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<SEC-DOCUMENT>0001204459-10-003199.txt : 20101221
<SEC-HEADER>0001204459-10-003199.hdr.sgml : 20101221
<ACCEPTANCE-DATETIME>20101221145057
ACCESSION NUMBER:		0001204459-10-003199
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20101221
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20101221
DATE AS OF CHANGE:		20101221

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LEXARIA CORP.
		CENTRAL INDEX KEY:			0001348362
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				202000871
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-52138
		FILM NUMBER:		101265386

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		604-602-1675

	MAIL ADDRESS:	
		STREET 1:		SUITE 604 - 700 WEST PENDER STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 1G8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Lexaria Corp.
		DATE OF NAME CHANGE:	20051229
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
   <TITLE>Lexaria Corp.: Form 8-K - Filed by newsfilecorp.com</TITLE>
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B><FONT size=5>UNITED STATES </FONT></B><BR><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION </FONT></B><BR><B>Washington, D.C.
20549 </B><BR></P>
<P align=center><B><FONT size=5>FORM 8-K </FONT></B></P>
<P align=center>Current Report <BR>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 </P>
<P align=center>Date of Report (date of earliest event reported): December 16,
2010 </P>
<P align=center><B><FONT size=5>LEXARIA CORP. </FONT></B><BR>(Exact name of
registrant as specified in its charter) <BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center>Nevada </TD>
    <TD align=center width="33%">000-52138 </TD>
    <TD align=center width="33%">20-2000871 </TD></TR>
  <TR vAlign=top>
    <TD align=center>(State or other jurisdiction of </TD>
    <TD align=center width="33%">(Commission File Number) </TD>
    <TD align=center width="33%">(IRS Employer Identification No.) </TD></TR>
  <TR vAlign=top>
    <TD align=center>incorporation) </TD>
    <TD align=left width="33%">&nbsp; </TD>
    <TD align=left width="33%">&nbsp; </TD></TR></TABLE>
<P align=center>#950 &#150; 1130 West Pender Street, Vancouver, British Columbia,
Canada V6E 4A4 </P>
<P align=center>Registrant's telephone number, including area code:&nbsp;&nbsp;
&nbsp;(604) 602-1675 </P>
<P align=center>(Former name or former address, if changed since last report.)
</P>
<P align=justify>Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions: </P>
<P align=justify>[ &nbsp;] Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425) </P>
<P align=justify>[&nbsp; ] Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a -12) </P>
<P align=justify>[&nbsp; ] Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b)) </P>
<P align=justify>[&nbsp; ] Pre-commencement communications pursuant to Rule
13e-4(c) under Exchange Act (17 CFR 240.13e -4(c)) </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A>
<P align=justify><B>Item 1.01 Entry into a Material Definitive Agreement
</B></P>
<P align=justify><B>Item 2.03 Creation of Direct Financial Obligation </B></P>
<P align=justify><B>Item 3.02 Unregistered Sales of Equity Securities </B></P>
<P align=justify>On December 20, 2010, we closed the final tranche of a private
placement offering of convertible debentures in the aggregate amount of
US$170,000. The convertible debentures mature on November 30, 2012, subject to
forced conversion as set out in the convertible debenture certificate. The
convertible debentures pay an interest rate of 12% per annum (on a simple basis)
and are convertible at US$0.35 per unit. Each unit is comprised of one share of
our common stock and one share purchase warrant. Each warrant entitles the
holder thereof to purchase one share at a price of US$0.40 per share from the
earlier of the maturity date of the convertible debenture or one year from
conversion of the convertible debenture.</P>
<P align=justify>We also entered into a general security agreement with the
subscribers, whereby the obligations to repay the convertible debenture are
secured by certain of our assets. </P>
<P align=justify>The convertible debentures were issued to two (2) US persons,
including Mr. David DeMartini an insider of our company, pursuant to the
exemption from registration provided for under Rule 506 Regulation D,
promulgated under the United States Securities Act 1933, as amended. </P>
<P align=justify>Commissions of $7,500 are being paid on the entire debt
financing to Tom Ihrke.</P>
<P align=justify>The Debentures have not been registered under the Securities
Act of 1933, as amended, or any state securities laws and may not be offered or
sold in the United States without registration or an applicable exemption from
registration requirements. </P>
<P align=justify>On December 16, 2010, Lexaria Corp. (the &#147;Company&#148;) entered
into an assignment agreement with Emerald Atlantic LLC, solely owned by a
Director of the Company (the Assignee&#148;), whereby the Assignee has paid a fee of
US$30,075.95 to earn 18% of a 4.423% share of the Company&#146;s net revenue interest
after field operating expenses for a well to be drilled in Wilkinson County.
</P>
<P align=justify><B>ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center ><B>Exhibit No.</B> </TD>
    <TD align=left width="90%"><B>Description</B> </TD></TR>
  <TR>
    <TD align=center >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><a href="exhibit20-1.htm">20.1 </a> </TD>
    <TD align=left width="90%" bgColor=#eeeeee><a href="exhibit20-1.htm">Convertible Debenture
      Subscription </a> </TD></TR>
  <TR vAlign=top>
    <TD align=center ><a href="exhibit20-2.htm">20.2 </a> </TD>
    <TD align=left width="90%"><a href="exhibit20-2.htm">Convertible Debenture
    </a> </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><a href="exhibit20-3.htm">20.3 </a> </TD>
    <TD align=left width="90%" bgColor=#eeeeee><a href="exhibit20-3.htm">Security Agreement
    </a> </TD></TR>
  <TR vAlign=top>
    <TD align=center ><a href="exhibit99-1.htm">99.1 </a> </TD>
    <TD align=left width="90%"><a href="exhibit99-1.htm">Press Release dated December 20, 2010
    </a> </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><a href="exhibit20-4.htm">20.4 </a> </TD>
    <TD align=left width="90%" bgColor=#eeeeee><a href="exhibit20-4.htm">Assignment Agreement between
      the Company and Emerald Atlantic dated December 16, 2010 </a>
</TD></TR></TABLE>
<P align=center><B>SIGNATURES </B></P>
<P align=justify>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 hereunto duly authorized. </P>
<P align=justify>Dated: December 20, 2010 </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Lexaria Corp. <BR>(Signature) &nbsp;<U>By: &#147;<I>/s/ Chris
Bunka&#148;</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Chris Bunka
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
President &amp; CEO <BR> </P>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-20.1
<SEQUENCE>2
<FILENAME>exhibit20-1.htm
<DESCRIPTION>EXHIBIT 20.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>Lexaria Corp.: Exhibit 20.1 - Filed by newsfilecorp.com</TITLE>
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=right><b>Exhibit 20.1</b></P>
<P align=center><B>SUBSCRIPTION FOR DEBENTURES </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>TO: </B></TD>
    <TD align=left width="90%"><B>LEXARIA CORP. (the "Corporation") </B></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="90%"><B>C/O W.L. MacDonald Law Corporation, Suite
      1210 &#150; 777 Hornby Street </B></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="90%"><B>Vancouver, BC V6Z
      1S4</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <B>Fax: (604) 681-4760 </B></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center><B>(for Canadian, U.S. and Non-U.S. Investors) </B></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=center>&nbsp;</TD></TR></TABLE>
<P align=justify>The undersigned (hereinafter referred to as the
"<B>Subscriber</B>") hereby subscribes for and agrees to purchase one or more
secured convertible debentures (each, a &#147;<B>Debenture</B>&#148; and collectively the
&#147;<B>Debentures</B>&#148;) of the Corporation, in the form attached hereto as Schedule
&#147;D&#148;, for the aggregate subscription price set forth below upon and subject to
the terms and conditions set forth in Schedule &#147;D&#148; and in the "Terms and
Conditions of Subscription for Debentures of Lexaria Corp.&#148; attached hereto
(together with this page and the attached Schedules, the &#147;<B>Subscription</B>&#148;
or "<B>Subscription Agreement</B>").</P>
<P align=justify>The Debenture is due two years from the date of issuance (the
&#147;<B>Maturity Date</B>&#148;) and is repayable in full with accrued interest at 12%
per annum on maturity. The Holder may at any time during the term of the
Debenture convert all or part into equity at a conversion price of US$0.35 per
unit (each, a &#147;<B>Unit</B>&#148;), subject to forced conversion as set out in the
Debenture. Each Unit consists of one Common Share (&#147;<B>Share</B>&#148;) and one
non-transferable share purchase warrant (each whole warrant, a
&#147;<B>Warrant</B>&#148;). Each Warrant entitles the holder to purchase one additional
Share (each, a &#147;<B>Warrant Share</B>&#148;) at an exercise price of US$0.40 per
Warrant (the &#147;<B>Exercise Price</B>&#148;) from the earlier of (i) the Maturity Date
or (ii) one year after the conversion of the Debenture. The Debenture, the
Units, the Shares, the Warrants and the Warrant Shares are collectively referred
to as the "<B>Securities</B>". </P>
<P align=justify>The Debentures are secured by the Corporation&#146;s working
interest and production in and only in the PP F-12-4 and PP F-12-5 wells located
at Belmont Lake, Mississippi. No other assets of the Corporation are secured by
the Debentures. </P>
<P align=justify>The Debentures are part of a non-brokered offering for minimum
gross proceeds of US $300,000 and maximum gross proceeds of US $1,500,000. </P>
<P align=justify>Subject to the terms hereof, the Subscription will be effective
upon its acceptance by the Corporation. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left style="border-left-style: solid; border-left-width: 1; border-top-style: solid; border-top-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="44%" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><B>Details of Subscriber: </B></TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: none; border-left-width: medium; border-top-style: none; border-top-width: medium" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="44%" style="border-top-style: none; border-top-width: medium" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%" style="border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium" bordercolor="#000000">&nbsp;</TD></TR>
  <TR>
    <TD align=left style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="44%" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="44%" bordercolor="#000000" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="44%" bordercolor="#000000">(Name of Subscriber - please print) </TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1; border-top-style: solid; border-top-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="44%" bordercolor="#000000" style="border-top-style: solid; border-top-width: 1">&nbsp; </TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="44%" bordercolor="#000000">By:
</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="44%" bordercolor="#000000"><B>Principal Amount of
      Debentures:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </U></TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="44%" bordercolor="#000000">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;(Authorized
      Signature) </TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left
    width="2%" bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="44%" bordercolor="#000000"><B>(the &#147;Subscription Price&#148;) </B></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left
    width="2%" bordercolor="#000000">&nbsp;</TD></TR>
  <TR>
    <TD align=left style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="44%" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: none; border-right-width: medium" bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" align=left
    width="2%" bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium" align=left
    width="44%" bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium" align=left
    width="2%" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="44%" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="44%" bordercolor="#000000"><B>Details of Beneficial Purchaser (if not the
      same as </B></TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD></TR>
  <TR>
    <TD align=left style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="44%" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="44%" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="44%" bordercolor="#000000">(Official Capacity or Title - please print) </TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="44%" bordercolor="#000000"><B>Subscriber): </B></TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD></TR>
  <TR>
    <TD align=left style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="44%" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="44%" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-left-style: solid; border-left-width: 1" bordercolor="#000000"></TD>
    <TD align=left width="44%" bordercolor="#000000">(Please print name of individual whose
      signature appears above if different than the name of the Subscriber
      printed above.) </TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000"></TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="44%" bordercolor="#000000">(Name of Beneficial Purchaser) </TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000"></TD></TR>
  <TR>
    <TD align=left style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="44%" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="44%" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="44%" bordercolor="#000000">(Subscriber's Address) </TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="44%" bordercolor="#000000">(Beneficial Purchaser&#146;s Address) </TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD></TR>
  <TR>
    <TD align=left style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="44%" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="44%" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="44%" bordercolor="#000000">(Subscriber's Address) </TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="44%" bordercolor="#000000">(Beneficial Purchaser&#146;s Telephone Number) </TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD></TR>
  <TR>
    <TD align=left style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="44%" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="44%" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="44%" bordercolor="#000000">(Telephone
      Number)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (E-Mail Address) </TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="44%" bordercolor="#000000">SIN/Tax ID No. </TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD></TR>
  <TR>
    <TD align=left style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="44%" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="44%" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="44%" bordercolor="#000000">SIN/Tax ID No. </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left
    width="2%" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left
    width="2%" bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="44%" bordercolor="#000000">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left
    width="2%" bordercolor="#000000">&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A>
<P align=center>- ii - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left style="border-left-style: solid; border-left-width: 1; border-top-style: solid; border-top-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="44%" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><B><U>Register the Debentures as set forth
      below:</U></B> </TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1; border-top-style: solid; border-top-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="44%" style="border-top-style: solid; border-top-width: 1" bordercolor="#000000"><B><U>Deliver the Debentures as set forth
      below:</U></B> </TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1" bordercolor="#000000">&nbsp;</TD></TR>
  <TR>
    <TD align=left style="border-left-style: solid; border-left-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="44%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="44%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="44%" bordercolor="#000000">(Name) </TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="44%" bordercolor="#000000">(Name) </TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD></TR>
  <TR>
    <TD align=left style="border-left-style: solid; border-left-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="44%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="44%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="44%" bordercolor="#000000">(Account reference, if applicable) </TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="44%" bordercolor="#000000">(Account reference, if applicable) </TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD></TR>
  <TR>
    <TD align=left style="border-left-style: solid; border-left-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="44%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="44%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="44%" bordercolor="#000000">(Address) </TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="44%" bordercolor="#000000">(Contact Name) </TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD></TR>
  <TR>
    <TD align=left style="border-left-style: solid; border-left-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="44%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="44%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="44%" bordercolor="#000000">(Address </TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="44%" bordercolor="#000000">(Address) </TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD></TR>
  <TR>
    <TD align=left style="border-left-style: solid; border-left-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="44%" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="44%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="44%" bordercolor="#000000">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left
    width="2%" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left
    width="2%" bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="44%" bordercolor="#000000">(Address) </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left
    width="2%" bordercolor="#000000">&nbsp;</TD></TR></TABLE>
<P align=justify><B><U>Present Ownership of Securities</U></B><B> </B></P>
<P align=justify>The Subscriber either <B><I>[check appropriate box]</I></B>:
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left  >[&nbsp; ]&nbsp;</TD>
    <TD align=left width="95%">does not own directly or indirectly, or
      exercise control or direction over, any common shares of the Corporation
      (&#147;<B>Shares</B>&#148;) or securities convertible into Shares; or </TD></TR>
  <TR>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left  >[&nbsp; ]</TD>
    <TD align=left width="95%">owns directly or indirectly, or exercises
      control or direction over, Shares and convertible securities entitling the
      holder thereof to acquire an additional Shares. </TD></TR></TABLE>
<P align=justify><B><U>Insider Status</U></B><B> </B></P>
<P align=justify>The Subscriber either <B><I>[check appropriate box]</I></B>:
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >[&nbsp; ]&nbsp;</TD>
    <TD vAlign=top  colSpan=3>is an &#147;Insider&#148; of the Corporation,
      namely: &#147;Insider&#148; means: </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD  colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>a director or senior officer of the
Corporation;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>a director or senior officer of a person that is itself
      an insider or subsidiary of the Corporation;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD colSpan=2>
      <P align=justify>a person that has</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>direct or indirect beneficial ownership of;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>control or direction over; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>a combination of direct or indirect beneficial ownership
      of and of control or direction over</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>securities of the Corporation carrying more than 10% of
      the voting rights attached to all the Corporation&#146;s outstanding voting
      securities, excluding, for the purpose of the calculation of the
      percentage held, any securities held by the person as underwriter in the
      course of a distribution; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD colSpan=2>
      <P align=justify>the Corporation itself, if it has purchased, redeemed or
      otherwise acquired any securities of its own issue, for so long as it
      continues to hold those securities; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD  colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >[&nbsp; ]</TD>
    <TD vAlign=top  colSpan=3>is not an Insider of the
      Corporation. </TD></TR></TABLE>
<P align=justify><B><U>Member of &#147;Pro Group&#148;</U></B><B> </B></P>
<P align=justify>The Subscriber either <B><I>[check appropriate box]</I></B>:
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left  >[&nbsp; ]&nbsp;</TD>
    <TD align=left width="95%">is a Member of the &#147;Pro Group&#148; as defined in
      the Rules of the Exchange, </TD></TR>
  <TR>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left  >[&nbsp; ]&nbsp;</TD>
    <TD align=left width="95%">is not a member of the Pro Group.
</TD></TR></TABLE>
<P align=center><B><I>THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT
BLANK</I></B><B> </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A>
<P align=center>- iii - </P>
<P align=justify><B>ACCEPTANCE: </B>The Corporation hereby accepts the
subscription as set forth above on the terms and conditions contained in this
Subscription Agreement and the Corporation represents and warrants to the
Subscriber that the representations and warranties made by the Corporation are
true and correct in all material respects as of the Closing Date (as defined
herein) and that the Subscriber is entitled to rely thereon, and on the terms,
conditions and covenants contained in this Subscription Agreement. </P>
<P align=justify>_________________________, 2010 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left style="border-right-style: solid; border-right-width: 1" bordercolor="#000000"><B>LEXARIA CORP. </B></TD>
    <TD align=left width="15%" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1" bordercolor="#000000"  >&nbsp;</TD></TR>
  <TR>
    <TD align=left style="border-right-style: solid; border-right-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="15%" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR>
    <TD align=left style="border-right-style: solid; border-right-width: 1" bordercolor="#000000" >&nbsp;</TD>
    <TD align=left width="15%" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
      align=left style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">By:&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </U></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1" align=left width="15%" bordercolor="#000000"
     >&nbsp;</TD></TR></TABLE>
<P align=justify><B>The Securities will be subject to a hold period under the
applicable Securities Laws of the Selling Jurisdictions in Canada of four month
and a day from the Closing Date and the certificates evidencing the Securities
will bear a legend to that effect, as applicable. Consequently, the Securities
may only be resold during such period in accordance with appropriate statutory
exemptions from the prospectus requirements of the applicable Securities Laws of
the Selling Jurisdictions in Canada or if appropriate consents or discretionary
orders have been obtained. The Subscriber is advised to consult its own legal
advisors in this regard.</B></P>
<P align=justify><B>The Securities have not been and will not be registered
under the U.S. Securities Act of 1933, as amended (the &#147;U.S. Securities Act&#148;)
and are being offered and sold within the United States only to Accredited
Investors (as defined in Rule 501(a) of Regulation D under the U.S. Securities
Act). Prospective subscribers of the Securities in the United States are hereby
notified that the seller of the Securities is relying upon the exemption from
the provisions of Section 5 of the U.S. Securities Act provided in Section 4(2)
of the U.S. Securities Act and Rule 506 of Regulation D under the U.S.
Securities Act for non-public offerings. The Securities offered hereby are not
transferable except in accordance with the restrictions described
herein.</B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A>
<P align=center><B>TERMS &amp; CONDITIONS OF THE SUBSCRIPTION FOR
</B><BR><B>DEBENTURES IN LEXARIA CORP. </B><BR></P>
<P align=justify>1.&nbsp;&nbsp;&nbsp;&nbsp; <B><U>Defined Terms</U></B>.<B>
</B></P>
<P align=justify>In addition to the terms defined throughout this Subscription
Agreement, the following capitalized terms used in this Subscription Agreement
have the following meanings: </P>
<P align=justify>&#147;<B>Accredited Investor Status Certificate</B>&#148; means the
Accredited Investor Status Certificate attached hereto as Schedule &#147;A&#148;; </P>
<P align=justify>&#147;<B>Business Day</B>&#148; means any day except Saturday, Sunday or
a statutory holiday in Vancouver, British Columbia; </P>
<P align=justify>&#147;<B>Closing</B>&#148; refers to the completion of the purchase and
sale of the Debentures, and if the purchase and sale occurs in two or more
tranches, the completion of each shall be a "Closing" and although the
Corporation reserves the right to add additional closings if it deems it to be
in the Corporation&#146;s best interests, the &#147;Closing&#148; is scheduled for November 19,
2010; </P>
<P align=justify>&#147;<B>Closing Date</B>&#148; means that day that the Closing
occurs;</P>
<P align=justify>&#147;<B>Closing Time</B>&#148;<B> </B>means 9:00 a.m. (Vancouver time)
or such other time as the Corporation may determine; <B>&#147;Debentures&#148;</B> has the
meaning set out on the face page hereof; &#147;<B>Exchange</B>&#148; means the Canadian
National Stock Exchange; &#147;<B>NI 45-106</B>&#148; means National Instrument 45-106 &#150;
<I>Prospectus and Registration Exemptions</I>; </P>
<P align=justify>&#147;<B>Offering</B>&#148; means the offering by the Corporation of a
minimum of US $300,000 and a maximum of US $1,500,000 in the principal amount of
Debentures;</P>
<P align=justify><B>&#147;OTCBB&#148;</B> means the Over the Counter Bulletin Board;</P>
<P align=justify>&#147;<B>SEC</B>&#148; means the United States Securities and Exchange
Commission; </P>
<P align=justify>&#147;<B>Securities</B>&#148; where used in this Subscription Agreement
means the Debenture, the Units, the Shares, the Warrants and the Warrant Shares;
</P>
<P align=justify><B>&#147;Securities Laws&#148;</B> means, collectively, the securities
laws, regulations, rules and forms, and the blanket orders, rulings, notices and
policies and written interpretations of, and multilateral or national
instruments adopted by, the Securities Regulators of each Selling Jurisdiction
or, as the context may require, any one or more of the Selling Jurisdictions;
</P>
<P align=justify><B>&#147;Securities Regulators&#148;</B> means the securities commissions
or other securities regulatory authorities of each Selling Jurisdiction or the
relevant Selling Jurisdiction as the context so requires; </P>
<P align=justify><B>&#147;Selling Jurisdictions&#148;</B> means each of the Provinces of
British Columbia, Alberta and Ontario, the United States and such other
jurisdictions which are determined by the Corporation; and &#147;<B>Selling
Jurisdiction</B>&#148; means, in the case of any subscriber, the jurisdiction in
which such subscriber is resident; </P>
<P align=justify>&#147;<B>Shares</B>&#148; means the common shares issuable by the
Corporation to the Subscribers of the Debentures upon conversion of the
Debentures;<B> </B></P>
<P align=justify>&#147;<B>Subscription Agreement</B>&#148;<B> </B>means this subscription
agreement and the Schedules attached hereto; </P>
<P align=justify><B>"Units" </B>means units of the Corporation consisting of one
Share and one non-transferable Warrant issuable by the Corporation to the
Subscribers of the Debentures upon conversion of the Debentures; </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_5></A>
<P align=center>- 2 - </P>
<P align=justify>&#147;<B>United States</B>&#148; means the United States of America, its
territories and possessions, any state of the United States, and the District of
Columbia;</P>
<P align=justify>&#147;<B>U.S. Accredited Investor Certificate</B>&#148; means the U.S.
accredited investor certificate required to be completed by U.S. Subscribers, in
the form attached hereto as Schedule &#147;B&#148;; </P>
<P align=justify>&#147;<B>U.S. Person</B>&#148; means a &#147;U.S. person&#148;, as defined in Rule
902 of Regulation S promulgated under the U.S. Securities Act, which definition
includes, but is not limited to, any individual resident in the United States,
any partnership or corporation organized or incorporated under the laws of the
United States, and any estate or trust of which any executor, administrator or
trustee, respectively, is a U.S. person.</P>
<P align=justify>&#147;<B>U.S. Subscriber</B>&#148; means (a) any U.S. Person or person
purchasing the Debentures in the United States, (b) any person purchasing the
Debentures on behalf of any U.S. Person or person in the United States, (c) any
person that receives or received an offer of the Securities while in the United
States, and (d) any person that is in the United States at the time the
subscriber&#146;s buy order was made or this Subscription Agreement was executed or
delivered;</P>
<P align=justify>&#147;<B>U.S. Securities Act</B>&#148; means the United States Securities
Act of 1933, as amended; </P>
<P align=justify><B>&#147;Warrants&#148;</B> means each whole share purchase warrant
issuable by the Corporation to the Subscribers of the Debentures upon conversion
of the Debentures, with each Warrant being exercisable into a Share; and </P>
<P align=justify><B>&#147;Warrant Share&#148;</B> means a Share in the capital of the
Corporation issuable upon exercise of a Warrant. </P>
<P align=justify>All references herein to monetary amounts are to lawful money
of the United States of America, unless otherwise specified. </P>
<P align=justify>2.&nbsp;&nbsp;&nbsp;&nbsp; <B><U>Delivery</U></B>. Return this
subscription and all Forms to the office of the Corporation at #950 &#150; 1130 West
Pender Street, Vancouver, B.C., V6E 4A4 and payment for the total subscription
price by way of <B>certified cheque, bank draft or wire transfer</B> pursuant to
the wiring instructions attached hereto as Schedule &#147;C&#148; as soon as possible and,
in any event, not later than 12:00 noon (Vancouver time) on the date that is two
(2) business days prior to the Subscription Date, with the following:. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>a completed and duly executed copy of this Subscription
      Agreement;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>a completed and duly executed copy of the Accredited
      Investor Status Certificate attached hereto as Schedule &#147;A&#148;;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>if the Subscriber is a U.S. Subscriber, a completed and
      duly executed copy of the U.S. Accredited Investor Certificate which is
      attached to the Subscription Agreement as Schedule &#147;B&#148;;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>all other documents as may be
required.</P></TD></TR></TABLE>
<P align=justify>3.&nbsp;&nbsp;&nbsp;&nbsp; <B><U>Description of Offering and
Process of Offering</U></B><B> </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify><U>The Offering. </U>The Corporation is offering (the
      &#147;<B>Offering</B>&#148;) Debentures in the principal amount of minimum gross
      proceeds of US $300,000 and maximum gross proceeds of US $1,500,000. The
      Debenture is non-transferable and is due on the Maturity Date.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>The Debentures shall have the following terms:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify><U>Maturity</U>. Subject to full conversion or earlier
      repayment as provided for herein, the outstanding principal amount of the
      Debentures shall mature and become due and payable on the date which is
      two years from the date of issuance (the &#147;Maturity
  Date&#148;).</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>- 3 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify><U>Interest</U>. Interest shall accrue on the outstanding
      principal amount from time to time of the Debentures at a rate of 12% per
      annum calculated on a simple basis payable monthly, in arrears. Subject to
      conversion, redemption or earlier repayment as provided for herein,
      accrued but unpaid interest shall become due and payable on the Maturity
      Date.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify><U>Security</U>. Repayment of the outstanding principal
      amount of the Debentures and any accrued but unpaid interest thereon shall
      be secured by the Corporation&#146;s working interest and production in and
      only in the PP F-12-4 and PP F-12-5 wells located at Belmont Lake,
      Mississippi. No other assets of the Corporation are secured by the
      Debentures. The specifics of this shall be set out in a general security
      agreement to be entered into between the Corporation and the
      Debentureholders.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify><U>Conversion of Debenture</U>. Subject to forced
      conversion or earlier repayment, the outstanding principal amount and any
      accured interest thereon of a Debenture may be converted at the sole
      option of the Debentureholder, at any time and from time to time prior to
      the Maturity Date into Units of the Corporation at the price of US $0.35
      per Unit. Each Unit is comprised of one Share and one non-transferable
      Warrant. Each Warrant entitles the holder to purchase one additional Share
      at an exercise price of US $0.40 per Warrant from the earlier of (i) the
      Maturity Date or (ii) one year after the conversion of the
    Debenture.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify><U>Effective Date of Conversion</U>. Conversion of the
      principal amount of Debenture or any accrued but unpaid interest thereon
      shall be deemed to occur on the presentation and surrender to the
      Corporation of the original Debenture Certificate and a duly completed and
      executed "Notice of Conversion" in the form attached to the Debenture
      Certificate. On the date of deemed conversion, the amount of principal or
      interest, as applicable, subject to conversion shall be deemed repaid and
      thereafter the persons entitled to the Shares and Warrants, as applicable,
      upon such conversion shall be deemed to be the holders of record for such
      securities.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(vi) </TD>
    <TD>
      <P align=justify><U>Partial Conversion</U>. In the event of a partial
      conversion, the Corporation shall prepare and deliver a certificate
      representing the unconverted balance of the partially converted Debenture.
      In the event of a partial conversion of interest, the Corporation shall
      deliver a written statement reconciling the amount of interest owing in
      respect of the Debenture both before and after the conversion of
      interest.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(vii) </TD>
    <TD>
      <P align=justify><U>Early Redemption</U>. The Corporation may, at its sole
      discretion, repay any or all of the Debenture in cash, at a redemption
      price initially equal to 108% of the principal amount of the Debenture
      plus any accrued but unpaid interest thereon, with such premium reducing
      by 1% quarterly until the Maturity Date.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(viii) </TD>
    <TD>
      <P align=justify><U>Forced Conversion of Debenture</U>. In the event that
      (the "Debenture Acceleration Event") the Corporation&#146;s common shares, at
      any time after 4 months have elapsed from the Closing, are quoted on the
      OTCBB at a price of US$0.75 or more for a period of 10 consecutive trading
      days, the Corporation may thereafter automatically convert the principal
      amount of the Debenture including all unpaid but accrued interest into
      Units of the Corporation. The Debenture will be automatically exercised
      (without any further action on the part of the holder thereof) into Units.
      The Corporation shall issue to the Debenture-holders a written notice
      advising of the conversion of the Debentures.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ix) </TD>
    <TD>
      <P align=justify><U>Forced Conversion of Warrant</U>. Subject to the
      conversion of the Debenture, in the event that (the "Warrant Acceleration
      Event") the Corporation&#146;s common shares, at any time after 4 months have
      elapsed from the Closing, are quoted on the OTCBB at a price of US$0.80 or
      more for a period of 10 consecutive trading days, the Corporation may
      thereafter issue to the Debenture-holders a written notice advising of the
      accelerated expiry of the Warrants. Such written notice shall identify in
      reasonable detail the particulars of the Acceleration Event and identify
      the date (the "Warrant Accelerated Expiry Date") set for accelerated expiry, which in no
      event shall be less than 30 days after the mailing date of the written
      notice. For greater certainty, all Warrants shall expire and be of no
      further force or effect as of 4:30 pm (Pacific Time) on the Accelerated
      Expiry Date.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A>
<P align=center>- 4 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" ></TD>
    <TD width="5%" >(c)</TD>
    <TD vAlign=top align=right colSpan=2>
      <P align=justify>The Debentures are subject to the terms and conditions as
      set forth in Schedule &#147;D&#148;.</P></TD></TR>
  <TR>
    <TD width="10%" colSpan=2 >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%" >(d) </TD>
    <TD vAlign=top colSpan=2>
      <P align=justify>The subscriber acknowledges and agrees that finder&#146;s fees
      may be paid in respect of this subscription in accordance with the
      policies of the Exchange.</P></TD></TR></TABLE>
<P align=justify>4.&nbsp;&nbsp;&nbsp;&nbsp; <B><U>Payment</U></B>. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The Subscription Proceeds must accompany this
      Subscription Agreement. The Subscriber authorizes the Corporation&#146;s
      lawyers to deliver the Subscription Proceeds to the Corporation if the
      Subscription Proceeds are delivered to the Corporation&#146;s lawyers, without
      further instructions required.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>The Subscriber acknowledges and agrees that this
      Subscription Agreement and any other documents delivered in connection
      herewith will be held by the Corporation&#146;s lawyers on behalf of the
      Corporation. In the event that this Subscription Agreement is not accepted
      by the Corporation for whatever reason within 90 days of the delivery of
      an executed Subscription Agreement by the Subscriber, or the minimum
      offering amount is not achieved by that time, this Subscription Agreement,
      the Subscription Proceeds and any other documents delivered in connection
      herewith will be returned to the Subscriber at the address of the
      Subscriber as set forth in this Subscription Agreement without interest or
      deduction.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Where the Subscription Proceeds are paid to the
      Corporation, the Corporation may treat the Subscription Proceeds as a
      non-interest bearing loan for up to 30 days and may use the Subscription
      Proceeds prior to this Subscription Agreement being accepted by the
      Corporation.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>The Subscriber must complete, sign and return to the
      Corporation an executed copy of this Subscription Agreement, the
      questionnaires attached hereto as Schedule A and B and any other schedules
      attached hereto.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>The Subscriber shall complete, sign and return to the
      Company as soon as possible, on request by the Company, any documents,
      questionnaires, notices and undertakings as may be required by regulatory
      authorities, the OTCBB, the Exchange and applicable
law.</P></TD></TR></TABLE>
<P align=justify>5.&nbsp;&nbsp;&nbsp;&nbsp; <B><U>Closing</U></B>.<B> </B>The
Closing will be held at the offices of Lexaria Corp, Suite 950 &#150; 1130 West
Pender Street, Vancouver, British Columbia at the Closing Time on the Closing
Date. </P>
<P align=justify style="text-indent: 5%">Subscribers must complete and execute this subscription and all
applicable Forms hereto (<B>please see the Instructions listed on page 6
hereof</B>) and return them to the Corporation and payment for the total
subscription price by way of wire transfer pursuant to the wiring instructions
attached hereto as Schedule &#147;C&#148;. The Corporation will then issue and sell the
Subscriber&#146;s Debenture and cause a definitive certificate representing the
Debenture so issued and registered in accordance with this Subscription
Agreement to be delivered in accordance with this Subscription Agreement. </P>
<P align=justify style="text-indent: 5%">The Subscriber acknowledges that the certificates representing
Debentures will be available for delivery upon Closing provided that the
Subscriber has satisfied the requirements of Sections 2 through 4 hereof and the
Corporation has accepted this Subscription Agreement. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A>
<P align=center>- 5 - </P>
<P align=justify>6.&nbsp;&nbsp;&nbsp;&nbsp; <B><U>Subscriber&#146;s
Acknowledgements</U></B>. The Subscriber acknowledges and agrees (on its own
behalf and, if applicable, on behalf of each beneficial purchaser for whom the
Subscriber is contracting hereunder) with the Corporation (which
acknowledgements and agreements shall survive the Closing) that: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>no agency, governmental authority, regulatory body, stock
      exchange or other entity has made any finding or determination as to the
      merit for investment of, nor have any such agencies or governmental
      authorities, regulatory bodies, stock exchanges or other entities made any
      recommendation or endorsement with respect to, the Securities;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the sale and delivery of the Securities is conditional
      upon such sale being exempt from the prospectus filing and registration
      requirements and the requirement to deliver an offering memorandum in
      connection with the distribution of the Securities under the Securities
      Laws;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the Securities are subject to resale restrictions under
      the Securities Laws and are otherwise subject to all of the terms,
      conditions and provisions of this Subscription Agreement and the
      Subscriber (and, if applicable, others for whom it is contracting
      hereunder) will comply with all relevant Securities Laws concerning any
      resale of the Securities and, if deemed necessary by the Subscriber, will
      consult with its legal advisors with respect to complying with all
      restrictions applying to such resale;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>none of the Securities have been or will be registered
      under the U.S. Securities Act or the securities laws of any state and the
      Securities may not be offered or sold, directly or indirectly, in the
      United States to, or for the account or benefit of, a U.S. Person or a
      person in the United States unless registered under the U.S. Securities
      Act and the securities laws of all applicable states or unless an
      exemption from such registration requirements is available, and the
      Corporation has no obligation or present intention of filing a
      registration statement under the U.S. Securities Act in respect of any of
      the Securities;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>the Subscriber acknowledges that the Corporation has not
      undertaken, and will have no obligation, to register any of the Securities
      under the 1933 Act;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>the Subscriber (and, if applicable, others for whom it is
      contracting hereunder) may not offer, sell or transfer the Securities
      within the United States or to, or for the account or benefit of, a U.S.
      Person, unless the Securities are registered under the U.S. Securities Act
      and the securities laws of all applicable states or an exemption from such
      registration requirement is available;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>the purchase of the Securities has not been made through
      or as a result of any general solicitation or general advertising or any
      seminar or meeting whose attendees have been invited by general
      solicitation or general advertising and the distribution of the Securities
      has not been accompanied by any advertisement, including, without
      limitation, in printed public media, radio, television or
      telecommunications, including electronic display or as part of a general
      solicitation;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the decision to execute this Subscription Agreement and
      purchase the Debentures agreed to be purchased hereunder has not been
      based upon any oral or written representation as to fact or otherwise made
      by or on behalf of the Corporation and such decision is based solely upon
      a review of publicly available information regarding the Corporation
      available on the website of the United States Securities and Exchange
      Commission (the "SEC") available at www.sec.gov and on the System for
      Electronic Document Analysis and Retrieval website available at
      www.sedar.com and (the "Company Information");</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>no prospectus or offering memorandum within the meaning
      of the Securities Laws has been delivered to or summarized for or seen by
      the Subscriber (and, if applicable, others for whom it is contracting
      hereunder) in connection with the Offering and the Subscriber (and, if
      applicable, others for whom it is contracting hereunder) is not aware of
      any prospectus or offering memorandum having been prepared by the
      Corporation;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_9></A>
<P align=center>- 6 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>it has not received, nor has it requested, nor does it
      have any need to receive, any offering memorandum (as defined by
      applicable securities legislation) or any other document (other than
      financial statements or any other continuous disclosure documents, the
      contents of which is prescribed by statute or regulation) describing the
      business and affairs of the Corporation which has been prepared for
      delivery to, and review by, prospective subscribers in order to assist
      them in making an investment decision in respect of the Securities, and it
      has not become aware of any advertisement including without limitation in
      printed media of general and regular paid circulation or on radio or
      television with respect to the distribution of the Securities;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>in purchasing the Securities, the Subscriber (and, if
      applicable, others for whom it is contracting hereunder) has relied solely
      upon publicly available information relating to the Corporation, this
      Subscription Agreement and not upon any verbal or written representation
      as to any fact or otherwise made by or on behalf of the Corporation, or
      any employee, agent or affiliate thereof or any other person associated
      therewith. The Subscriber, on its own behalf and, if applicable, on behalf
      of others for whom the Subscriber is contracting hereunder, acknowledges
      that the decision to purchase the Securities was made on the basis of
      currently available public information and this Subscription
    Agreement;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>the Subscriber and the Subscriber&#146;s advisor(s) have had a
      reasonable opportunity to ask questions of and receive answers from the
      Corporation in connection with the sale of the Securities hereunder, and
      to obtain additional information, to the extent possessed or obtainable
      without unreasonable effort or expense, necessary to verify the accuracy
      of the information about the Corporation;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(l) </TD>
    <TD>
      <P align=justify>the books and records of the Corporation were available
      upon reasonable notice for inspection, subject to certain confidentiality
      restrictions, by Subscribers during reasonable business hours at its
      principal place of business and that all documents, records and books in
      connection with the sale of the Securities hereunder have been made
      available for inspection by the Subscriber, the Subscriber&#146;s attorney
      and/or advisor(s);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(m) </TD>
    <TD>
      <P align=justify>by execution of this Subscription Agreement the
      Subscriber has waived the need for the Corporation to communicate its
      acceptance of the purchase of the Securities pursuant to this Subscription
      Agreement;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(n) </TD>
    <TD>
      <P align=justify>all information which the Subscriber has provided to the
      Corporation in the questionnaires are correct and complete as of the date
      the questionnaires are signed, and if there should be any change in such
      information prior to the Subscription being accepted by the Corporation,
      the Subscriber will immediately provide the Corporation with such
      information;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(o) </TD>
    <TD>
      <P align=justify>the Corporation is entitled to rely on the
      representations and warranties and the statements and answers of the
      Subscriber contained in this Subscription Agreement and in the
      questionnaires, and the Subscriber will hold harmless the Corporation from
      any loss or damage it may suffer as a result of the Subscriber&#146;s failure
      to correctly complete this Subscription Agreement or the
      questionnaires;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(p) </TD>
    <TD>
      <P align=justify>the Corporation may pay to finders that introduce
      purchasers to the Corporation a finder's fee in accordance with the
      policies of the Exchange, payable in cash or Securities of the
      Corporation.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(q) </TD>
    <TD>
      <P align=justify>the Securities are being offered for sale on a &#147;private
      placement&#148; basis;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(r) </TD>
    <TD>
      <P align=justify>the Subscriber (or, if applicable, others for whom it is
      contracting hereunder) is solely responsible for obtaining such tax and
      legal advice as it considers appropriate in connection with the execution,
      delivery and performance by it of this Subscription Agreement and the
      transactions contemplated hereunder (including the resale and transfer
      restrictions referred to herein and in the Section below entitled
      &#147;Representations, Warranties and Covenants&#148;);</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_10></A>
<P align=center>- 7 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(s) </TD>
    <TD colSpan=2>
      <P align=justify>in accepting this Subscription Agreement, the Corporation
      is relying upon the representations and warranties and acknowledgements of
      the Subscriber set out herein including, without limitation, in connection
      with determining the eligibility of the Subscriber or (if applicable) the
      eligibility of others on whose behalf the Subscriber is contracting
      hereunder to purchase Securities under the Securities Laws. The Subscriber
      hereby agrees to notify the Corporation immediately of any change in any
      representation, warranty, covenant or other information relating to the
      Subscriber or to any beneficial purchaser contained in this Subscription
      Agreement which takes place prior to Closing;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(t) </TD>
    <TD colSpan=2>
      <P align=justify>the Securities are subject to the terms, conditions and
      provisions of this Subscription Agreement (including the schedules hereto)
      and the constating documents of the Corporation;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(u) </TD>
    <TD colSpan=2>
      <P align=justify>the certificates evidencing the Securities will bear a
      legend regarding restrictions on transfer as required pursuant to
      applicable Securities Laws, including applicable federal and state
      securities laws of the United States, and requirements of the
    Exchange;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD colSpan=2>
      <P align=justify>the Corporation has advised the Subscriber, through this
      Subscription Agreement, that the Corporation is relying on an exemption
      from the requirements to provide the Subscriber with a prospectus and to
      sell securities through a person or company registered to sell securities
      under the Securities Laws or other applicable securities legislation and,
      as a consequence of acquiring Securities pursuant to this exemption,
      certain protections, rights and remedies provided by the Securities Laws
      or other applicable securities legislation including statutory rights of
      rescission or damages, will not be available to the Subscriber;
  and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(w) </TD>
    <TD colSpan=2>
      <P align=justify>no person has made to the Subscriber any written or oral
      representations:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>that any person will resell or repurchase the
      Securities;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>that any person will refund the purchase price of the
      Securities; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>as to the future price or value of any of the
      Securities.</P></TD></TR></TABLE>
<P align=justify>7.&nbsp;&nbsp;&nbsp;&nbsp; <B><U>Representations, Warranties
and Covenants</U></B>.<B> </B>The Subscriber hereby represents and warrants to,
and covenants with (on its own behalf and, if applicable, on behalf of those for
whom the Subscriber is contracting hereunder) the Corporation (and acknowledges
that the Corporation is relying on them), which representations, warranties and
covenants shall survive the Closing, that as at the execution date of this
Subscription Agreement and the Closing Date: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Subscriber and any beneficial purchaser for whom it
      is acting are resident in the province or jurisdiction set out on the
      first or second page of this Subscription Agreement above as the
      &#147;Subscriber&#146;s Address&#148; or the &#147;Beneficial Purchaser&#146;s Address&#148;, as the
      case may be;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the Subscriber is purchasing the Securities as principal
      for its own account and not for the benefit of any other person, and not
      with a view to the resale or distribution of all or any of the Securities
      or is deemed to be purchasing as principal under Securities
Laws;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the Subscriber (i) has adequate net worth and means of
      providing for its current financial needs and possible personal
      contingencies, (ii) has no need for liquidity in this investment, and
      (iii) is able to bear the economic risks of an investment in the
      Securities for an indefinite period of time;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>the Subscriber has made an independent examination and
      investigation of an investment in the Securities and the Corporation and
      has depended on the advice of its legal and financial advisors and agrees
      that the Corporation will not be responsible in anyway whatsoever for the
      Subscriber&#146;s decision to invest in the Securities and the
    Corporation;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_11></A>
<P align=center>- 8 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD colSpan=3>
      <P align=justify>all information contained in the questionnaires are
      complete and accurate and may be relied upon by the Corporation and the
      Subscriber will notify the Corporation immediately of any material change
      in any such information occurring prior to the closing of the purchase of
      the Securities;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD colSpan=3>
      <P align=justify>it understands and agrees that none of the Securities
      have been registered under the 1933 Act or any state securities laws, and,
      unless so registered, none may be offered or sold in the United States or,
      directly or indirectly, to U.S. Persons (as defined herein) except
      pursuant to an exemption from, or in a transaction not subject to, the
      Registration Requirements of the 1933 Act and in each case only in
      accordance with state securities laws;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD colSpan=3>
      <P align=justify>it is purchasing the Securities for its own account for
      investment purposes only and not for the account of any other person and
      not for distribution, assignment or resale to others, and no other person
      has a direct or indirect beneficial interest is such Securities, and the
      Subscriber has not subdivided his interest in the Securities with any
      other person;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD colSpan=3>
      <P align=justify>the Subscriber is not acquiring the Securities as a
      result of any form of general solicitation or general advertising
      including advertisements, articles, notices or other communications
      published in any newspaper, magazine or similar media or broadcast over
      radio, or television, or any seminar or meeting whose attendees have been
      invited by general solicitation or general advertising;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD colSpan=3>
      <P align=justify>the Subscriber is an &#147;accredited investor&#148; within the
      meaning of NI 45-106 and it specifically represents and warrants that one
      or more of the categories set forth in the Accredited Investor Status
      Certificate attached as Schedule &#147;A&#148; hereto correctly, and in all
      respects, describes the Subscriber and will describe the Subscriber at
      Closing, and the Subscriber has so indicated by marking the box next to
      the category which so describes it and duly executing and delivering the
      Accredited Investor Status Certificate herewith;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD colSpan=3>
      <P align=justify>unless the Subscriber is a U.S. Subscriber that has
      completed and delivered a U.S. Accredited Investor Certificate in the form
      attached as Schedule &#147;B&#148; hereto (in which case the representations,
      warranties and covenants of the Subscriber made therein are incorporated
      herein by reference), the Subscriber acknowledges and agrees that the
      offer to purchase the Securities was not made to the Subscriber when the
      Subscriber was in the United States or when the Subscriber was a U.S.
      Person and at the time the Subscriber&#146;s subscription for Securities was
      delivered to the Corporation, the Subscriber was outside the United States
      and was not a U.S. Person and that:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD colSpan=2>
      <P align=justify>the Subscriber is not and will not be purchasing the
      Securities, directly or indirectly, for the account or benefit of a U.S.
      Person or any person in the United States and the Subscriber does not have
      any agreement or understanding (either written or oral) with any U.S.
      Person or a person in the United States respecting:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">A. </TD>
    <TD>
      <P align=justify>the transfer or assignment of any rights or interests in
      any of the Securities;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">B. </TD>
    <TD>
      <P align=justify>the division of profits, losses, fees, commissions, or
      any financial stake in connection with this Subscription Agreement;
    or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">C. </TD>
    <TD>
      <P align=justify>the voting of the Securities;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD colSpan=2>
      <P align=justify>the current structure of this transaction and all
      transactions and activities contemplated hereunder is not a scheme to
      avoid the registration requirements of the U.S. Securities Act and
      applicable state securities laws; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD colSpan=2>
      <P align=justify>the Subscriber has no intention to distribute either
      directly or indirectly any of the Securities in the United States or to
      U.S. Persons, except in compliance with the U.S. Securities
  Act;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_12></A>
<P align=center>- 9 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD colSpan=2>
      <P align=justify>if the address of the Subscriber provided in this
      Subscription Agreement is in a jurisdiction outside of British Columbia,
      the Subscriber certifies that the Subscriber (or beneficial purchaser, if
      applicable) is not resident in British Columbia;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(l) </TD>
    <TD colSpan=2>
      <P align=justify>the Subscriber acknowledges that:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>no securities commission or similar regulatory authority
      has reviewed or passed on the merits of the Securities;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>there is no government or other insurance covering the
      Securities;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>there are risks associated with the purchase of the
      Securities;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>there are restrictions on the Subscriber&#146;s (or beneficial
      purchaser&#146;s, if applicable) ability to re-sell the Securities and it is
      the responsibility of the Subscriber to find out what those restrictions
      are and to comply with them before selling the Securities; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>the Corporation has advised the Subscriber that the
      Corporation is relying on an exemption from the requirements to provide
      the Subscriber with a prospectus and to sell securities through a person
      registered to sell securities under the <I>Securities Act </I>(British
      Columbia) and, as a consequence of acquiring the Securities pursuant to an
      exemption, certain protections, rights and remedies provided by the
      <I>Securities Act </I>(British Columbia), including statutory rights of
      rescission and damages, will not be available to the Subscriber;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(m) </TD>
    <TD colSpan=2>
      <P align=justify>neither the Subscriber nor any party on whose behalf it
      is acting has been created or is being used primarily to permit the
      purchase of the Securities without a prospectus in reliance on an
      exemption from the prospectus requirements of applicable securities
      legislation;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(n) </TD>
    <TD colSpan=2>
      <P align=justify>if the Subscriber is an individual, the Subscriber has
      attained the age of majority and is legally competent to execute this
      Subscription Agreement and to take all actions required pursuant hereto,
      and if the Subscriber is not an individual, this Subscription Agreement
      has been authorized, executed and delivered by, and constitutes a legal,
      valid and binding agreement of the undersigned, and if the Subscriber is a
      corporation, it has been duly incorporated and validly exists under the
      laws of its jurisdiction of incorporation or continuance and that this
      Subscription Agreement has been duly authorized by all necessary corporate
      action and constitutes a legal and binding agreement of the
      corporation;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(o) </TD>
    <TD colSpan=2>
      <P align=justify>the Subscriber is capable of assessing and evaluating the
      risks and merits of this investment as a result of the Subscriber&#146;s
      financial, investment or business experience or as a result of advice
      received from a registered person other than the Corporation or an
      affiliate thereof, and the Subscriber or, where it is not purchasing as
      principal, each beneficial purchaser is able to bear the economic loss of
      its investment;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(p) </TD>
    <TD colSpan=2>
      <P align=justify>this Subscription Agreement has been duly and validly
      authorized, executed and delivered by and constitutes a legal, valid,
      binding and enforceable obligation of the Subscriber;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(q) </TD>
    <TD colSpan=2>
      <P align=justify>the delivery of this Subscription Agreement, the
      acceptance of it by the Corporation and the issuance of the Securities to
      the Subscriber complies with all applicable laws of the Subscriber&#146;s
      jurisdiction of residence or domicile and will not cause the Corporation
      to become subject to or comply with any disclosure, prospectus or
      reporting requirements under any such applicable laws;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(r) </TD>
    <TD colSpan=2>
      <P align=justify>the Subscriber is not a &#147;control person&#148; of the
      Corporation as defined in the applicable Securities Laws, will not become
      a &#147;control person&#148; by virtue of this purchase of any of the Securities,
      and does not intend to act in concert with any other person to form a
      control group of the Corporation;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_13></A>
<P align=center>- 10 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(s) </TD>
    <TD colSpan=2>
      <P align=justify>neither the Subscriber nor any party on whose behalf it
      is acting is an investment club;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(t) </TD>
    <TD colSpan=2>
      <P align=justify>the Subscriber (or, if applicable, others for whom it is
      contracting hereunder) has been advised to consult its own legal and tax
      advisors with respect to applicable resale restrictions and tax
      considerations, and it (or, if applicable, others for whom it is
      contracting hereunder) is solely responsible for compliance with
      applicable resale restrictions and applicable tax legislation;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(u) </TD>
    <TD colSpan=2>
      <P align=justify>the Subscriber has no knowledge of a &#147;material fact&#148; or
      &#147;material change&#148; (as those terms are defined in the applicable Securities
      Laws) in the affairs of the Corporation that has not been generally
      disclosed to the public;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD colSpan=2>
      <P align=justify>the entering into of this Subscription Agreement and the
      transactions contemplated hereby will not result in the violation of any
      of the terms and provisions of any law applicable to, or the constating
      documents of, the Subscriber or of any agreement, written or oral, to
      which the Subscriber may be a party or by which it is or may be bound or
      the termination of any such agreement;</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(w) </TD>
    <TD colSpan=2>
      <P align=justify>the Subscriber will execute and deliver within the
      approved time periods, all documentation as may be required by applicable
      Securities Laws, the rules and policies of the Exchange and any other
      applicable law to permit the purchase of the Securities on terms herein
      set forth;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(x) </TD>
    <TD colSpan=2>
      <P align=justify>if required by applicable Securities Laws, the rules and
      policies of the Exchange and any other applicable law the Subscriber will
      execute, deliver, file and otherwise assist the Corporation in filing such
      reports, undertakings and other documents with respect to the issuance of
      the Securities as may be required; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(y) </TD>
    <TD colSpan=2>
      <P align=justify>no person has made to the Subscriber any written or oral
      representations:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">
      <P align=justify>(i) </P></TD>
    <TD >that any person will resell or repurchase any of the
      Securities;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">
      <P align=justify>(ii) </P></TD>
    <TD >that any person will refund the purchase price of any of
      the Securities;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">
      <P align=justify>(iii) </P></TD>
    <TD >as to the future price or value of any of the
      Securities; or</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">
      <P align=justify>(iv) </P></TD>
    <TD >that any of the Securities will be listed and posted for
      trading on any stock exchange or automated dealer quotation system or that
      application has been made to list and post any of the Securities of the
      Corporation on any stock exchange or automated dealer quotation system,
      except that the currently the Corporation&#146;s stock is quoted on the
      Exchange and the OTCBB.</TD></TR></TABLE>
<P align=justify>8.&nbsp;&nbsp;&nbsp;&nbsp; <B><U>Covenants of the
Corporation</U></B>. The Corporation covenants and agrees with the Subscriber as
follows and acknowledges that the Subscriber is relying on such representations,
warranties and covenants in connection with the transactions contemplated
herein:<B> </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Corporation will promptly comply with all material
      filing and other requirements under all applicable Securities Laws;
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>on the Closing Date, the Corporation will have taken all
      necessary steps to duly and validly create the Securities for issuance
      upon receipt of payment in full therefore.</P></TD></TR></TABLE>
<P align=justify>9.&nbsp;&nbsp;&nbsp;&nbsp; <B><U>Further Subscriber
Acknowledgements</U></B>. The Subscriber acknowledges and agrees that the
foregoing representations, warranties and covenants are made by it with the
intention that they may be relied upon by the Corporation and its legal counsel
in determining its eligibility or (if applicable) the eligibility of others on
whose behalf it is contracting hereunder to purchase the Securities under
applicable securities legislation. The Subscriber further agrees that by
accepting delivery of the Securities on the Closing Date, it shall be
representing and warranting that the Subscriber has complied with all covenants
required to be complied with at the Closing Date and the foregoing
representations and warranties are true and correct as at the Closing Date with
the same force and effect as if they had been made by the Subscriber at the time
of Closing and that the representations and warranties shall survive the purchase by the Subscriber of the Securities
and still continue in full force and effect notwithstanding any subsequent
disposition by the Subscriber of the Securities. The Corporation and its
directors, officers, employees shareholders, and legal counsel shall be entitled
to rely on the representations and warranties of the Subscriber contained in
this Subscription Agreement. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_14></A>
<P align=center>- 11 - </P>
<P align=justify>10.&nbsp;&nbsp;&nbsp;&nbsp; <B><U>Acceptance of
Subscription</U></B>. This subscription may be accepted in whole or in part by
the Corporation at its sole discretion and the right is reserved to the
Corporation at its sole discretion to allot to any subscriber less than the
amount of Debentures subscribed for. Confirmation of acceptance or rejection of
this subscription will be forwarded to the Subscriber promptly after the
acceptance or rejection of the subscription by the Corporation.</P>
<P align=justify>11.&nbsp;&nbsp;&nbsp;&nbsp; <B><U>Costs</U></B>. All costs and
expenses incurred by the Subscriber (including any fees and disbursements of any
special counsel retained by the Subscriber) relating to the sale of the
Debentures to the Subscriber shall be borne by the Subscriber. </P>
<P align=justify>12.&nbsp;&nbsp;&nbsp;&nbsp; <B><U>Execution of Subscription
Agreement</U></B>. The Corporation shall be entitled to rely on delivery by
facsimile machine of an executed copy of this Subscription Agreement, and
acceptance by the Corporation of such facsimile copy shall be equally effective
to create a valid and binding agreement between the Subscriber and the
Corporation in accordance with the terms hereof. </P>
<P align=justify>13.&nbsp;&nbsp;&nbsp;&nbsp; <B><U>Conditional upon
ExchangeAcceptance</U></B>. Without limitation, this subscription and the
transactions contemplated hereby are conditional upon and subject to the
Corporation receiving acceptance from the Exchange of the Offering and the
transactions contemplated hereby. </P>
<P align=justify>14.&nbsp;&nbsp;&nbsp;&nbsp; <B><U>Collection of Personal
Information</U></B>. The Subscriber acknowledges and consents to the fact that
the Corporation is collecting the Subscriber&#146;s personal information for the
purpose of fulfilling this Subscription Agreement and completing the Offering.
The Subscriber's personal information (and, if applicable, the personal
information of those on whose behalf the Subscriber is contracting hereunder)
may be disclosed by the Corporation to (a) stock exchanges or securities
regulatory authorities (including the Ontario Securities Commission as referred
to below), (b) the Corporation's registrar and transfer agent, (c) Canadian tax
authorities, (d) authorities pursuant to the <I>Proceeds of Crime (Money
Laundering) and Terrorist Financing Act</I> (Canada) and (e) any of the other
parties involved in the Offering, including legal counsel, and may be included
in record books in connection with the Offering. By executing this Subscription
Agreement, the Subscriber is deemed to be consenting to the foregoing
collection, use and disclosure of the Subscriber's personal information (and, if
applicable, the personal information of those on whose behalf the Subscriber is
contracting hereunder) and to the retention of such personal information for as
long as permitted or required by law or business practice. Notwithstanding that
the Subscriber may be purchasing Debentures as agent on behalf of an undisclosed
principal, the Subscriber agrees to provide, on request, particulars as to the
identity of such undisclosed principal as may be required by the Corporation in
order to comply with the foregoing. </P>
<P align=justify>Furthermore, the Subscriber is hereby notified that: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Corporation may deliver to certain Securities
      Regulators, including the Ontario Securities Commission, certain personal
      information pertaining to the Subscriber, including such Subscriber&#146;s full
      name, residential address and telephone number, the amount of Debentures
      purchased by the Subscriber and the total purchase price paid for such
      Debentures, the prospectus exemption relied on by the Corporation and the
      date of distribution of the Debentures,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>such information is being collected indirectly by the
      Ontario Securities Commission under the authority granted to it in
      securities legislation,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>such information is being collected for the purposes of
      the administration and enforcement of the securities legislation of
      Ontario, and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>the Subscriber may contact the following public official
      in Ontario with respect to questions about the Ontario Securities
      Commission&#146;s indirect collection of such information at the following
      address and telephone number:</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_15></A>
<P align=center>- 12 - </P>
<P style="MARGIN-LEFT: 10%" align=justify>Administrative Assistant to the
Director of Corporate Finance <BR>Ontario Securities Commission <BR>Suite 1903,
Box 55, 20 Queen Street West <BR>Toronto, Ontario, M5H 3S8 <BR>Telephone: (416)
593-8086 <BR></P>
<P align=justify>15.&nbsp;&nbsp;&nbsp;&nbsp; <B><U>Consent</U></B>. By executing
this Subscription Agreement, the Subscriber (on its own behalf and, if
applicable, on behalf of each beneficial purchaser on whose behalf the
Subscriber is acting) acknowledges and expressly consents to: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the disclosure of Personal Information by the Corporation
      to the Exchange; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the collection, use and disclosure of Personal
      Information by the Exchange, from time to time.</P></TD></TR></TABLE>
<P align=justify>For the purposes of this Section 15, &#147;Personal Information&#148;
means any information about the Subscriber, and includes information contained
in Form 9, and &#147;Form 9&#148; means Exchange Form 9 entitled Notice of Private
Placement. </P>
<P align=justify>16.&nbsp;&nbsp;&nbsp;&nbsp; <B><U>Governing Law</U></B>. The
contract arising out of this Subscription Agreement shall be governed by and
construed in accordance with the laws of the Province of British Columbia, and
the laws of Canada applicable therein, governing contracts made and to be
performed wholly therein, and without reference to principles governing the
choice or conflict of laws. The parties hereto irrevocably attorn and submit to
the exclusive jurisdiction of the courts of the Province of British Columbia,
sitting in the City of Vancouver, with respect to any dispute related to or
arising from this Subscription Agreement. </P>
<P align=justify>17.&nbsp;&nbsp;&nbsp;&nbsp; <B><U>Survival of Representations
and Warranties</U></B>. The covenants, representations and warranties contained
herein shall survive the Closing.</P>
<P align=justify>18.&nbsp;&nbsp;&nbsp;&nbsp; <B><U>Assignment</U></B>. The terms
and provisions of this Subscription Agreement shall be binding upon and enure to
the benefit of the Subscriber, the Corporation and their respective heirs,
executors, administrators, successors and assigns; provided however, that this
Subscription Agreement may not be assigned by the Subscriber without the consent
of the Corporation, in its discretion, other than the assignment by a Subscriber
who is acting as nominee or agent to the beneficial owner. The benefits and the
obligations of this Subscription Agreement, insofar as they apply to the
Subscriber, shall pass with any assignment or transfer of the Securities. </P>
<P align=justify>19.&nbsp;&nbsp;&nbsp;&nbsp; <B><U>Entire Agreement and
Headings</U></B>. Except as otherwise stated herein, this Subscription Agreement
(including the Schedules hereto) constitutes the entire agreement between the
Subscriber and the Corporation relating to the subject matter hereof and there
are no representations, warranties, covenants, understandings or other
agreements relating to the subject matter hereof except as stated or referred to
herein. This Subscription Agreement may be amended or modified in any respect by
written instrument only. The headings contained herein are for convenience only
and shall not affect the meanings or interpretation hereof. </P>
<P align=justify>20.&nbsp;&nbsp;&nbsp;&nbsp; <B><U>Effective Date</U></B>. This
Subscription Agreement will be effective upon its acceptance by the Corporation.
</P>
<P align=justify>21.&nbsp;&nbsp;&nbsp;&nbsp; <B><U>Currency</U></B>. All
references to currency in this Subscription Agreement refer to United States
Dollars. </P>
<P align=justify>22.&nbsp;&nbsp;&nbsp;&nbsp; <B><U>Counterparts</U></B>. The
parties may sign this Subscription Agreement in any number of counterparts and
may deliver this Subscription Agreement by facsimile, all of which, when taken
together, will be deemed to be one and the same document. </P>
<P align=justify>23.&nbsp;&nbsp;&nbsp;&nbsp; <B><U>Time of Essence</U></B>. Time
shall be of the essence of this Subscription Agreement. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_16></A>
<P align=center><B>SCHEDULE &#147;A&#148;</B> </P>
<P align=center><B>ACCREDITED INVESTOR STATUS CERTIFICATE </B></P>
<P align=justify>The undersigned Subscriber hereby represents, warrants and
certifies, as an integral part of the attached Subscription Agreement, that he,
she or it is and at Closing will be, correctly and in all respects described by
the category or categories set forth directly next to which the Subscriber has
marked below. </P>
<P align=justify><B>[MARK BELOW THE CATEGORY OR CATEGORIES WHICH DESCRIBES THE
SUBSCRIBER] </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left width="5%" >[ &nbsp;] </TD>
    <TD align=left width="5%" >(1) </TD>
    <TD align=left width="90%" colSpan=2>a Canadian financial institution, or
      a Schedule III bank. </TD></TR>
  <TR>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="90%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" >[ &nbsp;] </TD>
    <TD align=left width="5%" >(2) </TD>
    <TD align=left width="90%" colSpan=2>the Business Development Bank of
      Canada incorporated under the <I>Business Development Bank of Canada</I>
      <I>Act </I>(Canada). </TD></TR>
  <TR>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="90%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" >[ &nbsp;] </TD>
    <TD align=left width="5%" >(3) </TD>
    <TD align=left width="90%" colSpan=2>a subsidiary of any person referred
      to in paragraphs (1) or (2), if the person owns all of the voting
      securities of the subsidiary, except the voting securities required by law
      to be owned by directors of that subsidiary. </TD></TR>
  <TR>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="90%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" >[ &nbsp;] </TD>
    <TD align=left width="5%" >(4) </TD>
    <TD align=left width="90%" colSpan=2>a person registered under the
      securities legislation of a jurisdiction of Canada as an adviser or
      dealer, other than a person registered solely as a limited market dealer
      under one or both of the <I>Securities Act </I>(Ontario) or the
      <I>Securities Act </I>(Newfoundland and Labrador). </TD></TR>
  <TR>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="90%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" >[&nbsp; ] </TD>
    <TD align=left width="5%" >(5) </TD>
    <TD align=left width="90%" colSpan=2>an individual registered or formerly
      registered under the securities legislation of a jurisdiction of Canada as
      a representative of a person referred to in paragraph (4). </TD></TR>
  <TR>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="90%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" >[ &nbsp;] </TD>
    <TD align=left width="5%" >(6) </TD>
    <TD align=left width="90%" colSpan=2>the Government of Canada or a
      jurisdiction of Canada, or any crown corporation, agency or wholly owned
      entity of the Government of Canada or a jurisdiction of Canada. </TD></TR>
  <TR>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="90%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" >[ &nbsp;] </TD>
    <TD align=left width="5%" >(7) </TD>
    <TD align=left width="90%" colSpan=2>a municipality, public board or
      commission in Canada and a metropolitan community, school board, the
      Comit&#233; de gestion de la taxe scolaire de l&#146;&#238;le de Montr&#233;al or an
      intermunicipal management board in Qu&#233;bec. </TD></TR>
  <TR>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="90%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" >[ &nbsp;] </TD>
    <TD align=left width="5%" >(8) </TD>
    <TD align=left width="90%" colSpan=2>any national, federal, state,
      provincial, territorial or municipal government of or in any foreign
      jurisdiction, or any agency of that government. </TD></TR>
  <TR>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="90%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" >[&nbsp; ] </TD>
    <TD align=left width="5%" >(9) </TD>
    <TD align=left width="90%" colSpan=2>a pension fund that is regulated by
      either the Office of the Superintendent of Financial Institutions (Canada)
      or a pension commission or similar regulatory authority of a jurisdiction
      of Canada. </TD></TR>
  <TR>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="90%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" >[&nbsp; ] </TD>
    <TD align=left width="5%" >(10) </TD>
    <TD align=left width="90%" colSpan=2>an individual who, either alone or
      with a spouse, beneficially owns, directly or indirectly, financial assets
      having an aggregate realizable value that before taxes, but net of any
      related liabilities, exceeds $1,000,000. </TD></TR>
  <TR>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="90%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" >[&nbsp; ] </TD>
    <TD align=left width="5%" >(11) </TD>
    <TD align=left width="90%" colSpan=2>an individual whose net income before
      taxes exceeded $200,000 in each of the 2 most recent calendar years or
      whose net income before taxes combined with that of a spouse exceeded
      $300,000 in each of the 2 most recent calendar years and who, in either
      case, reasonably expects to exceed that net income level in the current
      calendar year. </TD></TR>
  <TR>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="90%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" >[&nbsp; ] </TD>
    <TD align=left width="5%" >(12) </TD>
    <TD align=left width="90%" colSpan=2>an individual who, either alone or
      with a spouse, has net assets of at least $5,000,000. </TD></TR>
  <TR>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="90%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" >[&nbsp; ] </TD>
    <TD align=left width="5%" >(13) </TD>
    <TD align=left width="90%" colSpan=2>a person, other than an individual or
      investment fund, that has net assets of at least $5,000,000 as shown on
      its most recently prepared financial statements. </TD></TR>
  <TR>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="90%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" >[&nbsp; ] </TD>
    <TD align=left width="5%" >(14) </TD>
    <TD align=left width="90%" colSpan=2>an investment fund that distributes
      or has distributed its securities only to </TD></TR>
  <TR>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="90%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD align=left width="5%" >(a) </TD>
    <TD align=left width="87%">a person that is or was an accredited investor
      at the time of the distribution, </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_17></A>
<P align=center>- B2 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>a person that acquires or acquired securities in the
      circumstances referred to in sections 2.10 [<I>Minimum amount
      investment</I>], and 2.19 [<I>Additional investment in investment
      funds</I>] of NI 45-106, or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>a person described in paragraph (a) or (b) that acquires
      or acquired securities under section 2.18 [<I>Investment fund
      reinvestment</I>] of NI 45-106.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"  >[&nbsp; ]&nbsp;</TD>
    <TD vAlign=top width="5%">(15) </TD>
    <TD colSpan=2>
      <P align=justify>an investment fund that distributes or has distributed
      securities under a prospectus in a jurisdiction of Canada for which the
      regulator or, in Qu&#233;bec, the securities regulatory authority, has issued a
      receipt.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" >[&nbsp; ]&nbsp;</TD>
    <TD vAlign=top width="5%">(16) </TD>
    <TD colSpan=2>
      <P align=justify>a trust company or trust corporation registered or
      authorized to carry on business under the <I>Trust and Loan Companies Act
      </I>(Canada) or under comparable legislation in a jurisdiction of Canada
      or a foreign jurisdiction, acting on behalf of a fully managed account
      managed by the trust company or trust corporation, as the case may
    be.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" >[&nbsp; ]</TD>
    <TD vAlign=top width="5%">(17) </TD>
    <TD colSpan=2>
      <P align=justify>a person acting on behalf of a fully managed account
      managed by that person, if that person</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>is registered or authorized to carry on business as an
      adviser or the equivalent under the securities legislation of a
      jurisdiction of Canada or a foreign jurisdiction, and</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>in Ontario, is purchasing a security that is not a
      security of an investment fund.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%" >[&nbsp; ]&nbsp;</TD>
    <TD vAlign=top width="5%">(18) </TD>
    <TD colSpan=2>
      <P align=justify>a registered charity under the <I>Income Tax Act
      </I>(Canada) that, in regard to the trade, has obtained advice from an
      eligibility adviser or an adviser registered under the securities
      legislation of the jurisdiction of the registered charity to give advice
      on the securities being traded.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" >[&nbsp; ]&nbsp;</TD>
    <TD vAlign=top width="5%">(19) </TD>
    <TD colSpan=2>
      <P align=justify>an entity organized in a foreign jurisdiction that is
      analogous to any of the entities referred to in paragraphs (1) to (4) or
      paragraph (9) in form and function.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" >[&nbsp; ]&nbsp;</TD>
    <TD vAlign=top width="5%">(20) </TD>
    <TD colSpan=2>
      <P align=justify>a person in respect of which all of the owners of
      interests, direct, indirect or beneficial, except the voting securities
      required by law to be owned by directors, are persons that are accredited
      investors.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" >[&nbsp; ]&nbsp;</TD>
    <TD vAlign=top width="5%">(21) </TD>
    <TD colSpan=2>
      <P align=justify>an investment fund that is advised by a person registered
      as an adviser or a person that is exempt from registration as an
      adviser.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" >[&nbsp; ]&nbsp;</TD>
    <TD vAlign=top width="5%">(22) </TD>
    <TD colSpan=2>
      <P align=justify>a person that is recognized or designated by the
      securities regulatory authority or, except in Ontario and Qu&#233;bec, the
      regulator as</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>an accredited investor, or</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>an exempt purchaser in Alberta or British Columbia after
      NI 45-106 came into force.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_18></A>
<P align=center>- B3 - </P>
<P align=justify><B><I>Note: The meaning of some of the terms used in this
Accredited Investor Status Certificate follows the signature block below.
</I></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left
      >DATED&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
      2010 </TD>
    <TD align=left width="40%"></TD>
    <TD align=left width="10%"  >&nbsp;</TD></TR>
  <TR>
    <TD align=left  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="40%"
    >&nbsp;</TD>
    <TD align=left width="10%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="40%">Signature of Subscriber </TD>
    <TD align=left width="10%"  >&nbsp;</TD></TR>
  <TR>
    <TD align=left  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="40%"
    >&nbsp;</TD>
    <TD align=left width="10%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="40%">Name of Subscriber </TD>
    <TD align=left width="10%"  >&nbsp;</TD></TR>
  <TR>
    <TD align=left  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="40%"
    >&nbsp;</TD>
    <TD align=left width="10%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="40%">Print name of signatory (if Subscriber is not
      an individual) </TD>
    <TD align=left width="10%"  >&nbsp;</TD></TR>
  <TR>
    <TD align=left  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="40%"
    >&nbsp;</TD>
    <TD align=left width="10%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="40%">Title of signatory (if Subscriber is not an
      individual) </TD>
    <TD align=left width="10%"
>&nbsp;</TD></TR></TABLE>
<P align=justify><B><U>Defined Terms</U></B><B> </B></P>
<P align=justify>For the purposes of this Accredited Investor Status
Certificate, the following definitions are included for convenience:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>&#147;<B>affiliate</B>&#148; means that an issuer is an affiliate
      of another issuer if:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>one of them is the subsidiary of the other, or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>each of them is controlled by the same person.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>&#147;<B>Canadian financial institution</B>&#148; means</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>an association governed by the <I>Cooperative Credit
      Associations Act </I>(Canada) or a central cooperative credit society for
      which an order has been made under section 473(1) of that Act,
or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>a bank, loan corporation, trust company, trust
      corporation, insurance company, treasury branch, credit union, caisse
      populaire, financial services cooperative, or league that, in each case,
      is authorized by an enactment of Canada or a jurisdiction of Canada to
      carry on business in Canada or a jurisdiction of Canada.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD colSpan=2>
      <P align=justify>&#147;<B>company</B>&#148; means any corporation, incorporated
      association, incorporated syndicate or other incorporated
    organization;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD colSpan=2>
      <P align=justify>&#147;<B>control person</B>&#148; has the same meaning as in
      securities legislation except in Manitoba, Newfoundland and Labrador,
      Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island
      and Quebec where control person means any person that holds or is one of a
      combination of persons that holds</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>a sufficient number of any of the securities of an issuer
      so as to affect materially the control of the issuer,
or</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_19></A>
<P align=center>- B4 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD colSpan=2>
      <P align=justify>more than 20% of the outstanding voting securities of an
      issuer except where there is evidence showing that the holding of those
      securities does not affect materially the control of the issuer.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD colSpan=3>
      <P align=justify>&#147;<B>eligibility advisor</B>&#148; means:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD colSpan=2>
      <P align=justify>a person that is registered as an investment dealer or in
      an equivalent category of registration under the securities legislation of
      the jurisdiction of a purchaser and authorized to give advice with respect
      to the type of security being distributed, and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD colSpan=2>
      <P align=justify>in Saskatchewan or Manitoba, also means a lawyer who is a
      practicing member in good standing with a law society of a jurisdiction of
      Canada or a public accountant who is a member in good standing of an
      institute or association of chartered accountants, certified general
      accountants or certified management accountants in a jurisdiction of
      Canada provided that the lawyer or public accountant must not</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>have a professional, business or personal relationship
      with the issuer, or any of its directors, executive officers, founders, or
      control persons, and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>have acted for or been retained personally or otherwise
      as an employee, executive officer, director, associate or partner of a
      person that has acted for or been retained by the issuer or any of its
      directors, executive officers, founders or control persons within the
      previous 12 months;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD colSpan=3>
      <P align=justify>&#147;<B>EVCC</B>&#148; means an employee venture capital
      corporation that does not have a restricted constitution, and is
      registered under Part 2 of the <I>Employee Investment Act</I>, R.S.B.C.
      1996 c. 112, and whose business objective is making multiple
      investments;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD colSpan=3>
      <P align=justify>&#147;<B>financial assets</B>&#148; means cash, securities, or a
      contract of insurance, a deposit or an evidence of a deposit that is not a
      security for the purposes of securities legislation;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD colSpan=3>
      <P align=justify>&#147;<B>fully managed account</B>&#148; means an account of a
      client for which a person makes the investment decisions if that person
      has full discretion to trade in securities for the account without
      requiring the client&#146;s express consent to a transaction;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD colSpan=3>
      <P align=justify>&#147;<B>investment fund</B>&#148; means a mutual fund or a
      non-redeemable investment fund, and, for greater certainty in British
      Columbia, includes and EVCC and a VCC;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD colSpan=3>
      <P align=justify>&#147;<B>mutual fund</B>&#148; means:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD colSpan=2>
      <P align=justify>for the purposes of British Columbia law,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>an issuer of a security that entitles the holder to
      receive on demand, or within a specified period after demand, an amount
      computed by reference to the value of a proportionate interest in the
      whole or in a part of the net assets, including a separate fund or trust
      account, of the issuer of the security,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>an issuer described in an order that the commission may
      make under section 3.2 of the <I>Securities Act </I>(B.C.), and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(C) </TD>
    <TD>
      <P align=justify>an issuer that is in a class of prescribed
  issuers,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>but does not include an issuer, or a class of issuers,
      described in an order that the commission may make under section 3.1 of
      the <I>Securities Act </I>(B.C.);</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_20></A>
<P align=center>- B5 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD colSpan=2>
      <P align=justify>for the purposes of Alberta law,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>an issuer whose primary purpose is to invest money
      provided by its security holders and whose securities entitle the holder
      to receive on demand, or within a specified period after demand, an amount
      computed by reference to the value of a proportionate interest in the
      whole or in part of the net assets, including a separate fund or trust
      account, of the issuer, or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>an issuer that is designated as a mutual fund under
      section 10 of the <I>Securities Ac</I>t (Alberta) or in accordance with
      the regulations thereunder,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>but does not include an issuer, or class of issuers, that
      is designated under section 10 of the <I>Securities Act </I>(Alberta) not
      to be a mutual fund;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD colSpan=2>
      <P align=justify>for the purposes of Ontario law, an issuer whose primary
      purpose is to invest money provided by its security holders and whose
      securities entitle the holder to receive on demand, or within a specified
      period after demand, an amount computed by reference to the value of a
      proportionate interest in the whole or in part of the net assets,
      including a separate fund or trust account, of the issuer;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD colSpan=2>
      <P align=justify>for the purposes of Quebec law, a company issuing shares
      which must, on request of the holder, redeem them at their net asset
      value;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD colSpan=3>
      <P align=justify>&#147;<B>non-redeemable investment fund</B>&#148; means an
      issuer:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD colSpan=2>
      <P align=justify>whose primary purpose is to invest money provided by its
      security holders;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD colSpan=2>
      <P align=justify>that does not invest,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>for the purpose of exercising or seeking to exercise
      control of an issuer, other than an issuer that is a mutual fund or a
      non-redeemable investment fund, or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>for the purpose of being actively involved in the
      management of any issuer in which it invests, other than an issuer that is
      a mutual fund or a non-redeemable investment fund, and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD colSpan=2>
      <P align=justify>that is not a mutual fund;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(l) </TD>
    <TD colSpan=3>
      <P align=justify>&#147;<B>person</B>&#148; includes</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD colSpan=2>
      <P align=justify>an individual,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD colSpan=2>
      <P align=justify>a corporation,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD colSpan=2>
      <P align=justify>a partnership, trust, fund and an association, syndicate,
      organization or other organized group of persons, whether incorporated or
      not, and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD colSpan=2>
      <P align=justify>an individual or other person in that person's capacity
      as a trustee, executor, administrator or personal or other legal
      representative;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(m) </TD>
    <TD colSpan=3>
      <P align=justify>&#147;<B>related liabilities</B>&#148; means (i) liabilities
      incurred or assumed for the purpose of financing the acquisition or
      ownership of financial assets, or (ii) liabilities that are secured by
      financial assets;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(n) </TD>
    <TD colSpan=3>
      <P align=justify>&#147;<B>spouse</B>&#148; means an individual
who:</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_21></A>
<P align=center>- B6 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>is married to another individual and is not living
      separate and apart within the meaning of the <I>Divorce Act </I>(Canada)
      from the other individual,</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>is living with another individual in a marriage-like
      relationship, including a marriage-like relationship between individuals
      of the same gender, or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>in Alberta, is an individual referred to in paragraph (i)
      or (ii), or is an adult interdependent partner within the meaning of the
      <I>Adult Interdependent Relationships Act
</I>(Alberta);</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(o) </TD>
    <TD>
      <P align=justify>&#147;<B>subsidiary</B>&#148; means an issuer that is controlled
      directly or indirectly by another issuer and includes a subsidiary of that
      subsidiary; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(p) </TD>
    <TD>
      <P align=justify>&#147;<B>VCC</B>&#148; means a venture capital corporation
      registered under Part 1 of the <I>Small Business Venture Capital Act</I>,
      R.S.B.C. 1996 c. 429, whose business objective is making multiple
      investments.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_22></A>
<P align=center><B>SCHEDULE &#147;B&#148;</B> </P>
<P align=center><B>U.S. ACCREDITED INVESTOR CERTIFICATE </B></P>
<P align=justify>The Subscriber understands and agrees that the Securities have
not been and will not be registered under the United States <I>Securities Act of
1933</I>, as amended (the &#147;<B>U.S. Securities Act</B>&#148;), or applicable state
securities laws, and the Securities are being offered and sold by the
Corporation to the Subscriber in reliance upon the exemption from the provisions
of Section 5 of the U.S. Securities Act provided in Section 4(2) of the U.S.
Securities Act and Rule 506 of Regulation D under the U.S. Securities Act for
non-public offerings. The Securities are being offered and sold within the
United States only to &#147;accredited investors&#148; as defined in Rule 501(a) of
Regulation D under the U.S. Securities Act (&#147;<B>Accredited Investors</B>&#148;). The
Securities offered hereby are not transferable except in accordance with the
restrictions described herein. </P>
<P align=justify>The undersigned represents, warrants and covenants (which
representations, warranties and covenants shall survive the Closing) to the
Corporation (and acknowledges that the Corporation is relying thereon)<B>
</B>that: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Subscriber is purchasing the Securities either for
      its own account for investment purposes only or for the account of another
      Accredited Investor for which it is exercising sole investment discretion
      (a &#147;<B>Beneficial Purchaser</B>&#148;) for investment purposes only and not
      with a view to resale or distribution in violation of the U.S. Securities
      Act or any state securities laws, and, in particular, neither the
      Subscriber nor any Beneficial Purchaser has any agreement, understanding
      or intention to distribute either directly or indirectly any of the
      Securities; provided, however, that the Subscriber may sell or otherwise
      dispose of any of the Securities in accordance with applicable legal
      requirements and the conditions set forth in paragraph (c)
  hereof;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the Subscriber, and each Beneficial Purchaser for whom it
      is acting, if any, satisfies one or more of the categories of Accredited
      Investor indicated below (<B>the Subscriber must write &#147;SUB&#148; for the
      Subscriber and &#147;BP&#148; for the Beneficial Purchaser, if any, on the
      appropriate line(s)</B>):</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD noWrap>_________&nbsp; Category 1. </TD>
    <TD align=left width="80%">A bank, as defined in Section 3(a)(2) of the
      U.S. Securities Act, whether acting in its individual or fiduciary
      capacity; or </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD noWrap>&nbsp;</TD>
    <TD align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD noWrap>_________&nbsp; Category 2. </TD>
    <TD align=left width="80%">A savings and loan association or other
      institution as defined in Section 3(a)(5)(A) of the U.S. Securities Act,
      whether acting in its individual or fiduciary capacity; or </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD noWrap>&nbsp;</TD>
    <TD align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD noWrap>_________&nbsp; Category 3. </TD>
    <TD align=left width="80%">A broker or dealer registered pursuant to
      Section 15 of the United States <I>Securities Exchange Act of 1934</I>; or
    </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD noWrap>&nbsp;</TD>
    <TD align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD noWrap>_________&nbsp; Category 4. </TD>
    <TD align=left width="80%">An insurance company as defined in Section
      2(13) of the U.S. Securities Act; or </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD noWrap>&nbsp;</TD>
    <TD align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD noWrap>_________&nbsp; Category 5. </TD>
    <TD align=left width="80%">An investment company registered under the
      United States <I>Investment Company</I> <I>Act of 1940</I>; or </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD noWrap>&nbsp;</TD>
    <TD align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD noWrap>_________&nbsp; Category 6. </TD>
    <TD align=left width="80%">A business development company as defined in
      Section 2(a)(48) of the United States <I>Investment Company Act of
      1940</I>; or </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD noWrap>&nbsp;</TD>
    <TD align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD noWrap>_________&nbsp; Category 7. </TD>
    <TD align=left width="80%">A small business investment company licensed by
      the U.S. Small Business Administration under Section 301 (c) or (d) of the
      United States <I>Small Business</I> <I>Investment Act of 1958</I>; or
  </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD noWrap>&nbsp;</TD>
    <TD align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD noWrap>_________&nbsp; Category 8. </TD>
    <TD align=left width="80%">A plan established and maintained by a state,
      its political subdivisions or any agency or instrumentality of a state or
      its political subdivisions, for the benefit of its employees, with total
      assets in excess of U.S. $5,000,000; or </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_23></A>
<P align=center>B2 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left></TD>
    <TD noWrap align=left width="15%">_________ Category 9. </TD>
    <TD align=left width="80%">An employee benefit plan within the meaning of
      the United States <I>Employee</I> <I>Retirement Income Security Act of
      1974 </I>in which the investment decision is made by a plan fiduciary, as
      defined in Section 3(21) of such Act, which is either a bank, savings and
      loan association, insurance company or registered investment adviser, or
      an employee benefit plan with total assets in excess of U.S. $5,000,000
      or, if a self-directed plan, with investment decisions made solely by
      persons who are accredited investors; or </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD noWrap align=left width="15%">&nbsp;</TD>
    <TD align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD noWrap align=left width="15%">_________ Category 10. </TD>
    <TD align=left width="80%">A private business development company as
      defined in Section 202(a)(22) of the United States <I>Investment Advisers
      Act of 1940</I>; or </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD noWrap align=left width="15%">&nbsp;</TD>
    <TD align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD noWrap align=left width="15%">_________ Category 11. </TD>
    <TD align=left width="80%">An organization described in Section 501(c)(3)
      of the United States <I>Internal</I> <I>Revenue Code</I>, a corporation, a
      Massachusetts or similar business trust, or a partnership, not formed for
      the specific purpose of acquiring the securities offered, with total
      assets in excess of U.S. $5,000,000; or </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD noWrap align=left width="15%">&nbsp;</TD>
    <TD align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD noWrap align=left width="15%">_________&nbsp;Category 12. </TD>
    <TD align=left width="80%">Any director or executive officer of the
      Corporation; or </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD noWrap align=left width="15%">&nbsp;</TD>
    <TD align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD noWrap align=left width="15%">_________ Category 13. </TD>
    <TD align=left width="80%">A natural person whose individual net worth, or
      joint net worth with that person&#146;s spouse, at the date hereof exceeds
      U.S.$1,000,000; or </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD noWrap align=left width="15%"></TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD noWrap align=left width="15%">_________ Category 14. </TD>
    <TD align=left width="80%">A natural person who had an individual income
      in excess of U.S.$200,000 in each of the two most recent years or joint
      income with that person&#146;s spouse in excess of U.S.$300,000 in each of
      those years and has a reasonable expectation of reaching the same income
      level in the current year; or </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD noWrap align=left width="15%">&nbsp;</TD>
    <TD align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD noWrap align=left width="15%">_________ Category 15. </TD>
    <TD align=left width="80%">A trust, with total assets in excess of
      U.S.$5,000,000, not formed for the specific purpose of acquiring the
      securities offered, whose purchase is directed by a sophisticated person
      as described in Rule 506(b)(2)(ii) under the U.S. Securities Act; or
</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD noWrap align=left width="15%">&nbsp;</TD>
    <TD align=left width="80%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD noWrap align=left width="15%">_________&nbsp;Category 16. </TD>
    <TD align=left width="80%">Any entity in which all of the equity owners
      meet the requirements of at least </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD align=left width="80%">one of the above categories;
</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD colSpan=2>
      <P align=justify>the Subscriber understands that the Securities are
      restricted securities and agrees that if it decides to offer, sell or
      otherwise transfer the Securities, it will not offer, sell or otherwise
      transfer any of such securities directly or indirectly, unless:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the transfer is to the Corporation;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the transfer is outside the United States in a
      transaction meeting the requirements of Rule 904 of Regulation S under the
      U.S. Securities Act and in compliance with applicable local laws and
      regulations of the jurisdiction(s) in which such sale is made;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the transfer is made pursuant to the exemption from the
      registration requirements under the U.S. Securities Act provided by Rule
      144 thereunder, if available, and in accordance with applicable state
      securities laws; or</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>the Securities are transferred in a transaction that does
      not require registration under the U.S. Securities Act or any applicable
      state securities laws, and the Subscriber has prior to such sale furnished
      to the Corporation an opinion of counsel of recognized standing or other
      evidence of exemption, in either case reasonably satisfactory to the
      Corporation;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_24></A>
<P align=center>B3 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>the Subscriber understands and acknowledges that upon the
      issuance thereof, and until such time as the same is no longer required
      under the applicable requirements of the U.S. Securities Act or applicable
      U.S. state laws and regulations, the certificates representing the
      Securities, and all securities issued in exchange United or in
      substitution thereof, will bear a legend in substantially the following
      form:</P></TD></TR></TABLE>
<P align=justify style="margin-left: 15%; margin-right: 15%">&#147;THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE &#147;U.S. SECURITIES
ACT&#148;). THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
ONLY (A) TO THE COMPANY, (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE
904 OF REGULATION S UNDER THE U.S. SECURITIES ACT, (C) (1) IN COMPLIANCE WITH
THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT
PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS, OR (2) WITH THE PRIOR CONSENT OF THE COMPANY, IN A
TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR
ANY APPLICABLE STATE LAWS, AND THE HOLDER HAS FURNISHED TO THE COMPANY AN
OPINION TO SUCH EFFECT FROM COUNSEL OF RECOGNIZED STANDING REASONABLY
SATISFACTORY TO THE COMPANY PRIOR TO SUCH OFFER, SALE OR TRANSFER. DELIVERY OF
THIS CERTIFICATE MAY NOT CONSTITUTE &#147;GOOD DELIVERY&#148; IN SETTLEMENT OF
TRANSACTIONS ON STOCK EXCHANGES IN CANADA.&#148; </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>provided, that if any of the Securities are being sold
      under clause (B) above, at a time when the Corporation is a &#147;foreign
      issuer&#148; as defined in Rule 902 under the U.S. Securities Act, the legend
      set forth above may be removed by providing a declaration to the
      Corporation and its transfer agent in the form attached hereto as Appendix
      A (or as the Corporation may from time to time prescribe), and provided
      that the Corporation may at any time rescind this procedure for the
      removal of restrictive legends if it determines that this procedure no
      longer complies with applicable legal requirements or the requirements of
      its transfer agent; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>provided further, that if any of the Securities are being
      sold pursuant to Rule 144 of the U.S. Securities Act, the legend may be
      removed by delivery to the Corporation&#146;s transfer agent of an opinion
      satisfactory to the Corporation to the effect that the legend is no longer
      required under applicable requirements of the U.S. Securities Act or state
      securities laws;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>the Subscriber consents to the Corporation making a
      notation on its records or giving instruction to the registrar and
      transfer agent of the Corporation in order to implement the restrictions
      on transfer set forth and described herein;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>the Subscriber understands and acknowledges that the
      Securities have not been and will not be registered under the U.S.
      Securities Act, that the sale contemplated hereby is being made in
      reliance on an exemption from registration under the U.S. Securities Act
      for nonpublic offerings, and that the Corporation has no obligation or
      present intention of filing with the United States Securities and Exchange
      Commission or with any state securities administrator any registration
      statement in respect of resales of the Securities in the United
    States;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>the office or other address of the Subscriber at which
      the Subscriber received and accepted the offer to purchase the Securities
      is the address listed as the &#147;Subscriber&#146;s Address&#148; on the signature page
      of the Subscription Agreement and the Subscriber has not been formed for
      the specific purpose of acquiring the
Securities;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_25></A>
<P align=center>B4 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the Subscriber acknowledges that it has not purchased the
      Securities as a result of any form of general solicitation or general
      advertising (as such terms are used in Regulation D under the U.S.
      Securities Act), including advertisements, articles, notices or other
      communications published in any newspaper, magazine or similar media or
      broadcast over radio or television, or any seminar or meeting whose
      attendees have been invited by general solicitation or general
      advertising;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>the Subscriber understands and agrees that there may be
      material tax consequences to the Subscriber and any Beneficial Purchaser
      of an acquisition, disposition or exercise of any of the Securities; the
      Corporation gives no opinion and makes no representation with respect to
      the tax consequences to the Subscriber or any Beneficial Purchaser under
      United States, state, local or foreign tax law of an acquisition ,
      disposition or exercise of such Securities;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>the Subscriber understands and agrees that the financial
      statements of the Corporation have been prepared in accordance with
      Canadian generally accepted accounting principles, which differ in some
      respects from United States generally accepted accounting principles, and
      thus may not be comparable to financial statements of United States
      companies;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(l) </TD>
    <TD>
      <P align=justify>the Subscriber acknowledges that it and its
      representatives have had a reasonable opportunity to ask questions of and
      receive answers from management of the Corporation, or a person or persons
      acting on its behalf concerning the offering of the Securities, and all
      such questions have been answered to the full satisfaction of the
      Subscriber;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(m) </TD>
    <TD>
      <P align=justify>the Subscriber acknowledges that an investment in the
      Securities is speculative and that it has such knowledge and experience in
      financial and business matters so as to be capable of evaluating the
      merits and risks of an investment in the Securities and it is and any
      Beneficial Purchaser is able to bear the economic risk of loss of such
      investment;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(n) </TD>
    <TD>
      <P align=justify>the Subscriber acknowledges that the resale of the
      Securities acquired by the Subscriber are subject to certain resale
      restrictions under Canadian securities laws and stock exchange rules, and
      the Subscriber agrees to comply with such resale restrictions;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(o) </TD>
    <TD>
      <P align=justify>upon acceptance, this Subscription Agreement will
      constitute a legal, valid and binding contract enforceable against the
      Subscriber in accordance with its terms and will not violate or conflict
      with the terms of any restriction, agreement or undertaking made by it or
      to which it or its properties is or are subject, and the Subscriber is
      authorized and otherwise empowered to purchase and hold the Securities;
      and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(p) </TD>
    <TD>
      <P align=justify>in the case of a purchase by the Subscriber of the
      Securities acting as trustee or as agent for a beneficiary or principal,
      whether disclosed or undisclosed, the Subscriber is duly authorized to
      execute and deliver this Subscription Agreement on behalf of such
      beneficiary or principal.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_26></A>
<P align=center>B5 - </P>
<P align=justify>The capitalized terms not defined in this Schedule &#147;C&#148; shall
have the meanings ascribed to them in the Subscription Agreement. </P>
<P align=justify>The Subscriber undertakes to notify the Corporation immediately
of any change in any representation, warranty or other information relating to
the Subscriber set forth herein which takes place prior to the Closing. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>If a Corporation, Partnership or Other Entity: </TD>
    <TD align=left width="20%"  >&nbsp;</TD>
    <TD align=left width="40%">If an Individual: </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="20%" >&nbsp;</TD>
    <TD align=left width="40%" >&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&nbsp;</TD>
    <TD align=left width="20%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="40%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Name of Entity </TD>
    <TD align=left width="20%"  >&nbsp;</TD>
    <TD align=left width="40%">Signature </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&nbsp;</TD>
    <TD align=left width="20%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="40%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Type of Entity </TD>
    <TD align=left width="20%"  >&nbsp;</TD>
    <TD align=left width="40%">Print or Type Name </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&nbsp;</TD>
    <TD align=left width="20%" >&nbsp;</TD>
    <TD align=left width="40%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Signature of Person Signing </TD>
    <TD align=left width="20%"  >&nbsp;</TD>
    <TD align=left width="40%">&nbsp; </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&nbsp;</TD>
    <TD align=left width="20%" >&nbsp;</TD>
    <TD align=left width="40%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Print or Type Name and Title of Person Signing </TD>
    <TD align=left width="20%"  >&nbsp;</TD>
    <TD align=left width="40%">&nbsp; </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_27></A>
<P align=center><B>Appendix A to </B></P>
<P align=center><B>Schedule &#147;B&#148;, U.S. Accredited Investor Certificate </B></P>
<P align=center><B>FORM OF DECLARATION FOR REMOVAL OF LEGEND</B> </P>
<P align=justify>TO:&nbsp;&nbsp;&nbsp;&nbsp; Registrar and transfer agent for
the common shares of <B>LEXARIA CORP.</B> (the &#147;Corporation&#148;): </P>
<P align=justify>The undersigned acknowledges that the sale of the securities of
the Corporation to which this declaration relates is being made in reliance on
Rule 904 of Regulation S under the United States <I>Securities Act of 1933</I>,
as amended (the &#147;U.S. Securities Act&#148;), and certifies that: (1) the undersigned
is not an &#147;affiliate&#148; of the Corporation (as that term is defined in Rule 405
under the U.S. Securities Act); (2) the offer of such securities was not made to
a person in the United States and either (a) at the time the buy order was
originated, the buyer was outside the United States or the seller and any person
acting on its behalf reasonably believe that the buyer was outside the United
States, or (b) the transaction was executed on or through the facilities of the
Exchange or any other designated offshore securities market and neither the
seller nor any person acting on its behalf knows that the transaction has been
prearranged with a buyer in the United States; (3) neither the seller nor any
affiliate of the seller nor any person acting on any of their behalf has engaged
in any directed selling efforts in the United States in connection with the
offer and sale of such securities; (4) the sale is bona fide and not for the
purpose of &#147;washing off&#148; the resale restrictions imposed because the securities
are &#147;restricted securities&#148; (as that term is defined in Rule 144(a)(3) under the
U.S. Securities Act); (5) the seller does not intend to replace such securities
with fungible unrestricted securities; and (6) the contemplated sale is not a
transaction, or part of a series of transactions, which, although in technical
compliance with Regulation S, is part of a plan or scheme to evade the
registration provisions of the U.S. Securities Act. Terms used herein have the
meanings given to them by Regulation S under the U.S. Securities Act. </P>
<P align=justify>Dated ________________________________, ________. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="50%"><B>X</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Signature of individual (if Seller <B>is </B>an
      individual) </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="50%"><B>X</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="50%">Authorized signatory (if Seller is <B>not
      </B>an individual) </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Name of Seller (<B>please print</B>) </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Name of authorized signatory (<B>please
      print</B>) </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="50%">Official capacity of authorized signatory
      (<B>please print</B>) </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_28></A>
<P align=center><B>SCHEDULE &#147;C&#148; </B><BR><B>Instructions for Transmitting Funds
to Lexaria Corp. </B><BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center><B>FACSIMILE TRANSMITTAL SHEET</B> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 3px double"
  align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>TO: </TD>
    <TD align=left width="50%">FROM: </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;Sheila Condratow </TD></TR>
  <TR vAlign=top>
    <TD align=left>PHONE NUMBER: </TD>
    <TD align=left width="50%">SENDER&#146;S PHONE NUMBER: </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;(604) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;(604) 665-7374 </TD></TR>
  <TR vAlign=top>
    <TD align=left>RE: </TD>
    <TD align=left width="50%">SENDERS FAX NUMBER: </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>WIRE INSTRUCTIONS</B>
    </TD>
    <TD align=left width="50%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;(604)
      668-1450 </TD></TR></TABLE>
<P align=justify>GIVE THE REMITTING BANK THE FOLLOWING INSTRUCTIONS&#133;&#133; </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left><B>BENEFICIARY BANK:</B> </TD>
    <TD align=left width="50%"><B>BANK OF MONTREAL</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%"><B>595 BURRARD STREET</B> </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%"><B>VANCOUVER, B. C., CANADA</B> </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><B>TRANSIT AND ACCOUNT NO.:</B> </TD>
    <TD align=left width="50%"><B>00044633343</B> </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><B>SWIFT BIC ADDRESS:</B> </TD>
    <TD align=left width="50%"><B>BOFMCAM2</B> </TD></TR></TABLE>
<P align=justify>TO SEND FUNDS FROM A U.S. BANK, IT MAY BE EASIER TO SEND
THROUGH OUR U.S.SUBSIDIARY &#150;</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left><B>INTERMEDIARY BANK:</B> </TD>
    <TD align=left width="50%"><B>WACHOVIA BANK, NA</B> </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%"><B>New York</B> </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%"><B>Fed wire ABA 026005092</B> </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><B>SWIFT CODE:</B> </TD>
    <TD align=left width="50%"><B>PNBPUS3NNYC</B> </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_29></A>
<P align=center>Bii - </P>
<P align=center><B>SCHEDULE &#147;D&#148; </B></P>
<P align=center><B>CONVERTIBLE DEBENTURE</B> </P>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-20.2
<SEQUENCE>3
<FILENAME>exhibit20-2.htm
<DESCRIPTION>EXHIBIT 20.2
<TEXT>
<HTML>
<HEAD>
   <TITLE>Lexaria Corp.: Exhibit 20.2 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=right><b>Exhibit 20.2</b></P>
<P align=center><B>FORM OF CONVERTIBLE DEBENTURE </B><BR></P>
<P align=justify style="margin-left: 5%; margin-right: 5%">THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES
AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE AND HAVE BEEN
ISSUED IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE &#147;1933 ACT&#148;), AND, ACCORDINGLY, MAY NOT BE OFFERED OR
SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT
OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS. </P>
<P align=justify style="margin-left: 5%; margin-right: 5%">UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THE SECURITIES SHALL NOT TRADE THE SECURITIES BEFORE THAT DATE WHICH IS 4 MONTHS
PLUS ONE DAY FOLLOWING THE DATE OF ISSUANCE. </P>
<P align=left><B>US</B><B><U> $XXX,XXX</U></B><B> </B></P>
<P align=center><B>LEXARIA CORP. </B><BR></P>
<P align=justify>12.0 % SECURED CONVERTIBLE DEBENTURE (THE &#147;NOTE&#148;) DUE November
19, 2012 </P>
<P align=justify style="text-indent: 5%">FOR VALUE RECEIVED, Lexaria Corp., a corporation organized and
existing under the laws of the State of Nevada (the &#147;Company&#148;), promises to pay
to ________________________ the registered holder hereof (the &#147;Holder&#148;), the
principal sum of&nbsp; ______________________ and 00/100 Dollars (US $XXX,XXX) on
the Maturity Date (as defined below) and to pay interest on the principal sum
outstanding from time to time in arrears at the rate of 12.0% per annum
(computed on a simple basis payable monthly, in arrears), accruing from November
19, 2010, the date of initial issuance of this Note (the &#147;Issue Date&#148;), to the
date of payment. Such interest shall be payable monthly, in arrears, and all
accrued and unpaid interest shall be payable on the date which is the earlier of
(i) the Maturity Date; or (ii) the date of any prepayment of principal permitted
hereunder. Accrual of interest shall commence on the Issue Date and shall
continue to accrue on a monthly basis based on the principal sum outstanding
(whether before or after the Maturity Date).</P>
<P align=justify style="text-indent: 5%">This Note is being issued pursuant to the terms of the
Subscription Agreement, dated as of November 19, 2010 (the &#147;Subscription
Agreement&#148;), to which the Company and the Holder (or the Holder&#146;s predecessor in
interest) are parties. Capitalized terms not otherwise defined herein shall have
the meanings ascribed to them in the Subscription Agreement. </P>
<P align=justify style="text-indent: 5%">This Note is subject to the following additional provisions:
</P>
<P align=justify style="text-indent: 5%">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Maturity </U>Date. The term &#147;Maturity Date&#148; means
November 19, 2012.</P>
<P align=center>Page 1 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A>
<P align=justify style="text-indent: 5%">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Early Redemption</U>. This Note may be prepaid in whole
or in part at any time prior to the Maturity Date, by payment of 108% of the
outstanding principal amount and accrued and unpaid interest. The 8% premium on
prepayment shall be reduced by 1% following each three month period following
the Issue Date. Any prepayment shall be made following the provision of 15 days
written notice to the Holder in accordance with the notice provisions in Section
8(c) of this Note. Any payment shall be applied as provided in Section 3. </P>
<P align=justify style="text-indent: 5%">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any payment made on account of the Note shall be applied in
the following order of priority: (i) first, to any amounts due hereunder other
than principal and accrued interest, (ii) then, to accrued interest through and
including the date of payment, and (iii) then, to principal of this Note.</P>
<P align=justify style="text-indent: 5%">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All payments contemplated hereby to be made &#147;in cash&#148; shall
be made in immediately available good funds of US currency by wire transfer to
an account designated in writing by the Holder to the Company (which account may
be changed by notice similarly given). For purposes of this Note, the phrase
&#147;date of payment&#148; means the date good funds are received in the account
designated by the notice which is then currently effective. </P>
<P align=justify style="text-indent: 5%">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to the terms of the Subscription Agreement, no
provision of this Note shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of, and interest on,
this Note at the time, place, and rate, and in the coin or currency, as herein
prescribed. </P>
<P align=justify style="text-indent: 5%">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security. Repayment of the outstanding principal amount of
the Note and any accrued but unpaid interest thereon shall be secured by the
Company&#146;s working interest and production in and only in the PP F-12-4 and PP
F-12-5 wells located at Belmont Lake, Mississippi. No other assets of the
Company are secured by the Note. The specifics of this are set out in a security
agreement dated November 19, 2010.</P>
<P align=justify style="text-indent: 5%">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Conversion</U>. </P>
<P align=justify style="text-indent: 10%">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Voluntary Conversion</U>. Subject
to forced conversion or earlier repayment, the outstanding principal amount and
any accured interest thereon of a Note may be converted at the sole option of
the Holder, at any time and from time to time prior to the Maturity Date into
Units of the Company at the price of US $0.35 (the &#147;Conversion Price&#148;) per Unit
(subject to the limitations on conversion set forth in Section 7(f) hereof).
Each Unit is comprised of one Share and one non-transferable Warrant. Each
Warrant entitles the holder to purchase one additional Share at an exercise
price of US $0.40 per Warrant from the earlier of (i) the Maturity Date or (ii)
one year after the conversion of the Debenture. </P>
<P align=justify style="text-indent: 10%">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Effective Date of Conversion</U>. Conversion of the
principal amount of the Note or any accrued but unpaid interest thereon shall be
deemed to occur on the presentation and surrender to the Company of the original
Debenture Certificate and a duly completed and executed "Notice of Conversion"
in the form attached to this Note. On the date of deemed conversion, the amount
of principal or interest, as applicable, subject to conversion shall be deemed
repaid and thereafter the persons entitled to the Shares and Warrants, as
applicable, upon such conversion shall be deemed to be the holders of record for
such securities. In the event of a partial conversion, the Company shall prepare
and deliver a certificate representing the unconverted balance of the partially converted Note. In the
event of a partial conversion of interest, the Company shall deliver a written
statement reconciling the amount of interest owing in respect of the Note both
before and after the conversion of interest. </P>
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<P align=justify style="text-indent: 10%">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Mandatory Conversion of Note</U>. The Company may require
the Holder, at any time after 4 months and 1 day have elapsed from the Issue
Date, at any time if the Closing Price of the Shares of Common Stock as listed
on a Principal Market &#150; currently the US OTC Bulletin Board with symbol LXRP -
as quoted by Bloomberg L.P. has been at or above US$0.75 for a period of ten
consecutive Trading Days, to convert the outstanding principal amount and any
accrued but unpaid interest thereon due under the Note at the Conversion Price
(subject to the limitations on conversion set forth in Section 7(f) hereof). The
Note will be automatically exercised (without any further action on the part of
the holder thereof) into Units. The Company shall issue to the Holders a written
notice advising of the conversion of the Note. </P>
<P align=justify style="text-indent: 10%">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Mandatory Conversion of Warrant</U>. Subject to the
conversion of the Note, in the event that the Company&#146;s common shares, at any
time after 4 months and 1 day have elapsed from the Issue Date, as listed on a
Principal Market &#150; currently the US OTC Bulletin Board with symbol LXRP - as
quoted by Bloomberg L.P. has been at or above US$0.80 for a period of 10
consecutive trading days, the Company may thereafter issue to the Holders a
written notice advising of the accelerated expiry of the Warrants (subject to
the limitations on conversion set forth in Section 7(f) hereof). Such written
notice shall identify in reasonable detail the particulars of the acceleration
event and identify the date (the "Warrant Accelerated Expiry Date") set for
accelerated expiry, which in no event shall be less than 30 days after the
mailing date of the written notice. For greater certainty, all Warrants shall
expire and be of no further force or effect as of 4:30 pm (Pacific Time) on the
Warrant Accelerated Expiry Date, </P>
<P align=justify style="text-indent: 10%">e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The term "<U>Closing Price</U>" shall mean, on any
particular date (i) the closing price per share of the Common Stock on such date
on the Company&#146;s principal trading market, which is currently the OTC Bulletin
Board, on which the Common Stock is then listed, or if there is no such price on
such date, then the closing price on such exchange or quotation system on the
date nearest preceding such date, or (ii) if the Common Stock is not listed then
on the OTC Bulletin Board or any registered national stock exchange, the closing
price for a share of Common Stock in the over-the-counter market, as reported by
the OTC Bulletin Board or in the National Quotation Bureau Incorporated or
similar organization or agency succeeding to its functions of reporting prices)
at the close of business on such date, or (iii) if the Common Stock is not then
reported by the OTC Bulletin Board or the National Quotation Bureau Incorporated
(or similar organization or agency succeeding to its functions of reporting
prices), then the average of the "Pink Sheet" quotes for the relevant conversion
period, as determined in good faith by the Holder, or (iv) if the Common Stock
is not then publicly traded the fair market value of a share of Common Stock as
determined by the Holder and reasonably acceptable to the Maker. </P>
<P align=justify style="text-indent: 10%">f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Conversion Limitations</U>; <U>Holder&#146;s Restriction on
Conversion</U>. The Company shall not effect any conversion of this Note, and
the Holder shall not have the right to convert any portion of this Note,
pursuant to Section 7(a) or otherwise, to the extent that after giving effect to
such conversion, the Holder (together with the Holder&#146;s affiliates), as set
forth on the applicable Notice of Conversion, would beneficially own in excess
of 9.99% of the number of shares of the Common Stock outstanding immediately
after giving effect to such conversion.</P>
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<P align=justify>For purposes of the foregoing sentence, the number of shares of
Common Stock beneficially owned by the Holder and its affiliates shall include
the number of shares of Common Stock issuable upon conversion of this Note and
the number of shares of Common Stock issuable upon conversion of the Warrants
with respect to which the determination of such sentence is being made, but
shall exclude the number of shares of Common Stock which would be issuable upon
(A) conversion of the remaining, nonconverted portion of this Note beneficially
owned by the Holder or any of its affiliates and (B) exercise or conversion of
the unexercised or nonconverted portion of any other securities of the Company
(including, without limitation, any other Notes or the Warrants) subject to a
limitation on conversion or exercise analogous to the limitation contained
herein beneficially owned by the Holder or any of its affiliates. Except as set
forth in the preceding sentence, for purposes of this Section 7(f), beneficial
ownership shall be calculated in accordance with Section 13(d) of the Exchange
Act. To the extent that the limitation contained in this section applies, the
determination of whether this Note is convertible (in relation to other
securities owned by the Holder) and of which a portion of this Note is
convertible shall be in the sole discretion of such Holder. To ensure compliance
with this restriction, the Holder will be deemed to represent to the Company
each time it delivers a Notice of Conversion that such Notice of Conversion has
not violated the restrictions set forth in this paragraph and the Company shall
have no obligation to verify or confirm the accuracy of such determination. For
purposes of this Section 7(f), in determining the number of outstanding shares
of Common Stock, the Holder may rely on the number of outstanding shares of
Common Stock as reflected in (x) the Company&#146;s most recent Form 10-Q or Form
10-K (or such related form), as the case may be, (y) a more recent public
announcement by the Company or (z) any other notice by the Company or the
Company&#146;s Transfer Agent setting forth the number of shares of Common Stock
outstanding. Upon the written or oral request of the Holder, the Company shall
within two Trading Days confirm orally and in writing to the Holder the number
of shares of Common Stock then outstanding. In any case, the number of
outstanding shares of Common Stock shall be determined after giving effect to
the conversion or exercise of securities of the Company, including this Note, by
the Holder or its affiliates since the date as of which such number of
outstanding shares of Common Stock was reported. The provisions of this Section
7(f) may be waived by the Holder upon, at the election of the Holder, not less
than 61 days&#146; prior notice to the Company, and the provisions of this Section
7(f) shall continue to apply until such 61st day (or such later date, as
determined by the Holder, as may be specified in such notice of waiver). </P>
<P align=justify style="text-indent: 10%">g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Mechanics of Conversion</U> </P>
<P align=justify style="text-indent: 12%">i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Conversion Shares and
Warrants Issuable Upon Conversion of</U> <U>Principal Amount</U>. The number of
shares of Common Stock and Warrants issuable upon a conversion hereunder
(collectively, the &#147;Conversion Shares&#148;) shall be determined by the quotient
obtained by dividing (x) the outstanding principal amount of this Note to be
converted by (y) the Conversion Price. </P>
<P align=justify style="text-indent: 12%">ii.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Reservation of Shares Issuable Upon Conversion</U>. The
Company covenants that it will at all times reserve and keep available out of
its authorized and unissued shares of Common Stock solely for the purpose of
issuance upon conversion of the Notes and payment of interest on the Note, each
as herein provided, free from preemptive rights or any other actual contingent
purchase rights of persons other than the Holders, not less than such number of
shares of the Common Stock as shall (subject to any additional requirements of
the Company as to reservation of such shares set forth in the
Purchase Agreement) be issuable (taking into account the adjustments and
restrictions of Section 8) upon the conversion of the outstanding principal
amount of the Notes and payment of interest hereunder. The Company covenants
that all shares of Common Stock that shall be so issuable shall, upon issue, be
duly and validly authorized, issued and fully paid, nonassessable. </P>
<P align=center>Page 4 </P>
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<P align=justify style="text-indent: 12%">iii.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Fractional Shares</U>. Upon a conversion hereunder the
Company shall not be required to issue stock certificates representing fractions
of shares of the Common Stock, but may make a cash payment in respect of any
final fraction of a share. If the Company elects not, or is unable, to make such
a cash payment, the Holder shall be entitled to receive, in lieu of the final
fraction of a share, one whole share of Common Stock. </P>
<P align=justify style="text-indent: 12%">viii.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Transfer Taxes</U>. The issuance of certificates for
shares of the Common Stock on conversion of the Notes shall be made without
charge to the Holders thereof for any documentary stamp or similar taxes that
may be payable in respect of the issue or delivery of such certificate, provided
that the Company shall not be required to pay any tax that may be payable in
respect of any transfer involved in the issuance and delivery of any such
certificate upon conversion in a name other than that of the Holder of such
Notes so converted and the Company shall not be required to issue or deliver
such certificates unless or until the person or persons requesting the issuance
thereof shall have paid to the Company the amount of such tax or shall have
established to the satisfaction of the Company that such tax has been paid. </P>
<P align=justify style="text-indent: 12%">ix.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Withholding of Taxes</U>. All payments by the Company
under the Note shall be made in full without set-off or counterclaim and free
and clear of any deduction or withholding for or on account of any taxes unless
the Company is required by applicable law to make any deduction or withholding
from any payment due under the Note for or on account of any taxes. As soon as
practical, but no later than 60 days after any such deduction or withholding,
the Company shall forward to the Purchaser official tax receipts and any other
documents or evidence reasonably required by the Purchaser that such taxes have
been remitted to the appropriate taxation authority. </P>
<P align=justify style="text-indent: 5%">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certain Adjustments. </P>
<P align=justify style="text-indent: 10%">a) <U>Stock Dividends and Stock
Splits</U>. If the Company, at any time while the Notes are outstanding: (A)
shall pay a stock dividend or otherwise make a distribution or distributions on
shares of its Common Stock or any other equity or equity equivalent securities
payable in shares of Common Stock (which, for avoidance of doubt, shall not
include any shares of Common Stock issued by the Company pursuant to this Note,
including as interest thereon), (B) subdivide outstanding shares of Common Stock
into a larger number of shares, (C) combine (including by way of reverse stock
split) outstanding shares of Common Stock into a smaller number of shares, or
(D) issue by reclassification of shares of the Common Stock any shares of
capital stock of the Company, then the Conversion Price shall be multiplied by a
fraction of which the numerator shall be the number of shares of Common Stock
(excluding treasury shares, if any) outstanding before such event and of which
the denominator shall be the number of shares of Common Stock outstanding after
such event. Any adjustment made pursuant to this Section shall become effective
immediately after the record date for the determination of stockholders entitled
to receive such dividend or distribution and shall become effective immediately
after the effective date in the case of a subdivision, combination or
re-classification. </P>
<P align=center>Page 5 </P>
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<P align=justify style="text-indent: 10%">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Calculations</U>. All calculations under this Section 8
shall be made to the nearest cent or the nearest 1/100th of a share, as the case
may be. The number of shares of Common Stock outstanding at any given time shall
not includes shares of Common Stock owned or held by or for the account of the
Company, and the description of any such shares of Common Stock shall be
considered on issue or sale of Common Stock. For purposes of this Section 8, the
number of shares of Common Stock deemed to be issued and outstanding as of a
given date shall be the sum of the number of shares of Common Stock (excluding
treasury shares, if any) issued and outstanding. </P>
<P align=justify style="text-indent: 10%">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Notice to Holders</U>.  </P>
<P align=justify style="text-indent: 12%">i. <U>Adjustment to Conversion
Price</U>. Whenever the Conversion Price is adjusted pursuant to any of this
Section 8, the Company shall promptly mail to each Holder a notice setting forth
the Conversion Price after such adjustment and setting forth a brief statement
of the facts requiring such adjustment.</P>
<P align=justify style="text-indent: 12%">ii.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Fundamental Transaction</U>. If, at any time while this
Note is outstanding, (A) the Company effects any merger or consolidation of the
Company with or into another Person, (B) the Company effects any sale of all or
substantially all of its assets in one or a series of related transactions, (C)
any tender offer or exchange offer (whether by the Company or another Person) is
completed pursuant to which holders of Common Stock are permitted to tender or
exchange their shares for other securities, cash or property, or (D) the Company
effects any reclassification of the Common Stock or any compulsory share
exchange pursuant to which the Common Stock is effectively converted into or
exchanged for other securities, cash or property (in any such case, a
&#147;Fundamental Transaction&#148;), then upon any subsequent conversion of this Note,
the Holder shall have the right to receive, for each Conversion Share that would
have been issuable upon such conversion absent such Fundamental Transaction, the
same kind and amount of securities, cash or property as it would have been
entitled to receive upon the occurrence of such Fundamental Transaction if it
had been, immediately prior to such Fundamental Transaction, the holder of one
share of Common Stock (the &#147;Alternate Consideration&#148;). For purposes of any such
conversion, the determination of the Conversion Price shall be appropriately
adjusted to apply to such Alternate Consideration based on the amount of
Alternate Consideration issuable in respect of one share of Common Stock in such
Fundamental Transaction, and the Company shall apportion the Conversion Price
among the Alternate Consideration in a reasonable manner reflecting the relative
value of any different components of the Alternate Consideration. If holders of
Common Stock are given any choice as to the securities, cash or property to be
received in a Fundamental Transaction, then the Holder shall be given the same
choice as to the Alternate Consideration it receives upon any conversion of this
Note following such Fundamental Transaction. To the extent necessary to
effectuate the foregoing provisions, any successor to the Company or surviving
entity in such Fundamental Transaction shall issue to the Holder a new note
consistent with the foregoing provisions and evidencing the Holder&#146;s right to
convert such note into Alternate Consideration. The terms of any agreement
pursuant to which a Fundamental Transaction is effected shall include terms
requiring any such successor or surviving entity to comply with the provisions
of this paragraph (c) and insuring that this Note (or any such replacement
security) will be similarly adjusted upon any subsequent transaction analogous
to a Fundamental Transaction. </P>
<P align=justify style="text-indent: 10%"><U>Exempt Issuance</U>. Notwithstanding the foregoing, no
adjustment will be made under this Section 8 in respect of an Exempt Issuance.
An &#147;Exempt Issuance&#148; shall consist of (i) securities issued (other than for cash) in connection
with a merger, acquisition, or consolidation, (ii) securities issued pursuant to
a bona fide firm underwritten public offering of the Company&#146;s securities, (iii)
securities issued pursuant to the conversion or exercise of convertible or
exercisable securities issued or outstanding on or prior to the date hereof or
issued pursuant to the Subscription Agreement, (iv) the shares of Common Stock
issuable upon the exercise of Warrants, (v) securities issued in connection with
strategic license agreements or other partnering arrangements so long as such
issuances are not for the purpose of raising capital, (vi) Common Stock issued
or options to purchase Common Stock granted or issued pursuant to the Company&#146;s
stock option plans and employee stock purchase plans as they now exist, and
(vii) the payment of any accrued interest in shares of Common Stock pursuant to
this Note. </P>
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<P align=justify style="text-indent: 5%">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Holder of the Note, by acceptance hereof, agrees that
this Note is being acquired for investment and that such Holder will not offer,
sell or otherwise dispose of this Note or any shares acquired on conversion
except under circumstances which will not result in a violation of the
Securities Act of 1933, as amended, or any applicable state Blue Sky or foreign
laws or similar laws relating to the sale of securities. </P>
<P align=justify style="text-indent: 5%">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any notice given by any party to the other with respect to
this Note shall be given to the instructions provided by the Holder on the first
page of the Subscription Agreement. </P>
<P align=justify style="text-indent: 5%">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Note shall be governed by and construed in accordance
with the laws of the Province of British Columbia. Each of the parties consents
to the exclusive jurisdiction of the courts of the Province of British Columbia
in connection with any dispute arising under this Agreement and hereby waives,
to the maximum extent permitted by law, any objection, including any objection
based on <I>forum non coveniens</I>, to the bringing of any such proceeding in
such jurisdictions.</P>
<P align=justify style="text-indent: 5%">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>JURY TRIAL WAIVER. </B>The Company and the Holder hereby
waive a trial by jury in any action, proceeding or counterclaim brought by
either of the Parties hereto against the other in respect of any matter arising
out of or in connection with this Note.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">13. </TD>
    <TD colSpan=2>The following shall constitute an &#147;Event of Default&#148;: </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">a. </TD>
    <TD>The Company shall default in the payment of any amount due on this
      Note, time being of the essence, whether by maturity, pursuant to Section
      2 or otherwise; or </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">b. </TD>
    <TD>The Company shall (1) make an assignment for the benefit of creditors
      or commence proceedings for its dissolution; or (2) apply for or consent
      to the appointment of a trustee, liquidator or receiver for its or for a
      substantial part of its property or business; or </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">c. </TD>
    <TD>A trustee, liquidator or receiver shall be appointed for the Company
      or for a substantial part of its property or business without its consent;
      or </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">d. </TD>
    <TD>Any governmental agency or any court of competent jurisdiction at the
      instance of any governmental agency shall assume custody or control of the
      whole or any substantial portion of the properties or assets of the
      Company; or </TD></TR></TABLE>
<P align=center>Page 7 </P>
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<TABLE
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  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">e. </TD>
    <TD>Bankruptcy, reorganization, insolvency or liquidation proceedings or
      other proceedings for relief under any bankruptcy law or any law for the
      relief of debtors shall be instituted by or against the Company.
  </TD></TR></TABLE>
<P align=justify>If an Event of Default shall have occurred, then, or at any
time thereafter, and in each and every such case, the Holder may at any time
while such Event of Default is ongoing give to the Company a written notice (a
&#147;Default Notice&#148;) stating that the Company has thirty days from the date of
receipt of the Default Notice to remedy the Default, failing which the Holder
may immediately enforce any and all of the Holder's rights and remedies provided
herein or any other rights or remedies afforded by law.</P>
<P align=justify style="text-indent: 5%">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event for any reason, any payment by or act of the
Company or the Holder shall result in payment of interest which would exceed the
limit authorized by or be in violation of the law of the jurisdiction applicable
to this Note, then <I>ipso facto</I> the obligation of the Company to pay
interest or perform such act or requirement shall be reduced to the limit
authorized under such law, so that in no event shall the Company be obligated to
pay any such interest, perform any such act or be bound by any requirement which
would result in the payment of interest in excess of the limit so authorized. In
the event any payment by or act of the Company shall result in the extraction of
a rate of interest in excess of a sum which is lawfully collectible as interest,
then such amount (to the extent of such excess not returned to the Company)
shall, without further agreement or notice between or by the Company or the
Holder, be deemed applied to the payment of principal, if any, hereunder
immediately upon receipt of such excess funds by the Holder, with the same force
and effect as though the Company had specifically designated such sums to be so
applied to principal and the Holder had agreed to accept such sums as an
interest-free prepayment of this Note. If any part of such excess remains after
the principal has been paid in full, whether by the provisions of the preceding
sentences of this Section or otherwise, such excess shall be deemed to be an
interest-free loan from the Company to the Holder, which loan shall be payable
immediately upon demand by the Company. The provisions of this Section shall
control every other provision of this Note. </P>
<P align=justify style="text-indent: 5%">IN WITNESS WHEREOF, the Company has caused this instrument to
be duly executed by an officer thereunto duly authorized this 19th day of
November, 2010. </P>
<P style="MARGIN-LEFT: 50%" align=justify>LEXARIA CORP. <BR><BR>By:
_______________________<BR>Name: Mr Chris Bunka <BR>Title: President <BR></P>
<P align=center>Page 8 </P>
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<DOCUMENT>
<TYPE>EX-20.3
<SEQUENCE>4
<FILENAME>exhibit20-3.htm
<DESCRIPTION>EXHIBIT 20.3
<TEXT>


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   <TITLE>Lexaria Corp.: Exhibit 20.3 - Filed by newsfilecorp.com</TITLE>

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<P align=right><b>Exhibit 20.3</b></P>
<P align=center><B>SECURITY AGREEMENT </B></P>
<P align=justify style="text-indent: 5%">SECURITY AGREEMENT, dated as of
November 19<SUP>th</SUP>, 2010 (this &#147;Agreement&#148;), among Lexaria Corp. (the
&#147;Company&#148; or &#147;Debtor&#148;) and the holder or holders of the 12.0% Notes due November
19, 2012 up to an allowable aggregate limit of US $3,000,000 (the &#147;Notes&#148;),
signatory hereto, their endorsees, transferees and assigns (collectively
referred to as, the &#147;Secured Parties&#148;). </P>
<P align=center><B>W I T N E S E T H: </B></P>
<P align=justify style="text-indent: 5%">WHEREAS, pursuant to the Notes,
the Secured Parties have severally agreed to extend the loans to the Company
evidenced by the Notes; and </P>
<P align=justify style="text-indent: 5%">WHEREAS, in order to induce the
Secured Parties to extend the loans evidenced by the Notes, the Debtor has
agreed to execute and deliver to the Secured Parties this Agreement and to grant
the Secured Parties, a perfected security interest in certain property of the
Debtor to secure the prompt payment, performance and discharge in full of all of
the Company&#146;s obligations under the Notes. </P>
<P align=justify style="text-indent: 5%">NOW, THEREFORE, in consideration
of the agreements herein contained and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto hereby agree as follows: </P>
<P align=justify style="margin-left: 5%">1. </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <B>Certain Definitions</B>. As
used in this Agreement, the following terms shall have the meanings set forth in
this Section 1. Terms used but not otherwise defined in this Agreement that are
defined in Article 9 of the UCC (such as &#147;account&#148;, &#147;chattel paper&#148;, &#147;commercial
tort claim&#148;, &#147;deposit account&#148;, &#147;document&#148;, &#147;equipment&#148;, &#147;fixtures&#148;, &#147;general
intangibles&#148;, &#147;goods&#148;, &#147;instruments&#148;, &#147;inventory&#148;, &#147;investment property&#148;,
&#147;letter-of-credit rights&#148;, &#147;proceeds&#148; and &#147;supporting obligations&#148;) shall have
the respective meanings given such terms in Article 9 of the UCC. </P>
<P align=justify style="margin-left: 10%">(a) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">
&#147;Collateral&#148; means the collateral in which the Secured Parties are granted a
security interest by this Agreement and which shall include the personal
property of the Debtor which is defined as and limited to the Debtor&#146;s 32% gross
perpetual working interest and production entitlement in and to the PP F-12-4
and PP F-12-5 oil and natural gas wells located in Belmont Lake, Mississippi,
and all proceeds, products and accounts thereof, including, without limitation,
all proceeds from the sale or transfer of the Collateral and of insurance
covering the same and of any tort claims in connection therewith, and all
dividends, interest, cash, notes, securities, equity interest or other property
at any time and from time to time acquired, receivable or otherwise distributed
in respect of, or in exchange for the Collateral. </P>
<P align=justify style="margin-left: 10%">(b) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">
&#147;Majority in Interest&#148; shall mean, at any time of determination, the majority in
interest (based on then-outstanding principal amounts of Notes at the time of
such determination) of the Secured Parties. </P>
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<P align=justify style="margin-left: 10%">(c) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">&#147;Obligations&#148; means all of
the Debtors&#146; obligations under this Agreement, the Notes and any other
instruments, agreements or other documents executed and/or delivered in
connection herewith or therewith, in each case, whether now or hereafter
existing, voluntary or involuntary, direct or indirect, absolute or contingent,
liquidated or unliquidated, whether or not jointly owned with others, and
whether or not from time to time decreased or extinguished and later increased,
created or incurred, and all or any portion of such obligations or liabilities
that are paid, to the extent all or any part of such payment is avoided or
recovered directly or indirectly from any of the Secured Parties as a
preference, fraudulent transfer or otherwise as such obligations may be amended,
supplemented, converted, extended or modified from time to time. Without
limiting the generality of the foregoing, the term &#147;Obligations&#148; shall include,
without limitation: (i) principal of, and interest on the Notes and the loans
extended pursuant thereto; (ii) any and all other fees, indemnities, costs,
obligations and liabilities of the Debtors from time to time under or in
connection with this Agreement, the Notes and any other instruments, agreements
or other documents executed and/or delivered in connection herewith or
therewith; and (iii) all amounts (including but not limited to post-petition
interest) in respect of the foregoing that would be payable but for the fact
that the obligations to pay such amounts are unenforceable or not allowable due
to the existence of a bankruptcy, reorganization or similar proceeding involving
any Debtor. </P>
<P align=justify style="margin-left: 10%">(d) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">
&#147;Organizational Documents&#148; means with respect to the Debtor, the documents by
which the Debtor was organized (such as a certificate of incorporation,
certificate of limited partnership or articles of organization, and including,
without limitation, any certificates of designation for preferred stock or other
forms of preferred equity) and which relate to the internal governance of the
Debtor (such as bylaws, a partnership agreement or an operating, limited
liability or members agreement). </P>
<P align=justify style="margin-left: 10%">(e)  </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">&#147;UCC&#148; means the Uniform
Commercial Code of the State of Nevada and or any other applicable law of any
state or states which has jurisdiction with respect to all, or any portion of,
the Collateral or this Agreement, from time to time. It is the intent of the
parties that defined terms in the UCC should be construed in their broadest
sense so that the term &#147;Collateral&#148; will be construed in its broadest sense.
Accordingly if there are, from time to time, changes to defined terms in the UCC
that broaden the definitions, they are incorporated herein and if existing
definitions in the UCC are broader than the amended definitions, the existing
ones shall be controlling.</P>
<P align=justify style="margin-left: 5%">2. </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <B>Grant of Perfected Security
Interest</B>. As an inducement for the Secured Parties to extend the loans as
evidenced by the Notes and to secure the complete and timely payment,
performance and discharge in full, as the case may be, of all of the
Obligations, the Debtor hereby unconditionally and irrevocably pledges, grants
and hypothecates to the Secured Parties a continuing and perfected security
interest in and to, a lien upon and a right of set-off against all of their
respective right, title and interest of whatsoever kind and nature in and to,
the Collateral (the &#147;Security Interest&#148;). </P>
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<P align=justify style="margin-left: 5%">3. </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <B>Delivery of Certain
Collateral</B>. Contemporaneously or prior to the execution of this Agreement,
the Debtor shall deliver or cause to be delivered to the Secured Parties any and
all certificates and other instruments or documents representing any of the
other Collateral, in each case, together with all Necessary Endorsements
requested by the Secured Parties.</P>
<P align=justify style="margin-left: 5%">4. </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <B>Representations,
Warranties, Covenants and Agreements of the Debtors</B>. The Debtor represents
and warrants to, and covenants and agrees with, the Secured Parties, except as
otherwise provided in the Disclosure Annex to the Purchase Agreement of even
date herewith, as follows: </P>
<P align=justify style="margin-left: 10%">(a) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">
The Debtor has the requisite corporate, partnership, limited liability company
or other power and authority to enter into this Agreement and otherwise to carry
out its obligations hereunder. The execution, delivery and performance by the
Debtor of this Agreement and the filings contemplated therein have been duly
authorized by all necessary action on the part of the Debtor and no further
action is required by the Debtor. This Agreement has been duly executed by the
Debtor. This Agreement constitutes the legal, valid and binding obligation of
the Debtor, enforceable against the Debtor in accordance with its terms except
as such enforceability may be limited by applicable bankruptcy, insolvency,
reorganization and similar laws of general application relating to or affecting
the rights and remedies of creditors and by general principles of equity. </P>
<P align=justify style="margin-left: 10%">(b)
</P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">The Debtor has no place of
business or offices where their respective books of account and records are kept
(other than temporarily at the offices of its attorneys or accountants) or
places where Collateral is stored or located, except as set forth on Schedule A
attached hereto. Except as disclosed on Schedule A, none of such Collateral is
in the possession of any consignee, bailee, warehouseman, agent or processor.
</P>
<P align=justify style="margin-left: 10%">(c) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">Except as set forth on
Schedule B attached hereto, the Debtor is the sole owner of the Collateral
(except for non-exclusive licenses granted by the Debtor in the ordinary course
of business), free and clear of any liens, security interests, encumbrances,
rights or claims and are fully authorized to grant the Security Interest. There
is not on file in any governmental or regulatory authority, agency or recording
office an effective financing statement, security agreement, license or transfer
or any notice of any of the foregoing (other than those that will be filed in favor of the Secured Parties pursuant to this Agreement) covering or affecting
any of the Collateral. So long as this Agreement shall be in effect, the Debtor
shall not execute and shall not knowingly permit to be on file in any such
office or agency any such financing statement or other document or instrument
(except to the extent filed or recorded in favor of the Secured Parties pursuant
to the terms of this Agreement). </P>
<P align=justify style="margin-left: 10%">(d) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">Except as set forth on
Schedule B attached hereto, no written claim has been received that any
Collateral or Debtor's use of any Collateral violates the rights of any third
party. There has been no adverse decision to the Debtor's claim of ownership
rights in or exclusive rights to use the Collateral in any jurisdiction or to
the Debtor's right to keep and maintain such Collateral in full force and
effect, and there is no proceeding involving said rights pending or, to the best
knowledge of the Debtor, threatened before any court, judicial body,
administrative or regulatory agency, arbitrator or other governmental authority. </P>
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<P align=justify style="margin-left: 10%">(e)
</P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">The Debtor shall at all times
maintain its books of account and records relating to the Collateral at its
principal place of business and its Collateral at the locations set forth on
Schedule A attached hereto and may not relocate such books of account and
records or tangible Collateral unless it delivers to the Secured Parties at
least 30 days prior to such relocation (i) written notice of such relocation and
the new location thereof (which must be within the United States or Canada) and
(ii) evidence that appropriate financing statements under the UCC and other
necessary documents have been filed and recorded and other steps have been taken
to perfect the Security Interest to create in favor of the Secured Parties a
valid, perfected and continuing perfected first priority lien in the Collateral.
</P>
<P align=justify style="margin-left: 10%">(f) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">This Agreement creates in favor of the Secured Parties a valid, security interest in the Collateral,
securing the payment and performance of the Obligations. Upon making the filings
described in the immediately following paragraph, all security interests created
hereunder in any Collateral which may be perfected by filing Uniform Commercial
Code financing statements shall have been duly perfected. Except for the filing
of the Uniform Commercial Code financing statements referred to in the
immediately following paragraph, the recording of the Intellectual Property
Security Agreement (as defined below) with respect to copyrights and copyright
applications in the United States Copyright Office referred to in paragraph (p),
and the delivery of the certificates and other instruments provided in Section
3, no action is necessary to create, perfect or protect the security interests
created hereunder. Without limiting the generality of the foregoing, except for
the filing of said financing statements, the recordation of said Intellectual
Property Security Agreement, no consent of any third parties and no
authorization, approval or other action by, and no notice to or filing with, any
governmental authority or regulatory body is required for (i) the execution,
delivery and performance of this Agreement, (ii) the creation or perfection of
the Security Interests created hereunder in the Collateral or (iii) the
enforcement of the rights of the Secured Parties hereunder. </P>
<P align=justify style="margin-left: 10%">(g) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">The Debtor hereby authorizes
the Secured Parties, or any of them, to file one or more financing statements
under the UCC, with respect to the Security Interest with the proper filing and
recording agencies in any jurisdiction deemed proper by them. </P>
<P align=justify style="margin-left: 10%">(h) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">The execution, delivery and
performance of this Agreement by the Debtor does not (i) violate any of the
provisions of any Organizational Documents of the Debtor or any judgment,
decree, order or award of any court, governmental body or arbitrator or any
applicable law, rule or regulation applicable to the Debtor or (ii) conflict
with, or constitute a default (or an event that with notice or lapse of time or
both would become a default) under, or give to others any rights of termination,
amendment, acceleration or cancellation (with or without notice, lapse of time
or both) of, any agreement, credit facility, debt or other instrument
(evidencing the Debtor's debt or otherwise) or other understanding to which the Debtor is a party or by which any
property or asset of the Debtor is bound or affected. No consent (including,
without limitation, from stockholders or creditors of the Debtor) is required
for the Debtor to enter into and perform its obligations hereunder. </P>
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<P align=justify style="margin-left: 10%">(i) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">The Debtor shall at all times
maintain the liens and Security Interest provided for hereunder as valid and
perfected second priority liens and security interests in the Collateral in favor of the Secured Parties until this Agreement and the Security Interest
hereunder shall be terminated pursuant to Section 13 hereof. The Debtor hereby
agrees to defend the same against the claims of any and all persons and
entities. The Debtor shall safeguard and protect all Collateral for the account
of the Secured Parties. At the request of the Secured Parties, the Debtor will
sign and deliver to the Secured Parties at any time or from time to time one or
more financing statements pursuant to the UCC in form reasonably satisfactory to
the Secured Parties and will pay the cost of filing the same in all public
offices wherever filing is, or is deemed by the Secured Parties to be, necessary
or desirable to effect the rights and obligations provided for herein. Without
limiting the generality of the foregoing, the Debtor shall pay all fees, taxes
and other amounts necessary to maintain the Collateral and the Security Interest
hereunder, and the Debtor shall obtain and furnish to the Secured Parties from
time to time, upon demand, such releases and/or subordinations of claims and
liens which may be required to maintain the priority of the Security Interest
hereunder. </P>
<P align=justify style="margin-left: 10%">(j) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">
The Debtor will not transfer, pledge, hypothecate, encumber, license, sell or
otherwise dispose of any of the Collateral (except for non-exclusive licenses
granted by the Debtor in its ordinary course of business and sales of inventory
by the Debtor in its ordinary course of business) without the prior written
consent of a dollar-weighted Majority in Interest of the Debtors. </P>
<P align=justify style="margin-left: 10%">(k) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">
The Debtor shall keep and preserve its equipment, inventory and other tangible
Collateral in good condition, repair and order and shall not operate or locate
any such Collateral (or cause to be operated or located) in any area excluded
from insurance coverage. </P>
<P align=justify style="margin-left: 10%">(l)
</P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">
The Debtor shall, within twenty (20) days of obtaining knowledge thereof, advise
the Secured Parties promptly, in sufficient detail, of any substantial change in
the Collateral, and of the occurrence of any event which would have a material
adverse effect on the value of the Collateral or on the Secured Parties&#146;
security interest therein.
</P>
<P align=justify style="margin-left: 10%">(m) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">The Debtor shall promptly
execute and deliver to the Secured Parties such further deeds, mortgages,
assignments, security agreements, financing statements or other instruments,
documents, certificates and assurances and take such further action as the
Secured Parties may from time to time request and may in its sole discretion
deem necessary to perfect, protect or enforce its security interest in the
Collateral including, without limitation, if applicable, the execution and
delivery of a separate security agreement with respect to the Debtor&#146;s
Intellectual Property (&#147;Intellectual Property Security Agreement&#148;) in which the
Secured Parties have been granted a security interest hereunder, substantially in a form acceptable to the Secured
Parties, which Intellectual Property Security Agreement, other than as stated
therein, shall be subject to all of the terms and conditions hereof. </P>
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<P align=justify style="margin-left: 10%">(n) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">
The Debtor shall permit the Secured Parties and their representatives and agents
to inspect the Collateral at any time, and to make copies of records pertaining
to the Collateral as may be requested by a Secured Party from time to time. </P>
<P align=justify style="margin-left: 10%">(o) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">
The Debtor shall take all steps reasonably necessary to diligently pursue and
seek to preserve, enforce and collect any rights, claims, causes of action and
accounts receivable in respect of the Collateral. </P>
<P align=justify style="margin-left: 10%">(p) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">
The Debtor shall promptly notify the Secured Parties in sufficient detail upon
becoming aware of any attachment, garnishment, execution or other legal process
levied against any Collateral and of any other information received by the
Debtor that may materially affect the value of the Collateral, the Security
Interest or the rights and remedies of the Secured Parties hereunder. </P>
<P align=justify style="margin-left: 10%">(q) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">
All information heretofore, herein or hereafter supplied to the Secured Parties
by or on behalf of the Debtor with respect to the Collateral is accurate and
complete in all material respects as of the date furnished. </P>
<P align=justify style="margin-left: 10%">(r) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">
The Debtor shall at all times preserve and keep in full force and effect their
respective valid existence and good standing and any rights and franchises
material to its business. </P>
<P align=justify style="margin-left: 10%">(s) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">
The Debtor will not change its name, type of organization, jurisdiction of
organization, organizational identification number (if it has one), legal or
corporate structure, or identity, or add any new fictitious name unless it
provides at least 20 days prior written notice to the Secured Parties of such
change and, at the time of such written notification, the Debtor provides any
financing statements or fixture filings necessary to perfect and continue
perfected the perfected security Interest granted and evidenced by this
Agreement. </P>
<P align=justify style="margin-left: 10%">(t) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">
The Debtor was organized and remains organized solely under the laws of the
State of Nevada. </P>
<P align=justify style="margin-left: 10%">(u) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">
At any time and from time to time that any Collateral consists of instruments,
certificated securities or other items that require or permit possession by the
secured party to perfect the security interest created hereby, the applicable
Debtor shall deliver such Collateral to the Secured Parties. </P>
<P align=justify style="margin-left: 10%">(v) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">The Debtor, in its capacity
as issuer, hereby agrees to comply with any and all orders and instructions of
the Secured Parties regarding the Pledged Interests consistent with the terms of
this Agreement without the further consent of the Debtor as contemplated by
Section 8-106 (or any successor section) of the UCC. Further, the Debtor agrees that it shall not enter into a similar agreement
(or one that would confer &#147;control&#148; within the meaning of Article 8 of the UCC)
with any other person or entity. </P>
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<P align=justify style="margin-left: 10%">(w) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">The Debtor shall cause all
tangible chattel paper constituting Collateral to be delivered to the Secured
Parties, or, if such delivery is not possible, then to cause such tangible
chattel paper to contain a legend noting that it is subject to the security
interest created by this Agreement. To the extent that any Collateral consists
of electronic chattel paper, the applicable Debtor shall cause the underlying
chattel paper to be &#147;marked&#148; within the meaning of Section 9-105 of the UCC (or
successor section thereto). </P>
<P align=justify style="margin-left: 10%">(x) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">
Reserved. </P>
<P align=justify style="margin-left: 10%">(y) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">
To the extent that any Collateral is in the possession of any third party, the
Debtor shall join with the Secured Parties in notifying such third party of the
Secured Parties&#146; security interest in such Collateral and shall use its best
efforts to obtain an acknowledgement and agreement from such third party with
respect to the Collateral, in form and substance satisfactory to the Secured
Parties. </P>
<P align=justify style="margin-left: 10%">(z) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">
If the Debtor shall at any time hold or acquire a commercial tort claim, the
Debtor shall promptly notify the Secured Parties in a writing signed by the
Debtor of the particulars thereof and grant to the Secured Parties in such
writing a security interest therein and in the proceeds thereof, all upon the
terms of this Agreement, with such writing to be in form and substance
satisfactory to the Secured Parties. </P>
<P align=justify style="margin-left: 10%">(aa) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">
The Debtor shall immediately provide written notice to the Secured Parties of
any and all accounts which arise out of contracts with any governmental
authority and, to the extent necessary to perfect or continue the perfected
status of the Security Interest in such accounts and proceeds thereof, shall
execute and deliver to the Secured Parties an assignment of claims for such
accounts and cooperate with the Secured Parties in taking any other steps
required, in their judgment, under the Federal Assignment of Claims Act or any
similar federal, state or local statute or rule to perfect or continue the
perfected status of the Security Interest in such accounts and proceeds thereof. </P>
<P align=justify style="margin-left: 10%">(bb)
</P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">The Debtor shall cause each
subsidiary of the Debtor to immediately become a party hereto (an &#147;Additional
Debtor&#148;), by executing and delivering an Additional Debtor Joinder in
substantially the form of Annex A attached hereto and comply with the provisions
hereof applicable to the Debtor. Concurrent therewith, the Additional Debtor
shall deliver replacement schedules for, or supplements to all other Schedules
to (or referred to in) this Agreement, as applicable, which replacement
schedules shall supersede, or supplements shall modify, the Schedules then in
effect. The Additional Debtor shall also deliver such opinions of counsel,
authorizing resolutions, good standing certificates, incumbency certificates,
organizational documents, financing statements and other information and
documentation as the Secured Parties may reasonably request. Upon delivery of
the foregoing to the Secured Parties, the Additional Debtor shall be and become
a party to this Agreement with the same rights and obligations as the Debtor,
for all purposes hereof as fully and to the same extent as if it were an
original signatory hereto and shall be deemed to have made the representations, warranties and covenants set forth herein as of the date of
execution and delivery of such Additional Debtor Joinder, and all references
herein to the &#147;Debtors&#148; shall be deemed to include each Additional Debtor.
</P>
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<P align=justify style="margin-left: 10%">(cc) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.55pt">
The Debtor will from time to time, at the joint and several expense of the
Debtor, promptly execute and deliver all such further instruments and documents,
and take all such further action as may be necessary or desirable, or as the
Secured Parties may reasonably request, in order to perfect and protect any
security interest granted or purported to be granted hereby or to enable the
Secured Parties to exercise and enforce their rights and remedies hereunder and
with respect to any Collateral or to otherwise carry out the purposes of this
Agreement. </P>
<P align=justify style="margin-left: 10%">(dd)
</P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.55pt">
None of the account debtors or other persons or entities obligated on any of the
Collateral is a governmental authority covered by the Federal Assignment of
Claims Act or any similar federal, state or local statute or rule in respect of
such Collateral.
</P>
<P align=justify style="margin-left: 5%">5. </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <B>Effect of Pledge on Certain
Rights</B>.<B> </B>If any of the Collateral subject to this Agreement consists
of nonvoting equity or ownership interests (regardless of class, designation,
preference or rights) that may be converted into voting equity or ownership
interests upon the occurrence of certain events (including, without limitation,
upon the transfer of all or any of the other stock or assets of the issuer), it
is agreed that the pledge of such equity or ownership interests pursuant to this
Agreement or the enforcement of any of the Secured Parties&#146; rights hereunder
shall not be deemed to be the type of event which would trigger such conversion
rights notwithstanding any provisions in the Organizational Documents or
agreements to which any Debtor is subject or to which the Debtor is party. </P>
<P align=justify style="margin-left: 5%">6. </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <B>Defaults</B>. The following events shall be &#147;Events of
Default&#148;: </P>
<P align=justify style="margin-left: 10%">(a) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.55pt">
The occurrence of an Event of Default (as defined in the Notes) under the Notes; </P>
<P align=justify style="margin-left: 10%">(b) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.55pt">
Any representation or warranty of the Debtor in this Agreement shall prove to
have been incorrect in any material respect when made; </P>
<P align=justify style="margin-left: 10%">(c) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.55pt">
The failure by the Debtor to observe or perform any of its obligations hereunder
for twenty (20) days after delivery to the Debtor of notice of such failure by
or on behalf of a Secured Party unless such default is capable of cure but
cannot be cured within such time frame and the Debtor is using best efforts to
cure same in a timely fashion; or </P>
<P align=justify style="margin-left: 10%">(d) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.55pt">If any provision of this
Agreement shall at any time for any reason be declared to be null and void, or
the validity or enforceability thereof shall be contested by the Debtor, or a
proceeding shall be commenced by the Debtor, or by any governmental authority
having jurisdiction over the Debtor, seeking to establish the invalidity or unenforceability thereof, or the Debtor shall deny that the
Debtor has any liability or obligation purported to be created under this
Agreement. </P>
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<P align=justify style="margin-left: 5%">7. </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <B>Duty To Hold In Trust</B>.
Upon the occurrence of any Event of Default and at any time thereafter, the
Debtor shall, upon receipt of any revenue, income, dividend, interest or other
sums subject to the Security Interest, whether payable pursuant to the Notes or
otherwise, or of any check, draft, note, trade acceptance or other instrument
evidencing an obligation to pay any such sum, hold the same in trust for the
Secured Parties and shall forthwith endorse and transfer any such sums or
instruments, or both (to the extent permitted by law), to the Secured Parties,
pro-rata in proportion to their initial purchases of Notes for application to
the satisfaction of the Obligations (and if any Note is not outstanding,
pro-rata in proportion to the initial purchases of the remaining Notes). </P>
<P align=justify style="margin-left: 5%">8. </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <B>Rights and Remedies Upon Default</B>.</P>
<P align=justify style="margin-left: 10%">(a) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">Upon the occurrence of any
Event of Default and at any time thereafter provided the same is then
continuing, the Secured Parties, acting through any agent appointed by them for
such purpose, shall have the right to exercise all of the remedies conferred
hereunder and under the Notes, and the Secured Parties shall have all the rights
and remedies of a secured party under the UCC. Without limitation, the Secured
Parties shall have the following rights and powers: </P>
<P align=justify style="margin-left: 15%">(i) </P>
<P align=justify style="text-indent: 10%; margin-left: 10%; margin-top: -25.5pt">
The Secured Parties shall have the right to take possession of the Collateral
and, for that purpose, enter, with the aid and assistance of any person, any
premises where the Collateral, or any part thereof, is or may be placed and
remove the same, and the Debtor shall assemble the Collateral and make it
available to the Secured Parties at places which the Secured Parties shall
reasonably select, whether at the Debtor's premises or elsewhere, and make
available to the Secured Parties, without rent, all of the Debtor&#146;s respective
premises and facilities for the purpose of the Secured Parties taking possession
of, removing or putting the Collateral in saleable or disposable form. </P>
<P align=justify style="margin-left: 15%">(ii) </P>
<P align=justify style="text-indent: 10%; margin-left: 10%; margin-top: -25.5pt">
Upon notice to the Debtor by the Secured Parties, all rights of the Debtor to
exercise the voting and other consensual rights which it would otherwise be
entitled to exercise and all rights of the Debtor to receive the dividends and
interest which it would otherwise be authorized to receive and retain, shall
cease. Upon such notice, the Secured Parties shall have the right to receive any
interest, cash dividends or other payments on the Collateral and, at the option
oft, to exercise in such the Secured Parties&#146; discretion all voting rights
pertaining thereto. Without limiting the generality of the foregoing, the
Secured Parties shall have the right (but not the obligation) to exercise all
rights with respect to the Collateral as it were the sole and absolute owners
thereof, including, without limitation, to vote and/or to exchange, at its sole
discretion, any or all of the Collateral in connection with a merger,
reorganization, consolidation, recapitalization or other readjustment concerning
or involving the Collateral or the Debtor or any of its direct or indirect
subsidiaries. </P>
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<P align=justify style="margin-left: 15%">(iii) </P>
<P align=justify style="text-indent: 10%; margin-left: 10%; margin-top: -25.5pt">
The Secured Parties shall have the right to operate the business of the Debtor
in regards to the Collateral and shall have the right to assign, sell, lease or
otherwise dispose of and deliver all or any part of the Collateral, at public or
private sale or otherwise, either with or without special conditions or
stipulations, for cash or on credit or for future delivery, in such parcel or
parcels and at such time or times and at such place or places, and upon such
terms and conditions as the Secured Parties may deem commercially reasonable,
all without (except as shall be required by applicable statute and cannot be
waived) advertisement or demand upon or notice to the Debtor or right of
redemption of the Debtor, which are hereby expressly waived. Upon each such
sale, lease, assignment or other transfer of Collateral, the Secured Parties
may, unless prohibited by applicable law which cannot be waived, purchase all or
any part of the Collateral being sold, free from and discharged of all trusts,
claims, right of redemption and equities of the Debtor, which are hereby waived
and released. </P>
<P align=justify style="margin-left: 15%">(iv) </P>
<P align=justify style="text-indent: 10%; margin-left: 10%; margin-top: -25.5pt">
The Secured Parties shall have the right (but not the obligation) to notify any
account debtors and any obligors under instruments or accounts to make payments
directly to the Secured Parties and to enforce the Debtors&#146; rights against such
account debtors and obligors. </P>
<P align=justify style="margin-left: 15%">(v) </P>
<P align=justify style="text-indent: 10%; margin-left: 10%; margin-top: -25.5pt">
The Secured Parties may (but are not obligated to) direct any financial
intermediary or any other person or entity holding any investment property to
transfer the same to the Secured Parties or their designee. </P>
<P align=justify style="margin-left: 10%">(b) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">
The Secured Parties may comply with any applicable law in connection with a
disposition of Collateral and such compliance will not be considered adversely
to affect the commercial reasonableness of any sale of the Collateral. The
Secured Parties may sell the Collateral without giving any warranties and may
specifically disclaim such warranties. If the Secured Parties sells any of the
Collateral on credit, the Debtor will only be credited with payments actually
made by the purchaser. In addition, the Debtor waives any and all rights that it
may have to a judicial hearing in advance of the enforcement of any of the
Secured Parties&#146; rights and remedies hereunder, including, without limitation,
its right following an Event of Default to take immediate possession of the
Collateral and to exercise its rights and remedies with respect thereto. </P>
<P align=justify style="margin-left: 5%">9. </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <B>Applications of
Proceeds</B>. The proceeds of any such sale, lease or other disposition of the
Collateral hereunder shall be applied first, to the expenses of retaking,
holding, storing, processing and preparing for sale, selling, and the like
(including, without limitation, any taxes, fees and other costs incurred in
connection therewith) of the Collateral, to the reasonable attorneys&#146; fees and
expenses incurred by the Secured Parties in enforcing their rights hereunder and
in connection with collecting, storing and disposing of the Collateral, and then
to satisfaction of the Obligations pro rata among the Secured Parties (based on
then-outstanding proportionate principal dollar amounts of Notes at the time of
any such determination), and to the payment of any other amounts required by
applicable law, after which the Secured Parties shall pay to the Debtor any
surplus proceeds. If, upon the sale, license or other disposition of the
Collateral, the proceeds thereof are insufficient to pay all amounts to which
the Secured Parties are legally entitled, the Debtor will be liable for the
deficiency, together with interest thereon, at the rate of 18.0% per annum or
the lesser amount permitted by applicable law (the &#147;Default Rate&#148;), and the
reasonable fees of any attorneys employed by the Secured Parties to collect such
deficiency. To the extent permitted by applicable law, the Debtor waives all
claims, damages and demands against the Secured Parties arising out of the
repossession, removal, retention or sale of the Collateral, unless due solely to
the gross negligence or willful misconduct of the Secured Parties as determined
by a final judgment (not subject to further appeal) of a court of competent
jurisdiction. </P>
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<P align=justify style="margin-left: 5%">10. </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <B>Costs and Expenses</B>.
The Debtor agrees to pay all reasonable out-of-pocket fees, costs and expenses
incurred in connection with any filing required hereunder, including without
limitation, any financing statements pursuant to the UCC, continuation
statements, partial releases and/or termination statements related thereto or
any expenses of any searches reasonably required by the Secured Parties. The
Debtor shall also pay all other claims and charges which in the reasonable
opinion of the Secured Parties might prejudice, imperil or otherwise affect the
Collateral or the Security Interest therein. The Debtor will also, upon demand,
pay to the Secured Parties the amount of any and all reasonable expenses,
including the reasonable fees and expenses of its counsel and of any experts and
agents, which the Secured Parties may incur in connection with (i) the
enforcement of this Agreement, (ii) the custody or preservation of, or the sale
of, collection from, or other realization upon, any of the Collateral, or (iii)
the exercise or enforcement of any of the rights of the Secured Parties under
the Notes. Until so paid, any fees payable hereunder shall be added to the
principal amount of the Notes and shall bear interest at the Default Rate. </P>
<P align=justify style="margin-left: 5%">11. </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <B>Responsibility for
Collateral</B>. The Debtor assumes all liabilities and responsibility in
connection with all Collateral, and the Obligations shall in no way be affected
or diminished by reason of the loss, destruction, damage or theft of any of the
Collateral or its unavailability for any reason. The Secured Party agrees to act
in accordance with commercially reasonable standards and the UCC. Without
limiting the generality of the foregoing, (a) no Secured Party (i) has any duty
(either before or after an Event of Default) to collect any amounts in respect
of the Collateral or to preserve any rights relating to the Collateral, or (ii)
has any obligation to clean-up or otherwise prepare the Collateral for sale, and
(b) the Debtor shall remain obligated and liable under each contract or
agreement included in the Collateral to be observed or performed by the Debtor
thereunder. No Secured Party shall have any obligation or liability under any
such contract or agreement by reason of or arising out of this Agreement or the
receipt by any Secured Party of any payment relating to any of the Collateral,
nor shall any Secured Party be obligated in any manner to perform any of the
obligations of the Debtor under or pursuant to any such contract or agreement,
to make inquiry as to the nature or sufficiency of any payment received by any
Secured Party in respect of the Collateral or as to the sufficiency of any
performance by any party under any such contract or agreement, to present or
file any claim, to take any action to enforce any performance or to collect the
payment of any amounts which may have been assigned to any Secured Party who may
be entitled at any time or times. </P>
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<P align=justify style="margin-left: 5%">12. </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <B>Security Interest
Absolute</B>. All rights of the Secured Parties and all obligations of the
Debtor hereunder, shall be absolute and unconditional, irrespective of: (a) any
lack of validity or enforceability of this Agreement, the Notes or any
agreement entered into in connection with the foregoing, or any portion hereof
or thereof; (b) any change in the time, manner or place of payment or
performance of, or in any other term of, all or any of the Obligations, or any
other amendment or waiver of or any consent to any departure from the Notes or
any other agreement entered into in connection with the foregoing; (c) any
exchange, release or nonperfection of any of the Collateral, or any release or
amendment or waiver of or consent to departure from any other collateral for, or
any guaranty, or any other security, for all or any of the Obligations; (d) any
action by the Secured Parties to obtain, adjust, settle and cancel in its sole
discretion any insurance claims or matters made or arising in connection with
the Collateral; or (e) any other circumstance which might otherwise constitute
any legal or equitable defense available to the Debtor, or a discharge of all or
any part of the Security Interest granted hereby. Until the Obligations shall
have been paid and performed in full, the rights of the Secured Parties shall
continue even if the Obligations are barred for any reason, including, without
limitation, the running of the statute of limitations or bankruptcy. The Debtor
expressly waives presentment, protest, notice of protest, demand, notice of
nonpayment and demand for performance. In the event that at any time any
transfer of any Collateral or any payment received by the Secured Parties
hereunder shall be deemed by final order of a court of competent jurisdiction to
have been a voidable preference or fraudulent conveyance under the bankruptcy or
insolvency laws of the United States, or shall be deemed to be otherwise due to
any party other than the Secured Parties, then, in any such event, the Debtor&#146;s
obligations hereunder shall survive cancellation of this Agreement, and shall
not be discharged or satisfied by any prior payment thereof and/or cancellation
of this Agreement, but shall remain a valid and binding obligation enforceable
in accordance with the terms and provisions hereof. The Debtor waives all right
to require the Secured Parties to proceed against any other person or entity or
to apply any Collateral which the Secured Parties may hold at any time, or to
marshal assets, or to pursue any other remedy. The Debtor waives any defense
arising by reason of the application of the statute of limitations to any
obligation secured hereby. </P>
<P align=justify style="margin-left: 5%">13. </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <B>Term of Agreement</B>.
This Agreement and the Security Interest shall terminate on the date on which
all payments under the Notes have been indefeasibly paid in full and all other
Obligations have been paid or discharged; provided, however, that all
indemnities contained in this Agreement shall survive and remain operative and
in full force and effect regardless of the termination of this Agreement. </P>
<P align=justify style="margin-left: 5%">14. </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <B>Power of Attorney; Further
Assurances</B>. On a continuing basis, the Debtor will make, execute,
acknowledge, deliver, file and record, as the case may be, with the proper
filing and recording agencies in any jurisdiction, including, without
limitation, the jurisdictions indicated on <B>Schedule C </B>attached hereto,
all such instruments, and take all such action as may reasonably be deemed
necessary or advisable, or as reasonably requested by the Secured Parties, to
perfect the Security Interest granted hereunder and otherwise to carry out the
intent and purposes of this Agreement, or for assuring and confirming to the
Secured Parties the grant or perfection of a perfected security interest in all
the Collateral under the UCC. </P>
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<P align=justify style="margin-left: 5%">15. </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <B>Notices</B>. All notices,
requests, demands and other communications hereunder shall be subject to the
notice provision of the Subscription Agreement (as such term is defined in the
Notes). </P>
<P align=justify style="margin-left: 5%">16. </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <B>Other Security</B>. To the
extent that the Obligations are now or hereafter secured by property other than
the Collateral or by the guarantee, endorsement or property of any other person,
firm, corporation or other entity, then the Secured Parties shall have the
right, in its sole discretion, to pursue, relinquish, subordinate, modify or
take any other action with respect thereto, without in any way modifying or
affecting any of the Secured Parties&#146; rights and remedies hereunder. </P>
<P align=justify style="margin-left: 5%">17. </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <B>Miscellaneous</B>. </P>
<P align=justify style="margin-left: 10%">(a) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">No course of dealing between
the Debtor and the Secured Parties, nor any failure to exercise, nor any delay
in exercising, on the part of the Secured Parties, any right, power or privilege
hereunder or under the Notes shall operate as a waiver thereof; nor shall any
single or partial exercise of any right, power or privilege hereunder or thereunder preclude any other or further exercise thereof or the exercise of any
other right, power or privilege. </P>
<P align=justify style="margin-left: 10%">(b) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">
All of the rights and remedies of the Secured Parties with respect to the
Collateral, whether established hereby or by the Notes or by any other
agreements, instruments or documents or by law shall be cumulative and may be
exercised singly or concurrently. </P>
<P align=justify style="margin-left: 10%">(c) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">
This Agreement constitutes the entire agreement of the parties with respect to
the subject matter hereof and is intended to supersede all prior negotiations,
understandings and agreements with respect thereto. Except as specifically set
forth in this Agreement, no provision of this Agreement may be modified or
amended except by a written agreement specifically referring to this Agreement
and signed by the parties hereto. </P>
<P align=justify style="margin-left: 10%">(d) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">
In the event any provision of this Agreement is held to be invalid, prohibited
or unenforceable in any jurisdiction for any reason, unless such provision is
narrowed by judicial construction, this Agreement shall, as to such
jurisdiction, be construed as if such invalid, prohibited or unenforceable
provision had been more narrowly drawn so as not to be invalid, prohibited or
unenforceable. If, notwithstanding the foregoing, any provision of this
Agreement is held to be invalid, prohibited or unenforceable in any
jurisdiction, such provision, as to such jurisdiction, shall be ineffective to
the extent of such invalidity, prohibition or unenforceability without
invalidating the remaining portion of such provision or the other provisions of
this Agreement and without affecting the validity or enforceability of such
provision or the other provisions of this Agreement in any other jurisdiction. </P>
<P align=justify style="margin-left: 10%">(e) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">No waiver of any breach or
default or any right under this Agreement shall be considered valid unless in
writing and signed by the party giving such waiver, and no such waiver shall be deemed a waiver of any subsequent breach
or default or right, whether of the same or similar nature or otherwise. </P>
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<P align=justify style="margin-left: 10%">(f) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">
This Agreement shall be binding upon and inure to the benefit of each party
hereto and its successors and assigns. </P>
<P align=justify style="margin-left: 10%">(g) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">
Each party shall take such further action and execute and deliver such further
documents as may be necessary or appropriate in order to carry out the
provisions and purposes of this Agreement. </P>
<P align=justify style="margin-left: 10%">(h) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">All questions concerning the
construction, validity, enforcement and interpretation of this Agreement shall
be governed by and construed and enforced in accordance with the internal laws
of the State of Nevada, without regard to the principles of conflicts of law
thereof. The Debtor agrees that all proceedings concerning the interpretations,
enforcement and defense of the transactions contemplated by this Agreement and
the Notes (whether brought against a party hereto or its respective affiliates,
directors, officers, shareholders, partners, members, employees or agents) shall
be commenced exclusively in the state and federal courts sitting in the State of
Nevada. The Debtor hereby irrevocably submits to the exclusive jurisdiction of
the state and federal courts sitting in the State of Nevada for the adjudication
of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein, and hereby irrevocably waives, and
agrees not to assert in any proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such proceeding is improper.
Each party hereto hereby irrevocably waives personal service of process and
consents to process being served in any such proceeding by mailing a copy
thereof via registered or certified mail or overnight delivery (with evidence of
delivery) to such party at the address in effect for notices to it under this
Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed
to limit in any way any right to serve process in any manner permitted by law.
Each party hereto hereby irrevocably waives, to the fullest extent permitted by
applicable law, any and all right to trial by jury in any legal proceeding
arising out of or relating to this Agreement or the transactions contemplated
hereby. If any party shall commence a proceeding to enforce any provisions of
this Agreement, then the prevailing party in such 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
proceeding. </P>
<P align=justify style="margin-left: 10%">(i) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">
This Agreement may be executed in any number of counterparts, each of which when
so executed shall be deemed to be an original and, all of which taken together
shall constitute one and the same Agreement. In the event that any signature is
delivered by facsimile transmission, such signature shall create a valid binding
obligation of the party executing (or on whose behalf such signature is
executed) the same with the same force and effect as if such facsimile signature
were the original thereof. </P>
<P align=justify style="margin-left: 10%">(j) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">Nothing in this Agreement
shall be construed to subject any Secured Party to liability as a partner of the
Debtor or any if its direct or indirect subsidiaries that is a partnership or as a member in the Debtor or any of its direct
or indirect subsidiaries that is a limited liability company, nor any Secured
Party be deemed to have assumed any obligations under any partnership agreement
or limited liability company agreement, as applicable, of the Debtor or any if
its direct or indirect subsidiaries or otherwise, unless and until any such
Secured Party exercises its right to be substituted for the Debtor as a partner
or member, as applicable, pursuant hereto. </P>
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<P align=justify style="margin-left: 10%">(k) </P>
<P align=justify style="text-indent: 10%; margin-left: 5%; margin-top: -25.5pt">To the extent that the grant
of the security interest in the Collateral and the enforcement of the terms
hereof require the consent, approval or action of any partner or member, as
applicable, of the Debtor or any direct or indirect subsidiary of the Debtor or
compliance with any provisions of any of the Organizational Documents, the
Debtor hereby grant such consent and approval and waive any such noncompliance
with the terms of said documents.</P>
<P align=justify style="text-indent: 5%">IN WITNESS WHEREOF, the parties
hereto have caused this Security Agreement to be duly executed on the day and
year first above written. </P>
<P align=justify>&nbsp;</P>
<P align=justify>LEXARIA CORP. </P>
<P align=justify>______________________<BR>Name: Chris Bunka <BR>Title: CEO,
Chair </P>
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<P align=center>[SIGNATURE PAGE OF DEBT HOLDERS TO LEXARIA CORP.] </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left>Name of Investing Entity: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><I>Signature of Authorized Signatory of Investing
      entity</I>: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Name of Authorized Signatory: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Title of Authorized Signatory: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%"
    >&nbsp;</TD></TR>
  <TR>
    <TD noWrap>&nbsp; </TD>
    <TD width="50%" >&nbsp;</TD></TR>
  <TR>
    <TD noWrap>&nbsp; </TD>
    <TD width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Name of Investing Entity: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><I>Signature of Authorized Signatory of Investing
      entity</I>: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Name of Authorized Signatory: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Title of Authorized Signatory: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%"
    >&nbsp;</TD></TR>
  <TR>
    <TD noWrap>&nbsp; </TD>
    <TD width="50%" >&nbsp;</TD></TR>
  <TR>
    <TD noWrap>&nbsp; </TD>
    <TD width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Name of Investing Entity: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><I>Signature of Authorized Signatory of Investing
      entity</I>: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Name of Authorized Signatory: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Title of Authorized Signatory: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%"
    >&nbsp;</TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center><B>SCHEDULE A </B></P>
<P align=center><B>LOCATION OF COLLATERAL </B></P>
<P align=justify>Principal Place of Business of Debtor: </P>
<P align=justify>#930 - 1150 West Pender Street <BR>Vancouver, B.C. V6E 4A4 </P>
<P align=justify>Locations Where Collateral is Located or Stored: </P>
<P align=justify>Belmont Lake Field, <BR>Wilkinson County, Mississippi
<BR>Section 41-T2N-R4W </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center><B>SCHEDULE B </B></P>
<P align=center><B>EXISTING LIENS OR CLAIMS ON COLLATERAL</B> </P>
<P align=justify>None. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center><B>SCHEDULE C </B></P>
<P align=center><B>JURISDICTIONS IN WHICH COLLATERAL LOCATED </B></P>
<P align=justify>Belmont Lake Field, <BR>Wilkinson County, Mississippi
<BR>Section 41-T2N-R4W </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center><B>SCHEDULE D </B></P>
<P align=center><B>EQUITY INTERESTS </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<!--$$/page=--><A name=page_21></A>
<P align=center><B><U><FONT color=#0000ff></FONT></U></B>ANNEX A <BR>to
<BR>SECURITY <BR>AGREEMENT </P>
<P align=center>FORM OF ADDITIONAL DEBTOR JOINDER </P>
<P align=center>Security Agreement dated as of November 19, 2010 made by
<BR>LEXARIA CORP. <BR>and its subsidiaries party thereto from time to time, as
Debtors <BR>to and in favor of <BR>the Secured Parties identified therein (the
&#147;Security Agreement&#148;) </P>
<P align=center>Reference is made to the Security Agreement as defined above;
capitalized terms used herein and not otherwise defined herein shall have the
meanings given to such terms in, or by reference in, the Security Agreement.
</P>
<P align=center>The undersigned hereby agrees that upon delivery of this
Additional Debtor Joinder to the Secured Parties referred to above, the
undersigned shall (a) be an Additional Debtor under the Security Agreement, (b)
have all the rights and obligations of the Debtors under the Security Agreement
as fully and to the same extent as if the undersigned was an original signatory
thereto and (c) be deemed to have made the appropriate representations and
warranties set forth in this Security Agreement and the accompanying Note
Purchase Agreement therein as of the date of execution and delivery of this
Additional Debtor Joinder. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, THE
UNDERSIGNED SPECIFICALLY GRANTS TO THE SECURED PARTIES A SECURITY INTEREST IN
THE COLLATERAL AS MORE FULLY SET FORTH IN THE SECURITY AGREEMENT AND
ACKNOWLEDGES AND AGREES TO THE WAIVER OF JURY TRIAL PROVISIONS SET FORTH
THEREIN. </P>
<P align=center>Attached hereto are supplemental and/or replacement Schedules to
the Security Agreement, as applicable. </P>
<P align=center>An executed copy of this Joinder shall be delivered to the
Secured Parties, and the Secured Parties may rely on the matters set forth
herein on or after the date hereof. This Joinder shall not be modified, amended
or terminated without the prior written consent of the Secured Parties. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_22></A>
<P align=justify>IN WITNESS WHEREOF, the undersigned has caused this Joinder to
be executed in the name and on behalf of the undersigned. </P>
<P align=justify>&nbsp;</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left>Signature: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="85%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Name: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="85%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Title: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="85%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap>&nbsp; </TD>
    <TD width="85%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Address: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="85%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap>&nbsp; </TD>
    <TD width="85%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Dated: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="85%">&nbsp;</TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-20.4
<SEQUENCE>5
<FILENAME>exhibit20-4.htm
<DESCRIPTION>EXHIBIT 20.4
<TEXT>
<HTML>
<HEAD>
   <TITLE>Lexaria Corp.: Exhibit 20.4 - Filed by newsfilecorp.com</TITLE>
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=right><B>Exhibit 20.4</B></P>
<P align=center><B><U>ASSIGNMENT AGREEMENT</U></B><B> </B></P>
<P align=justify><B>THIS ASSIGNMENT </B>is made effective as of this 16<SUP>th
</SUP>day of December, 2010 </P>
<P align=justify><B>BETWEEN</B>: </P>
<P style="MARGIN-LEFT: 10%" align=justify><B>LEXARIA CORP.</B>, a company
incorporated under the laws of the State of Nevada, having a business office at
#950 - 1130 West Pender, Vancouver, British Columbia, Canada V6E 4A4 </P>
<P style="MARGIN-LEFT: 10%" align=justify>(the &#147;<B>Assignor,</B>&#148; or,
&#147;<B>Lexaria</B>&#148;) </P>
<P align=justify><B>AND</B>: </P>
<P style="MARGIN-LEFT: 10%" align=justify><B>Emerald Atlantic, LLC</B>, a
business in the State of Texas, having an office at<B> </B>#11714 Spriggs Way,
Houston Texas 77024 </P>
<P style="MARGIN-LEFT: 10%" align=justify>(the &#147;<B>Assignee</B>&#148;) </P>
<P align=justify><B>WHEREAS</B>:<B> </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">A. </TD>
    <TD colSpan=2>
      <P align=justify>The Assignor and the Assignee are in the business of
      natural resources exploration and development;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">B. </TD>
    <TD colSpan=2>
      <P align=justify>Lexaria has entered into a farmout, option and
      participation letter agreement dated December 9, 2010 (the &#147;Head
      Agreement&#148;), a copy of which is available hereto, with Griffin &amp;
      Griffin Exploration L.L.C. (&#147;Griffin&#148;) with respect to the following
      property: Tuscaloosa well target on North Red Bug Prospect.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">C. </TD>
    <TD colSpan=2>
      <P align=justify>Lexaria currently has the right to earn:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>A 5.75% working interest before casing point (BCP) and
      4.423% working interest after casing point (ACP) in the Tuscaloosa well
      known as USA 1-27, in the North Red Bug prospect, located in Section 27,
      Township 4N, Rang 1W, Wilkinson County Mississippi and with a target depth
      of approximately 11,900 feet, and;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%">D. </TD>
    <TD colSpan=2>
      <P align=justify>On or about December 13, 2010, the Assignor entered into
      an Authorization For Expenditure agreement (the &#147;AFE&#148;) with Griffin, a
      copy of which is attached as Exhibit II hereto, to participate in the
      drilling and completion of the Tuscaloosa well known as USA 1-27, by
      paying a 5.75% (estimated at $115,097.75) share of the drilling costs and
      4.423% (estimated at $44,982.00) of the completion costs to earn a 4.423%
      net revenue interest (the &#147;Net Revenue Interest&#148;) in the well;
  and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">E. </TD>
    <TD colSpan=2>
      <P align=justify>The Assignee wishes to purchase from the Assignor and the
      Assignor wishes to sell to the Assignee a revenue interest of 18.0% of a
      4.423% share of the Assignor&#146;s Net Revenue Interest after field operating expenses (for clarity, a 0.79614% net revenue interest) from the USA 1-27 well (the &ldquo;Assigned Interest&rdquo;);</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>


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<A name="page_2"></A>

<BR><TABLE BCLLIST style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
	<TD width=5% valign=top>
F. 	</TD>
	<TD colspan=2>
<P align="justify">In consideration for the Assigned Interest the Assignee has agreed to pay to the Assignor:</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD width=5% valign=top>
(a) 	</TD>
	<TD>
<P align="justify">20.0% of the Assignor&rsquo;s estimated costs currently budgeted at approximately &#36;160,079.75 but subject to revision by Griffin, being an amount of US&#36;32,075.95 (the &ldquo;Initial Consideration&rdquo;); and</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD width=5% valign=top>
(b) 	</TD>
	<TD>
<P align="justify">20.0% of the Assignor&rsquo;s 4.423% share of USA 1-27 well costs from time to time for infrastructure, pipes, tanks, compressors, trucking, etc, as recommended for expenditure by Griffin (the &ldquo;Subsequent
Consideration&rdquo;); and,</P>
	</TD>
</TR>
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TR>
	<TD width=5% valign=top>
G. 	</TD>
	<TD colspan=2>
<P align="justify">Upon the terms and subject to the conditions set forth in this Assignment, the consent of Griffin with respect to the Assignment herein having been obtained, the Assignor wishes to assign and the Assignee wishes to accept the
assignment of the Assigned Interest as shown above in and to the Participation Agreement.</P>
	</TD>
</TR>
</TABLE>
<P align="justify">
<B>NOW THEREFORE THIS AGREEMENT WITNESSES</B> that in consideration of covenants and agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree each
with the other as follows: </P>
<TABLE BCLLIST style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
	<TD width=5% valign=top>
1. 	</TD>
	<TD>
<P align="justify">The Assignor hereby assigns, transfers and sets over to the Assignee, effective as of the date hereof, all proportionate rights, interest and benefits in the Assigned Interest held by or granted to the Assignor in and to the
Participation Agreement between the Assignor and Griffin; and details of which are referenced in the attached Exhibit II. The Assignee hereby acknowledges and agrees that the Assignor is making no representation or covenant as to whether any oil
revenue will be recovered from the Assigned Interest.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
2. 	</TD>
	<TD>
<P align="justify">The Assignee hereby agrees to pay to the Assignor the Initial Consideration, within 5 days of the signing of this Assignment.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
3. 	</TD>
	<TD>
<P align="justify">The Assignee hereby agrees to pay to the Assignor the Subsequent Consideration as required and or demanded by the Assignor. In the event the Assignee does not provide the Subsequent Consideration within five (5) business days,
Griffin shall withhold such amount of revenue from the Assigned Interest in order to satisfy the then amount outstanding of the Subsequent Consideration.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
4. 	</TD>
	<TD>
<P align="justify">The Assignor warrants and represents to the Assignee that as of the date of this Assignment, the Participation Agreement is in full force and effect, without modification or amendment, that the Assignor has the full right and
authority to assign the Assigned Interest and all of the Assigned Interest&rsquo;s rights, interest and benefits held by or granted to the Assignor in and to the Participation Agreement and that such rights, interest and benefits assigned to the
Assignee herein are free of lien, encumbrance or adverse claim.</P>
	</TD>
</TR>
</TABLE>
<BR>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<!--$$/page=--><A name=page_3></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>The Assignee hereby assumes and agrees to perform all
      obligations of the Assignor with respect to the Assigned Interest under
      the Participation Agreement and guarantees to hold the Assignor harmless
      from any claim or demand of any kind made hereunder.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>This Assignment shall be binding upon and inure to the
      benefit of the parties, their successors and assigns.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify>Each of the parties hereto will co-operate with the
      others and execute and deliver to the other parties hereto such other
      instruments and documents and take such other actions as may be reasonably
      requested from time to time by any other party hereto as necessary to
      carry out, evidence, and confirm the intended purpose of this
      Assignment.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify>This Assignment may not be amended except by an
      instrument in writing signed by each of the parties.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify>This Assignment and the Exhibit hereto contain the entire
      agreement between the parties with respect to the subject matter hereof
      and supercede all prior arrangements and understandings, both written and
      oral, express or implied, with respect thereto. Any preceding
      correspondence or offers are expressly superceded and terminated by this
      Assignment.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10. </TD>
    <TD>
      <P align=justify>All notices and other communications required or
      permitted under this Assignment must be in writing and will be deemed
      given if sent by personal delivery, faxed with electronic confirmation of
      delivery, internationally recognized courier or registered or certified
      mail (return receipt requested), postage prepaid, to the parties at the
      following addresses (or at such other address for a party as will be
      specified by like notice):</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>If to the Assignor: </TD>
    <TD align=left width="31%">If to the Assignee: </TD>
    <TD align=left width="31%">If to Griffin: </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="31%" >&nbsp;</TD>
    <TD align=left width="31%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>950 - 1130 West Pender St. </TD>
    <TD align=left width="31%">#11714 Spriggs Way </TD>
    <TD align=left width="31%">1904 Lakeland Drive, </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Vancouver BC </TD>
    <TD align=left width="31%">Houston Texas </TD>
    <TD align=left width="31%">Suite F, </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>V6E 4A4 </TD>
    <TD align=left width="31%">77024 </TD>
    <TD align=left width="31%">Jackson, MS, 39236 </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>604.602.1633 ph </TD>
    <TD align=left width="31%">281-925-0172 ph </TD>
    <TD align=left width="31%">601.713.1146 ph </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>604.602.1625 fax </TD>
    <TD align=left width="31%"><U><FONT color=#0000ff>dcd@att.net
      </FONT></U>email </TD>
    <TD align=left width="31%">601.713.1175 fax </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">11. </TD>
    <TD>
      <P align=justify>This Assignment will be governed by and construed in
      accordance with the laws of the Province of British Columbia, Canada as
      applicable to contracts made and performed therein.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">12. </TD>
    <TD>
      <P align=justify>This Assignment may be executed in one or more
      counterparts, all of which will be considered one and the same Assignment
      and will become effective when one or mare counterparts have been signed
      by each of the parties and delivered to the other parties, it being
      understood that all parties need not sign the same counterpart.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">13. </TD>
    <TD>
      <P align=justify>This Agreement may be executed by delivery of executed
      signature pages by fax and such fax execution will be effective for all
      purposes.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">14. </TD>
    <TD>
      <P align=justify>Time is of essence in this
Assignment.</P></TD></TR></TABLE>
<P align=justify><B>IN WITNESS WHEREOF</B> the parties have executed this
Assignment as of the day and year first above written. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ASSIGNOR</B> </TD>
    <TD align=left width="50%"><B>ASSIGNEE</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>LEXARIA CORP.</B> </TD>
    <TD align=left width="50%"><B>EMERALD ATLANTIC LLC</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Per: ______________________________</TD>
    <TD align=left width="50%">Per: ______________________________</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Authorized Signatory </TD>
    <TD align=left width="50%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;Authorized Signatory </TD></TR>
  <TR vAlign=top>
    <TD align=left>Name: Bal Bhullar </TD>
    <TD align=left width="50%">Name: David DeMartini </TD></TR>
  <TR vAlign=top>
    <TD align=left>Title: CFO, Director </TD>
    <TD align=left width="50%">Title: President </TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>6
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>Lexaria Corp.: Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<p align="right"><b><a name="page_1">Exhibit 99.1</a></b><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>December 20, 2010 </TD>
    <TD align=right width="50%">Trading Symbol: <B>LXRP</B>: OTCBB</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="50%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>LXX</B>:
  CNSX</TD></TR></TABLE>
<P align=center><B><FONT size=4>Convertible Debenture Financing </FONT></B></P>
<P align=justify>(Vancouver, BC: December 20, 2010) - Lexaria Corp. (the
"Company&#148; or &#147;Lexaria") announces it has completed the second tranche of a
non-brokered convertible debenture financing in the amount of US$170,000. The
convertible debentures mature on November 30, 2012, subject to forced conversion
as set out in the convertible debenture certificate. A director of the Company
purchased debentures in the amount of US$120,000. </P>
<P align=justify>The convertible debentures pay an interest rate of 12% per
annum calculated on a simple basis, payable monthly in arrears. Each debenture
is convertible at a price of US $0.35 cents into units, each unit comprised of a
common share and a warrant. Each warrant entitles the holder thereof to purchase
one share at a price of US$0.40 per share from the earlier of the maturity date
of the convertible debenture or one year from conversion of the convertible
debenture. The Company also entered into a general security agreement with the
subscribers, whereby the obligations to repay the convertible debenture are
secured by certain assets of the Company. </P>
<P align=justify>The proceeds of this financing will be used to fund an
infrastructure upgrade at Belmont Lake oil field designed to optimize
production, and for general corporate purposes. </P>
<P align=justify>A total of $2,500 was paid as a finder&#146;s fee in connection with
this second tranche of the convertible debenture financing. </P>
<P align=justify>As was originally reported on November 30, 2010, an initial
tranche of this financing raised US$450,000. In total as of December 17, 2010,
the Company has cumulatively raised US$620,000 in this convertible debenture
financing. </P>
<P align=justify>For Canadian securities laws purposes, all securities issued
pursuant to the convertible debenture financing shall have a holding period of
four months and one day from the issuance of the convertible debenture. </P>
<P align=justify>In addition, a director of the Company is investing
US$32,075.95 to earn a portion of the Company&#146;s working interest in a new oil
and gas well expected to be drilled. More details of this well and this related
party transaction will be released as they are available. </P>
<P align=justify><I>About Lexaria: </I></P>
<P align=justify>To learn more about Lexaria Corp. visit
www.lexariaenergy.com.</P>
<P align=justify>ON BEHALF OF THE BOARD<BR>"Chris Bunka," President <BR></P>
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<P align=justify>FOR FURTHER INFORMATION PLEASE CONTACT:</P>

<P align="justify">
Lexaria Corp.<BR>
Chris Bunka President/CEO/Chairman<BR>
(250) 765 6424 <BR>
</P>
<P align="justify">
<B><U>FORWARD-LOOKING STATEMENTS</U></B> </P>
<P align="justify">
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements which are not historical facts are
forward-looking statements. The Company makes forward-looking public statements concerning its expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions,
growth opportunities, plans and objectives of management for future operations, including statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other
similar expressions are forward-looking statements. Such forward-looking statements are estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance
that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors but they include and are not limited to the existence of underground deposits of commercial quantities of oil and gas;
cessation or delays in exploration because of mechanical, weather, operating, financial or other problems; capital expenditures that are higher than anticipated; or exploration opportunities being fewer than currently anticipated. There can be no
assurance that road or site conditions will be favourable for field work; no assurance that well treatments will have any effect on oil or gas production; no assurance that oil field interconnections will have any measurable impact on oil or gas
production or on field operations, and no assurance that the expected new well(s) will be drilled or have any impact on the Company. There can be no assurance that expected oil and gas production will actually materialize; and thus no assurance that
expected revenue will actually occur. There is no assurance the Company will have sufficient funds to drill additional wells, or to complete acquisitions or other business transactions. Such forward looking statements also include estimated cash
flows, revenue and current and/or future rates of production of oil and natural gas, which can and will fluctuate for a variety of reasons; oil and gas reserve quantities produced by third parties; and intentions to participate in future exploration
drilling. Adverse weather conditions can delay operations, impact production, and cause reductions in revenue. The Company may not have sufficient expertise to thoroughly exploit its oil and gas properties. The Company may not have sufficient
funding to thoroughly explore, drill or develop its properties. Access to capital, or lack thereof, is a major risk. Current oil and gas production rates may not be sustainable and targeted production rates may not occur. Factors which could cause
actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be
identified from time to time in the Company's public announcements and filings.</P>
<P align="justify">
<I>The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.</I></P>

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