Exhibit
10.7


 


FORM OF
PRIVATE PLACEMENT WARRANTS PURCHASE AGREEMENT


 


THIS PRIVATE PLACEMENT
WARRANTS PURCHASE AGREEMENT, dated as of June __, 2015 (as it may from time to time be amended, this “Agreement”),
is entered into by and between Electrum Special Acquisition Corporation, a British Virgin Islands company (the “Company”),
and [__] (the “Purchaser”).


 


The Company intends
to consummate an initial public offering of the Company’s units (the “Public Offering”), each unit consisting
of one ordinary share, of no par value, of the Company (a “Share”), and one warrant. Each warrant entitles the holder
to purchase one-half of one Share at an exercise price of $5.75 per half Share. The Purchaser has agreed to purchase [__] warrants
in the aggregate (the “Private Placement Warrants”), at a price of $0.50 per warrant. Each Private Placement Warrant
entitles the holder to purchase one-half of one Share at an exercise price of $5.75 per half Share.


 


NOW THEREFORE, in consideration
of the mutual promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows:


 


AGREEMENT


 


		Section 1.	Authorization, Purchase and Sale; Terms of the Private
Placement Warrants



 


A.           Authorization
of the Private Placement Warrants . The Company has duly authorized the issuance and sale of the Private Placement Warrants
to the Purchaser.


 


B.           Purchase
and Sale of the Private Placement Warrants.


 


(i)           At least 24 hours prior to the effective time of the registration statement on Form S-1 (the “Registration
Statement”) the Company will file with the Securities and Exchange Commission (the “SEC”), under the Securities
Act of 1933, as amended (the “Securities Act”), the Purchaser shall deliver an aggregate purchase price of $[__] (the
“Purchase Price”) for [__] Private Placement Warrants to Continental Stock Transfer & Trust Company (the “Escrow
Agent”), in accordance with the Escrow Agent’s wiring instructions, to hold in a non-interest bearing account until
the Company consummates the Public Offering.


 

(ii)         
	Simultaneously with the consummation of the Public Offering (the “Closing Date”), the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, [___] Private Placement Warrants. At such time, the Escrow Agent shall deposit the Purchase Price, without interest or deduction, into the trust fund established by the Company for the benefit of the Company's public stockholders as described in the Registration Statement, pursuant to the terms of an escrow agreement to be entered into between the Company, the Purchaser and the Escrow Agent. Simultaneously with the consummation of the Public Offering, the Company shall deliver a certificate evidencing the Private Placement Warrants duly registered in the Purchaser's name to the Purchaser.




 


		C.	Terms of the Private Placement Warrants



 


(i)           Each Private
Placement Warrant shall have the terms set forth in a Warrant Agreement to be entered into by the Company and a warrant agent,
in connection with the Public Offering (the “Warrant Agreement”).


 


(ii)         At the time
of the closing of the Public Offering, the Company and the Purchaser shall enter into a registration rights agreement (the “Registration
Rights Agreement”) pursuant to which the Company will grant certain registration rights to the Purchaser relating to the
Private Placement Warrants and the Shares underlying the Private Placement Warrants.


 




    	 



    	 



    

  


Section
2.            Representations and Warranties of the Company . As a material inducement
to the Purchaser entering into this Agreement and their purchase of the Private Placement Warrants, the Company hereby represents
and warrants to the Purchaser (which representations and warranties shall survive the Closing Date) that:


  


A.         Organization
and Corporate Power. The Company is a corporation duly organized, validly existing and in good standing as a British Virgin
Islands business company and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably
be expected to have a material adverse effect on the financial condition, operating results or assets of the Company. The Company
possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement and
the Warrant Agreement.


 








B.         Authorization;
No Breach. 


 


(i)         The execution,
delivery and performance of this Agreement and the Private Placement Warrants have been duly authorized by the Company as of the
Closing Date. This Agreement constitutes the valid and binding obligation of the Company, enforceable in accordance with its terms.
Upon issuance in accordance with, and payment pursuant to, the terms of the Warrant Agreement and this Agreement, the Private Placement
Warrants will constitute valid and binding obligations of the Company, enforceable in accordance with their terms as of the Closing
Date.


 


(ii)         The execution
and delivery by the Company of this Agreement and the Private Placement Warrants, the issuance and sale of the Private Placement
Warrants, the issuance of the Shares upon exercise of the Private Placement Warrants and the fulfillment of and compliance with
the respective terms hereof and thereof by the Company, do not and will not as of the Closing Date (a) conflict with or result
in a breach of the terms, conditions or provisions of, (b) constitute a default under, (c) result in the creation of any lien,
security interest, charge or encumbrance upon the Company’s capital stock or assets under, (d) result in a violation of,
or (e) require any authorization, consent, approval, exemption or other action by or notice or declaration to, or filing with,
any court or administrative or governmental body or agency pursuant to the Memorandum and Articles of Association of the Company
or any material law, statute, rule or regulation to which the Company is subject, or any agreement, order, judgment or decree to
which the Company is subject, except for any filings required after the date hereof under federal or state securities laws.


 


C.         Title to
Securities . Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, the
Shares issuable upon exercise of the Private Placement Warrants will be duly and validly issued, fully paid and nonassessable.
Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, the Purchaser will have
good title to the Private Placement Warrants and the Shares issuable upon exercise of such Private Placement Warrants, free and
clear of all liens, claims and encumbrances of any kind, other than (i) transfer restrictions hereunder and under the other
agreements contemplated hereby, (ii) transfer restrictions under federal and state securities laws, and (iii) liens, claims or
encumbrances imposed due to the actions of the Purchaser.


 


D.         Governmental
Consents. No permit, consent, approval or authorization of, or declaration to or filing with, any governmental authority
is required in connection with the execution, delivery and performance by the Company of this Agreement or the consummation by
the Company of any other transactions contemplated hereby.


 


Section 3.              Representations
and Warranties of the Purchaser. As a material inducement to the Company
to enter into this Agreement and issue and sell the Private Placement Warrants to the Purchaser, the Purchaser hereby represents
and warrants to the Company (which representations and warranties shall survive the Closing Date) that:


 


A.         Organization
and Requisite Authority. The Purchaser possesses all requisite power and authority necessary to carry out the transactions
contemplated by this Agreement.


 


B.         Authorization;
No Breach


 


(i)         This Agreement
constitutes a valid and binding obligation of the Purchaser, enforceable in accordance with its terms, subject to bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors’
rights and to general equitable principles (whether considered in a proceeding in equity or law).


 




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(ii)         The execution
and delivery by the Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof by the Purchaser does
not and shall not as of the Closing Date conflict with or result in a breach by the Purchaser of the terms, conditions or provisions
of any agreement, instrument, order, judgment or decree to which the Purchaser is subject.


 


C.         Investment
Representations


 


(i)         Pursuant to
Section 1 of this Agreement, the Purchaser is acquiring the Private Placement Warrants and, upon exercise of the Private Placement
Warrants, the Shares issuable upon such exercise (collectively, the “Securities”) for the Purchaser’s own account,
for investment purposes only and not with a view towards, or for resale in connection with, any public sale or distribution thereof.


 


(ii)         The Purchaser
is an “accredited investor” as such term is defined in Rule 501(a)(3) of Regulation D under the Securities Act.


 


(iii)         The Purchaser
understands that the Securities are being offered and will be sold to it in reliance on specific exemptions from the registration
requirements of the United States federal and state securities laws and that the Company is relying upon the truth and accuracy
of, and the Purchaser’s compliance with, the representations and warranties of the Purchaser set forth herein in order to
determine the availability of such exemptions and the eligibility of the Purchaser to acquire such Securities.


 


(iv)         The Purchaser
decided to enter into this Agreement not as a result of any general solicitation or general advertising within the meaning of Rule
502(c) under the Securities Act.


 


(v)         The Purchaser
has been furnished with all materials relating to the business, finances and operations of the Company and materials relating to
the offer and sale of the Securities which have been requested by the Purchaser. The Purchaser has been afforded the opportunity
to ask questions of the executive officers and directors of the Company. The Purchaser understands that its investment in the Securities
involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered necessary to make an
informed investment decision with respect to the acquisition of the Securities.


 


(vi)         The Purchaser
understands that no United States federal or state agency or any other government or governmental agency has passed on or made
any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities by the Purchaser
nor have such authorities passed upon or endorsed the merits of the offering of the Securities.


 


(vii)         The Purchaser
understands that: (a) the Securities have not been and are not being registered under the Securities Act or any state securities
laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder or (2) sold
in reliance on an exemption therefrom; and (b) except as specifically set forth in the Registration Rights Agreement, neither the
Company nor any other person is under any obligation to register the Securities under the Securities Act or any state securities
laws or to comply with the terms and conditions of any exemption thereunder. In this regard, the Purchaser understands that the
SEC has taken the position that promoters or affiliates of a blank check company and their transferees, both before and after an
initial business combination, are deemed to be “underwriters” under the Securities Act when reselling the securities
of a blank check company. Based on that position, Rule 144 adopted pursuant to the Securities Act would not be available for resale
transactions of the Securities despite technical compliance with the requirements of such Rule, and the Securities can be resold
only through a registered offering or in reliance upon another exemption from the registration requirements of the Securities Act.


 




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(viii)         The Purchaser
has such knowledge and experience in financial and business matters, knows of the high degree of risk associated with investments
in the securities of companies in the development stage such as the Company, is capable of evaluating the merits and risks of an
investment in the Securities and is able to bear the economic risk of an investment in the Securities in the amount contemplated
hereunder for an indefinite period of time. The Purchaser has adequate means of providing for its current financial needs and contingencies
and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment in the Securities.
The Purchaser can afford a complete loss of its investment in the Securities.


 


Section 4.            Conditions
of the Purchaser’s Obligations. The obligation of the Purchaser to
purchase and pay for the Private Placement Warrants are subject to the fulfillment, on or before the Closing Date, of each of
the following conditions:


 


A.         Representations
and Warranties. The representations and warranties of the Company contained in Section 2 shall be true and correct at and
as of the Closing Date as though then made.


 


B.         Performance.
The Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that
are required to be performed or complied with by it on or before the Closing Date.


 


C.         No
Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been
enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions
contemplated by this Agreement or the Warrant Agreement.


 


D.         Warrant
Agreement. The Company shall have entered into a Warrant Agreement with a warrant agent on terms satisfactory to the Purchaser.


 


Section 5.            Conditions
of the Company’s Obligations. The obligations of the Company to the
Purchaser under this Agreement are subject to the fulfillment, on or before the Closing Date, of each of the following conditions:


 


A.         Representations
and Warranties. The representations and warranties of the Purchaser contained in Section 3 shall be true and correct
at and as of the Closing Date as though then made.


 


B.         Performance.
The Purchaser shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that
are required to be performed or complied with by the Purchaser on or before the Closing Date.


 


C.         Corporate
Consents. The Company shall have obtained the consent of its Board of Directors authorizing the execution, delivery
and performance of this Agreement and the Warrant Agreement and the issuance and sale of the Private Placement Warrants hereunder.


 


D.         No Injunction.
No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having
authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this
Agreement or the Warrant Agreement.


 


E.         Warrant Agreement.
The Company shall have entered into a Warrant Agreement with a warrant agent on terms satisfactory to the Company.


 


Section 6.            Termination.
This Agreement may be terminated at any time after October 31, 2015 upon
the election by either the Company or the Purchaser upon written notice to the either party if the closing of the Public Offering
does not occur prior to such date.





 


Section 7.            Survival of Representations and Warranties.
All of the representations and warranties contained herein shall survive
the Closing Date.





 




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Section 8.          Definitions.
Terms used but not otherwise defined in this Agreement shall have the meaning
assigned to such terms in the registration statement on Form S-1 the Company will file with the SEC, under the Securities Act.


 


Section 9.           Miscellaneous.


 


A.          Successors
and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or
on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto
whether so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign this
Agreement, other than assignment by the Purchaser to affiliates thereof (including, without limitation one or more of its members).


 


B.          Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall
be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.


 


C.           Counterparts.
This Agreement may be executed simultaneously in two or more counterparts, none of which need contain the signatures of more than
one party, but all such counterparts taken together shall constitute one and the same agreement.


 


D.          Descriptive
Headings; Interpretation. The descriptive headings of this Agreement
are inserted for convenience only and do not constitute a substantive part of this Agreement. The use of the word “including”
in this Agreement shall be by way of example rather than by limitation.


 


E.          Governing
Law. This Agreement shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes
shall be construed in accordance with the internal laws of the State of Delaware.


 


F.         Amendments .
This letter agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed
by all parties hereto.


 


[Signature page follows]


 




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IN WITNESS WHEREOF,
the parties hereto have executed this Agreement to be effective as of the date first set forth above.


 


	 	COMPANY:
	 	 
	 	ELECTRUM SPECIAL ACQUISITION CORPORATION
	 	 
	 	By:	 	 
	 	 	Name:  
	 	 	Title:
	 	 
	 	PURCHASER:
	 	 
	 	[__]
	 	 	 
	 	 	 
	 	Address:	 	 
	 	 	 	 	 	 


[Signature Page to Private Placement Warrants Purchase
Agreement]