals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company intends to allocate the net
proceeds from the Offering to pursue completion of the permitting and to perform selected technical studies that the Company believes
will further de-risk the Mt Todd gold project, enhance the economics of Mt Todd and prepare it for development if and when economic
conditions warrant. Remaining proceeds will be used for working capital requirements and/or for other general corporate purposes
which include ongoing regulatory, legal and accounting expenses, management and administrative expenses, and other corporate initiatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will file a prospectus supplement
with the securities commissions in each province and territory of Canada (other than Quebec) to supplement the Company&rsquo;s
Canadian short form base shelf prospectus dated July 11, 2014, and the Company will file a prospectus supplement to the Company&rsquo;s
current shelf registration statement on Form S-3, effective August 15, 2014 with the United States Securities and Exchange Commission
(the &ldquo;<B>SEC</B>&rdquo;), in connection with the Offering for which this communication relates (collectively, the &ldquo;<B>Offering
Documents</B>&rdquo;). The Offering Documents will contain important detailed information about the securities being offered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Before you invest, you should read the
Offering Documents and other documents that the Company has filed with the SEC for more complete information about the Company
and the Offering. Copies of the Underwriting Agreement and the Offering Documents will be available for free by visiting the Company&rsquo;s
profiles on SEDAR at www.sedar.com or EDGAR at www.sec.gov/edgar.shtml, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Alternatively, a copy of the Offering Documents
can be obtained by contacting the Company, attention: Connie Martinez at (720) 981-1185, Suite 5, 7961 Shaffer Parkway, Littleton,
Colorado 80127 or by contacting any underwriter or any dealer participating in the offering at Cantor Fitzgerald Canada Corporation,
attention: Equity Capital Markets, 181 University Avenue, Suite 1500, Toronto, ON, M5H 3M7, email: ecmcanada@cantor.com, or Rodman
&amp; Renshaw a unit of H.C. Wainwright &amp; Co., LLC, 430 Park Avenue, New York, NY 10022, email: placements@hcwco.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This press release shall not constitute
an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of, Units, Warrants or Shares in any state or
province in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities
laws of any such state, province, or other jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>About Vista Gold Corp.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is a well-funded gold project
developer. Our principal asset is our flagship Mt Todd gold project in Northern Territory, Australia where we continue to work
to identify opportunities to improve project economics with the goal of advancing the project toward development. We also hold
approximately 4.4% of the outstanding common shares of Midas Gold Corp., non-core projects in Mexico and the United States and
royalty interests in Indonesia. For more information about our projects, including technical studies and resource estimates, please
visit our website at&nbsp;www.vistagold.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: Black 0.5pt solid">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-decoration: none; text-align: justify">This press release
contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange
Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other
than statements of historical facts, included in this press release that address activities, events or developments that we expect
or anticipate will or may occur in the future, including such things as, statements with respect to the expected closing date
of the Offering and the use of proceeds from the Offering are forward-looking statements and forward-looking information; and
other such matters are forward-looking statements and forward-looking information. The material factors and assumptions used to
develop the forward-looking statements and forward-looking information contained in this press release include the following:
our understanding and belief of the current market conditions, approved business plans, exploration and assay results, mineral
resource and reserve estimates and results of preliminary economic assessments, pre-feasibility studies and feasibility studies
on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of
gold. When used in this press release, the words &ldquo;optimistic,&rdquo; &ldquo;potential,&rdquo; &ldquo;indicate,&rdquo; &ldquo;expect,&rdquo;
&ldquo;intend,&rdquo; &ldquo;hopes,&rdquo; &ldquo;believe,&rdquo; &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;if,&rdquo; &ldquo;anticipate,&rdquo;
and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements
involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements
of the Company to be materially different from any future results, performance or achievements expressed or implied by such statements.
Such factors include, among others, our ability to satisfy the conditions to closing of the Offering and to use the proceeds from
the Offering as expected, uncertainty of resource <FONT STYLE="text-underline-style: double">and reserve </FONT>estimates, uncertainty
as to the Company&rsquo;s future operating costs and ability to raise capital; risks relating to cost increases for capital and
operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price
of gold; the inherently hazardous nature of mining-related activities; potential effects on <FONT STYLE="text-underline-style: double">our
</FONT>operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating
to political and economic instability in certain countries in which it operates; as well as those factors discussed under the
headings <FONT STYLE="text-underline-style: double">&ldquo;</FONT>Note Regarding Forward-Looking Statements<FONT STYLE="text-underline-style: double">&rdquo;
</FONT>and <FONT STYLE="text-underline-style: double">&ldquo;</FONT>Risk Factors<FONT STYLE="text-underline-style: double">&rdquo;
</FONT>in <FONT STYLE="text-underline-style: double">the Company&rsquo;</FONT>s latest Annual Report on Form 10-K as filed on
February 26, 2016 and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory
authorities. Although we have attempted to identify important factors that could cause actual results to differ materially from
those described in forward-looking statements and forward-looking information, there may be other factors that cause results not
to be as anticipated, estimated or intended. Except as required by law, we assume no obligation to publicly update any forward-looking
statements or forward-looking information; whether as a result of new information, future events or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-decoration: none; text-align: justify">&nbsp;</P>

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