<SEC-DOCUMENT>0001193125-21-297961.txt : 20211013
<SEC-HEADER>0001193125-21-297961.hdr.sgml : 20211013
<ACCEPTANCE-DATETIME>20211013173105
ACCESSION NUMBER:		0001193125-21-297961
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20211013
FILED AS OF DATE:		20211013
DATE AS OF CHANGE:		20211013

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ImmunoPrecise Antibodies Ltd.
		CENTRAL INDEX KEY:			0001715925
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39530
		FILM NUMBER:		211321992

	BUSINESS ADDRESS:	
		STREET 1:		880 - 580 HORNBY STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C3B6
		BUSINESS PHONE:		6048060626

	MAIL ADDRESS:	
		STREET 1:		880 - 580 HORNBY STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C3B6
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d205150d6k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML><HEAD>
<TITLE>6-K</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B><FONT
STYLE="white-space:nowrap">FORM&nbsp;6-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REPORT OF
FOREIGN ISSUER </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT TO RULE <FONT STYLE="white-space:nowrap">13a-16</FONT> OR <FONT STYLE="white-space:nowrap">15d-16</FONT>
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the month of October 2021 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission File <FONT STYLE="white-space:nowrap">No.&nbsp;001-39530</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>ImmunoPrecise Antibodies Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Translation of registrant&#146;s name into English) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>3204-4464
Markham Street Victoria, British Columbian V8Z 7X8 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of registrant&#146;s principal executive office) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant files or will file annual reports under cover <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> or <FONT
STYLE="white-space:nowrap">Form&nbsp;40-F.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="white-space:nowrap">Form&nbsp;20-F&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Form</FONT> <FONT STYLE="white-space:nowrap">40-F&nbsp;&nbsp;&#9746;</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the <FONT
STYLE="white-space:nowrap">Form&nbsp;6-K</FONT> in paper as permitted by Regulation <FONT STYLE="white-space:nowrap">S-T</FONT> Rule&nbsp;101&nbsp;(b)&nbsp;(1):&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the <FONT STYLE="white-space:nowrap">Form&nbsp;6-K</FONT> in paper as permitted by Regulation <FONT
STYLE="white-space:nowrap">S-T</FONT> Rule&nbsp;101&nbsp;(b)&nbsp;(7):&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INCORPORATION BY REFERENCE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Exhibit 99.2 of this Form <FONT STYLE="white-space:nowrap">6-K</FONT> is incorporated by reference into the Registration Statement on Form <FONT
STYLE="white-space:nowrap">F-10</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-249957)</FONT> and Registration Statement on Form <FONT STYLE="white-space:nowrap">S-8</FONT> (File
<FONT STYLE="white-space:nowrap">No.&nbsp;333-256730)</FONT> of the Registrant, Immunoprecise<B> </B>Antibodies Ltd. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Exhibit</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d205150dex991.htm">News release dated October 13, 2021 </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d205150dex992.htm"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">At-The-Market</FONT></FONT> Offering Agreement by and between Immunoprecise<B> </B>Antibodies Ltd. and H.C. Wainwright&nbsp;
&amp; Co., LLC, dated October 13, 2021 </A></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>SIGNATURES </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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,
thereto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%"></TD>

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<TD WIDTH="44%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>IMMUNOPRECISE ANTIBODIES LTD.</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: October 13, 2021</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Lisa Helbling</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lisa Helbling</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief&nbsp;Financial&nbsp;Officer</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d205150dex991.htm
<DESCRIPTION>EX-99.1
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g205150g1013050205921.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ImmunoPrecise Announces
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">At-The-Market</FONT></FONT> Facility of up to US$50 Million </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">VICTORIA, British
Columbia, October&nbsp;13, 2021, - IMMUNOPRECISE ANTIBODIES LTD. (the &#147;Company&#148; or &#147;IPA&#148;) (NASDAQ: IPA) (TSX VENTURE: IPA), a leader in full-service therapeutic antibody discovery and development, today announced that it has
entered into an <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">At-The-Market</FONT></FONT> Distribution Agreement (the &#147;ATM Agreement&#148;) with H.C. Wainwright&nbsp;&amp; Co., LLC, as sole sales agent (the
&#147;Agent&#148;). Under the ATM Agreement, the Company will be entitled, at its discretion and from <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">time-to-time</FONT></FONT> during the term of the ATM Agreement, to sell, through
the Agent common shares of the Company (the &#147;Common Shares&#148;) having an aggregate gross sales price of up to US$50&nbsp;million (the &#147;Offering&#148; or &#147;ATM Facility&#148;). Sales of the Common Shares will be made in transactions
that are deemed to be &#147;at-the-market offerings&#148; as defined in Rule 415 of the United States Securities Act of 1933, as amended, and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;at-the-market</FONT></FONT>
distributions&#148; as defined in National Instrument <FONT STYLE="white-space:nowrap">44-102</FONT> &#150; <I>Shelf Distributions</I>, including, without limitation, sales made directly on the Nasdaq Global Market or any other existing trading
market for the Common Shares in the United States. No offers or sales of Common Shares will be made in Canada on the TSX Venture Exchange (the &#147;TSXV&#148;) or other trading markets in Canada. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company will determine, at its sole discretion, the date, minimum price and maximum number of Common Shares to be sold under the ATM Facility. The Common
Shares will be distributed from time to time in negotiated transactions, at market prices prevailing at the time of sale, at prices relating to such prevailing market prices, and/or in any other manner permitted by applicable law. As such, the
prices may vary between purchasers over time. The Company is not required to sell any Common Shares at any time during the term of the ATM Facility. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
Company intends to use the net proceeds of the Offering, if any and at the discretion of the Company, to support the growth and development of the Company&#146;s existing operations as well as working capital and general corporate purposes. The
Company will pay the Agent a cash fee for Common Shares sold under the ATM Agreement and will reimburse certain expenses incurred by the Agent. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The TSXV has conditionally approved the listing of the Common Shares distributed in the Offering, and the
Nasdaq Global Market has been notified of the Offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Offering will be made by way of a prospectus supplement dated October&nbsp;13, 2021 (the
&#147;Prospectus Supplement&#148;) to the Company&#146;s existing Canadian short form base shelf prospectus dated December&nbsp;11, 2020 (the &#147;Base Shelf Prospectus&#148;) and U.S. registration statement on Form
<FONT STYLE="white-space:nowrap">F-10,</FONT> as amended (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-249957),</FONT> dated January&nbsp;5, 2021 (the &#147;Registration Statement&#148;). The Registration Statement was declared effective by
the United States Securities and Exchange Commission (the &#147;SEC&#148;) on January&nbsp;11, 2021. The Prospectus Supplement has been filed with the British Columbia Securities Commission and the SEC. The ATM Agreement, the Prospectus Supplement
and the related Base Shelf Prospectus are available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Alternatively, the Agent will send the documents upon request by contacting the Agent: H.C. Wainwright &amp; Co., LLC, 430 Park Avenue 3rd
Floor, New York, NY 10022, telephone: (646) 975-6996, email: placements@hcwco.com. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About ImmunoPrecise&nbsp;Antibodies Ltd </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ImmunoPrecise is
an innovation-driven technology platform company that supports its business partners in their quest to discover and develop novel antibodies against a broad range of classes of disease targets. The Company endeavors to transform the conventional
multi-vendor antibody discovery model by providing a comprehensive suite of services tailored to optimize antibody genetic diversity and epitope coverage, to discover antibodies against rare and/or challenging epitopes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For further information, visit <U>www.immunoprecise.com</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IPA investor contact: </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">LifeSci Advisors </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John Mullaly </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Email: jmullaly@lifesciadvisors.com </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward Looking Information </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This news release contains
forward-looking statements within the meaning of applicable United States securities laws and Canadian securities laws. Forward-looking statements are often identified by the use of words such as &#147;potential&#148;, &#147;plans&#148;,
&#147;expects&#148; or &#147;does not expect&#148;, &#147;is expected&#148;, &#147;estimates&#148;, &#147;intends&#148;, &#147;anticipates&#148; or &#147;does not anticipate&#148;, or &#147;believes&#148;, or variations of such words and phrases or
state that certain actions, events or results &#147;may&#148;, &#147;could&#148;, &#147;would&#148;, &#147;might&#148; or &#147;will&#148; be taken, occur or be achieved. Forward-looking information contained in this news release includes, but is
not limited to, statements regarding the anticipated offering of Common Shares under the ATM Facility, including the number and price of Common </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Shares sold in connection thereto, the proceeds from sales under the ATM Facility, the anticipated use of proceeds from such sales, the placement fee and expense reimbursements to be paid in
connection therewith and the listing of the Common Shares issued under the ATM Facility on the TSXV. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Forward-looking information involves known and
unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements stated herein to be materially different from any future results, performance or achievements expressed or implied by the forward-looking
information. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including, without limitation, risks that the Company may not sell all or any of the Common Shares offered under the ATM
Facility, may raise less than the maximum offering amount under the ATM Facility, and may not use proceeds from the ATM Facility effectively, as well as those risks discussed in the Prospectus Supplement, the Base Shelf Prospectus, the
Company&#146;s Annual Information Form dated July&nbsp;27, 2021 (which may be viewed on the Company&#146;s profile at www.sedar.com) and the Company&#146;s Form <FONT STYLE="white-space:nowrap">40-F</FONT> dated July&nbsp;27, 2021 (which may be
viewed on the Company&#146;s profile at www.sec.gov). Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance, or achievements may
vary materially from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release. The forward-looking
statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date. The Company does not assume any obligation to update or revise any forward-looking statements, whether written
or oral, that may be made from time to time by us or on our behalf, except as required by applicable law. </P>
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<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>d205150dex992.htm
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AT THE MARKET OFFERING AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">October 13, 2021 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">H.C. Wainwright&nbsp;&amp;
Co., LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">430 Park Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10022 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">ImmunoPrecise Antibodies
Ltd., a corporation incorporated under the <I>Business Corporations Act</I> (British Columbia) (the &#147;<U>Company</U>&#148;), confirms its agreement (this &#147;<U>Agreement</U>&#148;) with H.C. Wainwright&nbsp;&amp; Co., LLC (the
&#147;<U>Manager</U>&#148;) as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Definitions; Canadian Filings</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Definitions</U>. The terms that follow, when used in this Agreement and any Terms Agreement, shall have the meanings
indicated. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Accountants</U>&#148;&nbsp;shall have the meaning ascribed to such term in Section&nbsp;4(m). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Act</U>&#148; shall mean the Securities Act of 1933, as amended, and the rules and regulations of the Commission
promulgated thereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Action</U>&#148; shall have the meaning ascribed to such term in Section&nbsp;3(q). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affiliate</U>&#148; shall have the meaning ascribed to such term in Section&nbsp;3(p). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Applicable Time</U>&#148; shall mean, with respect to any Shares, the time of sale of such Shares pursuant to this
Agreement or any relevant Terms Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Base Prospectuses</U>&#148; means, collectively, the Canadian Base
Prospectus and the U.S. Base Prospectus. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Board</U>&#148; shall have the meaning ascribed to such term in
Section&nbsp;2(b)(iii). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Broker Fee</U>&#148; shall have the meaning ascribed to such term in
Section&nbsp;2(b)(v). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Business Day</U>&#148; shall mean any day other than Saturday, Sunday or other day on which
commercial banks in The City of New York are authorized or required by law to remain closed; <U>provided</U>, <U>however</U>, that, for purposes of clarity, commercial banks shall not be deemed to be authorized or required by law to remain closed
due to &#147;stay at home&#148;, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;shelter-in-place&#148;,</FONT></FONT> <FONT STYLE="white-space:nowrap">&#147;non-essential</FONT> employee&#148;&nbsp;or any other similar
orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York
generally are open for use by customers on such day. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Base Prospectus</U>&#148; shall have the meaning ascribed
to such term in Section&nbsp;1(b). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Company Counsel</U>&#148; shall mean Norton Rose Fulbright Canada
LLP. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Market</U>&#148; shall have the meaning ascribed to such term in Section&nbsp;2(b)(ix). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Prospectus</U>&#148; shall have the meaning ascribed to such term in Section&nbsp;1(b). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Prospectus Supplement</U>&#148; shall have the meaning ascribed to such term in Section&nbsp;1(b). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Qualifying Authorities</U>&#148; shall have the meaning ascribed to such term in Section&nbsp;1(b). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Securities Laws</U>&#148; shall have the meaning ascribed to such term in Section&nbsp;1(b). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Commission</U>&#148; shall mean the United States Securities and Exchange Commission. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Common Stock</U>&#148; shall have the meaning ascribed to such term in Section&nbsp;2. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Common Stock Equivalents</U>&#148; shall have the meaning ascribed to such term in Section&nbsp;3(g). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Continuous Disclosure Materials</U>&#148; shall have the meaning ascribed to such term in Section&nbsp;4(h). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>DTC</U>&#148; shall have the meaning ascribed to such term in Section&nbsp;2(b)(vii). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>EDGAR</U>&#148; means Electronic Data Gathering Analysis and Retrieval System. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Effective Date</U>&#148; shall mean each date and time that the Registration Statement and any post-effective
amendment or amendments thereto became or becomes effective. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Exchange Act</U>&#148; shall mean the Securities Exchange Act of
1934, as amended, and the rules and regulations of the Commission promulgated thereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Execution
Time</U>&#148; shall mean the date and time that this Agreement is executed and delivered by the parties hereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Filing Date</U>&#148; shall have the meaning ascribed to such term in Section&nbsp;4(w). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>FINRA</U>&#148; shall have the meaning ascribed to such term in Section&nbsp;3(e). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Form <FONT STYLE="white-space:nowrap">F-10</FONT></U>&#148; shall mean the Commission&#146;s Form <FONT
STYLE="white-space:nowrap">F-10</FONT> registration statement under the Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Form
<FONT STYLE="white-space:nowrap">F-X</FONT></U>&#148; shall have the meaning ascribed to such term in Section&nbsp;1(b). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Free Writing Prospectus</U>&#148; shall mean a free writing prospectus, as defined in Rule&nbsp;405. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>IFRS</U>&#148; shall have the meaning ascribed to such term in Section&nbsp;3(m). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Incorporated Documents</U>&#148; shall mean the documents or portions thereof filed with the Commission or Reviewing
Authority on or prior to the Effective Date that are incorporated by reference in the Prospectuses and any documents or portions thereof filed with the Commission or Reviewing Authority after the Effective Date that are deemed to be incorporated by
reference in the Prospectuses. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Intellectual Property Rights</U>&#148; shall have the meaning ascribed to such
term in Section&nbsp;3(v). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Issuer Free Writing Prospectus</U>&#148; shall mean an issuer free writing prospectus,
as defined in Rule 433. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Losses</U>&#148; shall have the meaning ascribed to such term in Section&nbsp;7(d). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Material Adverse Effect</U>&#148; shall have the meaning ascribed to such term in Section&nbsp;3(b). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Material Permits</U>&#148; shall have the meaning ascribed to such term in Section&nbsp;3(t). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Maximum Amount</U>&#148; shall have the meaning ascribed to such term in Section&nbsp;2. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Net Proceeds</U>&#148; shall have the meaning ascribed to such term
in Section&nbsp;2(b)(v). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Free Writing Prospectus</U>&#148; shall have the meaning ascribed to such term
in Section&nbsp;4(g). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Placement</U>&#148; shall have the meaning ascribed to such term in Section&nbsp;2(c). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Proceeding</U>&#148; shall have the meaning ascribed to such term in Section&nbsp;3(b). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Prospectus Supplements</U>&#148; means, collectively, each Canadian Prospectus Supplement and each U.S. Prospectus
Supplement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Prospectuses</U>&#148; means, collectively, the Canadian Prospectus and the U.S. Prospectus. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Qualifying Jurisdictions</U>&#148; shall have the meaning ascribed to such term in Section&nbsp;1(b). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Receipt</U>&#148; shall have the meaning ascribed to such term in Section&nbsp;1(b). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Registration Statement</U>&#148; shall mean the shelf registration statement (File Number <FONT
STYLE="white-space:nowrap">333-249957)</FONT> on Form <FONT STYLE="white-space:nowrap">F-10,</FONT> including exhibits and financial statements and any prospectus supplement relating to the Shares that is filed with the Commission and deemed part of
such registration statement, as amended on each Effective Date and, in the event any post-effective amendment thereto becomes effective, shall also mean such registration statement as so amended. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Representation Date</U>&#148; shall have the meaning ascribed to such term in Section&nbsp;4(k). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Required Approvals</U>&#148; shall have the meaning ascribed to such term in Section&nbsp;3(e). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Reviewing Authority</U>&#148; means the British Columbia Securities Commission. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Rule</U><U></U><U>&nbsp;158</U>&#148;, &#147;<U>Rule</U><U></U><U>&nbsp;164</U>&#148;,
&#147;<U>Rule</U><U></U><U>&nbsp;172</U>&#148;, &#147;<U>Rule</U><U></U><U>&nbsp;173</U>&#148;, &#147;<U>Rule</U><U></U><U>&nbsp;405</U>&#148;, &#147;<U>Rule</U><U></U><U>&nbsp;415</U>&#148;, &#147;<U>Rule</U><U></U><U>&nbsp;424</U>&#148;,
&#147;<U>Rule</U><U></U><U>&nbsp;430B</U>&#148; and &#147;<U>Rule</U><U></U><U>&nbsp;433</U>&#148; refer to such rules under the Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Sales Notice</U>&#148; shall have the meaning ascribed to such term in Section&nbsp;2(b)(i). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>SEC Reports</U>&#148; shall have the meaning ascribed to such term
in Section&nbsp;3(m). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>SEDAR</U>&#148; means System for Electronic Document Analysis and Retrieval. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Settlement Date</U>&#148; shall have the meaning ascribed to such term in Section&nbsp;2(b)(vii). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Shares</U>&#148; shall have the meaning ascribed to such term in Section&nbsp;2. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Shelf Procedures</U>&#148; shall have the meaning ascribed to such term in Section&nbsp;1(b). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Shelf Securities</U>&#148; shall have the meaning ascribed to such term in Section&nbsp;1(b). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Subsidiary</U>&#148; shall have the meaning ascribed to such term in Section&nbsp;3(a). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Terms Agreement</U>&#148; shall have the meaning ascribed to such term in Section&nbsp;2(a). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Time of Delivery</U>&#148; shall have the meaning ascribed to such term in Section&nbsp;2(c). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Trading Day</U>&#148; means a day on which the Trading Market is open for trading. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Trading Market</U>&#148; means The Nasdaq Capital Market securities exchange. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>TSX</U>&#148; means the Toronto Stock Exchange. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.S. Company Counsel</U>&#148; shall mean Norton Rose Fulbright US LLP. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.S. Base Prospectus</U>&#148; shall mean the base prospectus relating to the Shelf Securities contained in the
Registration Statement at the Execution Time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.S. Prospectus</U>&#148; shall mean the U.S. Base Prospectus, as
supplemented by the most recently filed U.S. Prospectus Supplement (if any) and together with any Issuer Free Writing Prospectus. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.S. Prospectus Supplement</U>&#148; shall have the meaning ascribed to such term in Section&nbsp;1(b). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Certain Filings</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company has prepared and filed in each of the Provinces of Canada, excluding Quebec (the
&#147;<U>Qualifying Jurisdictions</U>&#148;) in accordance with applicable securities laws and the respective applicable rules and regulations under such laws, together with applicable published national, multilateral and local policy statements,
instruments, notices and blanket orders of the securities regulatory authorities (&#147;<U>Canadian Qualifying Authorities</U>&#148;) in each of the Qualifying Jurisdictions (collectively, &#147;<U>Canadian Securities Laws</U>&#148;), a preliminary
short-form base shelf prospectus, dated November&nbsp;6, 2020, in respect of offers and sales, from time to time, of up to C$150,000,000 of Common Stock, preferred shares, debt securities, warrants, units and subscription receipts of the Company
(collectively, the &#147;<U>Shelf Securities</U>&#148;) and a final short-form base shelf prospectus, dated December&nbsp;11, 2020, in respect of offers and sales, from time to time, of the Shelf Securities; the Reviewing Authority has issued a
receipt dated December&nbsp;11, 2020 (&#147;<U>Receipt</U>&#148;) as the principal regulator under Multilateral Instrument <FONT STYLE="white-space:nowrap">11-102</FONT> <I>Passport System</I>, and evidencing that each of the other Canadian
Qualifying Authorities is deemed to have issued a Receipt under National Policy <FONT STYLE="white-space:nowrap">11-202</FONT> <I>Process for Prospectus Reviews in Multiple Jurisdictions</I> in respect of each such short-form base shelf prospectus
(the final short-form base shelf prospectus, as most recently amended, if applicable, filed in the Qualifying Jurisdictions on or before the date of this Agreement for which a Receipt has been obtained, is hereinafter referred to as the
&#147;<U>Canadian Base Prospectus</U>&#148;). The Company has prepared the Canadian Base Prospectus pursuant to National Instrument <FONT STYLE="white-space:nowrap">44-101&#151;</FONT><I>Short Form Prospectus Distributions</I> and National
Instrument <FONT STYLE="white-space:nowrap">44-102&#151;</FONT><I>Shelf Distributions</I> (together, the &#147;<U>Shelf Procedures</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Promptly following the execution of this Agreement, the Company will file with the Reviewing Authority, in accordance with the Shelf
Procedures, one or more prospectus supplements relating to the Shares to be issued and sold pursuant to this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As used herein,
&#147;<U>Canadian Prospectus Supplement</U>&#148; means the most recent prospectus supplement relating to the Shares to be issued and sold pursuant to this Agreement, to be filed by the Company in the Qualifying Jurisdictions in accordance with
Canadian Securities Laws, in the form furnished by the Company to the Manager; and &#147;<U>Canadian Prospectus</U>&#148; means the Canadian Prospectus Supplement (and any additional Canadian prospectus supplement prepared in accordance with the
provisions of this Agreement and filed in the Qualifying Jurisdictions in accordance with Canadian Securities Laws) together with the Canadian Base Prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company has filed, in accordance with the provisions of the Act, with the Commission a Registration Statement, as defined below. The
Company has also filed with the Commission an appointment of agent for service of process on Form <FONT STYLE="white-space:nowrap">F-X</FONT> (the &#147;<U>Form <FONT STYLE="white-space:nowrap">F-X</FONT></U>&#148;) in conjunction with the filing of
the Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company will, concurrent with the filing of the Canadian Prospectus Supplement with the Qualifying
Jurisdictions, file the Canadian Prospectus Supplement with the Commission with such deletions therefrom and additions or changes thereto as are permitted or required by Form <FONT STYLE="white-space:nowrap">F-10.</FONT> As used herein,
&#147;<U>U.S. Prospectus Supplement</U>&#148; means the most recent prospectus supplement relating to the Shares to be issued and sold pursuant to this Agreement, to be filed by the Company with the Commission in accordance with the requirements of
Form <FONT STYLE="white-space:nowrap">F-10,</FONT> in the form furnished by the Company to the Manager. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any reference herein to the Registration Statement, the Base Prospectuses, the Prospectus
Supplements or the Prospectuses or any amendment or supplement thereto shall be deemed to refer to and include the documents incorporated by reference therein, and any reference herein to the terms &#147;amend,&#148; &#147;amendment&#148; or
&#147;supplement&#148; with respect to the Registration Statement, the Base Prospectuses, the Prospectus Supplements or the Prospectuses shall be deemed to refer to and include the filing or furnishing of any document with or to the Commission or
Canadian Qualifying Authorities, as applicable, on or after the Effective Date of the Registration Statement or the date of the Base Prospectuses, the Prospectus Supplements or the Prospectuses, as the case may be, and deemed to be incorporated by
reference therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of this Agreement, all references to the Canadian Base Prospectus, the Canadian Prospectus Supplement and
the Canadian Prospectus or any amendment or supplement thereto shall be deemed to include any copy filed with any Canadian Qualifying Jurisdiction on SEDAR. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All references to the Registration Statement, the U.S. Base Prospectus, the U.S. Prospectus Supplement and the U.S. Prospectus or any
amendment or supplement thereto shall be deemed to include any copy filed with the Commission pursuant to EDGAR. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Sale and Delivery
of Shares</U>. The Company proposes to issue and sell through or to the Manager, as sales agent and/or principal, from time to time during the term of this Agreement and on the terms set forth herein, up to the lesser of such number of common shares
(the &#147;<U>Shares</U>&#148;), no par value per share in the capital of the Company (&#147;<U>Common Stock</U>&#148;), that does not exceed (a)&nbsp;the number or dollar amount of shares of Common Stock registered on the Registration Statement,
pursuant to which the offering is being made, (b)&nbsp;the number of authorized but unissued shares of Common Stock (less the number of shares of Common Stock issuable upon exercise, conversion or exchange of any outstanding securities of the
Company or otherwise reserved from the Company&#146;s authorized capital stock), or (c) $50,000,000 (the lesser of (a), (b) and (c), the &#147;<U>Maximum Amount</U>&#148;). Notwithstanding anything to the contrary contained herein, the parties
hereto agree that compliance with the limitations set forth in this Section&nbsp;2 on the number and aggregate sales price of Shares issued and sold under this Agreement shall be the sole responsibility of the Company and that the Manager shall have
no obligation in connection with such compliance. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Appointment of Manager as Selling Agent; Terms Agreement</U>. For
purposes of selling the Shares through the Manager, the Company hereby appoints the Manager as exclusive agent of the Company for the purpose of selling the Shares of the Company pursuant to this Agreement and the Manager agrees to use its
commercially reasonable efforts to sell the Shares on the terms </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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and subject to the conditions stated herein. The Company agrees that, whenever it determines to sell the Shares directly to the Manager as principal, it will enter into a separate agreement
(each, a &#147;<U>Terms Agreement</U>&#148;) in substantially the form of <U>Annex I</U> hereto, relating to such sale in accordance with Section&nbsp;2 of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Agent Sales</U>. Subject to the terms and conditions and in reliance upon the representations and warranties herein set
forth, the Company will issue and agrees to sell Shares from time to time through the Manager, acting as sales agent, and the Manager agrees to use its commercially reasonable efforts to sell, as sales agent for the Company, on the following terms:
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The Shares are to be sold on a daily basis or otherwise as shall be agreed to by the Company and the Manager on any
day that (A)&nbsp;is a Trading Day, (B)&nbsp;the Company has instructed the Manager by telephone (confirmed promptly by electronic mail) to make such sales (&#147;<U>Sales Notice</U>&#148;) and (C)&nbsp;the Company has satisfied its obligations
under Section&nbsp;6 of this Agreement. The Company will designate the maximum amount of the Shares to be sold by the Manager daily (subject to the limitations set forth in Section&nbsp;2(d)) and the minimum price per Share at which such Shares may
be sold. Subject to the terms and conditions hereof, the Manager shall use its commercially reasonable efforts to sell on a particular day all of the Shares designated for the sale by the Company on such day. The gross sales price of the Shares sold
under this Section&nbsp;2(b) shall be the market price for the shares of Common Stock sold by the Manager under this Section&nbsp;2(b) on the Trading Market at the time of sale of such Shares. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) The Company acknowledges and agrees that (A)&nbsp;there can be no assurance that the Manager will be successful in selling
the Shares, (B)&nbsp;the Manager will incur no liability or obligation to the Company or any other person or entity if it does not sell the Shares for any reason other than a failure by the Manager to use its commercially reasonable efforts
consistent with its normal trading and sales practices and applicable law and regulations to sell such Shares as required under this Agreement, and (C)&nbsp;the Manager shall be under no obligation to purchase Shares on a principal basis pursuant to
this Agreement, except as otherwise specifically agreed by the Manager and the Company pursuant to a Terms Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) The Company shall not authorize the issuance and sale of, and the Manager shall not be obligated to use its commercially
reasonable efforts to sell, any Share at a price lower than the minimum price therefor designated from time to time by the Company&#146;s Board of Directors (the &#147;<U>Board</U>&#148;), or a duly authorized committee thereof, or such duly
authorized officers of the Company, and notified to the Manager in writing. The </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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Company or the Manager may, upon notice to the other party hereto by telephone (confirmed promptly by electronic mail), suspend the offering of the Shares for any reason and at any time;
<U>provided</U>, <U>however</U>, that such suspension or termination shall not affect or impair the parties&#146; respective obligations with respect to the Shares sold hereunder prior to the giving of such notice. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) The Manager may sell Shares in the United States by any method permitted by law deemed to be an &#147;at the market
offering&#148; as defined in Rule&nbsp;415 under the Act and an <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;at-the-market</FONT></FONT> distribution&#148; under NI <FONT STYLE="white-space:nowrap">44-102,</FONT> including
without limitation sales made directly on the Trading Market, on any other existing trading market for the Common Stock or to or through a market maker. The Manager may also sell Shares in privately negotiated transactions in the United States,
provided that the Manager receives the Company&#146;s prior written approval for any sales in privately negotiated transactions and if so provided in the &#147;Plan of Distribution&#148; section of the U.S. Prospectus, subject to any required
preclearance of any such transactions by the TSX. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) The compensation to the Manager for sales of the Shares under this
Section&nbsp;2(b) shall be a placement fee of 3.0% of the gross sales price of the Shares sold pursuant to this Section&nbsp;2(b) (&#147;<U>Broker Fee</U>&#148;). The foregoing rate of compensation shall not apply when the Manager acts as principal,
in which case the Company may sell Shares to the Manager as principal at a price agreed upon at the relevant Applicable Time pursuant to a Terms Agreement. The remaining proceeds, after deduction of the Broker Fee and deduction of any transaction
fees imposed by any clearing firm, execution broker, or governmental or self-regulatory organization in respect of such sales, shall constitute the net proceeds to the Company for such Shares (the &#147;<U>Net Proceeds</U>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) The Manager shall provide written confirmation (which may be by facsimile or electronic mail) to the Company following the
close of trading on the Trading Market each day in which the Shares are sold under this Section&nbsp;2(b) setting forth the number of the Shares sold on such day, the aggregate gross sales proceeds and the Net Proceeds to the Company, and the
compensation payable by the Company to the Manager with respect to such sales. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) Unless otherwise agreed between the
Company and the Manager, settlement for sales of the Shares will occur at 10:00 a.m. (New York City time) on the second (2nd) Trading Day (or such earlier day as is industry practice for <FONT STYLE="white-space:nowrap">regular-way</FONT> trading)
following the date on which such sales are made (each, a &#147;<U>Settlement Date</U>&#148;). On or before the Trading Day prior to each Settlement Date, the Company will, or will cause its transfer agent to, electronically transfer the Shares being
sold by crediting </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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the Manager&#146;s or its designee&#146;s account (provided that the Manager shall have given the Company written notice of such designee at least one Trading Day prior to the Settlement Date) at
The Depository Trust Company (&#147;<U>DTC</U>&#148;) through its Deposit and Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by the parties hereto which Shares in all cases shall be freely tradable,
transferable, registered shares in good deliverable form. On each Settlement Date, the Manager will deliver the related Net Proceeds in same day funds to an account designated by the Company. The Company agrees that, if the Company, or its transfer
agent (if applicable), defaults in its obligation to deliver duly authorized Shares on a Settlement Date, in addition to and in no way limiting the rights and obligations set forth in Section&nbsp;7 hereto, the Company will (i)&nbsp;hold the Manager
harmless against any loss, claim, damage, or reasonable, documented expense (including reasonable and documented legal fees and expenses), as incurred, arising out of or in connection with such default by the Company, and (ii)&nbsp;pay to the
Manager any commission, discount or other compensation to which the Manager would otherwise have been entitled absent such default. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) At each Applicable Time, Settlement Date, and Representation Date, the Company shall be deemed to have affirmed each
representation and warranty contained in this Agreement as if such representation and warranty were made as of such date, modified as necessary to relate to the Registration Statement and the Prospectuses as amended as of such date. Any obligation
of the Manager to use its commercially reasonable efforts to sell the Shares on behalf of the Company shall be subject to the continuing accuracy of the representations and warranties of the Company herein, to the performance by the Company of its
obligations hereunder and to the continuing satisfaction of the additional conditions specified in Section&nbsp;6 of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) Notwithstanding anything else in this Agreement, each party covenants to the other party that (i)&nbsp;it will not
undertake any act, advertisement, solicitation, conduct or negotiation directly or indirectly in furtherance of the sale of the Shares in Canada; (ii)&nbsp;it will not undertake an offer or sale of any Shares through the facilities of the TSX or any
other Canadian trading market (together with the TSX, a &#147;<U>Canadian Market</U>&#148;); and (iii)&nbsp;it will not undertake an offer or sale of any of the Shares to any person that it knows or has reason to believe is in Canada or has been <FONT
STYLE="white-space:nowrap">pre-arranged</FONT> with a buyer in Canada, or to any person who it knows or has reason to believe is acting on the behalf of persons in Canada or to any person whom it knows or has reason to believe intends to reoffer,
resell or deliver the Shares in Canada, whether through the facilities of a Canadian Market or otherwise, or to any persons in Canada or acting on the behalf of persons in Canada, in each case pursuant to this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) If the Company shall declare or make any dividend or other distribution
of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a
dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a &#147;<U>Distribution</U>&#148; and the record date for the determination of stockholders entitled to receive the Distribution, the
&#147;<U>Record Date</U>&#148;), the Company hereby covenants that, in connection with any sales of Shares pursuant to a Sales Notice on the Record Date, the Company covenants and agrees that the Company shall issue and deliver such Shares to the
Manager on the Record Date and the Record Date shall be the Settlement Date and the Company shall cover any additional costs of the Manager in connection with the delivery of Shares on the Record Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Term Sales</U>. If the Company wishes to sell the Shares pursuant to this Agreement in a manner other than as set forth
in Section&nbsp;2(b) of this Agreement (each, a &#147;<U>Placement</U>&#148;), the Company will notify the Manager of the proposed terms of such Placement. If the Manager, acting as principal, wishes to accept such proposed terms (which it may
decline to do for any reason in its sole discretion) or, following discussions with the Company wishes to accept amended terms, the Manager and the Company will enter into a Terms Agreement setting forth the terms of such Placement. The terms set
forth in a Terms Agreement will not be binding on the Company or the Manager unless and until the Company and the Manager have each executed such Terms Agreement accepting all of the terms of such Terms Agreement. In the event of a conflict between
the terms of this Agreement and the terms of a Terms Agreement, the terms of such Terms Agreement will control. A Terms Agreement may also specify certain provisions relating to the reoffering of such Shares by the Manager. The commitment of the
Manager to purchase the Shares pursuant to any Terms Agreement shall be deemed to have been made on the basis of the representations and warranties of the Company herein contained and shall be subject to the terms and conditions herein set forth,
provided that, in the event of a conflict between the terms and conditions in a Terms Agreement and the terms and conditions herein, the terms and conditions in a Terms Agreement shall prevail. Each Terms Agreement shall specify the number of the
Shares to be purchased by the Manager pursuant thereto, the price to be paid to the Company for such Shares, any provisions relating to rights of, and default by, underwriters acting together with the Manager in the reoffering of the Shares, and the
time and date (each such time and date being referred to herein as a &#147;<U>Time of Delivery</U>&#148;) and place of delivery of and payment for such Shares. Such Terms Agreement shall also specify any requirements for opinions of counsel,
accountants&#146; letters and officers&#146; certificates pursuant to Section&nbsp;6 of this Agreement and any other information or documents required by the Manager. The Company and the Manager agree that it will be a condition of the completion of
each Placement that (i)&nbsp;the Company will have obtained the additional conditional approval of the TSX and The Nasdaq Capital </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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Market to the issuance of Shares pursuant to such Placement, and (ii)&nbsp;the Company will have filed a prospectus supplement in the Qualifying Jurisdictions pursuant to the Shelf Procedures and
with the Commission pursuant to the instructions to Form <FONT STYLE="white-space:nowrap">F-10,</FONT> with respect to such Placement. The Company and the Manager acknowledge that the approval of the TSX to the completion of sales of Shares under
Section&nbsp;2(b) of this Agreement does not extend to the approval of sales of Shares under any Placement pursuant to this Section&nbsp;2(c) of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Maximum Number of Shares</U>. Under no circumstances shall the Company cause or request the offer or sale of any Shares
if, after giving effect to the sale of such Shares, the aggregate amount of Shares sold pursuant to this Agreement would exceed the lesser of (A)&nbsp;together with all sales of Shares under this Agreement, the Maximum Amount, (B)&nbsp;the amount
available for offer and sale under the currently effective Registration Statement and (C)&nbsp;the amount authorized from time to time to be issued and sold under this Agreement by the Board, a duly authorized committee thereof or a duly authorized
executive committee, and notified to the Manager in writing. Under no circumstances shall the Company cause or request the offer or sale of any Shares pursuant to this Agreement at a price lower than the minimum price authorized from time to time by
the Board, a duly authorized committee thereof or a duly authorized executive officer, and notified to the Manager in writing. Further, under no circumstances shall the Company cause or permit the aggregate offering amount of Shares sold pursuant to
this Agreement to exceed the Maximum Amount. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Regulation M Notice</U>. Unless the exceptive provisions set forth in
Rule&nbsp;101(c)(1) of Regulation&nbsp;M under the Exchange Act are satisfied with respect to the Shares, the Company shall give the Manager at least one Business Day&#146;s prior notice of its intent to sell any Shares in order to allow the Manager
time to comply with Regulation M. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Restrictions on Short Sales and Stabilization Activities</U>. During the term of
this Agreement, the Manager or any of its subsidiaries shall not, solely for its own account, engage in (i)&nbsp;any short sale of any security of the Company or (ii)&nbsp;any sale of any security of the Company that the Manager does not own or any
sale which is consummated by the delivery of a security of the Company borrowed by, or for the account of, the Manager. Notwithstanding the foregoing, these restrictions shall not apply to bona fide transactions executed by the Manager or any of its
affiliates or subsidiaries on behalf and at the direction of any third-party customer accounts For the purposes of this Section&nbsp;2(f), sales made by the Manager in connection with a Sales Notice will not be considered to be subject to the
prohibitions set forth in this Section&nbsp;2(f). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <U>Representations and Covenants of the Manager</U>. The Manager
represents, warrants and covenants to the Company that the Manager is duly registered as a broker-dealer under FINRA, the Exchange Act and the applicable statutes and regulations of each state in which the Shares will be offered and sold, except
such states in which the Manager is exempt from registration or such registration is not otherwise required. The Manager shall continue, for the term of this Agreement, to be duly registered as a broker-dealer under FINRA, the Exchange Act and the
applicable statutes and regulations of each state in which the Shares will be offered and sold, except such states in which the Manager is exempt from registration or such registration is not otherwise required. The Manager will comply in all
material respects will all applicable law and regulations in the United States in connection with the sales of the Shares, including but not limited to Regulation M under the Exchange Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Representations and Warranties</U>. The Company represents and warrants to, and agrees with, the Manager at the Execution Time and on
each such time the following representations and warranties are repeated or deemed to be made pursuant to this Agreement, as set forth below or in the Registration Statement, the Prospectuses or the Incorporated Documents. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Subsidiaries</U>. All of the direct and indirect material subsidiaries (individually, a &#147;<U>Subsidiary</U>&#148;)
of the Company are set forth in the Company&#146;s most recent Annual Information Form and Form <FONT STYLE="white-space:nowrap">20-F</FONT> or <FONT STYLE="white-space:nowrap">40-F.</FONT> The Company owns, directly or indirectly, all of the
capital stock or other equity interests of each Subsidiary free and clear of any &#147;<U>Liens</U>&#148; (which for purposes of this Agreement shall mean a lien, charge, security interest, encumbrance, right of first refusal, preemptive right or
other restriction), and all of the issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid, <FONT STYLE="white-space:nowrap">non-assessable</FONT> and free of preemptive and similar rights to subscribe
for or purchase securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Organization and Qualification</U>. The Company and each of the Subsidiaries is an
entity duly incorporated or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization (as applicable), with the requisite power and authority to own and use its properties and
assets and to carry on its business as currently conducted. Neither the Company nor any Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational or
charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned
by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, would not reasonably be expected to result in: (i)&nbsp;a material adverse effect on the legality, validity or
enforceability of this Agreement, (ii)&nbsp;a material adverse effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, from that set forth in the
Registration Statement, the Base Prospectuses, the Prospectus Supplements, the Prospectuses or the Incorporated Documents, or (iii)&nbsp;a material </P>
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adverse effect on the Company&#146;s ability to perform in any material respect on a timely basis its obligations under this Agreement (any of (i), (ii) or (iii), a &#147;<U>Material Adverse
Effect</U>&#148;) and no &#147;<U>Proceeding</U>&#148; (which for purposes of this Agreement shall mean any action, claim, suit, investigation or proceeding (including, without limitation, an investigation or partial proceeding, such as a
deposition), whether commenced or threatened) has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Authorization and Enforcement</U>. The Company has the requisite corporate power and authority to enter into and to
consummate the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder. The execution and delivery of this Agreement by the Company and the consummation by it of the transactions contemplated hereby have been
duly authorized by all necessary action on the part of the Company and no further action is required by the Company, the Board or the Company&#146;s stockholders in connection herewith other than in connection with the Required Approvals. This
Agreement has been duly executed and delivered by the Company and, when delivered in accordance with the terms hereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms,
except (i)&nbsp;as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors&#146; rights generally, (ii)&nbsp;as limited by
laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii)&nbsp;insofar as indemnification and contribution provisions may be limited by applicable law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>No Conflicts</U>. The execution, delivery and performance by the Company of this Agreement, the issuance and sale of the
Shares and the consummation by it of the transactions contemplated hereby do not and will not (i)&nbsp;conflict with or violate any provision of the Company&#146;s or any Subsidiary&#146;s certificate or articles of incorporation, bylaws or other
organizational or charter documents, or (ii)&nbsp;conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of
the Company or any Subsidiary, or give to others any rights of termination, amendment, anti-dilution or similar adjustments, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or
other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, or
(iii)&nbsp;subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company or a Subsidiary
is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii)&nbsp;and (iii), such as would not reasonably
be expected to result in a Material Adverse Effect. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Filings, Consents and Approvals.</U> The Company is not required to
obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other &#147;Person&#148; (defined as an individual or
corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind, including the Trading Market)
in connection with the execution, delivery and performance by the Company of this Agreement, other than (i)&nbsp;the filings required by this Agreement, including the filing of the Canadian Prospectus Supplement with the Reviewing Authority,
(ii)&nbsp;the filing with the Commission of the U.S. Prospectus Supplement, (iii)&nbsp;the filing of applications to and approval by the Trading Market and the TSX for the listing of the Shares for trading thereon in the time and manner required
thereby, and (iv)&nbsp;such filings as are required to be made under applicable state securities laws and the rules and regulations of the Financial Industry Regulatory Authority, Inc. (&#147;<U>FINRA</U>&#148;) (collectively, the &#147;<U>Required
Approvals</U>&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Issuance of Shares</U>. The Shares are duly authorized and, when issued and paid for in
accordance with this Agreement, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company. The Company has reserved from its duly authorized capital stock the maximum number of shares of Common
Stock issuable pursuant to this Agreement. The issuance by the Company of the Shares has been registered under the Act and all of the Shares are freely transferable and tradable by the purchasers thereof without restriction (other than any
restrictions arising solely from an act or omission of such a purchaser), assuming that the purchaser of the Shares is not an &#147;affiliate&#148; of the Company as defined in Rule 144 under the Act. The Shares are being issued pursuant to the
Registration Statement and the issuance of the Shares has been registered by the Company under the Act. The &#147;<U>Plan of Distribution</U>&#148; section within the Registration Statement permits the issuance and sale of the Shares as contemplated
by this Agreement. Upon receipt of the Shares, the purchasers of such Shares will have good and marketable title to such Shares and the Shares will be freely tradable on the Trading Market. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <U>Capitalization</U>. The capitalization of the Company is as set forth in the SEC Reports. The Company has not issued any
capital stock since its most recently filed Incorporated Document, other than pursuant to the exercise of employee stock options under the Company&#146;s stock option plans, the issuance of shares of Common Stock to employees pursuant to the
Company&#146;s employee stock purchase plan and pursuant to the conversion and/or exercise of securities exercisable, exchangeable or convertible into Common Stock (&#147;<U>Common Stock Equivalents</U>&#148;) outstanding as of the date of the most
recently filed Incorporated Document. No Person has any right of first refusal, preemptive right, right of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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participation, or any similar right to participate in the transactions contemplated by this Agreement. Except as set forth in the SEC Reports, there are no outstanding options, warrants, scrip
rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, any shares of
Common Stock or the capital stock of any Subsidiary, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents or
capital stock of any Subsidiary. The issuance and sale of the Shares will not obligate the Company or any Subsidiary to issue shares of Common Stock or other securities to any Person. There are no outstanding securities or instruments of the Company
or any Subsidiary with any provision that adjusts the exercise, conversion, exchange or reset price of such security or instrument upon an issuance of securities by the Company or any Subsidiary. There are no outstanding securities or instruments of
the Company or any Subsidiary that contain any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to redeem a security of the
Company or such Subsidiary. The Company does not have any stock appreciation rights or &#147;phantom stock&#148; plans or agreements or any similar plan or agreement. All of the outstanding shares of capital stock of the Company are duly authorized,
validly issued, fully paid and nonassessable, have been issued in compliance with all applicable securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase
securities. No further approval or authorization of any stockholder, the Board or others is required for the issuance and sale of the Shares. There are no stockholders agreements, voting agreements or other similar agreements with respect to the
Company&#146;s capital stock to which the Company is a party or, to the knowledge of the Company, between or among any of the Company&#146;s stockholders. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <U>Registration Statement; Canadian Base Prospectus</U>. The Company meets the requirements for use of Form <FONT
STYLE="white-space:nowrap">F-10</FONT> under the Act and has prepared and filed with the Commission the Registration Statement, including the U.S. Base Prospectus, for registration under the Act of the offering and sale of the Shares. Such
Registration Statement is effective and available for the offer and sale of the Shares as of the date hereof. As filed, the U.S. Base Prospectus contains all information required by the Act and the rules thereunder, and, except to the extent the
Manager shall agree in writing to a modification, shall be in all substantive respects in the form furnished to the Manager prior to the Execution Time or prior to any such time this representation is repeated or deemed to be made. The Registration
Statement, at the Execution Time, each such time this representation is repeated or deemed to be made, and at all times during which a prospectus is required by the Act to be delivered (whether physically or through compliance with Rule&nbsp;172,
173 or any similar rule) in connection with any offer or sale of the Shares, meets the requirements of the rules and regulations under the Act. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">At the time the Company filed the Canadian Base Prospectus, the Company was
eligible to file a short-form base shelf prospectus with the Reviewing Authority. The Reviewing Authority has issued a Receipt in respect of the Canadian Base Prospectus. No order suspending the distribution of the Common Stock or any other
securities of the Company has been issued by any Canadian Qualifying Authority and no proceedings for that purpose have been initiated or are pending or, to the Company&#146;s knowledge, are contemplated or threatened by any Canadian Qualifying
Authority, and any request made to the Company on the part of any Canadian Qualifying Authority for additional information has been complied with. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Canadian Prospectus when filed complied and, as amended or supplemented, if applicable, will comply in all material
respects with Canadian Securities Laws. The Canadian Prospectus, as amended or supplemented, as of its date, did not and, as of each of the Settlement Dates, if any, will not contain any untrue statement of a material fact (as defined in the
<I>Securities Act</I> (British Columbia)) or omit to state a material fact (as defined in the <I>Securities Act</I> (British Columbia)) necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading. The Canadian Prospectus, as amended or supplemented, as of its date, did and, as of each of the Settlement Dates, if any, will contain full, true and plain disclosure of all material facts relating to the Common Stock and to the
Company. The representations and warranties set forth in the two immediately preceding sentences do not apply to statements in or omissions from the Canadian Prospectus, or any amendments or supplements thereto, made in reliance upon and in
conformity with information relating to the Manager furnished to the Company in writing by the Manager expressly for use therein. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each document filed or to be filed with the Canadian Qualifying Authorities and incorporated by reference into the Canadian
Prospectus or any amendment or supplement thereto complied, as at the applicable filing date, or will comply when so filed, in all material respects with the requirements of Canadian Securities Laws. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">No forward-looking information within the meaning of Section&nbsp;1(1) of the <I>Securities Act</I> (British Columbia))
contained or incorporated by reference in the Canadian Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">All reports and other documents previously published or filed by the Company with, or furnished by the Company to, the Canadian
Qualifying Authorities since August&nbsp;1, 2019 (the &#147;<U>Continuous Disclosure Materials</U>&#148;) do not contain any untrue statement of a material fact or omit to state a material fact that is required to be stated or that is necessary to
make the statements therein not misleading, in light of the circumstances under which they were made, as of the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

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date of the statements in the Continuous Disclosure Materials and were prepared in accordance with and comply in all material respects with Canadian Securities Laws and the Company is not in
default of its filings under, nor has it failed to file, publish or furnish any report or other document required to be filed, published or furnished under Canadian Securities Laws. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>Accuracy of Incorporated Documents</U>. The Incorporated Documents, when they were filed with the Reviewing Authority or
filed with or furnished to the Commission, as the case may be, conformed in all material respects to the requirements of Canadian Securities Law and the Exchange Act, each as applicable, and the rules thereunder, and none of the Incorporated
Documents, when they were filed with the Commission or Reviewing Authority, contained any untrue statement of a material fact or omitted to state a material fact necessary to make the statements therein, in light of the circumstances under which
they were made not misleading; and any further documents so filed and incorporated by reference in the Registration Statement, the Base Prospectuses, the Prospectus Supplements or the Prospectuses, when such documents are filed with the Commission
or Reviewing Authority, as the case may be, will conform in all material respects to the requirements of Canadian Securities Law and the Exchange Act and the rules thereunder, as applicable, and will not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) <U>Ineligible Issuer</U>. (i)&nbsp;At the earliest time after the filing of the Registration Statement that the Company or
another offering participant made a bona fide offer (within the meaning of Rule&nbsp;164(h)(2)) of the Shares and (ii)&nbsp;as of the Execution Time and on each such time this representation is repeated or deemed to be made (with such date being
used as the determination date for purposes of this clause&nbsp;(ii)), the Company was not and is not an Ineligible Issuer (as defined in Rule&nbsp;405), without taking account of any determination by the Commission pursuant to Rule&nbsp;405 that it
is not necessary that the Company be considered an Ineligible Issuer. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) <U>Free Writing Prospectus</U>. The Company is
eligible to use Issuer Free Writing Prospectuses. Each Issuer Free Writing Prospectus, if any, does not include any information the substance of which conflicts with the information contained in the Registration Statement, including any Incorporated
Documents and any prospectus supplement deemed to be a part thereof that has not been superseded or modified; and each Issuer Free Writing Prospectus does not contain any untrue statement of a material fact or omit to state any material fact
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus based upon
and in conformity with written information furnished to the Company by the Manager specifically for use therein. Any Issuer Free Writing Prospectus that the </P>
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Company is required to file pursuant to Rule 433(d) has been, or will be, filed with the Commission in accordance with the requirements of the Act and the rules thereunder. Each Issuer Free
Writing Prospectus that the Company has filed, or is required to file, pursuant to Rule 433(d) or that was prepared by or behalf of or used by the Company complies or will comply in all material respects with the requirements of the Act and the
rules thereunder. The Company will not, without the prior consent of the Manager, prepare, use or refer to, any Issuer Free Writing Prospectuses in connection with this offering. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) <U>Proceedings Related to Registration Statement</U>. The Registration Statement is not the subject of a pending proceeding
or examination under Section&nbsp;8(d) or 8(e) of the Act, and the Company is not the subject of a pending proceeding under Section&nbsp;8A of the Act in connection with the offering of the Shares. The Company has not received any notice that the
Commission has issued or intends to issue a stop-order with respect to the Registration Statement or that the Commission otherwise has suspended or withdrawn the effectiveness of the Registration Statement, either temporarily or permanently, or has
threatened in writing, or to the knowledge of the Company, intends to do so. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) <U>SEC Reports</U>. The Company has filed
all reports, schedules, forms, statements and other documents required to be filed by the Company under the Act and the Exchange Act, including pursuant to Section&nbsp;13(a) or 15(d) thereof, for the two years preceding the date hereof (or such
shorter period as the Company was required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, together with the Prospectuses and the Prospectus
Supplements, being collectively referred to herein as the &#147;<U>SEC Reports</U>&#148;) on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As
of their respective dates, the SEC Reports complied in all material respects with the requirements of the Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted
to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The financial statements of the Company included in the SEC
Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the Reviewing Authority with respect thereto as in effect at the time of filing. Such financial statements have been prepared in
accordance with International Financial Reporting Standards as issued by the Internal Accounting Standards Board (&#147;<U>IFRS</U>&#148;) applied on a consistent basis during the periods involved, except as may be otherwise specified in such
financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required by IFRS, and fairly present in all material respects the financial position of the Company and its consolidated
Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, <FONT STYLE="white-space:nowrap">year-end</FONT> audit
adjustments. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) [RESERVED] </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) <U>Material Changes; Undisclosed Events, Liabilities or Developments</U>. Since the date of the latest audited financial
statements included within the SEC Reports, or as otherwise disclosed in the SEC Reports or may be disclosed in the Prospectuses from time to time by the Company after the date of this Agreement, (i)&nbsp;there has been no event, occurrence or
development that has had or that would reasonably be expected to result in a Material Adverse Effect, (ii)&nbsp;the Company has not incurred any material liabilities (contingent or otherwise) other than (A)&nbsp;trade payables and accrued expenses
incurred in the ordinary course of business consistent with past practice and (B)&nbsp;liabilities not required to be reflected in the Company&#146;s financial statements pursuant to IFRS or disclosed in filings made with the Commission or the
Reviewing Authority, (iii)&nbsp;the Company has not altered its method of accounting, (iv)&nbsp;the Company has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any
agreements to purchase or redeem any shares of its capital stock and (v)&nbsp;the Company has not issued any equity securities to any officer, director or &#147;<U>Affiliate</U>&#148; (defined as any Person that, directly or indirectly through one
or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 144 under the Act), except pursuant to existing Company stock option, stock purchase, or equity
incentive plans. The Company does not have pending before the Commission any request for confidential treatment of information. Except for the issuance of the Shares contemplated by this Agreement or as set forth in the SEC Reports, no event,
liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or exist with respect to the Company or its Subsidiaries or their respective businesses, properties, operations, assets or financial
condition that would be required to be disclosed by the Company under applicable securities laws at the time this representation is made or deemed made that has not been publicly disclosed at least one (1)&nbsp;Trading Day prior to the date that
this representation is made or deemed made. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p) <U>Litigation</U>. Except as set forth in the SEC Reports, there is no
action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties before or by any court,
arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an &#147;<U>Action</U>&#148;) which, (i)&nbsp;adversely affects or challenges the legality, validity or
enforceability of this Agreement or the Shares or (ii)&nbsp;would, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Except as may be disclosed in the SEC Reports, neither the Company nor
any Subsidiary, nor, to the knowledge of the Company, any director or officer thereof, is or has been the subject of any </P>
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Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. Except as may be disclosed in the SEC Reports, there has not
been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company or any current or former director or officer of the Company. The Commission has not issued any stop order or
other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q) <U>Labor Relations</U>. No material labor dispute exists or, to the knowledge of the Company, is imminent with respect to
any of the employees of the Company, which would reasonably be expected to result in a Material Adverse Effect. None of the Company&#146;s or its Subsidiaries&#146; employees is a member of a union that relates to such employee&#146;s relationship
with the Company or such Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe that their relationships with their employees are good. To the
knowledge of the Company, no executive officer of the Company or any Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or <FONT
STYLE="white-space:nowrap">non-competition</FONT> agreement, or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not subject the Company or any
of its Subsidiaries to any liability with respect to any of the foregoing matters. The Company and its Subsidiaries are in compliance with all applicable laws and regulations relating to employment and employment practices, terms and conditions of
employment and wages and hours, except where the failure to be in compliance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(r) <U>Compliance</U>. Except as may be disclosed in the SEC Reports from time to time by the Company after the date of this
Agreement, neither the Company nor any Subsidiary: (i)&nbsp;is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any
Subsidiary under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by
which it or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree or order of any court, arbitrator or other governmental authority or (iii)&nbsp;is or has been in
violation of any statute, rule, ordinance or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product
quality and safety and employment and labor matters, except in each case as would not reasonably be expected to result in a Material Adverse Effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(s) <U>Environmental Laws</U>. The Company and its Subsidiaries (i)&nbsp;are
in compliance with all federal, state, local and foreign laws relating to pollution or protection of human health or the environment (including ambient air, surface water, groundwater, land surface or subsurface strata), including laws relating to
emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, or toxic or hazardous substances or wastes (collectively, &#147;<U>Hazardous Materials</U>&#148;) into the environment, or otherwise relating to the
manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands, or demand letters, injunctions, judgments, licenses, notices or notice
letters, orders, permits, plans or regulations, issued, entered, promulgated or approved thereunder (&#147;<U>Environmental Laws</U>&#148;); (ii) have received all permits licenses or other approvals required of them under applicable Environmental
Laws to conduct their respective businesses; and (iii)&nbsp;are in compliance with all terms and conditions of any such permit, license or approval where in each clause (i), (ii) and (iii), the failure to so comply would be reasonably expected to
have, individually or in the aggregate, a Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(t) <U>Regulatory Permits</U>. The Company and the
Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses as described in the SEC Reports, except where the
failure to possess such permits would not reasonably be expected to result in a Material Adverse Effect (&#147;<U>Material Permits</U>&#148;), and neither the Company nor any Subsidiary has received any notice of proceedings relating to the
revocation or modification of any Material Permit. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(u) <U>Title to Assets</U>. The Company and the Subsidiaries have good
and marketable title in fee simple to all real property owned by them and good and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries, in each case free and clear of all
Liens, except for (i)&nbsp;Liens as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries and (ii)&nbsp;Liens for the
payment of federal, state or other taxes, for which appropriate reserves have been made therefor in accordance with IFRS and, the payment of which is neither delinquent nor subject to penalties. Any real property and facilities held under lease by
the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and the Subsidiaries are in compliance, except where such <FONT STYLE="white-space:nowrap">non-compliance,</FONT> if any, would
not reasonably be expected to have a Material Adverse Effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) <U>Intellectual Property</U>. The Company and the Subsidiaries have, or
have rights to use, all patents, patent applications, trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and similar rights necessary or required for
use in connection with their respective businesses as described in the SEC Reports and which the failure to so have would have a Material Adverse Effect (collectively, the &#147;<U>Intellectual Property Rights</U>&#148;). Neither the Company nor any
Subsidiary has received, since the date of the latest audited financial statements included within the SEC Reports, a written notice of a claim or otherwise has any knowledge that the Intellectual Property Rights violate or infringe upon the rights
of any Person, except as would not reasonably be expected to not have a Material Adverse Effect. To the knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by another Person of any of
the Intellectual Property Rights. The Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their intellectual properties, except where failure to do so would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(w) <U>Insurance</U>. The
Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary for companies of similar size as the Company in the businesses in which the
Company and the Subsidiaries are engaged, including, but not limited to, directors and officers insurance coverage. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as
and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) <U>Affiliate Transactions</U>. Except as set forth in the SEC Reports, none of the officers or directors of the Company or
any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors),
including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, providing for the borrowing of money from or lending of money to or otherwise
requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee, stockholder,
member or partner, in each case in excess of $120,000 other than for (i)&nbsp;payment of salary or consulting fees for services rendered, (ii)&nbsp;reimbursement for expenses incurred on behalf of the Company and (iii)&nbsp;other employee benefits,
including stock option agreements under any stock option plan of the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(y) <U>Sarbanes Oxley Compliance</U>. Except
as may be disclosed in the SEC Reports or any Prospectus Supplements, the Company is in material compliance with all provisions of the Sarbanes-Oxley Act of 2002 which are applicable to it as of the Effective Date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(z) <U>Certain Fees</U>. Other than payments to be made to the Manager, no
brokerage or finder&#146;s fees or commissions are or will be payable by the Company or any Subsidiary to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions
contemplated by this Agreement. The Manager shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the
transactions contemplated by this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(aa) <U>No Other Sales Agency Agreement</U>. The Company has not entered into
any other sales agency agreements or other similar arrangements with any agent or any other representative in respect of at the market offerings of the Shares. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(bb) [RESERVED] </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(cc) <U>Listing and Maintenance Requirements</U>. The Common Stock is listed on the Trading Market and the issuance of the
Shares as contemplated by this Agreement does not contravene the rules and regulations of the Trading Market. The Common Stock is registered pursuant to Section&nbsp;12(b) or 12(g) of the Exchange Act, and the Company has taken no action designed
to, or which to its knowledge is likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such registration.
Except as may be disclosed in the SEC Reports, the Company has not, in the 12 months preceding the date hereof, received notice from any Trading Market on which the Common Stock is or has been listed or quoted to the effect that the Company is not
in compliance with the listing or maintenance requirements of such Trading Market. The Company is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance
requirements. The Common Stock is currently eligible for electronic transfer through the Depository Trust Company or another established clearing corporation and the Company is current in payment of the fees to the Depository Trust Company (or such
other established clearing corporation) in connection with such electronic transfer. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(dd) <U>Application of Takeover
Protections</U>. The Company and the Board 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 <FONT STYLE="white-space:nowrap">anti-takeover</FONT> provision under the Company&#146;s certificate of incorporation (or similar charter documents) or the laws of its jurisdiction of incorporation that is or would become applicable to the
Shares, <I>provided</I>, <I>however</I>, that for the avoidance of doubt nothing in this Section&nbsp;3(dd) or any other provision of this Agreement shall, or shall be deemed, to prohibit or impair the Company&#146;s ability to maintain or implement
any anti-takeover plan, scheme, or provision at any time. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ee) <U>Solvency</U>. Based on the consolidated financial condition of the
Company as of the date hereof, (i)&nbsp;the fair saleable value of the Company&#146;s assets exceeds the amount that will be required to be paid on or in respect of the Company&#146;s existing debts and other liabilities (including known contingent
liabilities) as they mature, (ii)&nbsp;the Company&#146;s assets do not constitute unreasonably small capital to carry on its business as now conducted and as proposed to be conducted including its capital needs taking into account the particular
capital requirements of the business conducted by the Company, consolidated and projected capital requirements and capital availability thereof, and (iii)&nbsp;the current cash flow of the Company, together with the proceeds the Company would
receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in respect of its liabilities when such amounts are required to be paid. The Company does not
intend to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt). The Company has no knowledge of any facts or circumstances which lead it to
believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from the date hereof. The SEC Reports sets forth as of the date hereof all outstanding secured and unsecured
Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. For the purposes of this Agreement, &#147;<U>Indebtedness</U>&#148; means (x)&nbsp;any liabilities for borrowed money or amounts owed in
excess of $50,000 (other than trade accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same are or should be
reflected in the Company&#146;s consolidated balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (z)&nbsp;the
present value of any lease payments in excess of $50,000 due under leases required to be capitalized in accordance with IFRS. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ff) <U>Tax Status</U>. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to
result in a Material Adverse Effect, the Company and its Subsidiaries each (i)&nbsp;has made or filed all U.S. federal, state, and local income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction
to which it is subject, (ii)&nbsp;has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations and (iii)&nbsp;has set aside on its books
provision reasonably adequate for the payment of all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing
authority of any jurisdiction, and the officers of the Company or of any Subsidiary know of no basis for any such claim. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(gg) <U>Foreign Corrupt Practices</U>. Neither the Company nor any
Subsidiary, nor to the knowledge of the Company or any Subsidiary, any agent or other person acting on behalf of the Company or any Subsidiary, has (i)&nbsp;directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or
other unlawful expenses related to foreign or domestic political activity, (ii)&nbsp;made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate
funds, (iii)&nbsp;failed to disclose fully any contribution made by the Company or any Subsidiary (or made by any person acting on its behalf of which the Company is aware) which is in violation of law, or (iv)&nbsp;violated in any material respect
any provision of the Foreign Corrupt Practices Act of 1977, as amended. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(hh) <U>Accountants</U>. The Company&#146;s
accounting firm is set forth in the SEC Reports. To the knowledge and belief of the Company, such accountants are independent public accountants as required by Canadian Securities Laws and the institute of chartered accountants in each of the
Canadian Qualifying Jurisdictions in respect of a listed entity (as defined in such requirements) and are an independent registered public accounting firm within the meaning of the Act and the applicable rules and regulations thereunder adopted by
the Commission and the Public Company Accounting Oversight Board (United States). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <U>Regulation M
Compliance</U>.&nbsp;The Company has not, and to its knowledge no one acting on its behalf has, within the past twelve (12)&nbsp;months, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or
manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Shares, (ii)&nbsp;sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any of the Shares, or (iii)&nbsp;paid or
agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company, other than, in the case of clauses (ii)&nbsp;and (iii), compensation paid to the Manager in connection with the Shares. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(jj) <U>FDA</U>. As to each product subject to the jurisdiction of the U.S. Food and Drug Administration
(&#147;<U>FDA</U>&#148;) under the Federal Food, Drug and Cosmetic Act, as amended, and the regulations thereunder (&#147;<U>FDCA</U>&#148;) that is manufactured, packaged, labeled, tested, distributed, sold, and/or marketed by the Company or any of
its Subsidiaries (each such product, a &#147;<U>Pharmaceutical Product</U>&#148;), such Pharmaceutical Product is being manufactured, packaged, labeled, tested, distributed, sold and/or marketed by the Company in compliance with all applicable
requirements under FDCA and similar laws, rules and regulations relating to registration, investigational use, premarket clearance, licensure, or application approval, good manufacturing practices, good laboratory practices, good clinical practices,
product listing, quotas, labeling, advertising, record keeping and filing of reports, except where the failure to be in compliance would </P>
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not have a Material Adverse Effect. There is no pending, completed or, to the Company&#146;s knowledge, threatened, action (including any lawsuit, arbitration, or legal or administrative or
regulatory proceeding, charge, complaint, or investigation) against the Company or any of its Subsidiaries, and none of the Company or any of its Subsidiaries has received any notice, warning letter or other communication from the FDA or any other
governmental entity, which (i)&nbsp;contests the premarket clearance, licensure, registration, or approval of, the uses of, the distribution of, the manufacturing or packaging of, the testing of, the sale of, or the labeling and promotion of any
Pharmaceutical Product, (ii)&nbsp;withdraws its approval of, requests the recall, suspension, or seizure of, or withdraws or orders the withdrawal of advertising or sales promotional materials relating to, any Pharmaceutical Product,
(iii)&nbsp;imposes a clinical hold on any clinical investigation by the Company or any of its Subsidiaries, (iv)&nbsp;enjoins production at any facility of the Company or any of its Subsidiaries, (v)&nbsp;enters or proposes to enter into a consent
decree of permanent injunction with the Company or any of its Subsidiaries, or (vi)&nbsp;otherwise alleges any violation of any laws, rules or regulations by the Company or any of its Subsidiaries, and which, either individually or in the aggregate,
would have a Material Adverse Effect. The properties, business and operations of the Company have been and are being conducted in all material respects in accordance with all applicable laws, rules and regulations of the FDA.&nbsp;The Company has
not been informed by the FDA that the FDA will prohibit the marketing, sale, license or use in the United States of any product proposed to be developed, produced or marketed by the Company nor has the FDA expressed any concern as to approving or
clearing for marketing any product being developed or proposed to be developed by the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(kk) <U>Stock Option
Plans</U>. Each stock option granted by the Company under the Company&#146;s stock option plan was granted (i)&nbsp;in accordance with the terms of the Company&#146;s stock option plan and (ii)&nbsp;with an exercise price at least equal to the fair
market value of the Common Stock on the date such stock option would be considered granted under IFRS and applicable law. No stock option granted under the Company&#146;s stock option plan has been backdated. The Company has not knowingly granted,
and there is no and has been no Company policy or practice to knowingly grant, stock options prior to, or otherwise knowingly coordinate the grant of stock options with, the release or other public announcement of material information regarding the
Company or its Subsidiaries or their financial results or prospects.<U> </U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ll) <U>Office of Foreign Assets Control</U>.
Neither the Company nor any Subsidiary nor, to the Company&#146;s knowledge, any director, officer, agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets
Control of the U.S. Treasury Department (&#147;<U>OFAC</U>&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(mm) <U>U.S. Real Property Holding Corporation</U>. The
Company is not and has never been a U.S. real property holding corporation within the meaning of Section&nbsp;897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon the Manager&#146;s request. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(nn) <U>Bank Holding Company Act</U>. Neither the Company nor any of its
Subsidiaries or Affiliates is subject to the Bank Holding Company Act of 1956, as amended (the &#147;<U>BHCA</U>&#148;) and to regulation by the Board of Governors of the Federal Reserve System (the &#147;<U>Federal Reserve</U>&#148;). Neither the
Company nor any of its Subsidiaries or Affiliates owns or controls, directly or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent or more of the total equity of a bank or any
entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither the Company nor any of its Subsidiaries or Affiliates exercises a controlling influence over the management or policies of a bank or any entity that is subject to
the BHCA and to regulation by the Federal Reserve. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(oo) <U>Money Laundering</U>. The operations of the Company and its
Subsidiaries are and have been conducted at all times in compliance with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable money laundering statutes
and applicable rules and regulations thereunder (collectively, the &#147;<U>Money Laundering Laws</U>&#148;), and no Action or Proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any
Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of the Company or any Subsidiary, threatened. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(pp) <U>FINRA Member Shareholders</U>. There are no affiliations with any FINRA member firm among the Company&#146;s officers,
directors or, to the knowledge of the Company, any five percent (5%) or greater stockholder of the Company, except as set forth in the Registration Statement, the Base Prospectuses, any Prospectus Supplements or the Prospectuses. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(qq) <U>Reporting Issuer</U>. As at the date hereof, the Company is a &#147;reporting issuer&#148; in each of the Qualifying
Jurisdictions within the meaning of the Canadian Securities Laws in such jurisdictions and is not currently in material default of any requirement of Canadian Securities Laws, and the Company is not included on a list of defaulting reporting issuers
maintained by any of the Qualifying Authorities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Agreements</U>. The Company agrees with the Manager that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Right to Review Amendments and Supplements to Registration Statement and Prospectuses</U>. During any period when the
delivery of a prospectus relating to the Shares is required (including in circumstances where such requirement may be satisfied pursuant to Rule&nbsp;172, 173 or any similar rule) to be delivered under the Act in connection with the offering or the
sale of Shares, the Company will not file any amendment to the Registration Statement or supplement (including any U.S. Prospectus Supplement) to the U.S. Base </P>
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Prospectus unless the Company has furnished to the Manager a copy for its review prior to filing and will not file any such proposed amendment or supplement to which the Manager reasonably
objects unless required by law. The Company has filed the U.S. Prospectus, with the Commission in a form approved by the Manager, and filed such U.S. Prospectus, as amended at the Execution Time, with the Commission pursuant to the instructions to
Form <FONT STYLE="white-space:nowrap">F-10</FONT> by the Execution Time and will cause any supplement to the U.S. Prospectus to be filed with the Commission, in a form approved by the Manager, and will file such supplement with the Commission
pursuant to the instructions to Form <FONT STYLE="white-space:nowrap">F-10</FONT> within the time period prescribed thereby and will provide evidence reasonably satisfactory to the Manager of such timely filing. The Company will promptly advise the
Manager (i)&nbsp;when the Prospectuses, and any supplements thereto, shall have been filed (if required) in the Qualifying Jurisdictions pursuant to the Shelf Procedures and the Commission pursuant to the instructions to Form <FONT
STYLE="white-space:nowrap">F-10,</FONT> as applicable, (ii)&nbsp;when, during any period when the delivery of a prospectus (whether physically or through compliance with Rule&nbsp;172, 173 or any similar rule) is required under the Act in connection
with the offering or sale of the Shares, any amendment to the Registration Statement shall have been filed or become effective (other than any annual report of the Company filed pursuant to Section&nbsp;13(a) or 15(d) of the Exchange Act),
(iii)&nbsp;of any request by the Commission or its staff for any amendment of the Registration Statement, or for any supplement to the U.S. Prospectus or for any additional information, (iv)&nbsp;of any request by the Reviewing Authority or its
staff for any amendment of the Canadian Base Prospectus, or for any supplement to the Canadian Prospectus or for any additional information, (v)&nbsp;of the issuance by the Commission of any stop order suspending the effectiveness of the
Registration Statement or of any notice objecting to its use or the institution or threatening of any proceeding for that purpose and (vi)&nbsp;of the receipt by the Company of any notification with respect to the suspension of the qualification of
the Shares for sale in any jurisdiction or the institution or threatening of any proceeding for such purpose. The Company will use its commercially reasonable efforts to prevent the issuance of any such stop order or the occurrence of any such
suspension or objection to the use of the Registration Statement and, upon such issuance, occurrence or notice of objection, to obtain as soon as reasonably possible the withdrawal of such stop order or relief from such occurrence or objection,
including, if necessary, by filing an amendment to the Registration Statement or a new registration statement and using its commercially reaosnable efforts to have such amendment or new registration statement declared effective as soon as reasonably
practicable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Subsequent Events</U>. If, at any time on or after an Applicable Time but prior to the related
Settlement Date, the Company becomes aware of any event that occurs as a result of which the Registration Statement or U.S. Prospectus would include any untrue statement of a material fact or omit to state any material fact necessary to make the
statements therein in the light of the circumstances under which they were made or the circumstances then prevailing not misleading, the Company will (i)&nbsp;notify promptly the Manager so that any use
</P>
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of the Registration Statement or U.S. Prospectus may cease until such are amended or supplemented; (ii)&nbsp;amend or supplement the Registration Statement or U.S. Prospectus to correct such
statement or omission; and (iii)&nbsp;supply any amendment or supplement to the Manager in such quantities as the Manager may reasonably request. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Notification of Subsequent Filings</U>. During any period when the delivery of a prospectus relating to the Shares is
required (including in circumstances where such requirement may be satisfied pursuant to Rule&nbsp;172, 173 or any similar rule) to be delivered under the Act, any event occurs as a result of which the Prospectuses as then supplemented would include
any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein in the light of the circumstances under which they were made not misleading, or if it shall be necessary to amend the Registration
Statement, file a new registration statement or supplement the Prospectuses to comply with the Act or the Exchange Act or the respective rules thereunder, including in connection with use or delivery of the Prospectuses, the Company promptly will
(i)&nbsp;notify the Manager of any such event, (ii)&nbsp;subject to Section&nbsp;4(a), prepare and file with the Commission an amendment or supplement or new registration statement which will correct such statement or omission or effect such
compliance, (iii)&nbsp;use commercially reasonable efforts to have any amendment to the Registration Statement or new registration statement declared effective as soon as practicable in order to avoid any disruption in use of the Prospectuses and
(iv)&nbsp;supply any supplemented Prospectuses to the Manager in such quantities as the Manager may reasonably request. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Earnings Statements</U>. As soon as practicable, the Company will make generally available to its security holders and
to the Manager an earnings statement or statements of the Company and its Subsidiaries which will satisfy the provisions of Section&nbsp;11(a) of the Act and Rule&nbsp;158. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Delivery of Canadian Base Prospectus, Registration Statement, Form <FONT STYLE="white-space:nowrap">F-X</FONT> and
Prospectus Supplements</U>. Upon the request of the Manager, the Company will furnish to the Manager and counsel for the Manager, without charge, signed copies of the Canadian Base Prospectus, the Registration Statement, the Form <FONT
STYLE="white-space:nowrap">F-X,</FONT> the Prospectus Supplements (including exhibits thereto) and, so long as delivery of a prospectus by the Manager or dealer may be required by the Act (including in circumstances where such requirement may be
satisfied pursuant to Rule&nbsp;172, 173 or any similar rule), as many copies of the Prospectuses and each Issuer Free Writing Prospectus and any supplement thereto as the Manager may reasonably request. The Company will pay the expenses of printing
or other production of all documents relating to the offering. The availability of any documents on the SEC&#146;s EDGAR database shall be deemed to satisfy the delivery obligations of this Section&nbsp;4(e). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Qualification of Shares</U>. The Company will arrange, if necessary,
for the qualification of the Shares for sale under the laws of such jurisdictions as the Manager may designate and will maintain such qualifications in effect so long as required for the distribution of the Shares; provided that in no event shall
the Company be obligated to (i)&nbsp;qualify to do business in any jurisdiction where it is not now so qualified or (ii)&nbsp;to take any action that would subject it to (A)&nbsp;service of process in suits, other than those arising out of the
offering or sale of the Shares, or (B)&nbsp;subject it to material costs in any jurisdiction where it is not now so subject. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <U>Free Writing Prospectus</U>. The Company agrees that, unless it has or shall have obtained the prior written consent of
the Manager, and the Manager agrees with the Company that, unless it has or shall have obtained, as the case may be, the prior written consent of the Company, it has not made and will not make any offer relating to the Shares that would constitute
an Issuer Free Writing Prospectus or that would otherwise constitute a &#147;free writing prospectus&#148; (as defined in Rule&nbsp;405) required to be filed by the Company with the Commission or retained by the Company under Rule&nbsp;433. Any such
free writing prospectus consented to by the Manager or the Company is hereinafter referred to as a &#147;<U>Permitted Free Writing Prospectus</U>.&#148; The Company agrees that (i)&nbsp;it has treated and will treat, as the case may be, each
Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus and (ii)&nbsp;it has complied and will comply, as the case may be, with the requirements of Rules&nbsp;164 and 433 applicable to any Permitted Free Writing Prospectus, including
in respect of timely filing with the Commission, legending and record keeping. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <U>Subsequent Equity Issuances</U>. The
Company shall not deliver any Sales Notice hereunder (and any Sales Notice previously delivered shall not apply during such three Business Days) for at least three (3)&nbsp;Business Days prior to any date on which the Company or any Subsidiary
offers, sells, issues, contracts to sell, contracts to issue or otherwise disposes of, directly or indirectly, any other shares of Common Stock or any Common Stock Equivalents (other than the Shares), subject to Manager&#146;s right to waive this
obligation, provided that, without compliance with the foregoing obligation, (i)&nbsp;the Company may issue and sell Common Stock pursuant to any employee equity plan, stock ownership plan or dividend reinvestment plan of the Company in effect at
the Execution Time and the Company may issue Common Stock issuable upon the conversion or exercise of Common Stock Equivalents outstanding at the Execution Time and (ii)&nbsp;the Company may issue shares of Common Stock or any Common Stock
Equivalents in privately negotiated transactions to vendors, service providers, strategic partners or potential strategic partners or in connection with acquisition of businesses or assets, provided that such issuances are not made for capital
raising purposes and are conducted in a manner so as not to be integrated with the offering of Shares hereby and to not constitute a distribution for purposes of Regulation M. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>Market Manipulation</U>. Until the termination of this Agreement, the
Company will not take, directly or indirectly, any action designed to or that would constitute or that might reasonably be expected to cause or result in, under the Exchange Act or otherwise, stabilization or manipulation in violation of the Act,
Exchange Act or the rules and regulations thereunder of the price of any security of the Company to facilitate the sale or resale of the Shares or otherwise violate any provision of Regulation M under the Exchange Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) <U>Notification of Incorrect Certificate</U>. The Company will, at any time during the term of this Agreement, as
supplemented from time to time, advise the Manager immediately after it shall have received notice or obtained knowledge thereof, of any information or fact that would alter or affect any opinion, certificate, letter and other document provided to
the Manager pursuant to Section&nbsp;6 herein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) <U>Certification of Accuracy of Disclosure</U>. Upon commencement of
the offering of the Shares under this Agreement (and upon the recommencement of the offering of the Shares under this Agreement following the termination of a suspension of sales hereunder lasting more than 30 Trading Days), and each time that
(i)&nbsp;the Registration Statement or U.S. Prospectus shall be amended or supplemented, other than by means of Incorporated Documents, (ii)&nbsp;the Company files its Annual Report on Form <FONT STYLE="white-space:nowrap">40-F</FONT> or Form <FONT
STYLE="white-space:nowrap">20-F</FONT> under the Exchange Act, (iii)&nbsp;the Company files its unaudited financial statements and management&#146;s discussion and analysis on Form <FONT STYLE="white-space:nowrap">6-K</FONT> under the Exchange Act,
(iv)&nbsp;the Company files a Report on Form <FONT STYLE="white-space:nowrap">6-K</FONT> containing amended financial information (other than information that is furnished and not filed), if the Manager reasonably determines that the information in
such Form <FONT STYLE="white-space:nowrap">6-K</FONT> is material, or (v)&nbsp;the Shares are delivered to the Manager as principal at the Time of Delivery pursuant to a Terms Agreement (such commencement or recommencement date and each such date
referred to in (i), (ii), (iii), (iv) and (v)&nbsp;above, a &#147;<U>Representation Date</U>&#148;), unless waived by the Manager, the Company shall furnish or cause to be furnished to the Manager forthwith a certificate dated and delivered on the
Representation Date, in form reasonably satisfactory to the Manager to the effect that the statements contained in the certificate referred to in Section&nbsp;6 of this Agreement which were last furnished to the Manager are true and correct at the
Representation Date, as though made at and as of such date (except that such statements shall be deemed to relate to the Registration Statement and the Prospectuses as amended and supplemented to such date) or, in lieu of such certificate, a
certificate of the same tenor as the certificate referred to in said Section&nbsp;6, modified as necessary to relate to the Registration Statement and the Prospectuses as amended and supplemented to the date of delivery of such certificate.
Notwithstanding the foregoing, the requirement to provide a certification pursuant to this Section&nbsp;4(k) shall be waived for any Representation Date occurring at a time when no Sales Notice is pending or a suspension is in effect, which waiver
shall continue until the earlier to occur of the date on which the Company delivers a Sales Notice hereunder (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date on which the Company
files its Annual Report on Form <FONT STYLE="white-space:nowrap">40-F.</FONT> </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) <U>Bring Down Opinions; Negative Assurance</U>. At each Representation
Date, unless waived by the Manager, the Company shall furnish or cause to be furnished forthwith to the Manager and to counsel to the Manager a written opinion of each of Canadian Company Counsel and U.S. Company Counsel addressed to the Manager and
dated and delivered on such Representation Date, in form and substance reasonably satisfactory to the Manager, including, in the case of U.S. Company Counsel, a negative assurance representation. The requirement to furnish or cause to be furnished
an opinion (but not with respect to a negative assurance representation) under this Section&nbsp;4(l) shall be waived for any Representation Date other than a Representation Date on which a material amendment to the Registration Statement or the
Prospectuses is made or the Company files its Annual Report on Form <FONT STYLE="white-space:nowrap">40-F</FONT> or <FONT STYLE="white-space:nowrap">20-F</FONT> or a material amendment thereto under the Exchange Act, unless the Manager reasonably
requests such deliverable required this Section&nbsp;4(l) in connection with a Representation Date, upon which request such deliverable shall be deliverable hereunder. Notwithstanding the foregoing, the requirement to provide opinions pursuant to
this Section&nbsp;4(l) shall be waived for any Representation Date occurring at a time when no Sales Notice is pending or a suspension is in effect, which waiver shall continue until the earlier to occur of the date on which the Company delivers a
Sales Notice hereunder (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date on which the Company files its Annual Report on Form <FONT STYLE="white-space:nowrap">40-F.</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) <U>Auditor Bring Down &#147;Comfort&#148; Letter</U>. At each Representation Date, unless waived by the Manager, the
Company shall cause (1)&nbsp;the Company&#146;s auditors (the &#147;<U>Accountants</U>&#148;), or other independent accountants satisfactory to the Manager forthwith to furnish the Manager a letter, and (2)&nbsp;the Chief Financial Officer of the
Company forthwith to furnish the Manager a certificate, in each case dated on such Representation Date, in form satisfactory to the Manager, of the same tenor as the letters and certificate referred to in Section&nbsp;6 of this Agreement but
modified to relate to the Registration Statement and the Prospectuses, as amended and supplemented to the date of such letters and certificate. The requirement to furnish or cause to be furnished a &#147;comfort&#148; letter under this
Section&nbsp;4(m) shall be waived for any Representation Date other than a Representation Date on which a material amendment to the Registration Statement or the Prospectuses is made or the Company files its Annual Report on Form <FONT
STYLE="white-space:nowrap">40-F</FONT> or <FONT STYLE="white-space:nowrap">20-F</FONT> or a material amendment thereto under the Exchange Act, unless the Manager reasonably requests the deliverables required by this Section&nbsp;4(m) in connection
with a Representation Date, upon which request such deliverable shall be deliverable hereunder. Notwithstanding the foregoing, the requirement to provide the &#147;comfort&#148; letter pursuant to this Section&nbsp;4(m) shall be waived for any
Representation Date occurring at a time when no Sales Notice is pending or a suspension is in effect, which waiver shall continue until the earlier to occur of the date on which the Company delivers a Sales Notice hereunder (which for such calendar
quarter shall be considered a Representation Date) and the next occurring Representation Date on which the Company files its Annual Report on Form <FONT STYLE="white-space:nowrap">40-F.</FONT> </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) <U>Due Diligence Session</U>. Upon commencement of the offering of the
Shares under this Agreement (and upon the recommencement of the offering of the Shares under this Agreement following the termination of a suspension of sales hereunder lasting more than 30 Trading Days), and at each Representation Date, the Company
will conduct a due diligence session, in form and substance, reasonably satisfactory to the Manager, which shall include representatives of management and Accountants. The Company shall cooperate timely with any reasonable due diligence request from
or review conducted by the Manager or its agents from time to time in connection with the transactions contemplated by this Agreement, including, without limitation, providing information and available documents and access to appropriate corporate
officers and the Company&#146;s agents during regular business hours, and timely furnishing or causing to be furnished such certificates, letters and opinions from the Company, its officers and its agents, as the Manager may reasonably request. The
Company shall reimburse the Manager for Manager&#146;s counsel&#146;s fees in each such due diligence update session, up to a maximum of $5,000 per update, plus any incidental expense incurred by the Manager in connection therewith. Notwithstanding
the foregoing, the requirement to conduct diligence pursuant to this Section&nbsp;4(n) shall be waived for any Representation Date occurring at a time when no Sales Notice is pending or a suspension is in effect, which waiver shall continue until
the earlier to occur of the date on which the Company delivers a Sales Notice hereunder (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date on which the Company files its Annual
Report on Form <FONT STYLE="white-space:nowrap">40-F.</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) <U>Acknowledgment of Trading</U>. The Company consents to
the Manager trading in the Common Stock for the Manager&#146;s own account and for the account of its clients at the same time as sales of the Shares occur pursuant to this Agreement or pursuant to a Terms Agreement, provided that the Manager will
ensure appropriate and customary information barriers are in place with respect to confidential information relating to the Company in order to ensure compliance with federal securities laws in connection with such sales. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p) <U>Disclosure of Shares Sold</U>. The Company will disclose in its annual and interim management&#146;s discussion and
analyses prepared and filed in accordance with the Canadian Securities Laws, as applicable, the number of Shares sold through the Manager under this Agreement, the Net Proceeds to the Company and the compensation paid by the Company with respect to
sales of Shares pursuant to this Agreement during the relevant quarter; and, if required by any subsequent change in Commission policy or request, more frequently by means of a Report on Form <FONT STYLE="white-space:nowrap">6-K</FONT> or a U.S.
Prospectus Supplement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q) <U>Rescission Right</U>. If to the knowledge of the Company, the
conditions set forth in Section&nbsp;6 shall not have been satisfied as of the applicable Settlement Date, the Company will offer to any person who has agreed to purchase Shares from the Company as the result of an offer to purchase duly solicited
by the Manager the right to refuse to purchase and pay for such Shares. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(r) <U>Bring Down of Representations and
Warranties</U>. Each acceptance by the Company of an offer to purchase the Shares hereunder, and each execution and delivery by the Company of a Terms Agreement, shall be deemed to be an affirmation to the Manager that the representations and
warranties of the Company contained in or made pursuant to this Agreement are true and correct as of the date of such acceptance or of such Terms Agreement as though made at and as of such date, and an undertaking that such representations and
warranties will be true and correct as of the Settlement Date (except to the extent that any such representation and warranty is made as of a specified date, in which case such representation and warranty shall have been true and correct as of such
date) for the Shares relating to such acceptance or as of the Time of Delivery relating to such sale, as the case may be, as though made at and as of such date (except that such representations and warranties shall be deemed to relate to the
Registration Statement and the Prospectuses as amended and supplemented relating to such Shares). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(s) <U>Reservation of
Shares</U>. The Company shall ensure that there are at all times sufficient shares of Common Stock to provide for the issuance, free of any preemptive rights, out of its authorized but unissued shares of Common Stock or shares of Common Stock held
in treasury, of the maximum aggregate number of Shares authorized for issuance by the Board pursuant to the terms of this Agreement. The Company will use its commercially reasonable efforts to cause the Shares to be listed for trading on the Trading
Market and to maintain such listing. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(t) <U>Obligation Under Exchange Act</U>. During any period when the delivery of a
prospectus relating to the Shares is required (including in circumstances where such requirement may be satisfied pursuant to Rule&nbsp;172, 173 or any similar rule) to be delivered under the Act, the Company will file all documents required to be
filed with the Commission pursuant to the Exchange Act within the time periods required by the Exchange Act and the regulations thereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(u) <U>DTC Facility</U>. The Company shall cooperate with Manager and use its commercially reasonable efforts to permit the
Shares to be eligible for clearance and settlement through the facilities of DTC. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) <U>Use of Proceeds</U>. The Company
will apply the Net Proceeds from the sale of the Shares in the manner set forth in the Prospectuses. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(w) <U>Filing of Prospectus Supplement</U>. If any sales are made pursuant
to this Agreement which are not made in &#147;at the market&#148; offerings as defined in Rule 415, including, without limitation, any Placement pursuant to a Terms Agreement, the Company shall file a Canadian Prospectus Supplement, in accordance
with the Shelf Procedures, and a U.S. Prospectus Supplement, in accordance with the instructions to Form <FONT STYLE="white-space:nowrap">F-10,</FONT> describing the terms of such transaction, the amount of Shares sold, the price thereof, the
Manager&#146;s compensation, and such other information as may be required pursuant to the Shelf Procedures and the instructions to Form <FONT STYLE="white-space:nowrap">F-10.</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) <U>Additional Registration Statement</U>. To the extent that the Registration Statement is not available for the sales of
the Shares as contemplated by this Agreement, the Company shall file a new registration statement with respect to any additional shares of Common Stock necessary to complete such sales of the Shares and shall cause such registration statement to
become effective as promptly as practicable. After the effectiveness of any such registration statement, all references to &#147;<U>Registration Statement</U>&#148; included in this Agreement shall be deemed to include such new registration
statement, including all documents incorporated by reference therein pursuant to Form <FONT STYLE="white-space:nowrap">F-10,</FONT> and all references to &#147;<U>U.S. Base Prospectus</U>&#148; included in this Agreement shall be deemed to include
the final form of prospectus, including all documents incorporated therein by reference, included in any such registration statement at the time such registration statement became effective. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Payment of Expenses</U>. The Company agrees to pay the costs and expenses incident to the performance of its obligations under this
Agreement, whether or not the transactions contemplated hereby are consummated, including without limitation: (i)&nbsp;the preparation, printing or reproduction and filing with the Commission of the Registration Statement (including financial
statements and exhibits thereto), the Prospectuses and each Issuer Free Writing Prospectus, and each amendment or supplement to any of them; (ii)&nbsp;the printing (or reproduction) and delivery (including postage, air freight charges and charges
for counting and packaging) of such copies of the Registration Statement, the Prospectuses, and each Issuer Free Writing Prospectus, and all amendments or supplements to any of them, as may, in each case, be reasonably requested for use in
connection with the offering and sale of the Shares; (iii)&nbsp;the preparation, printing, authentication, issuance and delivery of certificates for the Shares, including any stamp or transfer taxes in connection with the original issuance and sale
of the Shares; (iv)&nbsp;the printing (or reproduction) and delivery of this Agreement, any blue sky memorandum and all other agreements or documents printed (or reproduced) and delivered in connection with the offering of the Shares; (v)&nbsp;the
registration of the Shares under the Exchange Act, if applicable, and the listing of the Shares on the Trading Market and the TSX; (vi)&nbsp;any registration or qualification of the Shares for offer and sale under the securities or blue sky laws of
the several states (including filing fees and the reasonable fees and expenses of counsel for the Manager relating to such registration and qualification); (vii)&nbsp;the transportation and other expenses incurred by or on behalf of
</P>
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Company representatives in connection with presentations to prospective purchasers of the Shares; (viii)&nbsp;the fees and expenses of the Company&#146;s accountants and the fees and expenses of
counsel (including local and special counsel) for the Company; (ix)&nbsp;the filing fee under FINRA Rule 5110; (x) the reasonable fees and expenses of the Manager&#146;s counsel, not to exceed $75,000 (excluding any periodic due diligence fees
provided for under Section&nbsp;4(n)), $50,000 of which shall be paid at the Execution Time and $25,000 of which shall be paid at the time the Company delivers the first Sales Notice hereunder; and (xi)&nbsp;all other costs and expenses incident to
the performance by the Company of its obligations hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <U>Conditions to the Obligations of the Manager</U>. The obligations of
the Manager under this Agreement and any Terms Agreement shall be subject to (i)&nbsp;the accuracy of the representations and warranties on the part of the Company contained herein as of the Execution Time, each Representation Date, and as of each
Applicable Time, Settlement Date and Time of Delivery, (ii)&nbsp;the performance by the Company of its obligations hereunder and (iii)&nbsp;the following additional conditions: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Filing of Prospectus Supplements</U>. Each of the Canadian Prospectus Supplement and the U.S. Prospectus Supplement
shall have been filed in the manner contemplated by this Agreement; any further Prospectus Supplements required by Canadian Securities Laws or the Act or regulations thereunder shall have been timely filed; any other material required to be filed by
the Company pursuant to Rule&nbsp;433(d) under the Act shall have been filed with the Commission within the applicable time periods prescribed for such filings by Rule&nbsp;433; and no stop order suspending the effectiveness of the Registration
Statement or any notice objecting to its use shall have been issued and no proceedings for that purpose shall have been instituted or threatened. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Delivery of Opinion</U>. The Company shall have caused each of Canadian Company Counsel and U.S. Company Counsel to
furnish to the Manager its respective opinion and, in the case of U.S. Company Counsel, its negative assurance statement, dated as of such date and addressed to the Manager in form and substance reasonably acceptable to the Manager, unless waived by
the Manager. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Delivery of Officer&#146;s Certificate</U>. The Company shall have furnished or caused to be furnished
to the Manager a certificate of the Company signed by the Chief Executive Officer or the President and the principal financial or accounting officer of the Company, dated as of such date, to the effect that the signers of such certificate have
carefully examined the Registration Statement, the Prospectuses, any Prospectus Supplements and any documents incorporated by reference therein and any supplements or amendments thereto and this Agreement and that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the representations and warranties of the Company in this Agreement are true and correct on and as of such date with the
same effect as if made on such 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 date; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) no stop order suspending the effectiveness of the Registration
Statement or any notice objecting to its use has been issued and no proceedings for that purpose have been instituted or, to the Company&#146;s knowledge, threatened; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) since the date of the most recent financial statements included in the Registration Statement, the Prospectuses and the
Incorporated Documents, there has been no Material Adverse Effect on the condition (financial or otherwise), earnings, business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the
ordinary course of business, except as set forth in or contemplated in the Registration Statement and the Prospectuses. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Delivery of Accountants&#146; &#147;Comfort&#148; Letter</U>. The Company shall have requested and caused the
Accountants to have furnished to the Manager letters (which may refer to letters previously delivered to the Manager), dated as of such date, in form and substance satisfactory to the Manager, confirming that they are independent accountants within
the meaning of the Act and the Exchange Act and the respective applicable rules and regulations adopted by the Commission thereunder and that they have performed a review of any unaudited interim financial information of the Company included or
incorporated by reference in the Registration Statement and the Prospectuses and provide customary &#147;comfort&#148; as to such review in form and substance satisfactory to the Manager. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>No Material Adverse Event</U>. Since the respective dates as of which information is disclosed in the Registration
Statement, the Prospectuses and the Incorporated Documents, except as otherwise stated therein, there shall not have been (i)&nbsp;any change or decrease in previously reported results specified in the letter or letters referred to in
paragraph&nbsp;(d) of this Section&nbsp;6 or (ii)&nbsp;any change, or any development involving a prospective change, in or affecting the condition (financial or otherwise), earnings, business or properties of the Company and its subsidiaries taken
as a whole, whether or not arising from transactions in the ordinary course of business, except as set forth in or contemplated in the Registration Statement, the Prospectuses and the Incorporated Documents (exclusive of any amendment or supplement
thereto) the effect of which, in any case referred to in clause&nbsp;(i) or (ii)&nbsp;above, is, in the sole judgment of the Manager, so material and adverse as to make it impractical or inadvisable to proceed with the offering or delivery of the
Shares as contemplated by the Registration Statement (exclusive of any amendment thereof), the Incorporated Documents and the Prospectuses (exclusive of any amendment or supplement thereto). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Payment of All Fees</U>. The Company shall have paid the required Commission filing fees relating to the Shares within
the time period required by Rule&nbsp;456(b)(1)(i) of the Act without regard to the proviso therein and otherwise in accordance with Rules&nbsp;456(b) and 457(r) of the Act and, if applicable, shall have updated the &#147;Calculation of Registration
Fee&#148; table in accordance with Rule&nbsp;456(b)(1)(ii) either in a post-effective amendment to the Registration Statement or on the cover page&nbsp;of a U.S. Prospectus Supplement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <U>No FINRA Objections</U>. FINRA shall not have raised any objection
with respect to the fairness and reasonableness of the terms and arrangements under this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <U>Shares Listed
on Trading Market</U>. The Shares shall have been listed and admitted and authorized for trading on the Trading Market, and satisfactory evidence of such actions shall have been provided to the Manager. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>Other Assurances</U>. Prior to each Settlement Date and Time of Delivery, as applicable, the Company shall have
furnished to the Manager such further information, certificates and documents as the Manager may reasonably request. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If any of the
conditions specified in this Section&nbsp;6 shall not have been fulfilled when and as provided in this Agreement, or if any of the opinions and certificates mentioned above or elsewhere in this Agreement shall not be reasonably satisfactory in form
and substance to the Manager and counsel for the Manager, this Agreement and all obligations of the Manager hereunder may be canceled at, or at any time prior to, any Settlement Date or Time of Delivery, as applicable, by the Manager. Notice of such
cancellation shall be given to the Company in writing or by telephone or facsimile confirmed in writing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The documents required to be
delivered by this Section&nbsp;6 shall be delivered to the office of Lowenstein Sandler LLP, counsel for the Manager, at 1251 Avenue of the Americas, New York, New York 10020, email: sskolnick@lowenstein.com, on each such date as provided in this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <U>Indemnification and Contribution</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Indemnification by Company</U>. The Company agrees to indemnify and hold harmless the Manager, the directors, officers,
employees and agents of the Manager and each person who controls the Manager within the meaning of either the Act or the Exchange Act against any and all losses, claims, damages or liabilities, joint or several, to which they or any of them may
become subject under the Act, the Exchange Act or other Federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon
any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement for the registration of the Shares as originally filed or in any amendment thereof, or in the Base Prospectuses, the Prospectus Supplements,
the Prospectuses, any Issuer Free Writing Prospectus, or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">39 </P>

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alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading or result from or relate to any breach of any of the
representations, warranties, covenants or agreements made by the Company in this Agreement, and agrees to reimburse each such indemnified party for any legal or other expenses reasonably incurred by them in connection with investigating or defending
any such loss, claim, damage, liability or action; <U>provided</U>, <U>however</U>, that the Company will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue
statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to the Company by the Manager specifically for inclusion therein. This indemnity agreement will
be in addition to any liability that the Company may otherwise have. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Indemnification by Manager</U>. The Manager
agrees to indemnify and hold harmless the Company, each of its directors, each of its officers who signs the Registration Statement, and each person who controls the Company within the meaning of either the Act or the Exchange Act, to the same
extent as the foregoing indemnity from the Company to the Manager, but only with reference to written information relating to the Manager furnished to the Company by the Manager specifically for inclusion in the documents referred to in the
foregoing indemnity; <U>provided</U>, <U>however</U>, that in no case shall the Manager be responsible for any amount in excess of the Broker Fee applicable to the Shares and paid hereunder. This indemnity agreement will be in addition to any
liability which the Manager may otherwise have. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Indemnification Procedures</U>. Promptly after receipt by an
indemnified party under this Section&nbsp;7 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section&nbsp;7, notify the indemnifying party
in writing of the commencement thereof; but the failure so to notify the indemnifying party (i)&nbsp;will not relieve it from liability under paragraph&nbsp;(a) or&nbsp;(b) above unless and to the extent it did not otherwise learn of such action and
such failure results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii)&nbsp;will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification
obligation provided in paragraph&nbsp;(a) or (b)&nbsp;above. The indemnifying party shall be entitled to appoint counsel of the indemnifying party&#146;s choice at the indemnifying party&#146;s expense to represent the indemnified party in any
action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel retained by the indemnified party or parties except as set forth below);
<U>provided</U>, <U>however</U>, that such counsel shall be reasonably satisfactory to the indemnified party. Notwithstanding the indemnifying party&#146;s election to appoint counsel to represent the indemnified party in an action, the indemnified
party shall have the right to employ separate counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel if </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40 </P>

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(i)&nbsp;the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest, (ii)&nbsp;the actual or potential
defendants in, or targets of, any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties
which are different from or additional to those available to the indemnifying party, (iii)&nbsp;the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a
reasonable time after notice of the institution of such action or (iv)&nbsp;the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party. An indemnifying party will not, without the
prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be
sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all liability arising
out of such claim, action, suit or proceeding. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Contribution</U>. In the event that the indemnity provided in
paragraph&nbsp;(a), (b)&nbsp;or (c)&nbsp;of this Section&nbsp;7 is unavailable to or insufficient to hold harmless an indemnified party for any reason, the Company and the Manager agree to contribute to the aggregate losses, claims, damages and
liabilities (including legal or other expenses reasonably incurred in connection with investigating or defending the same) (collectively &#147;<U>Losses</U>&#148;) to which the Company and the Manager may be subject in such proportion as is
appropriate to reflect the relative benefits received by the Company on the one hand and by the Manager on the other from the offering of the Shares; <U>provided</U>, <U>however</U>, that in no case shall the Manager be responsible for any amount in
excess of the Broker Fee applicable to the Shares and paid hereunder. If the allocation provided by the immediately preceding sentence is unavailable for any reason, the Company and the Manager severally shall contribute in such proportion as is
appropriate to reflect not only such relative benefits but also the relative fault of the Company on the one hand and of the Manager on the other in connection with the statements or omissions which resulted in such Losses as well as any other
relevant equitable considerations. Benefits received by the Company shall be deemed to be equal to the total net proceeds from the offering (before deducting expenses) received by it, and benefits received by the Manager shall be deemed to be equal
to the Broker Fee applicable to the Shares and paid hereunder as determined by this Agreement. Relative fault shall be determined by reference to, among other things, whether any untrue or any alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information provided by the Company on the one hand or the Manager on the other, the intent of the parties and their relative knowledge, access to information and opportunity to
correct or prevent such untrue statement or omission. The Company and the Manager agree </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">41 </P>

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that it would not be just and equitable if contribution were determined by pro rata allocation or any other method of allocation which does not take account of the equitable considerations
referred to above. Notwithstanding the provisions of this paragraph&nbsp;(d), no person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the Act) shall be entitled to contribution from any person who was not guilty
of such fraudulent misrepresentation. For purposes of this Section&nbsp;7, each person who controls the Manager within the meaning of either the Act or the Exchange Act and each director, officer, employee and agent of the Manager shall have the
same rights to contribution as the Manager, and each person who controls the Company within the meaning of either the Act or the Exchange Act, each officer of the Company who shall have signed the Registration Statement and each director of the
Company shall have the same rights to contribution as the Company, subject in each case to the applicable terms and conditions of this paragraph&nbsp;(d). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <U>Termination</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Company shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this
Agreement relating to the solicitation of offers to purchase the Shares in its sole discretion at any time upon ten (10)&nbsp;Business Days&#146; prior written notice. Any such termination shall be without liability of any party to any other party
except that (i)&nbsp;with respect to any pending sale, through the Manager for the Company, the obligations of the Company, including in respect of compensation of the Manager, shall remain in full force and effect notwithstanding the termination
and (ii)&nbsp;the provisions of Sections&nbsp;5, 6, 7, 8, 9, 10, 12 and 14 of this Agreement shall remain in full force and effect notwithstanding such termination. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Manager shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this
Agreement relating to the solicitation of offers to purchase the Shares in its sole discretion at any time. Any such termination shall be without liability of any party to any other party except that the provisions of Sections&nbsp;5, 6, 7, 8, 9,
10, 12 and 14 of this Agreement shall remain in full force and effect notwithstanding such termination. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) This Agreement
shall remain in full force and effect until (i)&nbsp;the date that this Agreement is terminated pursuant to Sections&nbsp;8(a) or (b)&nbsp;above, (ii)&nbsp;such date on which the maximum amount of Offered Shares contemplated by this Agreement has
been sold, or (iii)&nbsp;or otherwise by mutual agreement of the parties, provided that any such termination by mutual agreement shall in all cases be deemed to provide that Sections&nbsp;5, 6, 7, 8, 9, 10, 12 and 14 shall remain in full force and
effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Any termination of this Agreement shall be effective on the date specified in such notice of termination,
provided that such termination shall not be effective until the close of business on the date of receipt of such notice by the Manager or the Company, as the case may be. If such termination shall occur prior to the Settlement Date or Time of
Delivery for any sale of the Shares, such sale of the Shares shall settle in accordance with the provisions of Section&nbsp;2(b) of this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">42 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) In the case of any purchase of Shares by the Manager pursuant to a Terms
Agreement, the obligations of the Manager pursuant to such Terms Agreement shall be subject to termination, in the absolute discretion of the Manager, by prompt oral notice given to the Company prior to the Time of Delivery relating to such Shares,
if any, and confirmed promptly by facsimile or electronic mail, if since the time of execution of the Terms Agreement and prior to such delivery and payment, (i)&nbsp;trading in the Common Stock shall have been suspended by the Commission or the
Trading Market or trading in securities generally on the Trading Market shall have been suspended or limited or minimum prices shall have been established on such exchange, (ii)&nbsp;a banking moratorium shall have been declared either by Federal or
New York State authorities or (iii)&nbsp;there shall have occurred any outbreak or escalation of hostilities, declaration by the United States of a national emergency or war, or other calamity or crisis the effect of which on financial markets is
such as to make it, in the sole judgment of the Manager, impractical or inadvisable to proceed with the offering or delivery of the Shares as contemplated by the Prospectuses (exclusive of any amendment or supplement thereto). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <U>Representations and Indemnities to Survive</U>. The respective agreements, representations, warranties, indemnities and other statements
of the Company or its officers and of the Manager set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by the Manager or the Company or any of the officers, directors, employees,
agents or controlling persons referred to in Section&nbsp;7, and will survive delivery of and payment for the Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. <U>Notices</U>.
All communications hereunder will be in writing and effective only on receipt, and will be mailed, delivered, <FONT STYLE="white-space:nowrap">e-mailed</FONT> or facsimiled to the addresses of the Company and the Manager, respectively, set forth on
the signature page hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. <U>Successors</U>. This Agreement will inure to the benefit of and be binding upon the parties hereto and
their respective successors and the officers, directors, employees, agents and controlling persons referred to in Section&nbsp;7, and no other person will have any right or obligation hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. <U>No Fiduciary Duty</U>. The Company hereby acknowledges that (a)&nbsp;the purchase and sale of the Shares pursuant to this Agreement is
an <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> commercial transaction between the Company, on the one hand, and the Manager and any affiliate through which it may be acting, on the other, (b)&nbsp;the Manager is acting solely as sales
agent and/or principal in connection with the purchase and sale of the Company&#146;s securities and not as a fiduciary of the Company and (c)&nbsp;the Company&#146;s engagement of the Manager in connection with the offering and the process leading
up to the offering is </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">43 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
as independent contractors and not in any other capacity. Furthermore, the Company agrees that it is solely responsible for making its own judgments in connection with the offering (irrespective
of whether the Manager has advised or is currently advising the Company on related or other matters). The Company agrees that it will not claim that the Manager has rendered advisory services of any nature or respect, or owe an agency, fiduciary or
similar duty to the Company, in connection with such transaction or the process leading thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. <U>Integration</U>. This Agreement
and any Terms Agreement supersede all prior agreements and understandings (whether written or oral) between the Company and the Manager with respect to the subject matter hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. <U>Amendments; Waivers</U>. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument
signed, in the case of an amendment, by the Company and the Manager. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any
subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15. <U>Applicable Law</U>. This Agreement and any Terms Agreement will be governed by and construed in accordance with the laws of the State
of New York applicable to contracts made and to be performed within the State of New&nbsp;York. Each of the Company and the Manager: (i)&nbsp;agrees that any legal suit, action or proceeding arising out of or relating to this Agreement shall be
instituted exclusively in New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York, (ii)&nbsp;waives any objection which it may have or hereafter to the venue of any such suit, action
or proceeding, and (iii)&nbsp;irrevocably consents to the jurisdiction of the New York Supreme Court, County of New York, and the United States District Court for the Southern District of New York in any such suit, action or proceeding. Each of the
Company and the Manager further agrees to accept and acknowledge service of any and all process which may be served in any such suit, action or proceeding in the New York Supreme Court, County of New York, or in the United States District Court for
the Southern District of New York and agrees that service of process upon the Company mailed by certified mail to the Company&#146;s address shall be deemed in every respect effective service of process upon the Company, in any such suit, action or
proceeding, and service of process upon the Manager mailed by certified mail to the Manager&#146;s address shall be deemed in every respect effective service process upon the Manager, in any such suit, action or proceeding. If either party shall
commence an action or proceeding to enforce any provision of this Agreement, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its reasonable attorney&#146;s fees and other costs and expenses incurred
with the investigation, preparation and prosecution of such action or proceeding. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">44 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>16. <U>WAIVER OF JURY TRIAL</U>. THE COMPANY 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, ANY TERMS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17. <U>Counterparts</U>. This Agreement and any Terms Agreement may be signed in one or more counterparts, each of which shall constitute an
original and all of which together shall constitute one and the same agreement, which may be delivered by facsimile or in .pdf file via <FONT STYLE="white-space:nowrap">e-mail.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*************************** </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">45 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18. <U>Headings</U>. The section headings used in this Agreement and any Terms Agreement are
for convenience only and shall not affect the construction hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature Page Follows</I>.] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">46 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the foregoing is in accordance with your understanding of our agreement, please sign and
return to us the enclosed duplicate hereof, whereupon this letter and your acceptance shall represent a binding agreement among the Company and the Manager. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Very truly yours,</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>IMMUNOPRECISE ANTIBODIES
LTD.</B></P></TD></TR></TABLE>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">/s/ Jennifer
Bath</P></TD></TR></TABLE>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Jennifer Bath</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">President and Chief Executive Officer</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Address for Notice</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ImmunoPrecise Antibodies Ltd. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3204-4464 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Markham Street, Victoria, BC V8Z 7X8 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing Agreement is
hereby confirmed and accepted as of </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">the date first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"><B>H.C. WAINWRIGHT&nbsp;&amp; CO., LLC</B></TD></TR></TABLE>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">/s/ Edward D.
Silvera</P></TD></TR></TABLE>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Edward D. Silvera</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Chief Operating Officer</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Address for Notice</U>: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">430
Park Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Chief
Executive Officer </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">E-mail:</FONT> notices@hcwco.com </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">47 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form of Terms Agreement </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ANNEX I </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>IMMUNOPRECISE
ANTIBODIES LTD. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TERMS AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Sirs: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">ImmunoPrecise Antibodies Ltd. (the
&#147;<U>Company</U>&#148;) proposes, subject to the terms and conditions stated herein and in the At The Market Offering Agreement, dated __________ (the &#147;<U>At The Market Offering Agreement</U>&#148;), between the Company and H.C.
Wainwright&nbsp;&amp; Co., LLC (&#147;<U>Manager</U>&#148;), to issue and sell to Manager the securities specified in the <U>Schedule</U><U></U><U>&nbsp;I</U> hereto (the &#147;<U>Purchased Shares</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of the provisions of the At The Market Offering Agreement not specifically related to the solicitation by the Manager, as agent of the
Company, of offers to purchase securities is incorporated herein by reference in its entirety, and shall be deemed to be part of this Terms Agreement to the same extent as if such provisions had been set forth in full herein. Each of the
representations and warranties set forth therein shall be deemed to have been made at and as of the date of this Terms Agreement and the Time of Delivery, except that each representation and warranty in Section&nbsp;3 of the At The Market Offering
Agreement which makes reference to the Prospectuses (as therein defined) shall be deemed to be a representation and warranty as of the date of the At The Market Offering Agreement in relation to the Prospectuses, and also a representation and
warranty as of the date of this Terms Agreement and the Time of Delivery in relation to the Prospectuses as amended and supplemented to relate to the Purchased Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">An amendment to the Registration Statement (as defined in the At The Market Offering Agreement), or a supplement to the Prospectuses, as the
case may be, relating to the Purchased Shares, in the form heretofore delivered to the Manager is now proposed to be filed with the Securities and Exchange Commission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the terms and conditions set forth herein and in the At The Market Offering Agreement which are incorporated herein by reference,
the Company agrees to issue and sell to the Manager and the latter agrees to purchase from the Company the number of shares of the Purchased Shares at the time and place and at the purchase price set forth in the <U>Schedule</U><U></U><U>&nbsp;I</U>
hereto. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">48 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B><B></B><B></B><B></B><B></B><B></B>If the foregoing is in accordance with your
understanding, please sign and return to us a counterpart hereof, whereupon this Terms Agreement, including those provisions of the At The Market Offering Agreement incorporated herein by reference, shall constitute a binding agreement between the
Manager and the Company. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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LTD.</B></P></TD></TR></TABLE>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name:</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Title:</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ACCEPTED as of the date first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>H.C. WAINWRIGHT&nbsp;&amp; CO.,
LLC</B></P></TD></TR></TABLE>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>

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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD></TR>
</TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">49 </P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
