Exhibit 4.1


 


	
        NUMBER

        U-__________
	 	UNITS
	
        SEE REVERSE FOR

        CERTAIN DEFINITIONS
	ELECTRUM SPECIAL ACQUISITION CORPORATION	 


 


	 	 	CUSIP G3105C 120


 


UNITS CONSISTING
OF ONE ORDINARY SHARE AND

ONE WARRANT


 


THIS CERTIFIES THAT ___________________________________________________________________________


is the owner of


_______________________________________________________________
Units.


 


Each Unit (“Unit”) consists of one (1) ordinary
share of Electrum Special Acquisition Corporation, a British Virgin Islands company (the “Company”), and one (1) warrant
(the “Warrants”). Each Warrant entitles the holder to purchase one half (1/2) of one ordinary share for $5.75 per half
share (subject to adjustment) and may only be exercised for a whole number of ordinary shares. Each Warrant will become exercisable
commencing on the later of (a) __________ __, 2016, 12 months from the date of the final prospectus and (b) thirty (30) days after
the Company’s completion of a, share exchange, share reconstruction and amalgamation, purchase of all or substantially all
of the assets, contractual arrangement, or other similar business combination with one or more businesses or entities (a “Business
Combination”), and will expire unless exercised before 5:00 p.m., New York City Time, five years after the completion by
Company of an initial Business Combination (the “Expiration Date”). The ordinary share and Warrant(s) comprising the
Unit(s) represented by this certificate are not transferable separately until ________ the 52nd day after the date of
the final prospectus, unless Cantor Fitzgerald & Co. informs the Company of its decisions to allow earlier separate trading
, except that in no event will the Ordinary Shares and Warrants be separately tradable until the Company has filed an audited balance
sheet reflecting the Company’s receipt of the gross proceeds of its initial public offering and issued a press release announcing
when such separate trading shall commence. The terms of the Warrants are governed by a Warrant Agreement, dated as of _______,
2015, between the Company and Continental Stock Transfer & Trust Company, as Warrant Agent, and are subject to the terms and
provisions contained therein, all of which terms and provisions the holder of this certificate consents to by acceptance hereof.
Copies of the Warrant Agreement are on file at the office of the Warrant Agent at 17 Battery Place, New York, New York 10004, and
are available to any Warrant holder on written request and without cost.


 


This certificate is not valid unless countersigned
by the Transfer Agent and Registrar of the Company.


 


Witness the facsimile seal of the Company
and the facsimile signatures of its duly authorized officers.


 


	By	 	 	 
	 	Chairman	 	Secretary
	 	 	 	 


 




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Electrum Special Acquisition Corporation


 


The Company will furnish without charge
to each shareholder who so requests, a statement of the powers, designations, preferences and relative, participating, optional
or other special rights of each class of stock or series thereof of the Company and the qualifications, limitations, or restrictions
of such preferences and/or rights.


 


The following abbreviations, when used in
the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable
laws or regulations:


 


	TEN COM –	as tenants in common	UNIF GIFT MIN ACT -	_____ Custodian ______
	TEN ENT –	as tenants by the entireties	 	(Cust)            (Minor)
	JT TEN –	
        as joint tenants with right of survivorship

        and not as tenants in common
	 	
        under Uniform Gifts to Minors and not as tenants in common

        Act __________________

        (State)



 


Additional Abbreviations may also be used
though not in the above list.


 


For value received, ___________________________
hereby sell, assign and transfer unto


 


	PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE	 	 
	 	 	 
	 	 	 
	 	 	 


 


	 
	(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
	 
	 
	 



	
________________________________________________________________________________________________________________________________________________________________________	Units
	represented by the within Certificate, and do hereby irrevocably
constitute and appoint	



	________________________________________________________________________________________________________________________________________________________________________	Attorney
	to transfer the said Units on the books of the within named
Company will full power of substitution in the premises.	 



 


	Dated:	 	 	 
	 	 	 	Notice:	The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever



	Signature(s) Guaranteed:	 
	 	 


 


THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR
INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).


 


The holder of this certificate shall be entitled to receive
funds from the trust fund only in the event of the Company’s liquidation upon failure to consummate a business combination
or if the holder seeks to redeem his shares upon consummation of such business combination or in connection with certain amendments
to the Company’s Memorandum and Articles of Association. In no other circumstances shall the holder have any right or interest
of any kind in or to the trust fund.


 




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