<SEC-DOCUMENT>0001144204-19-040344.txt : 20190816
<SEC-HEADER>0001144204-19-040344.hdr.sgml : 20190816
<ACCEPTANCE-DATETIME>20190816110027
ACCESSION NUMBER:		0001144204-19-040344
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20190816
FILED AS OF DATE:		20190816
DATE AS OF CHANGE:		20190816

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:	001-38512
		FILM NUMBER:		191032001

	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>tv527795_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form 6-K</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Report of Foreign Private Issuer</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Rule&nbsp;13a-16 or 15d-16</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of the Securities Exchange Act of 1934</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of&nbsp;August 2019</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Commission File Number 001-38512</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>Oncolytics
Biotech Inc.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Translation of registrant&rsquo;s name
into English)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Suite&nbsp;210, 1167 Kensington Crescent
NW</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Calgary, Alberta, Canada T2N 1X7</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Address of principal executive offices)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will
file annual reports under cover Form&nbsp;20-F or Form&nbsp;40-F.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 41%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center">Form&nbsp;20-F&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&thorn;</FONT></TD>
    <TD STYLE="width: 20%; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 39%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center">Form&nbsp;40-F&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form&nbsp;6-K
in paper as permitted by Regulation&nbsp;S-T Rule&nbsp;101(b)(1):&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note:</B> Regulation&nbsp;S-T Rule&nbsp;101(b)(1) only permits
the submission in paper of a Form&nbsp;6-K if submitted solely to provide an attached annual report to security holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form&nbsp;6-K
in paper as permitted by Regulation&nbsp;S-T Rule&nbsp;101(b)(7):&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note:</B> Regulation&nbsp;S-T Rule&nbsp;101(b)(7) only permits
the submission in paper of a Form&nbsp;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&rsquo;s &ldquo;home country&rdquo;), or under the rules of the home country exchange on which the registrant&rsquo;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&rsquo;s security holders, and, if discussing a material event, has already been the subject of a Form&nbsp;6-K
submission or other Commission filing on EDGAR.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Underwriting Agreement
dated August 14, 2019 included as Exhibit&nbsp;99.1 of this Form&nbsp;6-K and the Warrant Agent Agreement dated August 16, 2019
included as Exhibit 99.2 of this Form 6-K are incorporated by reference into the Registrant&rsquo;s Registration Statement on Form&nbsp;F-10
(Commission File No. 333-224432).</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NUMBER&nbsp;</B></P></TD>
    <TD STYLE="width: 1%; padding: 0">&nbsp;</TD>
    <TD STYLE="width: 88%; border-bottom: black 1pt solid; padding: 0; text-align: center"><B>DESCRIPTION</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-align: center">99.1</TD>
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0">Underwriting Agreement dated August 14, 2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-align: center">99.2</TD>
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0">Warrant Agent Agreement dated August 16, 2019</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom"><B>Oncolytics Biotech Inc.</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">(Registrant)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 50%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; padding-bottom: 1pt">By:</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 45%; border-bottom: Black 1pt solid">/s/&nbsp;<I>&nbsp;Kirk Look</I></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Kirk Look</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Chief Financial Officer</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">Date: August 16, 2019</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tv527795_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4,619,773 Common Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4,619,773 Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><BR>
<FONT STYLE="text-transform: uppercase"><B>ONCOLYTICS BIOTECH Inc.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>(</B></FONT><B>incorporated
under the <I>Business Corporations Act</I> (Alberta))</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">August 14, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladenburg Thalmann &amp; Co. Inc.<BR>
277 Park Avenue, 26th Floor<BR>
New York, NY 10172</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As Representative of the several Underwriters</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">c/o Ladenburg Thalmann &amp; Co. Inc.<BR>
277 Park Avenue, 26th Floor<BR>
New York, NY 10172</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Oncolytics Biotech
Inc., a company incorporated under the <I>Business Corporations Act</I> (Alberta) (the &quot;<B><I>Company</I></B>&quot;), proposes
to sell to the several underwriters named in <U>Schedule I</U> hereto (the &quot;<B><I>Underwriters</I></B>&quot;) for whom Ladenburg
Thalmann &amp; Co. Inc. is acting as representative (the &quot;<B><I>Representative</I></B>&quot;), an aggregate of (i) 4,619,773
common shares (each, a &quot;<B><I>Firm Share</I></B>&quot;), no par value, of the Company (the &quot;<B><I>Common Shares</I></B>&quot;),
and (ii) 4,619,773 Common Share purchase warrants (the &ldquo;<B><I>Firm Warrants</I></B>&rdquo;). The Company also proposes to
grant to the Underwriters an option to purchase up to (i) 692,965 additional Common Shares (the &quot;<B><I>Option Shares</I></B>&quot;
and, together with the Firm Shares, the &quot;<B><I>Shares</I></B>&quot;), and (ii) 692,965 additional warrants (the &ldquo;<B><I>Option
Warrants</I></B>&rdquo; and together with the Firm Warrants, the &ldquo;<B><I>Warrants</I></B>&rdquo;). The common shares issuable
upon exercise of the Firm Warrants and the Option Warrants are collectively referred to as the &ldquo;<B><I>Warrant Shares</I></B>.&rdquo;
The Firm Shares, the Option Shares, the Firm Warrants, the Option Warrants, and, where applicable, the Warrant Shares, are collectively
referred to as the &ldquo;<B><I>Securities</I></B>.&rdquo; To the extent there are no additional Underwriters listed on <U>Schedule
I</U> hereto, the term &quot;Representative&quot; as used herein shall mean Ladenburg Thalmann &amp; Co. Inc. as Underwriter and
the term &quot;Underwriters&quot; shall be construed as singular.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company hereby
confirms its agreement with respect to the sale of the Securities to the Underwriters.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Registration
Statement and Prospectus</I></B>. The Company has prepared and filed with the securities regulatory authorities (the &quot;<B><I>Qualifying
Authorities</I></B>&quot;) in each of the provinces and territories of Canada (the &quot;<B><I>Qualifying Jurisdictions</I></B>&quot;)
a preliminary short form base shelf prospectus dated April 25, 2018 (the &quot;<B><I>Canadian Preliminary Base Prospectus</I></B>&quot;),
and the Canadian Base Prospectus (as defined below), in respect of an aggregate of up to Cdn.$150,000,000 in certain securities
of the Company, including Common Shares and Warrants (collectively, the &quot;<B><I>Shelf Securities</I></B>&quot;). The Company
has selected the Alberta Securities Commission (the &quot;<B><I>Reviewing Authority</I></B>&quot;) as its principal regulator under
the passport system procedures provided for under Multilateral Instrument 11-102 - Passport System and National Policy 11-202 -
Process for Prospectus Reviews in Multiple Jurisdictions (collectively, the &quot;<B><I>Passport System</I></B>&quot;) in respect
of the offering of the Shelf Securities. The Reviewing Authority has issued a receipt, which is deemed to also be a receipt of
each of the other Qualifying Authorities pursuant to the Passport System (a &quot;<B><I>Passport Decision Document</I></B>&quot;),
for each of the Canadian Preliminary Base Prospectus and the Canadian Base Prospectus. The term &quot;<B><I>Canadian Base Prospectus</I></B>&quot;
means the final short form base shelf prospectus dated May 4, 2018 relating to the Shelf Securities, including any documents incorporated
by reference therein and the documents otherwise deemed to be incorporated by reference therein pursuant to Canadian Securities
Laws (as defined below), at the time the Reviewing Authority issued a Passport Decision Document with respect thereto in accordance
with Canadian Securities Laws, including National Instrument 44-101 - <I>Short Form Prospectus Distributions</I> and National Instrument
44-102 - <I>Shelf Distributions</I> (together, the &quot;<B><I>Canadian Shelf Procedures</I></B>&quot;). The Company has also prepared
and filed with the Reviewing Authority in accordance with the Canadian Shelf Procedures a preliminary prospectus supplement dated
August 13, 2019, relating to the Securities, which excluded certain information (&quot;<B><I>Canadian Preliminary Prospectus Supplement</I></B>&quot;,
together with the Canadian Base Prospectus, and including any documents incorporated therein by reference and the documents otherwise
deemed to be incorporated by reference therein pursuant to Canadian Securities Laws, the &quot;<B><I>Canadian Preliminary Prospectus</I></B>&quot;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has also
prepared and filed with the United States Securities and Exchange Commission (the &quot;<B><I>Commission</I></B>&quot;) a registration
statement on Form F-10 (File No. 333-224432) covering the registration of the Shelf Securities under the United States Securities
Act of 1933, as amended (the &quot;<B><I>Securities Act</I></B>&quot; or &quot;<B><I>Act</I></B>&quot;) and the rules and regulations
(the &quot;<B><I>Rules and Regulations</I></B>&quot;) of the Commission thereunder, and such amendments to such registration statement
as may have been permitted or required under the Act and Rules and Regulations to the date of this Agreement. Such registration
statement on Form F-10, including the Canadian Base Prospectus (with such deletions therefrom and additions thereto as are permitted
or required by Form F-10 and the Rules and Regulations) and including exhibits to such registration statement has become effective
in such form pursuant to Rule 467(b) under the Securities Act. Such registration statement, at any given time, including amendments
thereto to such time, the exhibits and any schedules thereto at such time and the documents incorporated by reference therein pursuant
to Item 4 of Form F-10 under the Securities Act, at such time, is herein called the &quot;<B><I>Registration Statement</I></B><I>.</I>&quot;
The Registration Statement at the time it originally became effective pursuant to the Rules and Regulations is herein called the
&quot;<B><I>Original Registration Statement</I></B>.&quot; The Canadian Base Prospectus (with such deletions therefrom and additions
thereto as are permitted or required by Form F-10 and the Rules and Regulations) in the form in which it appeared in the Original
Registration Statement and including the documents incorporated therein by reference is herein called the &quot;<B><I>U.S. Base
Prospectus</I></B>.&quot; The Canadian Preliminary Prospectus Supplement (with such deletions therefrom and additions thereto as
are permitted or required by Form F-10 and the Rules and Regulations), relating to the offering of the Securities, including all
documents incorporated therein by reference, filed with the Commission pursuant to General Instruction II.L of Form F-10 under
the Securities Act, (the &quot;<B><I>U.S. Preliminary Prospectus Supplement</I></B>, together with the U.S. Base Prospectus, is
hereinafter called the &quot;<B><I>U.S. Preliminary Prospectus</I></B>.&quot;)</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the Company
(i) shall prepare and file with the Reviewing Authority in accordance with <U>Section 4(a)</U> hereof a final prospectus supplement
(the &quot;<B><I>Canadian Final Prospectus Supplement</I></B>&quot;) to the Canadian Base Prospectus relating to the Securities,
which includes the information omitted from the Canadian Preliminary Prospectus (together with the Canadian Base Prospectus, and
including any documents incorporated therein by reference and the documents otherwise deemed to be a part thereof or included therein
pursuant to Canadian Securities Laws, the &quot;<B><I>Canadian Final Prospectus</I></B>&quot;), and (ii) shall prepare and file
with the Commission pursuant to General Instruction II.L of Form F-10 and in accordance with <U>Section 4(a)</U> hereof the Canadian
Final Prospectus Supplement (with such deletions therefrom and additions thereto as are permitted or required by Form F-10 and
the Rules and Regulations) (the <I>&quot;<B>U.S. Final Prospectus Supplement</B>&quot;)</I> to the U.S. Base Prospectus relating
to the offering of the Securities (including all documents incorporated therein by reference, together with the U.S. Base Prospectus,
the &quot;<B><I>U.S. Final Prospectus</I></B>&quot;). The U.S. Preliminary Prospectus and the Canadian Preliminary Prospectus are
referred to herein as the &quot;<B><I>Preliminary Prospectuses</I></B>,&quot; and the U.S. Final Prospectus and the Canadian Final
Prospectus are referred to herein as the &quot;<B><I>Final Prospectuses</I></B>.&quot; Any amendment to the Canadian Final Prospectus,
any amended or supplemental prospectus, any management information circular, financial statement, management's discussion and analysis,
annual information form, business acquisition report or material change report that may be filed by or on behalf of the Company
under the securities laws of the Qualifying Jurisdictions prior to the expiry of the period of distribution of the Securities,
where such document is deemed to be incorporated by reference into the Canadian Final Prospectus, is referred to herein collectively
as the &quot;<B><I>Supplementary Material</I></B>.&quot; Any reference herein to any &quot;amendment&quot; or &quot;supplement&quot;
to the U.S. Preliminary Prospectus or the U.S. Final Prospectus shall be deemed to refer to and include (i) the filing of any document
with the Reviewing Authority or the Commission after the date of the U.S. Preliminary Prospectus or the U.S. Final Prospectus,
as the case may be, and prior to the First Closing Date or Second Closing Date, as applicable, which is incorporated therein by
reference or is otherwise deemed to be a part thereof or included therein by Item 4 of Form F-10 and the Rules and Regulations
and (ii) any such document so filed prior to the First Closing Date or Second Closing Date, as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the Company
(i) shall prepare and file with the Reviewing Authority as soon as possible, and in any event no later than one (1) Business Day
prior to the Closing Date, a prospectus supplement (the &quot;<B><I>Canadian Warrant Supplement</I></B>&quot;) to the Canadian
Base Prospectus relating to the Warrant Shares (the Canadian Warrant Supplement together with the Canadian Base Prospectus, and
including any documents incorporated therein by reference and the documents otherwise deemed to be a part thereof or included therein
pursuant to Canadian Securities Laws, the &quot;<B><I>Canadian Warrant Prospectus</I></B>&quot;); and (ii) shall prepare and file
with the Commission pursuant to General Instruction II.L of Form F-10 as soon as possible, and in any event no later than one (1)
Business Day prior to the Closing Date, the Canadian Warrant Supplement (with such deletions therefrom and additions thereto as
are permitted or required by Form F-10 and the Rules and Regulations) (the <I>&quot;<B>U.S. Warrant Supplement</B>&quot;)</I> to
the U.S. Base Prospectus relating to the offering of the Securities (including all documents incorporated therein by reference,
together with the U.S. Base Prospectus, the &quot;<B><I>U.S. Warrant Prospectus</I></B>&quot;). The Canadian Warrant Prospectus
together with the U.S. Warrant Prospectus are referred to herein as the &ldquo;<B><I>Warrant Prospectuses</I></B>.&rdquo; The Company
shall use its reasonable efforts to maintain the effectiveness of the Registration Statement or another shelf registration statement
providing for the registration of the offering of the Warrant Shares until the earlier of the expiration date of the Warrants and
the date upon which all such Warrants have been exercised. The Company acknowledges and agrees that under no circumstances whatsoever
shall the Underwriters be required to execute a certificate page in respect of the Warrant Prospectuses.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Underwriters shall
offer the Securities for sale to the public directly and through other investment dealers and brokers in the United States of America
(the &quot;<B><I>United States</I></B>&quot;) only as permitted by applicable law and upon the terms and conditions set forth in
the U.S. Final Prospectus and this Agreement. It is acknowledged and agreed that the Canadian Final Prospectus shall not contemplate
making sales of any prospectus qualified Securities to purchasers in Canada and, accordingly, shall expressly state that it does
not qualify the distribution of any securities to purchasers in any province or territory of Canada and shall not contain any underwriter's
certificate. The Underwriters may, however, sell Securities to purchasers in certain provinces of Canada pursuant to exemptions
from the prospectus requirements of applicable Canadian securities laws, through securities dealers duly registered to sell such
securities under applicable Canadian securities laws. The Underwriters agree that they will not, directly or indirectly, distribute
the Registration Statement, the U.S. Preliminary Prospectus or the U.S. Final Prospectus or publish any prospectus, circular, advertisement
or other offering material in any jurisdiction other than such states of the United States in which the Securities are duly qualified
under U.S. federal and applicable U.S. state securities laws (or in circumstances where such state securities laws are preempted),
in such manner as to require registration of the Securities or the filing of a prospectus or any similar document with respect
to the Securities by the Company therein or subject the Company to ongoing periodic reporting obligations in such jurisdiction
pursuant to the securities laws of such jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has also
prepared and filed with the Commission an appointment of agent for service of process upon the Company on Form F-X in conjunction
with the filing of the Registration Statement (the &quot;<B><I>Form F-X</I></B>&quot;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this
Agreement, all references to the Registration Statement, the U.S. Base Prospectus or the U.S. Preliminary Prospectus, any Issuer
Free Writing Prospectus (as defined below) or the U.S. Final Prospectus, or any amendment or supplement to any of the foregoing,
shall be deemed to include the copy filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval
System (&quot;<B><I>EDGAR</I></B>&quot;). For purposes of this Agreement, all references to the Canadian Preliminary Base Prospectus,
the Canadian Base Prospectus, the Canadian Preliminary Prospectus or the Canadian Final Prospectus, or any amendment or supplement
to any of the foregoing (including any Supplementary Material), shall include the copy filed with the Qualifying Authorities pursuant
to the System for Electronic Document Analysis and Retrieval (&quot;<B><I>SEDAR</I></B>&quot;).</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All references in this
Agreement to financial statements and schedules and other information which is &quot;contained,&quot; &quot;included&quot; or &quot;stated&quot;
in the Registration Statement, the U.S. Base Prospectus, the U.S. Preliminary Prospectus or the U.S. Final Prospectus (or other
references of like import) shall be deemed to mean and include all such financial statements and schedules and other information
which are incorporated by reference in or otherwise deemed by Item 4 of Form F-10 and the Rules and Regulations to be a part of
or included in the Registration Statement, the U.S. Base Prospectus, the U.S. Preliminary Prospectus or the U.S. Final Prospectus,
as the case may be; and all references in this Agreement to amendments or supplements to the Registration Statement, the U.S. Base
Prospectus, the U.S. Preliminary Prospectus or the U.S. Final Prospectus shall be deemed to mean and include the filing of any
document under the United States Securities Exchange Act of 1934, as amended (the &quot;<B><I>Exchange Act</I></B>&quot;), which
is incorporated by reference in or otherwise deemed by Item 4 of Form F-10 and the Rules and Regulations to be a part of or included
in the Registration Statement, the U.S. Base Prospectus, the U.S. Preliminary Prospectus or the U.S. Final Prospectus, as the case
may be. All references in this Agreement to financial statements and other information which is &quot;contained,&quot; &quot;included&quot;
or &quot;stated&quot; in the Canadian Preliminary Base Prospectus, the Canadian Base Prospectus, the Canadian Preliminary Prospectus
or the Canadian Final Prospectus (or other references of like import) shall be deemed to mean and include all such financial statements
and other information which is incorporated by reference in or otherwise deemed by Canadian Securities Laws to be a part of or
included in the Canadian Preliminary Base Prospectus, the Canadian Base Prospectus, the Canadian Preliminary Prospectus or the
Canadian Final Prospectus, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Representations
and Warranties of the Company</I></B>. The Company represents and warrants to, and agrees with, the Underwriters as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a) The Company is a
reporting issuer in each Qualifying Jurisdiction, is not in default under the securities laws of any Qualifying Jurisdiction, and
is in compliance in all material respects with its timely disclosure obligations under the Exchange Act, the Canadian Securities
Laws and the requirements of the Toronto Stock Exchange (the &quot;<B><I>TSX</I></B>&quot;). The Company meets the general eligibility
requirements for use of the Canadian Shelf Procedures and for the use of a short form base shelf prospectus with respect to a distribution
of securities. The Company meets the general eligibility requirements for use of Form F-10 under the Securities Act. The Reviewing
Authority has issued a Passport Decision Document on behalf of itself and the other Qualifying Authorities for each of the Canadian
Preliminary Base Prospectus and the Canadian Base Prospectus; subsequent to the issuance of the Passport Decision Document for
the Canadian Base Prospectus, no other document with respect to the Canadian Base Prospectus has heretofore been filed or transmitted
for filing with the Qualifying Authorities, except for any document filed with the Qualifying Authorities subsequent to the date
of such Passport Decision Document in the form heretofore delivered to the Underwriters (including supplements to the Canadian
Base Prospectus that are not applicable to the transactions contemplated by this Agreement).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b) The Statutory Prospectus
(as defined below) at the Time of Sale (as defined below) complies with the requirements of the Securities Act, Form F-10 and the
Rules and Regulations in all material respects and does not contain an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c) The Original Registration
Statement initially became effective under the Securities Act on May 7, 2018. No stop order suspending the effectiveness of the
Registration Statement is in effect and no proceedings for such purpose have been instituted or are pending or, to the knowledge
of the Company, are contemplated or threatened by the Commission. No order, ruling or determination having the effect of suspending
the sale or ceasing the trading of any securities of the Company (including the Securities) has been issued or made by any Qualifying
Authority, any other securities commission, stock exchange or other regulatory authority and no proceedings for that purpose have
been instituted or are pending or, to the Company's knowledge, are contemplated by any such authority. Any request on the part
of the Commission, any Qualifying Authority or any other securities commission, stock exchange or other regulatory authority for
additional information in connection with the offering contemplated hereby has been complied with.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d) Each part of the
Registration Statement and any post-effective amendment thereto, at the time such part became effective, and at the First Closing
Date and the Second Closing Date (as defined below), as the case may be, the U.S. Final Prospectus (or any amendment or supplement
to the U.S. Final Prospectus), at the time it is first filed in accordance with General Instruction II.L of Form F-10 or the time
of first use within the meaning of the Rules and Regulations, and at the First Closing Date or Second Closing Date, as the case
may be, and the U.S. Warrant Prospectus (or any amendment or supplement to the U.S. Warrant Prospectus), at the time it is first
filed in accordance with General Instruction II.L of Form F-10 or the time of first use within the meaning of the Rules and Regulations,
and at the First Closing Date or Second Closing Date, as the case may be, complied and will comply in all material respects with
the applicable requirements and provisions of the Securities Act, Form F-10 and the Rules and Regulations and did not and will
not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein, solely in the case of the U.S. Final Prospectus and U.S. Warrant Prospectus in the light of the
circumstances under which they were made, not misleading. The representations and warranties set forth in the immediately preceding
sentence do not apply to statements in or omissions from the Registration Statement, or any post-effective amendment thereto, or
the U.S. Final Prospectus or U.S. Warrant Prospectus, or any amendments or supplements thereto, made in reliance upon and in conformity
with written information relating to the Underwriters furnished to the Company through the Representative by or on behalf of any
Underwriter specifically for use therein; it being understood and agreed that the only such information furnished by the Underwriters
consists of the information described as such in <U>Section 6(g)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">At the time of filing
thereof with the Qualifying Authorities and at the First Closing Date and the Second Closing Date: (A) the Canadian Preliminary
Prospectus, the Canadian Final Prospectus and the Canadian Warrant Prospectus (and any further amendments or supplements thereto,
including any Supplementary Material) complied and will comply in all material respects with the securities laws applicable in
the Qualifying Jurisdictions and the respective instruments, rules and regulations made and forms prescribed under such laws together
with applicable published policy statements (including, without limitation, the Canadian Shelf Procedures) and applicable notices
of the Qualifying Authorities made in connection with the transactions contemplated by this Agreement (collectively, the &quot;<B><I>Canadian
Securities Laws</I></B>&quot;); and (B) the Canadian Preliminary Prospectus, the Canadian Final Prospectus and the Canadian Warrant
Prospectus (and any further amendments or supplements thereto, including any Supplementary Material) constituted and will constitute
full, true and plain disclosure of all material facts relating to the Securities and the Company and its Subsidiaries, taken as
a whole, and did not and will not contain a misrepresentation, as defined under Canadian Securities Laws, and did not 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.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">The U.S. Preliminary
Prospectus conformed and will conform to the Canadian Preliminary Prospectus, the U.S. Final Prospectus conformed and will conform
to the Canadian Final Prospectus, and the U.S. Warrant Prospectus conformed and will conform to the Canadian Warrant Prospectus,
in each case except for such deletions therefrom and additions thereto as are permitted or required by Form F-10 and the Rules
and Regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e) Neither (A) any Issuer
General Free Writing Prospectus(es) issued at or prior to the Time of Sale and set forth on <U>Schedule II</U>, the information
set forth on <U>Schedule III</U> and the U.S. Preliminary Prospectus at the Time of Sale, all considered together (collectively,
the &quot;<B><I>Time of Sale Disclosure Package</I></B>&quot;), nor (B) any individual Issuer Limited-Use Free Writing Prospectus,
when considered together with the Time of Sale Disclosure Package, includes or included as of the Time of Sale any untrue statement
of a material fact or omits or omitted as of the Time of Sale 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. The preceding sentence does not apply to
statements in or omissions from any Statutory Prospectus or any Issuer Free Writing Prospectus based upon and in conformity with
written information relating to the Underwriters furnished to the Company through the Representative by or on behalf of any Underwriter
specifically for use therein; it being understood and agreed that the only such information furnished by the Underwriters consists
of the information described as such in <U>Section 6(g)</U>. As used in this paragraph and elsewhere in this Agreement:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i) &quot;<B><I>Time
of Sale</I></B>&quot; means 8:00 a.m. (New York time) on the date of this Agreement, or such other time as agreed to by the Company
and the Representative.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii) &quot;<B><I>Statutory
Prospectus</I></B>&quot; means the U.S. Base Prospectus, as amended and supplemented immediately prior to the Time of Sale, including
any document incorporated by reference therein and any prospectus supplement deemed to be a part thereof. For purposes of this
definition, information contained in a form of prospectus supplement filed in accordance with General Instruction II.L of Form
F-10 shall be considered to be included in the Statutory Prospectus as of the actual time that the form of prospectus supplement
is filed with the Commission under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iii) &quot;<B><I>Issuer
Free Writing Prospectus</I></B>&quot; means any &quot;issuer free writing prospectus,&quot; as defined in Rule 433 under the Securities
Act, relating to the Securities that (A) is required to be filed with the Commission by the Company, or (B) is exempt from filing
pursuant to Rule 433(d)(5)(i) under the Securities Act because it contains a description of the Securities or of the offering that
does not reflect the final terms, or is a &quot;bona fide electronic roadshow,&quot; as defined in Rule 433 of the Rules and Regulations,
in each case in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained
in the Company's records pursuant to Rule 433(g) under the Securities Act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iv) &quot;<B><I>Issuer
General Free Writing Prospectus</I></B>&quot; means any Issuer Free Writing Prospectus that is intended for general distribution
to prospective investors, as evidenced by its being specified in <U>Schedule II</U> hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(v) &quot;<B><I>Issuer
Limited-Use Free Writing Prospectus</I></B>&quot; means any Issuer Free Writing Prospectus that is not an Issuer General Free Writing
Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f) (A) Each Issuer Free
Writing Prospectus, as of its issue date did not include any information that conflicted with the information contained in the
Registration Statement, any Statutory Prospectus or the U.S. Final Prospectus. The foregoing sentence does not apply to statements
in or omissions from any Issuer Free Writing Prospectus based upon and in conformity with written information relating to the Underwriters
furnished to the Company through the Representative by or on behalf of any Underwriter specifically for use therein; it being understood
and agreed that the only such information furnished by the Underwriters consists of the information described as such in <U>Section
6(g)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(B)(1) At the earliest
time after the filing of the Registration Statement that the Company or another offering participant made a <I>bona fide</I> offer
(within the meaning of Rule 164(h)(2) under the Securities Act) of the Securities and (2) at the date hereof, the Company was not
and is not an &quot;ineligible issuer,&quot; as defined in Rule 405 under the Securities Act, in the preceding three years not
having been convicted of a felony or misdemeanor or having been made the subject of a judicial or administrative decree or order
as described in Rule 405 (without taking account of any determination by the Commission pursuant to Rule 405 that it is not necessary
that the Company be considered an ineligible issuer), nor an &quot;excluded issuer&quot; as defined in Rule 164 under the Securities
Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(C) Each Issuer Free
Writing Prospectus satisfied, as of its issue date, all other conditions to use thereof as set forth in Rules 164 and 433 under
the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g) The U.S. Preliminary
Prospectus and the U.S. Final Prospectus delivered or to be delivered to the Underwriters for use in connection with this offering
was or will be substantially identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR,
except to the extent permitted by Regulation S-T. The Canadian Preliminary Prospectus and the Canadian Final Prospectus delivered
or to be delivered to the Underwriters for use in connection with this offering was or will be identical to the electronically
transmitted copies thereof filed by the Company with the Qualifying Authorities pursuant to SEDAR.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h) The financial statements
of the Company, together with the related notes, set forth or incorporated by reference in the Registration Statement, the Time
of Sale Disclosure Package, the Final Prospectuses and the Warrant Prospectuses comply in all material respects with the requirements
of the Securities Act and the Exchange Act and fairly present in all material respects the financial condition of the Company as
of the dates indicated and the results of operations and changes in cash flows for the periods therein specified in conformity
with international financial reporting standards as issued by the International Accounting Standards Board (&quot;<B><I>IFRS</I></B>&quot;),
consistently applied throughout the periods involved; and the supporting schedules included in the Registration Statement, if any,
the Time of Sale Disclosure Package, the Final Prospectuses and the Warrant Prospectuses have been derived from the accounting
records of the Company and present fairly in all material respects the information required to be stated therein. No other schedules
or financial statements are required to be included in the Registration Statement, the Time of Sale Disclosure Package, the Final
Prospectuses or the Warrant Prospectuses. To the Company's knowledge, Ernst &amp; Young LLP, which has audited or reviewed, as
applicable, the financial statements filed as a part of the Registration Statement and included in the Registration Statement,
the Time of Sale Disclosure Package, the Final Prospectuses and the Warrant Prospectuses, are independent public accountants as
required by the Securities Act, the Rules and Regulations and Canadian Securities Laws, are in good standing with the Canadian
Public Accountability Board. Ernst &amp; Young LLP are independent with respect to the Company within the meaning of the Sarbanes-Oxley
Act of 2002 (the &quot;<B><I>Sarbanes-Oxley Act</I></B>&quot;) for the periods required under General Instruction III.B. of Form
F-10, and are also independent with respect to the Company as required by the <I>Business Corporations Act</I> (Alberta), applicable
Canadian Securities Laws and applicable Canadian professional standards. There has not been a &quot;reportable event&quot; (within
the meaning of Section 4.11 of National Instrument 51-102 - <I>Continuous Disclosure Obligations</I>) between Ernst &amp; Young
LLP and the Company. Except as described in the Time of Sale Disclosure Package and the Final Prospectuses, there are no material
off-balance sheet transactions, arrangements, obligations (including contingent obligations), or any other relationships with unconsolidated
entities or other persons, that may have a material current or, to the Company's knowledge, future effect on the Company's financial
condition, changes in financial condition or results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i) The Company has been
duly incorporated and is validly existing as a company in good standing under the <I>Business Corporations Act</I> (Alberta). The
Company has full corporate power and authority to own its properties and conduct its business as currently being conducted and
as described in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectuses, and is duly qualified
to do business as a foreign corporation in good standing in each jurisdiction in which the failure to so qualify would reasonably
be expected to (i) result in a material adverse change in the general affairs, condition (financial or otherwise), business, prospects,
property, operations or results of operations of the Company or (ii) affect the ability of the Company to perform its obligations
under this Agreement, including the issuance and sale of the Securities (&quot;<B><I>Material Adverse Change</I></B>&quot;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j) Oncolytics Biotech
(Barbados) Inc. and Oncolytics Biotech (US) Inc. are direct or indirect wholly-owned subsidiaries of the Company (collectively,
the &quot;<B><I>Subsidiaries</I></B>&quot;), have been duly incorporated and are validly existing as corporations in good standing
under the laws of their respective jurisdictions of incorporation, have the corporate power and authority to own, lease and operate
their respective properties and to conduct their respective business as described in the Time of Sale Disclosure Package and the
Final Prospectuses and are duly qualified to transact business and are in good standing in each jurisdiction in which such qualification
is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure so
to qualify or to be in good standing would not reasonably be expected to result in a Material Adverse Change. All of the issued
and outstanding shares in the capital of each Subsidiary have been duly authorized and validly issued and are fully paid and non-assessable
and are owned by the Company, directly or through subsidiaries, free and clear of any security interest, mortgage, pledge, lien,
encumbrance, claim or equity, except for any security interests, mortgages, pledges, liens, encumbrances, claims or equities that
are described in the Time of Sale Disclosure Package and the Final Prospectuses; none of the outstanding shares in the capital
of the Subsidiaries was issued in violation of preemptive or other similar rights of any shareholder of such Subsidiaries. Other
than the Subsidiaries, the Company does not, directly or indirectly, own capital stock or other equity or ownership or proprietary
interest in any corporation, partnership, association, trust or other entity.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(k) Except as contemplated
in the Time of Sale Disclosure Package, the Final Prospectuses and the Warrant Prospectuses, subsequent to the respective dates
as of which information is given in the Time of Sale Disclosure Package, (a) the Company has not incurred any material liabilities
or obligations, direct or contingent, or entered into any material transactions, or declared or paid any dividends or made any
distribution of any kind with respect to its capital stock; and (b) there has not been any change in the capital stock (other than
a change in the number of outstanding Common Shares due to the issuance of equity compensation awards under the Company's equity
compensation plans or shares upon the exercise of outstanding options or warrants), or any material change in the short-term or
long-term debt, or any issuance of options, warrants, convertible securities or other rights to purchase the capital stock, of
the Company (other than issuances of equity compensation awards under the Company's equity compensation plans), or any Material
Adverse Change or any development that could reasonably be expected to result in a Material Adverse Change.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(l) Except as set forth
in the Time of Sale Disclosure Package, the Final Prospectuses and the Warrant Prospectuses, there is not pending or, to the knowledge
of the Company, threatened or contemplated, any action, suit or proceeding to which the Company is a party or of which any property
or assets of the Company is the subject before or by any court or governmental agency, authority or body, or any arbitrator, which,
individually or in the aggregate, could reasonably be expected to result in any Material Adverse Change. There are no current or
pending legal, governmental or regulatory actions, suits or proceedings that are required to be described in the Registration Statement,
the Time of Sale Disclosure Package, the Final Prospectuses or the Warrant Prospectuses that have not been so described.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(m) There are no material
statutes, regulations, contracts or documents that are required to be described in the Registration Statement, the Time of Sale
Disclosure Package the Final Prospectuses and the Warrant Prospectuses or to be filed as exhibits to the Registration Statement
by the Securities Act, Form F-10 or by the Rules and Regulations that have not been so described or filed.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(n) This Agreement has
been duly authorized, executed and delivered by the Company, and constitutes a valid, legal and binding obligation of the Company,
enforceable in accordance with its terms, except as rights to indemnity hereunder may be limited by federal, state or provincial
securities laws, subject to the general qualifications that: (i) enforcement may be limited by bankruptcy, insolvency, moratorium,
reorganization or other laws affecting creditors' rights generally; (ii) equitable remedies, including the remedies of specific
performance and injunctive relief, are available only in the discretion of the applicable court; (iii) the equitable or statutory
powers of courts having jurisdiction to stay proceedings before them and the execution of judgments; (iv) rights to indemnity and
contribution hereunder may be limited under applicable law; (v) enforceability of provisions which purport to sever any provision
which is prohibited or unenforceable under applicable law without affecting the enforceability or validity of the remainder of
such document would be determined only in the discretion of the court; and (vi) enforceability of the provisions exculpating a
party from liability or duty otherwise owed by it may be limited under applicable law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(o) The execution and
delivery this Agreement and the Warrants by the Company and the consummation of the transactions contemplated herein and therein
will not (A) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under,
or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company or the Subsidiaries
pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or such
Subsidiaries is a party or by which the Company or such Subsidiaries is bound or to which any of the property or assets of the
Company or the Subsidiaries is subject, (B) result in any violation of the provisions of the charter, articles of incorporation
or by-laws of the Company or the Subsidiaries or (C) result in the violation of any law or statute or any judgment, order, rule
or regulation of any court or arbitrator or governmental agency or regulatory authority, except, in the case of clause (A), any
lien, charge, encumbrance, indenture, mortgage, deed of trust, loan agreement or other agreement or instrument that, would not,
individually or in the aggregate, reasonably be expected to result in a Material Adverse Change and except in the case of (C) above,
would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change. No consent, approval,
authorization or order of, or filing with, any court or governmental agency or body is required for the execution, delivery and
performance of this Agreement or the Warrants or for the consummation of the transactions contemplated hereby and thereby, including
the issuance or sale of the Securities, including the issuance of the Warrant Shares upon exercise of the Warrants, by the Company,
except such as may be required under the Securities Act, the rules of the Financial Industry Regulatory Authority (&quot;<B><I>FINRA</I></B>&quot;),
the NASDAQ, the TSX or state or provincial securities or blue sky laws; and the Company has full power and authority to enter into
this Agreement and the Warrants and to consummate the transactions contemplated hereby and thereby including the authorization,
issuance and sale of the Securities as contemplated by this Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(p) All of the issued
and outstanding shares in the capital of the Company, including the outstanding Common Shares, are duly authorized and validly
issued, fully paid and nonassessable, have been issued in compliance with all Canadian and, to the extent applicable, U.S. securities
laws, were not issued in violation of or subject to any preemptive rights or other rights to subscribe for or purchase securities
that have not been waived in writing or duly complied with on behalf of the Company; the Shares sold hereunder by the Company have
been duly authorized and, when issued, delivered and paid for in accordance with the terms of this Agreement, will have been validly
issued and will be fully paid and nonassessable; the Warrant Shares have been duly and validly authorized and reserved for issuance
pursuant to the terms of the Warrants, and when issued and delivered upon valid exercise in accordance with the terms of the Warrants,
will be duly and validly issued, fully paid and non-assessable; the authorized share capital of the Company, including the Common
Shares, conforms to the description thereof in the Registration Statement, the Time of Sale Disclosure Package, the Final Prospectuses
and the Warrant Prospectuses. Except as otherwise described in the Registration Statement, the Time of Sale Disclosure Package,
the Final Prospectuses and the Warrant Prospectuses, there are no preemptive rights or other rights to subscribe for or to purchase,
or any restriction upon the voting or transfer of, any Common Shares pursuant to the Company's charter, articles of incorporation,
by-laws or any agreement or other instrument to which the Company is a party or by which the Company is bound, other than options
to purchase Common Shares under the Company's existing stock option plan, share awards to receive Common Shares under the Company's
existing incentive share award plan and certain issued and outstanding warrants to purchase Common Shares. Except as described
in the Registration Statement, in the Time of Sale Disclosure Package, ain the Final Prospectuses and in the Warrant Prospectuses,
neither the filing of the Registration Statement nor the offering or sale of the Shares or Warrants as contemplated by this Agreement
gives rise to any rights for or relating to the registration of any Common Shares or other securities of the Company that have
not been fully complied with or previously waived. Except as described in the Registration Statement, the Time of Sale Disclosure
Package, the Final Prospectuses and the Warrant Prospectuses, there are no options, warrants, agreements, contracts or other rights
in existence to purchase or acquire from the Company any shares in the capital of the Company. The Company has an authorized and
outstanding capitalization as set forth in the Registration Statement, the Time of Sale Disclosure Package, the Final Prospectuses
and the Warrant Prospectuses, as of the dates set forth therein. The description of the Company's warrants, stock options, stock
bonus and other stock plans or arrangements, and the options or other rights granted thereunder, set forth in the Time of Sale
Disclosure Package, the Final Prospectuses and the Warrant Prospectuses fairly presents in all material respects the information
required to be shown with respect to such plans, arrangements, warrants, options and rights. Except as set forth in the Time of
Sale Disclosure Package, the Company is not a participant in any joint venture, partnership or similar arrangement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(q) The Company holds,
and is operating in compliance in all respects with, all franchises, grants, authorizations, licenses, permits, easements, consents,
certificates and orders of the U.S. Food and Drug Administration or any other U.S. or Canadian federal, state, provincial or foreign
governmental authority having authority over the Company (&quot;<B><I>Governmental Authority</I></B>&quot;) or self-regulatory
body required for the conduct of its business, except where the failure to be in compliance would not individually or in the aggregate,
reasonably be expected to result in a Material Adverse Change, and all such franchises, grants, authorizations, licenses, permits,
easements, consents, certifications and orders are valid and in full force and effect except where the failure to be valid and
in full force would not individually or in the aggregate, reasonably be expected to result in a Material Adverse Change; and the
Company has not received notice of any revocation or modification of any such franchise, grant, authorization, license, permit,
easement, consent, certification or order or has reason to believe that any such franchise, grant, authorization, license, permit,
easement, consent, certification or order will not be renewed in the ordinary course, in each case, except where such would not
individually or in the aggregate, reasonably be expected to result in a Material Adverse Change; and the Company is in compliance
in all material respects with all applicable U.S. and Canadian federal, provincial, state, local and foreign laws, regulations,
orders and decrees.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(r) The Company has good
and marketable title to all property (whether real or personal) described in the Registration Statement, the Time of Sale Disclosure
Package, the Final Prospectuses and the Warrant Prospectuses as being owned by them, in each case free and clear of all liens,
claims, security interests, other encumbrances or defects except as described in the Registration Statement, the Time of Sale Disclosure
Package, the Final Prospectuses and the Warrant Prospectuses, or except those that could not, individually or in the aggregate,
reasonably be expected to result in a Material Adverse Change. The property held under lease by the Company is held by it under
valid, subsisting and enforceable leases with only such exceptions with respect to any particular lease as do not interfere in
any material respect with the conduct of the business of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(s) The Company and its
Subsidiaries own, possess, license or have other rights to use, on reasonable terms, all patents, patent applications, trade and
service marks, trade and service mark registrations, trade names, copyrights, licenses, inventions, trade secrets, technology,
know-how and other intellectual property (collectively, the &quot;<B><I>Intellectual Property</I></B>&quot;) necessary for the
conduct of the Company's business as now conducted or as proposed in the Registration Statement, the Time of Sale Disclosure Package,
the Final Prospectuses or the Warrant Prospectuses to be conducted. Except as set forth in the Registration Statement, the Time
of Sale Disclosure Package, the Final Prospectuses and the Warrant Prospectuses (a) to the knowledge of the Company, there are
no rights of third parties to any such Intellectual Property; (b) to the knowledge of the Company, there is no material infringement
by third parties of any such Intellectual Property; (c) there is no pending or, to the knowledge of the Company, threatened action,
suit, proceeding or claim by others challenging the Company's rights in or to any such Intellectual Property, and the Company is
unaware of any facts which would form a reasonable basis for any such claim; (d) there is no pending or, to the knowledge of the
Company, threatened action, suit, proceeding or claim by others challenging the validity or scope of any such Intellectual Property,
and the Company is unaware of any facts which would form a reasonable basis for any such claim; (e) there is no pending or, to
the knowledge of the Company, threatened action, suit, proceeding or claim by others that the Company infringes or otherwise violates
any patent, trademark, copyright, trade secret or other proprietary rights of others, and the Company is unaware of any other fact
which would form a reasonable basis for any such claim; (f) to the knowledge of the Company, there is no U.S. patent or published
U.S. patent application which contains claims that dominate or may dominate any Intellectual Property described in the Registration
Statement, the Time of Sale Disclosure Package, the Final Prospectuses or the Warrant Prospectuses as being owned by or licensed
to the Company or that interferes with the issued or pending claims of any such Intellectual Property; and (g) there is no prior
art of which the Company is aware that may render any U.S. patent held by the Company invalid or any U.S. patent application held
by the Company un-patentable which has not been disclosed to the U.S. Patent and Trademark Office.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(t) The Company is not
(A) in violation of its articles of incorporation or by-laws; (B) in breach of or otherwise in default, and no event has occurred
which, with notice or lapse of time or both, would constitute such a default in the performance or observance of any term, covenant,
obligation, agreement or condition contained in any bond, debenture, note, indenture, loan agreement, mortgage, deed of trust or
any other contract, lease or other instrument to which it is subject or by which it may be bound, or to which any of the material
property or assets of the Company is subject; or (C) in violation of any law or statute or any judgment, order, rule or regulation
of any court or arbitrator or governmental or regulatory authority, except in the case of (B) and (C) above, as would not, individually
or in the aggregate, reasonably be expected to result in a Material Adverse Change.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(u) The Company has timely
filed all United States federal, Canadian federal, state, provincial, local and foreign income and franchise tax returns required
to be filed and is not in default in the payment of any material taxes which were payable pursuant to said returns or any assessments
with respect thereto, other than any which the Company is contesting in good faith. There is no pending dispute with any taxing
authority relating to any of such returns and the Company has no knowledge of any proposed liability for any tax to be imposed
upon the properties or assets of the Company for which there is not an adequate reserve reflected in the Company's financial statements
included in the Registration Statement, the Time of Sale Disclosure Package, the Final Prospectuses and the Warrant Prospectuses,
except as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(v) The Company has not
distributed and will not distribute any prospectus or other offering material in connection with the offering and sale of the Securities
other than the Time of Sale Disclosure Package, the Final Prospectuses or the Warrant Prospectuses or other materials permitted
by the Securities Act to be distributed by the Company; <I>provided, however</I>, that, except as set forth on <U>Schedule II</U>,
the Company has not made and will not make any offer relating to the Securities that would constitute a &quot;free writing prospectus&quot;
as defined in Rule 405 under the Securities Act, except in accordance with the provisions of <U>Section 4(n)</U> of this Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(w) The Common Shares
of the Company are registered pursuant to Section 12(g) of the Exchange Act and are listed on the TSX under the symbol &quot;ONC&quot;.
The Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Common Shares
under the Exchange Act or delisting the Common Shares from the TSX nor has the Company received any written notice that it is not
in compliance with the listing or maintenance requirements of the TSX. The Company believes that it is, and has no reason to believe
that it will not in the foreseeable future continue to be, in material compliance with all such listing and maintenance requirements.
Except as described in the Registration Statement, the Time of Sale Disclosure Package, the Final Prospectuses or the Warrant Prospectuses,
there are no affiliations among the Company's directors and officers and members of the FINRA other than as disclosed to the FINRA.
A registration statement relating to the class of Common Shares on Form 8-A or other applicable form has become effective.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(x) The Company maintains
a system of internal accounting controls sufficient to provide reasonable assurances that (A) transactions are executed in accordance
with management's general or specific authorization; (B) transactions are recorded as necessary to permit preparation of financial
statements in conformity with IFRS, and to maintain accountability for assets; (C) access to assets is permitted only in accordance
with management's general or specific authorization; and (D) the recorded accountability for assets is compared with existing assets
at reasonable intervals and appropriate action is taken with respect to any differences. The Company's internal control over financial
reporting is effective and since the end of the Company's most recent audited fiscal year, there have been no &quot;significant
deficiencies&quot; or &quot;material weaknesses&quot; (each as defined by the rules adopted by the Commission) in its internal
control over financial reporting (whether or not remediated). None of the Company, its board of directors or audit committee is
aware of any fraud that involves management or other employees of the Company who have a significant role in the Company's internal
controls; and since the end of the latest audited fiscal year, there has been no change in the Company's internal control over
financial reporting (whether or not remediated) that has materially affected, or is reasonably likely to materially affect, the
Company's internal control over financial reporting. The Company's board of directors has, subject to the exceptions, cure periods
and the phase in periods specified in the applicable stock exchange rules (&quot;<B><I>Exchange Rules</I></B>&quot;) and corresponding
exemptions under National Instrument 52-110 <I>Audit Committees</I> of the Canadian Securities Administrators, validly appointed
an audit committee to oversee internal accounting controls whose composition satisfies the applicable independence and other requirements
of the Exchange Rules and Canadian Securities Laws, and the Company's board of directors and/or the audit committee has adopted
a charter that satisfies the requirements of the Exchange Rules and Canadian Securities Laws.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(y) The Company maintains
disclosure controls and procedures as required by Rule 13a-15 or Rule 15d-15 under the Exchange Act and as contemplated by the
certifications required under Form 52-109F1 and Form 52-109F2 under Multilateral Instrument 52-109 - <I>Certification of Disclosures</I>
in Issuer's Annual and Interim Filings; such controls and procedures are effective at the reasonable assurance level to ensure
that all material information concerning the Company and any of its Subsidiaries is made known, on a timely basis, to the individuals
responsible for the preparation of the Company's filings with the Commission and the Qualifying Authorities. The Company has utilized
such controls and procedures in preparing and evaluating the disclosures in the Registration Statement, the Time of Sale Disclosure
Package and the Final Prospectuses. Neither the Company's board of directors nor the audit committee has been informed, nor is
any director of the Company or the Company aware, of any fraud, whether or not material, that involves management or other employees
of the Company who have a significant role in the Company's internal controls.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(z) No material relationship,
direct or indirect, exists between or among the Company, on the one hand, and the directors, officers, stockholders, customers
or suppliers of the Company, on the other hand, which is required to be described in the Registration Statement, the Time of Sale
Disclosure Package, the Final Prospectuses and the Warrant Prospectuses which is not so described. The Company has not, directly
or indirectly, extended or maintained credit, or arranged for the extension of credit, or renewed an extension of credit, in the
form of a personal loan to or for any of its directors or executive officers in violation of applicable laws, including Section
402 of the Sarbanes-Oxley Act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(aa) Except as described
in the Registration Statement, the Time of Sale Disclosure Package, the Final Prospectuses and the Warrant Prospectuses, as applicable,
the Company (i) is and at all times has been in compliance with all statutes, rules and regulations applicable to the ownership,
testing, development, manufacture, packaging, processing, use, distribution, marketing, advertising, labeling, promotion, sale,
offer for sale, storage, import, export or disposal of any product manufactured or distributed by the Company including, without
limitation the Federal Food, Drug and Cosmetic Act (21 U.S.C. &Acirc;&sect;301 et seq.), the federal Anti-Kickback Statute (42
U.S.C. &Acirc;&sect;1320a-7b(b)), the Health Insurance Portability and Accountability Act of 1996, as amended by the Health Information
Technology for Economic and Clinical Health Act of 2009, and the Patient Protection and Affordable Care Act of 2010, as amended
by the Health Care and Education Affordability Reconciliation Act of 2010, the regulations promulgated pursuant to such laws, and
any successor government programs and comparable state laws, regulations relating to Good Clinical Practices and Good Laboratory
Practices and all other local, state, federal, national, supranational and foreign laws, manual provisions, policies and administrative
guidance relating to the regulation of the Company (collectively, the &quot;<B><I>Applicable Laws</I></B>&quot;) except as could
not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change; (ii) has not received any
notice from any court or arbitrator or governmental or regulatory authority or third party alleging or asserting noncompliance
with any Applicable Laws or any licenses, exemptions, certificates, approvals, clearances, authorizations, permits, registrations
and supplements or amendments thereto required by any such Applicable Laws (&quot;<B><I>Authorizations</I></B>&quot;); (iii) possesses
all necessary Authorizations and such Authorizations are valid and in full force and effect and are not in violation of any term
of any such Authorizations except as would not, individually or in the aggregate, reasonably be expected to result in a Material
Adverse Change; (iv) has not received written notice of any claim, action, suit, proceeding, hearing, enforcement, investigation
arbitration or other action from any court or arbitrator or governmental or regulatory authority or third party alleging that any
product operation or activity is in violation of any Applicable Laws or Authorizations nor, to the knowledge of the Company, is
any such claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action threatened; (v) has
received any written notice that any court or arbitrator or governmental or regulatory authority has taken, is taking or intends
to take, action to limit, suspend, materially modify or revoke any Authorizations nor is any such limitation, suspension, modification
or revocation threatened; (vi) has filed, obtained, maintained or submitted all material reports, documents, forms, notices, applications,
records, claims, submissions and supplements or amendments as required by any Applicable Laws or Authorizations and that all such
reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments were complete and
accurate on the date filed (or were corrected or supplemented by a subsequent submission) except as would not, individually or
in the aggregate, reasonably be expected to result in a Material Adverse Change; and (vii) is not a party to any corporate integrity
agreements, monitoring agreements, consent decrees, settlement orders, or similar agreements with or imposed by any governmental
or regulatory authority.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(bb) To the Company's
knowledge, the clinical and pre-clinical trials conducted by or on behalf of or sponsored by the Company, or in which the Company
has participated, that are described in the Registration Statement, the Time of Sale Disclosure Package, the Final Prospectuses
and the Warrant Prospectuses or the results of which are referred to in the Registration Statement, the Time of Sale Disclosure
Package, the Final Prospectuses or the Warrant Prospectuses, as applicable, and are intended to be submitted to Regulatory Authorities
as a basis for product approval, were and, if still pending, are being conducted in accordance with standard medical and scientific
research procedures and all applicable statutes, rules and regulations of the United Stated Food and Drug Administration and comparable
drug regulatory agencies outside of the United States to which it is subject (collectively, the &quot;<B><I>Regulatory Authorities</I></B>&quot;),
including, without limitation, 21 C.F.R. Parts 50, 54, 56, 58, and 312, and current Good Clinical Practices and Good Laboratory
Practices; the descriptions in the Registration Statement, the Time of Sale Disclosure Package, the Final Prospectuses and the
Warrant Prospectuses of the results of such studies and trials are accurate and complete in all material respects and fairly present
the data derived from such trials; the Company has no knowledge of any other trials the results of which are materially inconsistent
with or otherwise materially call into question the results described or referred to in the Registration Statement, the Time of
Sale Disclosure Package, the Final Prospectuses or the Warrant Prospectuses; the Company has operated and is currently in compliance
with all applicable statutes, rules and regulations of the Regulatory Authorities except as would not, individually or in the aggregate,
reasonably be expected to result in a Material Adverse Change; the Company has not received any written notices, correspondence
or other communication from the Regulatory Authorities or any Governmental Authority which could lead to the termination or suspension
of any clinical or pre-clinical trials that are described in the Registration Statement, the Time of Sale Disclosure Package, the
Final Prospectuses or the Warrant Prospectuses or the results of which are referred to in the Registration Statement, the Time
of Sale Disclosure Package, the Final Prospectuses or the Warrant Prospectuses, and there are no reasonable grounds for same.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(cc) The Company (A)
is in compliance with any and all applicable United States and Canadian federal, state, provincial, local and foreign laws, rules,
regulations, decisions and orders relating to the protection of human health and safety, the environment or hazardous or toxic
substances or wastes, pollutants or contaminants (collectively, &quot;<B><I>Environmental Laws</I></B>&quot;) except as would not,
individually or in the aggregate, reasonably be expected to result in a Material Adverse Change; (B) has received and is in material
compliance with all permits, licenses or other approvals required of it under applicable Environmental Laws to conduct its business,
except as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change; and (C) has
not received notice of any actual or potential liability for the investigation or remediation of any disposal or release of hazardous
or toxic substances or wastes, pollutants or contaminants.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(dd) The documents filed
as exhibits to the Registration Statement or otherwise incorporated by reference in the Time of Sale Disclosure Package, in the
Final Prospectuses and in the Warrant Prospectuses, when they became effective or were filed with the Commission or the Qualifying
Authorities, as the case may be, conformed in all material respects to all applicable requirements of the Securities Act or the
Exchange Act and all applicable requirements of Canadian Securities Laws, as the case may be, and were filed on a timely basis
with the Commission and with the Qualifying Authorities, as the case may be, and none of such documents contained an untrue statement
of a material fact or omitted to state a material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; any further documents so filed and incorporated by reference in the Time of Sale Disclosure
Package, in the Final Prospectuses or in the Warrant Prospectuses, when such documents are filed with the Commission or the Qualifying
Authorities, as the case may be, will conform in all material respects to all applicable requirements of the Securities Act or
the Exchange Act and all applicable requirements of Canadian Securities Laws, as the case may be, and will not contain an untrue
statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading. Each document filed or to be filed with the Qualifying Authorities and incorporated
or deemed to be incorporated by reference in the Canadian Base Prospectus, the Canadian Preliminary Prospectus and the Canadian
Final Prospectus complied or will comply when so filed and at the First Closing Date and the Second Closing Date, as the case may
be, in all material respects with Canadian Securities Laws, and did not or will not contain a misrepresentation as defined under
Canadian Securities Laws, and none of such documents contained or will contain at the time of its filing and at the First Closing
Date and the Second Closing Date, as the case may be, any untrue statement of a material fact or omitted or will omit to state
a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under
which they were or are made, not misleading. The Company has not filed any confidential material change reports which remain confidential
as at the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ee) The Company (A)
is in compliance, in all respects, with any and all applicable United States and Canadian federal, state, provincial, local and
foreign laws, rules, regulations, treaties, statutes and codes promulgated by any and all governmental authorities (including pursuant
to the Occupational Health and Safety Act, if applicable) relating to the protection of human health and safety in the workplace
(&quot;<B><I>Occupational Laws</I></B>&quot;) except as would not, individually or in the aggregate, reasonably be expected to
result in a Material Adverse Change; and (B) has received all permits, licenses or other approvals required of it under applicable
Occupational Laws to conduct its business as currently conducted and is in compliance, in all respects, with all terms and conditions
of such permits, licenses and approvals. No action, proceeding, revocation proceeding, writ, injunction or claim is pending or,
to the knowledge of the Company, threatened against the Company relating to Occupational Laws, and the Company does not have knowledge
of any facts, circumstances or developments relating to its operations or cost accounting practices that could reasonably be expected
to form the basis for or give rise to such actions, suits, investigations or proceedings. Each employee benefit plan, within the
meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (&quot;<B><I>ERISA</I></B>&quot;), that
is maintained, administered or contributed to by the Company, or any of its affiliates for employees or former employees of the
Company and has been maintained in material compliance with its terms and the requirements of any applicable statutes, orders,
rules and regulations, including but not limited to, ERISA and the Internal Revenue Code of 1986, as amended (the &quot;<B><I>Code</I></B>&quot;).
No prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred with respect to
any such plan excluding transactions effected pursuant to a statutory or administrative exemption; and for each such plan that
is subject to the funding rules of Section 412 of the Code or Section 302 of ERISA, no &quot;accumulated funding deficiency&quot;
as defined in Section 412 of the Code has been incurred, whether or not waived, and the fair market value of the assets of each
such plan (excluding for these purposes accrued but unpaid contributions) exceeds the present value of all benefits accrued under
such plan determined using reasonable actuarial assumptions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ff) Except as set forth
in the Registration Statement, the Time of Sale Disclosure Package, the Final Prospectuses and the Warrant Prospectuses, the Company
has not granted rights to develop, manufacture, produce, assemble, distribute, license, market or sell its products to any other
person and is not bound by any agreement that affects the Company's exclusive right to develop, manufacture, produce, assemble,
distribute, license, market or sell its products.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(gg) Nothing has come
to the attention of the Company that has caused the Company to believe that the statistical and market-related data included in
the Registration Statement, the Time of Sale Disclosure Package, the Final Prospectuses and the Warrant Prospectuses is not based
on or derived from sources that are reliable and accurate in all material respects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(hh) Other than as contemplated
by this Agreement, the Company has not incurred any liability for any finder's or broker's fee or agent's commission in connection
with the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii) To the knowledge
of the Company, none of the directors or executive officers of the Company are now, or have ever been, subject to any penalties
or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority, or have entered into
a settlement agreement with a securities regulatory authority. Neither the Commission, the Reviewing Authority, any other securities
regulatory authority, any stock exchange nor any similar regulatory authority has issued any order which is currently outstanding
preventing or suspending trading in any securities of the Company or the use of the Final Prospectuses and no proceedings for such
purposes have been instituted or are pending or, to the knowledge of the Company, are contemplated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(jj) The Company carries,
or is covered by, insurance in such amounts and covering such risks as is adequate for the conduct of its business and the value
of its properties and as is customary for companies engaged in similar businesses in similar industries; and the Company (A) has
not received written notice from any insurer or agent of such insurer that capital improvements or other expenditures are required
or necessary to be made in order to continue such insurance or (B) has no 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 at reasonable cost from similar insurers
as may be necessary to continue its business. All such insurance is outstanding and duly in force on the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(kk) No labor problem
or dispute with the employees of the Company exists nor, to the best knowledge of the Company, is threatened or imminent except
as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ll) Neither the Company,
nor, to the best knowledge of the Company, any director, officer, agent, employee, consultant or other person associated with or
acting on behalf of the Company has (A) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful
expense relating to political activity; (B) made any direct or indirect unlawful payment to any foreign or domestic government
official or employee from corporate funds; (C) violated or is in violation of any provision of the Canadian Corruption of Foreign
Public Officials Act or the U.S. Foreign Corrupt Practices Act of 1977; or (D) made any bribe, rebate, payoff, influence payment,
kickback or other unlawful payment.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(mm) The Company is not
and, after giving effect to the offering, the sale of the Securities and the intended use of proceeds of the offering, will not
be registered or required to register as an &quot;investment company,&quot; as such term is defined in the Investment Company Act
of 1940, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(nn) Except as described
in the Final Prospectuses or otherwise obtained by the Company, no approval of the shareholders of the Company is required for
the Company to issue and deliver to the Underwriters the Securities, including such as may be required pursuant to the rules and
regulations of any trading market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(oo) The Company is in
compliance in all material respects with all applicable provisions of the Sarbanes-Oxley Act and the rules and regulations of the
Commission thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(pp) The Company and
its board of directors have taken all necessary action, if any, in order to render inapplicable any control share acquisition,
business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision
under the Company's articles of incorporation or by-laws, the <I>Business Corporations Act</I> (Alberta) or other applicable Canadian
laws that is or could reasonably be expected to become applicable to the Underwriters as a result of the Underwriter and the Company
fulfilling their obligations or exercising their rights under this Agreement, including, without limitation, the Company's issuance
of the Securities and the Underwriter's ownership of the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Purchase,
Sale and Delivery of Securities</I></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a) On the basis of the
representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, the Company
agrees to issue and sell the Firm Shares to the Underwriters, and each Underwriter agrees, severally and not jointly, to purchase
from the Company the number of Firm Shares and Firm Warrants set opposite the name of such Underwriter in <U>Schedule I</U> hereto.
The purchase price for each Firm Share shall be US$0.7433 per Firm Share. The purchase price for each Firm Warrant shall be US$0.01
per Firm Warrant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Firm Shares and Firm
Warrants will be delivered by the Company to the Representative for the account of the Underwriters against payment of the purchase
price therefor by wire transfer of same day funds payable to the order of the Company at the offices of Ellenoff Grossman &amp;
Schole LLP, 1345 Avenue of the Americas, New York, New York, or such other location as may be mutually acceptable, at 10:30 a.m.
Eastern time on the second (or if the Firm Shares are priced, as contemplated by Rule 15c6-1(c) under the Exchange Act, after 4:30
p.m. Eastern time, the third) full business day following the date hereof, or at such other time and date as the Representative
and the Company determine pursuant to Rule 15c6-1(a) under the Exchange Act, such time and date of delivery being herein referred
to as the &quot;<B><I>First Closing Date</I></B>.&quot; If the Representative so elects, delivery of the Firm Shares and/or Firm
Warrants may be made by credit through Deposit/Withdrawal At Custodian (&quot;<B><I>DWAC</I></B>&quot;) to the accounts at The
Depository Trust Company designated by the Representative. For the purposes hereof, a &quot;business day&quot; shall mean any day
other than a Saturday, Sunday or statutory or civic holiday or any other day on which banks are not open for in-person business
in the City of New York, New York.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b) On the basis of the
representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, the Company
hereby grants to the Underwriters an option to purchase all or any portion of the Option Shares and/or Option Warrants to be sold
by the Company hereunder, at the same purchase price as the Firm Shares and/or Firm Warrants. The option granted hereunder may
be exercised in whole or in part at any time and from time to time within thirty (30) days after the effective date of this Agreement
upon notice (confirmed in writing) by the Representative to the Company setting forth the aggregate number of Option Shares and/or
Option Warrants as to which the Underwriters are exercising the option, the names and denominations in which the certificates for
the Option Shares and/or Option Warrants are to be registered and the date and time, as determined by the Representative, when
the Option Shares and/or Option Warrants are to be delivered, such time and date being herein referred to as the &quot;<B><I>Second
Closing</I></B>&quot; and &quot;<B><I>Second Closing Date</I></B><I>,</I>&quot; respectively; provided, however, that the Second
Closing Date shall not be earlier than the First Closing Date nor earlier than the second business day after the date on which
the option shall have been exercised. No Option Shares and/or Option Warrants shall be sold and delivered unless the Firm Shares
and Firm Warrants previously have been, or simultaneously are, sold and delivered.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Option Shares and/or
Option Warrants will be delivered by the Company to the Representative for the account of the Underwriters against payment of the
purchase price therefor by wire transfer of same day funds payable to the order of the Company at the offices of Ellenoff Grossman
&amp; Schole LLP, 1345 Avenue of the Americas, New York, New York, or such other location as may be mutually acceptable, at 8:30
a.m. Eastern time, on the Second Closing Date. If the Representative so elects, delivery of the Option Shares and/or Option Warrants
may be made by credit through DWAC to the accounts at The Depository Trust Company designated by the Representative.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Covenants</I></B>.
The Company covenants and agrees with the Underwriters as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a) During the period
beginning on the date hereof and ending on the later of the Second Closing Date and such date, as in the opinion of counsel for
the Underwriters, the U.S. Final Prospectus is no longer required by law to be delivered (assuming the absence of Rule 172 under
the Securities Act), in connection with sales by the Underwriters, prior to amending or supplementing the Registration Statement,
the Final Prospectuses or the Warrant Prospectuses, the Company shall furnish to the Underwriters for review a copy of each such
proposed amendment or supplement, and the Company shall not file any such proposed amendment or supplement to which the Underwriters
or counsel to the Underwriters reasonably object. Subject to this <U>Section 4(a)</U>, immediately following execution of this
Agreement, the Company will prepare the Canadian Final Prospectus Supplement in accordance with the Canadian Shelf Procedures and
the U.S. Final Prospectus Supplement, consisting of the Canadian Final 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 Commission, in each
case in a form reasonably approved by the Representative, and will file (i) the Canadian Final Prospectus Supplement with the Reviewing
Authority pursuant to the Canadian Shelf Procedures as soon as possible but not later than 8:00 p.m. (Alberta time) on August 14,
2019, and (ii) the U.S. Final Prospectus Supplement with the Commission pursuant to General Instruction II.L of Form F-10 as soon
as possible and in any event within one business day of the filing of the Canadian Final Prospectus Supplement with the Reviewing
Authority.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b) The Company will
advise the Representative, promptly after the Company shall receive written notice of the issuance by the Commission or any of
the Qualifying Authorities of any stop order or cease trade order suspending the effectiveness of the Registration Statement, or
any post-effective amendment thereto, or preventing or suspending the use of any Preliminary Prospectus, the Time of Sale Disclosure
Package, the Final Prospectuses, the Warrant Prospectuses or any Issuer Free Writing Prospectus, of the suspension of the qualification
of the Securities for offering or sale in any jurisdiction, or of the initiation or threatening of any proceeding for any such
purpose; and the Company will promptly use its commercially reasonable efforts to prevent the issuance of any stop order or cease
trade order or to obtain its withdrawal if such a stop order or cease trade order should be issued. Additionally, the Company will
notify the Representative promptly, and confirm the notice as applicable, (1) when the Canadian Final Prospectus Supplement shall
have been filed with the Reviewing Authority pursuant to the Canadian Shelf Procedures, (2) when the U.S. Final Prospectus Supplement
shall have been filed with the Commission pursuant to General Instruction II.L of Form F-10, (3) when the Canadian Warrant Supplement
shall have been filed with the Reviewing Authority pursuant to the Canadian Shelf Procedures, (4) when the U.S. Warrant Supplement
shall have been filed with the Commission pursuant to General Instruction II.L of Form F-10 , (5) prior to the termination of the
offering of the Securities, of any request by the Qualifying Authorities to amend or supplement, as applicable, the Canadian Base
Prospectus, the Canadian Final Prospectus, the Canadian Warrant Prospectus or any document incorporated by reference therein or
for additional information or of any request by the Commission to amend the Registration Statement or to amend or supplement, as
applicable, the U.S. Base Prospectus, the U.S. Final Prospectus, the U.S. Warrant Prospectus or any document incorporated by reference
therein or for additional information, and (6) of the time when, prior to the termination of the offering of the Securities, any
amendment or supplement, as applicable, to the Canadian Base Prospectus or any document incorporated by reference therein has been
filed with or receipted by the Reviewing Authority, or of the filing with, or mailing or the delivery to, the Commission for filing
of any amendment of the Registration Statement or supplement to the U.S. Base Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c) If, at any time following
issuance of an Issuer Free Writing Prospectus, there occurred or occurs an event or development as a result of which such Issuer
Free Writing Prospectus conflicted or would conflict with the information contained in the Registration Statement, any Statutory
Prospectus, the Final Prospectuses or the Warrant Prospectuses relating to the Securities or included or would include an untrue
statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein,
in the light of the circumstances prevailing at that subsequent time, not misleading, the Company promptly will notify the Representative
and will promptly amend or supplement, at the Company's own expense, such Issuer Free Writing Prospectus to eliminate or correct
such conflict, untrue statement or omission.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d) The Company shall
take or cause to be taken all necessary action to qualify the Securities for sale under the securities laws of all applicable jurisdictions
and to continue such qualifications in effect so long as required for the distribution of the Securities, except that the Company
shall not be required in connection therewith to qualify as a foreign corporation or to execute a general consent to service of
process in any state.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e) The Company will
furnish or make available to the Underwriters, at the Company's expense, copies of the Registration Statement (which will include
a conformed signed copy of the Registration Statement and all consents and exhibits filed therewith upon reasonable request), and
to the Underwriters and any dealer each Preliminary Prospectus, the Time of Sale Disclosure Package, the Final Prospectuses, the
Warrant Prospectuses, the Issuer Free Writing Prospectus, and all amendments and supplements to such documents, in each case as
soon as available and in such quantities as the Underwriters may from time to time reasonably request. Notwithstanding the foregoing,
the Company shall forthwith cause to be delivered to the Underwriters in such cities in the Qualifying Jurisdictions and the United
States as it may reasonably request, without charge, such numbers of commercial copies of the Final Prospectuses, excluding in
each case any documents incorporated by reference other than any marketing materials, as applicable, as the Underwriters shall
reasonably require, which deliveries shall be effected as soon as possible and, in any event, in New York not later than 12:00
p.m. local time on August 15, 2019, and in all other cities by 12:00 noon local time on the next business day, provided that the
Underwriters have given the Company written instructions as to the number of copies required and the places to which such copies
are to be delivered not less than 24 hours prior to the time requested for delivery. Such delivery shall also confirm that the
Company consents to the use by the Underwriters and any dealer of the Final Prospectuses in connection with the offering of the
Securities in compliance with the provisions of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f) The Company, whether
or not the transactions contemplated hereunder are consummated or this Agreement is prevented from becoming effective under the
provisions of <U>Section 8(a)</U> hereof or is otherwise terminated, will pay or cause to be paid (A) all expenses (including transfer
taxes allocated to the respective transferees) incurred in connection with the delivery to the Underwriters of the Shares, (B)
all expenses and fees (including, without limitation, fees and expenses of the Company's accountants and counsel) in connection
with the preparation, printing, filing, delivery, and shipping of the Registration Statement (including the financial statements
therein and all amendments, schedules, and exhibits thereto), the Shares and Warrants, each Preliminary Prospectus, the Time of
Sale Disclosure Package, the Final Prospectuses, the Warrant Prospectuses, any Issuer Free Writing Prospectus and any amendment
thereof or supplement thereto, and the printing, delivery, and shipping of this Agreement and other underwriting documents, including
Blue Sky Memoranda (covering the states and other applicable jurisdictions), (C) all reasonable and documented filing fees and
reasonable fees and disbursements of the Underwriters' counsel incurred in connection with the qualification of the Shares for
offering and sale by the Underwriters or by dealers under the securities or blue sky laws of the states and other jurisdictions
which the Underwriters shall designate, (D) the fees and expenses of any transfer agent or registrar, (E) the reasonable and documented
filing fees and fees and disbursements of Underwriters' counsel incident to any required review and approval by FINRA of the terms
of the sale of the Shares, (F) listing fees, if any, (G) the costs and expenses of the Company relating to investor presentations
or any &quot;roadshow&quot; undertaken in connection with the marketing of the Securities, and (H) all other costs and expenses
of the Company incident to the performance of its obligations hereunder that are not otherwise specifically provided for herein.
For greater certainty, the amount of fees and expenses that the Company shall reimburse to the Underwriters (for themselves and
for their representatives, including legal counsel) for all items listed above (inclusive of taxes) shall not exceed $150,000.00
in the aggregate. Except as provided in this <U>Section 4(f)</U>, the Underwriters shall pay their own expenses, including the
fees and disbursements of their counsel. If this Agreement is terminated pursuant to <U>Section 8(a)</U> hereof or if the sale
of the Securities provided for herein is not consummated by reason of action by the Company pursuant to <U>Section 9</U> hereof
which prevents this Agreement from becoming effective, or by reason of any failure, refusal or inability on the part of the Company
to perform any agreement on its part to be performed, or because any other condition of the Underwriters' obligations hereunder
required to be fulfilled by the Company is not fulfilled, the Company will reimburse the Underwriters for all reasonable and documented
out-of-pocket disbursements (including reasonable fees and disbursements of counsel, printing expenses, travel expenses, postage,
facsimile and telephone charges) incurred by the Underwriters in connection with its investigation, preparing to market and marketing
the Securities or in contemplation of performing its obligations hereunder. The Company shall not in any event be liable to the
Underwriters for loss of any anticipated profits from the transactions contemplated by this Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g) The Company intends
to apply the net proceeds from the sale of the Securities to be sold by it hereunder for the purposes set forth in the Time of
Sale Disclosure Package and in the Final Prospectuses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h) The Company will
not, without the prior written consent of the Representative, from the date of execution of this Agreement and continuing to and
including the date 90 days after the date of the Final Prospectuses (the &quot;<B><I>Lock-Up Period</I></B>&quot;), (A) offer,
pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or
contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of, directly or indirectly, any
Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares or (B) enter into any swap or
other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Common Shares, whether
any such transaction described in clause (A) or (B) above is to be settled by delivery of Common Shares or such other securities,
in cash or otherwise, except for (1) sales of the Shares and Warrants to the Underwriters pursuant to this Agreement, (2) grants
of options or share awards to receive Common Shares under the Company's existing incentive share award plan or the issuance of
Common Shares by the Company pursuant to equity incentive plans and incentive share award plans described in the Time of Sale Disclosure
Package, (3) issuance of shares upon exercise or conversion of securities outstanding as of the date hereof, or (4) issuance of
Warrant Shares upon exercise of the Warrants. The Company agrees not to accelerate the vesting of any option or warrant or the
lapse of any repurchase right prior to the expiration of the Lock-Up Period, except immediately prior to the closing of a transaction
that would involve the sale of all the Common Shares of the Company to a third party.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i) The Company has caused
to be delivered to the Representative prior to the date of this Agreement a letter, in the form of <U>Exhibit A</U> hereto (the
&quot;<B><I>Lock-Up Agreement</I></B>&quot;), from each of the Company's directors and officers identified on <U>Schedule IV</U>.
If requested by the Representative, the Company will issue stop-transfer instructions to the transfer agent for the Common Shares
with respect to any transaction or contemplated transaction that would constitute a breach of or default under the applicable Lock-Up
Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j) Other than in connection
with any road show or other marketing of the offering of Securities, the Company has not taken and will not take, directly or indirectly,
any action designed to or which might reasonably be expected to cause or result in, or which has constituted, the stabilization
or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities and has not effected
any sales of Common Shares which would be required to be disclosed in response to Item 701 of Regulation S-K under the Securities
Act if applicable to the Company which have not been so disclosed in the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(k) Other than as contemplated
by this Agreement, the Company will not incur any liability for any finder's or broker's fee or agent's commission in connection
with the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(l) The Company represents
and agrees that, unless it obtains or obtained the prior written consent of the Representative, it has not made and will not make
any offer relating to the Securities that would constitute an &quot;issuer free writing prospectus,&quot; as defined in Rule 433
under the Securities Act, or that would otherwise constitute a &quot;free writing prospectus,&quot; as defined in Rule 405 under
the Securities Act, required to be filed with the Commission; provided that the prior written consent of the parties hereto shall
be deemed to have been given in respect of the free writing prospectuses included in <U>Schedule II</U>. Any such free writing
prospectus consented to by the Company and the Representative is hereinafter referred to as a &quot;<B><I>Permitted Free Writing
Prospectus</I></B>.&quot; The Company represents that it has treated or agrees that it will treat each Permitted Free Writing Prospectus
as an &quot;issuer free writing prospectus,&quot; as defined in Rule 433, and has complied and will comply with the requirements
of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely Commission filing where required, legending and
record keeping. Each Underwriter represents and agrees that, unless it obtains or obtained the prior written consent of the Company,
it has not made and will not make any offer relating to the Securities that would constitute an &quot;issuer free writing prospectus,&quot;
as defined in Rule 433 under the Securities Act, or that would otherwise constitute a &quot;free writing prospectus,&quot; as defined
in Rule 405 under the Securities Act, required to be filed with the Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(m) The Company shall
use its reasonable best efforts to list for trading, subject only to customary post-closing document delivery requirements, the
Shares and Warrant Shares on the NASDAQ.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(n) The Company will
use its best efforts to cause the Registration Statement, or a new Registration Statement covering the shares issuable on the
exercise of the Warrants, to remain effective with a current prospectus until the later of nine (9) months from the date hereof
and the date on which no Warrants remain outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Conditions
of Underwriters' Obligations</I></B>. The obligations of the Underwriters hereunder are subject to the accuracy, as of the date
hereof and at each of the First Closing Date and the Second Closing Date (as if made at such closing date), of and compliance with
all representations, warranties and agreements of the Company contained herein, to the performance by the Company of its obligations
hereunder and to the following additional conditions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a) The Company is relying
upon the rules and procedures established pursuant to the Canadian Shelf Procedures. The Canadian Preliminary Base Prospectus and
the Canadian Base Prospectus have been filed with the Qualifying Authorities and a Passport Decision Document has been issued relating
to the Canadian Preliminary Base Prospectus and the Canadian Base Prospectus, respectively, and has not been revoked. The Canadian
Final Prospectus Supplement shall have been filed with the Reviewing Authority within the applicable time period prescribed hereby
and in accordance with the Canadian Shelf Procedures; all other steps or proceedings shall have been taken that may be necessary
in order to qualify the Securities for distribution in accordance with the terms of this Agreement; and no order suspending the
distribution of the Securities shall have been issued by any of the Qualifying Authorities and no proceedings for that purpose
shall have been instituted or threatened, and any request on the part of any Qualifying Authority for additional information shall
have been complied with to the reasonable satisfaction of counsel to the Underwriters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b) The Company shall
have filed the U.S. Final Prospectus, or any amendment or supplement thereto, the U.S. Warrant Prospectus, or any amendment or
supplement thereto, or any Issuer Free Writing Prospectus required to be filed under the Securities Act or the Rules and Regulations
with the Commission in accordance with General Instruction II.L of Form F-10 or as otherwise required and within the time period
so required; the Registration Statement shall remain effective; no stop order suspending the effectiveness of the Registration
Statement or any part thereof or any amendment thereof, nor suspending or preventing the use of the Time of Sale Disclosure Package,
the U.S. Final Prospectus, the U.S. Warrant Prospectus or any Issuer Free Writing Prospectus shall have been issued; no proceedings
for the issuance of such an order shall have been initiated or threatened; and any request of the Commission for additional information
(to be included in the Registration Statement, the Time of Sale Disclosure Package, the U.S. Final Prospectus, the U.S. Warrant
Prospectus any Issuer Free Writing Prospectus or otherwise) shall have been complied with to the satisfaction of the Underwriters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c) The Underwriters
shall not have reasonably determined and advised the Company that (i) the Registration Statement or any amendment thereof or supplement
thereto, or the Canadian Final Prospectus, contains an untrue statement of a material fact which, in the opinion of counsel to
the Underwriters, is material or omits to state a material fact which, in the opinion of counsel to the Underwriters, is required
to be stated therein or necessary to make the statements therein not misleading, or (ii) the Time of Sale Disclosure Package the
Final Prospectuses, the Warrant Prospectuses or any amendment thereof or supplement thereto, or any Issuer Free Writing Prospectus
contains an untrue statement of fact which, in the opinion of counsel to the Underwriters, is material, or omits to state a fact
which, in the opinion of counsel to the Underwriters, is material and is required to be stated therein, or necessary to make the
statements therein, in the light of the circumstances under which they are made, not misleading.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d) Except as contemplated
in the Time of Sale Disclosure Package and in the Final Prospectuses, subsequent to the respective dates as of which information
is given in the Time of Sale Disclosure Package, the Company shall not have incurred any material liabilities or obligations, direct
or contingent, or entered into any material transactions, or declared or paid any dividends or made any distribution of any kind
with respect to its capital stock; and there shall not have been any change in the capital stock (other than a change in the number
of outstanding Common Shares due to the issuance of shares upon the exercise of outstanding options, share awards or warrants),
or any material change in the short-term or long-term debt of the Company, or any issuance of options, warrants, convertible securities
or other rights to purchase the capital stock of the Company, or any Material Adverse Change or any development that would reasonably
be expected to result in a Material Adverse Change (whether or not arising in the ordinary course of business), that, in the judgment
of the Representative, makes it impractical or inadvisable to offer or deliver the Securities on the terms and in the manner contemplated
in the Time of Sale Disclosure Package and in the Final Prospectuses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e) On the First Closing
Date and the Second Closing Date, as the case may be, there shall have been furnished to the Underwriters, the corporate and Canadian
securities law opinion of McCarthy Tetrault LLP, Canadian counsel for the Company, dated such closing date and addressed to the
Representative, in form and substance reasonably satisfactory to the Representative.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f) On the First Closing
Date and the Second Closing Date, as the case may be, there shall have been furnished to the Underwriters, the opinion and negative
assurance letter of Dorsey &amp; Whitney LLP, U.S. counsel for the Company, dated such closing date and addressed to the Representative,
in form and substance reasonably satisfactory to the Representative.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g) On the First Closing
Date and the Second Closing Date, as the case may be, there shall have been furnished to the Underwriters, the opinion of Kilpatrick
Townsend &amp; Stockton LLP, intellectual property counsel for the Company, dated such closing date and addressed to the Representative,
in form and substance reasonably satisfactory to the Representative.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h) On the First Closing
Date and the Second Closing Date, as the case may be, there shall have been furnished to the Underwriters, the opinion and negative
assurance letter of Ellenoff Grossman &amp; Schole LLP, counsel for the Underwriters, dated such closing date and addressed to
the Representative, in form and substance reasonably satisfactory to the Representative.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i) On the First Closing
Date and the Second Closing Date, as the case may be, if so requested by the Representative, there shall have been furnished to
the Underwriters, the opinion of Osler, Hoskin &amp; Harcourt LLP, counsel for the Underwriters, dated such closing date and addressed
to the Representative, in form and substance reasonably satisfactory to the Representative.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j) On the date of this
Agreement and the First Closing Date and the Second Closing Date, as the case may be, the Representative shall have received a
letter of Ernst &amp; Young LLP, dated such date and addressed to the Representative, confirming that they are independent public
accountants within the meaning of the Securities Act, are in compliance with the applicable requirements relating to the qualifications
of accountants under Rule 2-01 of Regulation S-X of the Commission, are in good standing with the Canadian Public Accountability
Board and stating, as of the date of such letter (or, with respect to matters involving changes or developments since the respective
dates as of which specified financial information is given in the Time of Sale Disclosure Package, as of a date not prior to the
date hereof or more than five days prior to the date of such letter), the conclusions and findings of said firm with respect to
the financial information and other matters covered by its letter delivered to the Representative concurrently with the execution
of this Agreement, and the effect of the letter so to be delivered on the First Closing Date and the Second Closing Date, as the
case may be, shall be to confirm the conclusions and findings set forth in such prior letter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(k) On the First Closing
Date and the Second Closing Date, as the case may be, there shall have been furnished to the Underwriters, a certificate, dated
the Closing Date and addressed to the Representative, signed by the chief executive officer and by the chief financial officer
of the Company (or any other officer of the Company acceptable to the Representative, acting reasonably), to the effect that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i) The representations
and warranties of the Company in this Agreement are true and correct, as if made at and as of such closing date, and the Company
has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to such
closing date;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii) No stop
order, cease trade order or other order suspending the effectiveness of the Registration Statement or any part thereof or any amendment
thereof or the qualification of the Securities for offering or sale under Canadian Securities Laws, nor suspending or preventing
the use of the Time of Sale Disclosure Package, the Final Prospectuses, the Warrant Prospectuses or any Issuer Free Writing Prospectus,
has been issued, and no proceeding for that purpose has been instituted or, to their knowledge, is contemplated or threatened by
the Commission, any Qualifying Authority or any state, provincial or regulatory body; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iii) There
has been no Material Adverse Change.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(l) The Underwriters
shall have received all the Lock-Up Agreements referenced in <U>Section 4(i)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(m) At the First Closing
Date, the Shares and Warrant Shares shall have been duly approved for listing on the NASDAQ and the TSX, and the TSX shall have
approved the issuance and additional listing of the Shares and the Warrant Shares (subject only to customary post-closing document
delivery requirements).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(n) The Underwriters
shall have received on the First Closing Date and the Second Closing Date, as the case may be, a certificate of the chief financial
officer of the Company with respect to certain financial information set forth in the Time of Sale Disclosure Package and the Final
Prospectuses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(o) The Underwriters
shall have received on the First Closing Date and the Second Closing Date, as the case may be, a certificate of the secretary of
the Company (or any other officer of the Company acceptable to the Representative, acting reasonably).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(p) FINRA shall have confirmed that it has
not raised any objection with respect to the fairness and reasonableness of the underwriting terms and conditions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(q) At the First Closing Date, the Underwriters
shall have received the warrant agency agreement between the Company and American Stock Transfer &amp; Trust Company, LLC, duly
executed by the parties thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Prior to the First Closing
Date and the Second Closing Date, if applicable, the Underwriters shall have received such further certificates and documentation
from the Company as may be contemplated herein as the Representative or counsel to the Underwriters may reasonably request; provided,
however, that the Representative or counsel to the Underwriters shall request any such certificates or other documents within a
reasonable period prior to the First Closing Date and the Second Closing Date, if applicable, that is sufficient for the Company
to obtain and deliver such certificates or documents, and in any event, at least two (2) business days prior to the First Closing
Date or Second Closing Date, as applicable. The Company will furnish the Underwriters with such conformed copies of such opinions,
certificates, letters and other documents as the Underwriters shall reasonably request.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Indemnification
and Contribution.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a) The Company agrees
to indemnify and hold harmless the Underwriters, their respective affiliates, directors, officers, employees and agents and each
person, if any, who controls any Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act, from and against any losses, claims, damages, expenses or liabilities, joint or several, to which the Underwriters may become
subject, under the Securities Act, Canadian Securities Laws or otherwise (including in settlement of any litigation if such settlement
is effected with the written consent of the Company), as incurred, insofar as such losses, claims, damages, expenses or liabilities
(or actions in respect thereof) arise out of or are based upon (i) an untrue statement or alleged untrue statement of a material
fact contained in the Registration Statement (or any amendment thereto), including any information deemed to be a part of the Registration
Statement at the time of effectiveness and at any subsequent time pursuant to the Rules and Regulations, if applicable, any Preliminary
Prospectuses, the Time of Sale Disclosure Package, the Final Prospectuses, the Warrant Prospectuses or any amendment or supplement
thereto, any Issuer Free Writing Prospectus, or arise out of or are based upon the omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the statements therein, with respect only to any Preliminary
Prospectus, the Time of Sale Disclosure Package, the Final Prospectuses, the Warrant Prospectuses or any amendment or supplement
thereto, or any Issuer Free Writing Prospectus, in light of the circumstances under which they were made, not misleading; (ii)
any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint or several, to the extent of the aggregate
amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or
threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or
omission; <I>provided</I> that (subject to <U>Section 10(c)</U> below) any such settlement is effected with the written consent
of the Company, which consent shall not unreasonably be delayed or withheld; and (iii) any and all expense whatsoever, as incurred
(including the fees and disbursements of counsel), reasonably incurred in investigating, preparing or defending against any litigation,
or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon
any such untrue statement or omission, or any such alleged untrue statement or omission (whether or not a party), to the extent
that any such expense is not paid under (i) or (ii) above; <I>provided, however</I>, that the Company shall not be liable in any
such case to the extent that any such loss, claim, damage, expense, liability or action arises out of or is based upon an untrue
statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, any Preliminary Prospectuses,
the Time of Sale Disclosure Package, the Final Prospectuses, the Warrant Prospectuses or any such amendment or supplement, any
Issuer Free Writing Prospectus, solely in reliance upon and in conformity with information provided in writing to the Company through
the Representative by or on behalf of any Underwriter specifically for use therein; it being understood and agreed that the only
such information furnished by the Underwriters consists of the information described as such in <U>Section 6(g)</U>. To the extent
that any reimbursement payment is so held to have been improper, the Underwriters that received such payment shall promptly return
it to the party or parties that made such payment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b) Each Underwriter,
severally and not jointly, will indemnify and hold harmless the Company, its affiliates, directors and officers and each person,
if any, who controls the Company within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act, from
and against any losses, claims, damages or liabilities to which the Company may become subject, under the Securities Act, Canadian
Securities Laws or otherwise (including in settlement of any litigation, if such settlement is effected with the written consent
of such Underwriters), insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are
based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, any Preliminary
Prospectuses, the Time of Sale Disclosure Package, the Final Prospectuses, the Warrant Prospectuses or any amendment or supplement
thereto, or any Issuer Free Writing Prospectus or arise out of or are based upon the omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent,
but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in the
Registration Statement, any Preliminary Prospectuses, the Time of Sale Disclosure Package, the Final Prospectuses, the Warrant
Prospectuses or any such amendment or supplement, or any Issuer Free Writing Prospectus in reliance upon and in conformity with
information provided in writing to the Company through the Representative by or on behalf of any Underwriter specifically for use
therein; it being understood and agreed that the only such information furnished by the Underwriters consists of the information
described as such in <U>Section 6(g)</U>, and will reimburse the Company for any legal or other expenses reasonably incurred by
the Company in connection with investigating or defending against any such loss, claim, damage, liability or action as such expenses
are incurred.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c) Any party that proposes
to assert the right to be indemnified under this <U>Section 6</U> will, promptly after receipt of notice of commencement of any
action against such party in respect of which a claim is to be made against an indemnifying party or parties under this <U>Section
6</U>, notify each such indemnifying party of the commencement of such action, enclosing a copy of all papers served, but the omission
so to notify such indemnifying party will not relieve the indemnifying party from (i) any liability that it might have to any indemnified
party otherwise than under this <U>Section 6</U> and (ii) any liability that it may have to any indemnified party under the foregoing
provision of this <U>Section 6</U> unless, and only to the extent that, such omission results in the forfeiture of substantive
rights or defenses by the indemnifying party. If any such action is brought against any indemnified party and it notifies the indemnifying
party of its commencement, the indemnifying party will be entitled to participate in and, to the extent that it elects by delivering
written notice to the indemnified party promptly after receiving notice of the commencement of the action from the indemnified
party, jointly with any other indemnifying party similarly notified, to assume the defense of the action, with counsel reasonably
satisfactory to the indemnified party, and after notice from the indemnifying party to the indemnified party of its election to
assume the defense, the indemnifying party will not be liable to the indemnified party for any legal or other expenses except as
provided below and except for the reasonable costs of investigation subsequently incurred by the indemnified party in connection
with the defense. The indemnified party will have the right to employ its own counsel in any such action, but the fees, expenses
and other charges of such counsel will be at the expense of such indemnified party unless (1) the employment of counsel by the
indemnified party has been authorized in writing by the indemnifying party, (2) the indemnified party has reasonably concluded
(based on advice of counsel) that there may be legal defenses available to it or other indemnified parties that are different from
or in addition to those available to the indemnifying party, (3) a conflict or potential conflict exists (based on advice of counsel
to the indemnified party) between the indemnified party and the indemnifying party (in which case the indemnifying party will not
have the right to direct the defense of such action on behalf of the indemnified party) or (4) the indemnifying party has not in
fact employed counsel to assume the defense of such action or counsel reasonably satisfactory to the indemnified party, in each
case, within a reasonable time after receiving notice of the commencement of the action; in each of which cases the reasonable
fees, disbursements and other charges of counsel will be at the expense of the indemnifying party or parties. It is understood
that the indemnifying party or parties shall not, in connection with any proceeding or related proceedings in the same jurisdiction,
be liable for the reasonable fees, disbursements and other charges of more than one separate firm (plus local counsel) admitted
to practice in such jurisdiction at any one time for all such indemnified party or parties. All such fees, disbursements and other
charges will be reimbursed by the indemnifying party promptly as they are incurred. An indemnifying party will not, in any event,
be liable for any settlement of any action or claim effected without its written consent. No indemnifying party shall, without
the prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment in any pending
or threatened claim, action or proceeding relating to the matters contemplated by this <U>Section 6</U> (whether or not any indemnified
party is a party thereto), unless such settlement, compromise or consent (1) includes an unconditional release of each indemnified
party, in form and substance reasonably satisfactory to such indemnified party, from all liability arising out of such litigation,
investigation, proceeding or claim and (2) does not include a statement as to or an admission of fault, culpability or a failure
to act by or on behalf of any indemnified party.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d) If an indemnified
party shall have requested an indemnifying party to reimburse the indemnified party for reasonable fees and expenses of counsel,
such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by <U>Section 6(a)</U> or
<U>Section 6(b)</U> effected without its written consent if (1) such settlement is entered into more than 45 days after receipt
by such indemnifying party of the aforesaid request, (2) such indemnifying party shall have received notice of the terms of such
settlement at least 30 days prior to such settlement being entered into and (3) such indemnifying party shall not have reimbursed
such indemnified party in accordance with such request prior to the date of such settlement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e) In order to provide
for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing paragraphs of this
<U>Section 6</U> is applicable in accordance with its terms but for any reason is held to be unavailable from the Company or the
Underwriters, the Company and the Underwriters will contribute to the total losses, claims, damages or liabilities (including any
investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action,
suit or proceeding or any claim asserted, but after deducting any contribution received by the Company from persons other than
the Underwriters, such as persons who control the Company within the meaning of the Securities Act, officers of the Company who
signed the Registration Statement and directors of the Company, who also may be liable for contribution) to which the Company and
the Underwriters may be subject in such proportion as shall be appropriate to reflect the relative benefits received by the Company
on the one hand and the Underwriters on the other hand. The relative benefits received by the Company on the one hand and the Underwriters
on the other hand shall be deemed to be in the same proportion as the total net proceeds from the sale of the Securities (before
deducting expenses) received by the Company bear to the total compensation received by the Underwriters (before deducting expenses)
from the sale of Securities. If, but only if, the allocation provided by the foregoing sentence is not permitted by applicable
law, the allocation of contribution shall be made in such proportion as is appropriate to reflect not only the relative benefits
referred to in the foregoing sentence but also the relative fault of the Company, on the one hand, and the Underwriters, on the
other hand, with respect to the statements or omission that resulted in such loss, claim, liability, expense or damage, or action
in respect thereof, as well as any other relevant equitable considerations with respect to the offering. Such relative fault shall
be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission
or alleged omission to state a material fact relates to information supplied by the Company or the Underwriters, the intent of
the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement or omission.
The Company and the Underwriters agree that it would not be just and equitable if contributions pursuant to this <U>Section 6(e)</U>
were to be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable
considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, liability,
expense, or damage, or action in respect thereof, referred to above in this <U>Section 6(e)</U> shall be deemed to include, for
the purpose of this <U>Section 6(e)</U>, any legal or other expenses reasonably incurred by such indemnified party in connection
with investigating or defending any such action or claim to the extent consistent with <U>Section 6(c)</U> hereof. Notwithstanding
the foregoing provisions of this <U>Section 6(e)</U>, the Underwriters shall not be required to contribute any amount in excess
of the commissions received by them under this Agreement and no person found guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. For purposes of this <U>Section 6(e)</U>, any person who controls a party to this agreement within the meaning
of the Securities Act, and any officers, directors, partners, employees or agents of the Underwriters, will have the same rights
to contribution as that party, and each director of the Company and each officer of the Company who signed the Registration Statement
will have the same rights to contribution as the Company, subject in each case to the provisions hereof. Any party entitled to
contribution, promptly after receipt of notice of commencement of any action against such party in respect of which a claim for
contribution may be made under this <U>Section 6(e)</U>, will notify any such party or parties from whom contribution may be sought,
but the omission to so notify will not relieve that party or parties from whom contribution may be sought from any other obligation
it or they may have under this <U>Section 6(e)</U> except to the extent that the failure to so notify such other party materially
prejudiced the substantive rights or defenses of the party from whom contribution is sought. Except for a settlement entered into
pursuant to the last sentence of <U>Section 6(c)</U> hereof, no party will be liable for contribution with respect to any action
or claim settled without its written consent if such consent is required pursuant to <U>Section 6(c)</U> hereof. The Underwriters'
obligations in this <U>Section 6(e)</U> to contribute are several in proportion to their respective underwriting obligations and
not joint.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f) The obligations of
the Company under this <U>Section 6</U> shall be in addition to any liability which the Company may otherwise have and shall extend,
upon the same terms and conditions, to each person, if any, who controls any Underwriter within the meaning of the Securities Act;
and the obligations of the Underwriters under this <U>Section 6</U> shall be in addition to any liability that any Underwriter
may otherwise have and shall extend, upon the same terms and conditions, to each director of the Company (including any person
who, with his consent, is named in the Registration Statement as about to become a director of the Company), to each officer of
the Company who has signed the Registration Statement and to each person, if any, who controls the Company within the meaning of
the Securities Act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g) The Underwriters
confirm and the Company acknowledges that the statements with respect to the public offering of the Securities by the Underwriters
set forth in (i) the list of Underwriters and their respective participation in the sale of the Securities, (ii) the sentences
related to concessions and (iii) the paragraph related to stabilization, syndicate covering transactions and penalty bids, in each
case under the heading &quot;Underwriting&quot; in the Time of Sale Disclosure Package and in the Final Prospectuses are correct
and constitute the only information concerning the Underwriters furnished in writing to the Company by the Representative specifically
for use in the Registration Statement, any Preliminary Prospectuses, the Time of Sale Disclosure Package, the Final Prospectuses,
the Warrant Prospectuses or any Issuer Free Writing Prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Representations
and Agreements to Survive Delivery</I></B>. All representations, warranties, and agreements of the Company herein or in certificates
delivered pursuant hereto, including but not limited to the agreements of the Underwriters and the Company contained in <U>Section
6</U> hereof, shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Underwriters
or any controlling person thereof, or the Company or any of its officers, directors, or controlling persons, or any controlling
person thereof, and shall survive delivery of, and payment for, the Securities to and by the Underwriters hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">8. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Termination
of this Agreement.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a) The Representative
shall have the right to terminate this Agreement by giving notice to the Company as hereinafter specified at any time at or prior
to the First Closing Date, and the option referred to in <U>Section 3(b)</U>, if exercised, may be cancelled at any time prior
to the Second Closing Date, if (i) the Company shall have failed, refused or been unable, at or prior to such closing date, to
perform any agreement on its part to be performed hereunder, (ii) any other condition of the Underwriters' obligations hereunder
is not fulfilled, (iii) trading on the NASDAQ or TSX of the Company's Common Shares shall have been suspended, (iv) minimum or
maximum prices for trading shall have been fixed, or maximum ranges for prices for securities shall have been required, on the
NASDAQ or TSX, by such Exchange or by order of the Commission or any other Governmental Authority having jurisdiction, (v) a banking
moratorium shall have been declared by U.S. federal, Canadian federal or state authorities, or (vi) there shall have occurred any
outbreak or escalation of hostilities or any calamity or crisis that, in the Representative's judgment, is material and adverse
and makes it impractical or inadvisable to proceed with the completion of the sale of and payment for the Securities. Any such
termination shall be without liability of any party to any other party except that the provisions of <U>Section 4(f)</U>, <U>Sections
6</U>, <U>Section 7</U>, <U>Section 12</U>, <U>Section 13</U> and <U>Section 16</U> hereof shall remain full force and effect,
notwithstanding such termination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b) If the Representative
elects to terminate this Agreement as provided in this <U>Section 8</U>, the Company shall be notified promptly by the Representative
by telephone, confirmed by letter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Default
by the Company</I></B>. If the Company shall fail at the First Closing Date to sell and deliver the number of Firm Shares and Firm
Warrants which it is obligated to sell hereunder, then this Agreement shall terminate without any liability on the part of any
Underwriter or, except as provided in <U>Section 4(f)</U> and <U>Section 6</U> hereof, any non-defaulting party. No action taken
pursuant to this <U>Section 9</U> shall relieve the Company from liability, if any, in respect of such default.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Default
by the Underwriters.</I></B> If, on the First Closing Date or any Second Closing Date any one or more of the several Underwriters
shall fail or refuse to purchase Shares and/or Warrants that it or they have agreed to purchase hereunder on such date, and the
aggregate number of Shares and Warrants which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase
does not exceed 10% of the aggregate number of the Shares and Warrants to be purchased on such date, the Representative may make
arrangements satisfactory to the Company for the purchase of such Shares and Warrants by other persons, including any of the Underwriters,
but if no such arrangements are made by such date, the other Underwriters shall be obligated, severally and not jointly, in the
proportions that the number of Firm Shares and Firm Warrants set forth opposite their respective names on <U>Schedule I</U> bears
to the aggregate number of Firm Shares and Firm Warrants set forth opposite the names of all such non-defaulting Underwriters,
or in such other proportions as may be specified by the Representative with the consent of the non-defaulting Underwriters, to
purchase the Shares and Warrants which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on
such date. If, on the First Closing Date or any Second Closing Date, any one or more of the Underwriters shall fail or refuse to
purchase Shares and Warrants and the aggregate number of Shares and Warrants with respect to which such default occurs exceeds
10% of the aggregate number of Shares and Warrants to be purchased on such date, and arrangements satisfactory to the Representative
and the Company for the purchase of such Shares and Warrants are not made within 48 hours after such default, this Agreement shall
terminate without liability of any party to any other party except that the provisions of <U>Section 4(f)</U> and <U>Section 6</U>
shall at all times be effective and shall survive such termination. In any such case either the Representative or the Company shall
have the right to postpone the applicable Closing Date, as the case may be, but in no event for longer than seven days in order
that the required changes, if any, to the Registration Statement and the Prospectus or any other documents or arrangements may
be effected. No action taken pursuant to this section shall relieve any defaulting Underwriter from liability, if any, in respect
of such default. As used in this Agreement, the term &quot;<B><I>Underwriter</I></B>&quot; shall be deemed to include any person
substituted for a defaulting Underwriter under this Section 10.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Notices</I></B>.
Except as otherwise provided herein, all communications hereunder shall be in writing and, if to the Underwriters, shall be mailed
or delivered to the Representative, c/o Ladenburg Thalmann &amp; Co. Inc., 277 Park Avenue, 26<SUP>th</SUP> Floor, New York, New
York (fax no.: 212-409-2169) attention Joseph Giovanniello; and if to the Company, shall be mailed or delivered to the address
of the Company set forth in the Registration Statement, Attention: Secretary. Any such communications shall take effect upon receipt
thereof. Any party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice
of a new address for such purpose.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Agent
for Service; Waiver of Immunities</I></B>. By the execution and delivery of this Agreement, the Company (a) acknowledges that it
has, by separate written instrument, irrevocably designated and appointed CT Corporation System (or any successor) (together with
any successor, the &quot;<B><I>Agent for Service</I></B>&quot;), as its authorized agent upon which process may be served in any
suit or proceeding arising out of or relating to this Agreement or the Shares and/or Warrants, that may be instituted in any U.S.
federal or state court in the State of New York, or brought under federal or state securities laws, and acknowledges that the Agent
for Service has accepted such designation, and (b) agrees that service of process upon the Agent for Service (or any successor)
and written notice of said service to the Company (mailed or delivered to CT Corporation System at 111 Eighth Avenue, 13<SUP>th</SUP>
Floor, New York, New York 10011), shall be deemed in every respect effective service of process upon the Company in any such suit
or proceeding. The Company further agrees to take any and all action, including the execution and filing of any and all such documents
and instruments, as may be necessary to continue such designation and appointment of the Agent for Service in full force and effect
so long as any of the Shares and/or Warrants shall be outstanding.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Consent
to Jurisdiction</I></B>. <B>EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS
SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH ANY
TRANSACTION CONTEMPLATED HEREBY, AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY
CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING IS BROUGHT
IN AN INCONVENIENT FORUM OR THAT THE VENUE OF SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER. EACH PARTY HEREBY IRREVOCABLY WAIVES
PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF
(CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT
AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED HEREIN
SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Persons Entitled to Benefit of Agreement</I></B>. This Agreement shall inure to the benefit of and be binding upon the parties
hereto and their respective successors and assigns and the controlling persons, officers, directors, employees and agents referred
to in <U>Section 6</U>. Nothing in this Agreement is intended or shall be construed to give to any other person, firm or corporation
any legal or equitable remedy or claim under or in respect of this Agreement or any provision herein contained. The term &quot;successors
and assigns&quot; as herein used shall not include any purchaser, as such purchaser, of any of the Shares and/or Warrants from
the Underwriters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Absence
of Fiduciary Relationship</I></B>. The Company acknowledges and agrees that: (a) the Underwriters have been retained solely to
act as underwriters in connection with the sale of the Shares and Warrants and that no fiduciary, advisory or agency relationship
between the Company and the Underwriters have been created in respect of any of the transactions contemplated by this Agreement,
irrespective of whether the Underwriters have advised or are advising the Company on other matters; (b) the price and other terms
of the Shares and Warrants set forth in this Agreement were established by the Company following discussions and arms-length negotiations
with the Underwriters and the Company is capable of evaluating and understanding and understands and accepts the terms, risks and
conditions of the transactions contemplated by this Agreement; (c) it has been advised that the Underwriters and their respective
affiliates are engaged in a broad range of transactions which may involve interests that differ from those of the Company and that
the Underwriters have no obligation to disclose such interest and transactions to the Company by virtue of any fiduciary, advisory
or agency relationship; (d) it has been advised that the Underwriters are acting, in respect of the transactions contemplated by
this Agreement, solely for the benefit of the Underwriters, and not on behalf of the Company; and (e) it waives to the fullest
extent permitted by law, any claims it may have against the Underwriters for breach of fiduciary duty or alleged breach of fiduciary
duty in respect of any of the transactions contemplated by this Agreement and agrees that the Underwriters shall have no liability
(whether direct or indirect) to the Company in respect of such a fiduciary duty claim on behalf of or in right of the Company,
including stockholders, employees or creditors of the Company.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Governing
Law; Waiver of Jury Trial</I></B>. This Agreement shall be governed by and construed in accordance with the laws of the State of
New York. Each party hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by
jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Counterparts</I></B>.
This Agreement may be executed in one or more counterparts and, if executed in more than one counterpart, the executed counterparts
shall each be deemed to be an original and all such counterparts shall together constitute one and the same instrument.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>General
Provisions</I></B>. This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes all prior written
or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof. This
Agreement may not be amended or modified unless in writing by all of the parties hereto, and no condition herein (express or implied)
may be waived unless waived in writing by each party whom the condition is meant to benefit. The Section headings herein are for
the convenience of the parties only and shall not affect the construction or interpretation of this Agreement.</P>

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

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the foregoing is in accordance with your understanding, please
sign and return to us one original for the Company plus one original for counsel of any counterparties hereof, and upon the acceptance
hereof by the Underwriters, this Agreement and such acceptance hereof shall constitute a binding agreement between the Underwriters
and the Company.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">Very truly yours,</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="text-transform: uppercase"><B>ONCOLYTICS BIOTECH Inc.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name:</TD>
    <TD STYLE="font-size: 10pt">Matthew C. Coffey</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title:</TD>
    <TD STYLE="font-size: 10pt">Chief Executive Officer</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing Underwriting Agreement is hereby<BR>
confirmed and accepted as of the<BR>
date first above written.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Ladenburg
Thalmann &amp; Co. Inc.</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; font-size: 10pt; text-align: justify">By:</TD>
    <TD STYLE="width: 34%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">Name:</TD>
    <TD STYLE="font-size: 10pt">Vlad Ivanov</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Title:</TD>
    <TD STYLE="font-size: 10pt">Managing Director</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For itself and the other<BR>
several Underwriters named in<BR>
Schedule I to the foregoing<BR>
Underwriting Agreement.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Schedule
I</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Underwriter</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><B>Firm Shares</B><BR> <B>to be Purchased<SUP>(1)</SUP></B></TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><B>Firm Warrants to <BR>
be purchased<SUP>(2)</SUP></B></TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: justify">Ladenburg Thalmann &amp; Co. Inc.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">4,619,773</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">4,619,773</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: right">Total:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">The Underwriters may purchase up to an additional 692,965
Option Shares, to the extent the option described in <U>Section 3(b)</U> of the Agreement is exercised.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">The Underwriters may purchase up to an additional 692,965
Option Warrants, to the extent the option described in <U>Section 3(b)</U> of the Agreement is exercised.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Issuer General Free Writing Prospectuses</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Number of Firm Shares to be Issued: 4,619,773</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Number of Option Shares: 692,965</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Offering Price: US$0.7433 per Share (net of underwriting discounts
and commissions of US$0.0567 per Share)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Number of Firm Warrants to be Issued: 4,619,773</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Number of Option Warrants: 692,965</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Offering Price: US$0.01 per Warrant (no underwriting discount
or commission is being deducted per Warrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Underwriting Discounts and Commissions: 7.0%</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Officers and Directors Subject to Lockup</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt">1.</TD>
    <TD STYLE="font-size: 10pt">Matthew C. Coffey</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">2.</TD>
    <TD STYLE="font-size: 10pt">Kirk J. Look</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">3.</TD>
    <TD STYLE="font-size: 10pt">Wayne Pisano</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">4.</TD>
    <TD STYLE="font-size: 10pt">Deborah M. Brown</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">5.</TD>
    <TD STYLE="font-size: 10pt">Angela Holtham</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">6.</TD>
    <TD STYLE="font-size: 10pt">J. Mark Lievonen</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">7.</TD>
    <TD STYLE="font-size: 10pt">William G. Rice</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">8.</TD>
    <TD STYLE="font-size: 10pt">Bernd R. Seizinger</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">9.</TD>
    <TD STYLE="font-size: 10pt">Andrew de Guttadauro</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">10.</TD>
    <TD STYLE="font-size: 10pt">Rita Laeufle</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form of Lock-Up Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5in; text-align: right">___________, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladenburg Thalmann &amp; Co. Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">570 Lexington Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10022</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Re: Public Offering of Oncolytics Biotech
Inc.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned, an
officer, director or holder of common shares, no par value (&quot;<U>Common Shares</U>&quot;), or rights to acquire Common Shares,
of Oncolytics Biotech Inc. (the &quot;<U>Company</U>&quot;), understands that you, as the underwriter, propose to enter into an
Underwriting Agreement (the &quot;<U>Underwriting Agreement</U>&quot;) with the Company, providing for the public offering (the
&quot;<U>Offering</U>&quot;) of Common Shares and Warrants (the &quot;<U>Securities</U>&quot;), pursuant to a registration statement
on Form F-10 (as amended, the &quot;<U>Registration Statement</U>&quot;) filed with the Securities and Exchange Commission (the
&quot;<U>SEC</U>&quot;). Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Underwriting
Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In consideration of
your agreement to enter into the Underwriting Agreement and to proceed with the Offering of the Securities, and for other good
and valuable consideration, receipt of which is hereby acknowledged, the undersigned hereby agrees for the benefit of the Company
and you that, without your prior written consent, the undersigned will not, during the period commencing on the date hereof and
ending ninety (90) days (the &quot;<U>Lock-Up Period</U>&quot;) after the date of the final prospectus relating to the Offering
(the &quot;<U>Prospectus</U>&quot;), directly or indirectly: (1) offer, pledge, assign, encumber, announce the intention to sell,
sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right
or warrant to purchase, or otherwise transfer or dispose of, any Common Shares or any securities convertible into or exercisable
or exchangeable for Common Shares owned either of record or beneficially or may be deemed to be beneficially owned (as defined
in Rule 13d-3(a)(2) of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder
(the &quot;<U>Exchange Act</U>&quot;)) by the undersigned on the date hereof or hereafter acquired or (2) enter into any swap or
other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Common Shares, whether
any such transaction described in clause (1) or (2) above is to be settled by delivery of Common Shares or such other securities,
in cash or otherwise, or (3) make any demand for or exercise any right with respect to, the registration of any Common Shares or
any security convertible into or exercisable or exchangeable for Common Shares, or (4) publicly announce an intention to do any
of the foregoing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The restrictions in
the immediately preceding paragraph shall not apply to:</P>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">transfers of Common Shares or any security convertible
into or exercisable or exchangeable for Common Shares (i) as a bona fide gift, or gifts, (ii) to an immediate family member or
a trust for the direct or indirect benefit of the undersigned or such immediate family member of the undersigned, or (iii) by
will or intestacy;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">equity securities issued pursuant to the Company's equity
incentive plans in effect as of the date hereof or pursuant to bona fide equity incentive plans hereafter established, and the
exercise of options granted under the Company's equity incentive plans; <I>provided</I> that the Common Shares delivered upon
such exercise are subject to the restrictions set forth in the immediately preceding paragraph;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: justify">transfers of Common Shares to the Company (i) as forfeitures
to satisfy tax withholding and remittance obligations of the undersigned in connection with the vesting or exercise of equity
awards granted pursuant to the Company's equity incentive plans, or (ii) pursuant to a net exercise or cashless exercise by the
shareholder of outstanding equity awards pursuant to the Company's equity incentive plans;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(d)</TD><TD STYLE="text-align: justify">the establishment of a trading plan that complies with
Rule 10b5-1 under the Exchange Act; <I>provided</I>, <I>however</I>, that (i) the restrictions shall apply in full force to sales
or other dispositions pursuant to such Rule 10b5-1 plan during the Lock-Up Period and (ii) no public announcement or disclosure
of entry into such Rule 10b5-1 plan is made or required to be made, including any filing with the SEC under Section 13 or Section
16 of the Exchange Act;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(e)</TD><TD STYLE="text-align: justify">transfers of Common Shares to a charity or education
institution;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(f)</TD><TD STYLE="text-align: justify">if the undersigned is or, directly or indirectly, controls
a corporation, partnership, limited liability company or other business entity, any transfers of Common Shares to any shareholder,
partner or member of, or owner of similar equity interests in, the undersigned, as the case may be; and</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(g)</TD><TD STYLE="text-align: justify">transactions relating to the Common Shares acquired in
open market transactions after the completion of the Offering;</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>provided that</I>, in the case of any
transfer or distribution pursuant to clauses (a), (e) and (f), (1) the recipient agrees to be bound in writing by the same restrictions
set forth herein for the duration of the Lock-Up Period and (2) any such transfer shall not involve a disposition for value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In furtherance of the
foregoing, the Company and any duly appointed transfer agent for the registration or transfer of the securities described herein,
are hereby authorized to decline to make any transfer of securities if such transfer would constitute a violation or breach of
this Lock-Up Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned hereby
represents and warrants that the undersigned has full power and authority to enter into this Lock-Up Agreement. All authority herein
conferred or agreed to be conferred and any obligations of the undersigned shall be binding upon the successors, assigns, heirs
or personal representatives of the undersigned.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned understands
that the undersigned shall be released from all obligations under this Lock-Up Agreement upon the earliest to occur of: (i) the
Registration Statement does not become effective and the Company files with the SEC a notice of withdrawal of the Registration
Statement pursuant to Rule 477 of the Securities Act of 1933, as amended, (ii) the Underwriting Agreement does not become effective
by August 15, 2019, or, if after becoming effective, the Underwriting Agreement (other than the provisions thereof which survive
termination) shall terminate or be terminated prior to payment for and delivery of the Common Shares to be sold thereunder, or
(iii) the Company provides written notice to you that the Company does not intend to proceed with the Offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned, whether
or not participating in the Offering, understands that you are entering into the Underwriting Agreement and proceeding with the
Offering in reliance upon this Lock-Up Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Lock-Up Agreement
shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflict of laws
principles thereof.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Signature:</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Print Name:</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>tv527795_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"><B>Exhibit 99.2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">Oncolytics Biotech
Inc.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">American Stock
Transfer &amp; Trust Company, LLC, as</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white; border-bottom: Black 1pt solid">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">Warrant Agent Agreement</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">Dated as of August
16, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white; border-bottom: Black 1pt solid">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><U>WARRANT AGENT
AGREEMENT</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">WARRANT
AGENT AGREEMENT, dated as of August 16, 2019 (&ldquo;<U>Agreement</U>&rdquo;), between Oncolytics Biotech Inc., a company incorporated
under the <I>Business Corporations Act</I> (Alberta) (the &ldquo;<U>Company</U>&rdquo;), and American Stock Transfer &amp; Trust
Company, LLC a New York limited liability trust company (the &ldquo;<U>Warrant Agent</U>&rdquo;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">WHEREAS,
pursuant to a registered offering by the Company of the Company&rsquo;s common shares, no par value per share (the &ldquo;<U>Common
Shares</U>&rdquo;), together with warrants (the &ldquo;<U>Warrants</U>&rdquo;) to purchase Common Shares, pursuant to an effective
registration statement on Form F-10 (File No. 333-224432) (the &ldquo;<U>Registration Statement</U>&rdquo;), the Company wishes
to issue Warrants in book entry form entitling the respective holders of the Warrants (the &ldquo;<U>Holders</U>&rdquo;, which
term shall include a Holder&rsquo;s transferees, successors and assigns and &ldquo;Holder&rdquo; shall include, if the Warrants
are held in &ldquo;street name&rdquo;, a Participant (as defined below) or a designee appointed by such Participant) to purchase
an aggregate of up to 4,619,773 Common Shares upon the terms and subject to the conditions hereinafter set forth (the &ldquo;<U>Offering</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.2in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">WHEREAS,
the Common Shares and Warrants to be issued in connection with the Offering shall be immediately separable and will be issued separately,
but will be purchased together in the Offering; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">WHEREAS,
the Company wishes the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act, in connection
with the issuance, registration, transfer, exchange, exercise and replacement of the Warrants and, in the Warrant Agent&rsquo;s
capacity as the Company&rsquo;s transfer agent, the delivery of the Warrant Shares.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">NOW,
THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties hereby agree as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.2in; background-color: white">Section
1.&nbsp;<U>Certain Definitions</U>. For purposes of this Agreement, the following terms have the meanings indicated:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(a)
&ldquo;<U>Affiliate</U>&rdquo; has the meaning ascribed to it in Rule 12b-2 under the Securities Exchange Act of 1934, as amended
(the &ldquo;<U>Exchange Act</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(b)
&ldquo;<U>Business Day</U>&rdquo; means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the
United States or any day on which the Nasdaq Stock Market is authorized or required by law or other governmental action to close.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(c)
&ldquo;<U>Close of Business</U>&rdquo; on any given date means 5:00 p.m., New York City time, on such date;&nbsp;<U>provided</U>,&nbsp;<U>however</U>,
that if such date is not a Business Day it means 5:00 p.m., New York City time, on the next succeeding Business Day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(e)
&ldquo;<U>Person</U>&rdquo; means an individual, corporation, association, partnership, limited liability company, joint venture,
trust, unincorporated organization, government or political subdivision thereof or governmental agency or other entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.55pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(f)
&ldquo;<U>Warrant Certificate</U>&rdquo; means a certificate in substantially the form attached as Exhibit 1 hereto, representing
such number of Warrant Shares as is indicated therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(g)
&ldquo;<U>Warrant Shares</U>&rdquo; means the Common Shares underlying the Warrants and issuable upon exercise of the Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">All
other capitalized terms used but not otherwise defined herein shall have the meaning ascribed to such terms in the Warrant Certificate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.2in; background-color: white">Section
2.&nbsp;<U>Appointment of Warrant Agent</U>. The Company hereby appoints the Warrant Agent to act as agent for the Company in accordance
with the terms and conditions hereof, and the Warrant Agent hereby accepts such appointment. The Company may from time to time
appoint a Co-Warrant Agent as it may, in its sole discretion, deem necessary or desirable. The Warrant Agent shall have no duty
to supervise, and will in no event be liable for the acts or omissions of, any co-Warrant Agent.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.2in; background-color: white">Section
3.&nbsp;<U>Global Warrants</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(a)
The Warrants shall be issuable in book entry form (the &ldquo;<U>Global Warrants</U>&rdquo;). All of the Warrants shall initially
be represented by one or more Global Warrants deposited with the Warrant Agent and registered in the name of Cede &amp; Co., a
nominee of The Depository Trust Company (the &ldquo;<U>Depositary</U>&rdquo;), or as otherwise directed by the Depositary. Ownership
of beneficial interests in the Warrants shall be shown on, and the transfer of such ownership shall be effected through, records
maintained by (i) the Depositary or its nominee for each Global Warrant or (ii) institutions that have accounts with the Depositary
(such institution, with respect to a Warrant in its account, a &ldquo;<U>Participant</U>&rdquo;).&nbsp; For purposes of Regulation
SHO, a holder whose interest in a Global Warrant is a beneficial interest in certificate(s) representing such Warrant held in book-entry
form through the Depositary shall be deemed to have exercised its interest in such Warrant upon instructing its broker that is
a Participant to exercise its interest in such Warrant, provided that in each such case payment of the applicable aggregate Exercise
Price (other than in the case of a cashless exercise) is received within the earlier of (i) two Trading Days and (ii) the number
of Trading Days comprising the Standard Settlement Period, in each case following such instruction. All Cashless Exercises should
be directed by the Warrant Agent to the Company for calculation. Upon completion the Company will direct the Warrant Agent the
number of shares to issue. AST shall not have any responsibility or liability related to any calculations relating to Cashless
Exercises.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(b)
If the Depositary subsequently ceases to make its book-entry settlement system available for the Warrants, the Company may instruct
the Warrant Agent regarding other arrangements for book-entry settlement. In the event that the Warrants are not eligible for,
or it is no longer necessary to have the Warrants available in, book-entry form, the Warrant Agent shall provide written instructions
to the Depositary to deliver to the Warrant Agent for cancellation each Global Warrant, and the Company shall instruct the Warrant
Agent to deliver to each Holder a Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.55pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(c)
A Holder has the right to elect at any time or from time to time a Warrant Exchange (as defined below) pursuant to a Warrant Certificate
Request Notice (as defined below). Upon written notice by a Holder to the Warrant Agent for the exchange of some or all of such
Holder&rsquo;s Global Warrants for a Warrant Certificate evidencing the same number of Warrants, which request shall be in the
form attached hereto as&nbsp;<U>Annex A</U>&nbsp;(a &ldquo;<U>Warrant Certificate Request Notice</U>&rdquo; and the date of delivery
of such Warrant Certificate Request Notice by the Holder, the &ldquo;<U>Warrant Certificate Request Notice Date</U>&rdquo; and
the deemed surrender upon delivery by the Holder of a number of Global Warrants for the same number of Warrants evidenced by a
Warrant Certificate, a &ldquo;<U>Warrant Exchange</U>&rdquo;), the Warrant Agent shall promptly effect the Warrant Exchange and
shall promptly issue and deliver to the Holder a Warrant Certificate for such number of Warrants in the name set forth in the Warrant
Certificate Request Notice. Such Warrant Certificate shall be dated the original issue date of the Warrants, shall be manually
executed by an authorized signatory of the Company, shall be in the form attached hereto as&nbsp;<U>Exhibit 1</U>, and shall be
reasonably acceptable in all respects to such Holder. In connection with a Warrant Exchange, the Company agrees to deliver, or
to direct the Warrant Agent to deliver, the Warrant Certificate to the Holder within three (3) Business Days of the Warrant Certificate
Request Notice pursuant to the delivery instructions in the Warrant Certificate Request Notice (&ldquo;<U>Warrant Certificate Delivery
Date</U>&rdquo;).&nbsp; If the Company fails for any reason to deliver to the Holder the Warrant Certificate subject to the Warrant
Certificate Request Notice by the seventh Business Day following the Warrant Certificate Delivery Date, the Company shall pay to
the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares evidenced by such Warrant Certificate
(based on the VWAP (as defined in the Warrants) of the Common Shares on the Warrant Certificate Request Notice Date), $10 per Business
Day for each Business Day after such Warrant Certificate Delivery Date until such Warrant Certificate is delivered or, prior to
delivery of such Warrant Certificate, the Holder rescinds such Warrant Exchange. The Company covenants and agrees that, upon the
date of delivery of the Warrant Certificate Request Notice, the Holder shall be deemed to be the holder of the Warrant Certificate
and, notwithstanding anything to the contrary set forth herein, the Warrant Certificate shall be deemed for all purposes to contain
all of the terms and conditions of the Warrants evidenced by such Warrant Certificate and the terms of this Agreement.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Section
4.&nbsp;<U>Form of Warrant Certificates</U>. The Warrant Certificate, together with the form of election to purchase Common Shares
(&ldquo;<U>Notice of Exercise</U>&rdquo;) and the form of assignment to be printed on the reverse thereof, shall be in the form
of&nbsp;<U>Exhibit 1&nbsp;</U>hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Section
5.&nbsp;<U>Countersignature and Registration</U>. The Warrant Certificates shall be executed on behalf of the Company by a Co-Chief
Executive Officer or Chief Financial Officer, either manually or by facsimile signature, and, if applicable, have affixed thereto
the Company&rsquo;s seal or a facsimile thereof which shall be attested by the Secretary or an Assistant Secretary of the Company,
either manually or by facsimile signature. The Warrant Certificates shall be countersigned by the Warrant Agent either manually
or by facsimile signature and shall not be valid for any purpose unless so countersigned. In case any officer of the Company who
shall have signed any of the Warrant Certificates shall cease to be such officer of the Company before countersignature by the
Warrant Agent and issuance and delivery by the Company, such Warrant Certificates, nevertheless, may be countersigned by the Warrant
Agent, issued and delivered with the same force and effect as though the person who signed such Warrant Certificate had not ceased
to be such officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by any person who, at the
actual date of the execution of such Warrant Certificate, shall be a proper officer of the Company to sign such Warrant Certificate,
although at the date of the execution of this Agreement any such person was not such an officer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Warrant Agent will keep or cause to be kept, at one of its offices, or at the office of one of its agents, books for registration
and transfer of the Warrant Certificates issued hereunder. Such books shall show the names and addresses of the respective Holders
of the Warrant Certificates, the number of warrants evidenced on the face of each of such Warrant Certificate and the date of each
of such Warrant Certificate. The Warrant Agent will create a special account for the issuance of Warrant Certificates.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Section
6.&nbsp;<U>Transfer, Split Up, Combination and Exchange of Warrant Certificates; Mutilated, Destroyed, Lost or Stolen Warrant Certificates</U>.
With respect to the Global Warrant, subject to the provisions of the Warrant Certificate and the last sentence of this first paragraph
of Section 6 and subject to applicable law, rules or regulations, or any &ldquo;stop transfer&rdquo; instructions the Company may
give to the Warrant Agent, at any time after the closing date of the Offering, and at or prior to the Close of Business on the
Termination Date, any Warrant Certificate or Warrant Certificates or Global Warrant or Global Warrants may be transferred, split
up, combined or exchanged for another Warrant Certificate or Warrant Certificates or Global Warrant or Global Warrants, entitling
the Holder to purchase a like number of Common Shares as the Warrant Certificate or Warrant Certificates or Global Warrant or Global
Warrants surrendered then entitled such Holder to purchase. Any Holder desiring to transfer, split up, combine or exchange any
Warrant Certificate or Global Warrant shall make such request in writing delivered to the Warrant Agent, and shall surrender the
Warrant Certificate or Warrant Certificates to be transferred, split up, combined or exchanged at the principal office of the Warrant
Agent, provided that no such surrender is applicable to the Holder of a Global Warrant. Any requested transfer of Warrants, whether
in book-entry form or certificate form, shall be accompanied by reasonable evidence of authority of the party making such request
that may be required by the Warrant Agent. Thereupon the Warrant Agent shall, subject to the last sentence of this first paragraph
of Section 6, countersign and deliver to the Person entitled thereto a Warrant Certificate or Warrant Certificates, as the case
may be, as so requested. The Company may require payment from the Holder of a sum sufficient to cover any tax or governmental charge
that may be imposed in connection with any transfer, split up, combination or exchange of Warrant Certificates. The Company shall
compensate the Warrant Agent per the fee schedule mutually agreed upon by the parties hereto and provided separately on the date
hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Upon
receipt by the Warrant Agent of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of a Warrant
Certificate, which evidence shall include an affidavit of loss, or in the case of mutilated certificates, the certificate or portion
thereof remaining, and, in case of loss, theft or destruction, of indemnity in customary form and amount and reimbursement to the
Company and the Warrant Agent of all reasonable expenses incidental thereto, and upon surrender to the Warrant Agent and cancellation
of the Warrant Certificate if mutilated, the Company will make and deliver a new Warrant Certificate of like tenor to the Warrant
Agent for delivery to the Holder in lieu of the Warrant Certificate so lost, stolen, destroyed or mutilated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.2in; background-color: white">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.55pt; background-color: white">Section
7.&nbsp;<U>Exercise of Warrants; Exercise Price; Termination Date</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(a)
The Warrants shall be exercisable commencing on the Initial Exercise Date. The Warrants shall cease to be exercisable and shall
terminate and become void, and all rights thereunder and under this Agreement shall cease, at or prior to the Close of Business
on the Termination Date. The Holder of a Warrant may exercise the Warrant in whole or in part in accordance with Section 2 of the
Warrant Certificate.&nbsp; The Company acknowledges that the bank accounts maintained by the Warrant Agent in connection with the
services provided under this Agreement will be in its name and that the Warrant Agent may receive investment earnings in connection
with the investment at Warrant Agent risk and for its benefit of funds held in those accounts from time to time. Neither the Company
nor the Holders will receive interest on any deposits or Exercise Price.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(b)
The Warrant Agent shall deposit all funds received by it in payment of the Exercise Price for all Warrants in the account of the
Company maintained with the Warrant Agent for such purpose (or to such other account as directed by the Company in writing) and
shall advise the Company via telephone or electronic mail at the end of each day on which funds for the exercise of any Warrant
are received of the amount so deposited to its account. The Warrant Agent shall promptly confirm such telephonic advice to the
Company in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.55pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(c)
In case the Holder of any Warrant Certificate shall exercise fewer than all Warrants evidenced thereby, a new Warrant Certificate
evidencing the number of Warrants equivalent to the number of Warrants remaining unexercised may be issued by the Warrant Agent
to the Holder of such Warrant Certificate or to his duly authorized assigns in accordance with Section 2(d)(ii) of the Warrant
Certificate, subject to the provisions of Section 6 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.55pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Section
8.&nbsp;<U>Cancellation and Destruction of Warrant Certificates</U>. All Warrant Certificates surrendered for the purpose of exercise,
transfer, split up, combination or exchange shall, if surrendered to the Company or to any of its agents, be delivered to the Warrant
Agent for cancellation or in canceled form, or, if surrendered to the Warrant Agent, shall be canceled by it, and no Warrant Certificates
shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Agreement. The Company shall deliver
to the Warrant Agent for cancellation and retirement, and the Warrant Agent shall so cancel and retire, any other Warrant Certificate
purchased or acquired by the Company otherwise than upon the exercise thereof. The Warrant Agent shall deliver all canceled Warrant
Certificates to the Company, or shall, at the written request of the Company, destroy such canceled Warrant Certificates, and in
such case shall deliver a certificate of destruction thereof to the Company, subject to any applicable law, rule or regulation
requiring the Warrant Agent to retain such canceled certificates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.55pt; background-color: white">Section
9.&nbsp;<U>Certain Representations; Reservation and Availability of Shares of Common Shares or Cash</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(a)
This Agreement has been duly authorized, executed and delivered by the Company and, assuming due authorization, execution and delivery
hereof by the Warrant Agent, constitutes a valid and legally binding obligation of the Company enforceable against the Company
in accordance with its terms, and the Warrants have been duly authorized, executed and issued by the Company and, assuming due
authentication thereof by the Warrant Agent pursuant hereto and payment therefor by the Holders as provided in the Registration
Statement, constitute valid and legally binding obligations of the Company enforceable against the Company in accordance with their
terms and entitled to the benefits hereof; in each case except as enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium and other similar laws relating to or affecting creditors&rsquo; rights generally or by general equitable principles
(regardless of whether such enforceability is considered in a proceeding in equity or at law).</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(b)
As of the date hereof, and excluding the Common Shares and Warrants to be issued in the Offering, the authorized capital stock
of the Company consists of&nbsp;an unlimited number of Common Shares, of which 20,390,316 Common Shares are issued and outstanding,
and 1,730,894 Common Shares are reserved for issuance upon exercise of the Warrants. Except as disclosed in the Registration Statement,
there are no other outstanding obligations, warrants, options or other rights to subscribe for or purchase from the Company any
class of capital stock of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.55pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(c)
The Company covenants and agrees that it will cause to be reserved and kept available out of its authorized and unissued Common
Shares or its authorized and issued Common Shares held in its treasury, free from preemptive rights, the number of Common Shares
that will be sufficient to permit the exercise in full of all outstanding Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(d)
The Warrant Agent will create a special account for the issuance of Common Shares upon the exercise of Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(e)
The Company further covenants and agrees that it will pay when due and payable any and all federal and state transfer taxes and
charges which may be payable in respect of the original issuance or delivery of the Warrant Certificates or certificates evidencing
Common Shares upon exercise of the Warrants. The Company shall not, however, be required to pay any tax or governmental charge
which may be payable in respect of any transfer involved in the transfer or delivery of Warrant Certificates or the issuance or
delivery of certificates for Common Shares in a name other than that of the Holder of the Warrant Certificate evidencing Warrants
surrendered for exercise or to issue or deliver any certificate for Common Shares upon the exercise of any Warrants until any such
tax or governmental charge shall have been paid (any such tax or governmental charge being payable by the Holder of such Warrant
Certificate at the time of surrender) or until it has been established to the Company&rsquo;s reasonable satisfaction that no such
tax or governmental charge is due.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Section
10.&nbsp;<U>Common Share Record Date</U>. Each Person in whose name any certificate for Common Shares is issued upon the exercise
of Warrants shall for all purposes be deemed to have become the holder of record for the Common Shares represented thereby on,
and such certificate shall be dated, the date upon which the Notice of Exercise was delivered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.2in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Section
11.&nbsp;<U>Adjustment of Exercise Price, Number of Common Shares or Number of the Company Warrants</U>. The Exercise Price, the
number of shares covered by each Warrant and the number of Warrants outstanding are subject to adjustment from time to time as
provided in Section 3 of the Warrant Certificate. In the event that at any time, as a result of an adjustment made pursuant to
Section 3 of the Warrant Certificate, the Holder of any Warrant thereafter exercised shall become entitled to receive any shares
of capital stock of the Company other than Common Shares, thereafter the number of such other shares so receivable upon exercise
of any Warrant shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to
the provisions with respect to the shares contained in Section 3 of the Warrant Certificate, and the provisions of Sections 7,
9 and 13 of this Agreement with respect to the Common Shares shall apply on like terms to any such other shares. All Warrants originally
issued by the Company subsequent to any adjustment made to the Exercise Price pursuant to the Warrant Certificate shall evidence
the right to purchase, at the adjusted Exercise Price, the number of Common Shares purchasable from time to time hereunder upon
exercise of the Warrants, all subject to further adjustment as provided herein.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Section
12.&nbsp;<U>Certification of Adjusted Exercise Price or Number of Common Shares</U>. Whenever the Exercise Price or the number
of Common Shares issuable upon the exercise of each Warrant is adjusted as provided in Section 11 or 13, the Company shall promptly
deliver to the Holder by facsimile or e-mail a notice setting forth the Exercise Price after such adjustment and any resulting
adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.55pt; background-color: white">Section
13.&nbsp;<U>Fractional Common Shares</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(a)
The Company shall not issue fractions of Warrants or distribute Warrant Certificates which evidence fractional Warrants. Whenever
any fractional Warrant would otherwise be required to be issued or distributed, the actual issuance or distribution shall reflect
a rounding of such fraction to the nearest whole Warrant (rounded down).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(b)
The Company shall not issue fractions of shares or scrip representing fractions of Common Shares upon exercise of Warrants or distribute
stock certificates which evidence fractional Common Shares. Whenever any fraction of a Common Share would otherwise be required
to be issued or distributed, the actual issuance or distribution in respect thereof shall be made in accordance with Section 2(d)(v)
of the Warrant Certificate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Section
14.&nbsp;<U>Conditions of the Warrant Agent&rsquo;s Obligations</U>. The Warrant Agent accepts its obligations herein set forth
upon the terms and conditions hereof, including the following to all of which the Company agrees and to all of which the rights
hereunder of the Holders from time to time of the Warrant Certificates shall be subject:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(a)
The Company agrees promptly to pay the Warrant Agent the compensation detailed on Exhibit 2 hereto for all services rendered by
the Warrant Agent and to reimburse the Warrant Agent for reasonable out-of-pocket expenses (including reasonable counsel fees)
incurred without gross negligence, bad faith or willful misconduct by the Warrant Agent in connection with the services rendered
hereunder by the Warrant Agent. The Company also agrees to indemnify the Warrant Agent for, and to hold it harmless against, any
loss, liability or expense incurred without gross negligence, bad faith or willful misconduct on the part of the Warrant Agent,
arising out of or in connection with its acting as Warrant Agent hereunder, including the reasonable costs and expenses of defending
against any claim of such liability.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(b)
In acting under this Warrant Agreement and in connection with the Warrant Certificates, the Warrant Agent is acting solely as agent
of the Company and does not assume any obligations or relationship of agency or trust for or with any of the Holders of Warrant
Certificates or beneficial owners of Warrants.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(c)
The Warrant Agent may consult with counsel satisfactory to it, which may include counsel for the Company, and the written advice
of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by
it hereunder in good faith and in accordance with the advice of such counsel.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(d)
The Warrant Agent shall be protected and shall incur no liability for or in respect of any action taken or omitted by it in reliance
upon any Warrant Certificate, notice, direction, consent, certificate, affidavit, statement or other paper or document reasonably
believed by it to be genuine and to have been presented or signed by the proper parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(e)
The Warrant Agent, and its officers, directors and employees, may become the owner of, or acquire any interest in, Warrants, with
the same rights that it or they would have if it were not the Warrant Agent hereunder, and, to the extent permitted by applicable
law, it or they may engage or be interested in any financial or other transaction with the Company and may act on, or as depositary,
trustee or agent for, any committee or body of Holders of Warrant Securities or other obligations of the Company as freely as if
it were not the Warrant Agent hereunder. Nothing in this Warrant Agreement shall be deemed to prevent the Warrant Agent from acting
as trustee under any indenture to which the Company is a party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(f)
The Warrant Agent shall have no liability for interest on any monies at any time received by it pursuant to any of the provisions
of this Agreement or of the Warrant Certificates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(g)
The Warrant Agent shall have no liability with respect to any invalidity of this Agreement or any of the Warrant Certificates (except
as to the Warrant Agent&rsquo;s countersignature thereon).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(h)
Notwithstanding anything in this Agreement to the contrary, any liability of the Warrant Agent to the Company under this Agreement
will be limited to the amount of annual fees paid by the Company to the Warrant Agent during the twelve (12) months immediately
preceding the event for which recovery from the Warrant Agent is being sought. The costs and expenses incurred by the Warrant Agent
in enforcing this right of indemnification shall be paid by the Company.Neither party to this Agreement shall be liable to the
other party for any consequential, indirect, punitive, special or incidental damages under any provisions of this Agreement or
for any consequential, indirect, punitive, special or incidental damages arising out of any act or failure to act hereunder even
if that party has been advised of or has foreseen the possibility of such damages. The Warrant Agent shall not be responsible for
any of the recitals or representations herein or in the Warrant Certificates (except as to the Warrant Agent&rsquo;s countersignature
thereon), all of which are made solely by the Company.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(i)
The Warrant Agent shall be obligated to perform only such duties as are herein and in the Warrant Certificates specifically set
forth and no implied duties or obligations shall be read into this Agreement or the Warrant Certificates against the Warrant Agent.
The Warrant Agent shall not be under any obligation to take any action hereunder which may tend to involve it in any expense or
liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured to it. The Warrant Agent shall
not be accountable or under any duty or responsibility for the use by the Company of any of the Warrant Certificates authenticated
by the Warrant Agent and delivered by it to the Company pursuant to this Agreement or for the application by the Company of the
proceeds of the Warrant Certificates. The Warrant Agent shall have no duty or responsibility in case of any default by the Company
in the performance of its covenants or agreements contained herein or in the Warrant Certificates or in the case of the receipt
of any written demand from a Holder of a Warrant Certificate with respect to such default, including, without limiting the generality
of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(j)
Notwithstanding anything contained herein to the contrary, the rights and obligations of the parties set forth in this Section&nbsp;14
shall survive termination of this Agreement, the expiration of the Warrants or the resignation, removal or replacement of the Warrant
Agent</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Section
15.&nbsp;<U>Purchase or Consolidation or Change of Name of Warrant Agent</U>. Any corporation into which the Warrant Agent or any
successor Warrant Agent may be merged or with which it may be consolidated, or any corporation resulting from any merger or consolidation
to which the Warrant Agent or any successor Warrant Agent shall be party, or any corporation succeeding to the corporate trust
business of the Warrant Agent or any successor Warrant Agent, shall be the successor to the Warrant Agent under this Agreement
without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided that such corporation
would be eligible for appointment as a successor Warrant Agent under the provisions of Section 17. In case at the time such successor
Warrant Agent shall succeed to the agency created by this Agreement any of the Warrant Certificates shall have been countersigned
but not delivered, any such successor Warrant Agent may adopt the countersignature of the predecessor Warrant Agent and deliver
such Warrant Certificates so countersigned; and in case at that time any of the Warrant Certificates shall not have been countersigned,
any successor Warrant Agent may countersign such Warrant Certificates either in the name of the predecessor Warrant Agent or in
the name of the successor Warrant Agent; and in all such cases such Warrant Certificates shall have the full force provided in
the Warrant Certificates and in this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
case at any time the name of the Warrant Agent shall be changed and at such time any of the Warrant Certificates shall have been
countersigned but not delivered, the Warrant Agent may adopt the countersignature under its prior name and deliver Warrant Certificates
so countersigned; and in case at that time any of the Warrant Certificates shall not have been countersigned, the Warrant Agent
may countersign such Warrant Certificates either in its prior name or in its changed name; and in all such cases such Warrant Certificates
shall have the full force provided in the Warrant Certificates and in this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.55pt; background-color: white">Section
16.&nbsp;<U>Duties of Warrant Agent</U>. The Warrant Agent undertakes the duties and obligations imposed by this Agreement upon
the following terms and conditions, by all of which the Company, by its acceptance hereof, shall be bound:</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(a)
The Warrant Agent may consult with legal counsel reasonably acceptable to the Company (who may be legal counsel for the Company),
and the opinion of such counsel shall be full and complete authorization and protection to the Warrant Agent as to any action taken
or omitted by it in good faith and in accordance with such opinion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(b)
Whenever in the performance of its duties under this Agreement the Warrant Agent shall deem it necessary or desirable that any
fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless
other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by
a certificate signed by either Co-Chief Executive Officer, Chief Financial Officer or Vice President of the Company; and such certificate
shall be full authorization, protection and authentication to the Warrant Agent and the Warrant Agent shall incur no liability
to the Company for any action taken or suffered or omitted to be taken in good faith by it under the provisions of this Agreement
in reliance upon such certificate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(c)
Subject to the limitation set forth in Section 14, the Warrant Agent shall be liable hereunder only for its own gross negligence,
bad faith, material and willful violation of law or willful misconduct (each as determined in a final, non-appealable judgment
by a court of competent jurisdiction.).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(d)
The Warrant Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement
or in the Warrant Certificates (except its countersignature thereof) by the Company or be required to verify the same, but all
such statements and recitals are and shall be deemed to have been made by the Company only.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(e)
The Warrant Agent shall not have any liability or be under any responsibility in respect of the validity of this Agreement or the
execution and delivery hereof (except the due execution hereof by the Warrant Agent) or in respect of the validity or execution
of any Warrant Certificate (except its countersignature thereof); nor shall it be responsible for any breach by the Company of
any covenant or condition contained in this Agreement or in any Warrant Certificate; nor shall it be responsible for the adjustment
of the Exercise Price or the making of any change in the number of Common Shares required under the provisions of Section 11 or
13 or responsible for the manner, method or amount of any such change or the ascertaining of the existence of facts that would
require any such adjustment or change (except with respect to the exercise of Warrants evidenced by Warrant Certificates after
actual notice of any adjustment of the Exercise Price); nor shall it by any act hereunder be deemed to make any representation
or warranty as to the authorization or reservation of any Common Shares to be issued pursuant to this Agreement or any Warrant
Certificate or as to whether any Common Shares will, when issued, be duly authorized, validly issued, fully paid and nonassessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(f)
Each party hereto agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged
and delivered all such further and other acts, instruments and assurances as may reasonably be required by the other party hereto
for the carrying out or performing by any party of the provisions of this Agreement.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(g)
The Warrant Agent is hereby authorized to accept instructions with respect to the performance of its duties hereunder from either
Co-Chief Executive Officer or the Chief Financial Officer of the Company, and to apply to such officers for advice or instructions
in connection with its duties, and it shall not be liable and shall be indemnified and held harmless for any action taken or suffered
to be taken by it in good faith in accordance with instructions of any such officer, provided Warrant Agent carries out such instructions
without gross negligence, bad faith or willful misconduct.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(h)
The Warrant Agent and any shareholder, director, officer or employee of the Warrant Agent may buy, sell or deal in any of the Warrants
or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested,
or contract with or lend money to the Company or otherwise act as fully and freely as though it were not Warrant Agent under this
Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other legal
entity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(i)
The Warrant Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either
itself or by or through its attorney or agents, and the Warrant Agent shall not be answerable or accountable for any act, default,
neglect or misconduct of any such attorney or agents or for any loss to the Company resulting from any such act, default, neglect
or misconduct, provided reasonable care was exercised in the selection and continued employment thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.55pt">(j) The Warrant Agent
shall not be obligated to expend or risk its own funds or to take any action that it believes would expose or subject it to expense
or liability or to a risk of incurring expense or liability, unless it has been furnished with assurances of repayment or indemnity
satisfactory to it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 26.55pt; text-align: justify">(k) The Warrant Agent shall not be liable
or responsible for any failure of the Company to comply with any of its obligations relating to any registration statement filed
with the Securities and Exchange Commission or this Agreement, including without limitation obligations under applicable regulation
or law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 26.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 26.55pt; text-align: justify">(l) The Warrant Agent may rely on and
be fully authorized and protected in acting or failing to act upon (a) any guaranty of signature by an &ldquo;eligible guarantor
institution&rdquo; that is a member or participant in the Securities Transfer Agents Medallion Program or other comparable &ldquo;signature
guarantee program&rdquo; or insurance program in addition to, or in substitution for, the foregoing; or (b) any law, act, regulation
or any interpretation of the same even though such law, act, or regulation may thereafter have been altered, changed, amended or
repealed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 26.55pt">&nbsp;</P>


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 26.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 26.55pt; text-align: justify">(m) In the event the Warrant Agent believes
any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or other communication, paper or
document received by the Warrant Agent hereunder, the Warrant Agent, may, in its sole discretion, refrain from taking any action,
and shall be fully protected and shall not be liable in any way to Company, the holder of any Warrant or any other Person for refraining
from taking such action, unless the Warrant Agent receives written instructions signed by the Company which eliminates such ambiguity
or uncertainty to the satisfaction of Warrant Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 26.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 26.55pt; background-color: white; text-align: justify">(n) This Section
16 shall survive the expiration of the Warrants, the termination of this Agreement and the resignation, replacement or removal
of the Warrant Agent. The costs and expenses incurred in enforcing this right of indemnification shall be paid by the Company.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 26.55pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Section
17.&nbsp;<U>Change of Warrant Agent</U>. The Warrant Agent may resign and be discharged from its duties under this Agreement upon
30 days&rsquo; notice in writing sent to the Company and to each transfer agent of the Common Shares, and to the Holders of the
Warrant Certificates. The Company may remove the Warrant Agent or any successor Warrant Agent upon 30 days&rsquo; notice in writing,
sent to the Warrant Agent or successor Warrant Agent, as the case may be, and to each transfer agent of the Common Shares, and
to the Holders of the Warrant Certificates. If the Warrant Agent shall resign or be removed or shall otherwise become incapable
of acting, the Company shall appoint a successor to the Warrant Agent. If the Company shall fail to make such appointment within
a period of 30 days after such removal or after it has been notified in writing of such resignation or incapacity by the resigning
or incapacitated Warrant Agent or by the Holder of a Warrant Certificate (who shall, with such notice, submit his Warrant Certificate
for inspection by the Company), then the Holder of any Warrant Certificate may apply to any court of competent jurisdiction for
the appointment of a new Warrant Agent, provided that, for purposes of this Agreement, the Company shall be deemed to be the Warrant
Agent until a new warrant agent is appointed. Any successor Warrant Agent, whether appointed by the Company or by such a court,
shall be a corporation organized and doing business under the laws of the United States or of a state thereof, in good standing,
which is authorized under such laws to exercise corporate trust powers and is subject to supervision or examination by federal
or state authority and which has at the time of its appointment as Warrant Agent a combined capital and surplus of at least $50,000,000.
After appointment, the successor Warrant Agent shall be vested with the same powers, rights, duties and responsibilities as if
it had been originally named as Warrant Agent without further act or deed; but the predecessor Warrant Agent shall deliver and
transfer to the successor Warrant Agent any property at the time held by it hereunder, and execute and deliver any further assurance,
conveyance, act or deed necessary for the purpose but such predecessor Warrant Agent shall not be required to make any additional
expenditure (without prompt reimbursement by the Company) or assume any additional liability in connection with the foregoing.
Not later than the effective date of any such appointment, the Company shall file notice thereof in writing with the predecessor
Warrant Agent and each transfer agent of the Common Shares, and mail a notice thereof in writing to the Holders of the Warrant
Certificates. However, failure to give any notice provided for in this Section 17, or any defect therein, shall not affect the
legality or validity of the resignation or removal of the Warrant Agent or the appointment of the successor Warrant Agent, as the
case may be.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Section
18.&nbsp;<U>Issuance of New Warrant Certificates</U>. Notwithstanding any of the provisions of this Agreement or of the Warrants
to the contrary, the Company may, at its option, issue new Warrant Certificates evidencing Warrants in such form as may be approved
by its Board of Directors to reflect any adjustment or change in the Exercise Price per share and the number or kind or class of
shares of stock or other securities or property purchasable under the several Warrant Certificates made in accordance with the
provisions of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Section
19.&nbsp;<U>Notices</U>. Notices or demands authorized by this Agreement to be given or made (i) by the Warrant Agent or by the
Holder of any Warrant Certificate to or on the Company, (ii) subject to the provisions of Section 17, by the Company or by the
Holder of any Warrant Certificate to or on the Warrant Agent or (iii) by the Company or the Warrant Agent to the Holder of any
Warrant Certificate, shall be deemed given (a) on the date delivered, if delivered personally, (b) on the first Business Day following
the deposit thereof with Federal Express or another recognized overnight courier, if sent by Federal Express or another recognized
overnight courier, (c) on the fourth Business Day following the mailing thereof with postage prepaid, if mailed by registered or
certified mail (return receipt requested), and (d) the date of transmission, if such notice or communication is delivered via facsimile
or email attachment at or prior to 5:30 p.m. (New York City time) on a Business Day and (e) the next Business Day after the date
of transmission, if such notice or communication is delivered via facsimile or email attachment on a day that is not a Business
Day or later than 5:30 p.m. (New York City time) on any Business Day, in each case to the parties at the following addresses (or
at such other address for a party as shall be specified by like notice):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">(a) If to the Company, to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Oncolytcis BioTech Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">1167 Kesington Crescent NW &ndash;
Suite 210</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Calgary Alberta, Canada T2N 1X7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Fax: 403-283-0858</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">E-Mail: klook@oncolytics.ca</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Attention: Kirk Look, CFO&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">With a copy (which shall not constitute
notice) to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Dorsey &amp; Whitney LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Attn: Jason Brenkert</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Fax: 303-629-2450</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Email: brenkert.jason@dorsey.com</P>

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


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    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">(b) If to the Warrant Agent, to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">American Stock Transfer &amp; Trust
Company, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">6201 15th Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Brooklyn, New York 11219</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Email: <U>Reorgwarrants@astfinancial.com</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">For any notice
delivered by email to be deemed given or made, such notice must be followed by notice sent by overnight courier service to be delivered
on the next business day following such email, unless the recipient of such email has acknowledged via return email receipt of
such email.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(c)
If to the Holder of any Warrant Certificate, to the address of such Holder as shown on the registry books of the Company. Any notice
required to be delivered by the Company to the Holder of any Warrant may be given by the Warrant Agent on behalf of the Company.
Notwithstanding any other provision of this Agreement, where this Agreement provides for notice of any event to a Holder of any
Warrant, such notice shall be sufficiently given if given to the Depositary (or its designee) pursuant to the procedures of the
Depositary or its designee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.55pt; background-color: white">Section
20.&nbsp;<U>Supplements and Amendments</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(a)
The Company and the Warrant Agent may from time to time supplement or amend this Agreement without the approval of any Holders
of Global Warrant certificates in order to add to the covenants and agreements of the Company for the benefit of the Holders of
the Global Warrant certificates or to surrender any rights or power reserved to or conferred upon the Company in this Agreement,
provided that such addition or surrender shall not adversely affect the interests of the Holders of the Global Warrant certificates
in any material respect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(b)
In addition to the foregoing, with the consent of Holders of Warrants entitled, upon exercise thereof, to receive not less than
a majority of the Common Shares issuable thereunder, the Company and the Warrant Agent may modify this Agreement for the purpose
of adding any provisions to or changing in any manner or eliminating any of the provisions of this Warrant Agreement or modifying
in any manner the rights of the Holders of the Global Warrant certificates;&nbsp;<U>provided</U>,&nbsp;<U>however</U>, that no
modification of the terms (including but not limited to the adjustments described in Section 11) upon which the Warrants are exercisable
or the rights of the holders of Warrants to receive liquidated or buy-in damages or other payments in cash from the Company or
reducing the percentage required for consent to modification of this Agreement may be made without the consent of the Holder of
each outstanding warrant certificate affected thereby; <U>provided</U>, <U>further</U>, <U>however</U>, that no amendment hereunder
shall affect any terms of any Warrant Certificate issued in a Warrant Exchange. As a condition precedent to the Warrant Agent&rsquo;s
execution of any amendment, the Company shall deliver to the Warrant Agent a certificate from a duly authorized officer of the
Company that states that the proposed amendment complies with the terms of this Section 20.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Section
21.&nbsp;<U>Successors</U>. All covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant
Agent shall bind and inure to the benefit of their respective successors and assigns hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Section
22.&nbsp;<U>Benefits of this Agreement</U>. Nothing in this Agreement shall be construed to give any Person other than the Company,
the Holders of Warrant Certificates and the Warrant Agent any legal or equitable right, remedy or claim under this Agreement; but
this Agreement shall be for the sole and exclusive benefit of the Company, the Warrant Agent and the Holders of the Warrant Certificates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Section
23.&nbsp;<U>Governing Law</U>. This Agreement and each Warrant Certificate issued hereunder shall be governed by, and construed
in accordance with, the laws of the State of New York without giving effect to the conflicts of law principles thereof. The Company
hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be
brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New
York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection
to such exclusive jurisdiction and that such courts represent an inconvenience forum.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Section
24.&nbsp;<U>Counterparts</U>. This Agreement may be executed in any number of counterparts and each of such counterparts shall
for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.
A signature to this Agreement transmitted electronically shall have the same authority, effect and enforceability as an original
signature.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Section
25.&nbsp;<U>Captions</U>. The captions of the sections of this Agreement have been inserted for convenience only and shall not
control or affect the meaning or construction of any of the provisions hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Section
26.&nbsp;<U>Warrant Agent Agreement</U>.&nbsp; To the extent any provision of this Warrant Agent Agreement conflicts with the
express provisions of the Warrant Certificate, the provisions of such Warrant Certificate shall govern and be controlling except
as it pertains to the rights and responsibilities of the Warrant Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Section
27.&nbsp;<U>Severability</U>. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law,
such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such
provisions or the remaining provisions of this Agreement; provided, however, that if such prohibited and invalid provision shall
adversely affect the rights, immunities, liabilities, duties or obligations of the Warrant Agent, the Warrant Agent shall be entitled
to resign immediately upon written notice to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Section 28.&nbsp;<U>Force
Majeure</U>. Notwithstanding anything to the contrary contained herein, the Warrant Agent will not be liable for any delays or
failures in performance resulting from acts beyond its reasonable control including, without limitation, acts of God, terrorist
acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss of data due
to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war, or civil unrest,
provided that this Section 28 shall have no effect on the Company&rsquo;s obligations to the Holders pursuant to the terms of the
Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Section 29.&nbsp;<U>Entire
Agreement</U>. The parties hereto acknowledge that there are no agreements or understandings, written or oral, between them with
respect to matters contemplated hereunder other than as set forth herein and the Warrant Certificates, that this Agreement and
the Warrant Certificates contain the entire agreement between them with respect to the subject matter hereof and thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Section 30. Fees; Expenses</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.2in">As consideration for
the services provided by AST (the &ldquo;<U>Services</U>&rdquo;), the Company shall pay to AST the fees set forth on <U>Schedule
1</U> hereto (the &ldquo;<U>Fees</U>&rdquo;). If the Company requests that AST provide additional services not contemplated hereby,
the Company shall pay to AST fees for such services at AST&rsquo;s reasonable and customary rates, such fees to be governed by
the terms of a separate agreement to be mutually agreed to and entered into by the Parties at such time (the &ldquo;<U>Additional
Service Fee</U>&rdquo;; together with the Fees, the &ldquo;<U>Service Fees</U>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company shall reimburse AST for all reasonable and documented expenses incurred by AST (including, without limitation, reasonable
and documented fees and disbursements of counsel) in connection with the Services (the &ldquo;<U>Expenses</U>&rdquo;); <U>provided</U>,
<U>however</U>, that AST reserves the right to request advance payment for any out-of-pocket expenses. The Company agrees to pay
all Service Fees and Expenses within thirty (30) days following receipt of an invoice from AST.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company agrees and acknowledges that AST may adjust the Service Fees may annually, on or about each anniversary date of this Agreement,
by the annual percentage of change in the latest Consumer Price Index of All Urban Consumers United States City Average, as published
by the U.S. Department of Labor, Bureau of Labor Statistics, <U>plus</U> three percent (3%).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-align: justify">Upon termination of this Agreement
for any reason, AST shall assist the Company with the transfer of records of the Company held by AST. AST shall be entitled to
reasonable additional compensation and reimbursement of any Expenses for the preparation and delivery of such records to the successor
agent or to the Company, and for maintaining records and/or Stock Certificates that are received after the termination of this
Agreement (the &ldquo;<U>Record Transfer Services</U>&rdquo;).&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">[<I>Signature Page
Follows</I>]</P>

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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ONCOLYTICS BIOTECH INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Kirk
Look </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kirk Look</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CFO</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AMERICAN STOCK TRANSFER &amp; TRUST COMPANY LLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Michael Legregin</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Michael Legregin</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: SVP, Attorney Advisory Group</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 189pt; text-indent: -189pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">[<I>Signature Page
to Warrant Agent Agreement</I>]</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Annex A: Form
of Warrant Certificate Request Notice</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">WARRANT CERTIFICATE
REQUEST NOTICE</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">To: ______________
as Warrant Agent for Oncolytics Biotech Inc. (the &ldquo;Company&rdquo;)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The undersigned
Holder of Common Share Purchase Warrants (&ldquo;Warrants&rdquo;) in the form of Global Warrants issued by the Company hereby elects
to receive a Warrant Certificate evidencing the Warrants held by the Holder as specified below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="width: 95%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of Holder of Warrants in form of Global Warrants: _____________________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of Holder in Warrant Certificate (if different from name of Holder of Warrants in form of Global Warrants): ____________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number of Warrants in name of Holder in form of Global Warrants: ___________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number of Warrants for which Warrant Certificate shall be issued: __________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number of Warrants in name of Holder in form of Global Warrants after issuance of Warrant Certificate, if any: ___________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant Certificate shall be delivered to the following address:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The undersigned
hereby acknowledges and agrees that, in connection with this Warrant Exchange and the issuance of the Warrant Certificate, the
Holder is deemed to have surrendered the number of Warrants in form of Global Warrants in the name of the Holder equal to the number
of Warrants evidenced by the Warrant Certificate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">[SIGNATURE OF HOLDER]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Name of Investing Entity:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">_____________________________________________________________________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><I>Signature of Authorized Signatory
of Investing Entity</I>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">______________________________________________</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Name of Authorized Signatory:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">________________________________________________________________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Title of Authorized Signatory:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">_________________________________________________________________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">_____________________________________________________________________________</P>

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


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