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Kivalliq Energy Corporation
Bought Deal

We acted as counsel to Kivalliq Energy Corporation with respect to its $7.4 million bought deal private placement and $5.15 million non-brokered private placement that were completed on March 30, 2011 and April 5, 2011, respectively. The bought deal private placement was underwritten by a syndicate led by Canaccord Genuity Corp. and included Raymond James Ltd., Dundee Securities Ltd., Haywood Securities Inc. and Versant Partners Inc. On closing of the private placements, Kivalliq sold an aggregate of 12,333,600 flow-through Common shares at a price of $0.60 per share and an aggregate of 10,300,00 Common shares at a price of $0.50 per share for gross proceeds of $12.55 million. Kivalliq is a Vancouver-based exploration stage mining company focused on the exploration and development of uranium in Nunavut. Kivalliq’s shares are listed on the TSX Venture Exchange under the symbol “KIV”.