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<SEC-DOCUMENT>0001130319-08-000872.txt : 20081205
<SEC-HEADER>0001130319-08-000872.hdr.sgml : 20081205
<ACCEPTANCE-DATETIME>20081205164511
ACCESSION NUMBER:		0001130319-08-000872
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20081205
FILED AS OF DATE:		20081205
DATE AS OF CHANGE:		20081205

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ONCOLYTICS BIOTECH INC
		CENTRAL INDEX KEY:			0001129928
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-31062
		FILM NUMBER:		081233407

	BUSINESS ADDRESS:	
		STREET 1:		1167 KENSINGTON CRES NW SUITE 210
		STREET 2:		CALGARY ALBERTA CANADA T2N 1X7
		CITY:			ALBERTA CANADA
		STATE:			A0
		ZIP:			00000
		BUSINESS PHONE:		4036707380

	MAIL ADDRESS:	
		STREET 1:		210 - 1167 KENSINGTON CRES NW
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2N 1X7
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>o42659e6vk.htm
<DESCRIPTION>6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>6-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>






<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>Form&nbsp;6-K</b></div>
<DIV align="center" style="font-size: 12pt; margin-top: 0pt"><B>Report of Foreign Private Issuer</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Pursuant to Rule&nbsp;13a-16 or 15d-16<BR>
of the Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>For the month of December&nbsp;2008</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Commission File Number: 000-31062</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><IMG src="o42659o4265900.gif" alt="(ONCOLYTICS BIOTECH INC. LOGO)"></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B><FONT style="border-bottom: 1px solid #000000">Oncolytics Biotech Inc.</FONT></B>
</DIV>

<DIV align="center" style="font-size: 10pt"><I>(Translation of registrant&#146;s name into English)</I></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Suite&nbsp;210, 1167 Kensington Crescent NW<BR>
Calgary, Alberta, Canada T2N 1X7</B></DIV>

<DIV align="center" style="font-size: 10pt"><DIV style="margin-top: 1px"><FONT style="border-top: 1px solid #000000"><I>(Address of principal executive offices)</I></FONT></DIV></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Form&nbsp;20-F <FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;40-F <FONT face="Wingdings">&#254;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation&nbsp;S-T Rule&nbsp;101(b)(1): <FONT face="Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Note: </B>Regulation&nbsp;S-T Rule&nbsp;101(b)(1) only permits the submission in paper of a Form 6-K if submitted
solely to provide an attached annual report to security holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation&nbsp;S-T Rule&nbsp;101(b)(7): <FONT face="Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Note: </B>Regulation&nbsp;S-T Rule&nbsp;101(b)(7) only permits the submission in paper of a Form 6-K if submitted
to furnish a report or other document that the registrant foreign private issuer must furnish and
make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled
or legally organized (the registrant&#146;s &#147;home country&#148;), or under the rules of the home country
exchange on which the registrant&#146;s securities are traded, as long as the report or other document
is not a press release, is not required to be and has not been distributed to the registrant&#146;s
security holders, and, if discussing a material event, has already been the subject of a Form 6-K
submission or other Commission filing on EDGAR.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether by furnishing the information contained in this Form, the registrant
is also thereby furnishing the information to the Commission pursuant to Rule&nbsp;12g3-2(b) under the
Securities Exchange Act of 1934.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Yes <FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No <FONT face="Wingdings">&#254;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with
Rule&nbsp;12g3-2(b): 82 - <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!--TOC-->
<!--/TOC-->






<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPLANATORY NOTE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>This report on Form 6-K and the exhibits attached hereto are specifically incorporated by reference
in the registrant&#146;s Registration Statement on Form F-10 (File No.&nbsp;333-151513) which was originally
filed with the SEC on June&nbsp;6, 2008, as amended June&nbsp;17, 2008.</B>
</DIV>

<!-- link1 "SIGNATURES" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>Oncolytics Biotech Inc.</B><BR>
(Registrant)<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: December 5, 2008&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Doug Ball
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Doug Ball&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>
<!-- link1 "EXHIBIT INDEX" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Description</B></TD>
</TR>
<tr style="font-size: 6pt"><td>&nbsp;</td>
<td>&nbsp;</td>
</tr>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Underwriting Agreement by and between the Registrant and Bolder Investment Partners, Ltd. , dated
December&nbsp;1, 2008</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Warrant Indenture, dated December&nbsp;5, 2008</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>o42659exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><b>Exhibit&nbsp;99.1</b>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>UNDERWRITING AGREEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">December&nbsp;1, 2008<BR><BR style="font-size: 6pt">
Oncolytics Biotech Inc.<BR>
210-1167 Kensington Cr. N.W.<BR>
Calgary, Alberta<BR>
T2N 1X7

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Attention:</TD>
    <TD>&nbsp;</TD>
    <TD>Brad Thompson<BR>Chief Executive Officer</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear Sirs:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bolder Investment Partners, Ltd. (the &#147;<B>Underwriter</B>&#148;) hereby offers to purchase from Oncolytics
Biotech Inc. (the &#147;<B>Company</B>&#148;) up to 2,500,000 units of the Company (the &#147;<B>Units</B>&#148;) at a price of $1.50
per Unit (the &#147;<B>Offering Price</B>&#148;) for gross proceeds to the Company of up to $3,750,000. Each Unit
shall consist of one common share (a &#147;<B>Unit Share</B>&#148;) and one common share purchase warrant (a &#147;<B>Unit
Warrant</B>&#148;) of the Company. Each Unit Warrant shall be exercisable into one common share of the
Company (a &#147;<B>Unit Warrant Share</B>&#148;) for a period of 36&nbsp;months from the Closing Date (as defined in
Section&nbsp;4 below) at an exercise price of $1.80 per share, provided that, if, on any date (the
&#147;<B>Accelerated Exercise Date</B>&#148;) the 10-day volume-weighted average trading price of the common shares
of the Company (the &#147;<B>Common Shares</B>&#148;) on the Toronto Stock Exchange exceeds $2.50 per share, then,
at the Company&#146;s sole discretion and upon the Company sending the holders of the Unit Warrants
written notice of such Accelerated Exercise Date and issuing a news release announcing such
Accelerated Exercise Date, the Unit Warrants shall only be exercisable for a period of 30&nbsp;days
following the later of the date on which such written notice is sent to holders of Unit Warrants
and the date on which such announcement is made by news release.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of Units which the Underwriter shall be obligated to purchase and the Company
obligated to sell at the Closing Time (as hereinafter defined), subject to the terms and conditions
herein, shall be that number of Units (to a maximum of 2,500,000 (exclusive of Units purchasable
pursuant to the Over-Allotment Option (as hereinafter defined)) specified in a written notice
provided by the Underwriter to the Company prior to 3:00 p.m. (Calgary time) on the Business Day
(meaning a day which is not a Saturday, a Sunday or a statutory or civic holiday in the City of
Calgary) prior to the Closing Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Company hereby grants to the Underwriter an over-allotment option (the
&#147;<B>Over-Allotment Option</B>&#148;), to purchase and offer for sale to the public pursuant to the terms and
conditions contained herein up to an aggregate of 375,000 additional Units (the &#147;<B>Over-Allotment
Units</B>&#148;), which Over-Allotment Option shall be exercisable in whole or in part by the Underwriter at
the Offering Price by providing written notice to the Company of the exercise thereof by 3:00 p.m.
(Calgary time) on the Business Day prior to the Closing Date
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Units, together with the Over-Allotment Units, are collectively referred to herein as the
&#147;<B>Offered Units</B>&#148;. The Units which the Underwriter is obligated to purchase hereunder as specified
in the notice referred to above, together with any Over-Allotment Units, are
</DIV>
</DIV>
<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">collectively referred to herein as the &#147;<B>Purchased Units</B>&#148;. Reference herein to the Unit
Shares, the Unit Warrants and the Unit Warrant Shares shall include reference to those Unit Shares,
Unit Warrants and Unit Warrant Shares issuable upon exercise of the Over-Allotment Option, assuming
exercise thereof, unless the context otherwise requires. The Unit Shares, the Unit Warrants, the
Unit Warrant Shares, the Broker Warrants and the Broker Warrant Shares are collectively referred to
herein as the &#147;<B>Offered Securities</B>&#148;. The offering of the Offered Securities is referred to herein
as the &#147;<B>Offering</B>&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company filed, on June&nbsp;16, 2008, with the securities regulatory authorities (the &#147;<B>Canadian
Securities Commissions</B>&#148;) in each of the provinces of British Columbia, Alberta, Manitoba and
Ontario (the &#147;<B>Qualifying Provinces</B>&#148;) a short form base shelf prospectus (including the documents
incorporated by reference therein, in the English Language, the &#147;<B>Canadian Shelf Prospectus</B>&#148;) in
accordance with the procedures set out in National Instrument 44-102 qualifying the distribution
of, <I>inter alia</I>, Common Shares and warrants to purchase Common Shares and was issued, on June&nbsp;16,
2008, a receipt therefor by the Alberta Securities Commission (the &#147;<B>Reviewing Authority</B>&#148;) and the
Ontario Securities Commission. Receipts therefor were deemed to have been issued by the securities
regulatory authority in each of the provinces of British Columbia and Manitoba pursuant to
Multilateral Instrument 11-102.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company filed, on June&nbsp;6, 2008, with the United States Securities and Exchange Commission
(the &#147;<B>SEC</B>&#148;), in accordance with the provisions of the United States <I>Securities Act of 1933</I>, as
amended, and the rules and regulations thereunder (collectively, the &#147;<B>1933 Act</B>&#148;), a registration
statement (including documents incorporated by reference therein, as it has been amended on June
17, 2008 and may be further amended from time to time, the &#147;<B>Shelf Registration Statement</B>&#148;) on Form
F-10, which includes a base shelf prospectus in substantially the form as the Canadian Shelf
Prospectus, covering the sale of, <I>inter alia</I>, Common Shares and warrants to purchase Common Shares
under the 1933 Act (the &#147;<B>U.S. Shelf Prospectus</B>&#148;), along with an appointment for agent for service
of process upon the Company on Form F-X in conjunction with the filing of the Registration
Statement (the &#147;<B>Form&nbsp;F-X</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligation of the Underwriter to purchase any Offered Units shall, in addition to being
subject to the other terms and conditions described herein, be conditional on the following steps
having been taken within the time frames described below:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall file a prospectus supplement (the &#147;<B>Canadian Prospectus
Supplement</B>&#148;) to the Canadian Shelf Prospectus, in form and substance satisfactory to
the Underwriter, acting reasonably in accordance with the procedures set out in
National Instrument 44-102 (the Canadian Shelf Prospectus, together with the Canadian
Prospectus Supplement, and including the documents incorporated by reference therein,
in the English language, as it may be amended from time to time, the &#147;<B>Canadian
Supplemented Prospectus</B>&#148;), qualifying the distribution of, <I>inter alia</I>, the Offered
Units and the Broker Warrants with the Reviewing Authority and the securities
regulatory authorities in the Provinces of British Columbia, Manitoba, and Ontario
(collectively, together with the Province of Alberta, the &#147;<B>Qualifying Provinces</B>&#148;) on
December&nbsp;1, 2008;</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 3 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall file with the SEC, in form and substance satisfactory to the
Underwriter, acting reasonably, and in accordance with the provisions of the 1933 Act,
pursuant to General Instruction II.L of Form F-10, a supplement in substantially the
form as the Canadian Prospectus Supplement (with such additions and deletions as are
permitted or required by Form F-10 and the applicable rules and regulations of the SEC)
to the U.S. Shelf Prospectus contained in the Shelf Registration Statement (including
documents incorporated by reference therein) registering the offer and sale of the
Offered Securities under the 1933 Act (the &#147;<B>U.S. Supplement</B>&#148;), as soon as possible
after the filing of the Canadian Prospectus Supplement in Canada (the U.S. Shelf
Prospectus, together with the U.S. Supplement, and including the documents incorporated
by reference therein, in the English language, as it may be amended from time to time,
the &#147;<B>U.S. Supplemented Prospectus</B>&#148;); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company acknowledges and agrees that under no circumstances whatsoever
shall the Underwriter be required to execute a certificate page or any other document
in respect of the U.S. Supplement, the U.S. Shelf Prospectus or the Shelf Registration
Statement or that may be required to be filed with the SEC or any securities regulatory
authority other than the Canadian Securities Commissions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall file with the Reviewing Authority as soon as possible a
prospectus supplement (the &#147;<B>Canadian Warrant Prospectus Supplement</B>&#148;) to the Canadian
Shelf Prospectus, in form and substance satisfactory to the Underwriter, acting
reasonably, in accordance with the procedures set out in National Instrument 44-102
relating to the Unit Warrant Shares no later than on the Business Day prior to the
Closing Date. Reference to the &#147;<B>Canadian Warrant Prospectus</B>&#148; herein shall mean the
Canadian Shelf Prospectus together with the Canadian Warrant Prospectus Supplement as
filed with the Reviewing Authority, including the documents incorporated by reference
therein. The Company acknowledges and agrees that under no circumstances whatsoever
shall the Underwriter be required to execute a certificate page in respect of the
Canadian Warrant Prospectus Supplement or the Canadian Warrant Prospectus.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall file with the SEC as soon as possible, and in any event no
later than four (4)&nbsp;Business Days following the date of this Agreement, pursuant to
General Instruction II.L of Form F-10, a prospectus supplement to the Shelf
Registration Statement (the &#147;<B>U.S. Warrant Supplement</B>&#148;), in form and substance
satisfactory to the Underwriter, acting reasonably, providing for the registration of
the Unit Warrant Shares under the 1933 Act, including the Canadian Warrant Prospectus
Supplement (with such deletions therefrom and additions thereto as are permitted or
required by Form F-10 and the applicable rules and regulations of the SEC). The U.S.
Shelf Prospectus together with the U.S. Warrant Supplement, including all documents
incorporated by reference, relating to the offering of the Unit Warrant Shares filed
with the Commission is referred to herein as the &#147;<B>U.S. Warrant Prospectus.</B>&#148; The
Company shall use its reasonable efforts to maintain the effectiveness of the U.S.
Shelf Registration Statement or</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P align="center" style="font-size: 10pt"><!-- Folio -->- 4 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>another shelf registration statement providing for the registration of the offering
of the Unit Warrant Shares until the earlier of the expiration date of the Warrants
and the date upon which all such Unit Warrants have been exercised. The Company
acknowledges and agrees that under no circumstances whatsoever shall the Underwriter
be required to execute a certificate page in respect of the U.S. Warrant Supplement
or the U.S. Warrant Prospectus.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">For greater certainty, the parties agree that if the Company fails to meet the deadlines
specified above for any reason whatsoever, the Underwriter shall be entitled to exercise the
termination rights provided for in Section&nbsp;9 hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall pay to the Underwriter a fee (the &#147;<B>Underwriter&#146;s Fee</B>&#148;) at the Closing Time
equal to 8% of the aggregate gross proceeds of the Offering in consideration of the services to be
rendered by the Underwriter in connection with the Offering. Such services shall include, without
limitation: (i)&nbsp;acting as financial advisor to the Company in the preparation of documentation
relating to the sale of the Offered Units; (ii)&nbsp;forming and managing banking, selling and other
groups for the sale of the Offered Units; (iii)&nbsp;distributing the Offered Units to the public both
directly and through other registered dealers and brokers; (iv)&nbsp;assisting the Company in connection
with the preparation and finalization of the Canadian Prospectus Supplement; (v)&nbsp;performing
administrative work in connection with these matters; and (vi)&nbsp;all other services arising out of
the agreement resulting from the Company&#146;s acceptance of this offer. In the event that Canada
Revenue Agency determines that GST is exigible on the Underwriter&#146;s Fee, the Company agrees to pay
the amount of GST forthwith upon the request of the Underwriter. In addition, the Underwriter
shall be issued, at the Closing Time, warrants, in form and substance acceptable to the
Underwriter, acting reasonably, entitling the Underwriter to purchase that number of Common Shares
equal to 10% of the number of Common Shares purchased on such date by the Underwriter as part of
the Purchased Units (the &#147;<B>Broker Warrants</B>&#148;). Each Broker Warrant shall be exercisable into one
Common Share (a &#147;<B>Broker Warrant Shares</B>&#148;) for a period of 36&nbsp;months from the Closing Date at an
exercise price of $1.80 per share, provided that, if the expiry date of the Unit Warrants shall
have been accelerated as described above upon the occurrence of an Accelerated Exercise Date, then
the expiry date of the Broker Warrants shall likewise be accelerated provided notice thereof shall
have been given to the Underwriter at the time notice thereof is given to the holders of the Unit
Warrants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Company shall subdivide, consolidate, reclassify or otherwise exchange
the Common Shares during the period in which the Over-Allotment Option and/or Unit Warrants and/or
Broker Warrants are exercisable, the Company hereby agrees to make appropriate adjustments to the
applicable exercise price of the Over-Allotment Option and/or Unit Warrants (pursuant to the terms
of the Warrant Indenture (as hereinafter defined)) and/or Broker Warrants, as the case may be, and
to the number of Units and/or Unit Warrant Shares and/or Broker Warrant Shares, as the case may be,
issuable upon the exercise thereof, as applicable, such that the Underwriter shall be entitled to
receive the same number and type of securities that it would have otherwise received had it
exercised the Over-Allotment Option and/or Unit Warrants and/or Broker Warrants, as the case may
be, prior to such occurrence. Reasonable notice shall be given to the Underwriter of such
adjustment(s). In the event that the Underwriter shall disagree with the foregoing adjustment(s),
the Company&#146;s auditors, absent manifest error, at the Company&#146;s expense, shall determine such
adjustment(s) conclusively.
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 5 -<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><b>1. <U>Representations and Warranties of the Company<B>.</B></U></b>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company represents and warrants to and agrees with the Underwriter that:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company meets the general eligibility requirements for use of Form F-10
under the 1933 Act and is eligible to file a short form prospectus under National
Instrument 44-101 of the Canadian Securities Administrators.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Canadian Shelf Prospectus was prepared, and the Canadian Prospectus
Supplement will be prepared, and filed in compliance in all material respects with the
securities laws in each of the Qualifying Provinces, as applicable, and the respective
rules and regulations under such laws, together with the published policy statements,
blanket orders and notices of the Canadian Securities Commissions (the &#147;<B>Canadian
Securities Laws</B>&#148;), as applicable, and, at the time of delivery of the Purchased Units
to the Underwriter, the Canadian Supplemented Prospectus will comply in all material
respects with the Canadian Securities Laws and the Company shall fulfill and comply
with the necessary requirements of the Canadian Securities Laws in order to enable the
Offered Units to be lawfully distributed in the Qualifying Provinces through the
Underwriter or any other investment dealers or brokers registered as such in the
Qualifying Provinces and acting in accordance with the terms of their registrations and
the Canadian Securities Laws.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>None of the Canadian Securities Commissions, the SEC, any stock exchange in
Canada or the United States or any other regulatory authority or court has issued an
order preventing or suspending the use or effectiveness, as the case may be, of the
Canadian Shelf Prospectus, the Disclosure Package (as hereinafter defined), the U.S.
Shelf Prospectus or the Shelf Registration Statement relating to the Offering or
preventing the distribution of the Offered Units or the Broker Warrants or the exercise
of the Unit Warrants or the Broker Warrants or instituted proceedings for any such
purpose and no proceedings for any such purpose are pending or, to the knowledge of the
Company, are contemplated by any of the aforementioned parties, and any request on the
part of such parties for additional information from the Company has been complied
with.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Canadian Supplemented Prospectus shall, as of the date of the filing of the
Canadian Prospectus Supplement, and, as of the Closing Date (i)&nbsp;constitute full, true
and plain disclosure of all material facts relating to the Company and the Offered
Securities, (ii)&nbsp;contain no misrepresentation, as defined under Canadian Securities
Laws, and (iii)&nbsp;not omit any information which is necessary to make the statements
contained therein not misleading. The documents incorporated by reference in the
Canadian Supplemented Prospectus, when filed with the Reviewing Authority, were
prepared in accordance with the Canadian Securities Laws, and any further documents so
filed and incorporated by reference in the Canadian Supplemented Prospectus prior to
the termination of the distribution of the Offered Units, or any further amendment or
supplement thereto, when such</TD>
</TR>


</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 6 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>documents are filed with the Reviewing Authority, will be prepared in accordance
with the Canadian Securities Laws.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Shelf Registration Statement and the U.S. Supplemented Prospectus, as of
the date of the filing of the U.S. Supplement, conforms or will conform, as the case
may be, to the Canadian Supplemented Prospectus except for such deletions therefrom and
additions thereto as are permitted or required by Form F-10 and the applicable rules
and regulations of the SEC. In addition, as of their respective dates, the Shelf
Registration Statement, the Form F-X, and the U.S. Supplemented Prospectus, as amended
or supplemented, if applicable, comply or will comply, as the case may be, in all
material respects with the 1933 Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As of the date and time the Shelf Registration Statement was declared effective
and on the date of the filing of each of the U.S. Supplement and the U.S. Warrant
Supplement (the &#147;<B>Effective Time</B>&#148;), none of the Shelf Registration Statement, the U.S.
Supplemented Prospectus or the U.S. Warrant Prospectus, or any amendment or supplement
thereto, contains or shall contain an untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the
statements therein not misleading.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As of the date and time immediately prior to the Effective Time (the
&#147;<B>Applicable Time</B>&#148;), the U.S. Supplement, any &#147;free writing prospectus&#148; as defined in
Rule&nbsp;405 of the 1933 Act (a &#147;<B>Free Writing Prospectus</B>&#148;) and any &#147;<B>issuer free writing
prospectus</B>&#148; as defined in Rule&nbsp;433 of the 1933 Act (an &#147;<B>Issuer Free Writing Prospectus</B>&#148;
and, together with any Free Writing Prospectus and the U.S. Supplemented Prospectus,
the &#147;<B>Disclosure Package</B>&#148;), when taken together as a whole, will not, as of the
Applicable Time, and on the Closing Date and on any settlement date, contain any untrue
statement of a material fact or omit to state any material fact necessary in order to
make the statements therein, in the light of the circumstances under which they were
made, not misleading.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Issuer Free Writing Prospectus will not include any information that
conflicts with the information contained in the Shelf Registration Statement, the U.S.
Supplemented Prospectus or the Canadian Supplemented Prospectus, including any document
incorporated by reference therein and any prospectus supplement deemed to be a part
thereof that has not been superseded or modified.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At the time the U.S. Warrant Supplement is filed with the SEC: (i)&nbsp;the Canadian
Warrant Prospectus will comply in all material respects with Canadian Securities Laws
as interpreted and applied by the Alberta Securities Commission; (ii)&nbsp;the U.S. Warrant
Prospectus will conform to the Canadian Warrant Prospectus, except for such deletions
therefrom and additions thereto as are permitted or required by Form F-10 and the
applicable rules and regulations of the Commission; (iii)&nbsp;the U.S. Warrant Prospectus,
and any amendments or supplements thereto will comply in all material aspects with the
requirements of the 1933 Act; (iv)&nbsp;none of the U.S. Warrant Prospectus, or any
amendment or supplement thereto will contain an untrue statement of a material fact or
omit to</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 7 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>state a material fact required to be stated therein or necessary to make the
statements therein not misleading; and (v)&nbsp;each of the U.S. Warrant Prospectus, the
Canadian Warrant Prospectus, and any Supplementary Material (as defined in Section
7) or any amendment or supplement thereto will constitute full, true and plain
disclosure of all material facts relating to the Company and the Unit Warrant
Shares, and 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 under which they were made, not misleading.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The representations and warranties contained in paragraphs (d), (e), (f)&nbsp;and (g)
above shall not apply to statements or omissions in the Canadian Supplemented
Prospectus or the U.S. Supplemented Prospectus, that are made in reliance upon and
in conformity with information furnished to the Company by the Underwriter expressly
for use in the Canadian Supplemented Prospectus or the U.S. Supplemented Prospectus.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>There are:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no reports or information that in accordance with the
requirements of the Canadian Securities Laws must be made publicly available in
connection with the Offering that have not been or will not be made publicly
available as required, and there are no documents required to be filed with the
Canadian Securities Commissions in connection with a Canadian Supplemented
Prospectus that have not been filed (or that will not be filed prior to the
Closing Date in accordance with Canadian Securities Laws) as required pursuant
to Canadian Securities Laws and delivered to the Underwriter; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no contracts, documents or other materials required to be
described or referred to in the Canadian Supplemented Prospectus or the U.S.
Supplemented Prospectus or to be filed as exhibits to the Shelf Registration
Statement that will not be described, referred to or filed as required and, in
the case of those documents filed, delivered to the Underwriter.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company was not and is not an &#147;ineligible issuer&#148; as defined in Rule&nbsp;405 of
the 1933 Act (an &#147;<B>Ineligible Issuer</B>&#148;), without taking account of any determination by
the SEC pursuant to Rule&nbsp;405 of the 1933 Act that it is not necessary that the Company
be considered an Ineligible Issuer (i)&nbsp;at the time of filing the Shelf Registration
Statement, and (ii)&nbsp;as of the date and time this Agreement is executed and delivered by
the parties hereto.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company is, and upon completion of the transactions described herein, and
assuming the anticipated use of the proceeds thereof to be described in the Canadian
Supplemented Prospectus, the Disclosure Package and the U.S. Supplemented Prospectus,
will be, a &#147;foreign private issuer&#148; within the meaning</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 8 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>of Rule&nbsp;3b-4 under the U.S. Securities Exchange Act of 1934, as amended (the &#147;<B>1934
Act</B>&#148;).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The audited and unaudited financial statements of the Company that are included
or incorporated by reference in the Shelf Registration Statement, the Canadian
Supplemented Prospectus, the Disclosure Package, the U.S. Supplemented Prospectus, the
Canadian Warrant Prospectus and the U.S. Warrant Prospectus will present fairly in all
material respects the financial position of the Company as of the dates indicated and
the results of operations and the changes in financial position of the Company for the
periods specified (subject, in the case of interim financial information, to year-end
adjustments); and such financial statements have been (or will be) prepared in
conformity with generally accepted accounting principles in Canada, consistently
applied throughout the periods involved, and have been reconciled to generally accepted
accounting principles in the United States in accordance with Item&nbsp;18 of Form 20-F.
The summary and selected financial data to be included or incorporated by reference in
the Shelf Registration Statement, the Canadian Supplemented Prospectus, the Disclosure
Package, the U.S. Supplemented Prospectus, the Canadian Warrant Prospectus and the U.S.
Warrant Prospectus present fairly the information shown therein and have been compiled
on a basis consistent with that of the audited and unaudited financial information
included or incorporated by reference in the Shelf Registration Statement, the Canadian
Supplemented Prospectus, the Disclosure Package, the U.S. Supplemented Prospectus, the
Canadian Warrant Prospectus and the U.S. Warrant Prospectus.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except for Oncolytics Biotech (Barbados) Inc. (&#147;<B>Oncolytics Barbados</B>&#148;) and
Oncolytics Biotech (U.S.) Inc. (collectively, the &#147;<B>Subsidiaries</B>&#148;), the Company does not
own securities of any person and, for greater certainty, does not have any other
subsidiaries. Oncolytics Biotech (U.S.) Inc. is an inactive subsidiary without any
material assets or operations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company does not, and the Subsidiaries do not, owe any material amount of
money to, does not have any present loans to, has not borrowed any monies from, and is
not otherwise indebted to any officer, director, employee, shareholder or any person
not dealing &#147;arm&#146;s length&#148; (as such term is defined in the <I>Income Tax Act </I>(Canada) (the
&#147;<B>Tax Act</B>&#148;)) with the Company except as set forth in the audited financial statements of
the Company to be included or incorporated by reference in the Shelf Registration
Statement, the Canadian Supplemented Prospectus, the Disclosure Package, the U.S.
Supplemented Prospectus, the Canadian Warrant Prospectus and the U.S. Warrant
Prospectus, and except for payroll obligations and other employee obligations in the
normal course of business.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company does not, and the Subsidiaries do not, have any agreements of any
nature whatsoever to acquire or merge with any entity, or to acquire or lease any other
business operations.</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 9 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ernst &#038; Young LLP, who have reported upon the audited financial statements of
the Company included or incorporated by reference in the Shelf Registration Statement,
the Canadian Supplemented Prospectus, Disclosure Package, the U.S. Supplemented
Prospectus, the Canadian Warrant Prospectus, and the U.S. Warrant Prospectus, are, and
during the periods covered by its reports were, independent with respect to the Company
within the meaning of the <I>Business Corporations Act </I>(Alberta) and applicable Canadian
Securities Laws, and are independent as required by the 1933 Act and there has never
been any reportable event (within the meaning of Canadian Securities Laws) with the
present or any former auditor of the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company and each of the Subsidiaries has been duly incorporated, is validly
existing as a corporation in good standing under the <I>Business Corporations Act</I>
(Alberta), or, in the case of the Subsidiaries, under the corporate legislation of
their incorporation, has the corporate power and authority to own its property and to
conduct its business as will be described in the Shelf Registration Statement, the
Canadian Supplemented Prospectus, the Disclosure Package, the U.S. Supplemented
Prospectus, the Canadian Warrant Prospectus, and the U.S. Warrant Prospectus and is
duly qualified to transact business and is in good standing in each jurisdiction in
which the conduct of its business or its ownership or leasing of property requires such
qualification, except to the extent that the failure to be so qualified or be in good
standing would not have a material adverse effect on the assets or properties,
business, results of operations, prospects or condition (financial or otherwise) of the
Company and the Subsidiaries considered as a whole (a &#147;<B>Material Adverse Effect</B>&#148;).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(s)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company has not, and each of the Subsidiaries has not: committed an act of
bankruptcy nor is insolvent, proposed a compromise or arrangement to its creditors
generally, had a petition or a receiving order in bankruptcy filed against it, made a
voluntary assignment in bankruptcy, taken any proceedings with respect to a compromise
or arrangement, taken any proceedings to have itself declared bankrupt or wound-up,
taken any proceedings to have a receiver appointed for any of its property or had any
execution or distress become enforceable or become levied upon any of its property.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(t)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company has the corporate power and authority to execute, deliver and
perform its obligations under this Agreement, the certificates representing the Unit
Warrants, the Warrant Indenture (as hereinafter defined) and the Broker Warrants
(collectively, the &#147;<B>Transaction Documents</B>&#148;), and each Transaction Document has been or
will at the Closing Time be duly authorized, executed and delivered by the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(u)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The authorized capital of the Company conforms in all material respects to the
description thereof to be contained in each Canadian Supplemented Prospectus, the Shelf
Registration Statement, the Disclosure Package, and the U.S. Supplemented Prospectus.</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 10 -<!-- /Folio -->

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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Since December&nbsp;31, 2007, other than in respect of material change reports filed
on a confidential basis and in respect of which the material change so reported did not
come to fruition or as described in the Company&#146;s subsequently filed interim financial
statements, and other than the internal reorganization involving the Company and
Oncolytics Barbados as described in the Canadian Prospectus Supplement:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there has not been any material change (as defined in the
<I>Securities Act </I>(Alberta)) in the assets, liabilities or obligations (absolute,
accrued, contingent or otherwise) of the Company and the Subsidiaries (taken as
a whole) that has not been publicly disclosed;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there has not been any material change in the capital stock or
long-term debt of the Company that has not been publicly disclosed;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there has not been any material change in the business,
business prospects, condition (financial or otherwise) or results of the
operations of the Company and the Subsidiaries (taken as a whole) that has not
been publicly disclosed; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company and each of the Subsidiaries has carried on its
business in the ordinary course.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(w)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All Common Shares outstanding immediately prior to the issuance of the Unit
Shares have been or will be duly authorized and are validly issued, fully paid and
non-assessable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>There are no outstanding securities convertible into or exchangeable for, or
warrants, rights or options to purchase from the Company, or obligations of the Company
to issue, Common Shares or any other class of shares of the Company, except, as of the
date hereof, common share purchase options and common share purchase warrants to
acquire 3,870,493 and 4,220,000, Common Shares, respectively. There are no outstanding
securities convertible into or exchangeable for, or warrants, rights or options to
purchase from either of the Subsidiaries, or obligations of either of the Subsidiaries
to issue, any securities, including, without limitation, common shares or any other
class of shares.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(y)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The authorized capital of Oncolytics Barbados consists of an unlimited number
of common shares, of which only 9,150,100 common shares are issued and outstanding.
The Company is the sole registered and beneficial owner of such 9,150,100 common shares
in the capital of Oncolytics Barbados free and clear of all liens, charges and
encumbrances and any right of any other person or company to acquire such shares (other
than the security interest in favour of CIBC (as defined below) as described in Section
1(rr)). All such shares have been duly authorized, issued and delivered to the Company
and are fully paid and non-assessable.</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 11 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(z)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Unit Shares, the Unit Warrant Shares and the Broker Warrant Shares have
been duly authorized for issuance and sale pursuant to this Agreement and, when issued
and delivered in accordance with the terms of this Agreement, will be validly allotted
and issued as fully paid and non-assessable shares of the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(aa)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The execution and delivery of the Transaction Documents, the fulfillment of the
terms thereof including, but not limited to, the issue, sale and delivery of the Unit
Shares, the creation, issue and delivery of the Unit Warrants and the Broker Warrants,
the issue and delivery of the Unit Warrant Shares and Broker Warrant Shares upon
exercise of the Unit Warrants and Broker Warrants, respectively, and the grant of the
Over-Allotment Option, do not and will not result in a breach of and do not create a
state of facts which, after notice or lapse of time or both, will result in a breach
of, and do not and will not conflict with, any of the terms, conditions or provisions
of: (i)&nbsp;the constating documents of the Company; (ii)&nbsp;any laws of Alberta or the
federal laws of Canada applicable therein; (iii)&nbsp;any provision of law binding on the
Company; (iv)&nbsp;any agreement or other instrument binding upon the Company; or (v)&nbsp;any
judgment, order or decree of any governmental body, agency or court having jurisdiction
over the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(bb)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No approval, consent, authorization, order or license of, or qualification with
any government, governmental body or agency or court of (i)&nbsp;any province of Canada;
(ii)&nbsp;the federal government of Canada; (iii)&nbsp;the federal government of the United
States; or (iv)&nbsp;the various states of the United States, or of any political
subdivision of any thereof, is required to be obtained by the Company for the
performance by the Company of its obligations under this Agreement, except such as have
already been received or as may be required by the Toronto Stock Exchange (the &#147;<B>TSX</B>&#148;),
the NASDAQ Capital Market (&#147;<B>NASDAQ</B>&#148;), the 1933 Act, the securities or &#147;blue sky&#148; laws
of the various states of the United States and the Canadian Securities Laws in
connection with the offer and sale of the Offered Units.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(cc)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>There has not occurred any material adverse change, or any development
involving a prospective material adverse change, in the condition, financial or
otherwise, or in the ownership of the Company or in the earnings, business or
operations of the Company from that to be set forth in the Canadian Supplemented
Prospectus, the Shelf Registration Statement, the Disclosure Package, the U.S.
Supplemented Prospectus, the Canadian Warrant Prospectus, and the U.S. Warrant
Prospectus.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(dd)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as disclosed in the Canadian Supplemented Prospectus, the Shelf
Registration Statement, the Disclosure Package, the U.S. Supplemented Prospectus, the
Canadian Warrant Prospectus, and the U.S. Warrant Prospectus, there are no actions,
proceedings or investigations (whether or not purportedly by or on behalf of the
Company) pending or threatened against or affecting the Company or any of the
Subsidiaries or any of their properties at law or in equity (whether in any court,
arbitration or similar tribunal) or before or by any federal,</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 12 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provincial, state, municipal, or other governmental department, commission, board or
agency, domestic or foreign, required to be disclosed therein.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ee)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company is a &#147;reporting issuer&#148; in British Columbia, Alberta, Manitoba,
Ontario and Quebec, and is not in default under Canadian Securities Laws and is in full
compliance with the by-laws, rules and regulations of the TSX and NASDAQ.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ff)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The common shares of the Company are listed and posted for trading on the TSX
and NASDAQ under the stock symbols &#147;ONC&#148; and &#147;ONCY&#148;, respectively.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(gg)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the knowledge of the Company, the Company is not and, after giving effect to
the Offering and the application of the proceeds thereof described in the Canadian
Supplemented Prospectus, the Shelf Registration Statement, the Disclosure Package, the
U.S. Supplemented Prospectus, the Canadian Warrant Prospectus, and the U.S. Warrant
Prospectus, will not be required to register as an &#147;investment company&#148; as such term is
defined in the Investment Company Act of 1940, as amended.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(hh)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>There are no &#147;significant acquisitions&#148; and &#147;significant probable acquisitions&#148;
for which the Company is required, pursuant to applicable Canadian Securities Laws to
include additional financial disclosure.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the knowledge of the Company, the Company and each of the Subsidiaries is in
compliance with any and all applicable foreign, federal, provincial, state and local
laws and regulations relating to the protection of human health and safety, the
environment or hazardous or toxic substances or wastes, pollutants or contaminants.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(jj)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>There are no restrictions upon or impediment to, the declaration or payment of
dividends by the Company or Oncolytics Barbados in the constating documents of the
Company or Oncolytics Barbados or in any agreement, mortgage, note, debenture,
indenture or other instrument or document to which the Company or Oncolytics Barbados
is a party or by which it is bound.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(kk)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company and each of the Subsidiaries has filed all federal, provincial,
state, local and foreign tax returns that are required to be filed or has requested
extensions thereof (except in any case in which the failure so to file would not have a
Material Adverse Effect) and have paid all taxes required to be paid by it and any
other assessment, fine or penalty levied against it, to the extent that any of the
foregoing is due and payable, except for any such assessment, fine or penalty that is
currently being contested in good faith. None of Canada Revenue Agency or any foreign
taxation authority has asserted or, to the best of the Company&#146;s knowledge, threatened
to assert any reassessment, claim or liability for taxes due or to become due in
connection with any review or examination of the tax returns of the Company filed for
any year which would have a Material Adverse Effect.</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 13 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ll)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company and Oncolytics Barbados currently hold in good standing all
material permits, licenses, franchises and approvals of governmental authorities and
agencies necessary for the present use, ownership and operation of its business (except
where the failure to do so would not, individually or in the aggregate, have a Material
Adverse Effect), and no revocation or limitation of any such permit, license, franchise
or approval is pending or, to the knowledge of the Company, threatened and the Company
is not, and Oncolytics Barbados is not, in default or violation of any such permit,
license, franchise or approval (except where such revocation, limitation, default or
violation would not, individually or in the aggregate, have a Material Adverse Effect),
and the authorization, issuance and delivery of the Offered Securities and the
compliance by the Company with the terms of this Agreement do not and will not conflict
with, or result in a breach of any of the terms or provisions of, or constitute a
default under, any of such permits, licenses, franchises and approvals. To the
knowledge of the Company, there is no threatened or pending change in any law, rule or
regulation referred to above that would, individually or in the aggregate, have a
Material Adverse Effect.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(mm)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Intellectual Property (as hereinafter defined) of the Company and
Oncolytics Barbados including, without limitation, the Intellectual Property described
or to be described in the Canadian Supplemented Prospectus and the U.S. Supplemented
Prospectus as being owned or held by the Company or Oncolytics Barbados: (i)&nbsp;is validly
owned by or licensed to the Company or Oncolytics Barbados; (ii)&nbsp;is not the subject of
any oppositions, challenges or other litigation, pending or threatened; (iii)&nbsp;in the
case of patents owned or held by the Company or Oncolytics Barbados, have been assigned
to the Company or Oncolytics Barbados, and have been validly and effectively obtained
by or on behalf of the Company or Oncolytics Barbados in all jurisdictions in which it
is advisable, in the Company&#146;s opinion, acting reasonably, to be registered; and (iv)
in the case of trade-marks owned or held by the Company or Oncolytics Barbados, have
been validly registered by or on behalf of the Company in all jurisdictions in which it
is advisable, in the Company&#146;s opinion, acting reasonably, to be registered.
Furthermore, the Company and Oncolytics Barbados, and their products and services
associated with the business of the Company and Oncolytics Biotech (Barbados) Inc, have
not been the subject of any litigation or infringement action, pending or threatened,
relating to the intellectual property of other parties.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Intellectual Property</B>&#148; means, collectively, all intellectual property rights of
whatsoever nature, kind or description including:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all trade-marks, service marks, trade-mark and service mark
registrations, trade-mark and service mark applications, rights under
registered user agreements, trade names and other trade-mark and service mark
rights;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all copyrights and applications therefor, including all
computer software and rights related thereto;</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 14 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all Patent Rights (as hereinafter defined);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all trade secrets and proprietary and confidential information;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all industrial designs, design patents, design applications,
and registrations thereof and applications therefor;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all renewals, modifications, developments and extensions of any
of the items listed in clauses (i)&nbsp;through (v)&nbsp;above; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all patterns, plans, designs, research data, other proprietary
know-how, processes, drawings, technology, inventions, formulae,
specifications, performance data, quality control information, unpatented blue
prints, flow sheets, equipment and parts lists, instructions, manuals, records
and procedures, and all licenses, agreements and other contracts and
commitments relating to any of the foregoing.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Patent Rights</B>&#148; means all patents and patent applications of the Company and
Oncolytics Barbados and all other patents and patent applications issuing therefrom,
claiming, relating to or associated with the business of the Company, Oncolytics
Barbados or their respective products and all improvements thereto, including, all
divisions, continuations, partial continuations, extensions, substitutions,
confirmations, registrations, revalidations, additions or reissues of or to any of
the patents or patent applications.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(nn)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company and Oncolytics Barbados (or parties under contractual obligation to
the Company or Oncolytics Barbados) now hold or are now in the process of obtaining,
and as of the Closing Date will hold or will be in the process of obtaining, all
licenses, certificates, approvals and permits from all provincial, federal, state,
United States, foreign and other regulatory authorities, including but not limited to
the United States Food and Drug Administration (the &#147;<B>FDA</B>&#148;), Health Canada (&#147;<B>HC</B>&#148;), the
United Kingdom Medicines and Healthcare Products Regulatory Agency (&#147;<B>MHRA</B>&#148;) and any
foreign regulatory authorities performing functions similar to those performed by the
FDA, HC and MHRA, that are material to the conduct of the business of the Company or
Oncolytics Barbados (as such business is currently conducted), all of which are valid
and in full force and effect (and there is no proceeding pending or, to the knowledge
of the Company, threatened which may cause any such license, certificate, approval or
permit to be withdrawn, cancelled, suspended or not renewed). The Company is not, and
Oncolytics Barbados is not, in violation of any material law, order, rule, regulation,
writ, injunction or decree of any court or governmental agency or body, applicable to
the investigation of new drugs in humans and animals, including, but not limited to,
those promulgated by the FDA, HC or MHRA.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(oo)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The clinical studies and tests (including, but without limitation the human and
animal clinical trials) conducted by the Company or Oncolytics Barbados or in which the
Company or Oncolytics Barbados has participated that are described in</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 15 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the publicly filed documents of the Company or will be described in the Canadian
Supplemented Prospectus, the Shelf Registration Statement, the Disclosure Package,
the U.S. Supplemented Prospectus, the Canadian Warrant Prospectus, and the U.S.
Warrant Prospectus or the results of which are referred to in the publicly filed
documents of the Company or will be referred to in the Canadian Supplemented
Prospectus, the Shelf Registration Statement, the Disclosure Package, the U.S.
Supplemented Prospectus, the Canadian Warrant Prospectus, and the U.S. Warrant
Prospectus and such studies and test that were conducted on behalf of the Company or
Oncolytics Barbados, were and, if still pending, are being conducted in all material
respects (i)&nbsp;in accordance with the good clinical practice (&#147;<B>GCP</B>&#148;) and protocols,
procedures and controls for such studies and tests of new medical devices or
biologic products, as the case may be, and (ii)&nbsp;in accordance with all applicable
laws, rules and regulations; the descriptions of the results of such studies and
tests contained in the publicly filed documents of the Company and in, as and when
filed, the Canadian Supplemented Prospectus, the Shelf Registration Statement, the
Disclosure Package, the U.S. Supplemented Prospectus, the Canadian Warrant
Prospectus, and the U.S. Warrant Prospectus are accurate, complete and fair, and
neither the Company nor Oncolytics Barbados has any knowledge of any other studies
or tests, the results of which call into question the results described or referred
to in such publicly filed documents of the Company and neither the Company nor
Oncolytics Barbados has received any notices or correspondence from the FDA, HC,
MHRA or any other governmental agency requiring the termination, suspension or
modification of any studies or tests conducted by, or on behalf of, the Company or
Oncolytics Barbados or in which the Company or Oncolytics Barbados has participated
that are described in the publicly filed documents of the Company or the results of
which are referred to in the publicly filed documents of the Company that would
cause the Company to change the descriptions in such publicly filed documents of the
Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(pp)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each of the Company and Oncolytics Barbados is in compliance with all
applicable laws respecting employment and employment practices, terms and conditions of
employment, pay equity and wages, except where such non-compliance would not have a
Material Adverse Effect, and has not and is not engaged in any unfair labour practice.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(qq)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as to be disclosed in the Canadian Supplemented Prospectus, the Shelf
Registration Statement, the Disclosure Package, the U.S. Supplemented Prospectus, the
Canadian Warrant Prospectus, and the U.S. Warrant Prospectus:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Neither the Company nor Oncolytics Barbados is a party to any
contract with any labour union or employee association or made commitments to
or conducted negotiations with any labour union or employee association with
respect to any future agreement and, to the best of the knowledge of the
Company, there are no current attempts to organize or establish any labour
union or employee association, and there is no certification of any such union
with regard to a bargaining unit; and</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 16 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no labor problem or dispute with the employees or former
employees of the Company exists or is threatened or imminent, and the Company
is not aware of any existing or imminent labor disturbance by the employees of
any of its or Oncolytics Barbados&#146; principal suppliers, contractors or
customers, that could reasonably be expected to have a Material Adverse Effect.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(rr)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as disclosed in the notes to the Company&#146;s audited financial statements
and except for a security interest in certain property of the Company granted to
Canadian Imperial Bank of Commerce (&#147;<B>CIBC</B>&#148;) which security interest secures no more
that a US$120,000 obligation by the Company to CIBC, each of the Company and Oncolytics
Barbados has good title to the items of real and personal property which are to be
referred to in the Canadian Supplemented Prospectus, the Shelf Registration Statement,
the Disclosure Package, the U.S. Supplemented Prospectus, the Canadian Warrant
Prospectus, and the U.S. Warrant Prospectus as being owned by it, and has valid and
enforceable leasehold interests in the items of real and personal property to be
referred to in the Canadian Supplemented Prospectus, the Shelf Registration Statement,
the Disclosure Package, the U.S. Supplemented Prospectus, the Canadian Warrant
Prospectus, and the U.S. Warrant Prospectus as being leased by it, in each case free
and clear of all liens, encumbrances, claims, security interests and defects, other
than those which do not interfere with the use made or intended to be made of such
property by the Company or do not and will not have a Material Adverse Effect.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ss)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Neither the Company nor Oncolytics Barbados is (i)&nbsp;in violation of its charter
documents or by-laws, or (ii)&nbsp;in default in the observance or performance of any term
or obligation to be performed by it under any agreement, lease, contract, mortgage,
loan agreement, note, indenture or other instrument or obligation to which the Company
or Oncolytics Barbados is a party or by which the Company or Oncolytics Barbados or any
of their respective properties is bound and which breach or default, individually or in
the aggregate, if not cured or otherwise corrected within the respective period
specified for such cure or correction, would have a Material Adverse Effect.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(tt)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Computershare Trust Company of Canada (&#147;<B>Computershare</B>&#148;), at its principal
offices in the Canadian cities of Calgary and Toronto, has been duly appointed as the
registrar and transfer agent in respect of the common shares of the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(uu)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prior to the filing of the Canadian Prospectus Supplement and the U.S.
Supplement the Unit Shares and the Unit Warrant Shares will have been conditionally
approved for listing on the TSX and the Company shall have filed all documents
necessary to receive approval from the NASDAQ.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The net proceeds of the Offering will be used by the Company as described in
the Canadian Supplemented Prospectus.</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 17 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ww)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each of the Company and Oncolytics Barbados is insured by insurers of
recognized financial responsibility against such losses and risks and in such amounts
as are prudent and customary in the business in which it is engaged; all policies of
insurance and fidelity or surety bonds insuring the Company or Oncolytics Barbados or
their businesses, assets, employees, officers and directors are in full force and
effect; each of the Company and Oncolytics Barbados is in compliance with the terms of
such policies and instruments in all material respects; and, there are no claims by the
Company or Oncolytics Barbados under any such policy or instrument as to which any
insurance company is denying liability or defending under a reservation of rights
clause. Neither the Company nor Oncolytics Barbados has not been refused any insurance
coverage sought or applied for the Company and does not have any reason to believe that
it will not be able to renew its existing insurance coverage as and when such coverage
expires or to obtain similar coverage from similar insurers as may be necessary to
continue its business at a cost that would not have a Material Adverse Effect.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xx)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each of the Company and Oncolytics Barbados maintains a system of internal
accounting controls sufficient to provide reasonable assurance that: (i)&nbsp;transactions
are executed in accordance with management&#146;s general or specific authorizations; (ii)
transactions are recorded as necessary to permit preparation of financial statements in
conformity with generally accepted accounting principles in Canada and to maintain
asset accountability; (iii)&nbsp;access to assets is permitted only in accordance with
management&#146;s general or specific authorization; and (iv)&nbsp;the recorded accountability
for assets is compared with the existing assets at reasonable intervals and appropriate
action is taken with respect to any differences. The Company is not aware of any
material weakness in their internal controls over financial reporting.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(yy)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company maintains &#147;disclosure controls and procedures&#148; (as such term is
defined in Rule l3a-l5(e) under the 1934 Act) and the Company believes that such
disclosure controls and procedures are effective.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(zz)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>There is and has been no failure on the part of the Company or any of the
Company&#146;s directors or officers, in their capacities as such, to comply with any
applicable provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations
promulgated in connection therewith, including Section&nbsp;402 related to loans and
Sections&nbsp;302 and 906 related to certifications.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(aaa)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The minute books and corporate records of the Company and Oncolytics Barbados
made available to Fraser Milner Casgrain LLP, Canadian counsel to the Underwriter in
connection with its due diligence investigation of the Company for the period from its
date of incorporation to the date of examination thereof are copies of the original
minute books and records of the Company and Oncolytics Barbados and contain copies of
all proceedings (or certified copies thereof) of the shareholders, the board of
directors and all committees of the board of directors of the Company and Oncolytics
Barbados (other than minutes relating to the November&nbsp;25, 2008 board of directors
meeting and November&nbsp;25, 2008 annual</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 18 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>general meeting of shareholders, which have not been prepared, but particulars of
which have been verbally given to the Underwriter or its counsel) and there have
been no other meetings, resolutions or proceedings of the shareholders, board of
directors or any committee of the board of directors of the Company and Oncolytics
Barbados to the date of review of such corporate records and minute books not
reflected in such minute books and other records, other than those which have been
disclosed to the Underwriter or which are not material to the Company or Oncolytics
Barbados.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(bbb)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company has not withheld from the Underwriter any facts relating to the
Company or to the Offering that would be material to a prospective purchaser of the
Offered Units.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ccc)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All of the representations and warranties made by the Company in this
Agreement will continue to be true and correct as of the Closing Time.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><b>2.</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Agreements to Sell and Purchase.</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company hereby agrees to sell the Purchased Units to the Underwriter, and the
Underwriter hereby agrees to purchase the Purchased Units from the Company, all on the terms
and conditions described herein.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><b>3.</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Terms of Public Offering. </B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Offered Units are to be offered to the public in the Qualifying Provinces only, either
directly through the Underwriter or through members of a selling syndicate to be established
by the Underwriter. The Underwriter will comply with the Canadian Securities Laws in
connection with the offer and sale of the Offered Units.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><b>4.</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Closing, Payment and Delivery.</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The closing of the Offering will be completed at the offices of Bennett Jones LLP, 4500
Bankers Hall East, 855 2<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> Street SW, Calgary, Alberta T2P 4K7 on December&nbsp;5,
2008 or such later date as the parties may mutually agree to in writing, but in any event no
later than December&nbsp;31, 2008 (the &#147;<B>Closing Date</B>&#148;), at 6:30 a.m. (Calgary time) (such time on
the Closing Date is referred to herein as the &#147;<B>Closing Time</B>&#148;).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At the Closing Time, the Company shall deliver to the Underwriter against delivery to the
Company by the Underwriter of the gross proceeds of the Offering:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certificates representing the Unit Shares and the Unit Warrants comprising the
Purchased Units duly registered as the Underwriter shall have directed 48 hours prior
to the Closing Time on the Closing Date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>payment of the Underwriter&#146;s Fee, together with the Underwriter&#146;s expenses and
fees described in Section&nbsp;7 hereof;</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 19 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certificates representing the Broker Warrants, in form and substance
satisfactory to the Underwriter, acting reasonably;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the requisite legal opinions and certificates and covenants as contemplated
herein; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such further documentation as may be contemplated herein or as counsel to the
Underwriter or the applicable regulatory authorities may reasonably require.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Furthermore, the Company shall, prior to the Closing Time:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make all necessary arrangements for the exchange on the date of delivery of the
certificate or certificates issued as aforesaid at the principal offices of
Computershare in the City of Toronto for certificates representing such number of the
Unit Shares registered in such names as shall be designated in writing by the
Underwriter not less than 48 hours prior to the Closing Time. The Company shall pay
all fees and expenses payable to Computershare in connection with the preparation,
delivery, certification and exchange of the Unit Shares and the certificate therefor
contemplated hereunder and the fees and expenses payable to Computershare in connection
with the initial or additional transfers as may be required in the course of the
distribution of the Unit Shares; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>enter into a warrant indenture (the &#147;<B>Warrant Indenture</B>&#148;) in form and substance
satisfactory to the Underwriter, acting reasonably, with Computershare governing the
issue and exercise of the Unit Warrants and pursuant to which the Company shall appoint
Computershare as warrant agent with respect to the Unit Warrants.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><b>5.</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Conditions to the Underwriter&#146;s Obligations.</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The obligations of the Underwriter to purchase and pay for the Offered Units on the Closing
Date are, in addition to the conditions described elsewhere in this Agreement, subject to
the following further conditions (which are for the Underwriter&#146;s benefit and may be waived
by the Underwriter in writing):</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Shelf Registration Statement shall be effective and no stop order
suspending the effectiveness of the Shelf Registration Statement or preventing or
suspending the use of the U.S. Supplemented Prospectus, the U.S. Warrant Prospectus or
any Free Writing Prospectus or Issuer Free Writing Prospectus shall have been issued
under the 1933 Act and no proceedings for that purpose shall have been instituted or
shall be pending or, to the knowledge of the Underwriter or the knowledge of the
Company, shall be contemplated by the SEC. In addition, no order having the effect of
ceasing or suspending the distribution of the Offered Units or the trading in the
common shares of the Company or any other securities of the Company shall have been
issued by any securities commission, securities regulatory authority or stock exchange
in Canada or the United States and no proceedings for that purpose shall have been
instituted or pending or, to the knowledge of the Company, shall be contemplated by any
securities commission, securities regulatory authority or stock exchange in Canada or
the United States. Any</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 20 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>request on the part of any Canadian Securities Commission or the SEC for additional
information from the Company shall have been complied with and the Company shall
have complied with all filing requirements applicable to any Issuer Free Writing
Prospectus used or referred to after the date hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation shall have complied with its covenants and obligations herein
in all material respects (except where such covenants are qualified by materiality, in
which case the Corporation shall have complied with such covenants in all respects) and
the representations and warranties of the Corporation set forth herein shall be true
and correct in all material respects (except where such representations and warranties
are qualified by materiality, in which case such representations and warranties shall
be true and correct in all respects) and the Underwriter shall have received on the
Closing Date a certificate, dated the Closing Date and signed by the Chief Executive
Officer and Chief Financial Officer of the Company, in their capacity as such and not
in their personal capacity, in a form satisfactory to the Underwriter and its counsel,
acting reasonably, certifying, among other things, that the representations and
warranties of the Company contained in this Agreement are true and correct in all
material respects (except where such representations and warranties are qualified by
materiality, in which case such representations and warranties shall be true and
correct in all respects) as of the Closing Date and that the Company has complied with
all of the agreements and satisfied all of the conditions in all material respects
(except where such agreements are qualified by materiality, in which case the
Corporation shall have complied with such agreements in all respects) on its part to be
performed or satisfied hereunder on or before the Closing Date. The officers signing
and delivering such certificate may rely upon the best of their knowledge.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Underwriter shall have received on the Closing Date a favourable opinion of
Bennett Jones LLP, Canadian counsel to the Company, dated the Closing Date, with
respect to such matters as the Underwriter and its counsel may reasonably request,
including those matters identified in Schedule &#147;A&#148; hereto. In giving such opinion,
such counsel may rely, as to all matters governed by the laws of jurisdictions other
than the laws of the Provinces of Alberta and Ontario and the federal laws of Canada
applicable therein, upon opinions of local counsel, who shall be counsel satisfactory
to counsel for the Underwriter, acting reasonably, in which case the opinion shall
state that they believe that they and the Underwriter are justified in relying upon
such opinion. Such counsel may also state that, insofar as such opinion involves
factual matters, they have relied, to the extent they deem proper, upon certificates of
officers of the Company and certificates of public officials, provided that such
certificates have been delivered to the Underwriter. The opinion letter referred to in
this paragraph 5(c) shall be rendered to the Underwriter at the request of the Company
and shall so state therein.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Underwriter shall have received on the Closing Date a favourable opinion of
Dorsey &#038; Whitney LLP, special United States counsel for the Company, dated the</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 21 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Closing Date, with respect to such matters as the Underwriter and its counsel may
reasonably request, including those matters identified in Schedule &#147;B&#148; hereto. The
opinion letter referred to in this paragraph 5(d) shall be rendered to the
Underwriter at the request of the Company and shall so state therein.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Underwriter shall have received on the Closing Date a favourable opinion of
Harridyal &#151; Sodha &#038; Associates, Barbados counsel for the Company, dated the Closing
Date, with respect to such matters as the Underwriter and its counsel may reasonably
request, including those matters identified in &#147;C&#148; hereto. The opinion letter referred
to in this paragraph 5(d) shall be rendered at the request of the Company and shall so
state therein.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Underwriter shall have received on the Closing Date an opinion, dated the
Closing Date, of Fraser Milner Casgrain LLP, Canadian counsel for the Underwriter,
dated the Closing Date, in form and substance satisfactory to the Underwriter, acting
reasonably.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Underwriter shall have received, on each of the date of the Canadian
Prospectus Supplement and the Closing Date, a letter dated the date of the Canadian
Prospectus Supplement and the Closing Date, as the case may be, in form and substance
satisfactory to the Underwriter, acting reasonably, from Ernst &#038; Young LLP, independent
chartered accountants, containing statements and information of the type ordinarily
included in accountants&#146; &#147;comfort letters&#148; to underwriters with respect to the
financial statements and certain financial and statistical information included or
incorporated by reference in the Canadian Supplemented Prospectus and the U.S.
Supplemented Prospectus.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Unit Shares, the Warrant Unit Shares and the Broker Warrant Shares shall
have been approved for listing by NASDAQ subject only to official notice of issuance
thereof, and shall have been conditionally approved for listing by the TSX, subject
only to official notice of issuance thereof and customary post-closing filing
requirements.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Financial Industry Regulatory Authority, Inc. (&#147;<B>FINRA</B>&#148;) shall not have
raised any objection with respect to the fairness or reasonableness of the
underwriting, or other arrangements of the transactions, contemplated hereby.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On or before the Closing Date, the Underwriter and counsel for the Underwriter
shall have received from the Company such further certificates, documents and other
information as they may reasonably request.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><b>6.</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Further Covenants.</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In further consideration of the agreements of the Underwriter herein contained, the Company
covenants with the Underwriter as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To not issue or announce the issuance of any equity securities or any
securities convertible into, exchangeable for or exercisable to acquire equity
securities of</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 22 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company without the prior consent of the Underwriter, such consent not to be
unreasonably withheld or delayed, during a period commencing from the date of this
Agreement and ending ninety (90)&nbsp;days from the Closing Date, other than pursuant to:
(i)&nbsp;presently outstanding rights, or agreements, including options, warrants and
other convertible securities and any rights which have been granted, issued or will
be issued under the Offering, subject to any necessary regulatory approval; (ii)
presently outstanding options granted to officers, directors, employees or
consultants of the Company or any subsidiary thereof pursuant to the Company&#146;s stock
option plan as detailed in the Company&#146;s most recent proxy information circular (the
&#147;<B>Option Plan</B>&#148;); (iii)&nbsp;the Option Plan; (iv)&nbsp;arm&#146;s length corporate alliances,
partnerships, mergers or acquisitions; or (v)&nbsp;arrangement made or to be made with
suppliers of goods or services to the Company to issue securities of the Company,
including convertible debt securities, to such suppliers in lieu of monetary payment
for goods or services received by the Company from such suppliers.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Until the Closing Time, to notify the Underwriter promptly, and confirm the
notice in writing:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>when any Issuer Free Writing Prospectus shall have first been
used, when any post-effective amendment to the Shelf Registration shall have
been filed with the SEC or shall have become effective, and when any supplement
to the U.S. Supplemented Prospectus, the Canadian Supplemented Prospectus, the
U.S. Warrant Prospectus or the Canadian Warrant Prospectus or any amended or
amendments to the U.S. Supplemented Prospectus, the Canadian Supplemented
Prospectus, the U.S. Warrant Prospectus or the Canadian Warrant Prospectus
shall have been filed;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>of the receipt of any comments from the Canadian Securities
Commissions or the SEC;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>of any request by any of the Canadian Securities Commissions
to amend the Canadian Supplemented Prospectus or the Canadian Warrant
Prospectus or for additional information or of any request by the SEC to amend
the Shelf Registration Statement or to amend or supplement the U.S.
Supplemented Prospectus or U.S. Warrant Prospectus or for additional
information;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>of the issuance by the SEC of any stop order suspending the
effectiveness of the Shelf Registration Statement or of any order preventing or
suspending the use of any prospectus, or of the suspension of the qualification
of the Offered Units for offering and sale in any jurisdiction, or of the
institution or, to the knowledge of the Company, threatening of any proceedings
for any of such purposes; and</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 23 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>of the issuance by any of the Canadian Securities Commissions
or any stock exchange of any order having the effect of ceasing or suspending
the distribution of the Offered Units or the trading in the common shares of
the Company, or of the institution or, to the knowledge of the Company,
threatening of any proceedings for any such purpose.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company will use every reasonable commercial effort to prevent the issuance of
any stop order, any order preventing or suspending the use of any prospectus or any
order ceasing or suspending the distribution of the Offered Units or the trading in
the common shares of the Company and, if any such order is issued, to obtain the
revocation thereof at the earliest possible time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not to file or to make at any time any amendment to the Shelf Registration
Statement, or to file or make any amendment or supplement to the Canadian Supplemented
Prospectus, the U.S. Supplemented Prospectus, the Canadian Warrant Prospectus, or the
U.S. Warrant Prospectus of which the Underwriter shall not have previously been advised
and furnished a copy or to which the Underwriter shall have reasonably objected
promptly after reasonable notice thereof; provided, however, that this provision shall
not prohibit the Company from complying with its timely disclosure and other
obligations under applicable securities legislation and the requirements of any
relevant stock exchange arising out of any material change or change in material
information.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To furnish to the Underwriter, without charge:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a signed copy of the Canadian Prospectus Supplement and the
Canadian Warrant Prospectus and the Shelf Registration Statement (including all
exhibits thereto, documents filed therewith (including photocopies of the Form
F-X and Warrant Form F-X) and amendments thereof) and an additional conformed
copy of the Shelf Registration Statement, the U.S. Supplemented Prospectus and
the U.S. Warrant Prospectus (without exhibits thereto); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at any time beginning on the date hereof and ending at the end
of the period described in Section 6(f) below, at the place or places which the
Underwriter may reasonably request, the Underwriter&#146;s reasonable requirements
of the commercial copies of each Canadian Supplemented Prospectus. Such
deliveries shall be made as soon as possible after the filing of such documents
and, in any event, within one Business Day of such filing.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company agrees that it has not and will not make any offer relating to the
Offered Units that would constitute an Issuer Free Writing Prospectus or that would
otherwise constitute a Free Writing Prospectus required to be filed by the Company with
the SEC or retained by the Company under Rule&nbsp;433 of the 1933 Act.</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 24 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If, at any time in the period after the time of the initial distribution of the
Offered Units until the completion of the distribution of the Canadian Supplemented
Prospectus to offerees of the Offered Units, any event shall occur or condition exist
as a result of which it is necessary to amend the Disclosure Package, Shelf
Registration Statement or supplement or amend the U.S. Supplemented Prospectus or the
Canadian Supplemented Prospectus in order that the Disclosure Package, Shelf
Registration Statement, U.S. Supplemented Prospectus or the Canadian Supplemented
Prospectus will not include any untrue statements of a material fact or omit to state a
material fact necessary in order to make the statements therein not misleading in the
light of the circumstances existing at the time it is delivered to a purchaser (or in
lieu thereof, the notice referred to in Rule&nbsp;173 of the 1933 Act) or if, in the opinion
of the Company, it is necessary to amend the Disclosure Package, Shelf Registration
Statement or amend or supplement the Canadian Supplemented Prospectus or the U.S.
Supplemented Prospectus to comply with the Canadian Securities Laws, the 1933 Act or
the applicable rules and regulations thereunder, forthwith to prepare, file with the
SEC or any Canadian Securities Commission and furnish to the Underwriter and to the
dealers (whose names and addresses the Underwriter will furnish to the Company) to
which Offered Units may have been sold by the Underwriter and to any other dealers upon
request, either amendments or supplements to the U.S. Supplemented Prospectus or the
Canadian Supplemented Prospectus (in the English language) (to be effected, if
necessary, by the filing with the SEC of a post-effective amendment to the Shelf
Registration Statement) so that the statements in the U.S. Supplemented Prospectus or
any Canadian Supplemented Prospectus as so amended or supplemented will not include any
untrue statements 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.
Supplemented Prospectus or any Canadian Supplemented Prospectus is delivered to a
purchaser, not misleading or so that the Disclosure Package, Shelf Registration
Statement, the U.S. Supplemented Prospectus or each Canadian Supplemented Prospectus,
as amended or supplemented, will comply with applicable law. The expense of complying
with this Section 6(f) shall be borne by the Company in respect of any amendment or
supplement required during the nine month period after the effectiveness of the Shelf
Registration Statement or the date of the Canadian Prospectus Supplement, as the case
may be. Concurrently with the delivery of an amendment or supplement to the Canadian
Supplemented Prospectus to the Underwriter, the Company shall deliver to the
Underwriter documents similar to those referred to in Section&nbsp;5(g), in each case in
respect of and dated the date of the amendment or supplement to the Canadian
Supplemented Prospectus.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During the period when the U.S. Supplemented Prospectus is required to be
delivered under the 1933 Act:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to file promptly all documents required to be filed by the
Company with the SEC pursuant to Section&nbsp;13 or 15(d) of 1934 Act subsequent to
the time the Shelf Registration Statement becomes effective; and</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 25 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the event that any document is filed with any Canadian
Securities Commission or the SEC subsequent to the time the Shelf Registration
Statement becomes effective that is deemed to be incorporated by reference in
the Canadian Supplemented Prospectus, if required by the 1933 Act, to file such
document as an exhibit to the Shelf Registration Statement by post-effective
amendment or otherwise in accordance with the 1933 Act or the 1934 Act.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To comply to the best of its ability with the 1933 Act and the 1934 Act and the
Canadian Securities Laws so as to permit the completion of the distribution of the
Offered Units as contemplated in this Agreement and in the Canadian Supplemented
Prospectus and in the U.S. Prospectus.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not to issue any press release or other public announcement between the date
hereof and the Closing Date without first consulting with the Underwriter.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In further consideration of the agreements of the Company herein contained, the
Underwriter covenants with the Company as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It will not offer or sell Offered Units in the United States or
to, or for the account or benefit of, any person in the United States.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It has not and will not use, authorize use of, refer to, or
participate in the planning for use of, any &#147;free writing prospectus&#148; as
defined in Rule&nbsp;405 under the 1933 Act (which term includes use of any written
information furnished to the SEC by the Company and not incorporated by
reference into the Shelf Registration Statement and any press release issued by
the Company) other than (i)&nbsp;a free writing prospectus that contains no &#147;issuer
information&#148; (as defined in Rule&nbsp;433(h)(2) under the 1933 Act) that was not
included (including through incorporation by Reference) in the U.S.
Supplemented Prospectus as supplemented or amended at the Executive Time or a
previously filed Free Writing Prospectus, or (ii)&nbsp;any Free Writing Prospectus
approved by the Company in advance in writing.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It will not distribute any free writing prospectus referred to
in 6(j)(i)(ii) above in a manner reasonably designed to lead to its broad
unrestricted dissemination.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It will not, without the prior written consent of the Company,
use any free writing prospectus (including any free writing prospectus that
contains the final terms of the Offered Units); provided that the Company shall
file any free writing prospectus that contains the final terms of the Offered
Units with the SEC pursuant to Rule&nbsp;433 of the 1933 Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It will, pursuant to reasonable procedures developed in good
faith, retain copies of each free writing prospectus used or referred to by it,
to the extent required by Rule&nbsp;433 under the 1933 Act.</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 26 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><b>7.</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Expenses.</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company agrees to pay or cause to be paid:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether or not the transactions contemplated in this Agreement are consummated
or this Agreement is terminated, all expenses incident to the performance of the
Company&#146;s obligations under this Agreement, including: the fees, disbursements and
expenses of the Company&#146;s Canadian, United States and other counsel and the Company&#146;s
accountants in connection with the registration and delivery of the Offered Units under
the 1933 Act and under the Canadian Securities Laws and all other fees or expenses in
connection with the preparation and filing of the Shelf Registration Statement, the
Form F-X, the U.S. Supplement, the U.S. Warrant Supplement, the Canadian Prospectus
Supplement, the Canadian Warrant Prospectus, any Issuer Free Writing Prospectus and any
amendments thereto (the &#147;<B>Supplementary Material</B>&#148;), including all printing costs
associated therewith, and the mailing and delivering of copies thereof to the
Underwriter and dealers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether or not the transactions contemplated in this Agreement are consummated
or this Agreement is terminated, the reasonable out-of-pocket expenses of the
Underwriter incurred in connection with the Offering and the fees and disbursements of
the Underwriter&#146;s counsel, which fees shall be subject to a maximum of $50,000,
exclusive of disbursements and applicable taxes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all costs and expenses related to the transfer and delivery of the Offered
Units to the Underwriter, including any transfer or other taxes payable thereon;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all fees and expenses in connection with the preparation and filing of the
Shelf Registration Statement and all costs and expenses incident to listing the Unit
Shares and the Unit Warrant Shares on the TSX and NASDAQ;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the cost of printing certificates representing the Offered Units;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the costs and charges of any transfer agent, registrar or depositary;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the costs and expenses of the Company in connection with the marketing of the
Offering; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all other costs and expenses incident to the performance of the obligations of
the Company hereunder for which provision is not otherwise made in this Section.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><b>8.</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Indemnity and Contribution.</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company covenants and agrees to indemnify the Underwriter, each person, if any, who
controls the Underwriter within the meaning of either Section&nbsp;15 of the 1933 Act or Section
20 of the 1934 Act and its respective directors, officers, employees and agents
(individually, an &#147;<B>Indemnified Party</B>&#148; and collectively, the &#147;<B>Indemnified Parties</B>&#148;), against
all losses (other than a loss of profits or consequential damages), claims, damages,
liabilities, costs or expenses caused or incurred by reason of:</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 27 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any breach of or default under any representation, warranty,
covenant or agreement of the Company contained herein or any other document or
certificate to be delivered by the Company pursuant hereto or the failure of
the Company to comply with any of its covenants or other obligations hereunder,
or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any statement or omission, other than a statement relating
solely to, or provided solely by, the Underwriter, contained in the Canadian
Supplemented Prospectus, the U.S. Supplemented Prospectus, the Shelf
Registration Statement, the Canadian Warrant Prospectus, the U.S. Warrant
Prospectus, the Free Writing Prospectus or the Issuer Free Writing Prospectus
(including any documents incorporated therein by reference) or in any
Supplemental Material or additional or ancillary material, information,
evidence, return, report, application, statement or document (collectively, the
&#147;<B>Additional Material</B>&#148;) that has been filed by or on behalf of the Company under
the Canadian Securities Laws or 1933 Act which at the time and in the light of
the circumstances under which it was made or, in the case of an omission, not
made contains or is alleged to contain or be a misrepresentation; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any order made or inquiry, investigation or proceeding
commenced or threatened by any securities commission or other competent
authority based upon any misrepresentation or alleged misrepresentation in the
Canadian Supplemented Prospectus, the U.S. Supplemented Prospectus, the Shelf
Registration Statement, the U.S. Warrant Prospectus, the Canadian Warrant
Prospectus, the Free Writing Prospectus or the Issuer Free Writing Prospectus
(or any document incorporated therein by reference) or any Additional Material,
other than a statement relating solely to, or provided solely by, the
Underwriter, which prevents or restricts the trading in the distribution to the
public, as the case may be, of the Offered Units; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any non-compliance by the Company with any requirement of any
Canadian Securities Laws, regulatory requirements (including any filing or
notice in connection with any United States federal and state securities laws)
or rules of any stock exchange or quotation system except as such
non-compliance shall be as a result of the activities of the Underwriter,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>except to the extent such losses, claims, damages, liabilities, costs or expenses
arose primarily from the negligence, wilful misconduct or fraudulent
misrepresentation of an Indemnified Party.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the extent that any Indemnified Party is not a party to this Agreement, the Underwriter
shall obtain and hold the right and benefit of the above-noted indemnity in trust for and on
behalf of such Indemnified Party and the Company hereby consents to the enforcement by such
non-signatory of its rights hereunder.</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 28 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any matter or thing contemplated by this Section shall be asserted against any
Indemnified Party in respect of which indemnification is or might reasonably be considered
to be provided, such Indemnified Party will notify the Company as soon as possible of the
nature of such claim and the Company shall be entitled (but not required) to assume the
defence of any suit brought to enforce such claim; provided, however, that the defence shall
be through legal counsel acceptable to such Indemnified Party, acting reasonably, and that
no admission of liability or settlement may be made by the Company or such Indemnified Party
without the prior written consent of the other, acting reasonably.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In any such claim, such Indemnified Party shall have the right to retain other counsel to
act on such Indemnified Party&#146;s behalf provided that the fees and disbursements of such
other counsel shall be paid by such Indemnified Party, unless: (i)&nbsp;the Company and such
Indemnified Party mutually agree to retain other counsel; or (ii)&nbsp;such Indemnified Party
reasonably believes that the representation of the Company and such Indemnified Party by the
same counsel would be inappropriate due to actual or potential differing interests, in which
event such fees and disbursements shall be paid by the Company to the extent that they have
been reasonably incurred.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event that the indemnity provided for in this Section is declared by a court of
competent jurisdiction to be illegal or unenforceable as being contrary to public policy or
for any other reason, the Underwriter and the Company shall contribute to the aggregate of
all losses, claims, costs, damages, expenses or liabilities (except loss of profits or
consequential damages) of the nature provided for above such that the Underwriter shall be
responsible for that portion represented by the percentage that the portion of the
Underwriter&#146;s Fee payable by the Company to the Underwriter bears to the gross proceeds
realized from the sale of the Offered Units whether or not the Underwriter has been sued
together or separately and the Company shall be responsible for the balance, provided that,
in no event, shall the Underwriter be responsible for any amount in excess of the portion of
the Underwriter&#146;s Fee actually received by it. In the event that the Company is held to be
entitled to contribution from the Underwriter under the provisions of any statute or law,
the Company shall be limited to contribution from the Underwriter in an amount not exceeding
the lesser of: (a)&nbsp;the portion of the full amount of losses, claims, costs, damages,
expenses, liabilities, giving rise to such contribution for which each Underwriter is
responsible, as determined above; and (b)&nbsp;the amount of the Underwriter&#146;s Fee actually
received by the Underwriter. Notwithstanding the foregoing, a person guilty of fraudulent
misrepresentation or negligence or wilful misconduct shall not be entitled to contribution
from any other party. Any party entitled to contribution will, promptly after receiving
notice of commencement of any claim, action, suit or proceeding against such party in
respect of which a claim for contribution may be made against another party or parties under
this Section, notify such party or parties from whom contribution may be sought. In no case
shall such party from whom contribution may be sought be liable under this Agreement unless
such notice shall have been provided, but the omission to so notify such party shall not
relieve the party from whom contribution may be sought from any other obligation it may have
otherwise than under this Section. The right to contribution provided in this Section shall
be in addition and not in derogation of any other right to contribution which the
Underwriter may have by</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 29 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statute or otherwise by law. The failure by any Indemnified Party to give any notice as
provided in this Section&nbsp;8 shall not relieve the Company from any liability hereunder except
to the extent the failure to give such notice materially prejudices the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><b>9.</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Termination.</B></U></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Company does not comply in all material respects with the conditions
hereof, and such non-compliance does or would reasonably be expected to prevent,
restrict or otherwise adversely affect the distribution of the Offered Units in
accordance with the terms hereof or would reasonably be expected to impact adversely on
the investment quality or marketability of the Offered Units in any of the
jurisdictions in which the Offered Units may be sold under the terms hereof, the
Underwriter may terminate its obligations hereunder by written notice to that effect
given to the Company on or prior to the Closing Time and in such event the
Underwriter&#146;s obligations shall be at an end. It is understood that the Underwriter
may waive in whole or in part non-compliance with any of the conditions contained
herein or extend the time for compliance therewith without prejudice to such rights in
respect of any other condition or conditions or any other or subsequent breach or
non-compliance, provided that any such waiver or extension shall be binding upon the
Underwriter only if the same is in writing.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If, prior to the Closing Time, there shall occur any material adverse change in
the business, affairs, operations, assets, liabilities (contingent or otherwise),
capital or control of the Company (the &#147;<B>Condition of the Company</B>&#148;), or the Underwriter
becomes aware of any undisclosed material adverse information relating to the Company
or other adverse material development which, in the opinion of the Underwriter, acting
reasonably, would have a material adverse effect on the market price of the Offered
Units, then the Underwriter shall be entitled, at its option, to terminate its
obligations under this Agreement by written notice to that effect given to the Company
at or prior to the Closing Time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If after the date hereof and prior to the Closing Time, there shall occur any
change in any applicable securities laws, rules, regulations or policies, or if any
enquiry, action, suit, investigation or other proceeding, whether formal or informal,
in relation to the Company or the distribution of the Offered Units should be
instituted by any securities commission or similar regulatory authority, the TSX,
NASDAQ or any other competent authority or any order under or pursuant to any laws or
regulations of Canada or of any of the Qualifying Provinces or of the United States or
of any of the states thereof or by any relevant stock exchanges or any other regulatory
or governmental authority should be made or issued (except for any such order based
upon the activities or the alleged activities of the Underwriter and not of the
Company) which, in the reasonable opinion of the Underwriter, operates to prevent or
restrict the trading or the distribution of the Offered Units, the Underwriter shall be
entitled, at its option, to terminate its obligations under this Agreement by written
notice to that effect given to the Company at or prior to the Closing Time.</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 30 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If at any time during the period commencing on the date hereof and ending at
the Closing Time there is any event, accident, law or governmental regulation or other
occurrence of national or international consequence which, in the reasonable opinion of
the Underwriter, seriously adversely affects or would be expected to seriously
adversely affect the financial markets in Canada, in the United States or
internationally, or the business or operations of the Company, or the market price or
value of the Company&#146;s securities, or the ability of the Underwriter to perform its
obligations under this Agreement or a prospective purchaser&#146;s decision to purchase the
Offered Units, the Underwriter shall be entitled, at its option, to terminate its
obligations under this Agreement by written notice to that effect given to the Company
at or prior to the Closing Time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If, after the date hereof and prior to the Closing Time, the state of the
financial markets in Canada or elsewhere is such that, in the reasonable opinion of the
Underwriter, the Offered Units cannot be marketed profitably or purchasers of a
material amount of Offered Units withdraw from their purchase, the Underwriter shall be
entitled, at its option, to terminate its obligations under this Agreement by written
notice to that effect given to the Company at or prior to the Closing Time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any termination by the Underwriter pursuant to the provisions hereof shall be
effected by notice in writing delivered or delivered by facsimile to the Company at its
address as herein set forth. The rights of termination contained in this Section are
in addition to any other rights or remedies the Underwriter may have in respect of any
default, misrepresentation, act or failure to act of the Company in respect of any
matters contemplated by this Agreement. In the event of any such termination, there
shall be no further liability on the part of the Company or the Underwriter except for
any liability provided for in Sections&nbsp;7 and 8 hereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>10.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Counterparts.</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Agreement may be signed in two or more counterparts, each of which shall be an
original, with the same effect as if the signatures thereto and hereto were upon the same
instrument.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>11.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Applicable Law.</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Agreement shall be governed by and construed in accordance with the laws of the
Province of Alberta and federal laws of Canada applicable therein. All parties hereby attorn
to the exclusive jurisdiction of the courts of the Province of Alberta to settle all
disputes which may arise hereunder or in connection herewith.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>12.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Headings.</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The headings of the sections of this Agreement have been inserted for convenience of
reference only and shall not be deemed to be a part of this Agreement.</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 31 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>13.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Notices.</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD colspan="2">All notices or other communications by the terms hereof required or permitted to be given by
one party to another shall be given in writing by personal delivery or by facsimile, as
follows:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
        <TD colspan="2">if to the Company at:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Oncolytics Biotech Inc.<BR>
Suite&nbsp;210, 1167 Kensington Cr. N.W.<BR>
Calgary, Alberta<BR>
T2N 1X7<BR><BR>

Attention: D.A. (Doug Ball), Chief Financial Officer<BR>
Facsimile No.: &nbsp;&nbsp;(403)&nbsp;283-0858
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with a copy to:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Bennett Jones LLP<BR>
4500 Bankers Hall East 855 2nd Street SW<BR>
Calgary, Alberta<BR>
T2P 4K7<BR><BR>

Attention: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brent W. Kraus<BR>
Facsimile No.: (403)&nbsp;265-7219
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if to the Underwriter at:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Bolder Investment Partners, Ltd.<BR>
305, 407 &#151; 8 Ave. S.W.<BR>
Calgary, Alberta<BR>
T2P 1E5<BR><BR>

Attention: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stephen Mullie<BR>
Facsimile No.: (403)&nbsp;770-7020
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with a copy to:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Fraser Milner Casgrain LLP<BR>
30<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor, 237 &#151; Fourth Avenue S.W.<BR>
Calgary, Alberta<BR>
T2P 4X7<BR><BR>

Attention: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dale Skinner<BR>
Facsimile No.: (403)&nbsp;268-3100
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and if so given, shall be deemed to have been given and received upon receipt by the
addressee or a responsible officer of the addressee if delivered, or upon receipt of a</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 32 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>facsimile transmission confirmation during normal business hours, as the case may be. Any
party may, at any time, give notice in writing to the others in the manner provided above of
any change of address or facsimile number.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>14.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Time of Essence.</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Time shall be of the essence in this Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>15.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Representations, Warranties and Agreements Survive Closing.</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The representations, warranties and agreements herein contained shall survive the purchase
by the Underwriter of the Offered Units and shall continue in full force and effect
unaffected by any subsequent disposition of the Offered Units.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>&#091;EXECUTION PAGE FOLLOWS&#093;</B>
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 33 -<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Agreement accurately reflects the terms of the transactions which Bolder and the
Company are to enter into and if such terms are agreed to by the Company, please communicate your
acceptance by executing where indicated below and returning by facsimile or electronic pdf to
Bolder one copy and returning to Bolder by courier thereafter five originally executed copies of
this Agreement.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left"><b>BOLDER INVESTMENT PARTNERS, LTD.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B><I>&#147;Stephen Mullie&#148;</I></B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Name:</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Stephen Mullie</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Title:</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Partner</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left">The foregoing is accepted and agreed to as of the date first above written.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left"><B>ONCOLYTICS BIOTECH INC.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B><I>&#147;Bradley G. Thompson&#148;</I></B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Name:</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Bradley G. Thompson</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Title:</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Chief Executive Officer</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE &#147;A&#148;</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Opinion of Bennett Jones LLP</B>

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company is a valid and subsisting corporation under the laws of its jurisdiction of
incorporation and has all requisite corporate power and capacity to carry on its business as
presently carried on and to own and lease its assets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company has all necessary corporate capacity and authority to enter into the Transaction
Documents and perform its obligations thereunder, to create and issue the Over-Allotment
Option and to issue and sell the Offered Securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All necessary corporate action has been taken by the Company to authorize the execution and
delivery by the Company of the Transaction Documents. The Transaction Documents have been
duly executed and delivered by the Company and constitute legal, valid and binding obligations
of the Company enforceable in accordance with their terms, subject to usual qualifications and
exceptions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All necessary corporate action has been taken by the Company to validly authorize the issue,
sale and delivery of the Unit Shares, the creation, issue and delivery of the Unit Warrants
and the Broker Warrants, the issue and delivery of the Unit Warrant Shares and the Broker
Warrant Shares upon exercise of the Unit Warrants and the Broker Warrants, respectively, and
the grant of the Over-Allotment Option. The Unit Shares, and upon receiving the consideration
for the issue thereof, the Unit Warrant Shares and the Broker Warrant Shares, have been or
will be validly issued and outstanding as fully paid and non-assessable shares of the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The execution, delivery by the Company of the Transaction Documents and the performance of
its obligations thereunder do not and will not contravene, breach or result in any default:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>under the constating documents of the Company;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the resolutions of the directors or shareholders of the
Company; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to the knowledge of counsel, any material agreement or
instrument binding upon the Company filed with Canadian Securities
Administrators on the System for Electronic Document Analysis and Retrieval.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The authorized share capital of the Company is as set forth in the Canadian Shelf Prospectus
under the caption &#147;Details of the Offering &#151; Common Shares&#148;.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company is a reporting issuer in each of the Qualifying Provinces in which the concept of
a reporting issuer exists and is not on the list of defaulting issuers maintained by the
securities regulatory authorities in such Qualifying Provinces.</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->A-2<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All necessary documents have been filed and all necessary proceedings have been taken and all
other legal and regulatory requirements have been fulfilled under the Canadian Securities Laws
to qualify the issuance of the Offered Units to be offered and sold to the public in each of
the Qualifying Provinces by or through registrants, investment dealers or brokers registered
under the Canadian Securities Laws who have complied with the relevant provisions of such
legislation, and no further consent, approval or authorization of any regulatory authority or
other governmental body in the Qualifying Provinces is required in connection therewith.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The statements set forth in Part&nbsp;II of the Shelf Registration Statement under the caption
&#147;Indemnification&#148;, insofar as they purport to summarize certain provisions of the articles of
the Company and of the <I>Business Corporations Act </I>(Alberta), are accurate in all material
respects.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The TSX has conditionally approved the listing and posting for trading of the Unit Shares,
the Unit Warrant Shares and the Broker Warrant Shares subject to the Company fulfilling all of
the requirements of the TSX.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon delivery of a copy of the Canadian Supplemented Prospectus in accordance with the
Canadian Securities Laws, the Unit Shares and Unit Warrants comprising the Offered Units will
not be subject to any statutory hold period under the Canadian Securities Laws and no other
documents will be required to be filed, proceedings taken or approvals, permits, consents,
orders or authorizations of regulatory authorities required to be obtained under the Canadian
Securities Laws in connection with the first trade of the Unit Shares and Unit Warrants
comprising the Offered Units or the Unit Warrant Shares upon due exercise of the Warrants by
such purchaser through registrants registered under the Canadian Securities Laws who have
complied with such applicable laws (unless such trade is a trade from a &#147;control block&#148; or its
equivalent within the meaning ascribed to that term in the Canadian Securities Laws) and
provided the Company is a reporting issuer at the time of the trade.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Canadian Shelf Prospectus and the Canadian Prospectus Supplement (excluding the financial
statements and other financial data included or incorporated therein or omitted therefrom)
complies as to form in all material respects to the requirements of the Canadian Securities
Laws.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The statements in the Canadian Prospectus Supplement under the heading &#147;Canadian Federal
Income Tax Considerations&#148; is an accurate summary of the principal Canadian federal income tax
considerations under the Tax Act generally applicable to holders of Offered Units.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Offered Units are, at the date hereof, investments which are qualified investments under
the Tax Act for trusts governed by registered retirement savings plans, registered retirement
income funds, registered education savings plans and deferred profit sharing plans.</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->A-3<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Computershare at its principal offices in the Cities of Calgary and Toronto has been duly
appointed the transfer agent and registrar for the common shares of the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Such other matters as counsel to the Underwriter may reasonably require.</TD>
</TR>


</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE &#147;B&#148;</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Opinion of Dorsey &#038; Whitney LLP</B>

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Unit Shares and the Unit Warrant Shares are duly listed, and admitted and authorized for
trading, subject to official notice of issuance, on NASDAQ.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the knowledge of such counsel, there is no franchise, contract or other document of a
character required to be filed as an exhibit to the Shelf Registration Statement that is not
filed as required.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Shelf Registration Statement has become effective under the 1933 Act; the filing of the
U.S. Supplement and the U.S. Warrant Supplement, and any amendments thereto, has been made in
the manner and within the time periods required by Form F-10 and the applicable rules and
regulations of the SEC; to the knowledge of such counsel, no stop order suspending the
effectiveness of the Shelf Registration Statement or any notice that, would prevent its use
has been issued, no proceedings for such purpose have been instituted or threatened, and the
Shelf Registration Statement, the U.S. Supplemented Prospectus or the U.S. Warrant Prospectus
(other than the financial statements and other financial and statistical information contained
therein and the information derived from the reports of or attributed to persons named in the
US. Supplemented Prospectus or the U.S. Warrant Prospectus under the heading &#147;Interest of
Experts&#148;, as to which such counsel need express no opinion) and the Form F-X comply as to form
in all material respects with the applicable requirements of the 1933 Act and the rules
thereunder.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company is not and, after giving effect to the Offering and the application of the
proceeds thereof as described in the Disclosure Package, will not be an &#147;investment company&#148;
as defined in the Investment Company Act of 1940, as amended.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No consent, approval, authorization, filing with or order of any U.S. court or governmental
agency or body is required to be obtained by the Company for the performance of the Company&#146;s
obligations under this Agreement, except such as have been obtained under the 1933 Act in
connection with the purchase and distribution of the Unit Shares, Unit Warrants and Unit
Warrant Shares by the Underwriter in the manner contemplated in this Agreement and in the U.S.
Supplemented Prospectus and the U.S. Warrant Prospectus and such other approvals as have been
obtained.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the knowledge of counsel, no holders of securities of the Company have rights to the
registration of such securities under the Shelf Registration Statement.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">References to the U.S. Supplemented Prospectus and the U.S. Warrant Prospectus in this Schedule
shall also include any supplements thereto at the Closing Date.
</DIV>


</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE &#147;C&#148;</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Opinion of Barbados Counsel</B>

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Oncolytics Barbados has been duly incorporated and is validly existing under the laws of
Barbados, and has the corporate capacity and power and is duly qualified to conduct its
business and to own its property under such laws.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The authorized capital of the Company consist of an unlimited number of common shares, of
which only 9,150,100 shares have been issued and all such shares have been duly issued as
fully paid and non-assessable shares.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>9,150,100 shares of the Company have been duly issued to Oncolytics Biotech Inc. on &#091;insert
date&#093; and Oncolytics Biotech Inc. is the sole registered owner of such shares.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#091;attach a personal property search and report that no person has a registered lien, charge or
encumbrance against such shares or the property of the Company&#093;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#091;state that counsel is not aware of an person holding a beneficial interest in such shares
other that Oncolytics Biotech Inc.&#093;</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>o42659exv99w2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WARRANT INDENTURE</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Providing for the Issue of Warrants

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">BETWEEN

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Oncolytics Biotech Inc.</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">- and -

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Computershare Trust Company of Canada</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Dated as of December&nbsp;5, 2008

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">THIS WARRANT INDENTURE is made as of the 5<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of December, 2008.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BETWEEN:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>ONCOLYTICS BIOTECH INC., </B>a corporation incorporated under the laws
of the Province of Alberta, having an office in the City of Calgary,
in the Province of Alberta (hereinafter referred to as the
&#147;Corporation&#148;)
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">OF THE FIRST PART
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">- and -

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>COMPUTERSHARE TRUST COMPANY OF CANADA</B>, a trust company incorporated
under the laws of Canada and authorized to carry on business in all
provinces of Canada (hereinafter referred to as the &#147;Trustee&#148;)
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">OF THE SECOND PART
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">WHEREAS:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation has agreed to issue 2,650,000 Units (as defined below), each Unit consisting
of one Common Share (as defined below) and one Warrant (as defined below) at no additional
cost;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>one whole Warrant shall, subject to adjustment, entitle the holder thereof to purchase from
the Corporation one Common Share at the Exercise Price (as defined below) at any time prior to
the Time of Expiry (as defined below) on the Expiry Date (as defined below), upon the terms
and conditions herein set forth;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all acts and deeds necessary have been done and performed to make the Warrants, when
certified, issued and delivered as provided in this Indenture, legal, valid and binding upon
the Corporation with the benefits and subject to the terms of this Indenture; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trustee has agreed to enter into this Indenture and to hold all rights, interests and
benefits contained herein for and on behalf of those persons who from time to time become
holders of Warrants issued pursuant to this Indenture.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>NOW THEREFORE, the parties hereto agree as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE I<BR>
INTERPRETATION</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1.1 Definitions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this Indenture, including the recitals and schedules hereto, and in all indentures
supplemental hereto:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Applicable Legislation&#148; means the provisions of the <I>Business Corporations Act</I>
(Alberta) as from time to time amended, and any other statute of Canada or a province
thereof, and the regulations under any such named or other statute, relating to trust
indentures or to the rights, duties and obligations of trustees and of corporations
under</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>trust indentures, to the extent that such provisions are at the time in force and
applicable to this Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Business Day&#148; means a day which is not Saturday or Sunday or a legal holiday
in the City of Calgary, Alberta;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;CDS&#148; means CDS Clearing and Depository Services Inc.;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Clearing Agency&#148; means CDS, its nominee or any successor thereto, or any other
organization registered as a &#147;clearing agency&#148; pursuant to the securities legislation
of any jurisdiction of Canada, as in effect from time to time, and any additional
qualified clearing agency that carries on business within or outside Canada for
Warrantholders resident in the relevant jurisdiction, or any of the foregoing, as the
context may require, all as may be designated by the Corporation from time to time;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Closing Date&#148; means December&nbsp;5, 2008 or at such later date as the Corporation
and the Underwriter may agree;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Common Shares&#148; means, subject to Section&nbsp;4.1, fully paid and non-assessable
common shares of the Corporation as presently constituted;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Corporation&#146;s Auditors&#148; means a firm of chartered accountants duly appointed
as auditors of the Corporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Counsel&#148; means a barrister or solicitor or a firm of barristers and solicitors
retained by the Trustee or retained by the Corporation and acceptable to the Trustee;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Current Market Price&#148; of the Common Shares at any date means the volume
weighted average trading price per share for such shares for the last ten Trading Days
immediately prior to such date on the Toronto Stock Exchange or, if on such date the
Common Shares are not listed on the Toronto Stock Exchange, on such stock exchange upon
which such shares are listed and as selected by the directors, or, if such shares are
not listed on any stock exchange, then on such over-the-counter market or otherwise as
may be determined by the directors, acting reasonably;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;director&#148; means a director of the Corporation for the time being and, unless
otherwise specified herein, reference without more to action &#147;by the directors&#148; means
action by the directors of the Corporation as a board or, whenever duly empowered,
action by any committee of such board;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Effective Date&#148; means the Closing Date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Exercise Date&#148; means, with respect to any Warrant, the date on which the
Warrant Certificate representing such Warrant is duly surrendered for exercise along
with full payment of the Exercise Price, all in accordance with the terms hereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Exercise Price&#148; means Cdn. $1.80 per share;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Expiry Date&#148; means December&nbsp;5, 2011, or if on any date (the &#147;Accelerated
Exercise Date&#148;) prior to December&nbsp;5, 2011 the 10-day volume-weighted average trading
price of the Common Shares on the Toronto Stock Exchange exceeds $2.50 per Common
Share,</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 3 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>then, at the Corporation&#146;s sole discretion and upon the Corporation sending the
holder written notice of such Accelerated Exercise Date and issuing a news release
announcing such Accelerated Exercise Date, the day that is 30&nbsp;days following the
later of: (i)&nbsp;the date on which such written notice is sent to the holder; and (ii)
the date on which such announcement is made by news release;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Extraordinary Resolution&#148; has the meaning set forth in Section&nbsp;7.11;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Participant&#148; means a broker, dealer, bank or other financial institution or
other person who maintains an account for clearing and holding securities, including
Warrants, with a Clearing Agency or its nominee and on whose behalf a Clearing Agency
or its nominee holds Warrants;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;person&#148; means an individual, body corporate, partnership, trust, trustee,
executor, administrator, legal representative or any unincorporated organization;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;SEC&#148; means the United States Securities and Exchange Commission;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(s)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Shareholder&#148; means a holder of record of one or more Common Shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(t)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Subsidiary of the Corporation&#148; or &#147;Subsidiary&#148; means any corporation of which
more than fifty (50%) percent of the outstanding Voting Shares are owned, directly or
indirectly, by or for the Corporation, provided that the ownership of such shares
confers the right to elect at least a majority of the board of directors of such
corporation and includes any corporation in like relation to a Subsidiary;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(u)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Time of Expiry&#148; means 4:30 p.m. (Calgary time) on the Expiry Date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Trading Day&#148; means, with respect to a stock exchange, a day on which such
exchange is open for the transaction of business and with respect to the
over-the-counter market means a day on which the Toronto Stock Exchange is open for the
transaction of business;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(w)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Trustee&#148; means Computershare Trust Company of Canada or its successors from
time to time in the trust hereby created;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Underwriter&#148; means Bolder Investment Partners, Ltd.;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(y)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Units&#148; means the units offered by the Corporation pursuant to a prospectus
supplement dated December&nbsp;1, 2008 to a short form base shelf prospectus dated June&nbsp;16,
2008, each such unit consisting of one Common Share and one Warrant;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(z)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;U.S. Person&#148; means a &#147;U.S. person&#148; as defined in Rule&nbsp;902 (k)&nbsp;of Regulation&nbsp;S
under the U.S. Securities Act;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(aa)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;U.S. Securities Act&#148; means the United States <I>Securities Act of 1933</I>, as
amended;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(bb)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Voting Shares&#148; means shares of the capital stock of any class of any
corporation carrying voting rights under all circumstances, provided that, for the
purposes of such definition, shares which only carry the right to vote conditionally on
the happening of an event shall not be considered Voting Shares, whether or not such
event shall have</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 4 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>occurred, nor shall any shares be deemed to cease to be Voting Shares solely by
reason of a right to vote accruing to shares of another class or classes by reason
of the happening of any such event;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(cc)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Warrant&#148; means the Common Share purchase warrants of the Corporation to be
issued pursuant to and in accordance with this Indenture entitling holders thereof to
acquire one Common Share at the Exercise Price until the Time of Expiry for each whole
common share purchase warrant held, subject to the terms and conditions herein;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(dd)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Warrant Agency&#148; means the principal office of the Trustee in the City of
Calgary, Alberta or such other place as may be designated in accordance with Section
3.3;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ee)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Warrant Certificate&#148; means a certificate, substantially in the form set forth
in Schedule &#147;A&#148;, issued on or after the Effective Date to evidence Warrants;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ff)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;this Warrant Indenture&#148; &#147;this Indenture&#148;, &#147;herein&#148;, &#147;hereby&#148;, &#147;hereof&#148; and
similar expressions mean and refer to this Indenture and any indenture, deed or
instrument supplemental hereto; and the expressions &#147;Article&#148;, &#147;Section&#148;, &#147;subsection&#148;
and &#147;paragraph&#148; followed by a number, letter or both mean and refer to the specified
article, section, subsection or paragraph of this Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(gg)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Warrantholders&#148;, or &#147;holders&#148; means the persons who are registered owners of
Warrants;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(hh)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Warrantholders&#146; Request&#148; means an instrument signed in one or more
counterparts by Warrantholders entitled to acquire in the aggregate not less than 25%
of the aggregate number of Common Shares which could be acquired pursuant to all
Warrants then unexercised and outstanding, requesting the Trustee to take some action
or proceeding specified therein; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;written request of the Corporation&#148; and &#147;certificate of the Corporation&#148; mean,
respectively, a written request and certificate signed in the name of the Corporation
by its Chairman, President or Chief Financial Officer and may consist of one or more
instruments so executed.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1.2 Gender and Number</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless herein otherwise expressly provided or unless the context otherwise requires, words
importing the singular include the plural and vice versa and words importing gender include all
genders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1.3 Interpretation not Affected by Headings, etc.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The division of this Indenture into Articles and Sections, the provision of a table of
contents and the insertion of headings are for convenience of reference only and shall not affect
the construction or interpretation of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1.4 Day not a Business Day</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that any day on or before which any action is required to be taken hereunder is
not a Business Day, then such action shall be required to be taken at or before the requisite time
on the next succeeding day that is a Business Day.
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 5 -<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1.5 Time of the Essence</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time shall be of the essence of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1.6 Currency</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise stated, all dollar amounts herein are expressed in Canadian dollars.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1.7 Applicable Law</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Indenture and the Warrant Certificates shall be governed by and construed in accordance
with the laws of the Province of Alberta and the federal laws applicable therein and shall be
treated in all respects as Alberta contracts. Each of the parties irrevocably attorns to the
exclusive jurisdiction of the courts of the Province of Alberta with respect to all matters arising
out of this Indenture and the transactions contemplated herein.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE II<BR>
ISSUE OF WARRANTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2.1 Issue of Warrants</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="font-family: Symbol">&#050;</FONT><FONT style="font-family: Symbol">&#044;</FONT><FONT style="font-family: Symbol">&#054;</FONT><FONT style="font-family: Symbol">&#053;</FONT><FONT style="font-family: Symbol">&#048;</FONT><FONT style="font-family: Symbol">&#044;</FONT><FONT style="font-family: Symbol">&#048;</FONT><FONT style="font-family: Symbol">&#048;</FONT><FONT style="font-family: Symbol">&#048;</FONT>
<FONT style="font-family: Symbol">&#032;</FONT>Warrants, on the terms
and subject to the conditions herein provided, are hereby created and authorized to be issued at
any time on or after the Effective Date and prior to the Time of Expiry. The Warrants hereby
created shall be issued by the Trustee, in the form set forth in Section&nbsp;2.5 hereof, in accordance
with the written direction of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2.2 Terms of Warrants</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each whole Warrant shall entitle the holder thereof, upon the exercise thereof
prior to the Time of Expiry, to acquire one (1)&nbsp;Common Share on payment of the Exercise
Price.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No fractional Warrants shall be issued or otherwise provided for hereunder.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The number of Common Shares which may be acquired pursuant to the exercise of
Warrants shall be adjusted in the circumstances and in the manner specified in Article
4.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2.3 Warrantholder not a Shareholder</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this Indenture or in the holding of a Warrant or Warrant Certificate or otherwise,
shall, in itself, confer or be construed as conferring upon a Warrantholder any right or interest
whatsoever as a Shareholder or as any other shareholder of the Corporation, including, but not
limited to, the right to vote at, to receive notice of, or to attend, meetings of shareholders or
any other proceedings of the Corporation, or the right to receive dividends and other
distributions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2.4 Warrants to Rank Pari Passu</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Warrants shall rank pari passu, whatever may be the actual date of issue thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2.5 Form of Warrants</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Warrant Certificates (including all replacements issued in accordance with this Indenture)
shall be substantially in the form set out in Schedule &#147;A&#148; hereto, shall be dated as of the
Effective Date
</DIV>
</DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 6 -<!-- /Folio -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">regardless of the date of issuance, shall bear such legends and distinguishing letters and
numbers as the Corporation may, with the approval of the Trustee and subject to applicable
securities laws, prescribe, and shall be issuable in any denomination excluding fractions
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2.6 Signing of Warrant Certificates</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Warrant Certificates shall be signed (with or without the seal of the Corporation) by any
one or more directors or officers of the Corporation. The signatures of any such director or
officer may be mechanically reproduced in facsimile and Warrant Certificates bearing such facsimile
signatures shall be binding upon the Corporation as if they had been manually signed by such
director or officer. Notwithstanding that any person whose manual or facsimile signature appears
on any Warrant Certificate as a director or officer may no longer hold office at the date of such
Warrant Certificate or at the date of certification or delivery thereof, any Warrant Certificate
signed as aforesaid shall, subject to Section&nbsp;2.7, be valid and binding upon the Corporation and
the holder thereof shall be entitled to the benefits of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2.7 Certification by the Trustee</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No Warrant Certificate shall be issued or, if issued, shall be valid for any
purpose or entitle the holder to the benefit of this Indenture hereof until it has been
certified by manual signature by or on behalf of the Trustee by its authorized signing
officers located in the City of Calgary, Alberta and such certification by the Trustee
upon any Warrant Certificate shall be conclusive evidence as against the Corporation
that the Warrant Certificate so certified has been duly issued hereunder and that the
holder is entitled to the benefits hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The certification of the Trustee on Warrant Certificates issued hereunder shall
not be construed as a representation or warranty by the Trustee as to the validity of
this Indenture or the Warrant Certificates (except the due certification thereof) and
the Trustee shall in no respect be liable or answerable for the use made of the Warrant
Certificates or any of them or of the consideration therefor except as otherwise
specified herein.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2.8 Issue in Substitution for Warrant Certificates Lost, etc.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any Warrant Certificate becomes mutilated or is lost, destroyed or stolen,
the Corporation, subject to applicable law and to subsection 2.8(b), shall issue and
thereupon the Trustee shall certify and deliver, a new Warrant Certificate of like
tenor as the one mutilated, lost, destroyed or stolen in exchange for and in place of
and upon cancellation of such mutilated Warrant Certificate, or in lieu of and in
substitution for such lost, destroyed or stolen Warrant Certificate, and the
substituted Warrant Certificate shall be in a form pursuant to the provisions of this
Warrant Indenture and approved by the Trustee and the Warrants evidenced thereby shall
be entitled to the benefits hereof and shall rank equally in accordance with its terms
with all other Warrants issued or to be issued hereunder.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The applicant for the issue of a new Warrant Certificate pursuant to this
Section&nbsp;2.8 shall bear the cost of the issue thereof and in case of loss, destruction
or theft shall, as a condition precedent to the issue thereof, furnish to the
Corporation and to the Trustee such evidence of ownership and of the loss, destruction
or theft of the Warrant Certificate so lost, destroyed or stolen as shall be
satisfactory to the Corporation and to the Trustee,</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 7 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in their sole discretion, and such applicant may also be required to furnish an
indemnity or security in amount and form satisfactory to the Corporation and the
Trustee, in their sole discretion, and shall pay the reasonable charges of the
Corporation and the Trustee in connection therewith.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2.9 Exchange of Warrant Certificates</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any one or more Warrant Certificates representing any number of Warrants may,
upon compliance with the reasonable requirements of the Trustee, be exchanged for one
or more other Warrant Certificates representing the same aggregate number of Warrants
as represented by the Warrant Certificate or Warrant Certificates tendered for
exchange.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Warrant Certificates may be exchanged only at the Warrant Agency or at any
other place that is designated by the Corporation with the approval of the Trustee.
Any Warrant Certificate tendered for exchange shall be cancelled by the Trustee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Warrant Certificates issued pursuant to this Section&nbsp;2.9 shall be in same form
and shall bear the same legends as those Warrant Certificates they are exchanged for.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2.10 Transfer and Ownership of Warrants</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee will cause to be kept (i)&nbsp;by and at the Warrant Agency, a register
(or registers) of holders in which shall be entered in alphabetical order the names and
addresses of the holders of Warrants and particulars of the Warrants held by them,
respectively, and (ii)&nbsp;by and at the Warrant Agency, a register of transfers in which
all transfers of Warrants and the date and other particulars of each transfer shall be
entered.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Warrants may only be transferred on the register referred to in subsection
(a)&nbsp;by the holder or its legal representatives or its attorney duly appointed by an
instrument in writing in form and execution satisfactory to the Trustee only upon
surrendering to the Trustee the Warrant Certificate or Warrant Certificates
representing the Warrants to be transferred, together with the duly completed Transfer
Form (in the form annexed to the Warrant Certificate), and upon compliance with and,
upon reasonable request of the Corporation or Transfer Agent, satisfactory evidence of:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the conditions set forth in this Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such reasonable requirements as the Trustee may prescribe; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all applicable securities legislation and requirements of
regulatory authorities,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and such transfer shall be duly noted in such register by the Trustee. Upon
compliance with such requirements, the Trustee shall issue to the transferee one or
more Warrant Certificates representing the Warrants transferred.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation and the Trustee may deem and treat the registered owner of any
Warrant as the beneficial owner thereof for all purposes and neither the Corporation
nor the Trustee shall be affected by any notice or knowledge to the contrary except as
required by statute or court of competent jurisdiction.</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 8 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the provisions of this Indenture and Applicable Legislation, the
Warrantholders shall be entitled to the rights and privileges attaching to the Warrants
free from all equities or rights of set off or counterclaims between the Corporation
and the original and any intermediate holder of the Warrants. The issue of Common
Shares by the Corporation upon the exercise or deemed exercise of Warrants in
accordance with the terms and conditions herein contained shall discharge all
responsibilities of the Corporation and the Trustee with respect to such Warrants and
neither the Corporation nor the Trustee shall be bound to inquire into the title of any
such holder.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2.11 Charges for Exchange or Transfer</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise herein provided, a reasonable charge shall be levied to the Corporation in
respect of the transfer or the exchange of any Warrant Certificate or the issue of a new Warrant
Certificate(s) pursuant hereto including the reimbursement of the Trustee or the Corporation for
any and all transfer, stamp or similar taxes or other governmental charges required to be paid by
the holder requesting such transfer or exchange as a condition precedent to such transfer or
exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2.12 Global Warrant Certificates</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Warrants may, upon original issuance, be issued in the form of one or more
global Warrant Certificates, representing the Warrants to be delivered to the Clearing
Agency by or on behalf of the Corporation in respect of such Warrants. The Warrants
shall initially be registered on the Warrant register in the name of the Clearing
Agency or its nominee and no Warrantholder will receive definitive Warrant Certificates
representing such Warrantholder&#146;s interest in the Warrants, except as provided in
Subsection 2.12(c) or upon due request by such Warrantholder. Unless and until
definitive Warrants have been issued to the applicable Warrantholders pursuant to
Subsection 2.12(c):</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the provisions of this Section&nbsp;2.12 shall be in full force and
effect;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Corporation and the Trustee may deal with the Clearing
Agency or its nominee for all purposes (including the making of payments and
the delivery of any notice, report or other communication) as the registered
holder of the Warrants and as the authorized representative of the respective
Warrantholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to the extent that the provisions of this Section&nbsp;2.12
conflict with any other provisions of this Indenture, the provisions of this
Section&nbsp;2.12 shall prevail;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the rights of the respective Warrantholders shall be exercised
only through the Clearing Agency (directly or by proxy in favour of the
respective Participants) and shall be limited to those established herein and
by law;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all transfers and exchanges of Warrants evidenced by a global
certificate must be made through the Clearing Agency and any person
transferring a Warrant in such manner shall be deemed to have transferred to
the transferee all of such person&#146;s rights and obligations in respect thereof;
all transferees of Warrants shall be deemed to have received and accepted such
transfer and be deemed to have agreed to be bound by the provisions of this
Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all transfers of beneficial ownership in any Warrant
represented by a global Warrant Certificate will be effected only (i)&nbsp;with
respect to the interest of a</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 9 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Participant, through records maintained by the Clearing Agency or its
nominee for such global Warrant Certificate, and (ii)&nbsp;with respect to the
interest of any person other than a Participant, through records maintained
by Participants. Beneficial owners of Warrants who are not Participants but
who desire to sell or otherwise transfer ownership of or any other interest
in Warrants represented by such global Warrant Certificate may do so only
through a Participant; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for purposes of any provision of this Indenture requiring or
permitting actions with the consent of, or at the direction of, holders of
Warrants evidencing a specified percentage of the aggregate unpaid principal
amount of Warrants then outstanding, the Trustee is entitled to act and rely
upon the instructions of the Clearing Agency that it has received instructions,
directly or indirectly through its respective Participants, to such effect from
such Warrantholders owning or representing, respectively, the requisite
percentage of Warrants.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each of the parties hereto acknowledges and agrees that such Warrantholders,
through their respective Participants, are collectively entitled, under the terms
hereof, to all of the rights accorded to registered holders of Warrants and are bound
by all of the obligations of such Warrantholders.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If Warrants have been issued in the manner described by Section&nbsp;2.12(a) and (i)
the Corporation advises the Trustee that any Clearing Agency is no longer willing or
able to discharge properly its responsibilities as the Clearing Agency with respect to
such Warrants and the Clearing Agency is unable to locate a qualified successor; (ii)
the Corporation, at its option, advises the Trustee that it elects to terminate the use
of the global certificate procedure described in Section&nbsp;2.12(a) with respect to the
Warrants; then the Trustee shall notify the relevant holders of the Warrants, through
the Clearing Agency, of the occurrence of any such event and of the availability of
definitive Warrants to Warrantholders requesting the same. Upon surrender by the
Clearing Agency of a global certificate or certificates representing the Warrants and
accompanied by registration instructions from the Clearing Agency for re-registration,
and provided that the Corporation shall have provided the Trustee with sufficient blank
forms of certificates representing definitive Warrants, the Trustee shall certify and
deliver such definitive Warrants. Neither the Corporation nor the Trustee shall be
liable to a Warrantholder or any other person for any delay in delivery of such
instructions and may conclusively act and rely on, and shall be protected in acting and
relying on, such instructions. The Trustee shall not be liable for any delay in the
delivery to it of certificates representing definitive Warrants for certification and
delivery, or for any resulting delay in the delivery of such certificates to any
holder. Upon the issuance of such definitive Warrants, the Corporation and the Trustee
shall recognize the registered holders of such definitive Warrants as Warrantholders
hereunder.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If definitive Warrants have been issued and thereafter the Trustee advises the
Corporation of the availability of the global certificate procedure described in
Section&nbsp;2.12(a) in regard to such Warrants, the Trustee and the Corporation may agree
to allow for the re-registration of such definitive Warrants under such procedure and
the Trustee shall forthwith deliver notice thereof to each registered holder of such
Warrants. Upon surrender by any such Warrantholder of its definitive Warrant
accompanied by instructions for re-registration of the Warrant under such procedure,
such Warrant shall thereafter be re-registered under such procedure and be subject to
Subsections 2.12(a), (b)&nbsp;and (c), mutatis mutandis. The Corporation shall pay all
expenses incurred by the Trustee</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 10 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and the reasonable fees of the Trustee associated with any termination of the use of
such procedure and of any such re-registration of the definitive Warrants under such
procedure.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding anything herein or in the terms of the Warrant Certificates to
the contrary, neither the Corporation nor the Trustee nor any agent thereof shall have
any responsibility or liability for (i)&nbsp;the records maintained by the Clearing Agency
relating to any ownership interests or any other interests in the Warrants or the
depository system maintained by the Clearing Agency, or payments made on account of any
ownership interest or any other interest of any person in any Warrant represented by
any global Warrant Certificate (other than the applicable Clearing Agency or its
nominee), (ii)&nbsp;maintaining, supervising or reviewing any records of the Clearing Agency
or any Participant relating to any such interest, or (iii)&nbsp;any advice or representation
made or given by the Clearing Agency or those contained herein that relate to the rules
and regulations of the Clearing Agency or any action to be taken by the Clearing Agency
on its own direction or at the direction of any Participant.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2.13 Cancellation of Surrendered Warrants</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Warrant Certificates surrendered pursuant to Sections&nbsp;2.8, 2.9, 2.10, 2.12, 3.1, 3.5 or
5.4 shall be returned to the Trustee for cancellation and, after the expiry of any period of
retention prescribed by law, destroyed by the Trustee. Upon request by the Corporation, the
Trustee shall furnish to the Corporation a destruction certificate identifying the Warrant
Certificates so destroyed, the number of Warrants evidenced thereby and the number of Common
Shares, if any, issued pursuant to such Warrants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2.14 Assumption by Transferee and Release of Transferor</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon becoming a Warrantholder in accordance with the provisions of this Indenture, the
transferee thereof shall be deemed to have acknowledged and agreed to be bound by this Indenture.
Upon the registration of such transferee as the Warrantholder of a Warrant, the transferor shall
cease to have any further rights under this Indenture with respect to such Warrant or the Common
Share in respect thereof.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE III<BR>
EXERCISE OF WARRANTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3.1 Exercise of Warrants by the Holder</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the terms hereof, including the provisions of Section&nbsp;3.1(b) and
Section&nbsp;3.1(d), each holder of Warrants may exercise the right conferred on such holder
to purchase one Common Share for each whole Warrant held by surrendering to the Trustee
at the Warrant Agency, after the Effective Date and prior to the Time of Expiry:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Warrant Certificate with a duly completed and executed
Exercise Form in the form substantially set out in Schedule &#147;A&#148;; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a certified cheque, bank draft or money order in lawful money
of Canada payable to or to the order of the Trustee, at par in the city where
such Warrant Certificate is surrendered in an amount equal to the Exercise
Price multiplied by the number of Common Shares subscribed for.</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Warrant Certificate with the duly completed and executed Exercise Form referred to
in subsection 3.1(a)(i), together with the payment of the Exercise Price of the
Common Shares subscribed for and referred to in subsection 3.1(a)(ii), shall be
deemed to be surrendered only upon personal delivery thereof or, if sent by mail or
other means of transmission, upon actual receipt thereof by the Trustee at the
Warrant Agency.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any provision of this Warrant Indenture to the contrary notwithstanding, unless
a supplement to the Company&#146;s effective shelf registration statement on Form F-10, as
filed with the SEC on June&nbsp;6, 2008, as amended June&nbsp;17, 2008, relating to the issuance
of the Common Shares underlying the Warrants shall have been filed and the shelf
registration statement on Form F-10 shall remain effective or another shelf
registration statement under the U.S. Securities Act relating to the issuance of the
Common Shares underlying the Warrants, including any amendments or supplements thereto,
shall have been filed with the SEC and shall have been declared and remain effective
(any such effective shelf registration statement and the amendments and supplements
thereto being referred to as the &#147;U.S. Registration Statement&#148;), the Warrants may be
exercised only by persons who certify to the satisfaction of the Corporation and the
Trustee that such person (i)&nbsp;is not a U.S. Person or in the United States and (ii)&nbsp;is
not exercising such Warrant for the account or benefit of a U.S. Person or a person in
the United States. If a U.S. Registration Statement is not effective at any time when
any Warrant is exercised, as a condition of the exercise of such Warrants, the
Corporation and the Trustee may reasonably require that the holder of such Warrants
agree that all offers and sales of the Common Shares issued pursuant to such exercise
shall be made only in accordance with Regulation&nbsp;S, pursuant to registration under the
U.S. Securities Act or pursuant to an available exemption from the registration
requirements of the U.S. Securities Act. If any person shall fail to certify to the
Corporation or Trustee as is provided above, such holder of the Warrants shall be
notified by the Trustee within three (3)&nbsp;Business Days that the evidence provided has
been deemed insufficient to permit the exercise of such Warrants and providing a
description of the nature of such deficiency. In the case where the Corporation is not
satisfied, it will furnish to the Trustee the proper notice to be delivered. Until
such time as the Corporation and Trustee acting reasonably, are satisfied with the
evidence provided, the holder of the Warrant shall not be permitted to exercise the
Warrant. Subject to the provisions of Article&nbsp;4, no Warrantholder shall be entitled to
receive at any time cash or property of any kind in lieu of those Common Shares
issuable on the exercise of the Warrants held by such Warrantholder. Upon the signing
of this Warrant Indenture it shall be assumed by the Trustee that no U.S. Registration
Statement is effective. The Corporation shall provide promptly to the Trustee notice
when such U.S. Registration Statement as the Corporation shall file has been declared
effective by the SEC and the Trustee shall promptly provide such notice to the holders
of the Warrants. Thereafter, the Trustee shall assume that the U.S. Registration
Statement remains effective until otherwise notified by the Corporation that such U.S.
Registration Statement is no longer effective. The Corporation shall at all times be
obligated to provide prompt notice to the Trustee regarding the effectiveness of any
U.S. Registration Statement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any Exercise Form referred to in subsection 3.1(a) shall be signed by the
Warrantholder and shall specify:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the number of Common Shares which the holder wishes to acquire
(being not more than the number of Common Shares which the holder is entitled
to acquire pursuant to the Warrant Certificate(s) surrendered);</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 12 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the person or persons in whose name or names such Common Shares
are to be issued;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the address or addresses of such person or persons; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the number of Common Shares to be issued to each such person if
more than one is so specified.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Warrantholder must comply with all applicable securities laws in connection with
the issuance of Common Shares upon exercise of Warrants.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If Warrants have been issued in the manner described in Section&nbsp;2.12, a
beneficial owner of Warrants who desires to exercise Warrants should ensure that the
Participant is provided with the required exercise form sufficiently in advance of the
relevant notice date so as to permit the Participant to deliver notice to the Clearing
Agency and to the Trustee at the Warrant Agency, after the Effective Date and prior to
the Expiry. Any expense associated with the preparation and delivery of such exercise
form will be for the account of the beneficial owner exercising the Warrants. The
Corporation and the Trustee shall not be liable to the Warrantholder or any other
person for any delay in the Trustee receiving such exercise form.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3.2 Transfer Fees and Taxes</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any of the Common Shares subscribed for are to be issued to a person or persons other than
the Warrantholder, the Warrantholder shall comply with such reasonable requirements as the Trustee
may prescribe and shall pay to the Corporation or the Warrant Agency on behalf of the Corporation,
all applicable transfer or similar taxes and the Corporation shall not be required to issue or
deliver certificates evidencing Common Shares unless or until such Warrantholder shall have paid to
the Corporation, or the Warrant Agency on behalf of the Corporation, the amount of such tax or
shall have established to the satisfaction of the Corporation that such tax has been paid or that
no tax is due.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3.3 Warrant Agency</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the exchange or transfer of Warrant Certificates and exercise of Warrants
and compliance with such other terms and conditions hereof as may be required, the Corporation has
appointed the principal office of the Trustee in the City of Calgary, Alberta as the agency at
which Warrant Certificates may be surrendered for exchange or transfer or at which Warrants may be
exercised and the Trustee has accepted such appointment. The Corporation may from time to time
designate alternate or additional places as the Warrant Agency and shall give notice to the Trustee
of any change of the Warrant Agency.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3.4 Effect of Exercise of Warrants</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon the exercise of Warrants pursuant to Section&nbsp;3.1 and subject to Section
3.5, the Common Shares to be issued shall be deemed to have been issued and the person
or persons to whom such Common Shares are to be issued shall be deemed to have become
the holder or holders of record of such Common Shares on the Exercise Date unless the
transfer registers of the Corporation shall be closed on such date, in which case the
Common Shares issued upon the exercise of any Warrants shall be deemed to have been
issued and such person or persons deemed to have become the holder or holders of record
of such Common Shares, on the date on which such transfer registers are reopened.</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 13 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon the exercise of Warrants pursuant to Section&nbsp;3.1 and subject to Section
3.5, the Corporation or its nominee shall, upon receipt by the Trustee of the Warrant
Certificate, the payment of the Exercise Price and the Exercise Form duly completed, as
soon as practicable and in any event within five (5)&nbsp;Business Days after the Exercise
Date, cause to be mailed to the person or persons in whose name or names the Warrant is
registered or, if so specified in writing by the holder, cause to be delivered to such
person or persons at the Warrant Agency where the Warrant Certificate was surrendered,
a certificate or certificates for the appropriate number of Common Shares issued upon
exercise of the Warrants evidenced by the Warrant Certificate.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3.5 Partial Exercise of Warrants; Fractions</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The holder of any Warrants may exercise his right to acquire Common Shares in
part and may thereby acquire a number of Common Shares less than the aggregate number
which such holder is entitled to acquire pursuant to the surrendered Warrant
Certificate(s). In the event of any exercise of a number of Warrants less than the
number which the holder is entitled to exercise, the holder of the Warrants upon such
exercise shall, in addition, be entitled to receive, without charge therefor, a new
Warrant Certificate(s) in respect of the balance of the Warrants represented by the
surrendered Warrant Certificate(s) and which were not then exercised.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding anything herein contained including any adjustment provided for
in Article&nbsp;4, the Corporation shall not be required, upon the exercise of any Warrants,
to issue fractions of Common Shares or to distribute certificates or Warrants which
evidence a fractional Common Share. In lieu of a fractional Common Share, the
Corporation shall pay to the holder who would otherwise be entitled to receive a
fractional Common Share upon an exercise of Warrants, within five (5)&nbsp;Business Days
after the Exercise Date, an amount in lawful money of Canada equal to the Current
Market Price of the Common Shares on the Exercise Date multiplied by an amount equal to
the fractional interest such holder would otherwise be entitled to receive upon such
exercise, provided that the Corporation shall make only one such payment for each
beneficial holder exercising such Warrants and shall not be required to make any
payment, calculated as aforesaid, that is less than $10.00.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3.6 Expiration of Warrants</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immediately after the Time of Expiry, all rights under any Warrant in respect of which the
right of acquisition herein and therein provided for shall not have been exercised shall cease and
terminate and such Warrant shall be void and of no further force or effect except to the extent
that the Warrantholder has not received certificates representing the Common Shares held by it, in
which instances the Warrantholder&#146;s rights hereunder shall continue until it has received that to
which it is entitled hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3.7 Accounting and Recording</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee shall promptly account to the Corporation with respect to Warrants
exercised. Any securities or other instruments (including any property), from time to
time received by the Trustee shall be received in trust for, and shall be segregated
and kept apart by the Trustee in trust for, the Warrantholders and the Corporation, as
their interests may appear.</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee shall record the particulars of Warrants exercised which
particulars shall include the names and addresses of the persons who become holders of
Common Shares and the Exercise Date in respect thereof. The Trustee shall provide such
particulars in writing to the Corporation within five Business Days of any request by
the Corporation therefor.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3.8 Securities Restrictions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything herein contained, no Common Shares will be issued pursuant to the
exercise of any Warrant if the issuance of such Common Shares would constitute a violation of the
securities laws of any applicable jurisdiction, and without limiting the generality of the
foregoing, in the event that the Warrants are exercised pursuant to Section&nbsp;3.1, the certificates
representing the Common Shares thereby issued will bear such legend as may, in the opinion of
Counsel to the Corporation, be necessary in order to avoid a violation of any securities laws of
any province in Canada or of the United States or to comply with the requirements of any stock
exchange on which the Common Shares are listed, provided that if, at any time, in the opinion of
Counsel to the Corporation, such legends are no longer necessary in order to avoid a violation of
any such laws, or the holder of any such legended certificate, at the holder&#146;s expense, provides
the Corporation with evidence satisfactory in form and substance to the Corporation (which may
include an opinion of Counsel satisfactory to the Corporation) to the effect that such holder is
entitled to sell or otherwise transfer such Common Shares in a transaction in which such legends
are not required, such legended certificate may thereafter be surrendered to the Corporation in
exchange for a certificate which does not bear such legend. For greater certainty, should a U.S.
Registration Statement not be effective, pursuant to the provisions of Section&nbsp;3.1(b), no Common
Shares will be issued pursuant to any Warrant held by a person in the United States, a U.S. Person
or a person holding such Warrant for the account or benefit of a U.S. Person or person in the
United States.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IV<BR>
ADJUSTMENT OF NUMBER OF COMMON SHARES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4.1 Adjustment of Number of Common Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The acquisition rights in effect at any date attaching to the Warrants shall be subject to
adjustment from time to time as follows:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if and whenever at any time from the date hereof and prior to the Exercise
Date, the Corporation shall:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subdivide, redivide or change its outstanding Common Shares
into a greater number of shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reduce, combine or consolidate its outstanding Common Shares
into a smaller number of shares; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>issue Common Shares or securities exchangeable for or
convertible into Common Shares to all or substantially all the holders of the
then outstanding Common Shares by way of stock dividend or otherwise (other
than the issue of Common Shares to holders of Common Shares pursuant to their
exercise of options or the exercise of previously granted warrants, including
the Warrants issued hereunder, or as dividends in the form of Common Shares in
lieu of dividends paid in the ordinary course on the Common Shares);</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 15 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the number of Common Shares obtainable under each Warrant shall be adjusted
immediately after the effective date of such subdivision, redivision, change,
reduction, combination or consolidation, by multiplying the number of Common Shares
obtainable immediately prior to such date on the exercise of such Warrant by a
fraction of which the numerator shall be the total number of Common Shares
outstanding immediately after such date and the denominator shall be the total
number of Common Shares outstanding immediately prior to such date and the Exercise
Price in effect immediately after such subdivision, redivision or change shall be
proportionately reduced, and conversely, in case the outstanding Common Shares of
the Corporation shall be reduced, combined or consolidated into a smaller number of
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares, the Exercise Price in effect immediately after such reduction, combination
or consolidation shall be proportionately increased. Such adjustment shall be made
successively whenever any event referred to in this subsection 4.1(a) shall occur;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if and whenever at any time from the date hereof and prior to the Exercise
Date, there is a reclassification of the Common Shares or a capital reorganization of
the Corporation other than as described in subsection 4.1(a) or a consolidation,
amalgamation, arrangement or merger of the Corporation with or into any other body
corporate, trust, partnership or other entity, or a sale, lease, exchange or transfer
of the property and assets of the Corporation as an entirety or substantially as an
entirety to any other body corporate, trust, partnership or other entity, a
Warrantholder shall be entitled to receive and shall accept, in lieu of the number of
Common Shares originally sought to be acquired by it, the number of shares or other
securities or property of the Corporation or of the body corporate, trust, partnership
or other entity resulting from such merger, amalgamation, arrangement or consolidation,
or to which such sale, lease, exchange or transfer may be made, as the case may be,
that such Warrantholder would have been entitled to receive on such reclassification,
capital reorganization, consolidation, amalgamation, merger, sale, lease, exchange or
transfer, if, on the record date or the effective date thereof, as the case may be, the
Warrantholder had been the registered holder of the number of Common Shares originally
sought to be acquired by it and to which it was entitled to acquire upon the exercise
of the Warrants. If determined appropriate by the Trustee to give effect to or to
evidence the provisions of this subsection 4.1(b), the Corporation, its successor, or
such purchasing body corporate, partnership, trust or other entity, as the case may be,
shall, prior to or contemporaneously with any such reclassification, reorganization,
consolidation, amalgamation, arrangement, merger, sale, lease, exchange or transfer,
enter into an indenture which shall provide, to the extent possible, for the
application of the provisions set forth in this Indenture with respect to the rights
and interests thereafter of the Warrantholders to the end that the provisions set forth
in this Indenture shall thereafter correspondingly be made applicable, as nearly as may
reasonably be, with respect to any shares, other securities or property to which a
Warrantholder is entitled on the exercise of its acquisition rights thereafter. Any
indenture entered into between the Corporation and the Trustee pursuant to the
provisions of this subsection 4.1(b) shall be a supplemental indenture entered into
pursuant to the provisions of Article&nbsp;8 hereof. Any indenture entered into between the
Corporation, any successor to the Corporation or such purchasing body corporate,
partnership, trust or other entity and the Trustee shall provide for adjustments which
shall be as nearly equivalent as may be practicable to the adjustments provided in this
Section&nbsp;4.1 and which shall apply to successive reclassifications, reorganizations,
amalgamations, arrangements, consolidations, mergers, sales, lease, exchange or
transfer;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if and whenever at any time after the date hereof and prior to the Expiry Time:</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 16 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Corporation shall fix a record date for the issuance of
rights, options or warrants to all or substantially all of the holders of
Common Shares entitling them to subscribe for or purchase Common Shares (or
securities convertible into or exchangeable for Common Shares) at a price per
share (or having a conversion price per share or exchange price per share) less
than 80% of the Current Market Price on such record date, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Corporation does not fix a record date for the same date as
the record date provided for in (c)(i) for the issuance to Warrantholders of
equivalent rights, options or warrants as provided to holders of Common Shares
in the event described in (c)(i) and on equivalent terms thereto,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>then, the Exercise Price shall be adjusted immediately after such record date so
that it shall equal the price determined by multiplying the Exercise Price in effect
on such record date by the following fraction:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>A &#043; (B / C)</U>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;A &#043; D</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="79%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">A
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">=
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Total number of Common Shares outstanding on the record date</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">B
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">=
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Aggregate gross price of the total number of additional Common Shares offered for subscription or purchase (or the aggregate
conversion or exchange price of the convertible or
exchangeable securities so offered)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">C
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">=
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Current Market Price on the record date</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">D
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">=
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Total number of additional Common Shares offered for subscription or purchase (or into or for which the
convertible or exchangeable securities so offered are
convertible or exchangeable)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Common Shares owned by or held for the account of the
Corporation or any subsidiary (as defined in the <I>Business Corporations Act</I>
(Alberta)) of the Corporation shall be deemed not to be outstanding for the
purpose of any such computation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such adjustment shall be made successively whenever such a
record date is fixed;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to the extent that any such rights, options or warrants are not
so issued or any such rights, options or warrants are not exercised prior to
the expiration thereof, the Exercise Price shall then be readjusted to the
Exercise Price which would then be in effect if such record date had not been
fixed or to the Exercise Price which would then be in effect based upon the
number and aggregate price of Common Shares (or securities convertible into
Common Shares) actually issued upon the exercise of such rights, options or
warrants, as the case may be; and</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 17 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>upon any adjustment of the Exercise Price pursuant to this
subsection 4.1(c), the number of Common Shares subject to the right of purchase
under each Warrant shall be contemporaneously adjusted by multiplying the
number of Common Shares theretofore obtainable on the exercise thereof by a
fraction of which the numerator shall be the respective Exercise Price in
effect immediately prior to such adjustment and the denominator shall be the
respective Exercise Price resulting from such adjustment;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if and whenever at any time after the date hereof and prior to the Expiry Time:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Corporation shall fix a record date for the making of a
distribution to all or substantially all the holders of its outstanding Common
Shares of:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>shares of any class, whether of the Corporation
or any other corporation (other than Common Shares);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>evidence of its indebtedness; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>assets or property of the Corporation; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Corporation does not fix a record date for the same date as
the record date provided for in (d)(i) for the issuance to Warrantholders of
equivalent shares, evidence of indebtedness, assets or property as provided to
holders of Common Shares in the event described in (d)(i) and on equivalent
terms thereto,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>then, and in each such case, the Exercise Price shall be adjusted immediately after
such record date so that it shall equal the price determined by multiplying the
Exercise Price in effect on such record date by the following fraction:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>(A x B) - C</U>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A x B</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="79%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">A
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">=
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Total number of Common Shares outstanding on such record
date</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">B
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">=
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Current Market Price on such record date</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">C
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">=
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Aggregate fair market value of such shares, evidence of indebtedness or assets so distributed</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Common Shares owned by or held for the account of the
Corporation or any subsidiary of the Corporation shall be deemed not to be
outstanding for the purpose of any such computation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such adjustment shall be made successively whenever such a
record date is fixed;</TD>
</TR>


</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 18 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to the extent that such distribution is not so made, the
Exercise Price shall then be readjusted to the Exercise Price which would then
be in effect if such record date had not been fixed or to the Exercise Price which would then be in effect
based upon such shares, evidences of indebtedness or assets actually
distributed, as the case may be; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>upon any adjustment of the Exercise Price pursuant to clauses
4.1(d)(i)(A) and 4.1(d)(i)(B), the number of Common Shares subject to the right
of purchase under each Warrant shall be contemporaneously adjusted by
multiplying the number of Common Shares theretofore obtainable on the exercise
thereof by a fraction of which the numerator shall be the respective Exercise
Price in effect immediately prior to such adjustment and the denominator shall
be the respective Exercise Price resulting from such adjustment;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the adjustments provided for in this Article&nbsp;4 in the number of Common Shares
and classes of securities which are to be received on the exercise of Warrants are
cumulative. After any adjustment pursuant to this Section&nbsp;4.1, the term &#147;Common
Shares&#148; where used in this Indenture shall be interpreted to mean securities of any
class or classes which, as a result of such adjustment and all prior adjustments
pursuant to this Section&nbsp;4.1, the Warrantholder is entitled to receive upon the
exercise of its Warrant, and the number of Common Shares indicated by any exercise made
pursuant to a Warrant shall be interpreted to mean the number of Common Shares or other
property or securities a Warrantholder is entitled to receive, as a result of such
adjustment and all prior adjustments pursuant to this Section&nbsp;4.1, upon the full
exercise of a Warrant; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subject only to this Article&nbsp;4, no Warrantholder shall be entitled to receive
at any time cash or property of any kind in lieu of those Common Shares issuable on the
exercise of the Warrants held by such Warrantholder.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4.2 Entitlement to Shares on Exercise of Warrant</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All shares of any class or other securities which a Warrantholder is at the time in question
entitled to receive on the exercise of its Warrant, whether or not as a result of adjustments made
pursuant to this Article&nbsp;4, shall, for the purposes of the interpretation of this Indenture, be
deemed to be shares which such Warrantholder is entitled to acquire pursuant to such Warrant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4.3 Determination by Corporation&#146;s Auditors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of any question arising with respect to the adjustments provided for in this
Article&nbsp;4, such question shall be conclusively determined by the Corporation&#146;s Auditors who shall
have access to all necessary records of the Corporation, and such determination shall be binding
upon the Corporation, the Trustee, all Warrantholders and all other persons interested therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4.4 Proceedings Prior to any Action Requiring Adjustment</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a condition precedent to the taking of any action which would require an adjustment in any
of the acquisition rights pursuant to any of the Warrants, including the number of Common Shares
which are to be received upon the exercise thereof, the Corporation shall take any corporate action
which may, in the opinion of Counsel, be necessary in order that the Corporation has unissued and
reserved in its authorized capital and may validly and legally issue as fully paid and
non-assessable all the shares which
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 19 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the holders of such Warrants are entitled to receive on the
full exercise thereof in accordance with the provisions hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4.5 Certificate of Adjustment</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall from time to time immediately after the occurrence of any event which
requires an adjustment or readjustment as provided in Article&nbsp;4, deliver a certificate of the
Corporation to the Trustee specifying the nature of the event requiring the same and the amount of
the adjustment or readjustment necessitated thereby and setting forth in reasonable detail the
method of calculation and the facts upon which such calculation is based, which certificate shall
be supported by a certificate of the Corporation&#146;s Auditors verifying such calculation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4.6 Notice of Special Matters</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation covenants with the Trustee that, so long as any Warrants remain outstanding,
it will give notice to the Trustee and to the Warrantholders of its intention to fix a record date
that is prior to the Expiry Date for the issuance of rights, options or warrants (other than the
Warrants) to all or substantially all the holders of its outstanding Common Shares. Such notice
shall specify the particulars of such event and the record date for such event, provided that the
Corporation shall only be required to specify in the notice such particulars of the event as shall
have been fixed and determined on the date on which the notice is given. The notice shall be given
in each case at least 14&nbsp;days prior to such applicable record date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4.7 No Action after Notice</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation covenants with the Trustee that it will not close its transfer books or take
any other corporate action which might deprive the holder of a Warrant of the opportunity to have
exercised its right of acquisition pursuant thereto during the period of 14&nbsp;days after the giving
of the notice set forth in Section&nbsp;4.6.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4.8 Protection of Trustee</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as provided in Section&nbsp;9.2, the Trustee:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>shall not at any time be under any duty or responsibility to any Warrantholder
to determine whether any facts exist which may require any adjustment contemplated by
Section&nbsp;4.1, or with respect to the nature or extent of any such adjustment when made,
or with respect to the method employed in making the same;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>shall not be accountable with respect to the validity or value (or the kind or
amount) of any Common Shares or of any shares or other securities or property which may
at any time be issued or delivered upon the exercise of the rights attaching to any
Warrant;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>shall not be responsible for any failure of the Corporation to issue, transfer
or deliver Common Shares or certificates for the same upon the surrender of any
Warrants for the purpose of the exercise of such rights or to comply with any of the
covenants contained in this Article; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>shall not incur any liability or responsibility whatsoever or be in any way
responsible for the consequences of any breach on the part of the Corporation of any of
the</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 20 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>representations, warranties or covenants herein contained or of any acts of the
directors, officers, employees, agents or servants of the Corporation.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE V<BR>
RIGHTS OF THE CORPORATION AND COVENANTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5.1 General Covenants</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation covenants with the Trustee that so long as any Warrants remain outstanding:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it will allot and reserve and keep available a sufficient number of Common
Shares for the purpose of enabling it to satisfy its obligations to issue Common Shares
upon the exercise of the Warrants;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it will cause the Common Shares and the certificates representing the Common
Shares from time to time acquired pursuant to the exercise of the Warrants to be duly
issued and delivered in accordance with the Warrant Certificates and the terms hereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>upon payment of the Exercise Price, all Common Shares which shall be issued
upon exercise of the rights to acquire provided for herein and in the Warrant
Certificates shall be fully paid and non-assessable;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it will use its reasonable commercial efforts maintain its corporate existence;
carry on and conduct its business in a proper, efficient and business-like manner; in
accordance with good business practice, keep or cause to be kept proper books of
account in accordance with Canadian generally accepted accounting practice; and, if and
whenever required in writing by the Trustee, file with the Trustee copies of all annual
and interim financial statements of the Corporation furnished to its shareholders
during the term of this Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it will use its reasonable commercial efforts to ensure that all Common Shares
outstanding or issuable from time to time (including without limitation the Common
Shares issuable on the exercise of the Warrants) continue to be or are listed and
posted for trading on the Toronto Stock Exchange, provided that the foregoing shall not
restrict or prevent the Corporation from completing a plan of arrangement, take-over
bid or other business combination which could or may result in delisting of the Common
Shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it will use its reasonable commercial efforts to maintain its status as a
reporting issuer in good standing, in the provinces of Alberta, British Columbia and
Ontario, provided that the foregoing shall not restrict or prevent the Corporation from
completing a plan of arrangement, take-over bid or other business combination which
could or may result in the Corporation ceasing to be a reporting issuer in any such
jurisdiction;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it will use its reasonable commercial efforts to make all requisite filings to
be made by it under applicable Canadian securities legislation and stock exchange rules
including without limitation to report the exercise of the rights to acquire Common
Shares pursuant to Warrants or otherwise,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>generally, it will well and truly perform and carry out all of the acts or
things to be done by it as provided in this Indenture; and</TD>
</TR>


</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it will use its reasonable commercial efforts to file and bring effective a
U.S. Registration Statement and use its reasonable commercial efforts to maintain the
effectiveness of such U.S. Registration Statement, or other U.S. Registration
Statement, continuously until the Expiry Date and will provide the Trustee notice of any change in the effectiveness
of any U.S. Registration Statement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5.2 Trustee&#146;s Remuneration and Expenses</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation covenants that it will pay to the Trustee from time to time reasonable
remuneration for its services hereunder and will pay or reimburse the Trustee upon its request for
all reasonable expenses, disbursements and advances incurred or made by the Trustee in the
administration or execution of the trusts hereby created (including the reasonable compensation and
the disbursements of its counsel and all other advisers and assistants not regularly in its employ)
both before any default hereunder and thereafter until all duties of the Trustee hereunder shall be
finally and fully performed, except any such expense, disbursement or advance as may arise out of
or result from the Trustee&#146;s negligence, wilful misconduct or bad faith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5.3 Performance of Covenants by Trustee</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Corporation shall fail to perform any of its covenants contained in this Indenture, the
Trustee may notify the Warrantholders of such failure on the part of the Corporation or may itself
perform any of the covenants capable of being performed by it but, subject to Section&nbsp;9.2, shall be
under no obligation to perform said covenants or to notify the Warrantholders of such performance
by it. All sums expended or advanced by the Trustee in so doing shall be repayable as provided in
Section&nbsp;5.2. No such performance, expenditure or advance by the Trustee shall relieve the
Corporation of any default hereunder or of its continuing obligations under the covenants herein
contained.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5.4 Optional Purchases by the Corporation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to compliance with applicable securities legislation, the Corporation may purchase
from time to time by private contract or otherwise any of the Warrants. Any such purchase shall be
made at the lowest price or prices at which, in the opinion of the directors, such Warrants are
then obtainable, plus reasonable costs of purchase, and may be made in such manner, from such
persons and on such other terms as the Corporation, in its sole discretion, may determine. Any
Warrant Certificates representing the Warrants purchased pursuant to this Section&nbsp;5.4 shall
forthwith be cancelled by the Trustee upon receipt by the Trustee of the Warrant Certificate and a
direction from the Corporation to cancel such Warrant Certificate. No Warrants shall be issued in
replacement thereof.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VI<BR>
ENFORCEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6.1 Suits by Warrantholders</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All or any of the rights conferred upon any Warrantholder by any of the terms of the Warrant
Certificates or of this Indenture, or of both, may be enforced by the Warrantholder by appropriate
proceedings but without prejudice to the right which is hereby conferred upon the Trustee to
proceed in its own name to enforce each and all of the provisions herein contained for the benefit
of the Warrantholders.
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 22 -<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6.2 Immunity of Shareholders, etc.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee and, by the acceptance of the Warrant Certificates and as part of the
consideration for the issue of the Warrants, the Warrantholders hereby waive and release any right,
cause of action or remedy now or hereafter existing in any jurisdiction against any incorporator or
any past, present or future shareholder, director, officer, employee or agent of the Corporation or
of any &#147;successor Corporation&#148; (as such term is defined in Section&nbsp;8.2) on any covenant, agreement, representation or warranty by
the Corporation contained herein or in the Warrant Certificates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6.3 Limitation of Liability</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligations hereunder are not personally binding upon, nor shall resort hereunder be had
to, the private property of any of the past, present or future shareholders, directors, officers,
employees or agents of the Corporation or of any successor Corporation, but only the property of
the Corporation or of any successor Corporation shall be bound in respect hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6.4 Waiver of Default</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the happening of any default hereunder, the Trustee shall provide a notice as provided in
Section&nbsp;10.2 to the Warrantholders setting out, in reasonable detail, the particulars of such
default and:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the holders of not less than 51% of the Warrants then outstanding shall have
the power (in addition to the powers exercisable by Extraordinary Resolution) by
requisition in writing to instruct the Trustee to waive any default hereunder and the
Trustee shall thereupon waive the default upon such terms and conditions as shall be
prescribed in such requisition; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trustee shall have power to waive any default hereunder upon such terms and
conditions as the Trustee may deem advisable, if, in the Trustee&#146;s opinion, the same
shall have been cured or adequate provision made therefor;</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provided that no delay or omission of the Trustee or of the Warrantholders to exercise any right or
power accruing upon any default shall impair any such right or power or shall be construed to be a
waiver of any such default or acquiescence therein and provided further that no act or omission
either of the Trustee or of the Warrantholders in the premises shall extend to or be taken in any
manner whatsoever to affect any subsequent default hereunder of the rights resulting therefrom.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VII<BR>
MEETINGS OF WARRANTHOLDERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7.1 Right to Convene Meetings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may at any time and from time to time, and shall on receipt of a written request
of the Corporation or of a Warrantholders&#146; Request and upon being indemnified to its reasonable
satisfaction by the Corporation or by the Warrantholders signing such Warrantholders&#146; Request
against the cost which may be incurred in connection with the calling and holding of such meeting,
convene a meeting of the Warrantholders. In the event of the Trustee failing to so convene a
meeting within ten (10)&nbsp;days after receipt of such written request of the Corporation or such
Warrantholders&#146; Request and indemnity given as aforesaid, the Corporation or such Warrantholders,
as the case may be, may convene such meeting. Every such meeting shall be held in the City of
Calgary, Alberta or at such other place as may be approved or determined by the Trustee.
</DIV>
</DIV>
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<P align="center" style="font-size: 10pt"><!-- Folio -->- 23 -<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7.2 Notice</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At least twenty-one days&#146; prior notice of any meeting of Warrantholders shall be given to the
Warrantholders in the manner provided for in Section&nbsp;10.2 and a copy of such notice shall be sent
by mail to the Trustee (unless the meeting has been called by the Trustee) and to the Corporation
(unless the meeting has been called by the Corporation). Such notice shall state the time when and
the place where the meeting is to be held, shall state briefly the general nature of the business to be
transacted thereat and shall contain such information as is reasonably necessary to enable the
Warrantholders to make a reasoned decision on the matter, but it shall not be necessary for any
such notice to set out the terms of any resolution to be proposed or any of the provisions of this
Article&nbsp;7.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7.3 Chairman</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An individual (who need not be a Warrantholder) designated in writing by the Trustee shall be
chairman of any meeting of Warrantholders and if no individual is so designated, or if the
individual so designated is not present within 15 minutes from the time fixed for the holding of
the meeting, the Warrantholders present in person or by proxy shall choose some individual present
to be chairman.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7.4 Quorum</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of Section&nbsp;7.11, at any meeting of the Warrantholders a quorum shall
consist of Warrantholders present in person or by proxy and entitled to acquire at least 25% of the
aggregate number of Common Shares which could be acquired pursuant to all the then outstanding
Warrants, provided that at least two persons entitled to vote thereat are personally present. If a
quorum of the Warrantholders shall not be present within 30 minutes from the time fixed for holding
any meeting, the meeting, if summoned by Warrantholders or on a Warrantholders&#146; Request, shall be
dissolved; but in any other case the meeting shall be adjourned to the same day in the next week
(unless such day is not a Business Day, in which case it shall be adjourned to the next following
Business Day) at the same time and place and no notice of the adjournment need be given. Any
business may be brought before or dealt with at an adjourned meeting which might have been dealt
with at the original meeting in accordance with the notice calling the same. No business shall be
transacted at any meeting unless a quorum be present at the commencement of business. At the
adjourned meeting the Warrantholders present in person or by proxy shall form a quorum and may
transact the business for which the meeting was originally convened, notwithstanding that they may
not be entitled to acquire at least 25% of the aggregate number of Common Shares which may be
acquired pursuant to all then outstanding Warrants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7.5 Power to Adjourn</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The chairman of any meeting at which a quorum of the Warrantholders is present may, with the
consent of the meeting, adjourn any such meeting, and no notice of such adjournment need be given
except such notice, if any, as the meeting may prescribe.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7.6 Show of Hands</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every question submitted to a meeting shall be decided in the first place by a majority of the
votes given on a show of hands except that votes on an Extraordinary Resolution shall be given in
the manner hereinafter provided. At any such meeting, unless a poll is duly demanded as herein
provided, a declaration by the chairman that a resolution has been carried or carried unanimously
or by a particular majority or lost or not carried by a particular majority shall be conclusive
evidence of the fact.
</DIV>
</DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 24 -<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7.7 Poll and Voting</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On every Extraordinary Resolution, and on any other question submitted to a meeting and after
a vote by show of hands when demanded by the chairman or by one or more of the Warrantholders
acting in person or by proxy and entitled to acquire in the aggregate at least 5% of the aggregate
number of Common Shares which could be acquired pursuant to all the Warrants then outstanding, a
poll shall be taken in such manner as the chairman shall direct. Questions other than those
required to be determined by Extraordinary Resolution shall be decided by a majority of the votes
cast on the poll.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On a show of hands, every person who is present and entitled to vote, whether as a
Warrantholder or as proxy for one or more absent Warrantholders, or both, shall have one vote. On
a poll, each Warrantholder present in person or represented by a proxy duly appointed by instrument
in writing shall be entitled to one vote in respect of each whole Common Share which he is entitled
to acquire pursuant to the Warrant or Warrants then held or represented by it. A proxy need not be
a Warrantholder. The chairman of any meeting shall be entitled, both on a show of hands and on a
poll, to vote in respect of the Warrants, if any, held or represented by him.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7.8 Regulations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee, or the Corporation with the approval of the Trustee, may from time to time make
and from time to time vary such regulations as it shall think fit for:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the setting of the record date for a meeting of Warrantholders for the purpose
of determining Warrantholders entitled to receive notice of and to vote at the meeting;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the issue of voting certificates by any bank, trust company or other depositary
satisfactory to the Trustee stating that the Warrant Certificates specified therein
have been deposited with it by a named person and will remain on deposit until after
the meeting, which voting certificate shall entitle the persons named therein to be
present and vote at any such meeting and at any adjournment thereof or to appoint a
proxy or proxies to represent them and vote for them at any such meeting and at any
adjournment thereof in the same manner and with the same effect as though the persons
so named in such voting certificates were the actual bearers of the Warrant
Certificates specified therein;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the deposit of voting certificates and instruments appointing proxies at such
place and time as the Trustee, the Corporation or the Warrantholders convening the
meeting, as the case may be, may in the notice convening the meeting direct;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the deposit of voting certificates and instruments appointing proxies at some
approved place or places other than the place at which the meeting is to be held and
enabling particulars of such instruments appointing proxies to be mailed or telecopied
before the meeting to the Corporation or to the Trustee at the place where the same is
to be held and for the voting of proxies so deposited as though the instruments
themselves were produced at the meeting;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the form of the instrument of proxy; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>generally for the calling of meetings of Warrantholders and the conduct of
business thereat.</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 25 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any regulations so made shall be binding and effective and the votes given in accordance therewith
shall be valid and shall be counted. Save as such regulations may provide, the only persons who
shall be recognized at any meeting as a Warrantholder, or be entitled to vote or be present at the
meeting in respect thereof (subject to Section&nbsp;7.9), shall be Warrantholders or their counsel, or
proxies of Warrantholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7.9 Corporation and Trustee May be Represented</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation and the Trustee, by their respective directors and officers, and the Counsel
for the Corporation and for the Trustee may attend any meeting of the Warrantholders, but shall not
be entitled to vote thereat, whether in respect of any Warrants held by them or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7.10 Powers Exercisable by Extraordinary Resolution</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to all other powers conferred upon them by any other provisions of this Indenture
or by law, the Warrantholders at a meeting shall, subject to the provisions of Section&nbsp;7.11, have
the power, exercisable from time to time by Extraordinary Resolution:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to agree to any modification, abrogation, alteration, compromise or arrangement
of the rights of Warrantholders or the Trustee in its capacity as trustee hereunder or
on behalf of the Warrantholders against the Corporation whether such rights arise under
this Indenture or the Warrant Certificates or otherwise;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to amend, alter or repeal any Extraordinary Resolution previously passed or
sanctioned by the Warrantholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to direct or to authorize the Trustee to enforce any of the covenants on the
part of the Corporation contained in this Indenture or the Warrant Certificates or to
enforce any of the rights of the Warrantholders in any manner specified in such
Extraordinary Resolution or to refrain from enforcing any such covenant or right;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to waive, and to direct the Trustee to waive, any default on the part of the
Corporation in complying with any provisions of this Indenture or the Warrant
Certificates either unconditionally or upon any conditions specified in such
Extraordinary Resolution;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to restrain any Warrantholder from taking or instituting any suit, action or
proceeding against the Corporation for the enforcement of any of the covenants on the
part of the Corporation in this Indenture or the Warrant Certificates or to enforce any
of the rights of the Warrantholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to direct any Warrantholder who, as such, has brought any suit, action or
proceeding to stay or to discontinue or otherwise to deal with the same upon payment of
the costs, charges and expenses reasonably and properly incurred by such Warrantholder
in connection therewith;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to assent to any change in or omission from the provisions contained in the
Warrant Certificates and this Indenture or any ancillary or supplemental instrument
which may be agreed to by the Corporation, and to authorize the Trustee to concur in
and execute any ancillary or supplemental indenture embodying the change or omission;
and</TD>
</TR>


</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 26 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with the consent of the Corporation (which consent shall not be unreasonably
withheld), to remove the Trustee or its successor in office and to appoint a new
trustee or trustees to take the place of the Trustee so removed.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7.11 Meaning of Extraordinary Resolution</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The expression &#147;Extraordinary Resolution&#148; when used in this Indenture means,
subject as hereinafter provided in this Section&nbsp;7.11 and in Section&nbsp;7.14, a resolution
proposed at a meeting of Warrantholders duly convened for that purpose and held in
accordance with the provisions of this Article&nbsp;7 at which there are present in person
or by proxy Warrantholders entitled to acquire at least 25% of the aggregate number of
Common Shares which may be acquired pursuant to all the then outstanding Warrants and
passed by the affirmative votes of Warrantholders entitled to acquire not less than 66
2/3% of the aggregate number of Common Shares which may be acquired pursuant to all the then
outstanding Warrants represented at the meeting and voted on the poll upon such
resolution.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If, at the meeting at which an Extraordinary Resolution is to be considered,
Warrantholders entitled to acquire at least 25% of the aggregate number of Common
Shares which may be acquired pursuant to all the then outstanding Warrants are not
present in person or by proxy within 30 minutes after the time appointed for the
meeting, then the meeting, if convened by Warrantholders or on a Warrantholders&#146;
Request, shall be dissolved; but in any other case it shall stand adjourned to such
day, being not less than 15 or more than 60&nbsp;days later, and to such place and time as
may be appointed by the chairman. Not less than ten days&#146; prior notice shall be given
of the time and place of such adjourned meeting in the manner provided for in Section
10.2. Such notice shall state that at the adjourned meeting the Warrantholders present
in person or by proxy shall form a quorum but it shall not be necessary to set forth
the purposes for which the meeting was originally called or any other particulars. At
the adjourned meeting the Warrantholders present in person or by proxy shall form a
quorum and may transact the business for which the meeting was originally convened and
a resolution proposed at such adjourned meeting and passed by the requisite vote as
provided in subsection 7.11(a) shall be an Extraordinary Resolution within the meaning
of this Indenture notwithstanding that Warrantholders entitled to acquire at least 25%
of the aggregate number of Common Shares which may be acquired pursuant to all the then
outstanding Warrants are not present in person or by proxy at such adjourned meeting.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Votes on an Extraordinary Resolution shall always be given on a poll and no
demand for a poll on an Extraordinary Resolution shall be necessary.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7.12 Powers Cumulative</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any one or more of the powers or any combination of the powers in this Indenture stated to be
exercisable by the Warrantholders by Extraordinary Resolution or otherwise may be exercised from
time to time and the exercise of any one or more of such powers or any combination of powers from
time to time shall not be deemed to exhaust the right of the Warrantholders to exercise such power
or powers or combination of powers then or thereafter from time to time.
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 27 -<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7.13 Minutes</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minutes of all resolutions and proceedings at every meeting of Warrantholders shall be made
and duly entered in books to be provided from time to time for that purpose by the Trustee at the
expense of the Corporation, and any such minutes as aforesaid, if signed by the chairman or the
secretary of the meeting at which such resolutions were passed or proceedings had shall be prima
facie evidence of the matters therein stated and, until the contrary is proved, every such meeting
in respect of the proceedings of which minutes shall have been made shall be deemed to have been
duly convened and held, and all resolutions passed thereat or proceedings taken shall be deemed to
have been duly passed and taken.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7.14 Instruments in Writing</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All actions which may be taken and all powers that may be exercised by the Warrantholders at a
meeting held as provided in this Article&nbsp;7 may also be taken and exercised by Warrantholders
entitled to acquire at least 66 2/3% of the aggregate number of Common Shares which may be acquired
pursuant to all the then outstanding Warrants by an instrument in writing signed in one or more
counterparts by such Warrantholders in person or by attorney duly appointed in writing, and the expression
&#147;Extraordinary Resolution&#148; when used in this Indenture shall include an instrument so signed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7.15 Binding Effect of Resolutions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every resolution and every Extraordinary Resolution passed in accordance with the provisions
of this Article&nbsp;7 at a meeting of Warrantholders shall be binding upon all the Warrantholders,
whether present at or absent from such meeting, and every instrument in writing signed by
Warrantholders in accordance with Section&nbsp;7.14 shall be binding upon all the Warrantholders,
whether signatories thereto or not, and each and every Warrantholder and the Trustee (subject to
the provisions for indemnity herein contained) shall be bound to give effect accordingly to every
such resolution and instrument in writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7.16 Holdings by Corporation Disregarded</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In determining whether Warrantholders holding Warrant Certificates evidencing the entitlement
to acquire the required number of Common Shares are present at a meeting of Warrantholders for the
purpose of determining a quorum or have concurred in any consent, waiver, Extraordinary Resolution,
Warrantholders&#146; Request or other action under this Indenture, Warrants owned legally or
beneficially by the Corporation or any Subsidiary of the Corporation shall be disregarded in
accordance with the provisions of Section&nbsp;10.6.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VIII<BR>
SUPPLEMENTAL INDENTURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>8.1 Provision for Supplemental Indentures for Certain Purposes</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From time to time the Corporation (when authorized by action of the directors) and the Trustee
may, subject to the provisions hereof, and they shall, when so directed in accordance with the
provisions hereof, execute and deliver by their proper officers, indentures or instruments
supplemental hereto, which thereafter shall form part hereof, for any one or more or all of the
following purposes:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>setting forth any adjustments resulting from the application of the provisions
of Article&nbsp;4;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adding to the provisions hereof such additional covenants and enforcement
provisions as, in the opinion of Counsel, are necessary or advisable in the premises,
provided that the</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 28 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>same are not in the opinion of the Trustee prejudicial to the
interests of the Warrantholders as a group;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>giving effect to any Extraordinary Resolution passed as provided in Article&nbsp;7;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>making such provisions not inconsistent with this Indenture as may be necessary
or desirable with respect to matters or questions arising hereunder or for the purpose
of obtaining a listing or quotation of the Warrants on any stock exchange, provided
that such provisions are not, in the opinion of the Trustee, prejudicial to the
interests of the Warrantholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adding to or altering the provisions hereof in respect of the transfer of
Warrants, making provision for the exchange of Warrant Certificates, and making any
modification in the form of the Warrant Certificates which does not affect the
substance thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>modifying any of the provisions of this Indenture, including relieving the
Corporation from any of the obligations, conditions or restrictions herein contained,
provided that such modification or relief shall be or become operative or effective only if, in
the opinion of the Trustee, such modification or relief in no way prejudices any of
the rights of the Warrantholders or of the Trustee, and provided further that the
Trustee may in its sole discretion decline to enter into any such supplemental
indenture which in its opinion may not afford adequate protection to the Trustee
when the same shall become operative; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for any other purpose not inconsistent with the terms of this Indenture,
including the correction or rectification of any ambiguities, defective or inconsistent
provisions, errors, mistakes or omissions herein, provided that in the opinion of the
Trustee the rights of the Trustee and of the Warrantholders are in no way prejudiced
thereby.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>8.2 Successor Corporations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of the consolidation, amalgamation, merger or transfer of the undertaking or
assets of the Corporation as an entirety or substantially as an entirety to another Corporation
(&#147;successor Corporation&#148;), the successor Corporation resulting from such consolidation,
amalgamation, merger or transfer (if not the Corporation) shall expressly assume, by supplemental
indenture satisfactory in form to the Trustee and executed and delivered to the Trustee, the due
and punctual performance and observance of each and every covenant and condition of this Indenture
to be performed and observed by the Corporation.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IX<BR>
CONCERNING THE TRUSTEE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9.1 Trust Indenture Legislation</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If and to the extent that any provision of this Indenture limits, qualifies or
conflicts with a mandatory requirement of Applicable Legislation, such mandatory
requirement shall prevail.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation and the Trustee agree that each will, at all times in relation
to this Indenture and any action to be taken hereunder, observe and comply with and be
entitled to the benefits of Applicable Legislation.</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 29 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9.2 Rights and Duties of Trustee</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the exercise of the rights and duties prescribed or conferred by the terms
of this Indenture, the Trustee shall exercise that degree of care, diligence and skill
that a reasonably prudent trustee and/or custodian would exercise in comparable
circumstances. No provision of this Indenture shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure to act,
or its own wilful misconduct or bad faith.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The obligation of the Trustee to commence or continue any act, action or
proceeding for the purpose of enforcing any rights of the Trustee or the Warrantholders
hereunder shall be conditional upon the Warrantholders furnishing, when required by
notice by the Trustee, sufficient funds to commence or to continue such act, action or
proceeding and an indemnity reasonably satisfactory to the Trustee to protect and to
hold harmless the Trustee against the costs, charges and expenses and liabilities to be
incurred thereby and any loss and damage it may suffer by reason thereof. None of the
provisions contained in this Indenture shall require the Trustee to expend or to risk its own funds or
otherwise to incur financial liability in the performance of any of its duties or in
the exercise of any of its rights or powers unless indemnified as aforesaid.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee may, before commencing or at any time during the continuance of any
such act, action or proceeding, require the Warrantholders, at whose instance it is
acting to deposit with the Trustee the Warrants held by them, for which Warrants the
Trustee shall issue receipts.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Every provision of this Indenture that by its terms relieves the Trustee of
liability or entitles it to rely upon any evidence submitted to it is subject to the
provisions of Applicable Legislation, of this Section&nbsp;9.2 and of Section&nbsp;9.3.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9.3 Evidence, Experts and Advisers</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition to the reports, certificates, opinions and other evidence required
by this Indenture, the Corporation shall furnish to the Trustee such additional
evidence of compliance with any provision hereof, and in such form, as may be
prescribed by Applicable Legislation or as the Trustee may reasonably require by
written notice to the Corporation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the exercise of its rights and duties hereunder, the Trustee may, if it is
acting in good faith, rely as to the truth of the statements and the accuracy of the
opinions expressed in statutory declarations, opinions, reports, written requests,
consents, or orders of the Corporation, certificates of the Corporation or other
evidence furnished to the Trustee pursuant to a request of the Trustee, provided that
such evidence complies with Applicable Legislation and that the Trustee complies with
Applicable Legislation and that the Trustee examines the same and determines that such
evidence complies with the applicable requirements of this Indenture.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Whenever it is provided in this Indenture or under Applicable Legislation that
the Corporation shall deposit with the Trustee resolutions, certificates, reports,
opinions, requests, orders or other documents, it is intended that the trust, accuracy
and good faith on the effective date thereof and the facts and opinions stated in all
such documents so</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 30 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>deposited shall, in each and every such case, be conditions precedent
to the right of the Corporation to have the Trustee take the action to be based
thereon.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Proof of the execution of an instrument in writing, including a Warrantholders&#146;
Request, by any Warrantholder may be made by the certificate of a notary public, or
other officer with similar powers, that the person signing such instrument acknowledged
to it the execution thereof, or by an affidavit of a witness to such execution or in
any other manner which the Trustee may consider adequate.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee may employ or retain such Counsel, accountants, appraisers or other
experts or advisers as it may reasonably require for the purpose of discharging its
duties hereunder and may pay reasonable remuneration for all services so performed by
any of them, without taxation of costs of any Counsel, and shall not be responsible for
any misconduct or negligence on the part of any such experts or advisers who have been
appointed with due care by the Trustee.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9.4 Documents, Monies, etc. Held by Trustee</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any securities, documents of title or other instruments that may at any time be held by the
Trustee subject to the trusts hereof may be placed in the deposit vaults of the Trustee or of any
Canadian chartered bank listed in Schedule&nbsp;I of the <I>Bank Act </I>(Canada) or deposited for safekeeping
with any such bank. Unless herein otherwise expressly provided, any monies so held pending the
application or withdrawal thereof under any provisions of this Indenture, upon the direction of the
Corporation, shall be or, with the consent of the Corporation, may be:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>deposited in the name of the Trustee in any Canadian chartered bank listed in
Schedule&nbsp;I of the <I>Bank Act </I>(Canada) at the rate of interest (if any) then current on
similar deposits;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>deposited in the deposit department of the Trustee; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>invested in securities issued or guaranteed by the Government of Canada or a
province thereof, any Canadian chartered bank listed in Schedule&nbsp;I of the <I>Bank Act</I>
(Canada) or the Trustee, provided that the securities shall not have a maturity date of
more than 60&nbsp;days from the date of investment. Unless the Corporation shall be in
default hereunder or unless otherwise specifically provided herein, all interest or
other income received by the Trustee in respect of such deposits and investments shall
belong to the Corporation.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9.5 Actions by Trustee to Protect Interest</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall have power to institute and to maintain such actions and proceedings as it
may consider necessary or expedient to preserve, protect or enforce its interests and the interests
of the Warrantholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9.6 Trustee Not Required to Give Security</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall not be required to give any bond or security in respect of the execution of
the trusts and powers of this Indenture or otherwise in respect of the premises.
</DIV>
</DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 31 -<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9.7 Protection of Trustee</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By way of supplement to the provisions of any law for the time being relating to trustees it
is expressly declared and agreed as follows:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trustee shall not be liable for or by reason of any statements of fact or
recitals in this Indenture or in the Warrant Certificates (except the representation
contained in Section&nbsp;9.9 or in the certificate of the Trustee on the Warrant
Certificates) or be required to verify the same, but all such statements or recitals
are and shall be deemed to be made by the Corporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>nothing herein contained shall impose any obligation on the Trustee to see to
or to require evidence of the registration or filing (or renewal thereof) of this
Indenture or any instrument ancillary or supplemental hereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trustee shall not be bound to give notice to any person or persons of the
execution hereof; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Corporation indemnifies and saves harmless the Trustee and its officers
from and against any and all liabilities, losses, costs, claims, actions, or demands
whatsoever which may be brought against the Trustee or which it may suffer or incur as a result of or
arising out of the performance of its duties and obligations under this Indenture,
save only in the event of the negligent failure to act, or the wilful misconduct or
bad faith of the Trustee. It is understood and agreed that this indemnification
shall survive the termination or discharge of this Indenture or the resignation of
the Trustee.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9.8 Replacement of Trustee; Successor by Merger</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee may resign its trust and be discharged from all further duties and
liabilities hereunder, subject to this Section&nbsp;9.8, by giving to the Corporation not
less than 90&nbsp;days prior notice in writing or such shorter prior notice as the
Corporation may accept as sufficient. The Warrantholders by Extraordinary Resolution
shall have power at any time to remove the existing Trustee and to appoint a new
Trustee. In the event of the Trustee resigning or being removed as aforesaid or being
dissolved, becoming bankrupt, going into liquidation or otherwise becoming incapable of
acting hereunder, the Corporation shall forthwith appoint a new trustee unless a new
trustee has already been appointed by the Warrantholders; failing such appointment by
the Corporation, the retiring Trustee or any Warrantholder may apply to a justice of
the Court of Queen&#146;s Bench of the Province of Alberta on such notice as such justice
may direct, for the appointment of a new trustee; but any new trustee so appointed by
the Corporation or by the Court shall be subject to removal as aforesaid by the
Warrantholders. Any new trustee appointed under any provision of this Section&nbsp;9.8
shall be a Corporation authorized to carry on the business of a trust company in the
Province of Alberta and, if required by the Applicable Legislation for any other
provinces, in such other provinces. On any such appointment the new trustee shall be
vested with the same powers, rights, duties and responsibilities as if it had been
originally named herein as Trustee hereunder.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon the appointment of a successor trustee, the Corporation shall promptly
notify the Warrantholders thereof in the manner provided for in Section&nbsp;10.2 hereof.</TD>
</TR>


</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 32 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any corporation into or with which the Trustee may be merged or consolidated or
amalgamated, or any corporation resulting therefrom to which the Trustee shall be a
party, or any corporation succeeding to the trust business of the Trustee shall be the
successor to the Trustee hereunder without any further act on its part or any of the
parties hereto, provided that such corporation would be eligible for appointment as a
successor trustee under subsection 9.8(a).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9.9 Conflict of Interest</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee represents to the Corporation that at the time of execution and
delivery hereof no material conflict of interest exists between its role as a trustee
hereunder and its role in any other capacity and agrees that in the event of a material
conflict of interest arising hereafter it will, within 90&nbsp;days after ascertaining that
it has such material conflict of interest, either eliminate the same or assign its
trust hereunder to a successor trustee approved by the Corporation and meeting the
requirements set forth in subsection 9.8(a). Notwithstanding the foregoing provisions
of this subsection 9.9(a), if any such material conflict of interest exists or
hereafter shall exist, the validity and enforceability of this Indenture and the
Warrant Certificate shall not be affected in any manner whatsoever by reason thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to subsection 9.9(a), the Trustee, in its personal or any other
capacity, may buy, lend upon and deal in securities of the Corporation and generally
may contract and enter into financial transactions with the Corporation or any
Subsidiary of the Corporation without being liable to account for any profit made
thereby.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9.10 Acceptance of Trust</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee hereby accepts the trusts in this Indenture declared and provided for and agrees
to perform the same upon the terms and conditions herein set forth.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9.11 Trustee Not to be Appointed Receiver</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee and any person related to the Trustee shall not be appointed a receiver, a
receiver and manager or liquidator of all or any part of the assets or undertakings of the
Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9.12 Anti-Money Laundering and Anti-Terrorist Legislation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall retain the right not to act and shall not be liable for refusing to act if,
due to lack of information or for any other reason whatsoever, the Trustee, in its sole judgment,
determines that such act might cause it to be in non-compliance with any applicable anti-money
laundering or anti-terrorist legislation, regulation or guideline. Further, should the Trustee, in
its sole judgment, determine at any time that its acting under this Indenture has resulted in its
being in non-compliance with any applicable anti-money laundering or anti-terrorist legislation,
regulation or guideline, then it shall have the right to resign on ten (10)&nbsp;days written notice to
the Corporation, provided that (a)&nbsp;the Trustee&#146;s written notice shall describe the circumstances of
such non-compliance; and (b)&nbsp;if such circumstances are rectified to the Trustee&#146;s satisfaction
within such ten (10)&nbsp;day period, then such resignation shall not be effective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9.13 Accounts Opened for Corporation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation hereby represents to the Trustee that any account to be opened by, or interest
to held by, the Trustee in connection with this Indenture, for or to the credit of the Corporation,
either (a)&nbsp;is
</DIV>
</DIV>
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<P><HR noshade><P>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 33 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">not intended to be used by or on behalf of any third party; or (b)&nbsp;is intended to be
used by or on behalf of a third party, in which case the Corporation hereto agrees to complete and
execute forthwith a declaration in the Trustee&#146;s prescribed form as to the particulars of such
third party.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE X<BR>
GENERAL</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10.1 Notice to the Corporation and the Trustee</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless herein otherwise expressly provided, any notice to be given hereunder to
the Corporation or the Trustee shall be deemed to be validly given if delivered or if
sent by registered letter, postage prepaid or if telecopied:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 6pt">If to the Corporation:<BR>
&nbsp;&nbsp;&nbsp;Oncolytics Biotech Inc.<BR>
&nbsp;&nbsp;&nbsp;210, 1167 Kensington Cr. N.W.<BR>
&nbsp;&nbsp;&nbsp;Calgary, Alberta<BR>
&nbsp;&nbsp;&nbsp;T2N 1X7<BR>
Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President<BR>
Telecopier:&nbsp;&nbsp;&nbsp;&nbsp; (403)&nbsp;283-0858
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 6pt">With a copy to:<BR>
&nbsp;&nbsp;&nbsp;Bennett Jones LLP<BR>
&nbsp;&nbsp;&nbsp;4500, 855-2nd Street S.W.<BR>
&nbsp;&nbsp;&nbsp;Calgary, Alberta<BR>
&nbsp;&nbsp;&nbsp;T2P 4K7<BR>
Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brent Kraus<BR>
Telecopier:&nbsp;&nbsp;&nbsp;&nbsp; (403)&nbsp;265-7219
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 6pt">If to the Trustee:<BR>
&nbsp;&nbsp;&nbsp;Computershare Trust Company of Canada<BR>
&nbsp;&nbsp;&nbsp;600, 530 &#151; 8th Avenue S.W.<BR>
&nbsp;&nbsp;&nbsp;Calgary, Alberta<BR>
&nbsp;&nbsp;&nbsp;T2P 3S8
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 6pt">Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manager, Corporate Trust Department<BR>
Telecopier:&nbsp;&nbsp;&nbsp;&nbsp; (403)&nbsp;267-6598
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and any such notice delivered in accordance with the foregoing shall be deemed to
have been received on the date of delivery or, if mailed, on the fifth Business Day
following the actual posting of the notice, or if telecopied, the next Business Day
after transmission provided that transmission has been completely and accurately
transmitted.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For greater clarity, the sending of any notice to Warrantholders as
contemplated in the definition of &#147;Expiry Date&#148; shall be conclusively deemed to have
been sent by the Corporation on the date the notice is deposited in first class mail to
the registered address of the Warrantholder as reflected on the Warrant Register
maintained under the Indenture.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation or the Trustee, as the case may be, may from time to time
notify the other in the manner provided in subsection 10.1(a) of a change of address
which, from
</TD>
</TR>
</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 34 -<!-- /Folio -->
<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the effective date of such notice and until changed by like notice, shall
be the address of the Corporation or the Trustee, as the case may be, for all purposes
of this Indenture.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If, by reason of a strike, lockout or other work stoppage, actual or
threatened, involving postal employees, any notice to be given to the Trustee or to the
Corporation hereunder could reasonably be considered unlikely to reach its destination,
such notice shall be valid and effective only if it is delivered or sent by telecopier
at the appropriate address or number provided in subsection 10.1(a).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10.2 Notice to Warrantholders</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless otherwise provided herein, any notice to the Warrantholders under the
provisions of this Indenture shall be valid and effective if delivered or if sent by
telecopier or letter or circular through the ordinary post addressed to such holders at
their post office addresses appearing on the register hereinbefore mentioned and shall
be deemed to have been effectively given on the date of delivery or, if mailed, five
Business Days following actual posting of the notice, or if telecopied, the next
Business Day after transmission provided that transmission has been completely and
accurately transmitted.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If, by reason of a strike, lockout or other work stoppage, actual or
threatened, involving postal employees, any notice to be given to the Warrantholders
hereunder could reasonably be considered unlikely to reach its destination, such notice
shall be valid and effective only if it is delivered or sent by telecopier at the appropriate address
or number referred to in subsection 10.2(a).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10.3 Counterparts</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Indenture may be executed in several counterparts, each of which when so executed shall
be deemed to be an original and such counterparts together shall constitute one and the same
instrument and notwithstanding their date of execution they shall be deemed to be dated as of the
date hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10.4 Satisfaction and Discharge of Indenture</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the earlier of:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date by which there shall have been delivered to the Trustee for exercise
or destruction all Warrant Certificates theretofore certified hereunder; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Time of Expiry,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and if all certificates representing Common Shares and Warrants required to be issued in compliance
with the provisions hereof have been issued and delivered hereunder or to the Trustee in accordance
with such provisions and if all payments required to be made in compliance with the provisions of
Article&nbsp;4 have been made in accordance with such provisions, this Indenture shall cease to be of
further effect and the Trustee, on demand of and at the cost and expense of the Corporation and
upon delivery to the Trustee of a certificate of the Corporation stating that all conditions
precedent to the satisfaction and discharge of this Indenture have been complied with, shall
execute proper instruments acknowledging satisfaction of and discharging this Indenture.
Notwithstanding the foregoing, the indemnities provided to the Trustee by the Corporation hereunder
shall remain in full force and effect and survive the termination of this Indenture.
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 35 -<!-- /Folio -->



<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>10.5</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Provisions of Indenture and Warrants for the Sole Benefit of Parties, Agent and
Warrantholders</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this Indenture or in the Warrant Certificates, expressed or implied, shall give or
be construed to give to any person other than the parties hereto and the Warrantholders, as the
case may be, any legal or equitable right, remedy or claim under this Indenture, or under any
covenant or provision herein or therein contained, all such covenants and provisions being for the
sole benefit of the parties hereto and the Warrantholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10.6 Warrants Owned by the Corporation or its Subsidiaries &#151; Certificate to be Provided</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purpose of disregarding any Warrants owned legally or beneficially by the Corporation
or any Subsidiary of the Corporation in Section&nbsp;7.16, the Corporation shall provide to the Trustee,
from time to time, a certificate of the Corporation setting forth as at the date of such
certificate:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the names (other than the name of the Corporation) of the registered holders of
Warrants which, to the knowledge of the Corporation, are owned by or held for the
account of the Corporation or any Subsidiary of the Corporation; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the number of Warrants owned legally or beneficially by the Corporation or any
Subsidiary of the Corporation;</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and the Trustee, in making the computations in Section&nbsp;7.16, shall be entitled to rely on such
certificate without any additional evidence.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10.7 Evidence of Ownership</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon receipt of a certificate of any bank, trust company or other depositary
satisfactory to the Trustee stating that the Warrants specified therein have been
deposited by a named person with such bank, trust company or other depositary and will
remain so deposited until the expiry of the period specified therein, the Corporation
and the Trustee may treat the person so named as the owner, and such certificate as
sufficient evidence of the ownership by such person of such Warrant during such period,
for the purpose of any requisition, direction, consent, instrument or other document to
be made, signed or given by the holder of the Warrant so deposited.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation and the Trustee may accept as sufficient evidence of the fact
and date of the signing of any requisition, direction, consent, instrument or other
document by any person:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the signature of any officer of any bank, trust company, or
other depositary satisfactory to the Trustee as witness of such execution,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the certificate of any notary public or other officer
authorized to take acknowledgments of deeds to be recorded at the place where
such certificate is made that the person signing acknowledged to him the
execution thereof,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a statutory declaration of a witness of such execution, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such other documentation as is satisfactory to the Trustee.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10.8 Privacy Laws</B>
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 36 -<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation and the Trustee acknowledge that federal and/or provincial legislation that
addresses the protection of individuals&#146; personal information (collectively, &#147;Privacy Laws&#148;)
applies to obligations and activities under this Indenture. Despite any other provision of this
Indenture, neither party shall take or direct any action that would contravene, or cause the other
to contravene, applicable Privacy Laws. The Corporation shall, prior to transferring or causing to
be transferred personal information to the Trustee, obtain and retain required consents of the
relevant individuals to the collection, use and disclosure of their personal information, or shall
have determined that such consents either have previously been given upon which the parties can
rely or are not required under the Privacy Laws. The Trustee shall use reasonable best efforts to
ensure that its services hereunder comply with Privacy Laws. Specifically, the Trustee agrees: (a)
to have a designated chief privacy officer; (b)&nbsp;to maintain policies and procedures to protect
personal information and to receive and respond to any privacy complaint or injury; (c)&nbsp;to use
personal information solely for the purposes of providing its services under or ancillary to this
Indenture and not to use it for any other purpose except with the consent of or direction from the
Corporation or the individual involved; (d)&nbsp;not to sell or otherwise improperly disclose personal
information to any third party; and (e)&nbsp;to employ administrative, physical and technological
safeguards to reasonably secure and protect personal information against loss, theft, or
unauthorized access, use or modification.
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF the parties hereto have executed this Indenture under their respective
corporate seals and the hands of their proper officers in that behalf.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DATED this 5<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of December, 2008.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>ONCOLYTICS BIOTECH INC.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Doug Ball</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>COMPUTERSHARE TRUST COMPANY OF CANADA</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">THIS IS SCHEDULE &#147;A&#148; to the Warrant Indenture made as of December&nbsp;5,
2008 between Oncolytics Biotech Inc. and Computershare Trust Company
of Canada as Trustee.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WARRANT CERTIFICATE<BR><BR style="font-size: 6pt">
ONCOLYTICS BIOTECH INC.<BR>
(Incorporated under the laws of the Province of Alberta)</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt; margin-right: 2%"><B>CUSIP: 682310149</B>&nbsp;
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>ISIN: CA 6823101499</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">WARRANT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CERTIFICATE NO. <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> WARRANTS entitling the holder to
acquire, subject to adjustment, one (1)&nbsp;Common
Share for each whole Warrant represented
hereby.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">THIS IS TO CERTIFY THAT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">

<TD colspan="2"><div style="border-top: 1px solid #000000; margin-left: 50%">&nbsp;</div></TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(hereinafter referred to as the &#147;holder&#148;), subject to the terms, covenants, conditions and
provisions of that Warrant Indenture between Oncolytics Biotech Inc. (the &#147;Corporation&#148;) and
Computershare Trust Company of Canada, dated December&nbsp;5, 2008 (the &#147;Indenture&#148;) is entitled at any
time prior to 4:30 p.m. (Calgary time) on the Expiry Date (as defined below) (the &#147;Time of Expiry&#148;)
to acquire in the manner and subject to the restrictions and adjustments set forth herein, one (1)
fully paid and non assessable common share (&#147;Common Share&#148;) of the Corporation, as such shares were
constituted on the Effective Date, upon payment of Cdn. $1.80 per share payable to the Trustee by
way of cash, certified cheque, money order or bank draft. The &#147;Expiry Date&#148; means December&nbsp;5, 2011,
or if on any date (the &#147;Accelerated Exercise Date&#148;) prior to December&nbsp;5, 2011 the 10-day
volume-weighted average trading price of the Common Shares on the Toronto Stock Exchange exceeds
$2.50 per Common Share, then, at the Corporation&#146;s sole discretion and upon the Corporation sending
the holder written notice of such Accelerated Exercise Date and issuing a news release announcing
such Accelerated Exercise Date (the &#147;Notice&#148;), the day that is 30&nbsp;days following the later of: (i)
the date on which such Notice is sent to the holder; and (ii)&nbsp;the date on which such announcement
is made by news release. The Notice shall be conclusively deemed to have been sent by the
Corporation on the date the Notice is deposited in first class mail to the registered address of
the Warrantholder as reflected on the Warrant Register maintained under the Indenture. Any
Warrants not exercised prior to the Time of Expiry shall be void and of no effect. Any terms
utilized herein and not otherwise defined shall have the meanings ascribed thereto in the
Indenture.
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The certificates representing the Common Shares issued may be obtained upon duly completing
and executing the Exercise Form attached hereto and surrendering this Warrant Certificate to the
Trustee at the principal office of the Trustee in the City of Calgary, Alberta, together with cash,
certified cheque, bank draft or money order payable to the Trustee for the applicable Exercise
Price. These Warrants shall be deemed to be surrendered only upon personal delivery hereof or, if
sent by mail or other means of transmission, upon actual receipt thereof by the Trustee at the
office referred to above, unless the Corporation accepts another form of delivery.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon surrender of these Warrants, the person or persons in whose name or names the Common
Shares issuable upon exercise of the Warrants are to be issued shall be deemed for all purposes
(except as provided in the Indenture) to be the holder or holders of record of such Common Shares
and the Corporation has covenanted that it will (subject to the provisions of the Indenture) use
its reasonable best efforts to cause a certificate or certificates representing such Common Shares
to be delivered to the Warrant Agency or to be mailed to the person or persons at the address or
addresses specified in the Exercise Form within five Business Days of the receipt of this Warrant
Certificate and the Exercise Form duly completed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registered holder of these Warrants may only acquire that number of Common Shares that is
equal to the number of Common Shares which may be acquired for the Warrants represented by this
Warrant Certificate and, subject to the Indenture, no holder is entitled, at any time, to receive
cash or property of any kind in lieu of those Common Shares issuable on the exercise of these
Warrants. The registered holder of these Warrants may acquire any lesser number of Common Shares
than the total number of Common Shares that may be acquired upon the exercise of the Warrants
represented by this Warrant Certificate. In such event, the holder shall be entitled to receive a
new Warrant Certificate for the balance of the Common Shares which may be acquired. No fractional
Common Shares will be issued.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Warrants represented by this certificate are issued under and pursuant to the Indenture
between the Corporation and the Trustee. <B>Reference is made to the Indenture and any instruments
supplemental thereto for a full description of the rights of the holders of the Warrants and the
terms and conditions upon which the Warrants are, or are to be, issued and held, with the same
effect as if the provisions of the Indenture and all instruments supplemental thereto were herein
set forth. </B>By acceptance hereof, the holder assents to all provisions of the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The Warrants evidenced hereby shall not be exercised by any &#147;U.S. person&#148; (a &#147;U.S. Person&#148;) as
defined in Rule&nbsp;902 (k)&nbsp;of Regulation&nbsp;S under the United States </B><B><I>Securities Act of 1933</I></B><B>, as amended
(the &#147;U.S. Securities Act&#148;) any person in the United States or any person holding such Warrants for
the account or benefit of a U.S. Person or person in the United States at any time when no shelf
registration statement under the U.S. Securities Act, including any amendments or supplements
thereto, registering the Common Shares issuable upon the exercise of the Warrants evidence hereby
(a &#147;U.S. Registration Statement&#148;) is effective. During any such time when a U.S. Registration
Statement is not effective, any holder of the Warrants evidenced hereby may be required to agree
that all offers and sales of the Common Shares issued pursuant to such exercise shall be made only
in accordance with Regulation&nbsp;S, pursuant to registration under the U.S. Securities Act or pursuant
to an available exemption from the registration requirements of the U.S. Securities Act.
Reference is made to Section&nbsp;3.1 (b)&nbsp;of the Indenture for a description of the restrictions on the
exercise of the Warrants evidenced hereby.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The holder of this Warrant Certificate may, at any time prior to the Time of Expiry upon
surrender hereof to the Trustee at its principal office in the City of Calgary, Alberta, exchange
this Warrant Certificate for other Warrant Certificates entitling the holder to acquire, in the
aggregate, the same number of Common Shares as may be acquired under this Warrant Certificate.
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 3 -<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The holding of the Warrants evidenced by this Warrant Certificate shall not constitute the
holder hereof a shareholder of the Corporation or entitle the holder to any right or interest in
respect thereof except as expressly provided in the Indenture and in this Warrant Certificate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture provides that all holders of Warrants shall be bound by any resolution passed at
a meeting of the holders of Warrants held in accordance with the provisions of the Indenture and
resolutions signed by the holders of Warrants entitled to acquire a specified majority of the
Common Shares which may be acquired pursuant to all then outstanding Warrants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Warrants evidenced by this Warrant Certificate may be transferred on the register kept at
the office of the Trustee by the registered holder hereof or its legal representatives or its
attorney duly appointed by an instrument in writing in form and execution satisfactory to the
Trustee, upon compliance with the conditions prescribed in the Indenture including the execution of
the Transfer Form attached to this Warrant Certificate and all applicable laws and upon compliance
with such reasonable requirements as the Trustee may prescribe.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Warrant Certificate shall not be valid for any purpose whatever unless and until it has
been certified by or on behalf of the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time shall be of the essence hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF the Corporation has caused this Warrant Certificate to be signed by its
duly authorized officer on the 5<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of December, 2008.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>ONCOLYTICS BIOTECH INC.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Certified by:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>COMPUTERSHARE TRUST COMPANY OF CANADA</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Per:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TRANSFER FORM</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers to

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
(full name of Transferee)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
(full address of Transferee)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Warrants of Oncolytics Biotech Inc. registered in the name of the undersigned
on the records of Oncolytics Biotech Inc. represented by the Warrant Certificate attached and
irrevocably appoints Computershare Trust Company of Canada the attorney of the undersigned to
transfer the said securities on the books or register with full power of substitution.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">DATED the <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> day of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 18pt">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Signature Guaranteed
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
(Signature of Special Warrantholder)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Instructions:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The signature of the Warrantholder must be the signature of the person appearing on the face
of this Warrant Certificate.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Transfer Form is signed on behalf of a corporation, partnership, association, or by an
agent, trustee, executor, administrator, curator, guardian, attorney or any person acting in a
judiciary or representative capacity, the certificate must be accompanied by evidence of
authority to sign satisfactory to the Trustee and the Corporation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The signature on the Transfer Form must be guaranteed by an authorized officer of a chartered
bank, trust company or an eligible guarantor institution with membership in an approved
signature guarantee medallion program.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Warrants shall only be transferable in accordance with applicable laws.</TD>
</TR>

</TABLE>
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXERCISE FORM</B>
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>TO:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Oncolytics Biotech Inc. and</B><BR>
<B>Computershare Trust Company of Canada</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby exercises the right to acquire Common Shares of Oncolytics Biotech Inc.
as constituted on December&nbsp;5, 2008 (or such number of other securities or property to which such
Warrants entitle the undersigned in lieu thereof or in addition thereto under the provisions of the
Indenture referred to in the accompanying Warrant Certificate) in accordance with and subject to
the provisions of such Indenture and in connection therewith has enclosed a certified cheque, money
order or bank draft payable to Computershare Trust Company of Canada in an amount equal to Cdn.
$1.80 (or price as adjusted pursuant to the Indenture) in respect of each Common Share to be
issued.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Common Shares (or other securities or property) are to be issued as follows:
</DIV>
<DIV align="left" style="margin-left: 2%">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="98%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Address in full:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Social Insurance Number/Business Number:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Number of Common Shares:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note: If further nominees intend, please attach (and initial) a schedule giving these
particulars.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DATED this <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> day of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, <U>&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV>
<DIV align="left" style="margin-left: 2%">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="98%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 18pt">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Signature Guaranteed
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Signature of Warrantholder)</TD>
</TR>
<TR valign="bottom" style="font-size: 18pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Print full name)</TD>
</TR>
<TR valign="bottom" style="font-size: 18pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Print full address)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Instructions:</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The registered holder may receive its Common Shares by completing this form and surrendering
this form and the Warrant Certificate representing the Warrants to Computershare Trust Company
of Canada at its principal office at 600, 530- 8th Avenue S.W., Calgary, Alberta, T2P 3S8.
The Corporation will use its reasonable best efforts to cause certificates for Common Shares
to be delivered to the Warrant Agency or to be mailed to the registered holder within five
Business Days after receipt of the Warrant Certificates and this form duly completed.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Exercise Form indicates that Common Shares are to be issued to a person or persons
other than the registered holder of the Warrant Certificate, the signature of such holder on
the Exercise Form <U>must</U> be guaranteed by an authorized officer of a chartered bank,
trust company or an eligible guarantor institution with membership in an approved signature
guarantee medallion program</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Exercise Form is signed by a trustee, executor, administrator, curator, guardian,
attorney, officer of a corporation or any person acting in a judiciary or representative
capacity, the certificate must be accompanied by evidence of authority to sign satisfactory to
the Trustee and the Corporation.</TD>
</TR>

</TABLE>
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Page</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="78%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" align="left"><B>ARTICLE I INTERPRETATION</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>1</B></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">1.1</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Definitions</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS"> 1</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">1.2</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Gender and Number</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS"> 4</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">1.3</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Interpretation not Affected by Headings, etc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS"> 4</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">1.4</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Day not a Business Day</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS"> 4</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">1.5</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Time of the Essence</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS"> 5</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">1.6</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Currency</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS"> 5</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">1.7</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Applicable Law</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS"> 5</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left"><B>ARTICLE II ISSUE OF WARRANTS</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>5</B></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">2.1</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Issue of Warrants</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS"> 5</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">2.2</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Terms of Warrants</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS"> 5</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">2.3</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Warrantholder not a Shareholder</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS"> 5</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">2.4</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Warrants to Rank Pari Passu</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS"> 5</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">2.5</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Form of Warrants</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS"> 5</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">2.6</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Signing of Warrant Certificates</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS"> 6</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">2.7</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Certification by the Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS"> 6</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">2.8</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Issue in Substitution for Warrant Certificates Lost, etc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS"> 6</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">2.9</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Exchange of Warrant Certificates</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS"> 7</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">2.10</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Transfer and Ownership of Warrants</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS"> 7</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">2.11</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Charges for Exchange or Transfer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS"> 8</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">2.12</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Global Warrant Certificates</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS"> 8</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">2.13</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Cancellation of Surrendered Warrants</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">10</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">2.14</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Assumption by Transferee and Release of Transferor</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">10</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left"><B>ARTICLE III EXERCISE OF WARRANTS</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>10</B></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">3.1</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Exercise of Warrants by the Holder</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">10</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">3.2</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Transfer Fees and Taxes</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">12</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">3.3</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Warrant Agency</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">12</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">3.4</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Effect of Exercise of Warrants</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">12</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">3.5</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Partial Exercise of Warrants; Fractions</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">13</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">3.6</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Expiration of Warrants</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">13</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">3.7</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Accounting and Recording</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">13</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">3.8</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Securities Restrictions</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">14</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left"><B>ARTICLE IV ADJUSTMENT OF NUMBER OF COMMON SHARES</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>14</B></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">4.1</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Adjustment of Number of Common Shares</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">14</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">4.2</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Entitlement to Shares on Exercise of Warrant</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">18</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">4.3</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Determination by Corporation&#146;s Auditors</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">18</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">4.4</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Proceedings Prior to any Action Requiring Adjustment</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">18</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">4.5</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Certificate of Adjustment</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">19</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">4.6</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Notice of Special Matters</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">19</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">4.7</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">No Action after Notice</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">19</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">4.8</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Protection of Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">19</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left"><B>ARTICLE V RIGHTS OF THE CORPORATION AND COVENANTS</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>20</B></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">5.1</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">General Covenants</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">20</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">5.2</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Trustee&#146;s Remuneration and Expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">21</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">5.3</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Performance of Covenants by Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">21</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">5.4</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Optional Purchases by the Corporation</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">21</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left"><B>ARTICLE VI ENFORCEMENT</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>21</B></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
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</TABLE>
</DIV>

</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- ii -&nbsp;<!-- /Folio -->
<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Page</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="78%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">6.1</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Suits by Warrantholders</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">21</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">6.2</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Immunity of Shareholders, etc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">22</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">6.3</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Limitation of Liability</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">22</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">6.4</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Waiver of Default</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">22</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left"><B>ARTICLE VII MEETINGS OF WARRANTHOLDERS</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>22</B></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">7.1</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Right to Convene Meetings</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">22</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">7.2</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Notice</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">23</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">7.3</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Chairman</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">23</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">7.4</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Quorum</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">23</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">7.5</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Power to Adjourn</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">23</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">7.6</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Show of Hands</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">23</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">7.7</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Poll and Voting</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">24</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">7.8</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Regulations</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">24</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">7.9</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Corporation and Trustee May be Represented</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">25</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">7.10</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Powers Exercisable by Extraordinary Resolution</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">25</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">7.11</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Meaning of Extraordinary Resolution</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">26</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">7.12</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Powers Cumulative</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">26</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">7.13</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Minutes</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">27</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">7.14</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Instruments in Writing</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">27</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">7.15</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Binding Effect of Resolutions</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">27</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">7.16</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Holdings by Corporation Disregarded</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">27</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left"><B>ARTICLE VIII SUPPLEMENTAL INDENTURES</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>27</B></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">8.1</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Provision for Supplemental Indentures for Certain Purposes</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">27</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">8.2</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Successor Corporations</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">28</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left"><B>ARTICLE IX CONCERNING THE TRUSTEE</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>28</B></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">9.1</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Trust Indenture Legislation</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">28</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">9.2</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Rights and Duties of Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">29</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">9.3</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Evidence, Experts and Advisers</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">29</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">9.4</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Documents, Monies, etc. Held by Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">30</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">9.5</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Actions by Trustee to Protect Interest</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">30</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">9.6</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Trustee Not Required to Give Security</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">30</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">9.7</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Protection of Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">31</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">9.8</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Replacement of Trustee; Successor by Merger</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">31</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">9.9</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Conflict of Interest</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">32</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">9.10</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Acceptance of Trust</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">32</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">9.11</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Trustee Not to be Appointed Receiver</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">32</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">9.12</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Anti-Money Laundering and Anti-Terrorist Legislation</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">32</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">9.13</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Accounts Opened for Corporation</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">32</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left"><B>ARTICLE X GENERAL</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>33</B></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">10.1</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Notice to the Corporation and the Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">33</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">10.2</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Notice to Warrantholders</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">34</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">10.3</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Counterparts</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">34</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">10.4</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Satisfaction and Discharge of Indenture</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">34</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">10.5</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Provisions of Indenture and Warrants for the Sole Benefit of Parties, Agent and Warrantholders</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">35</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">10.6</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Warrants Owned by the Corporation or its Subsidiaries - Certificate to be Provided</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">35</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">10.7</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Evidence of Ownership</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">35</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">10.8</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Privacy Laws</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">35</FONT></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
