For Ministry Use Only Ontario Corporation Number
A l'usage exclusif du ministere Numero de la compagnie en Ontario
1269226
[GOVERNMENT OF ONTARIO EMBLEM]
Ministry of Ministere de
Consumer and la Consommation
Commercial Relations et du Commerce
CERTIFICATE CERTIFICAT
This is to certify that these Ceci certifie que les presents
articles are effective on statuts entrent en vigueur le
JULY 09 JUILLET, 1998
/s/
Director/Directeur
Business Corporations Act/Loi sur les societes par actions
________________________________________________________________________________
Form 6
Business
Corporations
Act
Formule
numero 6
Loi
sur les
compagnies
ARTICLES OF CONTINUANCE
STATUTS DE PROROGATION
1. The name of the corporation is: Denomination sociale de la compagnie:
N O V O P H A R M B I O T E C H I N C .
2. The corporation is to be continued Nouvelle denomination sociale de la
under the name compagnie (si elle est differente
(if different from 1): de celle inscrite ci-dessus):
__________________________________ _____________________________________
3. Name of jurisdiction the Nom de l'etat que quitee
corporation is leaving: la compagnie:
BRITISH COLUMBIA
____________________________________________________________________________
(Name of jurisdiction)
(Nome de l'etat)
4. Date of incorporation/amalgation Date de la constitution ou de
la fusion:
25 AUGUST 1997
________________________________________________________________________________
(Day, Month, Year)
(jour, mois, annee)
5. The address of the registered Adresse du siege social:
office is:
54 NOVOPHARM COURT
____________________________________________________________________________
(Street & Number or R R Number & if Multi-Office Building give Room No.)
(Rue et numero ou numero de la R R et, s'il s'agit d'un edifice a bureau,
numero du bureau)
TORONTO, ONTARIO M1B 2K9
____________________________________________________________________________
(Name of Municipality or Post Office) (Postal Code)
(Nom de la municipalite ou du bureau de poste) (Code postal)
CITY OF TORONTO THE PROVINCE OF ONTARIO
________________________________ in ________________________________
(Name of Municipality, dans le/la (County, District or Regional
Geographic Township) Municipality)
(Nom de la municipalite, (Comte, district, municipalite
ou canton) regionale)
DYE & DURHAM
FORM 6 (B.C.A.)
6. Number (or minimum and Nombre (ou nombres minimal et maximal)
maximum number) of directors is: d'administrateurs:
Minimum of 3; maximum of 20
<Table>
<Caption>
7. The director(s) is/are: Administrateur(s):
Residence address, giving Street & No. or R.R. No., Resident Canadian
First name, initials and last name Municipality and Postal Code State
Prenom, initiales et nom de famille Adresse personnelle, y compris la rue et le numero, Yes or No
le numero de la R.R., le nom de la municipalite et le Resident Canadien
code postal Oui/Non
- -------------------------------------------------------------------------------------------------------------------
James C. Baillie 35 Church Street, Apt. 816, Toronto, Ontario Yes
M5E 1T3
Dr. Martin Barkin 54 Old Forest Hill Road, Toronto, Ontario Yes
M5P 2P9
Dr. Michael Dan 26 Greengate Road, Toronto, Ontario Yes
M3B 1E8
Dr. Albert Friesen 77 Shorecrest Drive, Winnipeg, Manitoba Yes
R3P 1P4
David T. Howard #3 - 215 East Keith Road, North Vancouver, Yes
British Columbia V7L 1V4
Murray S. Palay 501 Boreham Blvd., Winnipeg, Manitoba Yes
R3P 0K2
Michael M. Tarrow 191 Commonwealth Avenue, Boston, Mass, No
02116
Dr. Mark Wainberg 6506 Fern Road, Montreal, Quebec H4V 1E4 Yes
Leslie Dan 78 The Bridle Path, Toronto, Ontario M3B 2B1 Yes
</Table>
8. Restrictions, if any, on business the corporation may carry on or on
powers the corporation may exercise.
Limites, s'il y a lieu, imposees aux activites commerciales ou aux
pouvoirs de la compagnie.
No restrictions
9. ___ _______ and any maximum number of shares that the corporation is
authorized to issue:
Categories et nombre maximal, s'il y a lieu, d'actions que la compagnie est
autorisee a emettre.
Unlimited number of Common Shares and unlimited number of Preferred Shares,
issuable in series.
10. Rights, privileges, restrictions and conditions (if any) attaching to each
class of shares and directors authority with respect to any class of shares
which may be issued in series:
Droits, privileges, restrictions et conditions, s'il y a lieu rattaches a
chaque categorie d'actions et pouvoirs des administrateurs relatifs a
chaque categorie d'actions qui peut etre emise en serie:
See attached pages 4A to 4B
11. The issue, transfer or ownership of shares is/is not restricted and the
restrictions (if any) are as follows:
L'emission, le transfert ou la propriete d'actions est/n'est pas
restreinte. Les restrictions, s'il y a lieu, sont les suivantes:
N/A
12. Other provisions, if any.
Autres dispositions, s'il y a lieu:
N/A
13. The corporation has complied with subsection 180(3) of the Business
Corporations Act.
La compagnie s'est conformee aux dispositions du paragraphe 180(3) de la
Loi sur les compagnies.
14. The continuation of the corporation under the laws of the Province of
Ontario has been properly authorized under the laws of the jurisdiction in
which the corporation was incorporated/amalgamated or previously continued
on
La prorogation de la compagnie en vertu des lois de la province de
l'Ontario a ete dument autorisee en vertu des lois de l'autorite
legislative sous le regime de laquelle la compagnie a ete constituee ou
fusionnee ou prorogee le
26 MAY 1998
________________________________________________________________________________
(Day Month Year)
(jour mois. annee)
15. The corporation is to be continued under the Business Corporations Act to
the same extent as if it has been incorporated thereunder.
La prorogation de la compagnie en vertu de la Loi sur les compagnies a le
meme effet que si la compagnie avait ete constituee en vertu de cette Loi.
These articles are signed in duplicate.
Les presents status sont signes en double exemplaire.
NOVOPHARM BIOTECH INC.
_________________________________________
(Name of Corporation)
(Denomination sociale de la compagnie)
By/Par: /s/ Chief Financial Officer
__________________________________________
(Signature) (Description of Office)
(Signature) (Fonction)
SCHEDULE A
1. PREFERRED SHARES
The Preferred Shares, as a class, shall be designated as Preferred
Shares and shall have attached thereto the following rights, privileges,
restrictions and conditions:
1.1 DIRECTORS' RIGHT TO ISSUE IN ONE OR MORE SERIES
The Preferred Shares may be issued at any time or from time to time in
one or more series. Before any shares of a series are issued, the board of
directors of the Corporation shall fix the number of shares that will form such
series and shall, subject to the limitations set out in the Articles, determine
the designation, rights, privileges, restrictions and conditions to be attached
to the Preferred Shares of such series, the whole subject to the filing with the
Director (as defined in the Business Corporations Act (the "Act")) of Articles
of Amendment containing a description of such series including the rights,
privileges, restrictions and conditions determined by the board of directors of
the Corporation.
1.2 RANKING OF THE PREFERRED SHARES
The Preferred Shares of each series shall rank on a parity with the
Preferred Shares of every other series with respect to dividends and return of
capital in the event of the liquidation, dissolution or winding-up of the
Corporation, and shall be entitled to a preference over the Common Shares of the
Corporation and over any other shares ranking junior to the Preferred Shares
with respect to priority in payment of dividends and in the distribution of
assets in the event of the liquidation, dissolution or winding-up of the
Corporation, whether voluntary or involuntary, or any other distribution of the
assets of the Corporation among its shareholders for the purpose of winding up
its affairs. If any cumulative dividends, whether or not declared, or declared
non-cumulative dividends or amounts payable on a return of capital in the event
of the liquidation, dissolution or winding-up of the Corporation are not paid in
full in respect of any series of the Preferred Shares, the Preferred Shares of
all series shall participate rateably in respect of such dividends in accordance
with the sums that would be payable on such shares if all such dividends were
declared and paid in full, and in respect of such return of capital in
accordance with the sums that would be payable on such return of capital if all
sums so payable were paid in full; provided, however, that if there are
insufficient assets to satisfy in full all such claims as aforesaid, the claims
of the holders of the Preferred Shares with respect to return of capital shall
be paid and satisfied first and any assets remaining thereafter shall be applied
towards the payment and satisfaction of claims in respect of dividends. The
Preferred Shares of any series may also be given such other preferences not
inconsistent with the rights, privileges, restrictions and conditions attached
to the Preferred Shares as a class over the Common Shares of the Corporation and
over any other shares ranking junior to the Preferred Shares as may be
determined in the case of such series of Preferred Shares.
1.3 VOTING RIGHTS
Except as hereinafter referred to or as required by law or unless
provision is made in the Articles relating to any series of Preferred Shares
that such series is entitled to vote, the holders of the Preferred Shares as a
class shall not be entitled as such to receive notice of, to attend or to vote
at any meeting of the shareholders of the Corporation; provided, however, that
the holders of Preferred Shares
-2-
shall be entitled to notice of meetings of shareholders called for the purpose
of authorizing the dissolution of the Corporation or the sale, lease or exchange
of all or substantially all the property of the Corporation other than in the
ordinary course of the business of the Corporation.
1.4 AMENDMENT WITH APPROVAL OF HOLDERS OF THE PREFERRED SHARES
The rights, privileges, restrictions and conditions attached to the
Preferred Shares as a class may be added to. changed or removed but only with
the approval of the holders of the Preferred Shares given as hereinafter
specified.
1.5 APPROVAL OF HOLDERS OF THE PREFERRED SHARES
The approval of the holders of the Preferred Shares to add to, change
or remove any right, privilege, restriction or condition attaching to the
Preferred Shares as a class or in respect of any other matter requiring the
consent of the holders of the Preferred Shares may be given in such manner as
may then be required by law, subject to a minimum requirement that such approval
be given by resolution signed by all the holders of the Preferred Shares or
passed by the affirmative vote of at least 2/3 of the votes cast at a meeting of
the holders of the Preferred Shares duly called for that purpose.
The formalities to be observed with respect to the giving of notice of
any such meeting or any adjourned meeting, the quorum required therefor and the
conduct thereof shall be those from time to time prescribed by the by-laws of
the Corporation with respect to meetings of shareholders, or if not so
prescribed, as required by the Act as in force at the time of the meeting. On
every poll taken at every meeting of the holders of the Preferred Shares as a
class, or at any joint meeting of the holders of two or more series of Preferred
Shares, each holder of Preferred Shares entitled to vote thereat shall have one
vote in respect of each $1.00 of the issue price of each Preferred Share held.
2. COMMON SHARES
The holders of the Common Shares shall be entitled to vote at all
meetings of shareholders of the Corporation except meetings at which only the
holders of the Preferred Shares as a class or the holders of one or more series
of the Preferred Shares are entitled to vote, and shall be entitled to one vote
at all such meetings in respect of each Common Share held.
After payment to the holders of the Preferred Shares of the amount or amounts to
which they may be entitled, the holders of the Common Shares shall be entitled
to receive any dividend declared by the board of directors of the Corporation
and to receive the remaining property of the Corporation upon dissolution.