Form 8-K

8-K — DarkHorse Technologies Inc.

Accession: 0001213900-26-100953

Filed: 2026-09-17

Period: 2026-09-16

CIK: 0001591956

SIC: 6199 (FINANCE SERVICES)

Item: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

Item: Regulation FD Disclosure

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — ea0305703-8k_darkhorse.htm (Primary)

EX-3.1 — NOTICE OF ARTICLES OF DARKHORSE TECHNOLOGIES INC., EFFECTIVE SEPTEMBER 16, 2026 (ea030570301ex3-1.htm)

EX-3.2 — ARTICLES OF DARKHORSE TECHNOLOGIES INC., EFFECTIVE SEPTEMBER 16, 2026 (ea030570301ex3-2.htm)

EX-99.1 — PRESS RELEASE DATED SEPTEMBER 16, 2026 (ea030570301ex99-1.htm)

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8-K — CURRENT REPORT

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities

Exchange Act of 1934

Date of Report (Date of earliest event reported):

September 16, 2026

DARKHORSE TECHNOLOGIES INC.

(Exact name of registrant as specified in its charter)

British Columbia

001-36532

98-1220792

(State or other jurisdiction

(Commission File Number)

(IRS Employer

of incorporation)

Identification No.)

243 Tresser Blvd, 17th Floor

Stamford, Connecticut, United States 06901

(Address of principal executive offices) (ZIP Code)

Registrant’s telephone number, including area code: (647) 952 5049

Sphere 3D Corp.

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K

filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Shares

DRK

Nasdaq Capital Market

Common Shares Purchase Rights

N/A

Nasdaq Capital Market

Indicate by check mark whether the registrant

is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the

Securities Exchange Act of 1934 (§ 240.12b -2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate

by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial

accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Introductory Note

Effective September 16, 2026,

DarkHorse Technologies Inc., formerly known as Sphere 3D Corp. (the “Company”), completed its previously announced continuance

(the “Continuance”) from the Province of Ontario to the Province of British Columbia. Upon completion of the Continuance,

the Company ceased to be governed by the Business Corporations Act (Ontario) (“OBCA”) and became governed by the Business

Corporations Act (British Columbia) (the “BCBCA”), and the Company’s legal name was changed from “Sphere 3D

Corp.” to “DarkHorse Technologies Inc.” As previously reported, the Continuance and the name change were approved by

the Company’s shareholders at the special meeting of shareholders held on August 24, 2026.

Item 5.03 Amendments to Articles of Incorporation

or Bylaws; Change in Fiscal Year.

In connection with the Continuance,

the Company adopted a new Notice of Articles and new Articles under the BCBCA (together, the “New Charter Documents”), effective

September 16, 2026, which replaced the Company’s articles and by-laws in effect under the OBCA.

A description of the New Charter

Documents, including a comparison of the rights of shareholders under the BCBCA and the OBCA, is set forth in the Company’s proxy

statement filed with the SEC on July 13, 2026, as supplemented on August 7, 2026, under the heading “Proposal No. 1 – Continuance

Proposal” and in Appendices A and B thereto, and is incorporated herein by reference.

Copies of the Notice of Articles

and Articles are filed as Exhibits 3.1 and 3.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

Item 7.01 Regulation FD Disclosure.

On September 16, 2026, the

Company issued a press release announcing the effectiveness of the Continuance, the name change and the related ticker symbol change.

A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Item

7.01, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities

Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall

not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange

Act, except as shall be expressly set forth by specific reference in such filing.

Item 8.01 Other Events.

As disclosed above, the Company’s

name change to “DarkHorse Technologies Inc.” became effective on September 16, 2026. In connection with the name change, the

Company’s common shares began trading on the Nasdaq Capital Market under the new name and the new ticker symbol “DRK”

at the market open on September 17, 2026. In connection with the name change, the Company’s common shares have been assigned a new

CUSIP number, 236918108, replacing the prior CUSIP number, 84841L506. The name change and the change of ticker symbol do not affect the

rights of the Company’s security holders.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

Number

Description

3.1

Notice of Articles of DarkHorse Technologies Inc., effective September 16, 2026.

3.2

Articles of DarkHorse Technologies Inc., effective September 16, 2026.

99.1

Press Release dated September 16, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements

of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned,

thereunto duly authorized.

Date: September 17, 2026

DARKHORSE TECHNOLOGIES INC.

By:

/s/ Joel Block

Joel Block

Chief Executive Officer

EX-3.1 — NOTICE OF ARTICLES OF DARKHORSE TECHNOLOGIES INC., EFFECTIVE SEPTEMBER 16, 2026

EX-3.1

Filename: ea030570301ex3-1.htm · Sequence: 2

Exhibit

3.1

Mailing Address: PO Box 9431 Stn Prov Govt Victoria BC V8W 9V3 www.corporateonline.gov.bc.ca Location: 2nd Floor - 940 Blanshard Street Victoria BC 1 877 526-1526 Notice of Articles BUSINESS CORPORATIONS ACT CERTIFIED COPY Of a Document filed with the Province of British Columbia Registrar of Companies KATHLEEN ASSAF This Notice of Articles was issued by the Registrar on: September 16, 2026 12:01 AM Pacific Time Incorporation Number: C1607827 Recognition Date and Time: Continued into British Columbia on September 16, 2026 12:01 AM Pacific Time NOTICE OF ARTICLES Name of Company: DARKHORSE TECHNOLOGIES INC. REGISTERED OFFICE INFORMATION Mailing Address: 15TH FLOOR, 1111 WEST HASTINGS STREET VANCOUVER BC V6E 2J3 CANADA Delivery Address: 15TH FLOOR, 1111 WEST HASTINGS STREET VANCOUVER BC V6E 2J3 CANADA RECORDS OFFICE INFORMATION Mailing Address: 15TH FLOOR, 1111 WEST HASTINGS STREET VANCOUVER BC V6E 2J3 CANADA Delivery Address: 15TH FLOOR, 1111 WEST HASTINGS STREET VANCOUVER BC V6E 2J3 CANADA Page: 1 of 3

DIRECTOR INFORMATION Last Name, First Name, Middle Name: Dent, Marcus Mailing Address: *** BUTTE MT *** UNITED STATES Delivery Address: *** BUTTE MT *** UNITED STATES Last Name, First Name, Middle Name: Kalbfleisch, Kurt Mailing Address: *** LAKESIDE CA *** UNITED STATES Delivery Address: *** LAKESIDE CA *** UNITED STATES Last Name, First Name, Middle Name: Block, Joel Mailing Address: *** NEWPORT BEACH CA *** UNITED STATES Delivery Address: *** NEWPORT BEACH CA *** UNITED STATES Last Name, First Name, Middle Name: Hanley, Timothy Mailing Address: *** NAPLES FL *** UNITED STATES Delivery Address: *** NAPLES FL *** UNITED STATES Last Name, First Name, Middle Name: Gates, Nicholas Mailing Address: *** HOUSTON TX *** UNITED STATES Delivery Address: *** HOUSTON TX *** UNITED STATES AUTHORIZED SHARE STRUCTURE 1. No Maximum Common Shares Without Par Value With Special Rights or Restrictions attached _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Page: 2 of 3

2. No Maximum Preferred Shares Without Par Value With Special Rights or Restrictions attached _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 1. No Maximum Series H Preferred Special Rights or Restrictions are attached 2. No Maximum Series I Preferred Special Rights or Restrictions are attached Page: 3 of 3

EX-3.2 — ARTICLES OF DARKHORSE TECHNOLOGIES INC., EFFECTIVE SEPTEMBER 16, 2026

EX-3.2

Filename: ea030570301ex3-2.htm · Sequence: 3

Exhibit

3.2

Incorporation

number: C1607827

DARKHORSE

TECHNOLOGIES INC.

(the “Company”)

The

Company has as its articles the following articles.

ARTICLES

Interpretation

and Share Certificates

Issue

of Shares

Registers

Transfers

Transmission

of Shares

Purchase

of Shares

Borrowing

Powers

Alterations

10.

Meetings

of Shareholders

11.

Proceedings

at Meetings of Shareholders

12.

Votes

of Shareholders

13.

Directors

14.

Election

and Removal of Directors

- i -

15.

Alternate

Directors

16.

Powers

and Duties of Directors

17.

Interests

of Directors and Officers

18.

Proceedings

of Directors

19.

Executive

and Other Committees

20.

Officers

21.

Indemnification

22.

Dividends

23.

Accounting

Records and Auditors

24.

Notices

25.

Seal

26.

Prohibitions

27.

Advance

Notice of Shareholder Nominations

28.

Special

Rights and Restrictions

- ii -

1. Interpretation

1.1 Definitions

these Articles, unless the context otherwise requires:

1.1.1 “board

of directors”, “directors” and “board” mean the directors or

sole director of the Company for the time being;

1.1.2 “Business

Corporations Act” means the Business Corporations Act (British Columbia)

from time to time in force and all amendments thereto and includes all regulations and amendments

thereto made pursuant to that Act;

1.1.3 “Interpretation

Act” means the Interpretation Act (British Columbia) from time to time in

force and all amendments thereto and includes all regulations and amendments thereto made

pursuant to that Act;

1.1.4 “legal

personal representative” means the personal or other legal representative of a shareholder;

1.1.5 “registered

address” of a shareholder means the shareholder’s address as recorded in the

central securities register;

1.1.6 “seal”

means the seal of the Company, if any.

1.2 Business

Corporations Act and Interpretation Act Definitions Applicable

The

definitions in the Business Corporations Act and the definitions and rules of construction in the Interpretation Act, with

the necessary changes, so far as applicable, and unless the context requires otherwise, apply to these Articles as if they were set out

herein. If there is a conflict between a definition in the Business Corporations Act and a definition or rule in the Interpretation

Act relating to a term used in these Articles, the definition in the Business Corporations Act will prevail in relation to

the use of the term in these Articles. If there is a conflict or inconsistency between these Articles and the Business Corporations

Act, the Business Corporations Act will prevail.

2. Shares

and Share Certificates

2.1 Authorized

Share Structure

The

authorized share structure of the Company consists of shares of the class or classes and series, if any, described in the Notice of Articles

of the Company.

- 1 -

2.2 Form

of Share Certificate

Each

share certificate issued by the Company must comply with, and be signed as required by, the Business Corporations Act.

2.3 Shareholder

Entitled to Certificate or Acknowledgment or Written Notice

Unless

the shares of which a shareholder is the registered owner are uncertificated shares, each shareholder is entitled, on request and at

the shareholder’s option, without charge, to (a) one share certificate representing the shares of each class or series of shares

registered in the shareholder’s name or (b) a non-transferable written acknowledgment of the shareholder’s right to obtain

such a share certificate, provided that in respect of a share held jointly by several persons, the Company is not bound to issue more

than one share certificate or acknowledgment and delivery of a share certificate or acknowledgment to one of several joint shareholders

or to a duly authorized agent of one of the joint shareholders will be sufficient delivery to all. Within a reasonable time after the

issue or transfer of a share that is an uncertificated share, the Company must send to the shareholder a written notice containing the

information required by the Business Corporations Act.

2.4 Delivery

by Mail

Any

share certificate, non-transferable written acknowledgment of a shareholder’s right to obtain a share certificate or written notice

of the issue or transfer of an uncertificated share may be sent to the shareholder by mail at the shareholder’s registered address

and neither the Company nor any director, officer or agent of the Company is liable for any loss to the shareholder because the share

certificate, acknowledgement or written notice is lost in the mail or stolen.

2.5 Replacement

of Worn Out or Defaced Certificate or Acknowledgement

the directors are satisfied that a share certificate or a non-transferable written acknowledgment of the shareholder’s right to

obtain a share certificate is worn out or defaced, they must, on production to them of the share certificate or acknowledgment, as the

case may be, and on such other terms, if any, as they think fit:

2.5.1 order

the share certificate or acknowledgment, as the case may be, to be cancelled; and

2.5.2 issue

a replacement share certificate or acknowledgment, as the case may be.

2.6 Replacement

of Lost, Stolen or Destroyed Certificate or Acknowledgment

a share certificate or a non-transferable written acknowledgment of a shareholder’s right to obtain a share certificate is lost,

stolen or destroyed, a replacement share certificate or acknowledgment, as the case may be, must be issued to the person entitled to

that share certificate or acknowledgment, as the case may be, provided such person has complied with the requirements of the Business

Corporations Act.

- 2 -

2.7 Splitting

Share Certificates

a shareholder surrenders a share certificate to the Company with a written request that the Company issue in the shareholder’s

name two or more share certificates, each representing a specified number of shares and in the aggregate representing the same number

of shares as the share certificate so surrendered, the Company must cancel the surrendered share certificate and issue replacement share

certificates in accordance with that request.

2.8 Certificate

Fee

There

must be paid as a fee to the Company for the issuance of any share certificate under Articles 2.5, 2.6 or 2.7, the amount, if any, determined

by the directors, which must not exceed the amount prescribed under the Business Corporations Act.

2.9 Recognition

of Trusts

Except

as required by law or statute or these Articles, no person will be recognized by the Company as holding any share upon any trust, and

the Company is not bound by or compelled in any way to recognize (even when having notice thereof) any equitable, contingent, future

or partial interest in any share or fraction of a share or (except as required by law or statute or these Articles or as ordered by a

court of competent jurisdiction) any other rights in respect of any share except an absolute right to the entirety thereof in the shareholder.

3. Issue

of Shares

3.1 Directors

Authorized

Subject

to the Business Corporations Act and the rights, if any, of the holders of issued shares of the Company, the Company may issue,

allot, sell or otherwise dispose of the unissued shares, and issued shares held by the Company, at the times, to the persons, including

directors, in the manner, on the terms and conditions and for the issue prices (including any premium at which shares with par value

may be issued) that the directors may determine. The issue price for a share with par value must be equal to or greater than the par

value of the share.

3.2 Commissions

and Discounts

The

Company may at any time, pay a reasonable commission or allow a reasonable discount to any person in consideration of that person purchasing

or agreeing to purchase shares of the Company from the Company or any other person or procuring or agreeing to procure purchasers for

shares of the Company.

- 3 -

3.3 Brokerage

The

Company may pay such brokerage fee or other consideration as may be lawful for or in connection with the sale or placement of its securities.

3.4 Conditions

of Issue

Except

as provided for by the Business Corporations Act, no share may be issued until it is fully paid. A share is fully paid when:

3.4.1 consideration

is provided to the Company for the issue of the share by one or more of the following:

(a) past

services performed for the Company;

(b) property;

and

3.4.2 the

directors in their discretion have determined that the value of the consideration received

by the Company is equal to or greater than the issue price set for the share under Article

3.1.

3.5 Share

Purchase Warrants and Rights

Subject

to the Business Corporations Act, the Company may issue share purchase warrants, options, convertible debentures and rights upon

such terms and conditions as the directors determine, which share purchase warrants, options, convertible debentures and rights may be

issued alone or in conjunction with debentures, debenture stock, bonds, shares or any other securities issued or created by the Company

from time to time.

4. Share

Registers

4.1 Central

Securities Register and Any Branch Securities Register

required by and subject to the Business Corporations Act, the Company must maintain a central securities register and may maintain

a branch securities register. The directors may, subject to the Business Corporations Act, appoint an agent to maintain the central

securities register or any branch securities register. The directors may also appoint one or more agents, including the agent which keeps

the central securities register, as transfer agent for its shares or any class or series of its shares, as the case may be, and the same

or another agent as registrar for its shares or such class or series of its shares, as the case may be. The directors may terminate such

appointment of any agent at any time and may appoint another agent in its place.

- 4 -

4.2 Closing

The

Company must not at any time close its central securities register.

5. Share

Transfers

5.1 Registering

Transfers

transfer of a share of the Company must not be registered unless the Company or the transfer agent or registrar for the class or series

of share to be transferred has received:

5.1.1 a

duly signed instrument of transfer in respect of the share;

5.1.2 if

a share certificate has been issued by the Company in respect of the share to be transferred,

that share certificate;

5.1.3 if

a non-transferable written acknowledgment of the shareholder’s right to obtain a share

certificate has been issued by the Company in respect of the share to be transferred, that

acknowledgment; and

5.1.4 such

other evidence, if any, as the Company or the transfer agent or registrar for the class or

series of share to be transferred may require to prove the title of the transferor or the

transferor’s right to transfer the share, the due signing of the instrument of transfer

and the right of the transferee to have the transfer registered.

For

the purpose of this Article, delivery or surrender to the transfer agent or registrar which maintains the Company’s central securities

5.2 Form

of Instrument of Transfer

The

instrument of transfer in respect of any share of the Company must be either in the form, if any, on the back of the Company’s

share certificates or in any other form that may be approved from time to time by the directors or the transfer agent or registrar for

the class or series of share to be transferred.

5.3 Transferor

Remains Shareholder

Except

to the extent that the Business Corporations Act otherwise provides, the transferor of shares is deemed to remain the holder of

the shares until the name of the transferee is entered in a securities register of the Company in respect of the transfer.

- 5 -

5.4 Signing

of Instrument of Transfer

a shareholder, or his or her duly authorized attorney, signs an instrument of transfer in respect of shares registered in the name of

the shareholder, the signed instrument of transfer constitutes a complete and sufficient authority to the Company and its directors,

officers and agents to register the number of shares specified in the instrument of transfer or specified in any other manner, or, if

no number is specified, all the shares represented by the share certificate(s) or set out in the written acknowledgments deposited with

the instrument of transfer or, if the shares are uncertificated shares, then all of the uncertificated shares registered in the name

of the shareholder:

5.4.1 in

the name of the person named as transferee in that instrument of transfer; or

5.4.2 if

no person is named as transferee in that instrument of transfer, in the name of the person

on whose behalf the instrument is deposited for the purpose of having the transfer registered.

5.5 Enquiry

as to Title Not Required

Neither

the Company nor any director, officer or agent of the Company is bound to inquire into the title of the person named in the instrument

of transfer as transferee or, if no person is named as transferee in the instrument of transfer, of the person on whose behalf the instrument

is deposited for the purpose of having the transfer registered or is liable for any claim related to registering the transfer by the

shareholder or by any intermediate owner or holder of the shares, of any interest in the shares, of any share certificate representing

such shares or of any written acknowledgment of a right to obtain a share certificate for such shares.

5.6 Transfer

Fee

There

must be paid as a fee to the Company, in relation to the registration of any transfer, the amount, if any, determined by the directors.

6. Transmission

of Shares

6.1 Legal

Personal Representative Recognized on Death

case of the death of a shareholder, the legal personal representative of the shareholder, or, in the case of shares registered in the

shareholder’s name and the name of another person in joint tenancy, the surviving joint holder will be the only person recognized

by the Company as having any title to the shareholder’s interest in the shares. Before recognizing a person as a legal personal

representative of the shareholder, the directors may require a declaration of transmission made by the legal personal representative

stating the particulars of the transmission, proof of appointment by a court of competent jurisdiction, a grant of letters probate, letters

of administration or such other evidence or documents as the directors consider appropriate.

- 6 -

6.2 Rights

of Legal Personal Representative

The

legal personal representative of a shareholder has the same rights, privileges and obligations with respect to the shares as were held

by the shareholder, including the right to transfer the shares in accordance with these Articles, provided the documents required by

the Business Corporations Act and the directors have been deposited with the Company. This Article 6.2 does not apply in the case

of the death of a shareholder with respect to shares registered in the shareholder’s name and the name of another person in joint

tenancy.

7. Purchase

of Shares

7.1 Company

Authorized to Purchase Shares

Subject

to Article 7.2, the special rights and restrictions attached to the shares of any class or series and the Business Corporations Act,

the Company may, if authorized by resolution of the directors, purchase, redeem or otherwise acquire any of its shares at the price and

upon the terms determined by the directors.

7.2 Purchase

When Insolvent

The

Company must not make a payment or provide any other consideration to purchase, redeem or otherwise acquire any of its shares if there

are reasonable grounds for believing that:

7.2.1 the

Company is insolvent; or

7.2.2 making

the payment or providing the consideration would render the Company insolvent.

7.3 Redemption

of Shares

the Company proposes to redeem some but not all of the shares of any class, the directors may, subject to any special rights and restrictions

attached to such class of shares, determine the manner in which the shares to be redeemed shall be selected.

7.4 Sale

and Voting of Purchased Shares

the Company retains a share which it has redeemed, purchased or otherwise acquired, the Company may sell, gift or otherwise dispose of

the share, but, while such share is held by the Company, it:

7.4.1 is

not entitled to vote the share at a meeting of its shareholders;

- 7 -

7.4.2 must

not pay a dividend in respect of the share; and

7.4.3 must

not make any other distribution in respect of the share.

8. Borrowing

Powers

8.1 Powers

of the Company

The

Company, if authorized by the directors, may:

8.1.1 borrow

money in the manner and amount, on the security, from the sources and on the terms and conditions

that the directors consider appropriate;

8.1.2 issue

bonds, debentures and other debt obligations either outright or as security for any liability

or obligation of the Company or any other person and at such discounts or premiums and on

such other terms as they consider appropriate;

8.1.3 guarantee

the repayment of money by any other person or the performance of any obligation of any other

person; and

8.1.4 mortgage,

charge, whether by way of specific or floating charge, grant a security interest in, or give

other security on, the whole or any part of the present and future assets and undertaking

of the Company.

8.2 Bonds,

Debentures, Debt

Any

bonds, debentures or other debt obligations of the Company may be issued at a discount, premium or otherwise, or with special privileges

as to redemption, surrender, drawing, allotment of or conversion into or exchange for shares or other securities, attending and voting

at general meetings of the Company, appointment of directors or otherwise and may, by their terms, be assignable free from any equities

between the Company and the person to whom they were issued or any subsequent holder thereof, all as the directors may determine.

9. Alterations

9.1 Alteration

of Authorized Share Structure

Subject

to Article 9.2 and the Business Corporations Act, the Company may:

9.1.1 by

directors’ resolution or by ordinary resolution, in each case as determined by the

directors:

(a) create

one or more classes or series of shares or, if none of the shares of a class or series of

shares are allotted or issued, eliminate that class or series of shares;

- 8 -

(b) increase,

reduce or eliminate the maximum number of shares that the Company is authorized to issue

of any class or series of shares or establish a maximum number of shares that the Company

is authorized to issue out of any class or series of shares for which no maximum is established;

or consolidate all or any of its unissued, or fully paid issued, shares;

(d) if

the Company is authorized to issue shares of a class of shares with par value:

(i) decrease

the par value of those shares; or

(ii) if

none of the shares of that class of shares are allotted or issued, increase the par value

of those shares;

(e) change

all or any of its unissued shares with par value into shares without par value or any of

its unissued shares without par value into shares with par value or change all or any of

its fully paid issued shares with par value into shares without par value; or

(f) alter

the identifying name of any of its shares; and

9.1.2 by

ordinary resolution otherwise alter its shares or authorized share structure;

and,

if applicable, alter its Notice of Articles and, if applicable, alter its Articles accordingly.

9.2 Special

Rights and Restrictions

Subject

to the Business Corporations Act, the Company may:

9.2.1 by

directors’ resolution or by ordinary resolution, in each case as determined by the

directors, create special rights or restrictions for, and attach those special rights or

restrictions to, the shares of any class or series of shares if none of those shares have

been issued; or vary or delete any special rights or restrictions attached to the shares

of any class or series of shares if none of those shares have been issued; and

9.2.2 by

special resolution of the shareholders of the class or series affected, do any of the acts

in (1) above if any of the shares of the class or series of shares have been issued,

and

alter its Notice of Articles and Articles accordingly.

9.3 Change

of Name

The

Company may by directors’ resolution or by ordinary resolution, in each case as determined by the directors, authorize an alteration

of its Notice of Articles in order to change its name and may, by directors’ resolution or ordinary resolution, in each case as

determined by the directors, adopt or change any translation of that name.

- 9 -

9.4 Other

Alterations

the Business Corporations Act does not specify the type of resolution and these Articles do not specify another type of resolution,

the Company may by directors’ resolution or by ordinary resolution, in each case as determined by the directors, alter these Articles.

10. Meetings

of Shareholders

10.1 Annual

General Meetings

Unless

an annual general meeting is deferred or waived in accordance with the Business Corporations Act, the Company must hold its first

annual general meeting within 18 months after the date on which it was incorporated or otherwise recognized, and after that must hold

an annual general meeting at least once in each calendar year and not more than 15 months after the last annual reference date at such

time and place as may be determined by a resolution of the directors.

10.2 Resolution

Instead of Annual General Meeting

all the shareholders who are entitled to vote at an annual general meeting consent by a unanimous resolution to all of the business that

is required to be transacted at that annual general meeting, the annual general meeting is deemed to have been held on the date of the

unanimous resolution. The shareholders must, in any unanimous resolution passed under this Article 10.2, select as the Company’s

annual reference date a date that would be appropriate for the holding of the applicable annual general meeting.

10.3 Calling

of Meetings of Shareholders

The

directors may, at any time, call a meeting of shareholders.

10.4 Location

of Meetings of Shareholders

meeting of the Company may be held:

10.4.1 in

the Province of British Columbia;

10.4.2 at

another location outside British Columbia if that location is:

(a) approved

by resolution of the directors before the meeting is held; or

(b) approved

in writing by the Registrar of Companies before the meeting is held.

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10.5 Notice

for Meetings of Shareholders

Subject

to Article 10.2, the Company must send notice of the date, time and location of any meeting of shareholders (including, without limitation,

any notice specifying the intention to propose a resolution as an exceptional resolution, a special resolution or a special separate

resolution, and any notice to consider approving an amalgamation into a foreign jurisdiction, an arrangement or the adoption of an amalgamation

agreement, and any notice of a general meeting, class meeting or series meeting), in the manner provided in these Articles, or in such

other manner, if any, as may be prescribed by directors’ resolution (whether previous notice of the resolution has been given or

not), to each shareholder entitled to attend the meeting, to each director and to the auditor of the Company, unless these Articles otherwise

provide, at least the following number of days before the meeting:

10.5.1 if

and for so long as the Company is a public company, 21 days;

10.5.2 otherwise,

10 days.

10.6 Notice

of Resolution to which Shareholders May Dissent

The

Company must send to each of its shareholders, whether or not their shares carry the right to vote, a notice of any meeting of shareholders

at which a resolution entitling shareholders to dissent is to be considered specifying the date of the meeting and containing a statement

advising of the right to send a notice of dissent together with a copy of the proposed resolution at least the following number of days

before the meeting:

10.6.1 if

and for so long as the Company is a public company, 21 days; or

10.6.2 otherwise,

10 days.

10.7 Record

Date for Notice

The

directors may set a date as the record date for the purpose of determining shareholders entitled to notice of any meeting of shareholders.

The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting

requisitioned by shareholders under the Business Corporations Act, by more than four months. The record date must not precede

the date on which the meeting is held by fewer than:

10.7.1 if

and for so long as the Company is a public company, 21 days; or

10.7.2 otherwise,

10 days.

no record date is set, the record date is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no

notice is sent, the beginning of the meeting.

10.8 Record

Date for Voting

The

directors may set a date as the record date for the purpose of determining shareholders entitled to vote at any meeting of shareholders.

The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting

requisitioned by shareholders under the Business Corporations Act, by more than four months. If no record date is set, the record

date is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of

the meeting.

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10.9 Failure

to Give Notice and Waiver of Notice

The

accidental omission to send notice of any meeting of shareholders to, or the non-receipt of any notice by, any of the persons entitled

to notice does not invalidate any proceedings at that meeting. Any person entitled to notice of a meeting of shareholders may, in writing

or otherwise, waive that entitlement or may agree to reduce the period of that notice. Attendance of a person at a meeting of shareholders

is a waiver of entitlement to notice of the meeting unless that person attends the meeting for the express purpose of objecting to the

transaction of any business on the grounds that the meeting is not lawfully called.

10.10 Notice

of Special Business at Meetings of Shareholders

a meeting of shareholders is to consider special business within the meaning of Article 11.1, the notice of meeting or a circular

prepared in connection with the meeting must:

10.10.1 state

the general nature of the special business; and

10.10.2 if

the special business includes considering, approving, ratifying, adopting or authorizing

any document or the signing of or giving of effect to any document, have attached to it a

copy of the document or state that a copy of the document will be available for inspection

by shareholders:

(a) at

the Company’s records office, or at such other reasonably accessible location in British

Columbia as is specified in the notice; and

(b) during

statutory business hours on any one or more specified days before the day set for the holding

of the meeting.

11. Proceedings

at Meetings of Shareholders

11.1 Special

Business

a meeting of shareholders, the following business is special business:

11.1.1 at

a meeting of shareholders that is not an annual general meeting, all business is special

business except business relating to the conduct of or voting at the meeting;

11.1.2 at

an annual general meeting, all business is special business except for the following:

(a) business

relating to the conduct of or voting at the meeting;

(b) consideration

of any financial statements of the Company presented to the meeting;

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of any reports of the directors or auditor;

(d) the

setting or changing of the number of directors;

(e) the

election or appointment of directors;

(f) the

appointment of an auditor;

(g) the

setting of the remuneration of an auditor;

(h) business

arising out of a report of the directors not requiring the passing of a special resolution

or an exceptional resolution; and

(i) any

other business which, under these Articles or the Business Corporations Act, may be

transacted at a meeting of shareholders without prior notice of the business being given

to the shareholders.

11.2 Special

Majority

The

majority of votes required for the Company to pass a special resolution at a general meeting of shareholders is two-thirds of the votes

cast on the resolution.

11.3 Quorum

Subject

to the special rights and restrictions attached to the shares of any class or series of shares, the quorum for the transaction of business

at a meeting of shareholders is at least two persons present in person or represented by proxy and holding or representing by proxy not

less than 33⅓% of the total number of the issued shares of the Company carrying the right to vote at the meeting; provided that,

if the Company has only one shareholder entitled to vote at the meeting, the quorum is one person present in person or represented by

proxy.

11.4 Persons

Entitled to Attend Meeting

addition to those persons who are entitled to vote at a meeting of shareholders, the only other persons entitled to be present at the

meeting are the directors, the president (if any), the secretary (if any), the assistant secretary (if any), any lawyer for the Company,

the auditor of the Company, any persons invited to be present at the meeting by the directors or by the chair of the meeting and any

persons entitled or required under the Business Corporations Act or these Articles to be present at the meeting; but if any of

those persons does attend the meeting, that person is not to be counted in the quorum and is not entitled to vote at the meeting unless

that person is a shareholder or proxyholder entitled to vote at the meeting.

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11.5 Requirement

of Quorum

business, other than the election of a chair of the meeting and the adjournment of the meeting, may be transacted at any meeting of shareholders

unless a quorum of shareholders entitled to vote is present at the commencement of the meeting, but such quorum need not be present throughout

the meeting.

11.6 Lack

of Quorum

If,

within one-half hour from the time set for the holding of a meeting of shareholders, a quorum is not present:

11.6.1 in

the case of a general meeting requisitioned by shareholders, the meeting is dissolved, and

11.6.2 in

the case of any other meeting of shareholders, the meeting stands adjourned to the same day

in the next week at the same time and place.

11.7 Lack

of Quorum at Succeeding Meeting

If,

at the meeting to which the meeting referred to in Article 11.6(2) was adjourned, a quorum is not present within one-half hour from the

time set for the holding of the meeting, the meeting shall be terminated.

11.8 Chair

The

following individual is entitled to preside as chair at a meeting of shareholders:

11.8.1 the

chair of the board, if any; or

11.8.2 if

the chair of the board is absent or unwilling to act as chair of the meeting, the president,

if any.

11.9 Selection

of Alternate Chair

If,

at any meeting of shareholders, there is no chair of the board or president willing to act as chair of the meeting or present within

15 minutes after the time set for holding the meeting, or if the chair of the board and the president have advised the secretary, if

any, or any director present at the meeting, that they will not be present at the meeting, the directors present must choose a director,

officer or corporate counsel to be chair of the meeting or if none of the above persons are present or if they decline to take the chair,

the shareholders entitled to vote at the meeting who are present in person or by proxy may choose any person present at the meeting to

chair the meeting.

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11.10 Adjournments

The

chair of a meeting of shareholders may, and if so directed by the meeting must, adjourn the meeting from time to time and from place

to place, but no business may be transacted at any adjourned meeting other than the business left unfinished at the meeting from which

the adjournment took place.

11.11 Notice

of Adjourned Meeting

is not necessary to give any notice of an adjourned meeting of shareholders or of the business to be transacted at an adjourned meeting

of shareholders except that, when a meeting is adjourned for 30 days or more, notice of the adjourned meeting must be given as in the

case of the original meeting.

11.12 Decisions

by Show of Hands or Poll

Subject

to the Business Corporations Act, every motion put to a vote at a meeting of shareholders will be decided on a show of hands unless

a poll, before or on the declaration of the result of the vote by show of hands, is directed by the chair or demanded by any shareholder

entitled to vote who is present in person or by proxy.

11.13 Declaration

of Result

The

chair of a meeting of shareholders must declare to the meeting the decision on every question in accordance with the result of the show

of hands or the poll, as the case may be, and that decision must be entered in the minutes of the meeting. A declaration of the chair

that a resolution is carried by the necessary majority or is defeated is, unless a poll is directed by the chair or demanded under Article

11.12, conclusive evidence without proof of the number or proportion of the votes recorded in favour of or against the resolution.

11.14 Motion

Need Not be Seconded

motion proposed at a meeting of shareholders need be seconded unless the chair of the meeting rules otherwise, and the chair of any meeting

of shareholders is entitled to propose or second a motion.

11.15 Casting

Vote

case of an equality of votes, the chair of a meeting of shareholders, either on a show of hands or on a poll, does not have a second

or casting vote in addition to the vote or votes to which the chair may be entitled as a shareholder.

- 15 -

11.16 Manner

of Taking Poll

Subject

to Article 11.17, if a poll is duly demanded at a meeting of shareholders:

11.16.1 the

poll must be taken:

(a) at

the meeting, or within seven days after the date of the meeting, as the chair of the meeting

directs; and

(b) in

the manner, at the time and at the place that the chair of the meeting directs;

11.16.2 the

result of the poll is deemed to be the decision of the meeting at which the poll is demanded;

and

11.16.3 the

demand for the poll may be withdrawn by the person who demanded it.

11.17 Demand

for Poll on Adjournment

poll demanded at a meeting of shareholders on a question of adjournment must be taken immediately at the meeting.

11.18 Chair

Must Resolve Dispute

the case of any dispute as to the admission or rejection of a vote given on a poll, the chair of the meeting must determine the dispute,

and his or her determination made in good faith is final and conclusive.

11.19 Casting

of Votes

a poll, a shareholder entitled to more than one vote need not cast all the votes in the same way.

11.20 No

Demand for Poll on Election of Chair

poll may be demanded in respect of the vote by which a chair of a meeting of shareholders is elected.

11.21 Demand

for Poll Not to Prevent Continuance of Meeting

The

demand for a poll at a meeting of shareholders does not, unless the chair of the meeting so rules, prevent the continuation of a meeting

for the transaction of any business other than the question on which a poll has been demanded.

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11.22 Retention

of Ballots and Proxies

The

Company must, for at least three months after a meeting of shareholders, keep each ballot cast on a poll and each proxy voted at the

meeting, and, during that period, make them available for inspection during normal business hours by any shareholder or proxy holder

entitled to vote at the meeting. At the end of such three month period, the Company may destroy such ballots and proxies.

12. Votes

of Shareholders

12.1 Number

of Votes by Shareholder or by Shares

Subject

to any special rights or restrictions attached to any shares and to the restrictions imposed on joint shareholders under Article 12.3:

12.1.1 on

a vote by show of hands, every person present who is a shareholder or proxy holder and entitled

to vote on the matter has one vote; and

12.1.2 on

a poll, every shareholder entitled to vote on the matter has one vote in respect of each

share entitled to be voted on the matter and held by that shareholder and may exercise that

vote either in person or by proxy.

12.2 Votes

of Persons in Representative Capacity

person who is not a shareholder may vote at a meeting of shareholders, whether on a show of hands or on a poll, and may appoint a proxy

holder to act at the meeting, if, before doing so, the person satisfies the chair of the meeting, or the directors, that the person is

a legal personal representative or a trustee in bankruptcy for a shareholder who is entitled to vote at the meeting.

12.3 Votes

by Joint Holders

there are joint shareholders registered in respect of any share:

12.3.1 any

one of the joint shareholders may vote at any meeting of shareholders, either personally

or by proxy, in respect of the share as if that joint shareholder were solely entitled to

it; or

12.3.2 if

more than one of the joint shareholders is present at any meeting of shareholders, personally

or by proxy, and more than one of them votes in respect of that share, then only the vote

of the joint shareholder present whose name stands first on the central securities register

in respect of the share will be counted.

- 17 -

12.4 Legal

Personal Representatives as Joint Shareholders

Two

or more legal personal representatives of a shareholder in whose sole name any share is registered are, for the purposes of Article 12.3,

deemed to be joint shareholders registered in respect of that share.

12.5 Representative

of a Corporate Shareholder

a corporation, that is not a subsidiary of the Company, is a shareholder, that corporation may appoint a person to act as its representative

at any meeting of shareholders of the Company, and:

12.5.1 for

that purpose, the instrument appointing a representative must be received:

(a) at

the registered office of the Company or at any other place specified, in the notice calling

the meeting, for the receipt of proxies, at least the number of business days specified in

the notice for the receipt of proxies, or if no number of days is specified, two business

days before the day set for the holding of the meeting or any adjourned meeting; or

(b) by

the chair of the meeting at the meeting or adjourned meeting or by a person designated by

the chair of the meeting or adjourned meeting;

12.5.2 if

a representative is appointed under this Article 12.5:

(a) the

representative is entitled to exercise in respect of and at that meeting the same rights

on behalf of the corporation that the representative represents as that corporation could

exercise if it were a shareholder who is an individual, including, without limitation, the

right to appoint a proxy holder; and

(b) the

representative, if present at the meeting, is to be counted for the purpose of forming a

quorum and is deemed to be a shareholder present in person at the meeting.

Evidence

of the appointment of any such representative may be sent to the Company by written instrument, fax or any other method of transmitting

legibly recorded messages. Notwithstanding the foregoing, a corporation that is a shareholder may appoint a proxy holder.

12.6 Proxy

Provisions Do Not Apply to All Companies

Articles

12.7 to 12.15 do not apply to the Company if and for so long as it is a public company or a pre-existing reporting company which has

the Statutory Reporting Company Provisions as part of its Articles or to which the Statutory Reporting Company Provisions apply.

- 18 -

12.7 Appointment

of Proxy Holders

Every

shareholder of the Company, including a corporation that is a shareholder but not a subsidiary of the Company, entitled to vote at a

meeting of shareholders may, by proxy, appoint up to two proxy holders to attend and act at the meeting in the manner, to the extent

and with the powers conferred by the proxy.

12.8 Alternate

Proxy Holders

shareholder may appoint one or more alternate proxy holders to act in the place of an absent proxy holder.

12.9 When

Proxy Holder Need Not Be Shareholder

person must not be appointed as a proxy holder unless the person is a shareholder, although a person who is not a shareholder may be

appointed as a proxy holder if:

12.9.1 the

person appointing the proxy holder is a corporation or a representative of a corporation

appointed under Article 12.5;

12.9.2 the

Company has at the time of the meeting for which the proxy holder is to be appointed only

one shareholder entitled to vote at the meeting; or

12.9.3 the

shareholders present in person or by proxy at and entitled to vote at the meeting for which

the proxy holder is to be appointed, by a resolution on which the proxy holder is not entitled

to vote but in respect of which the proxy holder is to be counted in the quorum, permit the

proxy holder to attend and vote at the meeting.

12.10 Deposit

of Proxy

proxy for a meeting of shareholders must:

12.10.1 be

received at the registered office of the Company or at any other place specified, in the

notice calling the meeting, for the receipt of proxies, at least the number of business days

specified in the notice, or if no number of days is specified, two business days before the

day set for the holding of the meeting or any adjourned meeting; or

12.10.2 unless

the notice provides otherwise, be received, at the meeting or any adjourned meeting, by the

chair of the meeting or any adjourned meeting or by a person designated by the chair of the

meeting or adjourned meeting.

proxy may be sent to the Company by written instrument, fax or any other method of transmitting legibly recorded messages.

- 19 -

12.11 Validity

of Proxy Vote

vote given in accordance with the terms of a proxy is valid notwithstanding the death or incapacity of the shareholder giving the proxy

and despite the revocation of the proxy or the revocation of the authority under which the proxy is given, unless notice in writing of

that death, incapacity or revocation is received:

12.11.1 at

the registered office of the Company, at any time up to and including the last business day

before the day set for the holding of the meeting or any adjourned meeting at which the proxy

is to be used; or

12.11.2 at

the meeting or any adjourned meeting by the chair of the meeting or adjourned meeting, before

any vote in respect of which the proxy has been given or has been taken.

12.12 Form

of Proxy

proxy, whether for a specified meeting or otherwise, must be either in the following form or in any other form approved by the directors

or the chair of the meeting:

[name

of company]

(the “Company”)

The

undersigned, being a shareholder of the Company, hereby appoints [name] or, failing that person, [name], as proxy holder for the undersigned

to attend, act and vote for and on behalf of the undersigned at the meeting of shareholders of the Company to be held on [month, day,

year] and at any adjournment of that meeting.

Number

of shares in respect of which this proxy is given (if no number is specified, then this proxy is given in respect of all shares registered

in the name of the undersigned):

Signed [month, day, year]

[Signature of shareholder]

[Name of shareholder—printed]

12.13 Revocation

of Proxy

Subject

to Article 12.14, every proxy may be revoked by an instrument in writing that is received:

12.13.1 at

the registered office of the Company at any time up to and including the last business day

before the day set for the holding of the meeting or any adjourned meeting at which the proxy

is to be used; or

12.13.2 at

the meeting or any adjourned meeting, by the chair of the meeting or adjourned meeting, before

any vote in respect of which the proxy has been given has been taken.

- 20 -

12.14 Revocation

of Proxy Must Be Signed

instrument referred to in Article 12.13 must be signed as follows:

12.14.1 if

the shareholder for whom the proxy holder is appointed is an individual, the instrument must

be signed by the shareholder or his or her legal personal representative or trustee in bankruptcy;

12.14.2 if

the shareholder for whom the proxy holder is appointed is a corporation, the instrument must

be signed by the corporation or by a representative appointed for the corporation under Article

12.5.

12.15 Production

of Evidence of Authority to Vote

The

chair of any meeting of shareholders may, but need not, inquire into the authority of any person to vote at the meeting and may, but

need not, demand from that person production of evidence as to the existence of the authority to vote.

13. Directors

13.1 First

Directors; Number of Directors

The

first directors are the persons designated as directors of the Company in the Notice of Articles that applies to the Company when it

is recognized under the Business Corporations Act. The number of directors, excluding additional directors appointed under Article

14.8, is set at:

13.1.1 subject

to paragraphs (2) and (3), the number of directors that is equal to the number of the Company’s

first directors;

13.1.2 if

the Company is a public company, the greater of three and the most recently set of:

(a) the

number of directors elected by ordinary resolution (whether or not previous notice of the

resolution was given); and

(b) the

number of directors set under Article 14.4;

13.1.3 if

the Company is not a public company, the most recently set of:

(a) the

number of directors elected by ordinary resolution (whether or not previous notice of the

resolution was given); and

(b) the

number of directors set under Article 14.4.

- 21 -

13.2 Change

in Number of Directors

the number of directors is set under Articles 13.1(2)(a) or 13.1(3)(a):

13.2.1 the

shareholders may elect or appoint the directors needed to fill any vacancies in the board

of directors up to that number;

13.2.2 if

the shareholders do not elect or appoint the directors needed to fill any vacancies in the

board of directors up to that number contemporaneously with the setting of that number, then

the directors, subject to Article 14.8, may appoint, or the shareholders may elect or appoint,

directors to fill those vacancies.

13.3 Directors’

Acts Valid Despite Vacancy

act or proceeding of the directors is not invalid merely because fewer than the number of directors set or otherwise required under these

Articles is in office.

13.4 Qualifications

of Directors

director is not required to hold a share in the capital of the Company as qualification for his or her office but must be qualified as

required by the Business Corporations Act to become, act or continue to act as a director.

13.5 Remuneration

of Directors

The

directors are entitled to the remuneration for acting as directors, if any, as the directors may from time to time determine. If the

directors so decide, the remuneration of the directors, if any, will be determined by the shareholders. That remuneration may be in addition

to any salary or other remuneration paid to any officer or employee of the Company as such, who is also a director.

13.6 Reimbursement

of Expenses of Directors

The

Company must reimburse each director for the reasonable expenses that he or she may incur in and about the business of the Company.

13.7 Special

Remuneration for Directors

any director performs any professional or other services for the Company that in the opinion of the directors are outside the ordinary

duties of a director, or if any director is otherwise specially occupied in or about the Company’s business, he or she may be paid

remuneration fixed by the directors, or, at the option of that director, fixed by ordinary resolution, and such remuneration may be either

in addition to, or in substitution for, any other remuneration that he or she may be entitled to receive.

- 22 -

13.8 Gratuity,

Pension or Allowance on Retirement of Director

Unless

otherwise determined by ordinary resolution, the directors on behalf of the Company may pay a gratuity or pension or allowance on retirement

to any director or to his or her spouse or dependants and may make contributions to any fund and pay premiums for the purchase or provision

of any such gratuity, pension or allowance.

14. Election

and Removal of Directors

14.1 Election

at Annual General Meeting

every annual general meeting and in every unanimous resolution contemplated by Article 10.2:

14.1.1 the

shareholders entitled to vote at the annual general meeting for the election of directors

must elect, or in the unanimous resolution appoint, a board of directors consisting of the

number of directors for the time being set under these Articles; and

14.1.2 those

directors whose term of office expires at the annual general meeting cease to hold office

immediately before the election or appointment of directors under paragraph (1), but are

eligible for re-election or re-appointment.

14.2 Consent

to be a Director

election, appointment or designation of an individual as a director is valid unless:

14.2.1 that

individual consents to be a director in the manner provided for in the Business Corporations

Act;

14.2.2 that

individual is elected or appointed at a meeting at which the individual is present and the

individual does not refuse, at the meeting, to be a director; or

14.2.3 with

respect to first directors, the designation is otherwise valid under the Business Corporations

Act.

14.3 Failure

to Elect or Appoint Directors

If:

14.3.1 the

Company fails to hold an annual general meeting, and all the shareholders who are entitled

to vote at an annual general meeting fail to pass the unanimous resolution contemplated by

Article 10.2, on or before the date by which the annual general meeting is required to be

held under the Business Corporations Act; or

14.3.2 the

shareholders fail, at the annual general meeting or in the unanimous resolution contemplated

by Article 10.2, to elect or appoint any directors;

- 23 -

then

each director then in office continues to hold office until the earlier of:

14.3.3 when

his or her successor is elected or appointed; and

14.3.4 when

he or she otherwise ceases to hold office under the Business Corporations Act or these

Articles.

14.4 Places

of Retiring Directors Not Filled

If,

at any meeting of shareholders at which there should be an election of directors, the places of any of the retiring directors are not

filled by that election, those retiring directors who are not re-elected and who are asked by the newly elected directors to continue

in office will, if willing to do so, continue in office to complete the number of directors for the time being set pursuant to these

Articles until further new directors are elected at a meeting of shareholders convened for that purpose. If any such election or continuance

of directors does not result in the election or continuance of the number of directors for the time being set pursuant to these Articles,

the number of directors of the Company is deemed to be set at the number of directors actually elected or continued in office.

14.5 Directors

May Fill Casual Vacancies

Any

casual vacancy occurring in the board of directors may be filled by the directors.

14.6 Remaining

Directors’ Power to Act

The

directors may act notwithstanding any vacancy in the board of directors, but if the Company has fewer directors in office than the number

set pursuant to these Articles as the quorum of directors, the directors may only act for the purpose of appointing directors up to that

number or of calling a meeting of shareholders for the purpose of filling any vacancies on the board of directors or, subject to the

Business Corporations Act, for any other purpose.

14.7 Shareholders

May Fill Vacancies

the Company has no directors or fewer directors in office than the number set pursuant to these Articles as the quorum of directors,

the shareholders may elect or appoint directors to fill any vacancies on the board of directors.

14.8 Additional

Directors

Notwithstanding

Articles 13.1 and 13.2, between annual general meetings or unanimous resolutions contemplated by Article 10.2, the directors may appoint

one or more additional directors, but the number of additional directors appointed under this Article 14.8 must not at any time exceed:

14.8.1 one-third

of the number of first directors, if, at the time of the appointments, one or more of the

first directors have not yet completed their first term of office; or

14.8.2 in

any other case, one-third of the number of the current directors who were elected or appointed

as directors other than under this Article 14.8.

Any

director so appointed ceases to hold office immediately before the next election or appointment of directors under Article 14.1(1), but

is eligible for re-election or re-appointment.

- 24 -

14.9 Ceasing

to be a Director

director ceases to be a director when:

14.9.1 the

term of office of the director expires;

14.9.2 the

director dies;

14.9.3 the

director resigns as a director by notice in writing provided to the Company or a lawyer for

the Company; or

14.9.4 the

director is removed from office pursuant to Articles 14.10 or 14.11.

14.10 Removal

of Director by Shareholders

The

Company may remove any director before the expiration of his or her term of office by special resolution. In that event, the shareholders

may elect, or appoint by ordinary resolution, a director to fill the resulting vacancy. If the shareholders do not elect or appoint a

director to fill the resulting vacancy contemporaneously with the removal, then the directors may appoint or the shareholders may elect,

or appoint by ordinary resolution, a director to fill that vacancy.

14.11 Removal

of Director by Directors

The

directors may remove any director before the expiration of his or her term of office if the director is convicted of an indictable offence,

or if the director ceases to be qualified to act as a director of a company and does not promptly resign, and the directors may appoint

a director to fill the resulting vacancy.

15. Alternate

Directors

15.1 Appointment

of Alternate Director

Any

director (an “appointor”) may by notice in writing received by the Company appoint any person (an “appointee”)

who is qualified to act as a director to be his or her alternate to act in his or her place at meetings of the directors or committees

of the directors at which the appointor is not present unless (in the case of an appointee who is not a director) the directors have

reasonably disapproved the appointment of such person as an alternate director and have given notice to that effect to his or her appointor

within a reasonable time after the notice of appointment is received by the Company.

15.2 Notice

of Meetings

Every

alternate director so appointed is entitled to notice of meetings of the directors and of committees of the directors of which his or

her appointor is a member and to attend and vote as a director at any such meetings at which his or her appointor is not present.

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15.3 Alternate

for More Than One Director Attending Meetings

person may be appointed as an alternate director by more than one director, and an alternate director:

15.3.1 will

be counted in determining the quorum for a meeting of directors once for each of his or her

appointors and, in the case of an appointee who is also a director, once more in that capacity;

15.3.2 has

a separate vote at a meeting of directors for each of his or her appointors and, in the case

of an appointee who is also a director, an additional vote in that capacity;

15.3.3 will

be counted in determining the quorum for a meeting of a committee of directors once for each

of his or her appointors who is a member of that committee and, in the case of an appointee

who is also a member of that committee as a director, once more in that capacity; and

15.3.4 has

a separate vote at a meeting of a committee of directors for each of his or her appointors

who is a member of that committee and, in the case of an appointee who is also a member of

that committee as a director, an additional vote in that capacity.

15.4 Consent

Resolutions

Every

alternate director, if authorized by the notice appointing him or her, may sign in place of his or her appointor any resolutions to be

consented to in writing.

15.5 Alternate

Director Not an Agent

Every

alternate director is deemed not to be the agent of his or her appointor.

15.6 Revocation

of Appointment of Alternate Director

appointor may at any time, by notice in writing received by the Company, revoke the appointment of an alternate director appointed by

him or her.

15.7 Ceasing

to be an Alternate Director

The

appointment of an alternate director ceases when:

15.7.1 his

or her appointor ceases to be a director and is not promptly re-elected or re-appointed;

15.7.2 the

alternate director dies;

15.7.3 the

alternate director resigns as an alternate director by notice in writing provided to the

Company or a lawyer for the Company;

15.7.4 the

alternate director ceases to be qualified to act as a director; or

15.7.5 his

or her appointor revokes the appointment of the alternate director.

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15.8 Remuneration

and Expenses of Alternate Director

The

Company may reimburse an alternate director for the reasonable expenses that would be properly reimbursed if he or she were a director,

and the alternate director is entitled to receive from the Company such proportion, if any, of the remuneration otherwise payable to

the appointor as the appointor may from time to time direct.

16. Powers

and Duties of Directors

16.1 Powers

of Management

The

directors must, subject to the Business Corporations Act and these Articles, manage or supervise the management of the business

and affairs of the Company and have the authority to exercise all such powers of the Company as are not, by the Business Corporations

Act or by these Articles, required to be exercised by the shareholders of the Company.

16.2 Appointment

of Attorney of Company

The

directors may from time to time, by power of attorney or other instrument, under seal if so required by law, appoint any person to be

the attorney of the Company for such purposes, and with such powers, authorities and discretions (not exceeding those vested in or exercisable

by the directors under these Articles and excepting the power to fill vacancies in the board of directors, to remove a director, to change

the membership of, or fill vacancies in, any committee of the directors, to appoint or remove officers appointed by the directors and

to declare dividends) and for such period, and with such remuneration and subject to such conditions as the directors may think fit.

Any such power of attorney may contain such provisions for the protection or convenience of persons dealing with such attorney as the

directors think fit. Any such attorney may be authorized by the directors to sub-delegate all or any of the powers, authorities and discretions

for the time being vested in him or her.

17. Interests

of Directors and Officers

17.1 Obligation

to Account for Profits

director or senior officer who holds a disclosable interest (as that term is used in the Business Corporations Act) in a contract

or transaction into which the Company has entered or proposes to enter is liable to account to the Company for any profit that accrues

to the director or senior officer under or as a result of the contract or transaction only if and to the extent provided in the Business

Corporations Act.

17.2 Restrictions

on Voting by Reason of Interest

director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter is not

entitled to vote on any directors’ resolution to approve that contract or transaction, unless all the directors have a disclosable

interest in that contract or transaction, in which case any or all of those directors may vote on such resolution.

17.3 Interested

Director Counted in Quorum

director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter and who

is present at the meeting of directors at which the contract or transaction is considered for approval may be counted in the quorum at

the meeting whether or not the director votes on any or all of the resolutions considered at the meeting.

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17.4 Disclosure

of Conflict of Interest or Property

director or senior officer who holds any office or possesses any property, right or interest that could result, directly or indirectly,

in the creation of a duty or interest that materially conflicts with that individual’s duty or interest as a director or senior

officer, must disclose the nature and extent of the conflict as required by the Business Corporations Act.

17.5 Director

Holding Other Office in the Company

director may hold any office or place of profit with the Company, other than the office of auditor of the Company, in addition to his

or her office of director for the period and on the terms (as to remuneration or otherwise) that the directors may determine.

17.6 No

Disqualification

director or intended director is disqualified by his or her office from contracting with the Company either with regard to the holding

of any office or place of profit the director holds with the Company or as vendor, purchaser or otherwise, and no contract or transaction

entered into by or on behalf of the Company in which a director is in any way interested is liable to be voided for that reason.

17.7 Professional

Services by Director or Officer

Subject

to the Business Corporations Act, a director or officer, or any person in which a director or officer has an interest, may act

in a professional capacity for the Company, except as auditor of the Company, and the director or officer or such person is entitled

to remuneration for professional services as if that director or officer were not a director or officer.

17.8 Director

or Officer in Other Corporations

director or officer may be or become a director, officer or employee of, or otherwise interested in, any person in which the Company

may be interested as a shareholder or otherwise, and, subject to the Business Corporations Act, the director or officer is not

accountable to the Company for any remuneration or other benefits received by him or her as director, officer or employee of, or from

his or her interest in, such other person.

18. Proceedings

of Directors

18.1 Meetings

of Directors

The

directors may meet together for the conduct of business, adjourn and otherwise regulate their meetings as they think fit, and meetings

of the directors held at regular intervals may be held at the place, at the time and on the notice, if any, as the directors may from

time to time determine.

18.2 Voting

at Meetings

Questions

arising at any meeting of directors are to be decided by a majority of votes and, in the case of an equality of votes, the chair of the

meeting does not have a second or casting vote.

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18.3 Chair

of Meetings

The

following individual is entitled to preside as chair at a meeting of directors:

18.3.1 the

chair of the board, if any;

18.3.2 in

the absence of the chair of the board or if designated by the chair, the president, a director

or other officer; or

18.3.3 any

other director or officer chosen by the directors if:

(a) neither

the chair of the board nor the president is present at the meeting within 15 minutes after

the time set for holding the meeting;

(b) neither

the chair of the board nor the president is willing to chair the meeting; or

chair of the board and the president have advised the secretary, if any, or any other director,

that they will not be present at the meeting.

18.4 Meetings

by Telephone or Other Communications Medium

director may participate in a meeting of the directors or of any committee of the directors:

18.4.1 in

person;

18.4.2 by

telephone; or

18.4.3 with

the consent of all directors who wish to participate in the meeting, by other communications

medium;

all directors participating in the meeting, whether in person or by telephone or other communications medium, are able to communicate

with each other. A director who participates in a meeting in a manner contemplated by this Article 18.4 is deemed for all purposes of

the Business Corporations Act and these Articles to be present at the meeting and to have agreed to participate in that manner.

18.5 Calling

of Meetings

director may, and the secretary or an assistant secretary of the Company, if any, on the request of a director must, call a meeting of

the directors at any time.

18.6 Notice

of Meetings

Other

than for meetings held at regular intervals as determined by the directors pursuant to Article 18.1, reasonable notice of each meeting

of the directors, specifying the place, day and time of that meeting must be given to each of the directors and the alternate directors

by any method set out in Article 24.1 or orally or by telephone.

18.7 When

Notice Not Required

is not necessary to give notice of a meeting of the directors to a director or an alternate director if:

18.7.1 the

meeting is to be held immediately following a meeting of shareholders at which that director

was elected or appointed, or is the meeting of the directors at which that director is appointed;

18.7.2 the

director or alternate director, as the case may be, has waived notice of the meeting.

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18.8 Meeting

Valid Despite Failure to Give Notice

The

accidental omission to give notice of any meeting of directors to, or the non-receipt of any notice by, any director or alternate director,

does not invalidate any proceedings at that meeting.

18.9 Waiver

of Notice of Meetings

Any

director or alternate director may send to the Company a document signed by him or her waiving notice of any past, present or future

meeting or meetings of the directors and may at any time withdraw that waiver with respect to meetings held after that withdrawal. After

sending a waiver with respect to all future meetings and until that waiver is withdrawn, no notice of any meeting of the directors need

be given to that director and, unless the director otherwise requires by notice in writing to the Company, to his or her alternate director,

and all meetings of the directors so held are deemed not to be improperly called or constituted by reason of notice not having been given

to such director or alternate director. Attendance of a director or alternate director at a meeting of directors is a waiver of notice

of the meeting unless that director or alternate director attends the meeting for the express purpose of objecting to the transaction

of any business on the grounds that the meeting is not lawfully called.

18.10 Quorum

The

quorum necessary for the transaction of the business of the directors may be set by the directors and, if not so set, is deemed to be

set at a majority of directors or, if the number of directors is set at one, is deemed to be set at one director, and that director may

constitute a meeting.

18.11 Validity

of Acts Where Appointment Defective

Subject

to the Business Corporations Act, an act of a director or officer is not invalid merely because of an irregularity in the election

or appointment or a defect in the qualification of that director or officer.

18.12 Consent

Resolutions in Writing

resolution of the directors or of any committee of the directors may be passed without a meeting:

18.12.1 in

all cases, if each of the directors entitled to vote on the resolution consents to it in

writing; or

18.12.2 in

the case of a resolution to approve a contract or transaction in respect of which a director

has disclosed that he or she has or may have a disclosable interest, if each of the other

directors who have not made such a disclosure consents in writing to the resolution.

consent in writing under this Article may be by signed document, fax, e-mail or any other method of transmitting legibly recorded messages.

A consent in writing may be in two or more counterparts which together are deemed to constitute one consent in writing. A resolution

of the directors or of any committee of the directors passed in accordance with this Article 18.12 is effective on the date stated in

the consent in writing or on the latest date stated on any counterpart and is deemed to be a proceeding at a meeting of directors or

of the committee of the directors and to be as valid and effective as if it had been passed at a meeting of the directors or of the committee

of the directors that satisfies all the requirements of the Business Corporations Act and all the requirements of these Articles

relating to meetings of the directors or of a committee of the directors.

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19. Executive

and Other Committees

19.1 Appointment

and Powers of Executive Committee

The

directors may, by resolution, appoint an executive committee consisting of the director or directors that they consider appropriate,

and this committee has, during the intervals between meetings of the board of directors, all of the directors’ powers, except:

19.1.1 the

power to fill vacancies in the board of directors;

19.1.2 the

power to remove a director;

19.1.3 the

power to change the membership of, or fill vacancies in, any committee of the directors;

and

19.1.4 such

other powers, if any, as may be set out in the resolution or any subsequent directors’

resolution.

19.2 Appointment

and Powers of Other Committees

The

directors may, by resolution:

19.2.1 appoint

one or more committees (other than the executive committee) consisting of the director or

directors that they consider appropriate;

19.2.2 delegate

to a committee appointed under paragraph (1) any of the directors’ powers, except:

(a) the

power to fill vacancies in the board of directors;

(b) the

power to remove a director;

power to change the membership of, or fill vacancies in, any committee of the directors;

and

(d) the

power to appoint or remove officers appointed by the directors; and

19.2.3 make

any delegation referred to in paragraph (2) subject to the conditions set out in the resolution

or any subsequent directors’ resolution.

19.3 Obligations

of Committees

Any

committee appointed under Articles 19.1 or 19.2, in the exercise of the powers delegated to it, must:

19.3.1 conform

to any rules that may from time to time be imposed on it by the directors; and

19.3.2 report

every act or thing done in exercise of those powers at such times and in such manner and

form as the directors may require.

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19.4 Powers

of Board

The

directors may, at any time, with respect to a committee appointed under Articles 19.1 or 19.2:

19.4.1 revoke

or alter the authority given to the committee, or override a decision made by the committee,

except as to acts done before such revocation, alteration or overriding;

19.4.2 terminate

the appointment of, or change the membership of, the committee; and

19.4.3 fill

vacancies in the committee.

19.5 Committee

Meetings

Subject

to Article 19.3(1) and unless the directors otherwise provide in the resolution appointing the committee or in any subsequent resolution,

with respect to a committee appointed under Articles 19.1 or 19.2:

19.5.1 the

committee may meet and adjourn as it thinks proper;

19.5.2 the

committee may elect a chair of its meetings but, if no chair of a meeting is elected, or

if at a meeting the chair of the meeting is not present within 15 minutes after the time

set for holding the meeting, the directors present who are members of the committee may choose

one of their number to chair the meeting;

19.5.3 a

majority of the members of the committee constitutes a quorum of the committee; and

19.5.4 questions

arising at any meeting of the committee are determined by a majority of votes of the members

present, and in case of an equality of votes, the chair of the meeting does not have a second

or casting vote.

20. Officers

20.1 Directors

May Appoint Officers

The

directors may, from time to time, appoint such officers, if any, as the directors determine and the directors may, at any time, terminate

any such appointment.

20.2 Functions,

Duties and Powers of Officers

The

directors may, for each officer:

20.2.1 determine

the functions and duties of the officer;

20.2.2 entrust

to and confer on the officer any of the powers exercisable by the directors on such terms

and conditions and with such restrictions as the directors think fit; and

20.2.3 revoke,

withdraw, alter or vary all or any of the functions, duties and powers of the officer.

- 32 -

20.3 Qualifications

officer may be appointed unless that officer is qualified in accordance with the Business Corporations Act. One person may hold

more than one position as an officer of the Company. Any person appointed as the chair of the board or as the managing director must

be a director. Any other officer need not be a director.

20.4 Remuneration

and Terms of Appointment

All

appointments of officers are to be made on the terms and conditions and at the remuneration (whether by way of salary, fee, commission,

participation in profits or otherwise) that the directors thinks fit and are subject to termination at the pleasure of the directors,

and an officer may in addition to such remuneration be entitled to receive, after he or she ceases to hold such office or leaves the

employment of the Company, a pension or gratuity.

21. Indemnification

21.1 Definitions

this Article 21:

21.1.1 “eligible

penalty” means a judgment, penalty or fine awarded or imposed in, or an amount paid

in settlement of, an eligible proceeding;

21.1.2 “eligible

proceeding” means a legal proceeding or investigative action, whether current, threatened,

pending or completed, in which a director, former director or alternate director of the Company

(an “eligible party”) or any of the heirs and legal personal representatives

of the eligible party, by reason of the eligible party being or having been a director or

alternate director of the Company:

(a) is

or may be joined as a party; or

(b) is

or may be liable for or in respect of a judgment, penalty or fine in, or expenses related

to, the proceeding;

21.1.3 “expenses”

has the meaning set out in the Business Corporations Act.

21.2 Mandatory

Indemnification of Eligible Parties

Subject

to the Business Corporations Act, the Company must indemnify a director, former director or alternate director of the Company

and his or her heirs and legal personal representatives against all eligible penalties to which such person is or may be liable, and

the Company must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such person

in respect of that proceeding. Each director and alternate director is deemed to have contracted with the Company on the terms of the

indemnity contained in this Article 21.2.

- 33 -

21.3 Indemnification

Subject

to any restrictions in the Business Corporations Act and these Articles, the Company may indemnify any person.

21.4 Non-Compliance

with Business Corporations Act

The

failure of a director, alternate director or officer of the Company to comply with the Business Corporations Act or these Articles

or, if applicable, any former Companies Act or former Articles, does not invalidate any indemnity to which he or she is entitled

under this Part.

21.5 Company

May Purchase Insurance

The

Company may purchase and maintain insurance for the benefit of any person (or his or her heirs or legal personal representatives) who:

21.5.1 is

or was a director, alternate director, officer, employee or agent of the Company;

21.5.2 is

or was a director, alternate director, officer, employee or agent of a corporation at a time

when the corporation is or was an affiliate of the Company;

21.5.3 at

the request of the Company, is or was a director, alternate director, officer, employee or

agent of a corporation or of a partnership, trust, joint venture or other unincorporated

entity; or

21.5.4 at

the request of the Company, holds or held a position equivalent to that of a director, alternate

director or officer of a partnership, trust, joint venture or other unincorporated entity;

against

any liability incurred by him or her as such director, alternate director, officer, employee or agent or person who holds or held such

equivalent position.

22. Dividends

22.1 Payment

of Dividends Subject to Special Rights

The

provisions of this Article 22 are subject to the rights, if any, of shareholders holding shares with special rights as to dividends.

22.2 Declaration

of Dividends

Subject

to the Business Corporations Act, the directors may from time to time declare and authorize payment of such dividends as they

may deem advisable.

- 34 -

22.3 No

Notice Required

The

directors need not give notice to any shareholder of any declaration under Article 22.2.

22.4 Record

Date

The

directors may set a date as the record date for the purpose of determining shareholders entitled to receive payment of a dividend. The

record date must not precede the date on which the dividend is to be paid by more than two months. If no record date is set, the record

date is 5 p.m. on the date on which the directors pass the resolution declaring the dividend.

22.5 Manner

of Paying Dividend

resolution declaring a dividend may direct payment of the dividend wholly or partly in money or by the distribution of specific assets

or of fully paid shares or of bonds, debentures or other securities of the Company or any other corporation, or in any one or more of

those ways.

22.6 Settlement

of Difficulties

any difficulty arises in regard to a distribution under Article 22.5, the directors may settle the difficulty as they deem advisable,

and, in particular, may:

22.6.1 set

the value for distribution of specific assets;

22.6.2 determine

that money in substitution for all or any part of the specific assets to which any shareholders

are entitled may be paid to any shareholders on the basis of the value so fixed in order

to adjust the rights of all parties; and

22.6.3 vest

any such specific assets in trustees for the persons entitled to the dividend.

22.7 When

Dividend Payable

Any

dividend may be made payable on such date as is fixed by the directors.

22.8 Dividends

to be Paid in Accordance with Number of Shares

All

dividends on shares of any class or series of shares must be declared and paid according to the number of such shares held.

22.9 Receipt

by Joint Shareholders

several persons are joint shareholders of any share, any one of them may give an effective receipt for any dividend, bonus or other money

payable in respect of the share.

- 35 -

22.10 Dividend

Bears No Interest

dividend bears interest against the Company.

22.11 Fractional

Dividends

a dividend to which a shareholder is entitled includes a fraction of the smallest monetary unit of the currency of the dividend, that

fraction may be disregarded in making payment of the dividend and that payment represents full payment of the dividend.

22.12 Payment

of Dividends

Any

dividend or other distribution payable in money in respect of shares may be paid by cheque, made payable to the order of the person to

whom it is sent, and mailed to the registered address of the shareholder, or in the case of joint shareholders, to the registered address

of the joint shareholder who is first named on the central securities register, or to the person and to the address the shareholder or

joint shareholders may direct in writing. The mailing of such cheque will, to the extent of the sum represented by the cheque (plus the

amount of the tax required by law to be deducted), discharge all liability for the dividend unless such cheque is not paid on presentation

or the amount of tax so deducted is not paid to the appropriate taxing authority.

22.13 Capitalization

of Retained Earnings or Surplus

Notwithstanding

anything contained in these Articles, the directors may from time to time capitalize any retained earnings or surplus of the Company

and may from time to time issue, as fully paid, shares or any bonds, debentures or other securities of the Company as a dividend representing

the retained earnings or surplus so capitalized or any part thereof.

23. Accounting

Records and Auditors

23.1 Recording

of Financial Affairs

The

directors must cause adequate accounting records to be kept to record properly the financial affairs and condition of the Company and

to comply with the Business Corporations Act.

23.2 Inspection

of Accounting Records

Unless

the directors determine otherwise, or unless otherwise determined by ordinary resolution, no shareholder of the Company is entitled to

inspect or obtain a copy of any accounting records of the Company.

23.3 Remuneration

of Auditors

The

directors may set the remuneration of the auditors. If the directors so decide, the remuneration of the auditors will be determined by

the shareholders.

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24. Notices

24.1 Method

of Giving Notice

Unless

the Business Corporations Act or these Articles provides otherwise, a notice, statement, report or other record (for the purposes

of this Article 24, a “record”) required or permitted by the Business Corporations Act or these Articles to be sent

by or to a person may be sent by any one of the following methods:

24.1.1 mail

addressed to the person at the applicable address for that person as follows:

(a) for

a record mailed to a shareholder, the shareholder’s registered address;

(b) for

a record mailed to a director or officer, the prescribed address for mailing shown for the

director or officer in the records kept by the Company or the mailing address provided by

the recipient for the sending of that record or records of that class; or

any other case, the mailing address of the intended recipient;

24.1.2 delivery

at the applicable address for that person as follows, addressed to the person:

(a) for

a record delivered to a shareholder, the shareholder’s registered address;

(b) for

a record delivered to a director or officer, the prescribed address for delivery shown for

the director or officer in the records kept by the Company or the delivery address provided

by the recipient for the sending of that record or records of that class; or

any other case, the delivery address of the intended recipient;

24.1.3 sending

the record by fax to the fax number provided by the intended recipient for the sending of

that record or records of that class;

24.1.4 sending

the record by email to the email address provided by the intended recipient for the sending

of that record or records of that class;

24.1.5 making

the record available for public electronic access in accordance with the procedures referred

to as “notice-and-access” under National Instrument 54-101 and National Instrument

51-102, as applicable, of the Canadian Securities Administrators, or in accordance with any

similar electronic delivery or access method permitted by applicable securities legislation

from time to time; or

24.1.6 physical

delivery to the intended recipient.

- 37 -

24.2 Deemed

Receipt

notice, statement, report or other record that is:

(1) mailed

to a person by ordinary mail to the applicable address for that person referred to in Article

24.1 is deemed to be received by the person to whom it was mailed on the day (Saturdays,

Sundays and holidays excepted) following the date of mailing;

(2) faxed

to a person to the fax number provided by that person referred to in Article 24.1 is deemed

to be received by the person to whom it was faxed on the day it was faxed;

(3) e-mailed

to a person to the e-mail address provided by that person referred to in Article 24.1 is

deemed to be received by the person to whom it was e-mailed on the date it was e-mailed;

and

(4) made

available for public electronic access in accordance with the “notice-and-access”

or similar delivery procedures referred to in Article 24.1(5) is deemed to be received by

a person on the date it was made available for public electronic access.

24.3 Certificate

of Sending

certificate signed by the secretary, if any, or other officer of the Company or of any other corporation acting in that capacity on behalf

of the Company stating that a notice, statement, report or other record was sent in accordance with Article 24.1 is conclusive evidence

of that fact.

24.4 Notice

to Joint Shareholders

notice, statement, report or other record may be provided by the Company to the joint shareholders of a share by providing such record

to the joint shareholder first named in the central securities register in respect of the share.

24.5 Notice

to Legal Personal Representatives and Trustees

notice, statement, report or other record may be provided by the Company to the persons entitled to a share in consequence of the death,

bankruptcy or incapacity of a shareholder by:

24.5.1 mailing

the record, addressed to them:

(a) by

name, by the title of the legal personal representative of the deceased or incapacitated

shareholder, by the title of trustee of the bankrupt shareholder or by any similar description;

and

(b) at

the address, if any, supplied to the Company for that purpose by the persons claiming to

be so entitled; or

- 38 -

24.5.2 if

an address referred to in paragraph (1)(b) has not been supplied to the Company, by giving

the notice in a manner in which it might have been given if the death, bankruptcy or incapacity

had not occurred.

24.6 Undelivered

Notices

on two consecutive occasions, a notice, statement, report or other record is sent to a shareholder pursuant to Article 24.1 and on each

of those occasions any such record is returned because the shareholder cannot be located, the Company shall not be required to send any

further records to the shareholder until the shareholder informs the Company in writing of his or her new address.

25. Seal

25.1 Who

May Attest Seal

Except

as provided in Articles 25.2 and 25.3, the Company’s seal, if any, must not be impressed on any record except when that impression

is attested by the signatures of:

25.1.1 any

two directors;

25.1.2 any

officer, together with any director;

25.1.3 if

the Company only has one director, that director; or

25.1.4 any

one or more directors or officers or persons as may be determined by the directors.

25.2 Sealing

Copies

For

the purpose of certifying under seal a certificate of incumbency of the directors or officers of the Company or a true copy of any resolution

or other document, despite Article 25.1, the impression of the seal may be attested by the signature of any director or officer or the

signature of any other person as may be determined by the directors.

25.3 Mechanical

Reproduction of Seal

The

directors may authorize the seal to be impressed by third parties on share certificates or bonds, debentures or other securities of the

Company as they may determine appropriate from time to time. To enable the seal to be impressed on any share certificates or bonds, debentures

or other securities of the Company, whether in definitive or interim form, on which facsimiles of any of the signatures of the directors

or officers of the Company are, in accordance with the Business Corporations Act or these Articles, printed or otherwise mechanically

reproduced, there may be delivered to the person employed to engrave, lithograph or print such definitive or interim share certificates

or bonds, debentures or other securities one or more unmounted dies reproducing the seal and such persons as are authorized under Article

25.1 to attest the Company’s seal may in writing authorize such person to cause the seal to be impressed on such definitive or

interim share certificates or bonds, debentures or other securities by the use of such dies. Share certificates or bonds, debentures

or other securities to which the seal has been so impressed are for all purposes deemed to be under and to bear the seal impressed on

them.

- 39 -

26. Prohibitions

26.1 Definitions

this Article 26:

26.1.1 “designated

security” means:

(a) a

voting security of the Company;

(b) a

security of the Company that is not a debt security and that carries a residual right to

participate in the earnings of the Company or, on the liquidation or winding up of the Company,

in its assets; or

security of the Company convertible, directly or indirectly, into a security described in

paragraph (a) or (b);

26.1.2 “security”

has the meaning assigned in the Securities Act (British Columbia);

26.1.3 “voting

security” means a security of the Company that:

(a) is

not a debt security, and

(b) carries

a voting right either under all circumstances or under some circumstances that have occurred

and are continuing.

26.2 Application

Article

26.3 does not apply to the Company if and for so long as it is a public company or a pre-existing reporting company which has the Statutory

Reporting Company Provisions as part of its Articles or to which the Statutory Reporting Company Provisions apply.

26.3 Consent

Required for Transfer of Shares or Designated Securities

share or designated security may be sold, transferred or otherwise disposed of without the consent of the directors and the directors

are not required to give any reason for refusing to consent to any such sale, transfer or other disposition.

27. Advance

Notice of Shareholder Nominations

27.1 Purpose

The

purpose of this advance notice policy (the “Advance Notice Policy”) is to establish the conditions and a clear framework

for nominating directors to the board of directors of the Company (the “Board”). This Advance Notice Policy fixes

a deadline by which registered or beneficial owners of common shares of the Company must submit director nominations to the Company prior

to any annual or special meeting of shareholders, and sets forth the information to be provided and other procedures to be followed,

in respect of such nomination. This Advance Notice Policy is intended to: (a) facilitate an orderly and efficient process for the nomination

and election of directors; (b) provide the Company and its shareholders with sufficient time and information to evaluate each proposed

nominee and the interests, arrangements and objectives of the Persons supporting the nomination; and (c) ensure that all shareholders

receive adequate and timely disclosure concerning any proposed nominee and related proxy solicitation. This Advance Notice Policy

will be subject to amendment from time to time.

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27.2 Nomination

of Directors

27.2.1 Only

persons who are nominated in accordance with the procedures set out in this Advance Notice

Policy, other than those persons nominated by or at the direction of the Board or by a nominating

committee or person appointed by the Board, shall be eligible for election as directors to

the Board. Nominations of persons for election to the Board may only be made at an annual

meeting of shareholders, or at a special meeting of shareholders called for any purpose which

includes the election of directors to the Board, as follows:

(a) by

or at the direction of the Board or by a nominating committee or person appointed by the

Board, including pursuant to a notice of meeting;

(b) by

or at the direction or request of one or more shareholders pursuant to a proposal made in

accordance with the provisions of the Business Corporations Act (British Columbia) (the “Act”)

or a requisition of a shareholders meeting by one or more shareholders made in accordance

with the provisions of the Act; or

any Person entitled to vote at such meeting (including on behalf of any beneficial shareholder

entitled to vote at such meeting) (a “Nominating Shareholder”), who: (i)

at the close of business on the date of the giving of the notice provided for in Article

27.2.2 below and on the record date for notice of such meeting, is either entered in the

securities register of the Company as a holder of one or more shares carrying the right to

vote at such meeting or who beneficially owns shares that are entitled to be voted at such

meeting and provides evidence of such beneficial ownership to the Company and authority to

make the nomination on behalf of the registered holder, in each case in form and substance

reasonably satisfactory to the Company; and (ii) has given Timely Notice in proper written

form as set forth in this Advance Notice Policy.

27.2.2 For

a nomination made by a Nominating Shareholder (including a nomination made pursuant to Rule

14a-19 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”))

to be a timely notice (a “Timely Notice”), the Nominating Shareholder’s

notice must be received by the corporate secretary of the Company at the principal executive

offices of the Company:

(a) in

the case of an annual meeting of shareholders (including an annual and special meeting of

shareholders), not earlier than the close of business on the 90th day prior to

the first anniversary of the immediately preceding year’s annual meeting of shareholders,

nor later than the close of business on the 60th day prior to the first anniversary

of the immediately preceding year’s annual meeting of shareholders; provided, however,

that if the date of the annual meeting of shareholders is more than 30 days before or after

such anniversary date, not later than the close of business on the 10th day following the

day on which the first public announcement of the date of such annual meeting of shareholders

is made by the Company; and

(b) in

the case of a special meeting (which is not also an annual meeting) of shareholders called

for any purpose which includes the election of directors to the Board, not later than the

close of business on the 10th day following the day on which the first public announcement

of the date of the special meeting of shareholders is made by the Company.

no event shall an adjournment, postponement, recess or rescheduling of a meeting, or the announcement thereof, commence a new time period

for the giving of Timely Notice unless the Board determines otherwise in its discretion, acting reasonably. For the avoidance of doubt,

a shareholder shall not be entitled to make additional or substitute nominations following the expiration of the time periods set forth

in this Advance Notice Policy. Additionally, a shareholder may not nominate a greater number of nominees than the number to be elected

at the annual meeting of shareholders.

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27.2.3 To

be in proper written form, a Nominating Shareholder’s notice to the corporate secretary

of the Company must set forth or be accompanied by, as applicable:

(a) as

to each person whom the Nominating Shareholder proposes to nominate for election as director

(a “Proposed Nominee”):

(i) the

name, age and business and residential address of the Proposed Nominee;

(ii) the

principal occupation, business or employment of the Proposed Nominee, both present and within

the five years preceding the notice;

(iii) whether

the Proposed Nominee is a resident Canadian within the meaning of the Act;

(iv) the

number of securities of each class of voting securities of the Company or any of its subsidiaries

beneficially owned, or controlled or directed, directly or indirectly, by the Proposed Nominee,

and any Related Party of the Proposed Nominee, as of the record date for the meeting of shareholders

(if such date shall then have been made publicly available and shall have occurred) and as

of the date of the notice;

(v) a

description of any business or personal interests that would reasonably be expected to place

such Proposed Nominee in a potential conflict of interest with the Company or any of its

subsidiaries;

(vi) full

particulars of any direct or indirect relationship, agreement, commitment, arrangement or

understanding (including any direct or indirect financial, compensation, reimbursement or

indemnification arrangement, or otherwise) between the Proposed Nominee or any Related Party

of the Proposed Nominee on the one hand and any of the Nominating Persons on the other hand,

in connection with, or relating to, the Proposed Nominee’s nomination and election

as a director of the Company , including, without limitation, all information that would

be required to be disclosed pursuant to Rule 404 promulgated under Regulation S-K of the

Exchange Act if any the Nominating Persons were the “registrant” for purposes

of such rule and the Proposed Nominee were a director or executive officer of such registrant;

(vii) full

particulars of any agreement, arrangement or understanding with, or any commitment or assurance

given to, any Person as to how such Proposed Nominee, if elected as a director of the Company,

will act or vote on any issue or question;

(viii) full

particulars of any agreement, arrangement or understanding with any Person relating to any

direct or indirect interest of the Proposed Nominee in any material contract, transaction

or proposed transaction involving the Company or any of its subsidiaries;

(ix) full

particulars of any agreement, arrangement or understanding with, or any commitment or assurance

given to, any Person other than the Company with respect to any direct or indirect financial

or monetary compensation, reimbursement or indemnification in connection with service or

action as a director or nominee;

- 42 -

(x) the

representation and agreement required by Section 27.3.3 and a written questionnaire with

respect to the background and qualifications of the Proposed Nominee, completed by the Proposed

Nominee in the form required by the Company (which form the Nominating Shareholder shall

request in writing from the corporate secretary of the Company prior to submitting a notice

and which the corporate secretary shall provide to such Nominating Shareholder within 10

days after receiving such request) and returned to the corporate secretary of the Company

within 10 days of receipt thereof;

(xi) disclosure

of any order, judgment, investigation, proceeding, conviction, penalty, sanction, bankruptcy,

insolvency, cease trade order or other matter concerning the Proposed Nominee that would

be required to be disclosed in a management or dissident proxy circular relating to the election

of directors;

(xii) whether

such Proposed Nominee has filed or intends to file with any bank or regulatory bodies any

notice, application or other filing concerning a change of control of the Company or any

of its subsidiaries;

(xiii) the

Proposed Nominee’s written consent to:

i. being

named as a nominee in the notice and in any proxy circular or other public disclosure document

relating to the meeting;

ii. serve

as a director if elected;

iii. the

Company conducting such background and other inquiries as the Board reasonably considers

appropriate to verify the information provided and assess the Proposed Nominee’s qualifications;

and

iv. the

public disclosure of information provided under this Advance Notice Policy to the extent

reasonably necessary for the Company to comply with applicable law or communicate with shareholders

concerning the nomination;

(xiv) all

information necessary to determine whether the Proposed Nominee:

i. is

independent under Applicable Securities Laws and the rules of each stock exchange on which

securities of the Company are listed;

ii. is

eligible to serve on each committee of the Board; and

iii. has

any relationship with the Company, any subsidiary, any Nominating Shareholder, any competitor

of the Company or any other Person that could reasonably be expected to affect the Proposed

Nominee’s independence or judgment; and

(xv) any

other information relating to the Proposed Nominee that would be required to be disclosed

in a dissident proxy circular or other filings required to be made in connection with the

solicitation of proxies for election of directors pursuant to the Act, Applicable Securities

Laws or any stock exchange rules that may be applicable to the Company, including any other

information relating to the Proposed Nominee that is required to be disclosed in solicitations

for proxies for election of directors pursuant to Section 14(a) of the Exchange Act, and

any rules or regulations promulgated thereunder;

- 43 -

(b) as

to each of the Nominating Persons:

(i) their

name, age and business and residential address;

(ii) the

number of securities of each class of voting securities of the Company or any of its subsidiaries

beneficially owned, or controlled or directed, directly or indirectly, by each of the Nominating

Persons as of the record date for the meeting of shareholders (if such date shall then have

been made publicly available and shall have occurred) and as of the date of the notice;

(iii) their

interests in, or rights or obligations associated with, any agreements, arrangements or understandings,

the purpose or effect of which is to alter, directly or indirectly, such Nominating Person’s

economic interest in a security of the Company or such Nominating Person’s economic

exposure to the Company, including any agreement, arrangement or understanding the effect

or intent of which is to mitigate loss, manage risk or benefit from changes in the price

of the Company’s securities;

(iv) full

particulars regarding any direct or indirect proxy, relationship, agreement, commitment,

arrangement or understanding (including any direct or indirect financial, compensation, reimbursement

or indemnification arrangement, or otherwise), by and among any of the Nominating Persons,

and any other Person, relating to the voting of any securities of the Company, the nomination

of directors to the Board, including the Proposed Nominee’s election, the future service

of any Proposed Nominee as a director of the Company if elected, or other business proposed

to be brought before the meeting of shareholders, which particulars shall include the name

of each other Person who is a party to any such proxy, relationship, agreement, commitment,

arrangement or understanding;

(v) to

the extent not already disclosed in the notice, identification of the name and address of

each other Person who controls, directs or owns, beneficially or of record, shares in the

capital of the Company known by any of the Nominating Persons to financially or otherwise

materially support the Proposed Nominee’s nomination or other business proposed to

be brought before the meeting of shareholders (provided, for clarity, that a statement of

an intent to vote for, or delivery of a revocable proxy “for” such Proposed Nominee

or other business, would not require disclosure under this section, but any direct or indirect

solicitation within the meaning of Applicable Securities Laws by such Person in support of

such Proposed Nominee would require disclosure under this section), and, to the extent known,

the class or series and number of shares in the capital of the Company controlled, directed

or owned, beneficially or of record, by each such Person; and

(vi) any

other information relating to the Nominating Persons that would be required to be included

in a dissident proxy circular or other filings required to be made in connection with solicitations

of proxies for election of directors pursuant to the Act or as required by Applicable Securities

Laws or any stock exchange rules that may be applicable to the Company.

References

to “Nominating Shareholder” in this Advance Notice Policy shall be deemed to refer to each shareholder that nominates or

seeks to nominate a person for election as director in the case of a nomination proposal where more than one shareholder is involved

in making such nomination proposal. All information required to be provided by or in respect of a Nominating Person shall also be provided

by or in respect of each other Nominating Person.

27.2.4 The

Company may require any Nominating Person or Proposed Nominee to provide such additional

information as the Board reasonably determines is necessary to:

(a) verify

information submitted under this Advance Notice Policy;

- 44 -

(b) determine

the eligibility, qualifications or independence of a Proposed Nominee;

whether the nomination complies with this Advance Notice Policy and applicable law; or

(d) permit

the Company to comply with its disclosure obligations and prepare its proxy materials.

Any

request must identify the additional information sought with reasonable specificity and explain its relevance to the nomination. The

requested information must be delivered within 5 business days after the request, or such longer period as the Board may permit.

27.2.5 In

addition, to be considered Timely Notice and in proper written form, a Nominating Shareholder

must promptly update and supplement its notice so that all information provided or required

to be provided under this Advance Notice Policy remains true, complete and correct:

(a) as

of the record date for the meeting, with the update delivered not later than five business

days after the record date;

(b) as

of the date that is five business days before the meeting or any adjournment or postponement

of the meeting, with the update delivered not later than three business days before the meeting;

and

and in any event within two business days, after any material change in the information previously

provided.

The

obligation to update and supplement the notice continues until the conclusion of the shareholder meeting or the earlier withdrawal of

the nomination. A Nominating Shareholder must promptly notify the Company if it no longer intends to nominate a Proposed Nominee or solicit

proxies in support of the Proposed Nominee.

27.2.6 In

addition, if the Nominating Shareholder has delivered to the Company a notice relating to

the nomination of directors, the Nominating Shareholder shall deliver to the Company not

later than 10 calendar days prior to the date of the meeting or any adjournment or postponement

thereof reasonable evidence that it has complied with the requirements of Rule 14a-19 of

the Exchange Act (or any successor provision) and the representations made in the nomination

notice.

27.2.7 Any

notice or other document or information required to be given to the corporate secretary of

the Company pursuant to this Advance Notice Policy may only be given by personal delivery,

or electronic communication, and shall be deemed to have been given and made only at the

time it is served by personal delivery to the corporate secretary at the address of the principal

executive offices of the Company, or sent by electronic communication to the corporate secretary

of the Company provided that receipt of confirmation of such communication has been received;

provided that if such delivery is made on a day which is a not a business day or later than

5:00 p.m. (Toronto time) on a day which is a business day, then such delivery shall be

deemed to have been made on the next following day that is a business day.

27.3 Eligibility

and Compliance

27.3.1 The

chair of any meeting of shareholders of the Company shall have the power and duty to determine

whether any proposed nomination is made in accordance with the provisions of this Advance

Notice Policy, and if any proposed nomination is not in compliance with such provisions,

to declare that such defective nomination shall be disregarded.

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27.3.2 No

Person shall be eligible for election as a director of the Company unless nominated in accordance

with the provisions of this Advance Notice Policy; provided, however, that nothing in this

Advance Notice Policy shall be deemed to preclude discussion by a shareholder at a meeting

of shareholders of any other matter in respect of which it would have been entitled to submit

a proposal pursuant to the provisions of the Act (as distinct from the nomination of directors).

27.3.3 To

be eligible to be a nominee for election or reelection as a director of the Company, every

candidate for nomination must have previously delivered (in accordance with the time periods

prescribed for delivery of Timely Notice under Section 27.2.2 of this Advance Notice Policy)

to the corporate secretary of the Company at the principal executive offices of the Company

a written representation and agreement (in form provided by the Company within 10 days following

a written request of any shareholder of record identified by name) that such candidate for

nomination:

(a) is

not and, if elected as a director during his or her term of office, will not become a party

to:

(i) any

agreement, arrangement or understanding with, and has not given and will not give any commitment

or assurance to, any Person as to how such candidate for nomination, if elected as a director

of the Company, will act or vote on any issue or question (a “Voting Commitment”)

that has not been disclosed to the Company; or

(ii) any

Voting Commitment that could limit or interfere with such candidate for nomination’s

ability to comply, if elected as a director of the Company, with such candidate for nomination’s

fiduciary duties under applicable law,

(b) is

not, and will not become a party to, any agreement, arrangement or understanding with any

Person other than the Company with respect to any direct or indirect compensation, reimbursement

or indemnification in connection with service as a director of the Company that has not been

disclosed to the Company; and

elected as a director of the Company, will comply with all applicable rules of the exchanges

upon which the securities of the Company are listed and all applicable corporate governance,

conflict of interest, confidentiality, share ownership and trading and other policies and

guidelines of the Company applicable to directors and in effect during such Person’s

term in office as a director of the Company (and, if requested by any candidate for nomination,

the corporate secretary of the Company shall provide to such candidate for nomination all

such policies and guidelines then in effect).

27.3.4 Notwithstanding

the foregoing, the Board may, in its sole discretion, waive all or any requirements in this

Advance Notice Policy.

27.3.5 Notwithstanding

the foregoing provisions, unless otherwise required by law or otherwise determined by the

Board, if the election of a Proposed Nominee would cause the Company to be in violation of

the Company’s constating documents, or any applicable provincial, or federal law, rule,

regulation, or listing standard, then such nomination or nominations shall be disregarded,

and no vote on such Proposed Nominee shall occur, notwithstanding that proxies in respect

of such vote may have been received by the Company.

27.4 Soliciting

Proxies

27.4.1 Any

shareholder soliciting proxies from other shareholders must use a proxy card color other

than white, which shall be reserved for the exclusive use of the Board.

- 46 -

27.4.2 If

any of the Nominating Persons will solicit proxies for a nominee or nominees other than the

Company’s nominees in accordance with Rule 14a-19 of the Exchange Act, such Nominating

Person’s notice must additionally provide: (i) all other information required by Rule

14a-19; (ii) a written representation and undertaking that such Nominating Person intends

to deliver a proxy statement and/or form of proxy to holders of shares representing at least

67% of the voting rights of the shares entitled to vote generally in the election of directors

in accordance with Rule 14a-19, and that a statement to such effect will be included in such

Nominating Person’s proxy statement; and (iii) a written representation and undertaking

that such Nominating Person will comply with all requirements of the Applicable Securities

Laws, including but not limited to Rule 14a-19 of the Exchange Act and all other requirements

of Regulation 14A (as such rule and regulations may be amended or interpreted from time to

time by the Securities and Exchange Commission (the “SEC”), including

through any SEC staff interpretations related thereto). In addition, such Nominating Person

shall provide the Company a written certification within 10 calendar days prior to the meeting

for the election of directors (or any adjournment or postponement thereof) with reasonable

documentary evidence that such Nominating Person has complied with the representations and

undertakings made pursuant to the foregoing subsections (ii) and (iii). If none of the Nominating

Persons will solicit proxies for a nominee or nominees other than the Company’s nominees

in accordance with Rule 14a-19, such Nominating Person’s notice must include a representation

as to whether any Nominating Person intends or is part of a group which intends to conduct

an exempt solicitation pursuant to Rule 14a-2(b)(2) of the Exchange Act.

27.5 Definitions,

Amendments and Interpretation

27.5.1 For

the purposes of this Advance Notice Policy (Article 27 of these Articles):

(a) “Applicable

Securities Laws” means the applicable securities legislation of each relevant province

and territory of Canada, as amended from time to time, the rules regulations and forms made

or promulgated under any such statute and the published national instruments, multilateral

instruments, policies, bulletins and notices of the securities commissions and similar regulatory

authorities of each province and territory of Canada, the U.S. Securities Act of 1933, as

amended, and the Exchange Act, and in each case the rules, regulations and forms promulgated

thereunder, and the rules and regulations of each stock exchange on which securities of the

Company are listed;

(b) “Beneficial

Owner” means, if the Nominating Shareholder is acting on behalf of one or more beneficial

owners of shares, each such beneficial owner holding 10% or more of the equity securities

of such Nominating Shareholder;

Persons” means, collectively, (a) the Nominating Shareholder, (b) each Beneficial Owner,

if any, and (c) each Related Party of the Nominating Shareholder and each Beneficial Owner;

(d) “Person”

means any individual, partnership, corporation, company, association, trust, joint venture

or limited liability company;

(e) “Public

Announcement” means disclosure in a press release disseminated by the Company through

a national news service in Canada and the United States, or in a document filed by the Company

for public access under its profile on the System of Electronic Document Analysis and Retrieval

at www.sedarplus.ca or on EDGAR at www.sec.gov/edgar.shtml; and

(f) “Related

Party” or “Related Parties” means with respect to any Person, such Person’s

affiliates and associates and any other Person with whom such Person is acting jointly or

in concert (as defined in Applicable Securities Laws) with respect to the Company or its

securities.

27.5.2 This

Advance Notice Policy (Article 27 of these Articles) may only be amended by special resolution.

27.5.3 This

Advance Notice Policy shall be interpreted in a manner consistent with the Act, Applicable

Securities Laws and the rules of each stock exchange on which securities of the Company are

listed. If any provision of this Advance Notice Policy is held to be invalid, void or unenforceable

for any reason, such provision shall be severed and shall not affect the validity or enforceability

of the remaining provisions, which shall continue in full force and effect. If any provision

conflicts with a mandatory requirement of applicable law, the mandatory requirement shall

prevail to the extent of such conflict and the remaining provisions shall continue in effect.

28. Special

Rights and Restrictions

28.1 Authorized

Share Structure

The

authorized share structure of the Company consists of an unlimited number of Common Shares without par value (the “Common Shares”)

and an unlimited number of Preferred Shares without par value, issuable in series (the “Preferred Shares”), of which

the following series have been created: Series H and Series I Preferred Shares. The special rights and restrictions attaching to the

Common Shares are set out in Article 28.2, the general provisions governing the Preferred Shares are set out in Article 28.3, and the

special rights and restrictions attaching to each series of Preferred Shares are set out in Articles 28.4 and 28.5.

- 47 -

28.2 Common

28.2.1 Dividends

Subject

to the special rights and restrictions attaching to the Preferred Shares and to any other shares ranking prior to the Common Shares,

the holders of the Common Shares are entitled to receive dividends if, as and when declared by the directors out of the assets of the

Company properly applicable to the payment of dividends, in such amount and in such form as the directors may from time to time determine,

and all dividends declared on the Common Shares shall be declared and paid in equal amounts per share on all Common Shares then outstanding.

28.2.2 Liquidation,

Dissolution or Winding-Up.

Subject

to the special rights and restrictions attaching to the Preferred Shares and to any other shares ranking prior to the Common Shares,

in the event of the liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, or any other distribution

of the assets of the Company among its shareholders for the purpose of winding up its affairs, the holders of the Common Shares are entitled

to receive the remaining property and assets of the Company.

28.2.3 Voting

Rights.

The

holders of the Common Shares are entitled to receive notice of and to attend all meetings of the shareholders of the Company (except

meetings at which only holders of another class or series of shares are entitled to vote separately as a class or series) and have one

vote in respect of each Common Share held at all such meetings.

28.3 Preferred

28.3.1 The

Preferred Shares may be issued at any time and from time to time in one or more series. Subject

to these Articles, the directors are authorized to fix the number of shares in each series

of Preferred Shares and to determine the designation, rights, privileges, restrictions and

conditions attaching to each series of the Preferred Shares which may include, without limitation:

(a) the

consideration for which each series of Preferred Shares are to be issued;

(b) the

rate, amount, method of calculation and payment of any dividends, whether cumulative or non-cumulative,

and whether such rate, amount, method of calculation or payment is subject to change or adjustment

in the future;

rights, if any;

(d) any

rights upon a dissolution, liquidation or winding-up of the Company or upon any other return

of capital or distribution of the assets of the Company among its shareholders for the purpose

of winding-up its affairs;

(e) any

rights of redemption, retraction or purchase for cancellation and the prices and terms and

conditions of any such rights;

(f) any

rights of conversion, exchange or reclassification and the terms and conditions of any such

rights, if applicable; and

(g) any

other rights, privileges, restrictions and conditions not inconsistent with these share provisions,

attaching to such series of Preferred Shares.

- 48 -

28.3.2 No

rights, privileges, restrictions or conditions attached to any series of Preferred Shares

shall confer upon the shares of such series a priority in respect of dividends or distribution

of assets or return of capital in the event of the liquidation, dissolution or winding-up

of the Company over the shares of any other series of Preferred Shares. The Preferred Shares

of each series shall, with respect to the right to payment of dividends and the distribution

of assets or return of capital in the event of liquidation, dissolution or winding up of

the Company, rank on a parity with the Preferred Shares of every other series.

28.3.3 The

Preferred Shares of each series shall be entitled to a preference and priority over the Common

Shares in respect of dividends or distribution of assets or return of capital in the event

of the liquidation, dissolution or winding-up of the Company.

28.4 Series

H Preferred Share Provisions

28.4.1 Definitions.

In these Series H Preferred Share Provisions, the following words and phrases shall have

the following meanings:

(a) “Accrued

and Unpaid Dividends” means the aggregate (without duplication) of (i) all unpaid

dividends on the Series H Preferred Shares for any dividend period; and (ii) the amount calculated

as though dividends on each Series H Preferred Share had been accruing on a day to day basis

from and including the end of the most recent fiscal quarter of the Company up to and including

the date to which the computation of accrued dividends is to be made;

(b) “Act”

means the Business Corporations Act (British Columbia), as now enacted or as it may

from time to time be amended, re-enacted or replaced (and in the case of such amendment,

re-enactment or replacement, any references herein to specific provisions thereof shall be

read as referring to such amended, re-enacted or replaced provisions);

Consideration” has the meaning given thereto in Article 28.4.6(b);

(d) “As

Adjusted” with respect to any share or per share amount, means subject to appropriate

adjustment from the date hereof in the event of any stock dividend, stock split, consolidation,

combination, conversion, exchange, reclassification, substitution or other similar recapitalization

with respect to the applicable shares;

(e) “Business

Day” means a day other than a Saturday, Sunday or any other statutory holiday in

the City of New York, New York or in the City of Toronto, Ontario;

(f) “Common

Shares” means the common shares of the Company;

(g) “Deemed

Liquidation” has the meaning given thereto in Article 28.4.6;

(h) “Holder”

in respect of any Series H Preferred Share, means the registered holder thereof;

(i) “Initial

Issue Date” means the date of initial issuance of Series H Preferred Shares;

(j) “Series

H Conversion Rate” at any time means the number of Common Shares into which one

Series H Preferred Share may be converted, as may be equitably adjusted from time to time

pursuant to these Series H Preferred Share Provisions for stock splits, dividends and similar

combinations or subdivisions applicable to all Common Shares;

- 49 -

(k) “Series

H Subscription Price” of each Series H Preferred Share means US$1,000, as adjusted;

(l) “Series

H Preferred Holder Approval” means the approval of the Holders of the Series H

Preferred Shares given in writing by the Holders of a majority of the outstanding Series

H Preferred Shares (or such greater percentage as may be required by applicable law) or by

a resolution passed by a majority of the votes cast by the Holders of Series H Preferred

Shares who voted in respect of that resolution (or such greater percentage as may be required

by applicable law);

(m) “Series

H Preferred Shares” means the Series H Preferred Shares of the Company; and

(n) “Stock

Option Plan” means (i) any performance incentive plan, stock option plan or stock

purchase plan of the Company that either (x) has been approved by the board of directors

and the shareholders of the Company prior to the Initial Issue Date of first issuance of

a Preferred Share or (y) is approved by the board of directors and the Holders by way of

Preferred Holder Approval and, in either of(x) or (y) above, as such plan or plans may be

amended, replaced or substituted from time to time with approval of the board of directors

and the Holders by way of Preferred Holder Approval; and (ii) the Company’s 2015 performance

incentive plan, as it may be amended as described in the definitive proxy statement and information

circular filed with the Securities Exchange Commission on September 27,2018.

28.4.2 Dividends.

The Holders of the Series H Preferred Shares shall not be entitled to receive a dividend.

28.4.3 Cancellation

of Shares. Series H Preferred Shares that are redeemed by the Company pursuant to any

of the provisions hereof shall be cancelled on and as of the date of such redemption.

28.4.4 Voting

Rights. The Holders of the Series H Preferred Shares shall be entitled to receive notice

of, to attend (in a non-voting capacity) all meetings of the shareholders of the Company,

other than at meetings of the Holders of any other class of shares meeting separately as

a class. Other than with respect to the matters contained herein which specifically provide

the Holders with certain limited voting rights, no Holder shall have any right to any vote

with respect to the Series H Preferred Shares.

28.4.5 Conversion.

(a) Conversion

and Adjustments

Upon

and subject to the terms and conditions set out in this Article 28.4.5(a), the Holder or any affiliate thereof shall have the right,

provided (and only if and to the extent) that prior shareholder approval of the issuance of all Common Shares issuable upon conversion

of the Series H Preferred Shares has been obtained in accordance with the rules of the Nasdaq Stock Market and/or any other exchange

on which the Common Shares are then traded, to convert all or any part of its Series H Preferred Shares into the number of fully paid

and non-assessable Common Shares that is equal to the number of Series H Preferred Shares to be converted multiplied by the Series H

Conversion Rate in effect on the date of conversion. Unless and until adjusted in accordance with these Series H Preferred Share Provisions,

the Series H Conversion Rate shall be equal to 1:1,000, meaning, for the avoidance of doubt, that each Series H Preferred Share shall

be convertible into 1,000 Common Shares.

- 50 -

Notwithstanding

any other provision of this Article 28.4.5(a), the Company shall not effect the conversion by the Holder, any of its affiliates or any

member of a Section 13(d) “group” with the Holder of any Series H Preferred Shares, and each of the Holder, its affiliates

and any member of a Section 13(d) group with the Holder shall not have the right to convert any Series H Preferred Shares, to the extent

that after giving effect to such conversion, the Holder, together with any of the Holder’s affiliates and any other member of a

Section 13(d) group with the Holder, would beneficially own in excess of 9.99% (the “Maximum Percentage”) of the Common

Shares outstanding immediately after giving effect to such conversion; provided, however, that the Holder may upon providing the Company

with at least 61 days’ prior written notice, increase or decrease the Maximum Percentage. For purposes of the foregoing sentence,

the aggregate number of Common Shares beneficially owned by the Holder, its affiliates and any member of a Section 13(d) group with the

Holder shall include the number of Common Shares issuable upon conversion of the Series H Preferred Shares with respect to which the

determination of such sentence is being made, but shall exclude Common Shares which would be issuable upon (i) conversion of the remaining,

unconverted Series H Preferred Shares held by the Holder, its affiliates or a member of a Section 13(d) group with the Holder and (ii)

exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by the Holder,

its affiliates or members of a Section 13(d) group with the Holder (including, without limitation, any convertible notes or convertible

preferred stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein. For purposes

of this paragraph, beneficial ownership and whether the Holder is a member of a Section 13(d) group shall be calculated and determined

in accordance with Section 13(d) of the U.S. Securities Exchange Act of I 934, as amended, and the rules promulgated thereunder. For

purposes of this paragraph, in determining the number of outstanding Common Shares, the Holder may rely on the number of outstanding

Common Shares as reflected in (1) the Company’s most recent Form 10-K, Form 10-Q, Form 8-K or other public filing with the U.S.

Securities and Exchange Commission, as the case may be, (2) a more recent public announcement by the Company or (3) any other notice

by the Company setting forth the number of Common Shares outstanding. For any reason at any time, upon the written or oral request of

the Holder, the Company shall within two (2) business days confirm to the Holder the number of Common Shares then outstanding. The Holder

shall disclose to the Company the number of Common Shares that it, its affiliates or any member of a Section 13(d) group with the Holder

owns and has the right to acquire through the exercise or conversion of derivative securities and any limitations on exercise or conversion

analogous to the limitation contained herein contemporaneously or immediately prior to a proposed conversion of any Series H Preferred

Shares.

third party transferee unaffiliated with the Holder or any of its affiliates may, at any time, convert all or any part of the Series

H Preferred Shares held by such third party transferee into the number of fully paid and non-assessable Common Shares that is equal to

the number of Series H Preferred Shares to be converted multiplied by the Series H Conversion Rate in effect on the date of conversion;

provided that, (x) after such conversion, the Common Shares issuable upon such conversion, together with all Common Shares held by such

third party transferee that are or would be deemed to be aggregate under the rules of the Nasdaq Stock Market, in the aggregate would

not exceed 19.9% of the total number of Common Shares of the corporation then outstanding and (y) such conversion and issuance would

not otherwise violate or cause the Company to violate the Company’s obligations under the rules or regulations of the Nasdaq Capital

Market.

(b) Avoidance

of Fractional Shares

any case where a fraction of a Common Share would otherwise be issuable on conversion of one or more Series H Preferred Shares, the Company

shall adjust such fractional interest by the payment to the Holder of an amount in cash equal to the then current market value of such

fractional interest, as determined by the board of directors.

- 51 -

of Common Shares

long as any of the Series H Preferred Shares are outstanding and entitled to the right of conversion herein provided, the Company shall

at all times reserve a sufficient number of unissued Common Shares to enable all of the Series H Preferred Shares outstanding to be converted

upon the basis and upon the terms and conditions herein provided in this Article 28.4.5.

28.4.6 Liquidation,

Dissolution or Winding-Up.

(a) In

the event of the liquidation, dissolution or winding-up of the Company, whether voluntary

or involuntary, or any other distribution of the assets of the Company among its shareholders

for the purpose of winding-up its affairs, the Series H Preferred Shares shall entitle each

of the Holders thereof to receive an amount equal to the Series H Subscription Price per

Series H Preferred Share plus the amount of the Accrued and Unpaid Dividends, the whole to

be paid before any amount is paid or any assets of the Company are distributed to the holders

of Common Shares or any other shares ranking junior to the Series H Preferred Shares on any

such liquidation, dissolution, winding-up or distribution. Upon payment of the amounts so

payable to them, the Holders of Series H Preferred Shares shall not be entitled to share

in any further distribution of assets of the Company.

(b) For

the purposes of Article 28.4.6(a) above, a liquidation, dissolution, or winding up of the

Corporation shall be deemed to occur (each a “Deemed Liquidation”) upon:

(i) a sale, conveyance, exclusive license or other disposition of all or substantially all

of the undertaking, prope1iy or assets (including, without limitation, the material intellectual

property) of the Company, where the shareholders of the Company immediately prior to the

transaction do not collectively own, directly or indirectly, a majority interest in any purchasing

or acquiring entity following the transaction; (ii) a merger or amalgamation of the Company

with or into, or consolidation of the Company with, any other corporation in which the shareholders

of the Company immediately prior to the transaction do not collectively own, directly or

indirectly, a majority of the voting power of the surviving corporation following the transaction;

or (iii) the sale, exchange or other disposition of the outstanding Common Shares of the

Company or any reorganization or other transaction in which the shareholders of the Company

immediately prior to the transaction do not own, directly or indirectly, a majority of the

voting power of the surviving corporation following the transaction. In the event of a Deemed

Liquidation where the nature of the transaction is such that the consideration (whether in

the form of cash, securities or other property) in connection with such Deemed Liquidation

would be receivable by the shareholders of the Company, then the Holders of the Series H

Preferred Shares shall be entitled to receive at the closing of such Deemed Liquidation such

portion of the aggregate consideration (whether in the form of cash, securities or other

property) receivable by the shareholders of the Company in connection with such Deemed Liquidation

(the “Aggregate Consideration”) as is required by applying Article 28.4.6(a)

to the distribution and payment of the Aggregate Consideration in the same manner as the

assets of the Company are required to be distributed among its shareholders in the event

of a liquidation, dissolution or winding up in accordance with such section.

Company shall provide the Holders with at least ten (10) Business Days’ prior written

notice of the consummation of any Deemed Liquidation.

28.4.7 Additional

Restrictions.

The

Common Shares shall rank junior to the Series H Preferred Shares and shall be subject in all respects to the rights, privileges, restrictions

and conditions attaching to the Series H Preferred Shares.

- 52 -

long as any of the Series H Preferred Shares are outstanding, except as specifically contemplated in the Series H Preferred Share Provisions,

the Company shall not, without the approval of a majority of the Holders (with each such share having one vote):

(a) redeem

or call for redemption, purchase or otherwise pay off, retire or make any return of capital

in respect of any shares of the Company ranking as to capital junior to the Series H Preferred

Shares (other than with respect to Common Shares issued pursuant to a Stock Option Plan in

connection with the cessation of service of the holder of such shares);

(b) redeem

or call for redemption, purchase or otherwise pay off, retire or make any return of capital

in respect of any shares, ranking as to the payment of dividends or return of capital on

a parity with the Series H Preferred Shares; or

any additional Series H Preferred Shares in excess of the number of Series H Preferred Shares

authorized for issuance as of the Initial Issue Date, or securities convertible or exchangeable

for Series H Preferred Shares, or any shares or securities convertible or exchangeable therefor

ranking as to the payment of dividends or the return of capital prior to or on a parity with

the Series H Preferred Shares.

28.4.8 Modification.

Subject to the provisions of the Act, the rights, privileges, restrictions and conditions

attaching to the Series H Preferred Shares may be deleted, varied, modified, amended or amplified

with prior Series H Preferred Holder Approval.

28.4.9 Miscellaneous.

(a) Notices

Any

notice required or permitted to be given to any Holder shall be delivered by courier to such Holder at its address as it appears on the

records of the Company or in the event of the address of any such Holder not so appearing, then to the last address of such Holder known

to the Company.

(b) Gender,

etc.

Words

importing only the singular number include the plural and vice versa and words importing any gender include all genders.

All

monetary amounts referred to herein shall be in lawful money of the United States unless otherwise indicated.

(d) Headings

The

division of these Series H Preferred Share Provisions into sections, paragraphs or other subdivisions and the insertion of headings are

for convenience of reference only and shall not affect the construction or interpretation hereof.

(e) Business

Day

the event that any date upon which any dividends on the Series H Preferred Shares are payable by the Company, or upon or by which any

other action is required to be taken by the Company or any Holder hereunder, is not on a Business Day or during a Business Day, then

such dividend shall be payable or such other action shall be required to be taken on or by the next succeeding day which is a Business

Day.

- 53 -

28.5 Series

I Preferred Share Provisions

28.5.1 Definitions.

In these Series I Preferred Share Provisions, the following words and phrases shall have

the following meanings:

(a) “Act”

means the Business Corporations Act (British Columbia), as now enacted or as it may

from time to time be amended, re-enacted or replaced (and in the case of such amendment,

re-enactment or replacement, any references herein to specific provisions thereof shall be

read as referring to such amended, re-enacted or replaced provisions);

(b) “Affiliate”

means any Person that, directly or indirectly through one or more intermediaries, controls

or is controlled by or is under common control with a Person, as such terms are used in and

construed under Rule 405 of the Securities Act;

Agreement” means that certain arrangement agreement, dated as of March 5, 2026,

by and among the Company, Cathedra Bitcoin Inc. and S3D Acquisition Corp.;

(d) “Business

Day” means a day other than a Saturday, Sunday or any other statutory holiday in

the City of New York, New York or in the City of Toronto, Ontario;

(e) “Closing

Sale Price” means, for any security as of any date, the last closing trade price,

respectively, for such security on the Principal Market, as reported by Bloomberg, or, if

the Principal Market begins to operate on an extended hours basis and does not designate

the closing trade price (as the case may be) then the last trade price of such security prior

to 4:00 p.m., New York time, as reported by Bloomberg, or, if the Principal Market is not

the principal securities exchange or trading market for such security, the last trade price

of such security on the principal securities exchange or trading market where such security

is listed or traded as reported by Bloomberg, or if the foregoing do not apply, the last

trade price of such security in the over-the-counter market on the electronic bulletin board

for such security as reported by Bloomberg, or, if no last trade price is reported for such

security by Bloomberg, the average of the bid prices, or the ask prices, respectively, of

any market makers for such security as reported in The Pink Open Market (or a similar organization

or agency succeeding to its functions of reporting prices). If the Closing Sale Price cannot

be calculated for a security on a particular date on any of the foregoing bases, the Closing

Sale Price of such security on such date shall be the fair market value as determined by

the Company. All such determinations shall be appropriately adjusted for any stock dividend,

stock split, consolidation, combination, conversion, exchange, reclassification, substitution

or other similar recapitalization during such period;

(f) “Commission”

means the U.S. Securities and Exchange Commission;

(g) “Common

Shares” means the common shares of the Company;

(h) “Exchange

Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations

promulgated thereunder;

(i) “Holder”

in respect of any Series I Preferred Share, means the registered holder thereof;

(j) “Initial

Issue Date” means the date of initial issuance of Series I Preferred Shares;

(k) “Person”

means an individual or corporation, partnership, trust, incorporated or unincorporated association,

joint venture, limited liability company, joint stock company, government (or an agency or

subdivision thereof) or other entity of any kind;

- 54 -

(l) “Principal

Market” means, as of any time of determination, the principal Trading Market, if

any, in which the Common Shares are listed or quoted for trading on the date in question;

(m) “Securities

Act” means the Securities Act of 1933, as amended, and the rules and regulations

promulgated thereunder;

(n) “Series

H Preferred Shares” means the Series H Preferred Shares, no par value, of the Company;

(o) “Series

I Conversion Rate” at any time means the number of Common Shares into which one

Series I Preferred Share may be converted, as may be equitably adjusted from time to time

pursuant to these Series I Preferred Share Provisions for stock splits, dividends and similar

combinations or subdivisions applicable to all Common Shares;

(p) “Series

I Preferred Holder Approval” means the approval of the Holders of the Series I

Preferred Shares given in writing by the Holders of a majority of the outstanding Series

I Preferred Shares (or such greater percentage as may be required by applicable law) or by

a resolution passed by a majority of the votes cast by the Holders of Series I Preferred

Shares who voted in respect of that resolution (or such greater percentage as may be required

by applicable law);

(q) “Series

I Preferred Shares” means the Series I Preferred Shares, no par value, of the Company;

(r) “Trading

Day” means a day on which the Principal Market is open for business;

(s) “Trading

Market” means any of the following markets or exchanges: the NYSE American, the

Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New

York Stock Exchange, OTCQB or OTCQX (or any successors to any of the foregoing);

(t) “Transfer

Agent” means TMX Equity Transfer, and any successor transfer agent of the Company;

(u) “Year

1 Dividend Rate” means 8.00%;

(v) “Year

2 Dividend Rate” means 8.00%; and

(w) “Year

3 Dividend Rate” means 8.00%.

28.5.2 Dividends.

Subject to the rights of the holders of any Series H Preferred Shares, until the thirty-six

(36) month anniversary of the Initial Issue Date, the Holders of outstanding Series I Preferred

Shares shall be entitled to receive, except to the extent prohibited by applicable law governing

distributions to shareholders, dividends payable annually on June 1st of each

applicable calendar year (provided, however, that if such date is not a Business Day, the

relevant annual dividend shall be payable on the first Business Day following such date)

(each date a “Series I Annual Dividend Payment Date”), which dividends

shall be paid in Series I Preferred Shares (such shares, the “PIK Shares”),

at (i) the Year 1 Dividend Rate for the first twelve (12) months following the Initial Issue

Date, (ii) the Year 2 Dividend Rate for the second twelve (12) months following the Initial

Issue Date, and (iii) the Year 3 Dividend Rate for the third twelve (12) months following

the Initial Issue Date, in each case rounded down to the nearest whole share. For the avoidance

of doubt, (a) the number of PIK Shares issuable to each Holder on each Series I Annual Dividend

Payment Date shall be calculated based on the number of Series I Preferred Shares held by

such Holder on the applicable Series I Annual Dividend Payment Date and (b) the Holders of

Series I Preferred Shares shall have no right to receive dividends following the thirty-six

(36) month anniversary of the Initial Issue Date.

- 55 -

28.5.3 Cancellation

of Shares. Series I Preferred Shares that are redeemed by the Company pursuant to any

of the provisions hereof shall be cancelled on and as of the date of such redemption.

28.5.4 Voting

Rights. The Holders of Series I Preferred Shares shall be entitled to receive notice

of, and to attend (in a non-voting capacity) all meetings of shareholders of the Company,

other than a meeting of the Holders of any other class of shares meeting separately as a

class (but for certainty, Holders shall be entitled to receive notice of, and to attend (in

a non-voting capacity) all meetings of holders of Common Shares. Other than with respect

to the matters contained herein which specifically provide the Holders with certain limited

voting rights and except as otherwise required by law, the Series I Preferred Shares shall

have no voting rights.

28.5.5 Conversion.

(a) Conversion

and Adjustments.

Upon

and subject to the terms and conditions set out in this Article 28.5.5(a), the Holder shall have the right to convert all or any part

of its Series I Preferred Shares, other than any PIK Shares, into the number of fully paid and non-assessable Common Shares that is equal

to (i) the number of Series I Preferred Shares to be converted, multiplied by (ii) the Series I Conversion Rate in effect on the applicable

Conversion Date (as defined below) (the “Conversion Shares”), provided that the Holder may effect such conversion

only to the extent permitted by the following schedule:

(i) on

or after the date that is the twelve (12) month anniversary of the Initial Issue Date, up

to 33-1/3% of the Series I Preferred Shares issued to such Holder on the Initial Issue Date

(excluding PIK Shares);

(ii) on

or after the date that is the twenty-four (24) month anniversary of the Initial Issue Date,

up to an aggregate of 66-2/3% of the Series I Preferred Shares issued to such Holder on the

Initial Issue Date (excluding PIK Shares); and

(iii) on

or after the date that is the thirty-six (36) month anniversary of the Initial Issue Date,

up to an aggregate of 100% of the Series I Preferred Shares issued to such Holder on the

Initial Issue Date (excluding PIK Shares).

or after the thirty-six (36) month anniversary of the Initial Issue Date, upon and subject to the terms and conditions set out in this

Article 28.5.5(a), the Holder shall have the right to convert all or any part of the PIK Shares into the number of fully paid and non-

assessable Common Shares that is equal to the number of PIK Shares to be converted multiplied by the Series I Conversion Rate in effect

on the date of conversion. Unless and until adjusted in accordance with these Series I Preferred Share Provisions, the Series I Conversion

Rate shall be equal to 1:1, meaning, for the avoidance of doubt, that each Series I Preferred Share shall be convertible into one (1)

Common Share, subject to appropriate adjustment from the date hereof in the event of any stock dividend, stock split, consolidation,

combination, conversion, exchange, reclassification, substitution or other similar recapitalization with respect to the Common Shares.

Notwithstanding

anything to the contrary contained in this Article 28.5.5(a) (including the foregoing conversion schedule and the limitation on conversion

of PIK Shares prior to the thirty-six (36) month anniversary of the Initial Issue Date), if Joel Block ceases to be the Chief Executive

Officer of the Company as a result of (x) a termination without cause, (y) Mr. Block’s resignation for Good Reason (as defined

in his applicable employment agreement with the Company at such time) or (z) Mr. Block’s entry into a mutually agreed upon separation

agreement with the Company and/or is not included on the management slate of directors of the Company at any shareholders meeting, then,

effective upon such occurrence, the Holder shall have the right to convert, in whole or in part and at any time thereafter, all of its

Series I Preferred Shares, including any and all PIK Shares issued (or paid) to the Holder on or prior to such time, into Common Shares

at the Series I Conversion Rate in effect on the applicable Conversion Date, in each case upon and subject to the terms and conditions

set out in this Article 28.5.5(a).

- 56 -

The

Company shall not issue any Common Shares upon conversion of any Series I Preferred Shares or otherwise pursuant to the terms of these

Series I Preferred Share Provisions, if the issuance of such Common Shares would exceed the aggregate number of Common Shares which the

Company Company may issue upon conversion of the Series I Preferred Shares without breaching the Company’s obligations under the

rules and regulations of the Principal Market (the maximum number of Common Shares which may be issued without violating such rules and

regulations, the “Exchange Cap”), except that such limitation shall not apply in the event that the Company obtains

the approval of its shareholders as required by the applicable rules and regulations of the Principal Market for issuances of Common

Shares in excess of such amount. Until such approval is obtained, no Holder shall be issued in the aggregate, upon conversion of any

Series I Preferred Shares, Common Shares in an amount greater than the product of (i) the Exchange Cap as of the Initial Issue Date multiplied

by (ii) the quotient of (1) the aggregate number of Series I Preferred Shares issued to such Holder on the Initial Issue Date, divided

by (2) the aggregate number of shares of Series I Preferred Shares outstanding as of the Initial Issue Date (with respect to each Holder,

the “Exchange Cap Allocation”). In the event that any Holder shall sell or otherwise transfer any of such Holder’s

Series I Preferred Shares, the transferee shall be allocated a pro rata portion of such Holder’s Exchange Cap Allocation with respect

to such portion of such Series I Preferred Shares so transferred, and the restrictions of the prior sentence shall apply to such transferee

with respect to the portion of the Exchange Cap Allocation so allocated to such transferee.

Under

no circumstance shall the Company be required to settle the Series I Shares in cash. The Company is permitted to settle Series I Preferred

Shares in unregistered shares of Common Shares.

(b) Avoidance

of Fractional Shares

any case where a fraction of a Common Share would otherwise be issuable on conversion of one or more Series I Preferred Shares, the Company

shall adjust such fractional interest by rounding down to the nearest whole share.

of Common Shares

long as any of the Series I Preferred Shares are outstanding and entitled to the right of conversion herein provided, the Company shall

at all times reserve and keep available out of its authorized but unissued Common Shares, solely for the purpose of effecting such conversion,

a sufficient number of unissued Common Shares to enable all of the Series I Preferred Shares outstanding to be converted upon the basis

and upon the terms and conditions herein provided in this Article 28.5.5.

(d) Mechanics

of Conversion

(i) To

effect a conversion, a Holder shall deliver to the Company (or, at the Company’s direction,

the Transfer Agent) a written notice of conversion in substantially the form attached as

Annex A (a “Notice of Conversion”), duly completed and executed, specifying

(i) the number of Series I Preferred Shares the Holder elects to convert, (ii) the name(s)

in which the Conversion Shares are to be registered, and (iii) delivery instructions, including,

if applicable, DWAC instructions.

(ii) A

conversion shall be deemed to have been effected (the “Conversion Date”)

as of the close of business in New York, New York on the date a properly completed Notice

of Conversion is received by the Company (or the Transfer Agent, if applicable).

(iii) As

of the Conversion Date, (i) the Series I Preferred Shares converted shall be deemed cancelled

and the rights of the Holder with respect to such converted Series I Preferred Shares shall

cease, and (ii) the Holder shall be deemed to be the holder of record of the Conversion Shares

issuable upon such conversion.

(iv) In

the case of any partial conversion, the Company shall cause the Transfer Agent to issue and

deliver to the Holder evidence of the number of Series I Preferred Shares remaining outstanding

after giving effect to such conversion.

- 57 -

(e) Delivery

of Conversion Shares

Within

three (3) Trading Days following the Conversion Date (the “Share Delivery Date”), the Company shall cause the Transfer

Agent to deliver the Conversion Shares to the Holder in accordance with the delivery instructions set forth in the Notice of Conversion

(including, if applicable, by DWAC). The Company shall be responsible for all fees of the Transfer Agent associated with such issuance

and delivery; provided that the Holder shall be responsible for any transfer taxes that may be payable with respect to any issuance in

a name other than the Holder.

28.5.6 Liquidation,

Dissolution, Winding-Up, Merger, Sale or Disposition

(a) In

the event of an ordinary liquidation, dissolution or winding-up of the Company, whether voluntary

or involuntary, or any other distribution of the assets of the Company among its shareholders

for the purpose of winding-up its affairs, the Series I Preferred Shares shall entitle each

of the Holders thereof to receive an amount per Series I Preferred Share equal to the greater

of (i) the Closing Sale Price of the Common Shares on the Trading Day immediately preceding

such ordinary liquidation, dissolution or winding-up of the Company and (ii) the amount that

such Holder would have been entitled to receive in such ordinary liquidation, dissolution

or winding-up of the Company, if such Series I Preferred Share had been converted into Common

Shares immediately prior thereto, the whole to be paid before any amount is paid or any assets

of the Company are distributed to the holders of Common Shares or any other shares ranking

junior to the Series I Preferred Shares on any such ordinary liquidation, dissolution, winding-up

or distribution. Upon payment of the amounts so payable to them in the event of an ordinary

liquidation, dissolution or winding-up of the Company, the Holders of Series I Preferred

Shares and Common Shares shall not be entitled to share in any further distribution of assets

of the Company.

(b) A

deemed liquidation (each a “Deemed Liquidation”) shall be deemed to occur

upon any other liquidation, dissolution, or winding up of the Company, other than an ordinary

liquidation covered by Article 28.5.6(a) above, in connection with (i) a sale, conveyance,

exclusive license or other disposition of all or substantially all of the undertaking, property

or assets (including, without limitation, the material intellectual property) of the Company,

where the shareholders of the Company immediately prior to the transaction do not collectively

own, directly or indirectly, a majority interest in any purchasing or acquiring entity following

the transaction; (ii) a merger or amalgamation of the Company with or into, or consolidation

of the Company with, any other corporation in which the shareholders of the Company immediately

prior to the transaction do not collectively own, directly or indirectly, a majority of the

voting power of the surviving corporation following the transaction; or (iii) the sale, exchange

or other disposition of the outstanding Common Shares of the Company or any reorganization

or other transaction in which the shareholders of the Company immediately prior to the transaction

do not own, directly or indirectly, a majority of the voting power of the surviving corporation

following the transaction. In the event of a Deemed Liquidation where the nature of the transaction

is such that the consideration (whether in the form of cash, securities or other property)

in connection with such Deemed Liquidation would be receivable by the shareholders of the

Company, then all distributions and payments in respect of such Deemed Liquidation shall

be made to the holders of Series I Preferred Shares and Common Shares on a pro rata basis,

treating all outstanding Series I Preferred Shares as if they had been converted into of

Common Shares immediately prior to such Deemed Liquidation. The Holders of the Series I Preferred

Stock and holders of Common Shares (which, for the avoidance of doubt, constitute all shares

of the Company’s capital stock junior to the Series H Preferred Shares as of the date

of creation of the Series I Preferred Shares) shall receive at the closing of such Deemed

Liquidation such portion of the aggregate consideration (whether in the form of cash, securities

or other property) receivable by the shareholders of the Company in connection with such

Deemed Liquidation (the “Aggregate Consideration”) on a pro rata basis,

treating all outstanding Series I Preferred Shares as if they had been converted into Common

Shares immediately prior to such Deemed Liquidation. As a result, Holders of Series I Preferred

Shares and holders of Common Shares shall be entitled to the same form of Aggregate Consideration

upon the occurrence of a Deemed Liquidation.

Company shall provide the Holders with at least ten (10) Business Days’ prior written

notice of the consummation of any Deemed Liquidation.

- 58 -

28.5.7 Additional

Restrictions

Except

as provided in Article 28.5.6, the Common Shares shall rank junior to the Series I Preferred Shares and shall be subject in all respects

to the rights, privileges, restrictions and conditions attaching to the Series I Preferred Shares. The Series H Preferred Shares shall

rank senior to the Series I Preferred Shares.

Until

the date following the thirty-six (36) month anniversary of the Initial Issue Date, except as specifically contemplated by these Series

I Preferred Share Provisions, the Company shall not, without the approval of a majority of Holders (with each such share having one vote):

(a) make

any return of capital in respect of any shares of the Company ranking as to capital junior

to the Series I Preferred Shares, except if a return of capital is made with respect to the

Common Shares and the Holders are entitled to participate in such return of capital on a

pari passu basis with the holders of Common Shares; provided, that the foregoing shall not

restrict the Company from redeeming or otherwise repurchasing common share purchase warrants

or any other securities convertible into or exchangeable for Common Shares; and

(b) make

any return of capital in respect of any shares, ranking as to payment of dividends or return

of capital on a parity with the Series I Preferred Shares, except if a return of capital

is made with respect to the Common Shares and the Holders are entitled to participate in

such return of capital on a pari passu basis with the holders of Common Shares; provided,

that the foregoing shall not restrict the Company from redeeming or otherwise repurchasing

common share purchase warrants or any other securities convertible into or exchangeable for

Common Shares.

28.5.8 Modification.

Subject to the provisions of the Act, the rights, privileges, restrictions and conditions

attaching to the Series I Preferred Shares may be deleted, varied, modified, amended or amplified

with prior Series I Preferred Holder Approval.

28.5.9 Miscellaneous.

(a) Notices

Any

notice required or permitted to be given to any Holder shall be delivered by courier to such Holder at its address as it appears on the

records of the Company or in the event of the address of any such Holder not so appearing, then to the last address of such Holder known

to the Company.

(b) Gender,

etc.

Words

importing only the singular number include the plural and vice versa and words importing any gender include all genders.

All

monetary amounts referred to herein shall be in lawful money of the United States unless otherwise indicated.

(d) Headings

The

division of these Series I Preferred Share Provisions into sections, paragraphs or other subdivisions and the insertion of headings are

for convenience of reference only and shall not affect the construction or interpretation hereof.

(e) Business

Day

the event that any date upon which any action is required to be taken by the Company or any Holder hereunder, is not on a Business Day

or during a Business Day, then such action shall be required to be taken on or by the next succeeding day which is a Business Day.

- 59 -

ANNEX

NOTICE

OF CONVERSION

(TO

BE EXECUTED BY THE REGISTERED HOLDER IN ORDER TO CONVERT SHARES

SERIES I PREFERRED STOCK)

The

undersigned hereby elects to convert the number of shares of Series I Preferred Shares indicated below into common shares (the “Common

Shares”), of DARKHORSE TECHNOLOGIES INC., a British Columbia corporation (the “Corporation”), according

to the conditions hereof, as of the date written below. If Common Shares are to be issued in the name of a Person other than the undersigned,

the undersigned will pay all transfer taxes payable with respect thereto. No fee will be charged to the Holders for any conversion, except

for any such transfer taxes.

Conversion

calculations:

Date

to Effect Conversion: _____________________________________________

Number

of Series I Preferred Shares owned prior to Conversion: _______________

Number

of Series I Preferred Shares to be Converted: ________________________

Number

of Common Shares to be Issued: ___________________________

Number

of Series I Preferred Shares to be owned subsequent to Conversion: ________________

Address

for Delivery: ______________________

DWAC

Instructions:

Broker

no: ___________

Account

no: ___________

A-1

EX-99.1 — PRESS RELEASE DATED SEPTEMBER 16, 2026

EX-99.1

Filename: ea030570301ex99-1.htm · Sequence: 4

Exhibit 99.1

Sphere 3D Completes Rebrand as DarkHorse Technologies

Inc., Marking Next Phase of Power-First AI Infrastructure Strategy

Stamford, Connecticut, September 16, 2026 -

DarkHorse Technologies Inc. (Nasdaq: ANY), formerly Sphere 3D Corp. (the “Company”), today announced that its corporate

name change has become effective, marking the next phase of the Company’s strategic repositioning toward AI and digital infrastructure.

The Company’s common shares are expected

to begin trading on Nasdaq under the new name and ticker symbol “DRK” at the market open on Thursday, September 17, 2026,

subject to Nasdaq procedures. Until then, the shares will continue to trade under “ANY.” The name change took effect upon

completion of the Company’s continuance from the Province of Ontario to the Province of British Columbia. As a result of the continuance,

the Company is now governed by the Business Corporations Act (British Columbia) in place of the Business Corporations Act (Ontario).

DarkHorse reflects the business management is

building—a more focused infrastructure platform centered on power-ready, distribution-connected sites in Tennessee and Kentucky.

The Company intends to concentrate on smaller footprint sites that can be advanced efficiently through modular development, while maintaining

a disciplined approach to capital deployment as customer demand is validated.

“DarkHorse is more than a new name; it marks

a clear line between the legacy perception of Sphere 3D and the infrastructure platform we are building,” said Joel Block, Chief

Executive Officer. “We are concentrating capital and management attention where we believe we can compete effectively: smaller,

power-ready sites with established utility relationships that sit outside the conventional hyperscale pipeline. As access to power and

time to deployment become increasingly important across AI infrastructure, we believe our existing footprint and utility relationships

give us a practical basis from which to compete. DarkHorse is a reflection of how we intend to operate. Compete where we have an edge,

find opportunities others overlook, move with discipline and let execution define the Company.”

The rebrand follows the Company’s strategic

review announced on September 8, 2026, which established a development focus on the Tennessee Valley Authority region and resulted in

agreements to divest the Company’s Iowa site and legacy mining fleet.

Shareholders approved the name change on August

24, 2026. In connection with the name change and continuance, the Company’s common shares have been assigned a new CUSIP number,

236918108, replacing the Company’s prior CUSIP number, 84841L506. Existing shareholders are not required to take any action; existing

share certificates representing common shares of Sphere 3D Corp. remain valid, and shares held through a broker or other nominee are expected

to reflect the change automatically.

About

DarkHorse Technologies Inc.

DarkHorse Technologies Inc. (Nasdaq: ANY), formerly

Sphere 3D Corp., is a digital infrastructure company focused on operating and expanding scalable power and data center assets for high-performance

computing, AI workloads and digital asset infrastructure. Following its business combination with Cathedra Bitcoin and upon completion

of the previously announced sale of its Iowa site, the Company expects to own and/or operate approximately 50 MW of operating power capacity

across four data center locations in Tennessee and Kentucky, and has a proposed new 50 MW data center under development in Kentucky, together

with a development pipeline of approximately 100 MW of additional potential expansion opportunities. The Company combines infrastructure

ownership, energy optimization expertise and capital markets access to pursue long-term value creation across next-generation compute

infrastructure.

The Company’s common shares are expected

to begin trading on Nasdaq under the symbol “DRK” beginning September 17, 2026.

For more information, visit www.darkhorse.inc.

Forward-Looking Statements

This release contains forward-looking statements

within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended,

and the Private Securities Litigation Reform Act of 1995, and forward-looking information within the meaning of applicable Canadian securities

laws. These statements include, without limitation, the anticipated commencement of trading under the new name and ticker symbol “DRK”

on the anticipated date, the expected assignment and effectiveness of the new CUSIP and ISIN, the Company’s development plans and

pipeline, potential AI and high-performance computing uses of the Company’s sites, none of which is contracted, and the expected

benefits of the Company’s strategy. Words such as “expects,” “plans,” “intends,” “anticipates,”

“will” and similar expressions identify forward-looking statements. These statements reflect current expectations, rest on

assumptions that may prove incorrect, and are subject to known and unknown risks and uncertainties that could cause actual results to

differ materially.

Relevant risks include Nasdaq procedures and transfer

agent and depository processing, any of which could delay or prevent the change of ticker symbol from occurring on the anticipated date

or at all; financing availability; customer commitments; power availability; zoning, permitting and other regulatory approvals; construction

costs and timing; and the risks described under “Risk Factors” in the Company’s filings with the U.S. Securities and

Exchange Commission, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, available

at www.sec.gov. Development plans do not assure completed facilities or customer contracts. Forward-looking statements speak only as of

the date of this release, and the Company undertakes no obligation to update or revise them except as required by applicable law.

Investor Relations

Investor.relations@darkhorse.inc

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