<SEC-DOCUMENT>0001144204-17-063100.txt : 20171211
<SEC-HEADER>0001144204-17-063100.hdr.sgml : 20171211
<ACCEPTANCE-DATETIME>20171211145832
ACCESSION NUMBER:		0001144204-17-063100
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20171211
DATE AS OF CHANGE:		20171211

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FENNEC PHARMACEUTICALS INC.
		CENTRAL INDEX KEY:			0001211583
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-221093
		FILM NUMBER:		171249341

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 13628
		STREET 2:		68 TW ALEXANDER DRIVE
		CITY:			RESEARCH TRIANGLE PARK
		STATE:			NC
		ZIP:			27709
		BUSINESS PHONE:		(919) 636-4530

	MAIL ADDRESS:	
		STREET 1:		PO BOX 13628
		STREET 2:		68 TW ALEXANDER DRIVE
		CITY:			RESEARCH TRIANGLE PARK
		STATE:			NC
		ZIP:			27709

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FENNEC PHARMACEUTICALS, INC.
		DATE OF NAME CHANGE:	20140903

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ADHEREX TECHNOLOGIES INC
		DATE OF NAME CHANGE:	20021223
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>tv481073_424b5.htm
<DESCRIPTION>424B5
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 297pt"><B>Filed Pursuant to
Rule 424(b)(5)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration Statement No. 333-221093</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(To the Prospectus dated November 3, 2017)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>2,352,950
Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tv480924_img1.jpg" ALT=""></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are offering
2,352,950  common shares, no par value per share, pursuant to this prospectus supplement and the accompanying
prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our common shares are
listed on the Nasdaq Capital Market under the symbol &ldquo;FENC&rdquo; and on the Toronto Stock Exchange under the symbol &ldquo;FRX.&rdquo;
On December 7, 2017, the last reported sale price of our common shares on the Nasdaq Capital Market was $8.99 per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Investing in our
securities involves a high degree of risk. You should carefully review and consider the risks and uncertainties described under
the heading &ldquo;Risk Factors&rdquo; beginning on page&nbsp;S-3 of this prospectus supplement.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Neither the Securities
and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this
prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal
offense.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 10pt">&nbsp;</TD><TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Per&nbsp;Share</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font: 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt">Public offering price</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;8.50&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">20,000,075</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Underwriting discount</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.4372</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,028,710</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Proceeds, before expenses, to us</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.0628</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18,971,365</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have granted a 30-day
option to the underwriters to purchase up to 352,942 additional common shares solely to cover over-allotments, if any.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The underwriters expect to deliver the shares
offered hereby against payment therefor on or about December 12, 2017.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><I>Sole Book-Running
Manager</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 16pt"><B>Wedbush PacGrow</B></FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">December 8, 2017</P>

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Prospectus Supplement</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; width: 90%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#fpi_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">About This Prospectus Supplement</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#fpi_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-ii</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#fpi_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Note Regarding Forward-Looking Statements </FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#fpi_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-iii</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#fpi_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Summary</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#fpi_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-1</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#fpi_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Risk Factors</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#fpi_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-3</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#fpi_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Use of Proceeds</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#fpi_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-14</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#fpi_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Dividend Policy</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#fpi_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-15</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#fpi_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Capitalization</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#fpi_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-16</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#fpi_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Dilution</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#fpi_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-17</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#fpi_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Underwriting</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#fpi_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-18</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#fpi_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Notice to Investors</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#fpi_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-21</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#fpi_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">material united states and canadian federal income tax consequences of this offering </FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#fpi_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-23</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#fpi_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Legal Matters</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#fpi_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-31</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#fpi_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Experts</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#fpi_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-31</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#fpi_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Where You Can Find More Information</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#fpi_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-31</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#fpi_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Incorporation of Certain Documents by Reference</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#fpi_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-31</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Prospectus</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FENNEC PHARMACEUTICALS INC.</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORWARD LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF CAPITAL STOCK </FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CERTAIN ERISA MATTERS </FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS </FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="fpi_001"></A>ABOUT THIS PROSPECTUS SUPPLEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This document contains
two parts. The first part is this prospectus supplement, which describes the terms of this offering and also adds to and updates
information contained in the accompanying prospectus and the documents incorporated by reference in this prospectus supplement
and the accompanying prospectus. The second part, the accompanying prospectus dated November&nbsp;3, 2017, including the documents
incorporated by reference therein, provides more general information, some of which may not apply to this offering. Generally,
when we refer to this prospectus, we are referring to both parts of this document combined. To the extent there is a conflict between
the information contained in this prospectus supplement, on the one hand, and the information contained in the accompanying prospectus
or in any document incorporated by reference that was filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
before the date of this prospectus supplement, on the other hand, you should rely on the information in this prospectus supplement.
If any statement in one of these documents is inconsistent with a statement in another document having a later date (for example,
a document incorporated by reference in the accompanying prospectus), the statement in the document having the later date modifies
or supersedes the earlier statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should rely only
on the information contained in or incorporated by reference in this prospectus supplement, the accompanying prospectus and any
free writing prospectus we have authorized for use in connection with this offering. We have not, and the underwriters have not,
authorized anyone to provide you with different information. If anyone provides you with different or inconsistent information,
you should not rely on it. We are not, and the underwriters are not, making an offer to sell these securities in any jurisdiction
where the offer or sale is not permitted or in which the person making that offer or solicitation is not qualified to do so or
to anyone to whom it is unlawful to make an offer or solicitation. You should assume that the information appearing in this prospectus
supplement, the accompanying prospectus, the documents incorporated by reference in this prospectus supplement and the accompanying
prospectus and any free writing prospectus we have authorized for use in connection with this offering, is accurate only as of
the date of those respective documents. Our business, financial condition, results of operations and prospects may have changed
since those dates. You should read this prospectus supplement, the accompanying prospectus and the documents incorporated by reference
in this prospectus supplement and the accompanying prospectus in their entirety before making an investment decision. You should
also read and consider the information in the documents to which we have referred you in the sections of this prospectus supplement
entitled &ldquo;Where You Can Find More Information&rdquo; and &ldquo;Incorporation of Certain Documents by Reference.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We further note that
the representations, warranties and covenants made by us in any agreement that is filed as an exhibit to any document that is incorporated
by reference into this prospectus supplement or the accompanying prospectus were made solely for the benefit of the parties to
such agreement, including, in some cases, for the purpose of allocating risk among the parties to such agreement, and should not
be deemed to be a representation, warranty or covenant to you. Moreover, such representations, warranties or covenants speak only
as of the date when made. Accordingly, such representations, warranties and covenants should not be relied on as accurately representing
the current state of our affairs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All references in this
prospectus supplement and the accompanying prospectus to &ldquo;Fennec,&rdquo; the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo;
&ldquo;our,&rdquo; or similar references refer to Fennec Pharmaceuticals&nbsp;Inc. and its subsidiaries, except where the context
otherwise requires or as otherwise indicated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are offering to
sell, and are seeking offers to buy, the shares only in jurisdictions where such offers and sales are permitted. The distribution
of this prospectus supplement and the accompanying prospectus and the offering of the shares in certain jurisdictions or to certain
persons within such jurisdictions may be restricted by law. Persons outside the United States who come into possession of this
prospectus supplement and the accompanying prospectus must inform themselves about and observe any restrictions relating to the
offering of the shares and the distribution of this prospectus supplement and the accompanying prospectus outside the United States.
This prospectus supplement and the accompanying prospectus do not constitute, and may not be used in connection with, an offer
to sell, or a solicitation of an offer to buy, any securities offered by this prospectus supplement and the accompanying prospectus
by any person in any jurisdiction in which it is unlawful for such person to make such an offer or solicitation.</P>

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


<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->ii<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="fpi_002"></A>NOTE ON FORWARD-LOOKING STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus supplement,
the accompanying prospectus and the documents the Company has filed with the SEC that are incorporated by reference in this prospectus
supplement or the accompanying prospectus contain forward-looking statements within the meaning of Section&nbsp;27A of the Securities
Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended
(the &ldquo;Exchange Act&rdquo;). These forward-looking statements may concern possible or anticipated future results of operations
or business developments. These statements are based on management&rsquo;s current expectations or predictions of future conditions,
events or results based on various assumptions and management&rsquo;s estimates of trends and economic factors in the markets in
which we are active, as well as our business plans. Words such as &ldquo;expects&rdquo;, &ldquo;anticipates&rdquo;, &ldquo;intends&rdquo;,
&ldquo;plans&rdquo;, &ldquo;believes&rdquo;, &ldquo;seeks&rdquo;, &ldquo;estimates&rdquo;, &ldquo;projects&rdquo;, &ldquo;forecasts&rdquo;,
&ldquo;may&rdquo;, &ldquo;should&rdquo;, variations of such words and similar expressions are intended to identify such forward-looking
statements. The forward-looking statements may include, without limitation, statements regarding product development, product potential,
regulatory environment, sales and marketing strategies, capital resources, operating performance, or the closing of this offering.&nbsp;
The forward-looking statements are subject to risks and uncertainties, which may cause results to differ materially from those
set forth in the statements. Forward-looking statements should be evaluated together with the many uncertainties that affect the
Company&rsquo;s business and its market, particularly those discussed under &ldquo;Risk Factors&rdquo; below, as well as any amendments
to such risk factors reflected in our subsequent filings with the SEC. Forward-looking statements include, but are not limited
to, statements about:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our expectations regarding the use of
our existing capital resources and any proceeds we may receive from the sale of securities offered under this prospectus supplement;
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our efforts to pursue collaborations with
other companies and third parties; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the timing and success of our planned
preclinical studies with animals and clinical trials with humans; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our ability to enroll patients in our
clinical trials at the pace that we project; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">whether the results
of our trials will be sufficient to support domestic or foreign regulatory approvals for our product candidate;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our ability to obtain and maintain regulatory
approval of <FONT STYLE="background-color: white">our product candidate; </FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">the benefits
of the use of our product candidate; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">our ability to
successfully commercialize our product candidate if approved; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">the rate and
degree of market acceptance of our product candidate; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">our ability to
maintain, or recognize the anticipated benefits of, Orphan Drug Designation for our product candidate;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our ability to protect our intellectual
property;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our corporate and development strategies;
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our expected results of operations; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our anticipated levels of expenditures;
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the nature and scope of potential markets
for our product candidate; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our ability to attract and retain key
employees.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Forward-looking statements
are not guarantees of future performance, and actual results may differ materially from those projected. The forward-looking statements
are representative only as of the date they are made, and the Company assumes no responsibility to update any forward-looking statements
except as required by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus supplement
contains estimates, projections and other statistical data made by independent parties and by us relating to market size and growth,
the incidence of certain medical conditions and other industry data. These data, to the extent they contain estimates or projections,
involve a number of subjective assumptions and limitations, and you are cautioned not to give undue weight to such estimates or
projections. Industry publications and other reports we have obtained from independent parties generally state that the data contained
in these publications or other reports have been obtained in good faith or from sources considered to be reliable, but they do
not guarantee the accuracy or completeness of such data. While we believe that the data from these industry publications and other
reports are generally reliable, we have not independently verified the accuracy or completeness of such data. These and other factors
could cause results to differ materially from those expressed in these publications and reports.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may from time to
time provide estimates of the potential United States and foreign market for our product candidate. These estimates are based on
a number of factors, including our expectation as to the number of patients with a certain medical condition that would potentially
benefit from our product candidate. While we have determined these estimates based on assumptions that we believe are reasonable,
there are a number of factors that could cause our expectations to change or not be realized. See &ldquo;Risk Factors.&rdquo; It
is possible that the ultimate market for our product candidate will differ significantly from our expectations due to these or
other factors and, therefore, investors should not place undue reliance on such estimates.</P>

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


<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->iii<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="fpi_003"></A><B>SUMMARY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>This summary is
not complete and does not contain all the information that you should consider before investing in our common shares. Before making
an investment decision, you should carefully read the entire prospectus supplement, the accompanying prospectus and the documents
incorporated by reference herein, including the risk factors described in &ldquo;Risk Factors&rdquo; beginning on page&nbsp;S-3
of this prospectus supplement, as well as the financial statements and related notes and the other information incorporated by
reference herein.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">We
are a biopharmaceutical company focused on the development of PEDMARK<SUP>TM </SUP>(a unique formulation of Sodium Thiosulfate
(&ldquo;STS&rdquo;)) for the prevention of platinum-induced ototoxicity in pediatric cancer patients.&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have not received
and do not expect to have significant revenues from our product candidate until we are either able to sell our product candidate
after obtaining applicable regulatory approvals or we establish collaborations that provide us with up-front payments, licensing
fees, milestone payments, royalties or other revenue. We generated a net loss from operations of approximately $2.8 million for
the twelve months ended December&nbsp;31, 2016 (there was a non-cash gain on the change in derivative liability of $0.05 million),
and net loss of $0.7 million for the twelve months ended December&nbsp;31, 2015 (as a result of a non-cash gain on derivatives
of $1.2 million). As of December&nbsp;31, 2016, our accumulated deficit was approximately $114.3 million. Our independent outside
accounting firm has indicated that these circumstances raise substantial doubt about our ability to continue as a going concern.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">We
incorporated under the Canada Business Corporations Act (&ldquo;CBCA&rdquo;) in September 1996. Effective on August&nbsp;25, 2011,
we continued from the CBCA to the Business Corporations Act (British Columbia) (the &ldquo;Continuance&rdquo;). The Continuance
was approved by our shareholders at our June 2011 Annual and Special Meeting and by resolution of our Board of Directors on August&nbsp;10,
2011. We have three wholly-owned subsidiaries: Oxiquant, Inc. and Fennec Pharmaceuticals, Inc., both Delaware corporations, and
Cadherin Biomedical Inc., a Canadian company. With the exception of Fennec Pharmaceuticals, Inc., all subsidiaries are inactive.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our principal executive
offices are located at PO BOX 13628, 68 TW Alexander Drive, Research Triangle Park, NC 27709. Our telephone number is (919) 636-4530.
Our website is www.fennecpharma.com. Information contained in our website does not constitute part of this prospectus supplement.</P>

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


<!-- Field: Page; Sequence: 5; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: top; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common shares&nbsp;offered&nbsp;by&nbsp;us</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 65%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,352,950
    common shares.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over-allotment option</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    have granted the underwriters a 30-day option to purchase up to 352,942 additional common shares from us at the public
    offering price, less the underwriting discount, to cover over-allotments, if any.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common shares to be outstanding immediately after this offering</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,275,703
    common shares (18,628,645 common shares if the underwriters&rsquo;
    over-allotment option is exercised in full).</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We intend to use the net proceeds of this offering for obtaining regulatory approvals, the potential launch of PEDMARK<SUP>TM</SUP>, and working capital and general corporate purposes. Our management will retain broad discretion over the allocation of the net proceeds from the sale of the common shares. See &ldquo;Use of Proceeds&rdquo; on page&nbsp;S-14 of this prospectus supplement for more information. </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk Factors</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Before purchasing our common shares, you should carefully consider the risk factors described in &ldquo;Risk Factors&rdquo; beginning on page&nbsp;S-3 of this prospectus supplement.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange Listing </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our common shares listed on the Nasdaq Capital Market under the symbol &ldquo;FENC&rdquo; and on the Toronto Stock Exchange under the symbol &ldquo;FRX.&rdquo; On December 7, 2017, the last reported sale price of our common shares on the Nasdaq Capital Market was $8.99 per share. </FONT></TD></TR>
</TABLE>





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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information set
forth above is based on 15,922,753 common shares outstanding on December&nbsp;7, 2017 and excludes as of that date the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,315,194 common shares issuable upon the exercise of outstanding
options having a weighted average exercise price of $2.34 per share;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,362,498 common shares issuable upon the exercise of outstanding
warrants having an exercise price of $1.56 per share; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,665,494 additional common shares reserved for future issuance under
our Stock Option Plan.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -18.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise indicated,
all information in this prospectus supplement assumes no exercise of the outstanding options or the warrants described above and
no exercise by the underwriters of their over-allotment option.</P>

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


<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="fpi_004"></A>RISK FACTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>An investment in
our common shares involves a high degree of risk. Before deciding whether to invest in our common shares, you should consider carefully
the risk factors described below, in conjunction with this entire prospectus supplement, the accompanying prospectus and the documents
incorporated by reference into this prospectus supplement.&nbsp;In particular, you should carefully consider and evaluate the risks
and uncertainties described below.&nbsp;&nbsp;If any of these risks were to occur, our business, financial condition or results
of operations would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of
your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known
to us or that we currently deem immaterial may also impair our business, operations or prospects and could cause the trading price
of our common shares to decline, resulting in a loss of all or part of your investment.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our business involves
a number of risks, some of which are beyond our control.&nbsp; The risks and uncertainties described below are not the only ones
we face.&nbsp; Set forth below is a discussion of the risks and uncertainties that management believes to be material to Fennec.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We have a history of significant
losses and have had no revenues to date through the sale of our products. If we do not generate significant revenues, we will not
achieve profitability.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To date, we have been
engaged primarily in research and development activities. We have had no revenues through the sale of our products, and we do not
expect to have significant revenues until we are able to either sell our product candidate after obtaining applicable regulatory
approvals or we establish collaborations that provide us with up-front payments, licensing fees, milestone payments, royalties
or other revenue. We have incurred significant operating losses every year since our inception on September&nbsp;3, 1996. We reported
a loss of approximately $2.8 million (including a non-cash gain on derivative liabilities of $0.05 million) in the twelve months
ended December&nbsp;31, 2016, and reported a net loss of approximately $0.7 million (which included a non-cash gain on derivative
liabilities of $1.2 million) for the twelve months ended December&nbsp;31, 2015. At December&nbsp;31, 2016, we had an accumulated
deficit of approximately $114.3 million. We anticipate incurring substantial additional losses due to the need to spend substantial
amounts on activities required for regulatory approval of PEDMARK<SUP>TM</SUP>, commercial launch preparation of PEDMARK<SUP>TM</SUP>,
anticipated research and development activities, and general and administrative expenses, among other factors. We have not commercially
introduced any products. Our ability to attain profitability will depend upon our ability to fund and develop products that are
safe, effective and commercially viable, to obtain regulatory approval for the manufacture and sale of our product candidate and
to license or otherwise market our product candidate successfully. Any revenues generated from such product, assuming it is successfully
developed, marketed and sold, may not be realized for a number of years. We may never achieve or sustain profitability on an ongoing
basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>PEDMARK<SUP>TM</SUP> is currently
our only product candidate and there is no assurance that we will successfully develop PEDMARK<SUP>TM</SUP> into a commercially
viable product. </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since our formation
in September 1996, we have engaged in research and development programs. We have generated no revenue from product sales, do not
have any products currently available for sale, and none are expected to be commercially available for sale until we have completed
regulatory approval of PEDMARK<SUP>TM</SUP>. PEDMARK<SUP>TM</SUP> is currently our only product candidate. There can be no assurance
that the research we fund and manage will lead PEDMARK<SUP>TM </SUP>or any future product candidate to become a commercially viable
product. We have completed enrollment of two Phase III studies for PEDMARK<SUP>TM</SUP>. We anticipate a substantial regulatory
review prior to the commercialization of PEDMARK<SUP>TM</SUP>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we do not maintain current or
enter into new collaborations with other companies, we might not successfully develop our product candidate or generate sufficient
revenues to expand our business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We currently rely on
scientific and research and development collaboration arrangements with academic institutions and other third party collaborators,
including an exclusive worldwide license from Oregon Health &amp; Science University (&ldquo;OHSU&rdquo;) for STS. We also rely
on collaborators for testing STS, including SIOPEL and the Children&rsquo;s Oncology Group.</P>

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


<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The agreements with
OHSU are terminable by either party in the event of an uncured breach by the other party. We may also terminate our agreement with
OHSU at any time upon prior written notice of specified durations to OHSU. Termination of any of our collaborative arrangements
could materially adversely affect our business. For example, if we are unable to make the necessary payments under these agreements,
the licensor might terminate the agreement, which might have a material adverse impact. In addition, our collaborators might not
perform as agreed in the future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since we conduct a
significant portion of our research and development through collaborations, our success may depend significantly on the performance
of such collaborators, as well as any future collaborators. Collaborators might not commit sufficient resources to the research
and development or commercialization of our product candidate. Economic or technological advantages of products being developed
by others, among other factors, could lead our collaborators to pursue other product candidates or technologies in preference to
those being developed in collaboration with us. The commercial potential of, development stage of and projected resources required
to develop our drug candidate will affect our ability to maintain current collaborations or establish new collaborators. There
is a risk of dispute with respect to ownership of technology developed under any collaboration. Our management of any collaboration
will require significant time and effort as well as an effective allocation of resources. We may not be able to simultaneously
manage a large number of collaborations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our product candidate is still in
development. Due to the long, expensive and unpredictable drug development process, we might not ever successfully develop and
commercialize our product candidate.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to achieve
profitable operations, we, alone or in collaboration with others, must successfully fund, develop, manufacture, introduce and market
our product candidate. The time necessary to achieve market success for any individual product is long and uncertain. Our product
candidate and research programs are in clinical development and require significant, time-consuming and costly research, testing
and regulatory clearances. In developing our product candidate, we are subject to risks of failure that are inherent in the development
of therapeutic products based on innovative technologies. The results of preclinical and initial clinical trials are not necessarily
predictive of future results. Our product candidate might not be economical to manufacture or market or might not achieve market
acceptance. In addition, third parties might hold proprietary rights that preclude us from marketing our product candidates or
others might market equivalent or superior products.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may need to conduct additional
human clinical trials to assess our product candidate. If these trials are delayed or are unsuccessful, our development costs will
significantly increase and our business prospects may suffer.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Before obtaining regulatory
approvals for the commercial sale of our product candidate, we must demonstrate, through preclinical studies with animals and clinical
trials with humans, that our product candidate is safe and effective for use in each target indication. To date, we have performed
only limited clinical trials. Much of our testing has been conducted on animals or on human cells in the laboratory, and the benefits
of treatment seen in animals or on human cells in a laboratory setting may not ultimately be obtained in human clinical trials.
As a result, we may need to perform significant additional research and development activities and conduct extensive preclinical
and clinical testing prior to any application for commercial use. We may suffer significant setbacks in additional clinical trials,
and the trials may demonstrate our product candidate to be unsafe or ineffective. We may also encounter problems in our clinical
trials that will cause us to delay, suspend or terminate those clinical trials, which would increase our development costs and
harm our financial results and commercial prospects. Identifying and qualifying patients to participate in clinical trials of our
potential products is critically important to our success. The timing of our clinical trials depends on, among other things, the
speed at which we can recruit patients to participate in testing our product candidate. We have experienced delays in some of our
clinical trials and we may experience significant delays in the future. If patients are unwilling to participate in our trials
because of competing clinical trials for similar patient populations, perceived risk or any other reason, the timeline for recruiting
patients, conducting trials and obtaining regulatory approval of potential products will be delayed. Other factors that may result
in significant delays include obtaining regulatory or ethics review board approvals for proposed trials, reaching agreement on
acceptable terms with prospective clinical trial sites, and obtaining sufficient quantities of drugs for use in the clinical trials.
Such delays could result in the termination of the clinical trials altogether.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Regulatory approval of our product
candidate is time-consuming, expensive and uncertain, and could result in unexpectedly high expenses and delay our ability to sell
our product.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Development, manufacture
and marketing of our product is subject to extensive regulation by governmental authorities in the United States and other countries.
This regulation could require us to incur significant unexpected expenses or delay or limit our ability to sell our product candidate.
Our clinical studies might be delayed or halted, or additional studies might be required, for various reasons, including:</P>

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


<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">lack of funding;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">ineffectiveness of the drug;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">patients experiencing severe side effects during treatment;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">qualified patients not enrolling in the studies at the rate expected;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">drug supplies not being sufficient to treat the patients in the studies;
or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our decision to modify the drug during testing.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If regulatory approval
of our product is granted, it will be limited to those indications for which the product has been shown to be safe and effective,
as demonstrated to the satisfaction of the FDA and foreign regulators through clinical studies. Furthermore, approval might entail
ongoing requirements for post-marketing studies. Even if regulatory approval is obtained, labeling and promotional activities are
subject to continual scrutiny by the FDA and state and foreign regulatory agencies and, in some circumstances, the Federal Trade
Commission. FDA enforcement policy prohibits the marketing of approved products for unapproved, or off-label, uses. These regulations
and the FDA&rsquo;s interpretation of them might impair our ability to effectively market our product.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We and our third-party
manufacturers are also required to comply with the applicable current FDA Good Manufacturing Practices regulations, which include
requirements relating to quality control and quality assurance, as well as the corresponding maintenance of records and documentation.
Further, manufacturing facilities must be approved by the FDA before they can be used to manufacture our product, and they are
subject to additional FDA inspection. If we fail to comply with any of the FDA&rsquo;s continuing regulations, we could be subject
to reputational harm and sanctions, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">delays, warning letters and fines;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">product recalls or seizures and injunctions on sales;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">refusal of the FDA to review pending applications;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">total or partial suspension of production;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">withdrawals of previously approved marketing applications; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">civil penalties and criminal prosecutions.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, identification
of side effects after a drug is on the market or the occurrence of manufacturing problems could cause subsequent withdrawal of
approval, reformulation of the drug, additional testing or changes in labeling of the product.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may be unable to effectively deploy
the proceeds from our recent financings for the development of STS.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In June 2017 and May
2016, we closed private placements of our common shares for gross proceeds of $7.6 million and $5.0 million, respectively. Any
inability on our part to manage effectively the deployment of the capital from those private placements and this offering could
limit our ability to successfully develop STS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If our licenses to proprietary technology
owned by others are terminated or expire, we may suffer increased development costs and delays, and we may not be able to successfully
develop our product candidate.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The development of
our drug candidate and the manufacture and sale of any products that we develop will involve the use of processes, products and
information, some of the rights to which are owned by others. STS is licensed under agreements with OHSU. Although we have obtained
licenses or rights with regard to the use of certain processes, products and information, the licenses or rights could be terminated
or expire during critical periods and we may not be able to obtain, on favorable terms or at all, licenses or other rights that
may be required. Some of these licenses provide for limited periods of exclusivity that may be extended only with the consent of
the licensor, which may not be granted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we are unable to adequately protect
or maintain our patents and licenses related to our product candidate, or if we infringe upon the intellectual property rights
of others, we may not be able to successfully develop and commercialize our product candidate.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The value of our technology
will depend in part upon our ability, and those of our collaborators, to obtain patent protection or licenses to patents, maintain
trade secret protection and operate without infringing on the rights of third parties. Although we have successfully pursued patent
applications in the past, it is possible that:</P>

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


<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">some or all of our pending patent applications, or those we have licensed,
may not be allowed;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">proprietary products or processes that we develop in the future may
not be patentable;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any issued patents that we own or license may not provide us with
any competitive advantages or may be successfully challenged by third parties; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the patents of others may have an adverse effect on our ability to
do business.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It is not possible
for us to be certain that we are the original and first creator of inventions encompassed by our pending patent applications or
that we were the first to file patent applications for any such inventions. Further, any of our patents, once issued, may be declared
by a court to be invalid or unenforceable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">STS is currently protected
by methods of use patents that we exclusively licensed from OHSU that expire in Europe in 2021 and are currently pending in the
United States. In addition, periods of marketing exclusivity for STS may also be possible in the United States under orphan drug
status. We obtained Orphan Drug Designation in the United States for the use of STS in the prevention of platinum-induced ototoxicity
in pediatric patients in 2004; if it is subsequently approved, will have seven and a half years of pediatric exclusivity in the
United States from the approval date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may be required
to obtain licenses under patents or other proprietary rights of third parties but the extent to which we may wish or need to do
so is unknown. Any such licenses may not be available on terms acceptable to us or at all. If such licenses are obtained, it is
likely they would be royalty bearing, which would reduce any future income. If licenses cannot be obtained on an economical basis,
we could suffer delays in market introduction of planned products or their introduction could be prevented, in some cases after
the expenditure of substantial funds. If we do not obtain such licenses, we would have to design around patents of third parties,
potentially causing increased costs and delays in product development and introduction or precluding us from developing, manufacturing
or selling our planned products, or our ability to develop, manufacture or sell products requiring such licenses could be foreclosed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Litigation may also
be necessary to enforce or defend patents issued or licensed to us or our collaborators or to determine the scope and validity
of a third party&rsquo;s proprietary rights. We could incur substantial costs if litigation is required to defend ourselves in
patent suits brought by third parties, if we participate in patent suits brought against or initiated by our collaborators, or
if we initiate such suits. We might not prevail in any such action. An adverse outcome in litigation or an interference to determine
priority or other proceeding in a court or patent office could subject us to significant liabilities, require disputed rights to
be licensed from other parties or require us or our collaborators to cease using certain technology or products. Any of these events
would likely have a material adverse effect on our business, financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Much of our technological
know-how that is not patentable may constitute trade secrets. Our confidentiality agreements might not provide for meaningful protection
of our trade secrets, know-how or other proprietary information in the event of any unauthorized use or disclosure of information.
In addition, others may independently develop or obtain similar technology and may be able to market competing products and obtain
regulatory approval through a showing of equivalency to our product that has obtained regulatory approvals, without being required
to undertake the same lengthy and expensive clinical studies that we would have already completed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The vulnerability to off-label use
or sale of our product candidate that are covered only by &ldquo;method of use&rdquo; patents may cause downward pricing pressure
on the product candidate if they are ever commercialized and may make it more difficult for us to enter into collaboration or partnering
arrangements for the development of this product candidate. </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">STS is currently only
covered by &ldquo;method of use&rdquo; patents, which covers the use of certain compounds to treat specific conditions, and are
not covered by &ldquo;composition of matter&rdquo; patents, which would cover the chemical composition of the compound. Method
of use patents provide less protection than composition of matter patents because of the possibility of off-label competition if
other companies develop or market the compound for other uses. If another company markets a drug that we expect to market under
the protection of a method of use patent, physicians may prescribe the other company&rsquo;s drug for use in the indication for
which we obtain approval and have a patent, even if the other company&rsquo;s drug is not approved for such an indication. Off-label
use and sales could limit our sales and exert pricing pressure on any product we develop covered only by method of use patents.
Also, it may be more difficult to find a collaborator to license or support the development of our product candidate that is only
covered by method of use patents.</P>

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


<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>If our third party manufacturers breach
or terminate their agreements with us, or if we are unable to secure arrangements with third party manufacturers on acceptable
terms as needed in the future, we may suffer significant delays and additional costs.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have no experience manufacturing
products and do not currently have the resources to manufacture any products that we may develop. We currently have agreements
with contract manufacturers for clinical supplies of STS, including drug substance providers and drug product suppliers, but they
might not perform as agreed in the future or may terminate our agreements with them before the end of the required term. Significant
additional time and expense would be required to effect a transition to a new contract manufacturer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We plan to continue to
rely on contract manufacturers for the foreseeable future to produce quantities of products and substances necessary for research
and development, preclinical trials, human clinical trials and product commercialization, and to perform their obligations in a
timely manner and in accordance with applicable government regulations. If we develop any product with commercial potential, we
will need to develop the facilities to independently manufacture such product or products or secure arrangements with third parties
to manufacture them. We may not be able to independently develop manufacturing capabilities or obtain favorable terms for the manufacture
of our product. While we intend to contract for the commercial manufacture of our product candidate, we may not be able to identify
and qualify contractors or obtain favorable contracting terms. We or our contract manufacturers may also fail to meet required
manufacturing standards, which could result in delays or failures in product delivery, increased costs, injury or death to patients,
product recalls or withdrawals and other problems that could significantly hurt our business. We intend to maintain a second source
for back-up commercial manufacturing, wherever feasible. However, if a replacement to our future internal or contract manufacturers
were required, the ability to establish second-sourcing or find a replacement manufacturer may be difficult due to the lead times
generally required to manufacture drugs and the need for FDA compliance inspections and approvals of any replacement manufacturer,
all of which factors could result in production delays and additional commercialization costs. Such lead times would vary based
on the situation, but might be twelve months or longer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We may lack the resources necessary to
effectively market our product candidate, and we may need to rely on third parties over whom we have little or no control and who
may not perform as expected. </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We may not have the necessary
resources to market our product candidate. If we develop any products with commercial potential, we will either have to develop
a marketing capability, including a sales force, which is difficult and expensive to implement successfully, or attempt to enter
into a collaboration, merger, joint venture, license or other arrangement with third parties to provide a substantial portion of
the financial and other resources needed to market such products. We may not be able to do so on acceptable terms, if at all. If
we rely extensively on third parties to market our products, the commercial success of such products may be largely outside of
our control.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We conduct our business
internationally and are subject to laws and regulations of several countries which may affect our ability to access regulatory
agencies and may affect the enforceability and value of our licenses.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have conducted clinical
trials in the United States, Canada, Europe and the Pacific Rim and intend to, or may, conduct future clinical trials in these
and other jurisdictions. There can be no assurance that any sovereign government will not establish laws or regulations that will
be deleterious to our interests. There is no assurance that we, as a British Columbia corporation, will continue to have access
to the regulatory agencies in any jurisdiction where we might want to conduct clinical trials or obtain regulatory approval, and
we might not be able to enforce our license or patent rights in foreign jurisdictions. Foreign exchange controls may have a material
adverse effect on our business and financial condition, since such controls may limit our ability to flow funds into or out of
a particular country to meet obligations under licenses, clinical trial agreements or other collaborations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Our cash invested in money market funds
might be subject to loss.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Even though we believe
we take a conservative approach to investing our funds, the nature of financial markets exposes us to investment risk, including
the risks that the value and liquidity of our money market investments could deteriorate significantly and the issuers of the investments
we hold could be subject to credit rating downgrades. While we have not experienced any loss or write down of our money market
investments in the past, we cannot guarantee that such losses will not occur in future periods.</P>

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

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

<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>If we are unable to obtain applicable
U.S. and/or foreign regulatory approvals, we will be unable to develop and commercialize our drug candidate.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The preclinical studies
and clinical trials of our product candidate, as well as the manufacturing, labeling, sale and distribution, export or import,
marketing, advertising and promotion of our product candidate, are subject to various regulatory frameworks in the United States,
Canada and other countries. Any products that we develop must receive all relevant regulatory approvals and clearances before any
marketing, sale or distribution. The regulatory process, which includes extensive preclinical studies and clinical testing to establish
product safety and efficacy, can take many years and cost substantial amounts of money. As a result of the length of time, many
challenges and costs are associated with the drug development process, and the historical rate of failures for drug candidates
is extremely high. Changes in regulatory policy could also cause delays or affect regulatory approval. Any regulatory delays may
increase our development costs and negatively impact our competitiveness and prospects. It is possible that we may not be able
to obtain regulatory approval of our drug candidate or approvals may take longer and cost more to obtain than expected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Regulatory approvals, if
granted, may entail limitations on the uses for which any product we develop may be marketed, limiting the potential sales for
any such products. The granting of product approvals can be withdrawn at any time, and manufacturers of approved products are subject
to regular reviews, including for compliance with FDA Good Manufacturing Practices regulations. Failure to comply with any applicable
regulatory requirement, which may change from time to time, can result in warning letters, fines, sanctions, penalties, recalling
or seizing products, suspension of production, or even criminal prosecution.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Future sales of our product candidate
may suffer if they fail to achieve market acceptance.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Even if our product candidate
is successfully developed and achieves appropriate regulatory approval, it may not enjoy commercial acceptance or success. Our
product candidate may compete with a number of new and traditional drugs and therapies developed by major pharmaceutical and biotechnology
companies. Market acceptance is dependent on the product candidate demonstrating clinical efficacy and safety, as well as demonstrating
advantages over alternative treatment methods. In addition, market acceptance is influenced by government reimbursement policies
and the ability of third parties to pay for such products. Physicians, patients, or the medical community may not accept or utilize
any products we may develop.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We face a strong competitive environment.
Other companies may develop or commercialize more effective or cheaper products, which may reduce or eliminate the demand for our
product candidate.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The biotechnology and pharmaceutical
industry, and in particular the field of cancer therapeutics where we are focused, is very competitive. Many companies and research
organizations are engaged in the research, development and testing of new cancer therapies or means of increasing the effectiveness
of existing therapies, including, among many others, Amgen, AstraZeneca, Bayer, Bristol-Myers Squibb, Eli Lilly, Eisai, Merck KGaA,
Novartis, Johnson &amp; Johnson, Pfizer, Roche, Taiho and Sanofi-Aventis. Many of these companies have marketed drugs or are developing
targeted cancer therapeutics, which depending upon the mechanism of action of such agents could be competitors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Many of our existing or
potential competitors have substantially greater financial, technical and human resources than we do and may be better equipped
to develop, manufacture and market products. In addition, many of these competitors have extensive experience with preclinical
testing and human clinical trials and in obtaining regulatory approvals. Also, some of the smaller companies that compete with
us have formed collaborative relationships with large, established companies to support the research, development, clinical trials
and commercialization of any products that they may develop. Academic institutions, government agencies and other public and private
research organizations may also conduct research, seek patent protection and establish collaborative arrangements for research,
clinical development and marketing of products similar to those we seek to develop. These companies and institutions compete with
us in recruiting and retaining qualified scientific and management personnel as well as in acquiring technologies complementary
to our projects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We are likely to face competition
in the areas of product efficacy and safety, ease of use and adaptability, as well as pricing, product acceptance, regulatory approvals
and intellectual property. Competitors could develop more effective, safer and more affordable products than we do, and they may
obtain patent protection or product commercialization before we do or even render our product candidate obsolete. The existence
of competitive products, including products or treatments of which we are not aware, or products or treatments that may be developed
in the future, may adversely affect the marketability of any product that we develop.</P>

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

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

<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We may face product liability claims
that could require us to defend costly lawsuits or incur substantial liabilities that could adversely impact our financial condition,
receipt of regulatory approvals for our product candidate and our results of operation.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The use of our product
candidate in clinical trials and for commercial applications, if any, may expose us to liability claims in the event that such
product candidate causes injury or death or results in other adverse effects. These claims could be made by health care institutions,
contract laboratories, and subjects participating in our clinical studies, patients or others using our product candidate. In addition
to liability claims, certain serious adverse events could require interruption, delay and/or discontinuation of a clinical trial
and potentially prevent further development of our product candidate. We carry clinical trial insurance but the coverage may not
be sufficient to protect us from legal expenses and liabilities we might incur. Litigation is very expensive, even if we defend
successfully against possible litigation. In addition, our existing coverage may not be adequate if we develop additional products,
and future coverage may not be available in sufficient amounts or at reasonable cost. Further, it is possible that we may later
reduce or terminate this coverage based on future availability of financial resources. Adverse liability claims may also harm our
ability to obtain or maintain regulatory approvals.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We used hazardous materials and chemicals
in our research and development, and our failure to comply with laws related to hazardous materials could materially harm us.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our research and development
processes involve the controlled use of hazardous materials, such as flammable organic solvents, corrosive acids and corrosive
bases. Accordingly, we are subject to federal, state, local and foreign laws and regulations governing the use, manufacture, storage,
handling and disposal of such materials and certain waste products. The risk of accidental contamination or injury from these materials
cannot be completely eliminated. We could be held liable for any damages that result and any such liability could exceed our resources
and may not be covered by our general liability insurance. We currently do not carry insurance specifically for hazardous materials
claims. We may be required to incur significant costs to comply with environmental laws and regulations, which may change from
time to time. Our current practice is to outsource these activities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Efforts to reduce product pricing and
health care reimbursement and changes to government policies could negatively affect the commercialization of our product candidate.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If our product candidate
achieves regulatory approval, we may be materially adversely affected by the continuing efforts of governmental and third-party
payers to contain or reduce health care costs. For example, if we succeed in bringing one or more products to market, such products
may not be considered cost-effective and the availability of consumer reimbursement may not exist or be sufficient to allow the
sale of such products on a competitive basis. The constraints on pricing and availability of competitive products may further limit
our pricing and reimbursement policies as well as adversely impact market acceptance and commercialization for the products.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In many markets, the pricing
or profitability of healthcare products is subject to government control. In recent years, federal, state, provincial and local
officials and legislators have proposed or are proposing a variety of price-based reforms to the healthcare systems in the United
States, Canada and elsewhere. Some proposals include measures that would limit or eliminate payments from third-party payors to
the consumer for certain medical procedures and treatments or allow government control of pharmaceutical pricing. The adoption
of any such proposals or reforms could adversely affect the commercial viability of our product candidates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In the United States, there
have been and continue to be a number of legislative initiatives to contain healthcare costs. For example, in 2010, the Patient
Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act, or the &ldquo;ACA&rdquo;, was
passed, which substantially changes the way health care is financed by both governmental and private insurers, and significantly
impacts the U.S. pharmaceutical industry. The expansion of insured among children under the ACA is not expected to be significant
to the prospects for our product candidate since Medicaid was more available to children than the general population.</P>

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

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

<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The provisions of the ACA
of importance to the pharmaceutical and biotechnology industry are, among others, the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">an annual, nondeductible fee on any entity that manufactures or imports
certain branded prescription drugs agents and biologic agents, which is apportioned among these entities according to their market
share in certain government healthcare programs;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">an increase in the rebates a manufacturer must pay under the Medicaid
Drug Rebate Program to 23.1% and 13% of the average manufacturer price for branded and generic drugs, respectively;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a new Medicare Part D coverage gap discount program, in which manufacturers
must agree to offer 50% point-of-sale discounts to negotiated prices of applicable brand drugs to eligible beneficiaries during
their coverage gap period, as a condition for the manufacturer&rsquo;s outpatient drugs to be covered under Medicare Part D;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">extension of manufacturers&rsquo; Medicaid rebate liability to covered
drugs dispensed to individuals who are enrolled in Medicaid managed care organizations, unless the drug is subject to discounts
under the 340B drug discount program;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a new methodology by which rebates owed by manufacturers under the
Medicaid Drug Rebate Program are calculated for drugs that are inhaled, infused, instilled, implanted or injected;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">expansion of eligibility criteria for Medicaid programs by, among
other things, allowing states to offer Medicaid coverage to additional individuals and by adding new mandatory eligibility categories
for certain individuals with income at or below 133% of the federal poverty level, thereby potentially increasing manufacturers&rsquo;
Medicaid rebate liability;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">expansion of the entities eligible for discounts under the Public
Health Service pharmaceutical pricing program;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">new requirements under the federal Physician Payments Sunshine Act
for drug manufacturers to report information related to payments and other transfers of value made to physicians and teaching hospitals
as well as ownership or investment interests held by physicians and their immediate family members;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a new Patient-Centered Outcomes Research Institute to oversee, identify
priorities in, and conduct comparative clinical effectiveness research, along with funding for such research;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">creation of the Independent Payment Advisory Board, which, if and
when impaneled, will have authority to recommend certain changes to the Medicare program that could result in reduced payments
for prescription drugs; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">establishment of a Center for Medicare and Medicaid Innovation at
CMS to test innovative payment and service delivery models to lower Medicare and Medicaid spending, potentially including prescription
drug spending.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Some states are also considering
legislation that would control the prices of drugs, and state Medicaid programs are increasingly requesting manufacturers to pay
supplemental rebates and requiring prior authorization by the state program for use of any drug for which supplemental rebates
are not being paid. Managed care organizations continue to seek price discounts and, in some cases, to impose restrictions on the
coverage of particular drugs. Government efforts to reduce Medicaid expenses may lead to increased use of managed care organizations
by Medicaid programs. This may result in managed care organizations influencing prescription decisions for a larger segment of
the population and a corresponding constraint on prices and reimbursement for our products.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Since its enactment, there
have been judicial and Congressional challenges to numerous aspects of the ACA, and Congress and the executive branch are seeking
to replace the ACA with new federal legislation. There may also be federal and state regulatory changes that impact the ACA or
healthcare programs, insurance coverage or reimbursement generally. These efforts have increased uncertainty regarding the availability
of healthcare programs, insurance coverage and reimbursement as a general matter as well as for our product candidate, and we cannot
predict how these events will impact our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">In
addition, there has been heightened governmental scrutiny over the manner in which manufacturers set prices for their marketed
products, which have resulted in several recent Congressional inquiries and proposed bills designed to, among other things, bring
more transparency to product pricing, review the relationship between pricing and manufacturer patient programs, reduce the price
of drugs under Medicare and reform government program reimbursement methodologies for products. We expect that additional state
and federal healthcare reform measures will be adopted in the future, any of which could limit the amounts that federal and state
governments will pay for healthcare products and services, which could result in reduced demand for our product candidates or additional
pricing pressures.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Any significant changes
in the healthcare system in the United States, Canada or abroad would likely have a substantial impact on the manner in which we
conduct business and could have a material adverse effect on our ability to raise capital and the viability of product commercialization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"></P>

<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Risks Related to Owning Our Common Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We may be unable to maintain the listing
of our common shares on the Nasdaq Capital Market or the TSX and that would make it more difficult for shareholders to dispose
of our common shares.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our common shares are currently
listed on the Nasdaq Capital Market and the TSX. Both the Nasdaq Capital Market and the TSX have rules for continued listing, including
minimum market capitalization and other requirements, that we might not meet in the future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Delisting from the Nasdaq
Capital Market or the TSX would make it more difficult for shareholders to dispose of our common shares and more difficult to obtain
accurate quotations on our common shares. This could have an adverse effect on the price of our common shares. There can be no
assurances that a market maker will make a market in our common shares on the OTCQB or any other stock quotation system after delisting.
Furthermore, securities quoted over-the-counter generally have significantly less liquidity than securities traded on a national
securities exchange, not only in the number of shares that can be bought and sold, but also through delays in the timing of transactions
and lower market prices than might otherwise be obtained. As a result, shareholders might find it difficult to resell shares at
prices quoted in the market or at all. Furthermore, because of the limited market and generally low volume of trading in our common
shares, our common shares are more likely to be affected by broad market fluctuations, general market conditions, fluctuations
in our operating results, changes in the market&rsquo;s perception of our business, and announcements made by us, our competitors
or parties with whom we have business relationships. Our ability to issue additional securities for financing or other purposes,
or to otherwise arrange for any financing we may need in the future, may also be materially and adversely affected by the limited
market and low trading volume of our common shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>The market price of our common shares
is highly volatile and could cause the value of your investment to significantly decline.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Historically, the
market price of our common shares has been highly volatile and the market for our common shares has from time to time
experienced significant price and volume fluctuations, some of which are unrelated to our operating performance. From
January&nbsp;1, 2014 to December 7, 2017, the closing trading price of our common shares on the TSX fluctuated from a
high of CAD$15.63 per share to a low of CAD$1.08 per share and on the Nasdaq Capital Market (and prior to the listing of our
common shares on the Nasdaq in September 2017, the OTCQB) fluctuated from a high of $12.35 per share to a low of $0.29 per
share. Historically, our common shares have had a low trading volume, and may continue to have a low trading volume in the
future. This low volume may contribute to the volatility of the market price of our common shares. It is likely that the
market price of our common shares will continue to fluctuate significantly in the future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The market price of our
common shares may be significantly affected by many factors, including without limitation:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the development of our sole product candidate, STS;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the need to raise additional capital and the terms of any transaction
we are able to enter into;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">other external factors generally or stock market trends in the pharmaceutical
or biotechnology industries specifically;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">announcements of licensing agreements, joint ventures, collaborations
or other strategic alliances that involve our product or those of our competitors;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">innovations related to our or our competitors&rsquo; products;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">actual or potential clinical trial results related to our or our competitors&rsquo;
products;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our financial results or those of our competitors;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">reports of securities analysts regarding us or our competitors;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">developments or disputes concerning our licensed or owned patents
or those of our competitors;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">developments with respect to the efficacy or safety of our product
or those of our competitors; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">health care reforms and reimbursement policy changes nationally and
internationally.</FONT></TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Our existing principal shareholders hold
a substantial number of our common shares and may be able to exercise influence in matters requiring approval of our shareholders.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">At December 7, 2017, our
current shareholders separately representing more than 5% ownership in our Company collectively represented beneficial ownership
of approximately 65.4% of our common shares. In particular, as at December 7, 2017: Southpoint Capital Advisors LP (&ldquo;Southpoint
Capital&rdquo;) owned or exercised control over approximately 4.0 million common shares, or approximately 25.1% of our issued and
outstanding common shares; Essetifin SpA owned approximately 2.9 million common shares, or approximately 18.4% of our issued and
outstanding common shares; Manchester Explorer, LP (&ldquo;Manchester Explorer&rdquo;), together with its associates, owned approximately
2.5 million common shares, or approximately 15.5% of our issued and outstanding common shares; and 683 Capital Management, LLC
(&ldquo;683 Capital&rdquo;) owned approximately 0.9 million shares, or approximately 5.7% of our issued and outstanding common
shares. Southpoint Capital, Essetifin SpA, Manchester Explorer, 683 Capital and other current and future significant shareholders,
acting alone or together, might be able to influence the outcomes of matters that require the approval of our shareholders, including
but not limited to certain equity transactions (such as a financing), an acquisition or merger with another company, a sale of
substantially all of our assets, the election and removal of directors, or amendments to our incorporating documents. These shareholders
might make decisions that are adverse to your interests. The concentration of ownership could have the effect of delaying, preventing
or deterring a change of control of our Company, which could adversely affect the market price of our common shares or deprive
our other shareholders of an opportunity to receive a premium for our common shares as part of a sale of our Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>There are a large number of our common
shares underlying outstanding warrants and options, and reserved for issuance under our stock option plan, that may be sold in
the market, which could depress the market price of our shares and result in substantial dilution to the holders of our common
shares.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The sale or issuance of
a substantial amount of our common shares in the future could cause the market price of our common shares to decline. It may also
impair our ability to obtain additional financing. At December 7, 2017, we had outstanding warrants to purchase approximately
1.4 million common shares at an exercise price of $1.56 per common share. In addition, at December 7, 2017, there were approximately
2.3 million common shares issuable upon the exercise of outstanding stock options, of which options to purchase approximately 712,375
common shares were denominated in Canadian dollars and had a weighted average exercise price of CAD$2.31 per common share and options
to purchase approximately 1,602,819 common shares were denominated in U.S. dollars and had a weighted average exercise price of
$2.58 per common share. We may also issue further warrants as part of any future financings and there remain approximately 1.7
million common shares available for future awards under our stock option plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We may need to raise
additional funds in the future to continue our operations. Any equity offering could result in significant dilution to the ownership
interests of shareholders and may result in dilution of the value of such interests and any debt offering will increase financial
risk.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In order to satisfy our
anticipated capital requirements to develop our product, we may need to raise additional funds through either the sale of additional
equity, the issue of securities convertible into equity, the issuance of debt, the establishment of collaborations that provide
us with funding, the out-license or sale of certain aspects of our intellectual property portfolio, or from other sources. The
most likely sources of financing that may be available to us in the near term are the sale of common shares, securities convertible
or exercisable into common shares and the issuance of debt.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We cannot predict the size
of future issues of common shares or future issues of securities convertible or exercisable into common shares or the effect that
any such future issues and sales of common shares or other securities will have on the market price of our common shares. Any transaction
involving the issue of common shares, or securities convertible or exercisable into common shares, could result in immediate and
substantial dilution to present and prospective holders of our common shares. Alternatively, we may rely on debt financing and
assume debt obligations that require us to make substantial interest and capital payments and to pledge some or all of our assets
as collateral to secure such debt obligations.</P>

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

<!-- Field: Page; Sequence: 16; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We have not paid any dividends since
incorporation and do not anticipate declaring any dividends in the foreseeable future. As a result, you may not be able to recoup
your investment through the payment of dividends on your common shares and the lack of a dividend payable on our common shares
might depress the value of your investment.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For the foreseeable future,
we plan to use all available funds to finance the development of our product candidate and operate of our business. Our directors
will determine if and when dividends should be declared and paid in the future based on our financial position at the relevant
time, but since we have no present plans to pay dividends, you should not expect receipt of dividends either for your cash needs
or to enhance the value of our common shares held by you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We may be a passive foreign investment company, or &ldquo;PFIC,&rdquo;
which could result in adverse United States federal income tax consequences to U.S. investors.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If we are a PFIC for any taxable year (or
portion thereof) that is included in the holding period of a U.S. Holder (as such term is defined in the section of this prospectus
supplement &ldquo;Material United States And Canadian Federal Income Tax Consequences Of This Offering&rdquo;) of our common shares,
the U.S. Holder may be subject to adverse U.S. federal income tax consequences and may be subject to additional reporting requirements.
We have not made the analysis necessary to determine whether or not we are currently a PFIC or whether we have ever been a PFIC,
and there can be no assurances with respect to our status as a PFIC for our current taxable year or any subsequent taxable year.
Moreover, if we are a PFIC for any taxable year, we intend to provide to a U.S. Holder such information as
the Internal Revenue Service (&ldquo;IRS&rdquo;) may require, including a PFIC annual information statement, in order to enable
the U.S. Holder to make and maintain a &ldquo;qualified electing fund&rdquo; election. We urge U.S. investors to consult their own tax advisors regarding the possible application
of the PFIC rules. For a more detailed explanation of the tax consequences of PFIC classification to U.S. Holders, see the section
of this prospectus supplement entitled &ldquo;Material United States Federal Income Tax Considerations&mdash;Tax Consequences if
We Are a Passive Foreign Investment Company.&rdquo; This paragraph is qualified in its entirety by the discussion below under the
heading &ldquo;Material United States Federal Income Tax Considerations.&rdquo; Each U.S. shareholder should consult its own tax
advisors regarding the PFIC rules and the U.S. federal income tax consequences of the acquisition, ownership, and disposition of
our common shares.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>As a new investor, you will incur substantial
dilution as a result of this offering and future equity issuances, and as a result, our share price could decline.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The offering price of
this offering is substantially higher than the net tangible book value per share of our outstanding common shares. As a result,
based on the net tangible book value of our common shares as of September&nbsp;30, 2017, an investor purchasing common shares in
this offering will incur immediate and substantial dilution of $6.99 per
share.&nbsp; See the section entitled &ldquo;Dilution&rdquo; on page&nbsp;S-17 of this prospectus
supplement for a more detailed discussion of the dilution you will incur if you purchase common shares in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Subject to market conditions
and other factors, we may pursue raising additional funds in the future, as we continue to build our business. In future years,
we will likely need to raise additional funding to finance our operations and to fund clinical trials, regulatory submissions and
the development, manufacture and marketing of other products under development and new product opportunities. Accordingly, we may
conduct future offerings of equity or debt securities. The exercise of outstanding options and warrants and future equity issuances,
including future public offerings or future private placements of equity securities and any additional shares issued in connection
with acquisitions, will also result in dilution to investors. In addition, the market price of our common shares could fall as
a result of resales of any of these common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>You may experience future dilution as a result of future equity
offerings or other equity issuances.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We may in the future issue
additional common shares or other securities convertible into or exchangeable for our common shares. We cannot assure you that
we will be able to sell common shares or other securities in any other offering or other transactions at a price per share that
is equal to or greater than the price per share paid by investors in this offering. The price per share at which we sell additional
common shares or other securities convertible into or exchangeable for our common shares in future transactions may be higher or
lower than the price per share in this offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition, we have a
substantial number of stock options and warrants outstanding. To the extent that outstanding stock options and warrants may be
exercised or other shares issued, investors purchasing our common shares in this offering may experience further dilution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We will have broad discretion in how
we use the proceeds from this offering, and our use of the offering proceeds may not yield a favorable return on your investment.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We currently anticipate
that the net proceeds from this offering will be used primarily for obtaining regulatory approvals, the potential launch of PEDMARK<SUP>TM</SUP>,
and working capital and general corporate purposes. Pending the application of the net proceeds, we intend to invest the net proceeds
in investment-grade, interest-bearing securities. Our management has broad discretion over how these proceeds are used and could
spend the proceeds in ways with which you may not agree, and the proceeds may not be invested in a manner that yields a favorable
or any return. Our failure to use these funds effectively could have a material adverse effect on our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>


<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="fpi_005"></A>USE OF PROCEEDS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We estimate that the net
proceeds of this offering, after deducting the underwriting discount and estimated offering expenses payable by us, will be approximately
$18.7  million ($21.5 million if the
underwriters exercise their over-allotment option in full).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We intend to use the net
proceeds from this offering for obtaining regulatory approvals, the potential launch of PEDMARK<SUP>TM</SUP>, and working capital
and general corporate purposes. Our management will retain broad discretion over the allocation of the net proceeds from the sale
of the common shares.&nbsp; We have no current understandings, agreements or commitments for any material acquisitions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Therefore, investors in
our common shares will be relying on the judgment of our management, who will have broad discretion regarding the application of
the proceeds of this offering. The amounts and timing of our actual expenditures will depend upon numerous factors, including the
amount of cash generated by our operations, our cash needs, the rate of adoption of our products by the medical community and efficiency
of our product development. We may find it necessary or advisable to use portions of the proceeds from this offering for other
purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pending the application
of the net proceeds, we intend to invest the net proceeds in money market accounts and/or investment-grade, interest-bearing securities.
Our management has broad discretion over how these proceeds are used and could spend the proceeds in ways with which you may not
agree, and the proceeds may not be invested in a manner that yields a favorable or any return.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>


<!-- Field: Page; Sequence: 18; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="fpi_006"></A>DIVIDEND POLICY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We currently intend to retain earnings, if any, to finance the growth
and development of our business, and do not expect to pay any cash dividends to our shareholders in the foreseeable future.</P>

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


<!-- Field: Page; Sequence: 19; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="fpi_007"></A><B>CAPITALIZATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following table describes our capitalization
as of September&nbsp;30, 2017:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">on an actual basis; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">on an as adjusted basis to give effect
to the sale of 2,352,950 common shares in
this offering at the public offering price of $8.50 per share, after deducting
the underwriting discount and estimated offering expenses payable by us;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-indent: -0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">You should read this capitalization
table together with our consolidated financial statements and the related notes and other financial information incorporated by
reference in this prospectus supplement and the accompanying prospectus and the &ldquo;Use of Proceeds&rdquo; section.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As&nbsp;of&nbsp;September&nbsp;30,&nbsp;2017</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Actual</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As&nbsp;Adjusted</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">(in&nbsp;thousands,&nbsp;except&nbsp;share&nbsp;and&nbsp;per&nbsp;share&nbsp;data)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 66%; text-align: left; text-indent: -10pt; padding-left: 10pt">Current Assets</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right"></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,688</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,377</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Prepaid expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">198</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">198</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt">Other current assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total Assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9,888</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">28,577</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Shareholders&rsquo; equity (deficit):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Common Share, no par value; unlimited shares authorized,
    15,856,738 shares issued and outstanding, 18,209,688 shares issued and outstanding as adjusted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,062</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">101,751</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,631</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,014</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Accumulated deficit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(119,078</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(119,461</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Accumulated other comprehensive income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,243</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,243</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 30pt">Total shareholders&rsquo; equity (deficit)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">8,858</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">27,547</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total capitalization</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,858</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">27,475</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Information in the above
table is based on 15,856,738 shares issued and outstanding on September&nbsp;30, 2017 and excludes as of that date, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,361,209 common shares issuable upon
the exercise of outstanding options having a weighted average exercise price of $2.36 per share;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,362,498 common shares issuable upon
the exercise of outstanding warrants having an exercise price of $1.56 per share; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,602,975 additional common shares reserved
for issuance under out stock option plan.</FONT></TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 20; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="fpi_008"></A>DILUTION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Investors in this
offering will suffer immediate and substantial dilution in the net tangible book value per share of the common shares they
purchase. Our net tangible book value as of September&nbsp;30, 2017 was approximately $8.9 million, or approximately $0.56
per common share. Net tangible book value per share is determined by dividing our total tangible assets less total
liabilities by the actual number of common shares outstanding. After giving effect to the sale of 2,352,950 common shares in
this offering at the public offering price of $8.50 per share, and after deducting the underwriting discount and estimated
offering expenses payable by us, our as adjusted net tangible book value as of September&nbsp;30, 2017 would have been
approximately $27.5 million or approximately $1.51 per common share. This represents an immediate increase in as adjusted net
tangible book value of approximately $0.95 per share to our existing shareholders and an immediate dilution of $6.99 per
share to new investors in this offering. The following table illustrates this per share dilution:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 66%; text-indent: -10pt; padding-left: 10pt">Public offering price per common share</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left"></TD><TD STYLE="width: 14%; text-align: right"></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">8.50</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 20pt">Net tangible book value per common share as of September&nbsp;30, 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.56</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Increase in net tangible book value per common share attributable to this offering</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.95</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">As adjusted net tangible book value per common share after this offering</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1.51</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Dilution per common share to new investors</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6.99</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If the underwriters exercise
their overallotment option in full, the as adjusted net tangible book value deficit after this offering would be $1.64 per
share, representing an increase in net tangible book value of $1.08 per
share to existing shareholders and immediate dilution in net tangible book value of $6.86 per
share to purchasers in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The table and discussion above are based on
15,856,738 common shares outstanding as of September&nbsp;30, 2017 and excludes, as of such date, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,361,209 common shares issuable upon the exercise of outstanding
options having a weighted average exercise price of $2.36 per share;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,362,498 common shares issuable upon the exercise of outstanding
warrants having an exercise price of $1.56 per share; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,602,975 additional common shares reserved for issuance under our
stock option plan.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48.95pt; text-indent: -18.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">To the extent that any
of the outstanding warrants or options are exercised, there will be further dilution to new investors. In addition, we may choose
to raise additional capital due to market conditions or strategic considerations even if we believe we have sufficient funds for
our current or future operating plans. To the extent that additional capital is raised through the sale of equity securities, the
issuance of these securities could result in further dilution to our shareholders.</P>

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


<!-- Field: Page; Sequence: 21; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="fpi_009"></A>UNDERWRITING</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Wedbush Securities
Inc. is acting as representative of each of the underwriters named below. Subject to the terms and conditions set forth in an underwriting
agreement among us and the underwriters, we have agreed to sell to the underwriters, and each of the underwriters has agreed, severally
and not jointly, to purchase from us, the number of common shares set forth opposite its name below.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">Underwriters</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number&nbsp;<BR> of&nbsp;Shares</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-align: left">Wedbush&nbsp;Securities&nbsp;Inc.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2,152,949</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>H.C. Wainwright &amp; Co., LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200,001</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,352,950</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the terms
and conditions set forth in the underwriting agreement, the underwriters have agreed, severally and not jointly, to purchase all
of the shares sold under the underwriting agreement if any of these shares are purchased. If an underwriter defaults, the underwriting
agreement provides that the purchase commitments of the nondefaulting underwriters may be increased or the underwriting agreement
may be terminated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The underwriters are
offering the shares, subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters
by their counsel and other conditions contained in the underwriting agreement, such as the receipt by the underwriters of officer&rsquo;s
certificates and legal opinions. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject
orders in whole or in part.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table
shows the per share and total underwriting discount to be paid to the underwriters by us at the public offering price set forth
on the cover page of this prospectus supplement, less the underwriting discount. Such amounts are shown assuming both no exercise
and full exercise of the underwriters&rsquo; option to purchase additional shares.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center">Per&nbsp;Share</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center">Total&nbsp;without&nbsp;Over-<BR> Allotment&nbsp;Option</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center">Total&nbsp;with&nbsp;Over-<BR> Allotment&nbsp;Option</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%">Public Offering Price</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right"> 8.50</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right"> 20,000,075</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right"> 23,000,082</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Underwriting Discount</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"> 0.4372</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"> 1,028,710</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"> 1,183,015.98</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Proceeds, before expenses, to us</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"> 8.0628</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"> 18,971,365</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"> <P STYLE="margin: 0pt 0">21,817,066.02</P> </TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The representative
has advised us that the underwriters propose to offer directly to the public the shares purchased pursuant to the underwriting
agreement at the public offering price set forth on the cover page of this prospectus supplement and to certain securities dealers
at the public offering price less a concession not in excess of $0.2624 per share. After the offering, the representative may
change the offering price and other selling terms. It is expected that delivery of the common shares offered hereby will be made
through the facilities of the Depository Trust Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We estimate that the
total expenses payable by us, excluding the underwriting discount, will be approximately $282,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Option to Purchase Additional Shares</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">We have granted
an option to the underwriters, exercisable for 30 days after the date of this prospectus supplement, to purchase up to
352,942 additional shares at the public offering price set forth on the cover page of this prospectus supplement, less the
underwriting discount, solely to cover over-allotments, if any. If the underwriters exercise this option, each underwriter
will be obligated, subject to conditions contained in the underwriting agreement, to purchase a number of additional shares
proportionate to that underwriter&rsquo;s initial amount reflected in the above table.</P>

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


<!-- Field: Page; Sequence: 22; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Lock-Up Agreements</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We, our directors and
executive officers and certain of our shareholders have agreed that, for a period of 90 days, or the lock-up period, after the
date of this prospectus supplement subject to certain limited exceptions described below, we and they will not directly or indirectly,
without the prior written consent of the representative, (1)&nbsp;offer for sale, sell, pledge, or otherwise dispose of (or enter
into any transaction or device that is designed to, or could be expected to, result in the disposition by any person at any time
in the future of) any common shares (including, without limitation, common shares that may be deemed to be beneficially owned by
us or them in accordance with the rules and regulations of the SEC and common shares that may be issued upon exercise of any options
or warrants) or securities convertible into or exercisable or exchangeable for common shares, (2)&nbsp;enter into any swap or other
derivatives transaction that transfers to another, in whole or in part, any of the economic benefits or risks of ownership of common
shares, whether any such transaction described in clause (1)&nbsp;or (2)&nbsp;above is to be settled by delivery of common shares
or other securities, in cash or otherwise, (3)&nbsp;make any demand for or exercise any right or cause to be filed a registration
statement, including any amendments thereto, with respect to the registration of any common shares or securities convertible into
or exercisable or exchangeable for common shares or any of our other securities, or (4)&nbsp;publicly disclose the intention to
do any of the foregoing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The representative
may release the common shares and other securities subject to the lock-up agreements described above in whole or in part at any
time. When determining whether or not to release common shares and other securities from lock-up agreements, the representative
will consider, among other factors, the holder&rsquo;s reasons for requesting the release, the number of common shares and other
securities for which the release is being requested and market conditions at the time.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have agreed to indemnify
the underwriters against certain liabilities, including liabilities under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Stabilization, Short Positions and Penalty Bids</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The underwriters may
engage in stabilizing transactions, short sales and purchases to cover positions created by short sales, and penalty bids or purchases
for the purpose of pegging, fixing or maintaining the price of our common shares, in accordance with Regulation M under the Exchange
Act:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Stabilizing transactions permit bids to purchase our common shares
so long as the stabilizing bids do not exceed a specified maximum. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A short position involves a sale by the underwriters of shares in
excess of the number of shares the underwriters are obligated to purchase in the offering, which creates the syndicate short position.
This short position may be either a covered short position or a naked short position. In a covered short position, the number of
shares involved in the sales made by the underwriters in excess of the number of shares they are obligated to purchase is not greater
than the number of shares that they may purchase by exercising their option to purchase additional shares. In a naked short position,
the number of shares involved is greater than the number of shares in their option to purchase additional shares. The underwriters
may close out any short position by either exercising their option to purchase additional shares and/or purchasing shares in the
open market. In determining the source of shares to close out the short position, the underwriters will consider, among other things,
the price of shares available for purchase in the open market as compared to the price at which they may purchase shares through
their option to purchase additional shares. A naked short position is more likely to be created if the underwriters are concerned
that there could be downward pressure on the price of the shares in the open market after pricing that could adversely affect investors
who purchase in the offering.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Syndicate covering transactions involve purchases of shares in the
open market after the distribution has been completed in order to cover syndicate short positions.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Penalty bids permit the representative to reclaim a selling concession
from a syndicate member when shares originally sold by the syndicate member are purchased in a stabilizing or syndicate covering
transaction to cover syndicate short positions. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These stabilizing transactions,
syndicate covering transactions and penalty bids may have the effect of raising or maintaining the market price of our common shares
or preventing or retarding a decline in the market price of our common shares. As a result, the price of our common shares may
be higher than the price that might otherwise exist in the open market. These transactions may be effected on the Nasdaq Capital
Market or otherwise and, if commenced, may be discontinued at any time.</P>

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


<!-- Field: Page; Sequence: 23; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Neither we nor any
of the underwriters make any representation or prediction as to the direction or magnitude of any effect that the transactions
described above may have on the price of our common shares. In addition, neither we nor any of the underwriters make any representation
that the underwriters will engage in these transactions or that these transactions, once commenced, will not be discontinued without
notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Passive Market Making</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with
this offering, the underwriters and any selling group members may engage in passive market making transactions in our common shares
on The Nasdaq Stock Market in accordance with Rule 103 of Regulation M under the Exchange Act during a period before the commencement
of offers or sales of common shares and extending through the completion of the distribution. A passive market maker must display
its bid at a price not in excess of the highest independent bid of that security. However, if all independent bids are lowered
below the passive market maker&rsquo;s bid, that bid must then be lowered when specified purchase limits are exceeded</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our common shares are
listed on the Nasdaq Capital Market under the symbol &ldquo;FENC&rdquo; and on the Toronto Stock Exchange under the symbol &ldquo;FRX.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with
the offering, certain of the underwriters or securities dealers may distribute this prospectus supplement and the accompanying
prospectus by electronic means, such as e-mail.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">One or more of the
underwriters may provide from time to time in the future certain financial advisory, investment banking and other services to us
and our affiliates in the ordinary course of their business, for which they may receive customary fees and commissions. In addition,
from time to time the underwriters and their affiliates may effect transactions for their own account or the accounts of customers,
and hold on behalf of themselves or their customers, long or short positions in our debt or equity securities or loans, and may
do so in the future. Representatives of the representative own 40,000 common shares.</P>

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


<!-- Field: Page; Sequence: 24; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="fpi_010"></A>NOTICE TO INVESTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Notice to Investors in the United Kingdom</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In relation to each
Member State of the European Economic Area which has implemented the Prospectus Directive (each, a &ldquo;Relevant Member State&rdquo;)
an offer to the public of any securities which are the subject of the offering contemplated by this prospectus supplement and the
related prospectus may not be made in that Relevant Member State except that an offer to the public in that Relevant Member State
of any such securities may be made at any time under the following exemptions under the Prospectus Directive, if they have been
implemented in that Relevant Member State:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
legal entities which are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose
corporate purpose is solely to invest in securities;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
any legal entity which has two or more of (1) an average of at least 250 employees during the last financial year; (2) a total
balance sheet of more than &euro;43,000,000 and (3) an annual net turnover of more than &euro;50,000,000, as shown in its last
annual or consolidated accounts;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by
the underwriter to fewer than 100 natural or legal persons (other than qualified investors as defined in the Prospectus Directive);
or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
any other circumstances falling within Article 3(2) of the Prospectus Directive, provided that no such offer of these securities
shall result in a requirement for the publication by the issuer or the underwriter of a prospectus pursuant to Article 3 of the
Prospectus Directive.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the purposes of
this provision, the expression an &ldquo;offer to the public&rdquo; in relation to any of the securities in any Relevant Member
State means the communication in any form and by any means of sufficient information on the terms of the offer and any such securities
to be offered so as to enable an investor to decide to purchase any such securities, as the same may be varied in that Member State
by any measure implementing the Prospectus Directive in that Member State and the expression &ldquo;Prospectus Directive&rdquo;
means Directive 2003/71/EC and includes any relevant implementing measure in each Relevant Member State.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each underwriter has
represented, warranted and agreed that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it
has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement
to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000 (the FSMA)) received
by it in connection with the issue or sale of any of the securities in circumstances in which section 21(1) of the FSMA does not
apply to the issuer; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it
has complied with and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to
the securities in, from or otherwise involving the United Kingdom.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>European Economic Area</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In particular, this
document does not constitute an approved prospectus in accordance with European Commission&rsquo;s Regulation on Prospectuses no.
809/2004 and no such prospectus is to be prepared and approved in connection with this offering. Accordingly, in relation to each
Member State of the European Economic Area which has implemented the Prospectus Directive (being the Directive of the European
Parliament and of the Council 2003/71/EC and including any relevant implementing measure in each Relevant Member State) (each,
a Relevant Member State), with effect from and including the date on which the Prospectus Directive is implemented in that Relevant
Member State (the Relevant Implementation Date) an offer of securities to the public may not be made in that Relevant Member State
prior to the publication of a prospectus in relation to such securities which has been approved by the competent authority in that
Relevant Member State or, where appropriate, approved in another Relevant Member State and notified to the competent authority
in that Relevant Member State, all in accordance with the Prospectus Directive, except that it may, with effect from and including
the Relevant Implementation Date, make an offer of securities to the public in that Relevant Member State at any time:</P>

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


<!-- Field: Page; Sequence: 25; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">to legal entities which are authorized
or regulated to operate in the financial markets or, if not so authorized or regulated, whose corporate purpose is solely to invest
in securities;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">to any legal entity which has two or more
of (1) an average of at least 250 employees during the last financial year; (2) a total balance sheet of more than &euro;43,000,000;
and (3) an annual net turnover of more than &euro;50,000,000, as shown in the last annual or consolidated accounts; or</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">in any other circumstances which do not
require the publication by the Issuer of a prospectus pursuant to Article 3 of the Prospectus Directive.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the purposes of
this provision, the expression &ldquo;an offer of securities to the public&rdquo; in relation to any of the securities in any Relevant
Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the securities
to be offered so as to enable an investor to decide to purchase or subscribe for the securities, as the same may be varied in that
Member State by any measure implementing the Prospectus Directive in that Member State. For these purposes the shares offered hereby
are &ldquo;securities.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The securities subject
to this offering are not qualified for sale in Canada and may not be offered or sold in Canada, directly or indirectly, on our
behalf. Any confirmation sent by the underwriters to purchasers of the securities subject to this offering will contain a statement
that it is the underwriters&rsquo; understanding that such purchaser is not a resident of Canada and that such purchasers have
been given notice that their purchase of securities subject to this offering will be deemed to constitute a representation and
warranty that such investor: (a) is purchasing the shares with investment intent and not for the purposes of making an immediate
resale in Canada and (b) will not resell the shares to a person they actually know to be located in Canada or through the facilities
of an exchange or market in Canada, for a period of 90 days from the date of their purchase.</P>

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


<!-- Field: Page; Sequence: 26; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="fpi_011"></A>MATERIAL UNITED STATES AND CANADIAN FEDERAL
INCOME TAX<BR>
CONSEQUENCES OF THIS OFFERING</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following discussion
sets forth certain material United States and Canadian federal income tax consequences resulting from the acquisition, ownership
and disposition of our common shares by a &ldquo;U.S. Holder&rdquo;. For purposes of this discussion, a U.S. Holder means any U.S.
person who holds common shares. For purposes of our discussion, a U.S. person is:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">an individual who is a citizen or resident
of the United States;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a corporation (or other entity taxed as
a corporation for U.S. federal income tax purposes) created or organized in the United States or under the laws of the United States
or any subdivision thereof;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">an estate, the income of which is includable
in gross income for U.S. federal income tax purposes regardless of its source; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a trust, if a court within the United
States is able to exercise primary supervision over the administration of the trust and one or more U.S. persons have the authority
to control all substantial decisions of the trust (or if the trust was in existence on August 20, 1996, and has validly elected
to be treated as a U.S. person under applicable Treasury regulations); and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">for purposes of the Income Tax Act (Canada)
(the &ldquo;Tax Act&rdquo;) is neither resident nor deemed to be resident in Canada and does not use or hold, and is not deemed
to use or hold our common shares held by them in connection with carrying on business in Canada (a &ldquo;Non-Resident Holder&rdquo;).</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Material U.S. Federal Income Tax Considerations </I></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following summary
describes the material U.S. federal income tax consequences to U.S. Holders (as defined below) of acquiring, owning, and disposing
of our common shares acquired pursuant to this prospectus, subject to the qualifications set forth herein.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Tax Consequences Not Addressed</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This summary does not
address all potential U.S. federal income tax considerations that may be relevant to a particular U.S. Holder. In addition, this
summary does not take into account the individual facts and circumstances that may affect the U.S. federal income tax consequences
to a particular U.S. Holder, including specific tax consequences under an applicable income tax treaty. Accordingly, this summary
is not intended to be, and should not be construed as, legal or U.S. federal income tax advice with respect to any U.S. Holder.
This summary does not address any U.S. federal alternative minimum, U.S. federal estate and gift, U.S. state and local, or non-U.S.
tax considerations, and does not discuss tax reporting requirements that may be applicable to any particular U.S. Holder. Each
prospective investor should consult a professional tax advisor with respect to the U.S. federal income, U.S. alternative minimum,
U.S. federal estate and gift, U.S. state and local, and non-U.S. tax consequences of acquiring, owning, and disposing of our common
shares.</P>

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

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

<!-- Field: Page; Sequence: 27; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This summary is based
upon the provisions of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), the United States Treasury Regulations
(whether final, temporary, or proposed) promulgated thereunder, the Convention Between Canada and the United States of America
with Respect to Taxes on Income and on Capital, signed September 26, 1980, as amended (the &ldquo;Canada-U.S. Tax Convention&rdquo;),
and administrative rulings and judicial decisions interpreting the Code and the United States Treasury Regulations, all as currently
in effect, and all subject to differing interpretations or change, possibly on a retroactive basis. We have not sought, and will
not seek, a ruling from the IRS regarding any matter discussed herein, and no assurance can be given that the IRS would not assert,
or that a court would not sustain, a position that is different from, and contrary to, the positions taken in this summary. This
summary does not discuss the potential effects, whether adverse or beneficial, of any proposed legislation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>U.S. Holders</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this
summary, the term &ldquo;U.S. Holder&rdquo; means a beneficial owner of common shares acquired pursuant to this prospectus that
is for U.S. federal income tax purposes:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an individual who is a citizen or resident of the United States (as determined under U.S. federal
income tax rules);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created
or organized in or under the laws of the United States or of any political subdivision of the United States;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an estate, the income of which is subject to U.S. federal income taxation regardless of its source;
or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a trust that (i) is subject to the primary supervision of a court within the United States and
the control of one or more U.S. persons for all substantial decisions or (ii) has a valid election in effect under applicable United
States Treasury Regulations to be treated as a U.S. person.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An individual may be
a resident for U.S. federal income tax purposes in any calendar year if the individual was present in the United States for at
least 31 days in that calendar year and for an aggregate of at least 183 days during the three-year period ending with the current
calendar year. For purposes of this calculation, all of the days present in the current year, one-third of the days present in
the immediately preceding year, and one-sixth of the days present in the second preceding year are counted. Residents are taxed
for U.S. federal income tax purposes as if they were U.S. citizens.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Non-U.S. Holders Not Addressed</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this
summary, a &ldquo;non-U.S. Holder&rdquo; is a beneficial owner of common shares that is not a U.S. Holder and is not a partnership
for U.S. federal income tax purposes. This summary does not address the U.S. federal income tax consequences to non-U.S. Holders
of acquiring, owning, and disposing of common shares. Each prospective investor should consult a professional tax advisor with
respect to the U.S. federal income, U.S. alternative minimum, U.S. federal estate and gift, U.S. state and local, and non-U.S.
tax consequences of acquiring, owning, and disposing of our common shares.</P>

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

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

<!-- Field: Page; Sequence: 28; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Certain U.S. Holders Not Addressed</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This summary does not
address the U.S. federal income tax considerations applicable U.S. Holders that are subject to special provisions under the Code,
including, but not limited to, U.S. Holders that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">are tax-exempt organizations, qualified retirement plans, individual retirement accounts, or other
tax-deferred accounts;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">are financial institutions, underwriters, insurance companies, real estate investment trusts, or
regulated investment companies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">are broker-dealers, dealers, or traders in securities or currencies that elect to apply a mark-to-market
accounting method;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">have a &ldquo;functional currency&rdquo; other than the U.S. dollar;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">own common shares as part of a straddle, hedging transaction, conversion transaction, constructive
sale, or other arrangement involving more than one position;</TD></TR></TABLE>

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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">acquired common shares in connection with the exercise of employee stock options or otherwise as
compensation for services;</TD></TR></TABLE>

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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">hold common shares other than as a capital asset within the meaning of section 1221 of the Code
(generally, property held for investment purposes);</TD></TR></TABLE>

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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">are partnerships or other &ldquo;pass-through&rdquo; entities for U.S. federal income tax purposes
(or investors in such partnerships or entities);</TD></TR></TABLE>

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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">own, have owned, or will own (directly, indirectly, or by attribution) 10% or more of the total
combined voting power of the outstanding shares of your company;</TD></TR></TABLE>

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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">are U.S. expatriates or former long-term residents of the United States;</TD></TR></TABLE>

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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">have been, are, or will be residents or deemed to be residents in Canada for purposes of the Income
Tax Act (Canada) (the &ldquo;Tax Act&rdquo;);</TD></TR></TABLE>

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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">use or hold, will use or hold, or that are or will be deemed to use or hold common shares in connection
with carrying on a business in Canada;</TD></TR></TABLE>

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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">are persons whose common shares constitute &ldquo;taxable Canadian property&rdquo; under the Tax
Act; or</TD></TR></TABLE>

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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">have a permanent establishment in Canada for the purposes of the Canada-U.S. Tax Convention.</TD></TR></TABLE>

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

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

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

<!-- Field: Page; Sequence: 29; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">U.S. Holders that are
subject to special provisions under the Code, including, but not limited to, U.S. Holders described immediately above, should consult
their own tax advisors regarding the U.S. federal income, U.S. federal alternative minimum, U.S. federal estate and gift, U.S.
state and local, and non-U.S. tax consequences of acquiring, owning, and disposing of our common shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>The following summary
is not a substitute for careful tax planning and advice. U.S. Holders of common shares are urged to consult their own tax advisors
concerning the U.S. federal income tax consequences of the issues discussed herein, in light of their particular circumstances,
as well as any considerations arising under the laws of any foreign, state, local, or other taxing jurisdiction.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>General Rules Applicable to the Ownership
and Disposition of Common Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The following discussion describes the general
rules applicable to the ownership and disposition of the common shares but is subject in its entirety to the special rules described
below under the headings entitled &ldquo;Tax Consequences if We Are a Passive Foreign Investment Company&rdquo; and &ldquo;Tax
Consequences if We are a Controlled Foreign Corporation.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The gross amount of
any distribution (including amounts, if any, withheld in respect of Canadian withholding tax) actually or constructively received
by a U.S. Holder with respect to our common shares will be taxable to the U.S. Holder as a dividend to the extent of our current
or accumulated earnings and profits as determined under U.S. federal income tax principles. Distributions to a U.S. Holder in excess
of earnings and profits will be treated first as a return of capital that reduces a U.S. Holder&rsquo;s tax basis in such common
shares (thereby increasing the amount of gain or decreasing the amount of loss that a U.S. Holder would recognize on a subsequent
disposition of our common shares), and then as gain from the sale or exchange of such common shares (see &ldquo;Sale or Other Taxable
Disposition of Our Common Shares&rdquo;). The amount of any distribution of property other than cash will be the fair market value
of that property on the date of distribution. In the event we make distributions to holders of common shares, we may or may not
calculate our earnings and profits under U.S. federal income tax principles. If we do not do so, any distribution may be required
to be regarded as a dividend, even if that distribution would otherwise be treated as a non-taxable return of capital or as capital
gain. The amount of the dividend will generally be treated as foreign-source dividend income to U.S. Holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Non-corporate U.S.
Holders, including individuals, will generally be eligible for the preferential U.S. federal rate on &ldquo;qualified dividend
income,&rdquo; provided that we are a &ldquo;qualified foreign corporation,&rdquo; the stock on which the dividend is paid is held
for a minimum holding period, and other requirements are satisfied. A &ldquo;qualified foreign corporation&rdquo; includes a foreign
corporation that is not a PFIC in the year of the distribution or in the prior taxable year and that is eligible for the benefits
of an income tax treaty with the United States that contains an exchange of information provision and has been determined by the
United States Treasury Department to be satisfactory for purposes of the legislation (such as the Canada-U.S. Tax Convention).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Distributions to U.S.
Holders generally will not be eligible for the &ldquo;dividends received deduction&rdquo; generally allowed to U.S. corporations
in respect of dividends received from other U.S. corporations.</P>

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

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

<!-- Field: Page; Sequence: 30; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Sale or Other Taxable Disposition of
Our Common Shares</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the sale, exchange,
or other taxable disposition of our common shares, a U.S. Holder generally will recognize gain or loss equal to the difference
between the amount realized upon the sale, exchange, or other disposition and such U.S. Holder&rsquo;s tax basis in such common
shares sold or otherwise disposed of. If the U.S. holder receives Canadian dollars in the transaction, the amount realized will
be the U.S. dollar value of the Canadian dollars received, which is determined for cash basis taxpayers on the settlement date
for the transaction and for accrual basis taxpayers on the trade date (although accrual basis taxpayers can also elect the settlement
date). A U.S. Holder&rsquo;s tax basis in common shares generally will be such holder&rsquo;s U.S. dollar cost for such common
shares. Gain or loss recognized on such sale or other disposition generally will be long-term capital gain or loss if, at the time
of the sale or other disposition, the common shares have been held for more than one year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Preferential tax rates
currently apply to long-term capital gain of a U.S. Holder that is an individual, estate, or trust. There are currently no preferential
tax rates for long-term capital gain of a corporate U.S. Holder. Deductions for capital losses are subject to significant limitations
under the Code. The gain or loss will generally be U.S.-source gain or loss for foreign tax credit purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Additional Medicare Tax on Net Investment
Income</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain U.S. Holders
that are individuals, estates, or trusts (other than trusts that are exempt from tax) are subject to a tax of 3.8% on &ldquo;net
investment income&rdquo; (or undistributed &ldquo;net investment income,&rdquo; in the case of estates and trusts) for each taxable
year, with such tax applying to the lesser of such income or the excess of such person&rsquo;s adjusted gross income (with certain
adjustments) over a specified amount. Net investment income includes dividends on the common shares and net gains from the disposition
of the common shares.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-style: normal">U.S.
Holders that are individuals, estates, or trusts should consult their own tax advisors regarding the applicability of this tax
to any of their income or gains in respect of the common shares.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The amount of any distribution
paid to a U.S. Holder in foreign currency, or on the sale, exchange, or other taxable disposition of common shares, generally will
be equal to the U.S. dollar value of such foreign currency based on the exchange rate applicable on the date of receipt (regardless
of whether such foreign currency is converted into U.S. dollars at that time). If the foreign currency received is not converted
into U.S. dollars on the date of receipt, a U.S. Holder will have a tax basis in the foreign currency equal to its U.S. dollar
value on the date of receipt. Any U.S. Holder who converts or otherwise disposes of the foreign currency after the date of receipt
may have a foreign currency exchange gain or loss that would be treated as ordinary income or loss, and generally will be U.S.
source income or loss for foreign tax credit purposes. Different rules apply to U.S. Holders who use the accrual method of tax
accounting. Each U.S. Holder should consult its own U.S. tax advisors regarding the U.S. federal income tax consequences of receiving,
owning, and disposing of foreign currency.</P>

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

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

<!-- Field: Page; Sequence: 31; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the PFIC
rules discussed above, a U.S. Holder that pays (whether directly or through withholding) Canadian income tax with respect to dividends
paid on the common shares generally will be entitled, at the election of such U.S. Holder, to receive either a deduction or a credit
for such Canadian income tax paid. Generally, a credit will reduce a U.S. Holder&rsquo;s U.S. federal income tax liability on a
dollar-for-dollar basis, whereas a deduction will reduce a U.S. Holder&rsquo;s income that is subject to U.S. federal income tax.
This election is made on a year-by-year basis and applies to all foreign taxes paid (whether directly or through withholding) by
a U.S. Holder during a year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Complex limitations
apply to the foreign tax credit, including the general limitation that the credit cannot exceed the proportionate share of a U.S.
Holder&rsquo;s U.S. federal income tax liability that such U.S. Holder&rsquo;s &ldquo;foreign source&rdquo; taxable income bears
to such U.S. Holder&rsquo;s worldwide taxable income. In applying this limitation, a U.S. Holder&rsquo;s various items of income
and deduction must be classified, under complex rules, as either &ldquo;foreign source&rdquo; or &ldquo;U.S. source.&rdquo; Generally,
dividends paid by a foreign corporation (including constructive dividends) should be treated as foreign source for this purpose,
and gains recognized on the sale of stock of a foreign corporation by a U.S. Holder should be treated as U.S. source for this purpose,
except as otherwise provided in an applicable income tax treaty, and if an election is properly made under the Code. However, the
amount of a distribution with respect to the common shares that is treated as a &ldquo;dividend&rdquo; may be lower for U.S. federal
income tax purposes than it is for Canadian federal income tax purposes, resulting in a reduced foreign tax credit allowance to
a U.S. Holder. In addition, this limitation is calculated separately with respect to specific categories of income. The foreign
tax credit rules are complex, and each U.S. Holder should consult its own U.S. tax advisors regarding the foreign tax credit rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Information Reporting and Backup Withholding</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under U.S. federal
income tax law, certain categories of U.S. Holders must file information returns with respect to their investment in, or involvement
in, a foreign corporation. For example, certain U.S. Holders who hold certain &ldquo;specified foreign financial assets&rdquo;
that exceed certain thresholds are required to report information relating to such assets. The definition of &ldquo;specified foreign
financial assets&rdquo; generally includes not only financial accounts maintained in foreign financial institutions, but also,
unless held in accounts maintained by a financial institution, any stock or security issued by a non-U.S. person, any financial
instrument or contract held for investment that has an issuer or counterparty other than a U.S. person, and any interest in a foreign
entity. U.S. Holders may be subject to these reporting requirements unless their common shares are held in an account at certain
financial institutions. Significant penalties may apply for failure to satisfy applicable reporting obligations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Distributions paid
with respect to common shares and proceeds from a sale, exchange, or redemption of common shares made within the United States
or through certain U.S.-related financial intermediaries may be subject to information reporting to the IRS and possible U.S. backup
withholding (at a rate of 28%). Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct U.S. taxpayer
identification number and makes any other required certification on IRS Form W-9 or that is a corporation or other entity that
is otherwise exempt from backup withholding. Each U.S. Holder should consult its own tax advisors regarding the application of
the U.S. information reporting and backup withholding rules. Backup withholding is not an additional tax. Amounts withheld as backup
withholding may be credited against a holder&rsquo;s U.S. federal income tax liability, and such holder may obtain a refund of
any excess amounts withheld under the backup withholding rules by filing an appropriate claim for refund with the IRS and furnishing
any required information in a timely manner.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The discussion of reporting
requirements set forth above is not intended to constitute a complete description of all reporting requirements that may apply
to a U.S. Holder. A failure to satisfy certain reporting requirements may result in an extension of the time period during which
the IRS can assess a tax and, under certain circumstances, such an extension may apply to assessments of amounts unrelated to any
unsatisfied reporting requirement. U.S. Holders should consult with their own tax advisors regarding their reporting obligations,
if any, as a result of their acquisition, ownership, or disposition of our common shares.</P>

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

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

<!-- Field: Page; Sequence: 32; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Tax Consequences if We are a Passive Foreign
Investment Company</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A foreign corporation
generally will be treated as a &ldquo;passive foreign investment company&rdquo; (&ldquo;PFIC&rdquo;) if, after applying certain
&ldquo;look-through&rdquo; rules, either (i) 75% or more of its gross income is passive income or (ii) 50% or more of the average
value of its assets is attributable to assets that produce or are held to produce passive income. Passive income for this purpose
generally includes dividends, interest, rents, royalties and gains from securities and commodities transactions. The look-through
rules require a foreign corporation that owns at least 25% by value of the stock of another corporation to treat a proportionate
amount of assets and income as held or received directly by the foreign corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have not made the
analysis necessary to determine whether or not we are currently a PFIC or whether we have ever been a PFIC.&nbsp;&nbsp;There can
be no assurance that we are not, have never been or will not in the future be a PFIC. If we were to be treated as a PFIC, any gain
recognized by a U.S. shareholder upon the sale (or certain other dispositions) of our common shares (or the receipt of certain
distributions) generally would be treated as ordinary income, and a U.S. shareholder may be required, in certain circumstances,
to pay an interest charge together with tax calculated at maximum rates on certain &ldquo;excess distributions,&rdquo; including
any gain on the sale or certain dispositions of our common shares. In order to avoid this tax consequence, a U.S. shareholder (i)
may be permitted to make a &ldquo;qualified electing fund&rdquo; election, in which case, in lieu of such treatment, such shareholder
would be required to include in its taxable income certain undistributed amounts of our income or (ii) may elect to mark-to-market
our common shares and recognize ordinary income (or possible ordinary loss) each year with respect to such investment and on the
sale or other disposition of the common shares. Additionally, if we are deemed to be a PFIC, a U.S. shareholder who acquires our
common shares from a decedent will be denied the normally available step-up in tax basis to fair market value for the common shares
at the date of the death and instead will have a tax basis equal to the decedent&rsquo;s tax basis if lower than fair market value.
Neither we nor our advisors have the duty to or will undertake to inform U.S. shareholders of changes in circumstances that would
cause us to become a PFIC. U.S. shareholders should consult their own tax advisors regarding the application of the PFIC rules
including eligibility for and the manner and advisability of making certain elections in the event we are determined to be a PFIC
at any point in time after the date of this prospectus supplement. We intend to take the action necessary for a U.S. shareholder
to make a &ldquo;qualified electing fund&rdquo; election in the event we are a PFIC.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Further, excess distributions
treated as dividends, gains treated as excess distributions and mark-to-market inclusions and deductions, all under the PFIC rules
discussed above, are all included in the calculation of net investment income for purposes of the 3.8% tax described above under
the subheading entitled &ldquo;Additional Medicare Tax on Net Investment Income&rdquo;. United States Treasury Regulations provide,
subject to the election described in the following paragraph, that solely for purposes of this additional tax, distributions of
previously taxed income will be treated as dividends and included in net investment income subject to the additional 3.8% tax.
Additionally, to determine the amount of any capital gain from the sale or other taxable disposition of common shares that will
be subject to the additional tax on net investment income, a U.S. Holder who has made a &ldquo;qualified electing fund&rdquo; election
will be required to recalculate its basis in the common shares excluding basis adjustments resulting from the &ldquo;qualified
electing fund&rdquo; election. Alternatively, a U.S. Holder may make an election which will be effective with respect to all interests
in a PFIC for which a &ldquo;qualified electing fund&rdquo; election has been made and which is held in that year or acquired in
future years. Under this election, a U.S. Holder pays the additional 3.8% tax on income inclusions resulting from the &ldquo;qualified
electing fund&rdquo; election and on gains calculated after giving effect to related tax basis adjustments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Tax Consequences if We are a Controlled
Foreign Corporation</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A foreign corporation
will be treated as a &ldquo;controlled foreign corporation&rdquo; (&ldquo;CFC&rdquo;) for U.S. federal income tax purposes if,
on any day during the taxable year of such foreign corporation, more than 50% of the equity interests in such corporation, measured
by reference to the combined voting power or value of the equity of the corporation, is owned directly or by application of the
attribution and constructive ownership rules of Sections 958(a) and 958(b) of the Code by United States Shareholders. For this
purpose, a &ldquo;United States Shareholder&rdquo; is any United States person that possesses directly, or by application of the
attribution and constructive ownership rules of Sections 958(a) and 958(b) of the Code, 10% or more of the combined voting power
of all classes of equity in such corporation. If a foreign corporation is a CFC for an uninterrupted period of 30 days or more
during any taxable year, each United States Shareholder of our Company who owns, directly or indirectly, our common shares on the
last day of the taxable year on which we are a CFC will be required to include in its gross income for United States federal income
tax purposes its pro rata share of our &ldquo;Subpart F income,&rdquo; even if the Subpart F income is not distributed. Subpart
F income generally includes passive income but also includes certain related party sales, manufacturing and services income. If
we are a CFC, the PFIC rules set forth above, even if we are otherwise considered to be a PFIC, will not be applicable.</P>

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

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

<!-- Field: Page; Sequence: 33; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">United States persons
who might, directly, indirectly or constructively, acquire 10% or more of our common shares, and therefore might be a United States
Shareholder, should consider the possible application of the CFC rules, and consult a tax advisor with respect to such matter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Material Canadian Federal Income Tax Considerations</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Non-Residents of Canada</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following portion
of the summary is generally applicable to a U.S. Holder. Special rules, which are not discussed in this summary, may apply to a
U.S. Holder that is an insurer that carries on an insurance business in Canada and elsewhere.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Disposition of Common Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the disposition
by a U.S. Holder of common shares in our Company, the U.S. Holder will not be subject to tax under the Tax Act in respect of any
capital gain realized unless the common shares disposed of constitutes &ldquo;taxable Canadian property&rdquo; of the U.S. Holder
and the U.S. Holder is not entitled to relief under an applicable tax treaty or convention. Common shares will generally not constitute
&ldquo;taxable Canadian property&rdquo; of such U.S. Holder unless at any time in the preceding 60 months both of the following
statements were true: (a) the U.S. Holder, together with either (i) persons with whom the U.S. Holder does not deal at arm&rsquo;s
length or (ii) partnerships in which the U.S. Holder or a person in (a) directly or indirectly hold membership interests, held
shares and/or rights to acquire shares representing 25% or more of the issued shares of any class of our capital stock; and (b)
more than 50% of the fair market value of our common stock was derived directly or indirectly from one or any combination of (i)
real or immovable property situated in Canada, (ii) Canadian resource properties, (iii) timber resource properties, and (iv) options
in respect of, or interests in, or for civil law rights in, property described in any of (i) to (iii).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">U.S. Holders whose
common shares constitute &ldquo;taxable Canadian property&rdquo; should consult their own tax advisors for advice having regard
to their particular circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dividends Paid on Common Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Dividends paid, credited
or deemed to have been paid or credited on our common shares held by a U.S. Holder will be subject to a Canadian withholding tax
under the Tax Act at a rate of 25% of the gross amount of the dividends, subject to reduction by any applicable tax convention.
Under the tax convention between Canada and the United States (the &ldquo;Tax Treaty&rdquo;), the rate of withholding tax on dividends
generally applicable to U.S. Holders who beneficially own the dividends is reduced to 15%. In the case of U.S. Holders that are
corporations that beneficially own at least 10% of our voting shares, the rate of withholding tax on dividends generally is reduced
to 5%. So-called &ldquo;fiscally transparent&rdquo; entities, such as United States limited liability companies, or LLCs, are not
entitled to rely on the terms of the Tax Treaty, however a member of such entity will be considered to have received the dividend
directly and to benefit from the reduced rates under the Tax Treaty, where the member is considered under U.S. taxation law to
have derived the dividend through that entity and by reason of the entity being a fiscally transparent entity, the treatment of
the dividend is the same as its treatment would be if the amount had been derived directly by the member. Members of such entities
are regarded as holding their proportionate share of our common shares held by the entity for the purposes of the Tax Treaty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 34; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="fpi_012"></A><B>LEGAL MATTERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain legal matters
in connection with the securities offered hereby will be passed upon for us by LaBarge Weinstein LLP, Ottawa, Ontario. Lowenstein
Sandler LLP, New York, New York is acting as counsel to the underwriters in connection with this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="fpi_013"></A><B>EXPERTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consolidated financial
statements of Fennec Pharmaceuticals Inc. appearing in our Annual Report on Form 10-K for the year ended December 31, 2016 have
been audited by Deloitte LLP, independent registered public accounting firm, as set forth in their report thereon, included therein,
and incorporated herein by reference in reliance upon the authority of said firm as experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="fpi_014"></A><B>WHERE YOU CAN FIND MORE INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus supplement
and the accompanying prospectus are only parts of a registration statement on Form&nbsp;S-3 (File No.&nbsp;333-221093) that we
filed with the SEC under the Securities Act and do not contain all the information set forth in the registration statement. Whenever
a reference is made in this prospectus supplement or the accompanying prospectus to any of our contracts, agreements or other documents,
the reference may not be complete and you should refer to the exhibits that are a part of the registration statement or the exhibits
to the reports or other documents incorporated by reference in this prospectus supplement and the accompanying prospectus for a
copy of such contract, agreement or other document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a public company
and file proxy statements, annual, quarterly and special reports and other information with the SEC. The registration statement,
such reports and other information can be inspected and copied at the Public Reference Room&nbsp;of the SEC located at 100 F Street,
N.E., Washington D.C. 20549. Copies of such materials, including copies of all or any portion of the registration statement, can
be obtained from the Public Reference Room&nbsp;of the SEC at prescribed rates. You can call the SEC at 1-800-SEC-0330 to obtain
information on the operation of the Public Reference Room. Such materials may also be accessed electronically by means of the SEC&rsquo;s
home page&nbsp;on the Internet (www.sec.gov).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We make our Annual
Reports on Form&nbsp;10-K, Quarterly Reports on Form&nbsp;10-Q, Current Reports on Form&nbsp;8-K and amendments to those reports
available through our website, free of charge, as soon as reasonably practicable after we file such material with, or furnish it
to the SEC. Our website address is www.fennecpharma.com. We have included our website address in this prospectus supplement solely
as an inactive textual reference. The information contained on, or that can be accessed through, our website is not part of this
prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="fpi_015"></A>INCORPORATION OF CERTAIN DOCUMENTS BY
REFERENCE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SEC allows us to
&ldquo;incorporate by reference&rdquo; information from other documents that we file with the SEC, which means that we can disclose
important information to you by referring you to those documents. The information incorporated by reference is considered to be
part of this prospectus supplement and the accompanying prospectus. Information contained in this prospectus supplement and the
accompanying prospectus and information that we file with the SEC in the future and incorporate by reference in this prospectus
supplement and the accompanying prospectus will automatically update and supersede this information. We incorporate by reference
the documents listed below and any future filings (other than Current Reports on Form&nbsp;8-K furnished under Item&nbsp;2.02 or
Item&nbsp;7.01 and exhibits filed on such form that are related to such items) we make with the SEC under Sections&nbsp;13(a),
13(c), 14 or 15(d)&nbsp;of the Exchange Act after the date of the prospectus supplement and until the termination of this offering:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our Annual Report on Form&nbsp;10-K for
the year ended December&nbsp;31, 2016;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60.5pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our Quarterly Reports on Form&nbsp;10-Q
for the fiscal quarters ended March&nbsp;31, 2017, June&nbsp;30, 2017 and September&nbsp;30, 2017;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60.5pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our Current Reports on Form&nbsp;8-K
                                                                                                           dated May&nbsp;17, 2017, June&nbsp;8, 2017, June&nbsp;27, 2017, September&nbsp;13, 2017, September&nbsp;29,
                                                                                                           2017, October&nbsp;14, 2017 and December 8, 2017; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60.5pt; text-indent: -0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 35; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the description of our common shares set
forth in our registration statement on Form&nbsp;8-A filed with the SEC on September&nbsp;11, 2017, including any amendments or
reports filed for the purpose of updating such description.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60.5pt; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To receive a free copy
of any of the documents incorporated by reference in this prospectus supplement and the accompanying prospectus, other than any
exhibits, unless the exhibits are specifically incorporated by reference into this prospectus, call or write us at the following
address and telephone number:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PO Box 13628</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>68 TW Alexander Drive</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Research Triangle Park, North Carolina
27709</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(919) 636-4530</B></P>

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


<!-- Field: Page; Sequence: 36; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>$90,000,000<BR>
Common stock<BR>
&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: Red"><IMG SRC="tv480924_img3.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Fennec Pharmaceuticals
Inc. may offer from time to time up to an aggregate of $90,000,000 of common stock in one or more offerings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus describes
the general manner in which these securities may be offered and sold. If necessary, the specific manner in which these securities
may be offered and sold will be described in a supplement to this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our common stock is
listed on The Nasdaq Capital Market (&ldquo;NASDAQ&rdquo;) under the symbol &ldquo;FENC&rdquo; and on the Toranto Stock Exchange
(&ldquo;TSX&rdquo;) under the symbol &ldquo;FRX.&rdquo;. The last reported sale price of the shares of our common stock on NASDAQ
on October 5, 2017, was $11.74 per share. The aggregate market value of our common stock held by non-affiliates pursuant to General
Instruction I.B.6 of Form&nbsp;S-3 is $104,347,526.70, which was calculated based on 8,888,205 shares of our common stock outstanding
held by non-affiliates and at a price of $11.74 per share, which was the closing price of our common stock on October 5, 2017.
As of the date of this prospectus, we have not sold any common stock pursuant to General Instruction I.B.6 to Form&nbsp;S-3 during
the prior 12 calendar month period that ends on and includes the date of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Investing in our
securities involves risks. You should carefully consider the risks described under &ldquo;Risk Factors&rdquo; in Item 1A of our
most recent Annual Report on Form 10-K and Item 1A of any subsequently filed Quarterly Reports on Form 10-Q (which documents are
incorporated by reference herein), as well as the other information contained or incorporated by reference in this prospectus or
in any prospectus supplement hereto before making a decision to invest in our securities. See &ldquo;Where You Can Find More Information&rdquo;
below.</I></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Neither the Securities
and Exchange Commission nor any state securities commission or other regulatory body has approved or disapproved of these securities
or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is
November 3, 2017</P>

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

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


<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 99px; border-bottom: black 1pt solid; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Page</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD NOWRAP STYLE="font-size: 10pt"><A HREF="#a_001"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">FENNEC PHARMACEUTICALS INC.</FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; font-size: 10pt"><A HREF="#a_001"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></A></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD NOWRAP STYLE="font-size: 10pt"><A HREF="#a_002"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">FORWARD LOOKING STATEMENTS</FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; font-size: 10pt"><A HREF="#a_002"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></A></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD NOWRAP STYLE="font-size: 10pt"><A HREF="#a_003"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; font-size: 10pt"><A HREF="#a_003"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></A></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD NOWRAP STYLE="font-size: 10pt"><A HREF="#a_004"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">USE OF PROCEEDS</FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; font-size: 10pt"><A HREF="#a_004"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3</FONT></A></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD NOWRAP STYLE="font-size: 10pt"><A HREF="#a_005"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">DESCRIPTION OF CAPITAL STOCK</FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; font-size: 10pt"><A HREF="#a_005"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3</FONT></A></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD NOWRAP STYLE="font-size: 10pt"><A HREF="#a_006"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CERTAIN ERISA MATTERS</FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; font-size: 10pt"><A HREF="#a_006"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4</FONT></A></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD NOWRAP STYLE="font-size: 10pt"><A HREF="#a_007"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; font-size: 10pt"><A HREF="#a_007"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4</FONT></A></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD NOWRAP STYLE="font-size: 10pt"><A HREF="#a_008"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LEGAL MATTERS</FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; font-size: 10pt"><A HREF="#a_008"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6</FONT></A></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD NOWRAP STYLE="font-size: 10pt"><A HREF="#a_009"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXPERTS</FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; font-size: 10pt"><A HREF="#a_009"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>You should rely
only on the information contained or incorporated by reference in this prospectus or any supplement to this prospectus. We have
not authorized anyone to provide you with different information. We are not making an offer to sell or seeking an offer to buy
these securities in any jurisdiction where the offer or sale is not permitted. You should not assume that the information contained
in this prospectus or any supplement to this prospectus is accurate as of any date other than the date on the front cover of those
documents. You should read all information supplementing this prospectus.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus is
part of a registration statement that we filed with the Securities and Exchange Commission using a &ldquo;shelf&rdquo; registration
process. Under the shelf registration process, we may offer from time to time up to an aggregate of $90,000,000 of common stock
in one or more offerings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus provides
you with a general description of the securities we may offer. Each time we sell securities, we will provide a prospectus supplement
that will contain specific information about the terms of that offering. The prospectus supplement may also add, update or change
information contained in this prospectus. If there is any inconsistency between the information in this prospectus and the applicable
prospectus supplement, you should rely on the information in the prospectus supplement. We may also authorize one or more free
writing prospectuses to be provided to you that may contain material information relating to a particular offering. For the securities
being sold, the prospectus supplement will include the names of the underwriters, dealers or agents, if any, their compensation,
the terms of the offering, and the net proceeds to the Company. The prospectus supplement may also contain additional information
about certain United States federal income tax considerations relating to the securities covered by the prospectus supplement.
You should read both this prospectus and any prospectus supplement, together with additional information described under the heading
&ldquo;Where You Can Find More Information.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Unless the context suggests otherwise, references
in this prospectus to &ldquo;Fennec Pharmaceuticals,&rdquo; the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; and &ldquo;our&rdquo;
refer to Fennec Pharmaceuticals Inc. and its consolidated subsidiaries.</P>

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

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


<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_001"></A><B>FENNEC PHARMACEUTICALS INC.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>This is only a summary
and may not contain all the information that is important to you. You should carefully read both this prospectus and any accompanying
prospectus supplement and any other offering materials, together with the additional information described under the heading &ldquo;Where
You Can Find More Information&rdquo;. Unless otherwise noted, the terms &ldquo;Fennec Pharmaceuticals&rdquo;, &ldquo;the Company,&rdquo;
&ldquo;we,&rdquo; &ldquo;us,&rdquo; and &ldquo;our&rdquo; refer to Fennec Pharmaceuticals Inc. and its wholly-owned subsidiaries.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We incorporated under
the laws of Canada in September 1996. On August 25, 2011, we continued from the laws of Canada under the <I>Canada Business Corporations
Act</I> (the &ldquo;CBCA&rdquo;) to the laws of British Columbia in accordance with Section 302 of the <I>Business Corporations
Act (British Columbia)</I> (the &ldquo;Continuance&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our principal executive
offices are located at PO BOX 13628, 68 TW Alexander Drive, Research Triangle Park, NC 27709. Our telephone number is (919) 636-4530.
Our website is www.fennecpharma.com. Information contained in our website does not constitute part of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a biopharmaceutical
company focused on the development of Sodium Thiosulfate (&ldquo;STS&rdquo;) for the prevention of platinum-induced ototoxicity
in pediatric cancer patients.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_002"></A>FORWARD LOOKING STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus contains
or incorporates by reference forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E
of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), which reflect our current views with respect
to, among other things, our operations and financial performance. In some cases, you can identify these forward-looking statements
by the use of words such as &ldquo;outlook&rdquo;, &ldquo;believes&rdquo;, &ldquo;expects&rdquo;, &ldquo;potential&rdquo;, &ldquo;continues&rdquo;,
&ldquo;may&rdquo;, &ldquo;will&rdquo;, &ldquo;should&rdquo;, &ldquo;seeks&rdquo;, &ldquo;approximately&rdquo;, &ldquo;predicts&rdquo;,
&ldquo;intends&rdquo;, &ldquo;plans&rdquo;, &ldquo;estimates&rdquo;, &ldquo;anticipates&rdquo; or the negative version of these
words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. These forward-looking
statements are not historical facts and are based on current expectations, estimates and projections about Fennec Pharmaceuticals&rsquo;s
industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain
and beyond our control.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Accordingly, there
are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these
statements. All statements other than statements of historical fact are forward-looking statements and are based on various underlying
assumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions, and may include projections
of our future financial performance based on our growth strategies and anticipated trends in our business. We believe these factors
include, but are not limited to, those described under &ldquo;Risk Factors&rdquo; in Item 1A of our most recent Annual Report on
Form 10-K for the fiscal year ended December 31, 2016, filed with the SEC on March 29, 2017, and Item 1A of any subsequently filed
Quarterly Reports on Form 10-Q, as such factors may be updated from time to time in our periodic filings with the SEC (which documents
are incorporated by reference herein), as well as the other information contained or incorporated by reference in this prospectus
or in any prospectus supplement hereto. These factors should not be construed as exhaustive and should be read in conjunction with
the other cautionary statements that are included or incorporated by reference in this prospectus or in any prospectus supplement
hereto. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information,
future developments or otherwise.</P>

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


<!-- Field: Page; Sequence: 39; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_003"></A>WHERE YOU CAN FIND MORE INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;We are required to file annual, quarterly
and current reports, proxy statements and other information with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;).
You may read and copy any documents filed by us at the SEC&rsquo;s public reference room at 100 F Street, N.E., Washington, D.C.
20549. Please call the SEC at 1-800-SEC-0330 for further information about the public reference room. Our filings with the SEC
are also available to the public through the SEC&rsquo;s Internet site at&nbsp;<I>http://www.sec.gov</I>. We make available free
of charge on our website (http://www.<FONT STYLE="background-color: white">Fennecpharma</FONT>.com) our Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and all amendments to those reports as soon as reasonably practicable
after such material is electronically filed with the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have filed a registration
statement on Form S-3 with the SEC relating to the securities covered by this prospectus. This prospectus is a part of the registration
statement and does not contain all of the information in the registration statement. Whenever a reference is made in this prospectus
to a contract or other document of ours, please be aware that the reference is only a summary and that you should refer to the
exhibits that are part of the registration statement for a copy of the contract or other document. You may review a copy of the
registration statement at the SEC&rsquo;s public reference room in Washington, D.C., as well as through the SEC&rsquo;s Internet
site.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SEC&rsquo;s rules
allow us to &ldquo;incorporate by reference&rdquo; information into this prospectus. This means that we can disclose important
information to you by referring you to another document. Any information referred to in this way is considered part of this prospectus
from the date we file that document. Any reports filed by us with the SEC after the date of the initial registration statement
and prior to effectiveness of the registration statement and any reports filed by us with the SEC after the date of this prospectus
and before the date that the offerings of the securities by means of this prospectus are terminated will automatically update and,
where applicable, supersede any information contained in this prospectus or incorporated by reference in this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We incorporate by reference
into this prospectus the following documents or information filed with the SEC:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Annual Report on Form 10-K for the year ended December 31, 2016, filed on March 29, 2017 (File No. 001-32295);</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 48px; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Quarterly Reports on Form 10-Q for the quarters ended March 31, 2017 and June 30, 2017 filed with the Commission on May 12, 2017 and August 14, 2017, respectively (File No. 001-32295);</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 48px; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Current Reports on Form 8-K as filed with the SEC on May&nbsp;17, 2017, June&nbsp;9, 2017, June&nbsp;29, 2017, September&nbsp;13, 2017, September 29, 2017 and October 16, 2017 (other than any reports or portions thereof that are furnished under Item 2.02 or Item 7.01 and any exhibits included with such Items) (File No. 001-32295);</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 48px; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 48px; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the description of our capital stock contained in our Registration Statement on Form 8-A filed with the Commission on September 11, 2017 (File No. 001-32295), including any amendment or report filed for the purpose of updating such description; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 48px; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All documents filed by us under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of the initial registration statement and prior to effectiveness of the registration statement and after the date of this prospectus and before the termination of the offerings to which this prospectus relates.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>


<!-- Field: Page; Sequence: 40; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">We will provide without charge to each person,
including any beneficial owner, to whom this prospectus is delivered, upon his or her written or oral request, a copy of any or
all documents referred to above which have been or may be incorporated by reference into this prospectus, excluding exhibits to
those documents unless they are specifically incorporated by reference into those documents. You can request those documents from
the Corporate Secretary, Fennec Pharmaceuticals Inc., at 68 TW Alexander Drive, Research Triangle Park, NC 27709. You may also
contact the Corporate Secretary at (919) 636-4530.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_004"></A><B>USE OF PROCEEDS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise indicated
in a prospectus supplement, we intend to use the net proceeds from our sale of securities pursuant to this prospectus to pursue
the research and development of STS, as well as working capital and general corporate purposes, including to fund our ongoing research
and development and product initiatives. We have not allocated the proceeds to these purposes as of the date of this prospectus.
Allocation of the proceeds of a particular series of securities, or the principal reasons for the offering, if no allocation has
been made, will be described in the applicable prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_005"></A><B>DESCRIPTION OF CAPITAL STOCK</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following summary
of the terms of our capital stock does not purport to be complete and is subject to and qualified in its entirety by reference
to our Articles of Incorporation and our Bylaws, each of which may be further amended from time to time and both of which are incorporated
herein by reference.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of October [ ],
2017 our authorized capital stock consists of unlimited shares of common stock, no par value per share. As of September 30, 2017,
15,856,738 shares of common stock were issued and outstanding.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to our Notice
of Articles and Articles, as amended, we are authorized to issue an unlimited number of common shares, no par value. Each holder
of a Share is entitled to one vote for each common share held on all matters submitted to a vote of shareholders. We have not provided
for cumulative voting for the election of directors in our Notice of Articles or Articles, as amended. This means that the holders
of a majority of the shares voted can elect all of the directors then standing for election. The holders of outstanding our common
shares are entitled to receive dividends out of assets legally available at the times and in the amounts that our board of directors
may determine from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of common shares
have no preemptive subscription, redemption or conversion rights or other subscription rights. Upon our liquidation, dissolution
or winding-up, the holders of common shares are entitled to share in all assets remaining after payment of all liabilities. The
rights of the holders of our common stock are subject to, and may be adversely affected by, the rights of holders of shares of
any preferred stock that we may designate and issue in the future. Each outstanding common share is, and all common shares to be
issued in this offering, when they are paid for, will be fully paid and non-assessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Computershare is the
transfer agent for our common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our common stock is
listed on the NASDAQ Capital Market under the symbol &ldquo;FENC&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exchange Controls, Restrictions on Voting or Ownership</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There is currently
no law, governmental decree or regulation in Canada that restricts the export or import of capital, or which would affect the remittance
of dividends, interest or other payments by us to a non-resident holder of our common shares, other than applicable tax requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There is currently
no limitation imposed by the laws of Canada or by our Notice of Articles or Articles on the right of a non-resident to hold or
vote our common shares, other than those imposed by the <I>Investment Canada Act </I>and the <I>Competition Act</I> (Canada). These
acts will generally not apply except where control of an existing Canadian business or company, which has Canadian assets or revenue
over a certain threshold, is acquired and will not apply to trading generally of securities listed on a stock exchange. A reviewable
acquisition may not proceed unless the relevant minister is satisfied that the investment is likely to be of net benefit to Canada.</P>

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

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

<!-- Field: Page; Sequence: 41; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Shareholders' Rights Plan</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Company adopted a shareholder rights
plan agreement (the &ldquo;Rights Plan&rdquo;) on June 27, 2017. The Rights Plan was adopted to ensure, to the extent possible,
that all of our shareholders are treated fairly and equally in connection with any take-over bid or other acquisition of control.
Generally stated, the Rights Plan is designed to address this purpose by requiring any potential transaction that will result in
a person (an &ldquo;Acquiring Person&rdquo;) owning, in the aggregate, 20% or more of our outstanding common stock (inclusive of
any shares of common stock held by the Acquirer, its associates and affiliates, and any person acting jointly or in concert with
any of them (collectively, the &ldquo;Acquirer Group&rdquo;)) to be structured as a formal take-over bid that satisfies certain
minimum requirements relating primarily to the manner in which the bid must be made, the minimum number of days the bid must remain
open, and the minimum number of shares that must be acquired under the bid. Non-compliant transactions may, through the operation
of the Rights Plan and the rights issued thereunder, result in the Acquirer Group&rsquo;s common stock position in us being substantially
diluted. Consequentially, the Rights Plan incentivizes the Acquirer to structure its proposed transaction in a manner that complies
with the minimum requirements prescribed by the Rights Plan, thereby helping fulfill the purpose of the Rights Plan. One right
(a &ldquo;Right&rdquo;) is issued and attached to each share of common stock. This includes all common stock issued as of theeffective
date of the Rights Plan and all shares of common stock issued after the effective date of the Rights Plan but prior to the eighth
trading day after the earlier of public announcement of of a take-over bid (other than a take over bid that is a permitted bid
or a competing permitted bid, as the case may be, under the Rights Plan) or the date upon which a permitted bid or competing permitted
bid under the Rights Plan ceases to be such, or such later date as may be determined by our board of directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="a_006"></A>CERTAIN ERISA MATTERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise indicated
in the applicable prospectus supplement, the offered securities may, subject to certain legal restrictions, be held by (i) an &ldquo;employee
benefit plan&rdquo; (as defined in Section 3(3) of the Employee Retirement Security Act of 1974, as amended (&ldquo;ERISA&rdquo;))
that is subject to Title I of ERISA, (ii) a &ldquo;plan&rdquo; as defined in, and subject to, Section 4975 of the Code or (iii)
a &ldquo;benefit plan investor&rdquo; within the meaning of Section 3(42) of ERISA. A fiduciary of any such employee benefit plan,
plan, or benefit plan investor must determine that the purchase, holding and disposition of an interest in such offered security
is consistent with its fiduciary duties and will not constitute or result in a non-exempt prohibited transaction under Section
406 of ERISA or Section 4975 of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_007"></A><B>PLAN OF DISTRIBUTION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may from time to
time offer and sell some or all of the securities covered by this prospectus. Registration of securities covered by this prospectus
does not mean, however, that those securities necessarily will be offered or sold.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The securities covered
by this prospectus may be sold from time to time, at market prices prevailing at the time of sale, at prices related to market
prices, at a fixed price or prices subject to change or at negotiated prices, by a variety of methods including the following:</P>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">on the NASDAQ Capital Market (including through at the market offerings);</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.75in; text-align: center; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">on the Toronto Stock Exchange (including through at the market offerings);</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">in the over-the-counter market;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">in privately negotiated transactions;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"></P>

<!-- Field: Page; Sequence: 42; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">through broker/dealers, who may act as agents or principals;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">through one or more underwriters on a firm commitment or best-efforts basis;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">in a block trade in which a broker/dealer will attempt to sell a block of securities as agent but may position and resell a portion of the block as principal to facilitate the transaction;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">through put or call option transactions relating to the securities;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">directly to one or more purchasers;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">through agents; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">in any combination of the above.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">In effecting sales, brokers or dealers engaged
by us may arrange for other brokers or dealers to participate. Broker/dealer transactions may include:</P>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">purchases of securities by a broker/dealer as principal and resales of the securities by the broker/dealer for its account pursuant to this prospectus;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ordinary brokerage transactions; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">transactions in which the broker/dealer solicits purchasers on a best efforts basis.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">We have not entered into any agreements,
understandings or arrangements with any underwriters or broker/dealers regarding the sale of the securities covered by this prospectus.
At any time a particular offer of the securities covered by this prospectus is made, a revised prospectus or prospectus supplement,
if required, will set forth the aggregate amount of securities covered by this prospectus being offered and the terms of the offering,
including the name or names of any underwriters, dealers, brokers or agents. In addition, to the extent required, any discounts,
commissions, concessions and other items constituting underwriters&rsquo; or agents&rsquo; compensation, as well as any discounts,
commissions or concessions allowed or reallowed or paid to dealers, will be set forth in such revised prospectus supplement. Any
such required prospectus supplement, and, if necessary, a post-effective amendment to the Registration Statement of which this
prospectus is a part, will be filed with the SEC to reflect the disclosure of additional information with respect to the distribution
of the securities covered by this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;To the extent
required, the applicable prospectus supplement will set forth whether or not underwriters may over-allot or effect transactions
that stabilize, maintain or otherwise affect the market price of the securities at levels above those that might otherwise prevail
in the open market, including, for example, by entering stabilizing bids, effecting syndicate covering transactions or imposing
penalty bids.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we utilize a dealer
in the sale of the securities being offered pursuant to this prospectus, we will sell the securities to the dealer, as principal.
The dealer may then resell the securities to the public at varying prices to be determined by the dealer at the time of resale.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may also authorize
agents or underwriters to solicit offers by certain types of institutional investors to purchase securities from us at the public
offering price set forth in the revised prospectus or prospectus supplement pursuant to delayed delivery contracts providing for
payment and delivery on a specified date in the future. The conditions to these contracts and the commission that we must pay for
solicitation of these contracts will be described in a revised prospectus or prospectus supplement.</P>

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

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

<!-- Field: Page; Sequence: 43; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">In connection with the sale of the securities
covered by this prospectus through underwriters, underwriters may receive compensation in the form of underwriting discounts or
commissions and may also receive commissions from purchasers of securities for whom they may act as agent. Underwriters may sell
to or through dealers, and such dealers may receive compensation in the form of discounts, concessions or commissions from the
underwriters and/or commissions from the purchasers for whom they may act as agent.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any underwriters, broker/dealers
or agents participating in the distribution of the securities covered by this prospectus may be deemed to be &ldquo;underwriters&rdquo;
within the meaning of the Securities Act, and any commissions received by any of those underwriters, broker/dealers or agents may
be deemed to be underwriting commissions under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">We may agree to indemnify underwriters,
broker/dealers or agents against certain liabilities, including liabilities under the Securities Act, and may also agree to contribute
to payments which the underwriters, broker/dealers or agents may be required to make.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Certain of the underwriters, broker/dealers
or agents who may become involved in the sale of the securities may engage in transactions with and perform other services for
us in the ordinary course of their business for which they receive customary compensation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Some or all of the securities may be new
issues of securities with no established trading market. Any underwriters that purchase the securities for public offering and
sale may make a market in such securities, but such underwriters will not be obligated to do so and may discontinue any market
making at any time without notice. We make no assurance as to the liquidity of or the trading markets for any securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_008"></A>LEGAL MATTERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The validity of the securities offered hereby
will be passed upon for us LaBarge Weinstein LLP, Ottawa, Ontario. Underwriters, dealers or agents, if any, who we identify in
a prospectus supplement may have their own counsel pass upon certain legal matters in connection with the shares of common stock
offered under this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_009"></A>EXPERTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consolidated financial
statements of Fennec Pharmaceuticals Inc. appearing in Fennec Pharmaceuticals Inc.&rsquo;s Annual Report (Form 10-K) for the year
ended December 31, 2016, have been audited by Deloitte LLP, independent registered public accounting firm, as set forth in their
report thereon, included therein, and incorporated herein by reference in reliance upon the authority of said firm as experts in
accounting and auditing.</P>

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


<!-- Field: Page; Sequence: 44; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>2,352,950 Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<IMG SRC="tv480924_img2.jpg" ALT=""></P>

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

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

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

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

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





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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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



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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><I>Sole Book-Running
Manager</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 16pt"><B>Wedbush PacGrow</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>H.C. Wainwright &amp; Co.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">December 8, 2017</P>


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


<!-- Field: Page; Sequence: 45; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>tv480924_img1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tv480924_img1.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ 4 "? P$1  (1 0,1 ?_$ *H  0  !@,!
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M!ON3W)(^H$) 24;>A41N=;*;")2PA(LE/\.E>!D*1%CAQ[W;>E:;)GY-^?\
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M *M+*UM5_P#Q)\GKCR:PG)[?(N+<SX9S'",E?P[+<+S.(J//A7,5A+RI%;,
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MY*2AEI+:3I]Q.@TVGI]:U;&[)X:'F9.5AM+1+F.K<=.]9"E+5N4;%RPN==
M/"KL<]?CIP'G2@XN#W(/).$<E\1T<?'L:YIQ.]=@<A2JM+2$2X.06JU*-K'E
MNI+I"]P'%';6.P_<3)PXDF!#=_\ 72'MZV[)(WVZ@E.E_$"U9SD?9_$\GD0Y
M6794[*@Q/R[2@M:+-7*MEDK%]3?<;GUJ^OBIXI8%XG8/98AAT[),BL<CNG<E
MS3-LOM';C*<QR&2CVW+*XEO*.Y9:^EM*0$I1T U@^09^;GY")4]06XVG:FP2
MFP'3[H%_MKUO#^WV.XA$5!Q+:FV'%;E J4NYM;^=2B+5>G!<%KL'HG:&KE2)
M3<BXO+=3\CJXU*NY\JV<;2>I[&5R"D!6^XU@Y$R7->#TQ6Y:$A*= +) Z:=:
M]<UAV(+8:0"$&YZG_$^-?3CN"0<>R#-,BB./&5F=G66,MIPI#;7]-JH%4T&D
MIV[1[$38[^NI?F<_+IBW_ 238?74U1:P\)F8Y/;21*= "C<ZA(L-+VT%4%1<
M(8Q49@SFC4VSER49'EV3184E#+L)BPS)++4U386E3B%,1HZ4))/3U&Q)U75-
MD+.Y2C?:!Y:)Z#2H1L1$AQC#B) C*6I12?=JHW)]UR+G72JBS_B>GY!E45A9
M2I\.91,7\%MZM4VA<J%DE1(II<.25 A<=MF1W@?!:01UU2#R]NT'2]_MH_B6
MI&\NI&YQKXU:6NCP&G2WGUJ5WW"^.W>#8SA#\J<TG$GL;?QZ]9<";6MFXN]%
M<A28SJMDH+OVB65@?O0M0.X)U<1IST?>E*O:X@I4/,*ZBK%_C4!X-?(BY9*=
MAN?;MZ>/]]51B6$P<.1D#L*1)<<R&ZG9#-,Y38#4J>OW9:&V6MD)V2"K?8[D
M]=5).0<E-MM.G\-IL(2/)(Z#^VM7L?'B*ZI]G1Q=[GZ]=#5%SN#Z"SS=[,Y,
M^Q*G\FH\N77J#8KE6./4ZJ:J6D)^KO8"R\D[;]YW.H.Y27^7;9:58MH*$Z#1
M*C=0U_L*MXW'H:)#CJ4V<=5N4;DW-OK589?QS0YDO&9-@)$>5BF74V654N*0
MF0W,IY2'UL=R^[MB6<<+COI&Q4RXH#UU-&RDQAMQ"#;Y&R@].A^RJ+_$83DA
M#H3[D.!74_;XUBCY_<4N<E<#7$^N;2]>X(\,L@(2%*>?AP^EA&0GU7[D?<[?
M,:^8OU*<(B\U[>RX+8"LA 09/CN "2/K8_6U?4'Z9N>2.$<T;C.+(AY5?Y<C
M2Q5N!0=?7]U:8^$U&CXK\A<R5NV'\1J\"@/J'U?<999)$EI"E=4K^RCN [=0
M#KFGV6@+XSVRY7DI_M5-CR8C9/\ G(%@.NNOI72#N_/&8YWQ/B$764W+9F.
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?&FE*:4II2FE*:4II2FE*:4II2FE*:4II2FE*:4K_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>tv480924_img3.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tv480924_img3.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  X &8# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#W^BBN:\4^
M(/[.B-G:O_I<@^9A_P LU]?J>WYUC7KPH0<Y[(UH49UIJ$-R6ZU@WFOV^D6;
M?*K;[F0>B\[1^F?RKH*XGP):[I[N\8?= B4GU/)_I7;5A@:DZM-U9_:?W+9&
M^.IPI5%2A]E?>]V%%%%=IQA1110 4444 %%%% !1110!E:]K,>C6!DX:=_EB
M0]SZGV%>8RRR3S/-*Y>1SN9CU)J[K>I2:IJDT[Y" E(U/\*@_P"35.W@:YN8
MK=/O2N$'XG%?)8_%RQ-6T?A6B_S^9]7@<+'#4KRW>_\ E\CTCPI:?9?#]OD8
M:;,K?CT_3%;5-BC6&)(T&%10H'L*))(X8VDE=411DLQP!^-?4T:?LZ<8+HK'
MS%:I[2I*;ZL=153^U-/PA^W6V'.%/G+\Q]N>:G-Q"$WF:,+SR6&..OY8/Y5K
M9F7,GU)**AFNK>W4M-/%&HQDNX &>G7Z&F_;K/\ =?Z5!^^_U7[P?/\ [OK^
M%%F',NY8HJ,SPK*(FE02'HA89/X4\,IQAAR,CGJ*0[BT5$]S!&J,\\:AQE2S
M@;OIZT\R( Q+KA3@G/2BPKH=12!E+%0P+#J,\BB@9YKXITTZ?K,CJ/W-P3(A
M]_XA^?\ .H-! CO9;UL;;.!YN?[V,+^IKOM?TD:OI;P@#ST^>(G^]Z?CTK@E
M#6?AN<L"LMW<"+!'(6/D_P#CQ KYG%X;V&)<U\.LE_E][1]+A<3[?#J#^+1/
M_/[DQ;'7M:CN$$-U-.Y/$;_/N]L=?RKKII3XK\+21V^V.>1D5U8_<*NI/8]A
MQQ7 6]O<7,HCMHI))/2,$D?X5KVOAC7?,5XX# W]\RA2/R.:67XS$TI7BG-"
MS#!X:K'EDU%G07&@7<&LVMS;+]HA2((Y9HHV)WEN1Y9&,'M@^]4I/"&H"W\J
M&6 QR+=-+$Y.!)(KJK*<="&&X>V?7/6:;;3VEA%#<W+7$RCYI&[G_"K=?60Q
M%3E3:L?*3PE/F:3NCB[OPKJ*2L()$FMXG@^S*S@2+&GFY0EE8'!D&"0>..HS
M5R'2+V&]\]]-L[H3QQ(?/D&;?9G.,)@@_>X YS7444W7DU9B6&@G=&?+IS3W
M<TCR8B?80@ R2OJ>HYQTJ#^S+I8846X)(@\ER^"$R5SC &>%(Z^E:]%1SLU=
M.+,?^S+L?(DT:*B.L95!C#%2%VG. ,$?3%(=%W6\R_=WD'RMV58@ *2?48_'
M ]*V:*/:2%[*)E+:7T$S749ADEDSO0@KQGCYN<[1QT'6BM6BES=T/DMLPKF=
M4T-]:UM%;,-C;K\S*,%W8Y;'Z9-%%<]>C&LE">QTT:TJ+<H;F]9V5M80"&UA
L6)!V4=?J>]6***UC%15DM#)MR=WN%%%%,04444 %%%% !1110 4444 ?_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>tv480924_img2.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tv480924_img2.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ 40"@ P$1  (1 0,1 ?_$ +,  0  !@,!
M       "!08'" D! PH$ 0$   <! 0               0(#! 4&"0<($  !
M! $# P($! ,%! L    ! @,$!08 $0<A$@@Q$T%1% EA<2(R@:$5\)%"4A:Q
MP;(CT?%B<D-3<R0U%Q@1  $# P,!!@0$ P<#!0    $" P0 $04A$@8Q05%A
M(A,'<3(4"(&1H16QP2/PT4)28C,UX21U@E-S%A?_V@ , P$  A$#$0 _ /?A
MNWV[[] KY_'^_5-QU,5(W]M4[B7TZ T)'[SZ;;  ^OQU:ICIEK]8D[351UT,
M(MU-8O<^\Q-\?6&$X;4N-_ZUY*RBHJ:II'5R+ ,U*;"V>1U5[3,)E3>^W;WG
M7F'N5[B0N+97&<;W S);S5DW%]I<VWL>SK6^^W_ 9O+(.1SBDJ1CX4=U2UV.
MV^PE*;CH2;5D4Y&]](2VM2E-=B'%$G=2D;;G8>A.VO4$0#&S'[AKL6A?PU%O
MA7ECZQDL8831\[;J+V_TFYJ<1@0RV#Z['_B.J[ LRD>%9MZQ=-NE=^JU4J:4
MII2FE*:4II2FE*:4II2FE*:4II2FE*:4II2I>I)'8V/52R3U^9Z:QF40M]YM
M*>EZ06O1:45=;DU(\@OH&.4]G>63[<6NJ(S\F5(=5LVW%907'%$J4$]Y[2!\
M?EJEG\JSQK#F:Z0&T =;?SM53",.9W*"&RDK=*MJ0!>YOW"_XUI2X<SZS\HO
M.N%F#P*\;Q*-</43)6I;<>EKO^3&=0A7<EI4IV05*V [E=?77.3 <ED>]WW/
M15,J)QV-96HB_E'HK!U *QU5X:]U=$N1\5C^SGVM3&924)R^4?;&ZUB?43>P
M)2E5@$]->M;Q(Z4H"PWO^HI[@H[D;';KMUW(UTSDO!Q!0@C<A0!KFS C"*X7
M-=KP*OR_MXU,T[=HV]/AH$[?+W5?A6\;AVU%I4::4II2FE*:4II2FE*:4II2
MFE*:4II2FE*:4II2OC<4VE:-R>X_M]-B?Q^.J"8_U#OU )V)_E5L],3& 842
M7%]/QK4I]RKR"708[%X3Q*>6KO)&C:97(9>[50Z-#A;C1"I"B?<ER$EPIZ$M
MM$'H=?%/W8^[$>-Q]?%L/(4WDE @E"K*'9U"K_I7V7]H_M*<CR=KEF6CAS$L
MN]%INE2K:Z%-B!?2QZU;#[4V*!W)^3<Q6RE3=;4P:"(\I.V[LAQ4R2AL[=.Y
M!02!^&O*/L(P2K9[D$Q&_+!_8EY0NYM4E*E)"R+V)%R+ZFO3OO?SV]&.X_&6
M1C-P4&@?(DH! .R]NAL#6[0]-BD=G<$E6W0[D?$_$C72M@)$-+A'G58D]I/>
M:YSRMR76PG1(%K>%^E?:SO[2-]]]CZ^OJ=7CGSFKM82E1"0 FNW4E24TI32E
M-*4TI32E-*4TI32E-*4TI32E-*4TI32E6MY1S>EXQPS(LWR*:F-68]63+-Y:
MSLI:D-$1H[!^"W))2D#J3OK5.3\EB\3P#\N2JQ"%$=>[3I60P_&9'*,]&B14
MW=6XE(&G6^I-^FE>5ODS/+WE'/LBSO('$.6=]/>F!@J*OIV KLBMIW.R?IHJ
M4H &P&WIU._"'W2Y=DN2>X<F<ZXI4<O:"_0 GPKNC[6\5QG#_;F+BXK:4O):
M\Q L5*(U)UZDZUO"^V9BJJ7@N;?OLE+V595/EH=(V<=B10W!CK)^*=HW3;IK
MJ;]FF$:A^W4S*)2 J5))![PE %<M/NQSKDOG28943Z"4H(OT.X_K:MD9'Z#\
MPM(_AOKZP4L(A(3VZ?QKYFF $H57W-C9"1^'^\ZOE&ZC559NHFH]2U+32E-*
M4TI32E-*4TI32E-*4TI32E-*4TI32E-*5I/^YUS:7'J7A:EL5*;4TQ>Y;[)!
M0A0655U9(]24/M@K*2/4:YZ?>9[GNX]R)QW!22VIQ-W+"][@V'F2?T-?=/V?
M>V;4XR^4YQKU6FCM9)TUN"I7E5V?+8C7K6H$N*62CU2VL>WT 4M)">]/>!W'
MN+@^.N;[\"1*R"5J%UK )Z:WZUTDO':PRBD6V7 Z]@KU,>*N'MX?P#QA2J;^
MG>_TK5SI2?UG9^:P)3X()/ZBZZ23KN9[$XW'8#VPQ,*&R&DN06W'!<G<XM(W
M*-[V)[AIW5P[]Z)C_(/<'*R'W?4*9S@!L.B%6 %K= +5D$>JED.?\K=/=N-B
M@A.P*.G4J5Z^NO5@EN2H-('D37FSVUB.%R==O]NRM0N:?=ADU7(W(N#8!XG^
M0?*T#C++YV&7.48)C\:UII5S7(C&5%96IQ#C:V_J 3N"=@=>PQ/:I$J%$R>0
MRB(27T*4&U(2=X[#<K%K'\Z^=,Y[\9#&9Z=A\5A#D$174(*_7].VX ]"V?XG
MI7W\@?=.LL3SVWXZQGQ3Y^Y&R'&\8Q+(LFCXG1Q99QZ3EM5#N(5#;#N/T]FT
MQ+[%I(Z*01ICO:J/*@1<AD<NF(PZ\ZD$M!0<""1UWBP_OJEE??;-0LO)@XW
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MI*VJ.WS:D"^FVNJ_MERR+[J^[N.Y;+V(:A\194H#Y4R?4 6GS=.IMK>U6O\
M'/Q*Y#Y\=8L64G',)0\6I>5SHKZ&I)0L)4U51'$AR2L[_I<)+9^&M#]L/8KD
MO-UH.4C"#!= /J- [K'P6GK6T^[/O_Q?@X4O'O&;F4J/_;J^46/>DZ)'CK6U
M7#/MA\'T<F%,R.VRG,%,!EZ1"LGHL6 \^R0L;M0FD*+/</VD]1ZZ^TN%?9GP
M7BTM&6D3YTQZP)0\EG;?M^5(/ZU\<<T^\3W Y7&5B8D6%!CG0+9+A6!\5*(K
M8I18_4X]55M/1PV*RKJXZ8L*#$:0S'9CH':&T-( 2GTW)]2>OQU]9XS%Q<7
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M5%0/]"47!Z= 3>VGQUK8)C./5F-T=324\./65E9#CQ8D%B.VEIEAAI+:&PE
M2 4A/[NIU]-8Z-BL5":AP4!*&FTI%@>@%O&O ,I*R>4RLF?-=4M;SREDZ:E1
MO^55.G8@_A\^I/YG65;=]87MI5KM2R+]M=B/VC8;?AJ>P&@Z5 **QN/4U%I4
M::4II2FE*:4II2FE*:4II2FE*:4II2FE*:4II2I5_P"([_W/]^K'(_\ &_\
MJ-6Z/^7/_P 0JD$__.77_HQ/]AUCT?\ (.?^.'\ZR66_XF'_ .0_D*KUK]B?
MR'_"-5HG^TCX527\QKN/I_;YZS":ICK7"?0:@.E#UJ+4:A32E-*4TI32E-*4
4TI32E-*4TI32E-*4TI32E-*5_]D!

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