Document:

Exhibit 4.4

 

WARRANT AGENT AGREEMENT

 

This Warrant Agent Agreement
(this “Warrant Agreement”), dated as of ___, 2022 (the “Issuance Date”) between Austin Gold Corp.,
a company incorporated under the laws of British Columbia (the “Company”), and American Stock Transfer & Trust Company, LLC, a New York limited liability trust company (the “Warrant
Agent”).

 

WHEREAS, pursuant to the terms
of that certain Underwriting Agreement (“Underwriting Agreement”), dated ___, 2022, by and among the Company and Roth
Capital Partners, LLC, as representatives of the several underwriters set forth therein, the Company is engaged in a public offering (the
 “Offering”) of up to ___ Units, each Unit consisting of one common share (the “Shares”) without
par value (the “Common Stock”) of the Company and one Warrant (the “Warrants”) to purchase one share
of Common Stock (such shares of Common Stock underlying the Warrants, the “Warrant Shares”);

 

WHEREAS, the Company has filed
with the Securities and Exchange Commission (the “Commission”) a Registration Statement on Form S-1 (File No. 333-260404)
(as the same may be amended from time to time, the “Registration Statement”), for the registration under the Securities
Act of 1933, as amended (the “Securities Act”), of the Shares, the Warrants and Warrant Shares, and such Registration
Statement was declared effective on ____ 2022;

 

WHEREAS, the Company desires
the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in accordance with the terms set forth
in this Warrant Agreement in connection with the issuance, registration, transfer, exchange and exercise of the Warrants;

 

WHEREAS, the Company desires
to provide for the provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation
of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

WHEREAS, all acts and things
have been done and performed which are necessary to make the Warrants the valid, binding and legal obligations of the Company, and to
authorize the execution and delivery of this Warrant Agreement.

 

NOW, THEREFORE, in consideration
of the mutual agreements herein contained, the parties hereto agree as follows:

 

1. Appointment of Warrant Agent. The Company
hereby appoints the Warrant Agent to act as agent for the Company with respect to the Warrants, and the Warrant Agent hereby accepts such
appointment and agrees to perform the same in accordance with the express terms and conditions set forth in this Warrant Agreement (and
no implied terms or conditions).

 

2. Warrants.

 

2.1. Form of Warrants.
The Warrants shall be registered securities and shall be evidenced by a global certificate (“Global Certificate”) in
the form of Exhibit A to this Warrant Agreement, which shall be deposited on behalf of the Company with a custodian for
The Depository Trust Company (“DTC”) and registered in the name of Cede & Co., a nominee of DTC. If DTC subsequently
ceases to make its book-entry settlement system available for the Warrants, the Company may instruct the Warrant Agent regarding making
other arrangements for book-entry settlement. In the event that the Warrants are not eligible for, or it is no longer necessary to have
the Warrants available in, book-entry form, the Company may instruct the Warrant Agent to provide written instructions to DTC to deliver
to the Warrant Agent for cancellation the Global Certificate, and the Company shall instruct the Warrant Agent to deliver to each Holder
(as defined below) separate certificates evidencing Warrants (“Definitive Certificates” and, together with the Global
Certificate, “Warrant Certificates”), in the form of Exhibit D to this Warrant Agreement. The Warrants represented
by the Global Certificate are referred to as “Global Warrants”.

 

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2.2. Issuance and Registration
of Warrants.

 

2.2.1. Warrant Register.
The Warrant Agent shall maintain books (“Warrant Register”) for the registration of original issuance and the registration
of transfer of the Warrants. Any Person in whose name ownership of a beneficial interest in the Warrants evidenced by a Global Certificate
is recorded in the records maintained by DTC or its nominee shall be deemed the “beneficial owner” thereof, provided that
all such beneficial interests shall be held through a Participant (as defined below), which shall be the registered holder of such Warrants.

 

2.2.2. Issuance of Warrants.
Upon the initial issuance of the Warrants, the Warrant Agent shall issue the Global Certificate and deliver the Warrants in the DTC book-entry
settlement system in accordance with written instructions delivered to the Warrant Agent by the Company. Ownership of beneficial interests
in the Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained (i) by DTC and (ii)
by institutions that have accounts with DTC (each, a “Participant”), subject to a Holder’s right to elect to
receive a Warrant in certificated form in the form of Exhibit D to this Warrant Agreement. Any Holder desiring to elect to receive
a Warrant in certificated form shall make such request in writing delivered to the Warrant Agent pursuant to Section 2.2.8, and shall
surrender to the Warrant Agent the interest of the Holder on the books of the Participant evidencing the Warrants which are to be represented
by a Definitive Certificate through the DTC settlement system. Thereupon, the Warrant Agent shall countersign and deliver to the Person
entitled thereto a Warrant Certificate or Warrant Certificates, as the case may be, as so requested.

 

2.2.3. Beneficial Owner;
Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat
the Person in whose name that Warrant shall be registered on the Warrant Register (the “Holder”, which term shall include
a Holder’s transferees, successors and assigns and a “Holder” shall include, if the Warrants are held in “street
name,” a Participant or a designee appointed by such Participant) as the absolute owner of such Warrant for purposes of any exercise
thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. Notwithstanding
the foregoing, nothing herein shall prevent the Company, the Warrant Agent or any agent of the Company or the Warrant Agent from giving
effect to any written certification, proxy or other authorization furnished by DTC governing the exercise of the rights of a holder of
a beneficial interest in any Warrant. The rights of beneficial owners in a Warrant evidenced by the Global Certificate shall be exercised
by the Holder or a Participant through the DTC system, except to the extent set forth herein or in the Global Certificate.

 

2.2.4. Execution. The
Warrant Certificates shall be executed on behalf of the Company by any authorized officer of the Company (an “Authorized Officer”),
which need not be the same authorized signatory for all of the Warrant Certificates, either manually or by facsimile signature. The Warrant
Certificates shall be countersigned by an authorized signatory of the Warrant Agent, which need not be the same signatory for all of the
Warrant Certificates, and no Warrant Certificate shall be valid for any purpose unless so countersigned. In case any Authorized Officer
of the Company that signed any of the Warrant Certificates ceases to be an Authorized Officer of the Company before countersignature by
the Warrant Agent and issuance and delivery by the Company, such Warrant Certificates, nevertheless, may be countersigned by the Warrant
Agent, issued and delivered with the same force and effect as though the person who signed such Warrant Certificates had not ceased to
be such officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by any person who, at the actual date
of the execution of such Warrant Certificate, shall be an Authorized Officer of the Company authorized to sign such Warrant Certificate,
although at the date of the execution of this Warrant Agreement any such person was not such an Authorized Officer.

 

2.2.5. Registration of
Transfer. At any time at or prior to the Expiration Date (as defined below), a transfer of any Warrants may be registered and
any Warrant Certificate or Warrant Certificates may be split up, combined or exchanged for another Warrant Certificate or Warrant
Certificates evidencing the same number of Warrants as the Warrant Certificate or Warrant Certificates surrendered. Any Holder
desiring to register the transfer of Warrants or to split up, combine or exchange any Warrant Certificate shall make such request in
writing delivered to the Warrant Agent, and shall surrender to the Warrant Agent the Warrant Certificate or Warrant Certificates
evidencing the Warrants the transfer of which is to be registered or that is or are to be split up, combined or exchanged.
Thereupon, the Warrant Agent shall countersign and deliver to the Person entitled thereto a Warrant Certificate or Warrant
Certificates, as the case may be, as so requested. The Warrant Agent may require reasonable and customary payment with respect to a
registration of transfer of Warrants or a split-up, combination or exchange of a Warrant Certificate (but, for purposes of clarity,
not upon the exercise of the Warrants and issuance of Warrant Shares to the Holder), of a sum sufficient to cover any tax or
governmental charge that may be imposed in connection with such registration of transfer, split-up, combination or exchange,
together with reimbursement to the Warrant Agent of all reasonable expenses incidental thereto. All such fees and expenses shall be
paid by the Company, and not by the Holder.

 

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2.2.6. Loss, Theft and Mutilation
of Warrant Certificates. Upon receipt by the Company and the Warrant Agent of evidence reasonably satisfactory to them of the loss,
theft, destruction or mutilation of a Warrant Certificate, and, in case of loss, theft or destruction, of indemnity or security in customary
form and amount, and reimbursement to the Company and the Warrant Agent of all reasonable expenses incidental thereto, and upon surrender
to the Warrant Agent and cancellation of the Warrant Certificate if mutilated, the Warrant Agent shall, on behalf of the Company, countersign
and deliver a new Warrant Certificate of like tenor to the Holder in lieu of the Warrant Certificate so lost, stolen, destroyed or mutilated.
The Warrant Agent may charge the Holder an administrative fee for processing the replacement of lost Warrant Certificates, which shall
be charged only once in instances where a single surety bond obtained covers multiple certificates. The Warrant Agent may receive compensation
from the surety companies or surety agents for administrative services provided to them.

 

2.2.7. Proxies. The Holder
of a Warrant may grant proxies or otherwise authorize any Person, including the Participants and beneficial holders that may own interests
through the Participants, to take any action that a Holder is entitled to take under this Warrant Agreement or the Warrants; provided,
however, that at all times that Warrants are evidenced by a Global Certificate, exercise of those Warrants shall be effected on
their behalf by Participants through DTC in accordance the procedures administered by DTC.

 

2.2.8. Warrant Certificate
Request. A Holder has the right to elect at any time or from time to time a Warrant Exchange (as defined below) pursuant to a Warrant
Certificate Request Notice (as defined below). Upon written notice by a Holder to the Warrant Agent for the exchange of some or all of
such Holder’s Global Warrants for a Definitive Certificate evidencing the same number of Warrants, which request shall be in the
form attached hereto as Exhibit E (a “Warrant Certificate Request Notice” and the date of delivery of such Warrant
Certificate Request Notice by the Holder, the “Warrant Certificate Request Notice Date” and the deemed surrender upon
delivery by the Holder of a number of Global Warrants for the same number of Warrants evidenced by a Definitive Certificate, a “Warrant
Exchange”), the Warrant Agent shall promptly effect the Warrant Exchange and shall promptly issue and deliver to the Holder
a Definitive Certificate for such number of Warrants in the name set forth in the Warrant Certificate Request Notice. Such Definitive
Certificate shall be dated the original issue date of the Warrants, shall be manually executed by an authorized signatory of the Company,
shall be in the form attached hereto as Exhibit D, and shall be reasonably acceptable in all respects to such Holder. In connection
with a Warrant Exchange, the Company agrees to deliver, or to direct the Warrant Agent to deliver, the Definitive Certificate to the Holder
within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined
below) of the Warrant Certificate Request Notice pursuant to the delivery instructions in the Warrant Certificate Request Notice (“Warrant
Certificate Delivery Date”). If the Company fails for any reason to deliver to the Holder the Definitive Certificate subject
to the Warrant Certificate Request Notice by the Warrant Certificate Delivery Date, the Company shall pay to the Holder, in cash, as liquidated
damages and not as a penalty, for each $1,000 of Warrant Shares evidenced by such Definitive Certificate (based on the VWAP of the Common
Stock on the Warrant Certificate Request Notice Date), $10 per Business Day for each Business Day after such Warrant Certificate Delivery
Date until such Definitive Certificate is delivered or, prior to delivery of such Warrant Certificate, the Holder rescinds such Warrant
Exchange. The Company covenants and agrees that, upon the date of delivery of the Warrant Certificate Request Notice, the Holder shall
be deemed to be the holder of the Definitive Certificate and, notwithstanding anything to the contrary set forth herein, the Definitive
Certificate shall be deemed for all purposes to contain all of the terms and conditions of the Warrants evidenced by such Warrant Certificate
and the terms of this Warrant Agreement, other than Sections 3.3 and 8 herein, which shall not apply to the Warrants evidenced by the
Definitive Certificate. For purposes of clarity, if there is a conflict between the express terms of this Warrant Agreement and the Warrant
Certificate in the form of Exhibit D hereto with respect to terms of the Warrants, the terms of the Warrant Certificate shall govern
and control.

 

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3. Terms and Exercise of Warrants.

 

3.1. Exercise Price.
Each Warrant shall entitle the Holder, subject to the provisions of the applicable Warrant Certificate and of this Warrant Agreement,
to purchase from the Company the number of shares of Common Stock stated therein, at the price of $___ per whole share, subject to the
subsequent adjustments provided in Section 4 hereof. The term “Exercise Price” as used in this Warrant Agreement refers
to the price per share at which shares of Common Stock may be purchased at the time a Warrant is exercised.

 

3.2. Duration of Warrants.
Warrants may be exercised only during the period (“Exercise Period”) commencing on ___, 2022 and terminating at 5:00
P.M., Eastern Standard Time (the “close of business”) on the fifth anniversary of the Issuance Date, ____ 2027 (“Expiration
Date”). Each Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights
in respect thereof under this Warrant Agreement shall cease at the close of business on the Expiration Date.

 

3.3. Exercise of Warrants.

 

3.3.1. Exercise and Payment.

 

(a) Exercise of the purchase
rights represented by a Warrant may be made, in whole or in part, at any time or times during the Exercise Period by delivery to the Company
or the Warrant Agent of the Notice of Exercise in the form annexed as Exhibit B hereto (the “Notice of Exercise”).
Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following
the date the Holder delivers the Notice of Exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares
specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless
exercise procedure specified in Section 3.3.6 below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise
shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required.
Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender a Warrant Certificate to the
Company until the Holder has purchased all of the Warrant Shares available thereunder and the Warrant has been exercised in full, in which
case, the Holder shall surrender such Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final
Notice of Exercise is delivered to the Company. Partial exercises of a Warrant resulting in purchases of a portion of the total number
of Warrant Shares available thereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder
in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the
number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within
one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of a Warrant, acknowledge and agree that,
by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant
Shares available for purchase hereunder at any given time may be less than the amount stated on the face thereof.

 

(b) Notwithstanding the foregoing
in this Section 3.3.1, a Holder whose interest in a Warrant is a beneficial interest in certificate(s) representing such Warrant held
in registered form through DTC (or another established clearing corporation performing similar functions), shall effect exercises made
pursuant to this Section 3.3.1 by delivering to DTC (or such other clearing corporation, as applicable) the appropriate instruction form
for exercise, complying with the procedures to effect exercise that are required by DTC (or such other clearing corporation, as applicable),
subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant to the terms of this Warrant Agreement,
in which case this sentence shall not apply. Upon giving irrevocable instructions to its Participant to exercise Warrants, solely for
purposes of Regulation SHO, the holder whose interest in the Warrant is a beneficial interest shall be deemed to have exercised such Warrant,
regardless of when the applicable Warrant Shares are delivered to such holder.

 

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3.3.2. Issuance of Warrant Shares.

 

(a) The Warrant Agent
shall, on the Trading Day following the date of exercise of any Warrant, advise the Company, and the transfer agent and registrar
for the Company’s Common Stock (the “Transfer Agent”), in respect of (i) the number of Warrant Shares
indicated on the Notice of Exercise as issuable upon such exercise with respect to such exercised Warrants, (ii) the instructions of
the Holder or Participant, as the case may be, provided to the Warrant Agent with respect to the delivery of the Warrant Shares and
the number of Warrants that remain outstanding after such exercise and (iii) such other information as the Company or the Transfer
Agent shall reasonably request.

 

(b) The Company shall cause
the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s
or its designee’s balance account with DTC through its Deposit or Withdrawal at Custodian system (“DWAC”) if
the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of
the Warrant Shares to or resale of the Warrant Shares by Holder or (B) the Warrant is being exercised via cashless exercise, and otherwise
by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for
the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice
of Exercise by the date that is the earliest of (i) two (2) Trading Days of, (ii) one (1) Trading Day after delivery of the aggregate
Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after, the delivery to the
Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”) provided that in no case shall the Company be required to deliver or transmit Warrant Shares prior to
receipt of the Exercise Price paid in full (other than exercises of the Warrant pursuant to cashless exercise). Upon delivery of the Notice of Exercise,
the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which
the Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise
Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days of and (ii) the number
of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason
to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay
to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based
on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading
Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date
until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant
in the FAST program so long as the Warrants remains outstanding and exercisable. As used herein, “Standard Settlement Period”
means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect
to the Common Stock as in effect on the date of delivery of the Notice of Exercise. Notwithstanding the foregoing, with respect to any
Notice(s) of Exercise delivered on or prior to 12:00 p.m. (New York City time) on the Initial Exercise Date, which may be delivered at
any time after the time of execution of the Underwriting Agreement, the Company agrees to deliver the Warrant Shares subject to such notice(s)
by 4:00 p.m. (New York City time) on the Initial Exercise Date and the Initial Exercise Date shall be the Warrant Share Delivery Date
for purposes hereunder, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received
by such Warrant Share Delivery Date.

 

3.3.3. Valid Issuance.
All Warrant Shares issued by the Company upon the proper exercise of a Warrant in conformity with this Warrant Agreement shall be validly
issued, fully paid and non-assessable.

 

3.3.4. No Fractional Exercise.
No fractional Warrant Shares will be issued upon the exercise of the Warrant. If, by reason of any adjustment made pursuant to Section
4, a Holder would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon
such exercise, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied
by the Exercise Price or round up to the next whole share.

 

3.3.5. No Transfer
Taxes. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental
expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such
Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however,
that in the event Warrant Shares are to be issued in a name other than the name of the Holder, the Warrant when surrendered for
exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a
condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay
all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the DTC (or another established
clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

 

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3.3.6. Restrictive Legend
Events.

 

(a)       The
Company shall use its reasonable best efforts to maintain the effectiveness of the Registration Statement and the current status of the
prospectus included therein or to file and maintain the effectiveness of another registration statement and another current prospectus
covering the Warrants and the Warrant Shares at any time that the Warrants are exercisable. The Company shall provide to the Warrant Agent
and each Holder prompt written notice of any time that the Company is unable to deliver the Warrant Shares via DTC transfer or otherwise
without restrictive legend because (A) the Commission has issued a stop order with respect to the Registration Statement, (B) the Commission
otherwise has suspended or withdrawn the effectiveness of the Registration Statement, either temporarily or permanently, (C) the Company
has suspended or withdrawn the effectiveness of the Registration Statement, either temporarily or permanently, (D) the prospectus contained
in the Registration Statement is not available for the issuance of the Warrant Shares to the Holder or (E) otherwise (each a “Restrictive
Legend Event”). To the extent that the Warrants cannot be exercised as a result of a Restrictive Legend Event, the Company shall,
at the election of the Holder, which shall be given within five (5) days of receipt of such notice of the Restrictive Legend Event, either
(A) rescind the previously submitted Notice of Exercise and the Company shall return all consideration paid by registered holder for such
shares upon such rescission or (B) treat the attempted exercise as a cashless exercise as described in paragraph (ii) below and refund
the cash portion of the exercise price to the Holder.

 

(b)       If
a Restrictive Legend Event has occurred, the Warrant may also be exercisable on a cashless basis. Notwithstanding anything herein to the
contrary, but without limiting the rights of a Holder to receive Warrant Shares on a “cashless exercise” pursuant to this
Section 3.3.6(b) or to receive cash payments pursuant to Section 3.3.2(b) and Section 3.3.8 herein, the Company shall not be required
to make any cash payments or net cash settlement to the Holder in lieu of delivery of the Warrant Shares. Upon a “cashless exercise”,
the Holder shall be entitled to receive the number of Warrant Shares equal to the quotient (if such quotient would be a positive number)
obtained by dividing (A-B) (X) by (A), where:

 

(A) =        as
applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise
is (1) both executed and delivered pursuant to Section 3.3.1. hereof on a day that is not a Trading Day or (2) both executed and delivered
pursuant to Section 3.3.1. hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(68)
of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the
VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock on
the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of
Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two
(2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant
to Section 3.3.1. hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is
a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 3.3.1. hereof after the close of “regular
trading hours” on such Trading Day;

 

(B) =        the
Exercise Price of the Warrant, as adjusted as set forth herein; and

 

(X) =       the
number of Warrant Shares that would be issuable upon exercise of the Warrant in accordance with the terms of the Warrant if such exercise
were by means of a cash exercise rather than a cashless exercise.

 

(c)       If
the Warrant Shares are issued in such a cashless exercise, the Company acknowledges and agrees that, in accordance with Section
3(a)(9) of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised and
the Company agrees not to take any position contrary thereto. Upon receipt of a Notice of Exercise for a cashless exercise, the
Warrant Agent will promptly deliver a copy of the Notice of Exercise to the Company to confirm the number of Warrant Shares issuable
in connection with the cashless exercise. The Company shall calculate and transmit to the Warrant Agent in a written notice, and the
Warrant Agent shall have no duty, responsibility or obligation under this Section 3.3.6 to calculate, the number of Warrant Shares
issuable in connection with any cashless exercise. The Warrant Agent shall be entitled to rely conclusively on any such written
notice provided by the Company, and the Warrant Agent shall not be liable for any action taken, suffered or omitted to be taken by
it in accordance with such written instructions or pursuant to this Warrant Agreement. Notwithstanding anything herein to the
contrary, on the Termination Date, the Warrant shall be automatically exercised via cashless exercise pursuant to this Section
3.3.6.

 

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3.3.7. Disputes. In the
case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the number of Warrant Shares issuable
in connection with any exercise, the Company shall promptly deliver to the Holder the number of Warrant Shares that are not disputed.

 

3.3.8. Compensation for Buy-In
on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder, if the Company
fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 3.3.2 above
pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase
(in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver
in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”),
then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including
brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number
of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price
at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the
portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall
be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely
complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase
price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving
rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay
the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the
Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue
any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or
injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon exercise of the Warrant as
required pursuant to the terms hereof.

 

3.3.9. Beneficial
Ownership Limitation. The Company shall not effect any exercise of a Warrant, and a Holder shall not have the right to exercise
any portion of a Warrant, pursuant to Section 3 or otherwise, to the extent that after giving effect to such issuance after exercise
as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons
acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution
Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes
of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution
Parties shall include the number of shares of Common Stock issuable upon exercise of such Warrant with respect to which such
determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the
remaining, non-exercised portion of such Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties
and (ii) exercise or conversion of the unexercised or non-converted portion of any other securities of the Company (including,
without limitation, any other securities of the Company which would entitle the holder thereof to acquire at any time shares of
Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any
time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, shares of Common
Stock (“Common Stock Equivalents”)) subject to a limitation on conversion or exercise analogous to the limitation
contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.  Except as set forth in the
preceding sentence, for purposes of this Section 3.3.9, beneficial ownership shall be calculated in accordance with Section 13(d) of
the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not
representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely
responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this
Section 3.3.9 applies, the determination of whether a Warrant is exercisable (in relation to other
securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of a Warrant is
exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the
Holder’s determination of whether a Warrant is exercisable (in relation to other securities owned by the Holder together with
any Affiliates and Attribution Parties) and of which portion of a Warrant is exercisable, in each case subject to the Beneficial
Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition,
a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange
Act and the rules and regulations promulgated thereunder. For purposes of this Section 3.3.9, in determining the number of
outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the
Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public
announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of
shares of Common Stock outstanding.  Upon the written or oral request of a Holder, the Company shall within two (2) Trading
Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding.  In any case, the
number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of
the Company, including such Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number
of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% (or,
upon election by a Holder prior to the issuance of any Warrants, 9.99%) of the number of shares of the Common Stock outstanding
immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of a Warrant. The Holder, upon
notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 3.3.9, provided that
the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately
after giving effect to the issuance of shares of Common Stock upon exercise of the Warrant held by the Holder and the provisions of
this Section 3.3.9 shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the
61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and
implemented in a manner otherwise than in strict conformity with the terms of this Section 3.3.9 to correct this paragraph (or any
portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make
changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this
paragraph shall apply to a successor holder of a Warrant.

 

    -7-

     

    

 

4. Adjustments.

 

4.1. Adjustment upon Subdivisions
or Combinations. If the Company, at any time while the Warrants are outstanding: (i) pays a stock dividend or otherwise makes a distribution
or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which,
for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of the Warrants), (ii) subdivides
outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding
shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the Common Stock any shares of
capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the
number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator
shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise
of each Warrant shall be proportionately adjusted such that the aggregate Exercise Price of such Warrant shall remain unchanged. Any adjustment
made pursuant to this Section 4.1 shall become effective immediately after the record date for the determination of stockholders entitled
to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision,
combination or re-classification.

 

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4.2. Adjustment for Other
Distributions.

 

4.2.1. Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 4.1 above, if at any time the Company grants, issues or
sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record
holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire,
upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder
had held the number of shares of Common Stock acquirable upon complete exercise of a Warrant (without regard to any limitations on
exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is
taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record
holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to
the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the
Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or
beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to
such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder
exceeding the Beneficial Ownership Limitation).

 

4.2.2 Pro Rata
Distributions. During such time as the Warrant is outstanding, if the Company shall declare or make any dividend or other
distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or
otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a
dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a
 “Distribution”), at any time after the issuance of the Warrant, then, in each such case, the Holder shall be
entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had
held the number of shares of Common Stock acquirable upon complete exercise of the Warrant (without regard to any limitations on
exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is
taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are
to be determined for the participation in such Distribution (provided, however, that, to the extent that the Holder's
right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the
Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of
Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the
benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial
Ownership Limitation).

 

4.3. Fundamental
Transaction. If, at any time while the Warrants are outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or
indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of
its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer
(whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or
exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding
Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is
effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one
or more related transactions consummates a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons
whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of
Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making
or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental
Transaction”), then, upon any subsequent exercise of a Warrant, the Holder shall have the right to receive, for each
Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction,
at the option of the Holder (without regard to any limitation in Section 3.3.9 on the exercise of a Warrant), the number of shares
of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional
consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder
of the number of shares of Common Stock for which each Warrant is exercisable immediately prior to such Fundamental Transaction. For
purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate
Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental
Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting
the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to
the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to
the Alternate Consideration that such Holder receives upon any exercise of each Warrant following such Fundamental Transaction. The
Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the
 “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant Agreement and
the Warrants in accordance with the provisions of this Section 4.3 pursuant to written agreements in
form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such
Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for the applicable Warrants
created by this Warrant Agreement a security of the Successor Entity evidenced by a written instrument substantially similar in form
and substance to the Warrants which are exercisable for a corresponding number of shares of capital stock of such Successor Entity
(or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of the Warrant (without
regard to any limitations on the exercise of the Warrant) prior to such Fundamental Transaction, and with an exercise price which
applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of
Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of
capital stock and such exercise price being for the purpose of protecting the economic value of the Warrant immediately prior to the
consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the
occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and
after the date of such Fundamental Transaction, the provisions of this Warrant Agreement and the Warrants referring to the
 “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall
assume all of the obligations of the Company under this Warrant Agreement and the Warrants with the same effect as if such Successor
Entity had been named as the Company herein and therein. The Company shall instruct the Warrant Agent in writing to mail by first
class mail, postage prepaid, to each Holder, written notice of the execution of any such amendment, supplement or agreement with the
Successor Entity. Any supplemented or amended agreement entered into by the successor corporation or transferee shall provide for
adjustments, which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section 4.3. The
Warrant Agent shall have no duty, responsibility or obligation to determine the correctness of any provisions contained in such
agreement or such notice, including but not limited to any provisions relating either to the kind or amount of securities or other
property receivable upon exercise of warrants or with respect to the method employed and provided therein for any adjustments, and
shall be entitled to rely conclusively for all purposes upon the provisions contained in any such agreement. The provisions of this
Section 4.3 shall similarly apply to successive reclassifications, changes, consolidations, mergers, sales and conveyances of the
kind described above.

 

    -9-

     

    

 

4.4. Other Events.
If any event occurs of the type contemplated by the provisions of Section 4.1 or 4.2 but not expressly provided for by such provisions
(including, without limitation, the granting of stock appreciation rights, Adjustment Rights, phantom stock rights or other rights with
equity features to all holders of Common Stock for no consideration), then the Company's Board of Directors will, at its discretion and
in good faith, make an adjustment in the Exercise Price and the number of Warrant Shares or designate such additional consideration to
be deemed issuable upon exercise of a Warrant, so as to protect the rights of the registered Holder. No adjustment to the Exercise Price
will be made pursuant to more than one sub-section of this Section 4 in connection with a single issuance.

 

4.5.       Notices
to Holder.

 

4.5.1. Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 4, the Company shall
promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any
resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

4.5.2. Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares
of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection
with any reclassification of the Common Stock, any consolidation or merger to which the Company (or any of its Subsidiaries) is a
party, any sale or transfer of all or substantially all of its assets, or any compulsory share exchange whereby the Common Stock is
converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or
email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at
least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on
which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not
to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions,
redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale,
transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the
Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property
deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to
deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required
to be specified in such notice. To the extent that any notice provided in this Warrant Agreement constitutes, or contains, material,
non-public information regarding the Company or any of its subsidiaries, the Company shall simultaneously file such notice with the
Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise its Warrant during the period
commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly
set forth herein.

 

    -10-

     

    

 

4.6. Voluntary Adjustment
By Company. Subject to the rules and regulations of the Trading Market, the Company may at any time during the term of the Warrant,
subject to the prior written consent of the Holder, reduce the then current Exercise Price to any amount and for any period of time deemed
appropriate by the board of directors of the Company.

 

4.7. Notices of Changes
in Warrant. Upon every adjustment of the Exercise Price or the number of Warrant Shares issuable upon exercise of a Warrant, the Company
shall give prompt written notice thereof to the Warrant Agent, which notice shall state the Exercise Price resulting from such adjustment
and the increase or decrease, if any, in the number of Warrant Shares purchasable at such price upon the exercise of a Warrant, setting
forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event
specified in Sections 4.1 or 4.2, then, in any such event, the Company shall give written notice to each Holder, at the last address set
forth for such holder in the Warrant Register, as of the record date or the effective date of the event. Failure to give such notice,
or any defect therein, shall not affect the legality or validity of such event. The Warrant Agent shall be entitled to rely conclusively
on, and shall be fully protected in relying on, any certificate, notice or instructions provided by the Company with respect to any adjustment
of the Exercise Price or the number of shares issuable upon exercise of a Warrant, or any related matter, and the Warrant Agent shall
not be liable for any action taken, suffered or omitted to be taken by it in accordance with any such certificate, notice or instructions
or pursuant to this Warrant Agreement. The Warrant Agent shall not be deemed to have knowledge of any such adjustment unless and until
it shall have received written notice thereof from the Company.

 

5. Restrictive Legends; Fractional Warrants.
In the event that a Warrant Certificate surrendered for transfer bears a restrictive legend, the Warrant Agent shall not register that
transfer until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating
whether the Warrants must also bear a restrictive legend upon that transfer. The Warrant Agent shall not be required to effect any registration
of transfer or exchange which will result in the transfer of or delivery of a Warrant Certificate for a fraction of a Warrant.

 

6. Other Provisions Relating to Rights of Holders of Warrants.

 

6.1. No Rights as
Stockholder. Except as otherwise specifically provided herein, a Holder, solely in its capacity as a holder of Warrants, shall
not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall
anything contained in this Warrant Agreement be construed to confer upon a Holder, solely in its capacity as the registered holder
of Warrants, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate
action (whether any reorganization, issue of stock, reclassification of share capital, consolidation, merger, conveyance or
otherwise), receive notice of meetings, receive dividends or subscription rights or rights to participate in new issues of shares,
or otherwise, prior to the issuance to the Holder of the Warrant Shares which it is then entitled to receive upon the due exercise
of Warrants.

 

    -11-

     

    

 

6.2. Reservation of Common
Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued shares of Common Stock that
will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Warrant Agreement.

7. Concerning the Warrant Agent and Other Matters.

 

7.1. Any instructions given
to the Warrant Agent orally, as permitted by any provision of this Warrant Agreement, shall be confirmed in writing by the Company as
soon as practicable. The Warrant Agent shall not be liable or responsible and shall be fully authorized and protected for acting, or failing
to act, in accordance with any oral instructions which do not conform with the written confirmation received in accordance with this Section
7.1.

 

7.2. (a) Whether or not any
Warrants are exercised, for the Warrant Agent’s services as agent for the Company hereunder, the Company shall pay to the Warrant
Agent such fees as may be separately agreed between the Company and Warrant Agent and the Warrant Agent’s out of pocket expenses
in connection with this Warrant Agreement, including, without limitation, the fees and expenses of the Warrant Agent’s counsel.
While the Warrant Agent endeavors to maintain out-of-pocket charges (both internal and external) at competitive rates, these charges may
not reflect actual out-of-pocket costs, and may include handling charges to cover internal processing and use of the Warrant Agent’s
billing systems. (b) All amounts owed by the Company to the Warrant Agent under this Warrant Agreement are due within 30 days of the invoice
date. Delinquent payments are subject to a late payment charge of one and one-half percent (1.5%) per month commencing 45 days from the
invoice date. The Company agrees to reimburse the Warrant Agent for any attorney’s fees and any other costs associated with collecting
delinquent payments. (c) No provision of this Warrant Agreement shall require Warrant Agent to expend or risk its own funds or otherwise
incur any financial liability in the performance of any of its duties under this Warrant Agreement or in the exercise of its rights.

 

7.3. As agent for the
Company hereunder the Warrant Agent: (a) shall have no duties or obligations other than those specifically set forth herein or as
may subsequently be agreed to in writing by the Warrant Agent and the Company; (b) shall be regarded as making no representations
and having no responsibilities as to the validity, sufficiency, value, or genuineness of the Warrants or any Warrant Shares; (c)
shall not be obligated to take any legal action hereunder; if, however, the Warrant Agent determines to take any legal action
hereunder, and where the taking of such action might, in its judgment, subject or expose it to any expense or liability it shall not
be required to act unless it has been furnished with an indemnity reasonably satisfactory to it; (e) may rely on and shall be fully
authorized and protected in acting or failing to act upon any certificate, instrument, opinion, notice, letter, telegram, telex,
facsimile transmission or other document or security delivered to the Warrant Agent and believed by it to be genuine and to have
been signed by the proper party or parties; (f) shall not be liable or responsible for any recital or statement contained in the
Registration Statement or any other documents relating thereto; (g) shall not be liable or responsible for any failure on the part
of the Company to comply with any of its covenants and obligations relating to the Warrants, including without limitation
obligations under applicable securities laws; (h) may rely on and shall be fully authorized and protected in acting or failing to
act upon the written, telephonic or oral instructions with respect to any matter relating to its duties as Warrant Agent covered by
this Warrant Agreement (or supplementing or qualifying any such actions) of officers of the Company, and is hereby authorized and
directed to accept instructions with respect to the performance of its duties hereunder from the Company or counsel to the Company,
and may apply to the Company, for advice or instructions in connection with the Warrant Agent’s duties hereunder, and the
Warrant Agent shall not be liable for any delay in acting while waiting for those instructions; any applications by the Warrant
Agent for written instructions from the Company may, at the option of the Warrant Agent, set forth in writing any action proposed to
be taken or omitted by the Warrant Agent under this Warrant Agreement and the date on or after which such action shall be taken or
such omission shall be effective; the Warrant Agent shall not be liable for any action taken by, or omission of, the Warrant Agent
in accordance with a proposal included in such application on or after the date specified in such application (which date shall not
be less than five Business Days after the date such application is sent to the Company, unless the Company shall have consented in
writing to any earlier date) unless prior to taking any such action, the Warrant Agent shall have received written instructions in
response to such application specifying the action to be taken or omitted; (i) may consult with counsel satisfactory to the Warrant
Agent, including its in-house counsel, and the advice of such counsel shall be full and complete authorization and protection in
respect of any action taken, suffered, or omitted by it hereunder in good faith and in accordance with the advice of such counsel;
(j) may perform any of its duties hereunder either directly or by or through nominees, correspondents, designees, or subagents, and
it shall not be liable or responsible for any misconduct or negligence on the part of any nominee, correspondent, designee, or
subagent appointed with reasonable care by it in connection with this Warrant Agreement; (k) is not authorized, and shall have no
obligation, to pay any brokers, dealers, or soliciting fees to any Person; and (l) shall not be required hereunder to comply with
the laws or regulations of any country other than the United States of America or any political subdivision thereof.

 

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7.4. (a) In the absence of
gross negligence or willful or illegal misconduct on its part, the Warrant Agent shall not be liable for any action taken, suffered, or
omitted by it or for any error of judgment made by it in the performance of its duties under this Warrant Agreement. Anything in this
Warrant Agreement to the contrary notwithstanding, in no event shall Warrant Agent be liable for special, indirect, incidental, consequential
or punitive losses or damages of any kind whatsoever (including but not limited to lost profits), even if the Warrant Agent has been advised
of the possibility of such losses or damages and regardless of the form of action. Any liability of the Warrant Agent will be limited
in the aggregate to the amount of fees paid by the Company hereunder. The Warrant Agent shall not be liable for any failures, delays or
losses, arising directly or indirectly out of conditions beyond its reasonable control including, but not limited to, acts of government,
exchange or market ruling, suspension of trading, work stoppages or labor disputes, fires, civil disobedience, riots, rebellions, storms,
electrical or mechanical failure, computer hardware or software failure, communications facilities failures including telephone failure,
war, terrorism, insurrection, earthquakes, floods, acts of God or similar occurrences. (b) In the event any question or dispute arises
with respect to the proper interpretation of the Warrants or the Warrant Agent’s duties under this Warrant Agreement or the rights
of the Company or of any Holder, the Warrant Agent shall not be required to act and shall not be held liable or responsible for its refusal
to act until the question or dispute has been judicially settled (and, if appropriate, it may file a suit in interpleader or for a declaratory
judgment for such purpose) by final judgment rendered by a court of competent jurisdiction, binding on all Persons interested in the matter
which is no longer subject to review or appeal, or settled by a written document in form and substance satisfactory to Warrant Agent and
executed by the Company and each such Holder. In addition, the Warrant Agent may require for such purpose, but shall not be obligated
to require, the execution of such written settlement by all the Holders and all other Persons that may have an interest in the settlement.

 

7.5. The Company covenants
to indemnify the Warrant Agent and hold it harmless from and against any loss, liability, claim or expense (“Loss”)
arising out of or in connection with the Warrant Agent’s duties under this Warrant Agreement, including the costs and expenses of
defending itself against any Loss, unless such Loss shall have been determined by a court of competent jurisdiction to be a result of
the Warrant Agent’s gross negligence or willful misconduct.

 

7.6. Unless terminated earlier
by the parties hereto, this Warrant Agreement shall terminate 90 days after the earlier of the Expiration Date and the date on which no
Warrants remain outstanding (the “Termination Date”). On the Business Day following the Termination Date, the Warrant
Agent shall deliver to the Company any entitlements, if any, held by the Warrant Agent under this Warrant Agreement. The Warrant Agent’s
right to be reimbursed for fees, charges and out-of-pocket expenses as provided in this Section 7 shall survive the termination of this
Warrant Agreement.

 

7.7. If any provision of this
Warrant Agreement shall be held illegal, invalid, or unenforceable by any court, this Warrant Agreement shall be construed and enforced
as if such provision had not been contained herein and shall be deemed an Agreement among the parties to it to the full extent permitted
by applicable law.

 

7.8. The Company
represents and warrants that: (a) it is duly incorporated and validly existing under the laws of its jurisdiction of incorporation;
(b) the offer and sale of the Warrants and the execution, delivery and performance of all transactions contemplated thereby
(including this Warrant Agreement) have been duly authorized by all necessary corporate action and will not result in a breach of or
constitute a default under the articles of association, bylaws or any similar document of the Company or any indenture, agreement or
instrument to which it is a party or is bound; (c) this Warrant Agreement has been duly executed and delivered by the Company and
constitutes the legal, valid, binding and enforceable obligation of the Company; (d) the Warrants will comply in all material
respects with all applicable requirements of law; and (e) to the best of its knowledge, there is no litigation pending or threatened
as of the date hereof in connection with the offering of the Warrants.

 

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7.9. In the event of inconsistency
between this Warrant Agreement and the descriptions in the Registration Statement, as they may from time to time be amended, the terms
of this Warrant Agreement shall control.

 

7.10. Set forth in Exhibit
C hereto is a list of the names and specimen signatures of the persons authorized to act for the Company under this Warrant Agreement
(the “Authorized Representatives”). The Company shall, from time to time, certify to you the names and signatures of
any other persons authorized to act for the Company under this Warrant Agreement.

 

7.11. Except as expressly
set forth elsewhere in this Warrant Agreement, all notices, instructions and communications under this Warrant Agreement shall be in writing,
shall be effective upon receipt and shall be addressed, if to the Company, to its address set forth beneath its signature to this Warrant
Agreement, or, if to the Warrant Agent, to American Stock Transfer & Trust Company, LLC, 6201 15th Avenue, Brooklyn, New York 11219, or to
such other address of which a party hereto has notified the other party.

 

7.12. (a) This Warrant Agreement
shall be governed by and construed in accordance with the laws of the State of New York. All actions and proceedings relating to or arising
from, directly or indirectly, this Warrant Agreement may be litigated in courts located within the Borough of Manhattan in the City and
State of New York. The Company hereby submits to the personal jurisdiction of such courts and consents that any service of process may
be made by certified or registered mail, return receipt requested, directed to the Company at its address last specified for notices hereunder.
Each of the parties hereto hereby waives the right to a trial by jury in any action or proceeding arising out of or relating to this Warrant
Agreement. (b) This Warrant Agreement shall inure to the benefit of and be binding upon the successors and assigns of the parties hereto.
This Warrant Agreement may not be assigned, or otherwise transferred, in whole or in part, by either party without the prior written consent
of the other party, which the other party will not unreasonably withhold, condition or delay; except that (i) consent is not required
for an assignment or delegation of duties by Warrant Agent to any affiliate of Warrant Agent and (ii) any reorganization, merger, consolidation,
sale of assets or other form of business combination by Warrant Agent or the Company shall not be deemed to constitute an assignment of
this Warrant Agreement. (c) No provision of this Warrant Agreement may be amended, modified or waived, except in a written document signed
by both parties. The Company and the Warrant Agent may amend or supplement this Warrant Agreement without the consent of any Holder for
the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing
any other provisions with respect to matters or questions arising under this Warrant Agreement as the parties may deem necessary or desirable
and that the parties determine, in good faith, shall not adversely affect the interest of the Holders. All other amendments and supplements
shall require the vote or written consent of Holders of at least 50.1% of the then outstanding Warrants, provided that adjustments may
be made to the Warrant terms and rights in accordance with Section 4 without the consent of the Holders; provided further, however,
that no modification of the terms (including but not limited to the adjustments described in Section 4) upon which the Warrants are exercisable
or reducing the percentage required for consent to modification of this Warrant Agreement may be made without the consent of the Holders
of all of the then-outstanding Warrants.

 

7.13. Payment of Taxes.
The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant Agent in respect
of the issuance or delivery of Warrant Shares upon the exercise of Warrants, but the Company may require the Holders to pay any transfer
taxes in respect of the Warrants or such shares. The Warrant Agent may refrain from registering any transfer of Warrants or any delivery
of any Warrant Shares unless or until the Persons requesting the registration or issuance shall have paid to the Warrant Agent for the
account of the Company the amount of such tax or charge, if any, or shall have established to the reasonable satisfaction of the Company
and the Warrant Agent that such tax or charge, if any, has been paid.

 

    -14-

     

    

 

7.14. Resignation of Warrant Agent.

 

7.14.1. Appointment of
Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving thirty (30) days’ notice in writing to the Company, or such
shorter period of time agreed to by the Company. The Company may terminate the services of the Warrant Agent, or any successor
Warrant Agent, after giving thirty (30) days’ notice in writing to the Warrant Agent or successor Warrant Agent, or such
shorter period of time as agreed. If the office of the Warrant Agent becomes vacant by resignation, termination or incapacity to act
or otherwise, the Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall
fail to make such appointment within a period of 30 days after it has been notified in writing of such resignation or incapacity by
the Warrant Agent, then the Warrant Agent or any Holder may apply to any court of competent jurisdiction for the appointment of a
successor Warrant Agent at the Company’s cost. Pending appointment of a successor to such Warrant Agent, either by the Company
or by such a court, the duties of the Warrant Agent shall be carried out by the Company. Any successor Warrant Agent (but not
including the initial Warrant Agent), whether appointed by the Company or by such court, shall be a Person organized and existing
under the laws of any state of the United States of America, in good standing, and authorized under such laws to exercise corporate
trust powers and subject to supervision or examination by federal or state authority. After appointment, any successor Warrant Agent
shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with
like effect as if originally named as Warrant Agent hereunder, without any further act or deed, and except for executing and
delivering documents as provided in the sentence that follows, the predecessor Warrant Agent shall have no further duties,
obligations, responsibilities or liabilities hereunder, but shall be entitled to all rights that survive the termination of this
Warrant Agreement and the resignation or removal of the Warrant Agent, including but not limited to its right to indemnity
hereunder. If for any reason it becomes necessary or appropriate or at the request of the Company, the predecessor Warrant Agent
shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the
authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the
Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in
and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.

 

7.14.2. Notice of Successor
Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor
Warrant Agent and the transfer agent for the Common Stock not later than the effective date of any such appointment.

 

7.14.3. Merger or Consolidation
of Warrant Agent. Any Person into which the Warrant Agent may be merged or converted or with which it may be consolidated or any Person
resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party or any Person succeeding to the shareowner
services business of the Warrant Agent or any successor Warrant Agent shall be the successor Warrant Agent under this Warrant Agreement,
without any further act or deed.

 

8. Miscellaneous Provisions.

 

8.1. Persons Having Rights
under this Warrant Agreement. Nothing in this Warrant Agreement expressed and nothing that may be implied from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any Person or corporation other than the parties hereto and the
Holders any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise,
or agreement hereof.

 

8.2. Examination of the
Warrant Agreement. A copy of this Warrant Agreement shall be available at all reasonable times at the office of the Warrant Agent
designated for such purpose for inspection by any Holder. Prior to such inspection, the Warrant Agent may require any such holder to provide
reasonable evidence of its interest in the Warrants.

 

8.3. Counterparts.
This Warrant Agreement may be executed in any number of original, facsimile or electronic counterparts and each of such counterparts shall
for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

8.4. Effect of Headings.
The Section headings herein are for convenience only and are not part of this Warrant Agreement and shall not affect the interpretation
thereof.

 

    -15-

     

    

 

8.5.       If
a Warrant is held in global form through DTC (or any successor depositary), such Warrant is issued subject to this Warrant Agent Agreement.
To the extent any provision of a Warrant conflicts with the express provisions of this Warrant Agent Agreement, the provisions of such
Warrant shall govern and be controlling.

 

8.6.       Any
notice, statement or demand authorized by this Warrant Agreement to be given or made by the Company, the Warrant Agent or by the holder
of any Warrant to or on the Company or the Warrant Agent including, without limitation, any Notice of Exercise, shall be in writing and
delivered by e-mail, hand or sent by a nationally recognized overnight courier service, addressed (until another address is filed in writing
by the Company or the Warrant Agent) as set forth below and if to any holder any notice, statement or demand shall be given to the last
address set forth for such holder (if any) in the Warrant Register:

 

If to the Company, to:

 

Austin Gold Corp.

1021 West Hastings Street,
9th Floor

Vancouver, BC Canada V6C 0C3

Attention: President

Email: dennis@senategroup.com

 

with a copy (which shall not
constitute notice) to:

Dorsey & Whitney LLP

1400 Wewatta Street, Suite
400

Denver, Colorado 80202

Attention: Jason K. Brenkert,
Esq.

E-mail: brenkert.jason@dorsey.com

 

If to the Warrant Agent, to:

 

American Stock Transfer &
Trust Company, LLC

6201 15th Avenue

Brooklyn, New York 11219

Attention: Reorg Department – Warrants

Email: Reorg_warrants@astfinancial.com

 

8.7.       Any
notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the time of transmission,
if such notice or communication is delivered via e-mail at the e-mail address set forth above prior to 5:30 p.m. (New York City time)
on any date, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via e-mail at the
e-mail address set forth above on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii)
the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual
receipt by the party to whom such notice is required to be given.

 

9. Certain Definitions. As used herein,
the following terms shall have the following meanings:

 

(a) “Adjustment Right” means
any right granted with respect to any securities issued in connection with, or with respect to, any issuance, sale or delivery (or deemed
issuance, sale or delivery in accordance with Section 4) of Common Stock (other than rights of the type described in Section 4.2 and 4.3
hereof) that could result in a decrease in the net consideration received by the Company in connection with, or with respect to, such
securities (including, without limitation, any cash settlement rights, cash adjustment or other similar rights) but excluding anti-dilution
and other similar rights (including pursuant to Section 4.4 of this Warrant Agreement).

 

    -16-

     

    

 

(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 under the Securities Act.

 

(c) “Business Day” means any
day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain
closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed
due to “stay at home”, “shelter-in-place”, “non-essential employee” or any other similar orders or
restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic
funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally are open for use by customers
on such day.

 

(d) “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.

 

(e) “Trading Day” means any
day on which the Common Stock is traded on the Trading Market, or, if the Trading Market is not the principal trading market for the Common
Stock, then on the principal securities exchange or securities market in the United States on which the Common Stock is then traded, provided
that “Trading Day” shall not include any day on which the Common Stock is  scheduled to trade on such exchange or market
for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of trading on such exchange or
market (or if such exchange or market does not designate in advance the closing time of trading on such exchange or market, then during
the hour ending at 4:00 P.M., New York City time).

 

(f) “Subsidiary” means any
subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired
after the date hereof.

 

(g) “Trading Market” means
NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange (or
any successors to any of the foregoing).

 

(h) “VWAP” means, for any date,
the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading
Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market
on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City
time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common
Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted
for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on the “Pink Open Market” (or a similar
organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported,
or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good
faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and
expenses of which shall be paid by the Company.

 

[Signature Page to Follow]

 

    -17-

     

    

 

IN WITNESS WHEREOF, this Warrant Agent Agreement
has been duly executed by the parties hereto as of the day and year first above written.

 

	AUSTIN GOLD CORP.
	 
	By:	 
	Name:
	Title:
	 
	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC

	 
	By:	 
	Name:
	Title:

 

    -18-

     

    

 

EXHIBIT A

 

UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE
 & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

AUSTIN GOLD CORP.

WARRANT CERTIFICATE

NOT EXERCISABLE AFTER _____, 2027

 

This certifies that the person whose name and
address appears below, or registered assigns, is the registered owner of the number of Warrants set forth below. Each Warrant entitles
its registered holder to purchase from AUSTIN GOLD CORP., a company incorporated under the laws of British Columbia (the “Company”),
at any time prior to 5:00 P.M. (Eastern Standard Time) on _____, 2027, one common share, without par value, of the Company (each, a “Warrant
Share” and collectively, the “Warrant Shares”), at an exercise price of $_____ per share, subject to possible
adjustments as provided in the Warrant Agreement (as defined below).

 

This Warrant Certificate,
with or without other Warrant Certificates, upon surrender at the designated office of the Warrant Agent, may be exchanged for another
Warrant Certificate or Warrant Certificates evidencing the same number of Warrants as the Warrant Certificate or Warrant Certificates
surrendered. A transfer of the Warrants evidenced hereby may be registered upon surrender of this Warrant Certificate at the designated
office of the Warrant Agent by the registered holder in person or by a duly authorized attorney, properly endorsed or accompanied by proper
instruments of transfer, a signature guarantee, and such other and further documentation as the Warrant Agent may reasonably request and
duly stamped as may be required by the laws of the State of New York and of the United States of America.

 

The terms and conditions of
the Warrants and the rights and obligations of the holder of this Warrant Certificate are set forth in the Warrant Agent Agreement dated
as of ______, 2022 (the “Warrant Agreement”) between the Company and American Stock Transfer & Trust Company, LLC (the “Warrant Agent”).
A copy of the Warrant Agreement is available for inspection during business hours at the office of the Warrant Agent.

 

This Warrant Certificate shall
not be valid or obligatory for any purpose until it shall have been countersigned by an authorized signatory of the Warrant Agent.

 

WITNESS the facsimile signature
of a proper officer of the Company.

 

AUSTIN GOLD CORP.

 

	By:	 
	Name:
	Title:
	 
	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC
	 
	By:	 
	Name:
	Title:

 

    -19-

     

    

 

PLEASE DETACH HERE

 

Certificate No.:_________ Number of Warrants:__________

 

WARRANT CUSIP NO.: ___________

 

    -20-

     

    

 

EXHIBIT B

 

[FORM OF NOTICE OF EXERCISE]

 

NOTICE OF EXERCISE

 

To:      AUSTIN GOLD
CORP.

 

(1)  
The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the
terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all
applicable transfer taxes, if any.

 

(2)  
Payment shall take the form of (check applicable box):

 

[ ] in lawful money
of the United States; or

 

[ ] if permitted the
cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise
this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in
subsection 2(c).

 

(3)  
Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified
below:

 

_______________________________

 

 

The Warrant Shares shall be delivered to the following DWAC Account
Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

[SIGNATURE OF HOLDER]

 

	Name of Investing Entity: 	 

	Signature of Authorized Signatory of Investing Entity: 	 

	Name of Authorized Signatory: 	 

	Title of Authorized Signatory: 	 

	Date:  	 

 

    -21-

     

    

 

EXHIBIT C

 

AUTHORIZED REPRESENTATIVES

 

	Name	 	Title	 	Signature
	 	 	 	 	 

 

    -22-

     

    

 

EXHIBIT D

 

[FORM OF CERTIFICATED WARRANT]

 

    -23-

     

    

 

Exhibit E

 

[FORM OF WARRANT CERTIFICATE REQUEST NOTICE]

 

WARRANT CERTIFICATE REQUEST NOTICE

 

		To:	American Stock Transfer & Trust Company,
                                            LLC,

as Warrant Agent for
Austin Gold Corp. (the “Company”)

 

The undersigned Holder of Common Stock Purchase
Warrants (“Warrants”) in the form of Global Warrants issued by the Company hereby elects to receive a Definitive Certificate
evidencing the Warrants held by the Holder as specified below:

 

		(1)	Name of Holder of Warrants in form of Global
Warrants: __________________________________________________________________

 

		(2)	Name of Holder in Definitive Certificate
(if different from name of Holder of Warrants in form of Global Warrants): _____________________________________________________________________________________________________________

 

		(3)	Number of Warrants in name of Holder in form
of Global Warrants: __________________________________________________________

 

		(4)	Number of Warrants for which Definitive Certificate
shall be issued: _________________________________________________________

 

		(5)	Number of Warrants in name of Holder in form
of Global Warrants after issuance: _______________________________________________

 

The Definitive Certificate shall be delivered
to the following address:

 

	 
	 
	 
	 

 

The undersigned hereby acknowledges and agrees
that, in connection with this Warrant Exchange and the issuance of the Definitive Certificate, the Holder is deemed to have surrendered
the number of Warrants in form of Global Warrants in the name of the Holder equal to the number of Warrants evidenced by the Definitive
Certificate.

 

	Name of Holder: 	 
	 	 

	Signature of Authorized Signatory of Holder: 	 
	 	 

	Name of Authorized Signatory: 	 
	 	 

	Title of Authorized Signatory: 	 
	 	 

	Date:  	 

 

    -24-Exhibit 4.5 

 

DESCRIPTION OF SECURITIES 

 

The following description of RCF Acquisition Corp.’s (the
“Company,” “we” or “us”) securities is a summary and does not purport to be complete. It is subject
to and qualified in its entirety by reference to the Company’s amended and restated memorandum and articles of association, which
is incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this exhibit is a part. We encourage you to read
the amended and restated memorandum and articles of association and the applicable provisions of the Companies Act (2021 Revision) of
the Cayman Islands (the “Companies Act”), for additional information.

 

General

 

We are a Cayman Islands exempted company (company number 376975) and
our affairs are governed by our amended and restated memorandum and articles of association, the Companies Act and the common law of the
Cayman Islands. Pursuant to our amended and restated memorandum and articles of association, we are authorized to issue 220,000,000 ordinary
shares, $0.0001 par value each, including 200,000,000 Class A ordinary shares and 20,000,000 Class B ordinary shares, as well as 1,000,000
preference shares, $0.0001 par value each. The following description summarizes certain terms of our shares as set out more particularly
in our amended and restated memorandum and articles of association. Because it is only a summary, it may not contain all the information
that is important to you.

 

Units

 

Public Units 

 

Each unit has an offering price of $10.00 and consists of one Class
A ordinary share and one-half of one warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at
a price of $11.50 per share, subject to adjustment. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only
for a whole number of the Company’s Class A ordinary shares. This means only a whole warrant may be exercised at any given time
by a warrant holder. For example, if a warrant holder holds one-half of one warrant to purchase a Class A ordinary share, such warrant
will not be exercisable. If a warrant holder holds two-halves of one warrant, such whole warrant will be exercisable for one Class A ordinary
share at a price of $11.50 per share. No fractional warrants will be issued upon separation of the units and only whole warrants will
trade. Accordingly, unless you purchase at least two units, you will not be able to receive or trade a whole warrant.

 

Additionally, the units that have not already been separated will automatically
separate into their component parts in connection with the completion of our initial business combination and will no longer be listed
thereafter.

 

Ordinary Shares

 

As of February 11, 2022, there were 28,750,000 of our ordinary shares
outstanding including:

 

		●	23,000,000 Class A ordinary
shares underlying units issued as part of our initial public offering (the “IPO”); and

 

		●	5,750,0000 Class B ordinary
shares held by our initial shareholders.

 

Ordinary shareholders of record are entitled to one vote for each share
held on all matters to be voted on by shareholders. Holders of Class A ordinary shares and holders of Class B ordinary shares will vote
together as a single class on all matters submitted to a vote of our shareholders except as required by law. Unless specified in our amended
and restated memorandum and articles of association, or as required by applicable provisions of the Companies Act or applicable stock
exchange rules, the affirmative vote of a majority of our ordinary shares that are voted is required to approve any such matter voted
on by our shareholders. Approval of certain actions will require a special resolution under Cayman Islands law, which requires the affirmative
vote of a majority of at least two-thirds of the shareholders who attend and vote at a general meeting of the company, and pursuant to
our amended and restated memorandum and articles of association; such actions include amending our amended and restated memorandum and
articles of association and approving a statutory merger or consolidation with another company.

 

     

     

    

 

Our board of directors is divided into
three classes, each of which will generally serve for a term of three years with only one class of directors being appointed in each year.
There is no cumulative voting with respect to the appointment of directors, with the result that the holders of more than 50% of the shares
voted for the appointment of directors can appoint all of the directors. In addition, only holders of Class B ordinary shares will have
the right to vote in a vote to continue the company in a jurisdiction outside the Cayman Islands (which requires the approval of at least
two-thirds of the votes of all ordinary share). Our shareholders are entitled to receive ratable dividends when, as and if declared by
the board of directors out of funds legally available therefor.

 

Because our amended and restated memorandum and articles of association
authorize the issuance of up to 200,000,000 Class A ordinary shares, if we were to enter into a business combination, we may (depending
on the terms of such a business combination) be required to increase the number of Class A ordinary shares which we are authorized to
issue at the same time as our shareholders vote on the business combination to the extent we seek shareholder approval in connection with
our initial business combination. Our board of directors is divided into three classes with only one class of directors being appointed
in each year and each class (except for those directors appointed prior to our first annual general meeting) serving a three-year term.

 

In accordance with NYSE corporate governance requirements, we are not
required to hold an annual general meeting until one year after our first fiscal year end following our listing on the NYSE. There is
no requirement under the Companies Act for us to hold annual or extraordinary general meetings or appoint directors. We may not hold an
annual general meeting to appoint new directors prior to the consummation of our initial business combination.

 

We will provide our public shareholders with the opportunity to redeem
all or a portion of their public shares upon the completion of our initial business combination at a per-share price, payable in cash,
equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of our
initial business combination, including interest (which interest shall be net of taxes payable), divided by the number of then issued
and outstanding public shares, subject to the limitations and on the conditions described herein. The amount in the trust account is initially
anticipated to be $10.20 per public share. The per share amount we will distribute to investors who properly redeem their shares will
not be reduced by the deferred underwriting commissions we will pay to the underwriters. The redemption rights will include the requirement
that any beneficial owner on whose behalf a redemption right is being exercised must identify itself in order to validly redeem its shares.
Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption
rights with respect to their founder shares and public shares in connection with the completion of our initial business combination. Unlike
many special purpose acquisition companies that hold shareholder votes and conduct proxy solicitations in conjunction with their initial
business combinations and provide for related redemptions of public shares for cash upon completion of such initial business combinations
even when a vote is not required by law, if a shareholder vote is not required by law and we do not decide to hold a shareholder vote
for business or other legal reasons, we will, pursuant to our amended and restated memorandum and articles of association, conduct the
redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to completing our initial
business combination.

 

Our amended and restated memorandum and articles of association require
these tender offer documents to contain substantially the same financial and other information about our initial business combination
and the redemption rights as is required under the SEC’s proxy rules. If, however, a shareholder approval of the transaction is
required by law, or we decide to obtain shareholder approval for business or other reasons, we will, like many special purpose acquisition
companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender
offer rules. If we seek shareholder approval, we will complete our initial business combination only if we receive the approval of an
ordinary resolution under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote
at a general meeting of the company. However, the participation of our sponsor, officers, directors, advisors or their affiliates in privately-negotiated
transactions, if any, could result in the approval of our initial business combination even if a majority of our public shareholders vote,
or indicate their intention to vote, against such initial business combination. For purposes of seeking approval of an ordinary resolution,
non-votes will have no effect on the approval of our initial business combination once a quorum is obtained. Our amended and restated
memorandum and articles of association require that at least five days’ notice will be given of any general meeting.

 

    2

     

    

 

If we seek shareholder approval of our initial business combination
and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended
and restated memorandum and articles of association provide that a public shareholder, together with any affiliate of such shareholder
or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange
Act), will be restricted from redeeming its shares with respect to Excess Shares without our prior consent. However, we would not be restricting
our shareholders’ ability to vote all of their shares (including Excess Shares) for or against our initial business combination.
Our shareholders’ inability to redeem the Excess Shares will reduce their influence over our ability to complete our initial business
combination, and such shareholders could suffer a material loss in their investment if they sell such Excess Shares on the open market.
Additionally, such shareholders will not receive redemption distributions with respect to the Excess Shares if we complete our initial
business combination. And, as a result, such shareholders will continue to hold that number of shares exceeding 20% and, in order to dispose
such shares would be required to sell their shares in open market transactions, potentially at a loss.

 

If we seek shareholder approval in connection with our initial business
combination, our sponsor, officers and directors have agreed to vote their founder shares and any public shares purchased during or after
the IPO (including in open market and privately-negotiated transactions) in favor of our initial business combination. As a result, in
addition to our initial shareholders’ founder shares, we would need 8,625,000, or 37.5%, of the 23,000,000 public shares sold in
the IPO to be voted in favor of an initial business combination in order to have our initial business combination approved. Additionally,
each public shareholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction
or whether they were a public shareholder on the record date for the general meeting held to approve the proposed transaction.

 

Pursuant to our amended and restated memorandum and articles of association,
if we have not completed our initial business combination within 18 months from the closing of the IPO, we will (i) cease all operations
except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem the
public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest
(which interest shall be net of taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then
issued and outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including
the right to receive further liquidation distributions, if any) and (iii) as promptly as reasonably possible following such redemption,
subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in each case of to our
obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of applicable
law. Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their
rights to liquidating distributions from the trust account with respect to their founder shares if we fail to complete our initial business
combination within 18 months from the closing of the IPO. However, if our sponsor or management team acquire public shares in or after
the IPO, they will be entitled to liquidating distributions from the trust account with respect to such public shares if we fail to complete
our initial business combination within the prescribed time period.

 

In the event of a liquidation, dissolution or winding up of the company
after a business combination, our shareholders are entitled to share ratably in all assets remaining available for distribution to them
after payment of liabilities and after provision is made for each class of shares, if any, having preference over the ordinary shares.
Our shareholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the ordinary shares,
except that we will provide our public shareholders with the opportunity to redeem their public shares for cash at a per share price equal
to the aggregate amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable), divided
by the number of then issued and outstanding public shares, upon the completion of our initial business combination, subject to the limitations
and on the conditions described herein.

 

Founder Shares 

 

The founder shares are designated as Class B ordinary shares and,
except as described below, are identical to the Class A ordinary shares included in the units being sold in the IPO, and holders of
founder shares have the same shareholder rights as public shareholders, except that (i) the founder shares are subject to certain
transfer restrictions, as described in more detail below, (ii) the founder shares are entitled to registration rights; (iii) only
holders of Class B ordinary shares will have the right to vote in a vote to continue the company in a jurisdiction outside the
Cayman Islands (which requires the approval of at least two-thirds of the votes of all ordinary shares); (iv)
our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to (A) waive
their redemption rights with respect to their founder shares and public shares in connection with the completion of our initial
business combination, (B) waive their redemption rights with respect to their founder shares and public shares in connection with a
shareholder vote to approve an amendment to our amended and restated memorandum and articles of association (x) that would modify
the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100%
of our public shares if we have not consummated an initial business combination within 18 months from the closing of the IPO or (B)
with respect to any other provisions relating to shareholders’ rights or pre-initial business combination activity, (C) waive
their rights to liquidating distributions from the trust account with respect to their founder shares if we fail to complete our
initial business combination within 18 months from the closing of the IPO, although they will be entitled to liquidating
distributions from the trust account with respect to any public shares they hold if we fail to complete our initial business
combination within such time period and (D) vote any founder shares held by them and any public shares purchased during or after the
IPO (including in open market and privately-negotiated transactions) in favor of our initial business combination, and (v) the
founder shares are automatically convertible into Class A ordinary shares at the time of the consummation of our initial business
combination on a one-for-one basis, subject to adjustment as described herein and in our amended and restated memorandum and
articles of association.

 

    3

     

    

 

The founder shares will automatically convert into Class A ordinary
shares at the time of the consummation of our initial business combination on a one-for-one basis, subject to adjustment for share sub-divisions,
share capitalizations, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case
that additional Class A ordinary shares or equity-linked securities are issued or deemed issued in connection with our initial business
combination, the number of Class A ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate, on an
as-converted basis, 20% of the sum of (i) the total number of Class A ordinary shares outstanding after such conversion (after giving
effect to any redemptions of Class A ordinary shares by public shareholders), plus (ii) including the total number of Class A ordinary
shares issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued,
by the Company in connection with or in relation to the consummation of the initial business combination, excluding any Class A ordinary
shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued or to be issued,
to any seller in the initial business combination and any private placement warrants issued to our sponsor, officers or directors upon
conversion of working capital loans; provided that such conversion of founder shares will never occur on a less than one-for-one basis.

 

With certain limited exceptions, the founder shares are not transferable,
assignable or salable (except to our officers and directors and other persons or entities affiliated with our sponsor, each of whom will
be subject to the same transfer restrictions) until the earlier of (A) one year after the completion of our initial business combination
and (B) subsequent to our initial business combination, (x) if the closing price of our Class A ordinary shares equals or exceeds $12.00
per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading
days within any 30-trading day period commencing at least 150 days after our initial business combination, or (y) the date on which we
complete a liquidation, merger, share exchange or other similar transaction that results in all of our public shareholders having the
right to exchange their ordinary shares for cash, securities or other property.

 

Register of Members 

 

Under Cayman Islands law, we must keep a register of members and there
will be entered therein:

 

		●	the names and addresses of
the members, a statement of the shares held by each member, and of the amount paid or agreed to be considered as paid, on the shares
of each member and the voting rights of the shares of each member;

 

		●	the date on which the name
of any person was entered on the register as a member; and

 

		●	the date on which any person
ceased to be a member.

 

Under Cayman Islands law, the register of members of our company is
prima facie evidence of the matters set out therein (i.e. the register of members will raise a presumption of fact on the matters referred
to above unless rebutted) and a member registered in the register of members will be deemed as a matter of Cayman Islands law to have
legal title to the shares as set against its name in the register of members. Upon the closing of this public offering, the register of
members will be immediately updated to reflect the issue of shares by us. Once our register of members has been updated, the shareholders
recorded in the register of members will be deemed to have legal title to the shares set against their name. However, there are certain
limited circumstances where an application may be made to a Cayman Islands court for a determination on whether the register of members
reflects the correct legal position. Further, the Cayman Islands court has the power to order that the register of members maintained
by a company should be rectified where it considers that the register of members does not reflect the correct legal position. If an application
for an order for rectification of the register of members were made in respect of our ordinary shares, then the validity of such shares
may be subject to re-examination by a Cayman Islands court.

 

    4

     

    

 

Preference Shares 

 

Our amended and restated memorandum and articles of association authorize
1,000,000 preference shares and provide that preference shares may be issued from time to time in one or more series. Our board of directors
will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other
special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. Our board of directors
will be able to, without shareholder approval, issue preference shares with voting and other rights that could adversely affect the voting
power and other rights of the holders of the ordinary shares and could have anti-takeover effects. The ability of our board of directors
to issue preference shares without shareholder approval could have the effect of delaying, deferring or preventing a change of control
of us or the removal of existing management. We have no preference shares outstanding at the date hereof. Although we do not currently
intend to issue any preference shares, we cannot assure you that we will not do so in the future. No preference shares are being issued
or registered in the IPO.

 

Warrants 

 

Public Shareholders’ Warrants 

 

Each whole warrant entitles the registered holder to purchase one Class
A ordinary share at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing 30 days after the completion
of our initial business combination, except as discussed in the second paragraph. Pursuant to the warrant agreement, a warrant holder
may exercise its warrants only for a whole number of Class A ordinary shares. This means only a whole warrant may be exercised at a given
time by a warrant holder. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly,
unless you purchase at least two units, you will not be able to receive or trade a whole warrant. The warrants will expire five years
after the completion of our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

 

We will not be obligated to deliver any Class A ordinary shares pursuant
to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities
Act with respect to the Class A ordinary shares underlying the warrants is then effective and a prospectus relating thereto is current,
subject to our satisfying our obligations described below with respect to registration. No warrant will be exercisable and we will not
be obligated to issue a Class A ordinary share upon exercise of a warrant unless the Class A ordinary share issuable upon such warrant
exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder
of the warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant,
the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no
event will we be required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised
warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the Class A ordinary
share underlying such unit.

 

We have agreed that as soon as practicable, but in no event later than
fifteen (15) business days after the closing of our initial business combination, we will use commercially reasonable efforts to file
with the SEC a post-effective amendment to the registration statement of which this prospectus forms a part or a new registration statement
covering the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the warrants. We will use
commercially reasonable efforts to cause the same to become effective and to maintain the effectiveness of such registration statement,
and a current prospectus relating thereto, until the expiration of the warrants in accordance with the provisions of the warrant agreement.
If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the sixtieth
(60th) business day after the closing of our initial business combination, warrant holders may, until such time as there is an effective
registration statement and during any period when we will have failed to maintain an effective registration statement, exercise warrants
on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above,
if our Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they
satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, we may, at our option, require
holders of public warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of
the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, and
in the event we do not so elect, we will use commercially reasonable efforts to register or qualify the shares under applicable blue sky
laws to the extent an exemption is not available. In such event, each holder would pay the exercise price by surrendering the warrants
for that number of Class A ordinary shares equal to the lesser of (A) the quotient obtained by dividing (x) the product of the number
of Class A ordinary shares underlying the warrants, multiplied by the excess of the “fair market value” (defined below) less
the exercise price of the warrants by (y) the fair market value and (B) 0.361. The “fair market value” as used in this paragraph
shall mean the volume weighted average price of the Class A ordinary shares for the 10 trading days ending on the trading day prior to
the date on which the notice of exercise is received by the warrant agent.

 

    5

     

    

 

Redemption of Warrants When the Price Per Class A Ordinary Share
Equals or Exceeds $18.00 

 

Once the warrants become exercisable, we may call the warrants for
redemption (except as described herein with respect to the private placement warrants):

 

		●	in whole and not in part;

 

		●	at a price of $0.01 per warrant;

 

		●	upon a minimum of 30 days’
prior written notice of redemption (the “30-day redemption period”) to each warrant holder; and

 

		●	if, and only if, the closing
price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable
upon exercise or the exercise price of a warrant as described under the heading “—Warrants—Public Shareholders’
Warrants—Anti-Dilution Adjustments”) for any 20 trading days within a 30-trading day period ending on the third trading day
prior to the date on which we send the notice of redemption to the warrant holders.

 

We will not redeem the warrants as described above unless a registration
statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants is then
effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day redemption period. If
and when the warrants become redeemable by us, we may exercise our redemption right even if we are unable to register or qualify the underlying
securities for sale under all applicable state securities laws.

 

We have established the last of the redemption criteria discussed above
to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise price. If the foregoing
conditions are satisfied and we issue a notice of redemption of the warrants, each warrant holder will be entitled to exercise his, her
or its warrant prior to the scheduled redemption date. Any such exercise would not be on a “cashless basis” and would require
the exercising warrant holder to pay the exercise price for each warrant being exercised. However, the price of the Class A ordinary shares
may fall below the $18.00 redemption trigger price (as adjusted for adjustments to the number of shares issuable upon exercise or the
exercise price of a warrant as described under the heading “—Warrants—Public Shareholders’ Warrants—Anti-Dilution
Adjustments”) as well as the $11.50 (for whole shares) warrant exercise price after the redemption notice is issued.

 

Redemption of Warrants When the Price Per Class A Ordinary Share
Equals or Exceeds $10.00 

 

Once the warrants become exercisable, we may call the warrants for
redemption:

 

		●	in whole and not in part;

 

		●	at $0.10 per warrant upon a
minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless
basis prior to redemption and receive that number of Class A ordinary shares to be determined by reference to the table below, based
on the redemption date and the “fair market value” of our Class A ordinary shares (as defined below) except as otherwise
described below;

 

		●	if, and only if, the closing
price of our Class A ordinary shares equals or exceeds $10.00 per share (as adjusted for adjustments to the number of shares issuable
upon exercise or the exercise price of a warrant as described under the heading “—Warrants—Public Shareholders’
Warrants—Anti-Dilution Adjustments”) for any 20 trading days within the 30-trading day period ending on the third trading
day prior to the date on which we send the notice of redemption to the warrant holders; and

 

		●	if the closing price of the
Class A ordinary shares for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which
we send the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted for adjustments to the number of shares
issuable upon exercise or the exercise price of a warrant as described under the heading “—Warrants—Public Shareholders’
Warrants—Anti-Dilution Adjustments”), the private placement warrants must also be concurrently called for redemption on the
same terms as the outstanding public warrants, as described above.

 

    6

     

    

 

Beginning on the date the notice of redemption is given until the warrants
are redeemed or exercised, holders may elect to exercise their warrants on a cashless basis. The numbers in the table below represent
the number of Class A ordinary shares that a warrant holder will receive upon such cashless exercise in connection with a redemption by
us pursuant to this redemption feature, based on the “fair market value” of our Class A ordinary shares on the corresponding
redemption date (assuming holders elect to exercise their warrants and such warrants are not redeemed for $0.10 per warrant), determined
for these purposes based on the volume weighted average price of our Class A ordinary shares during the 10 trading days immediately following
the date on which the notice of redemption is sent to the holders of warrants, and the number of months that the corresponding redemption
date precedes the expiration date of the warrants, each as set forth in the table below. We will provide our warrant holders with the
final fair market value no later than one business day after the 10-trading day period described above ends.

 

Pursuant to the warrant agreement, references above to Class A ordinary
shares shall include a security other than Class A ordinary shares into which the Class A ordinary shares have been converted or exchanged
for in the event we are not the surviving company in our initial business combination. The numbers in the table below will not be adjusted
when determining the number of such securities to issue upon exercise of the warrants if we are not the surviving entity following our
initial business combination.

 

The share prices set forth in the column headings of the table below
will be adjusted as of any date on which the number of shares issuable upon exercise of a warrant or the exercise price of a warrant is
adjusted as set forth under the heading “—Anti-Dilution Adjustments” below.

 

If the number of shares issuable upon exercise of a warrant is adjusted,
the adjusted share prices in the column headings will equal the share prices immediately prior to such adjustment, multiplied by a fraction,
the numerator of which is the number of shares deliverable upon exercise of a warrant immediately prior to such adjustment and the denominator
of which is the number of shares deliverable upon exercise of a warrant as so adjusted. The number of shares in the table below shall
be adjusted in the same manner and at the same time as the number of shares issuable upon exercise of a warrant. If the exercise price
of a warrant is adjusted, (a) in the case of an adjustment pursuant to the fifth paragraph under the heading “—Anti-Dilution
Adjustments” below, the adjusted share prices in the column headings will equal the unadjusted share price multiplied by a fraction,
the numerator of which is the higher of the Market Value and the Newly Issued Price as set forth under the heading “ —Anti-Dilution
Adjustments” and the denominator of which is $10.00 and (b) in the case of an adjustment pursuant to the second paragraph under
the heading “—Anti-Dilution Adjustments” below, the adjusted share prices in the column headings will equal the unadjusted
share price less the decrease in the exercise price of a warrant pursuant to such exercise price adjustment.

 

    7

     

    

 

	Redemption Date	 	Fair Market Value of Class A Ordinary Shares	 
	(period to expiration of warrants)	 	≤$10.00	 	 	$11.00	 	 	$12.00	 	 	$13.00	 	 	$14.00	 	 	$15.00	 	 	$16.00	 	 	$17.00	 	 	≥$18.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	60 months	 	 	0.261	 	 	 	0.281	 	 	 	0.297	 	 	 	0.311	 	 	 	0.324	 	 	 	0.337	 	 	 	0.348	 	 	 	0.358	 	 	 	0.361	 
	57 months	 	 	0.257	 	 	 	0.277	 	 	 	0.294	 	 	 	0.310	 	 	 	0.324	 	 	 	0.337	 	 	 	0.348	 	 	 	0.358	 	 	 	0.361	 
	54 months	 	 	0.252	 	 	 	0.272	 	 	 	0.291	 	 	 	0.307	 	 	 	0.322	 	 	 	0.335	 	 	 	0.347	 	 	 	0.357	 	 	 	0.361	 
	51 months	 	 	0.246	 	 	 	0.268	 	 	 	0.287	 	 	 	0.304	 	 	 	0.320	 	 	 	0.333	 	 	 	0.346	 	 	 	0.357	 	 	 	0.361	 
	48 months	 	 	0.241	 	 	 	0.263	 	 	 	0.283	 	 	 	0.301	 	 	 	0.317	 	 	 	0.332	 	 	 	0.344	 	 	 	0.356	 	 	 	0.361	 
	45 months	 	 	0.235	 	 	 	0.258	 	 	 	0.279	 	 	 	0.298	 	 	 	0.315	 	 	 	0.330	 	 	 	0.343	 	 	 	0.356	 	 	 	0.361	 
	42 months	 	 	0.228	 	 	 	0.252	 	 	 	0.274	 	 	 	0.294	 	 	 	0.312	 	 	 	0.328	 	 	 	0.342	 	 	 	0.355	 	 	 	0.361	 
	39 months	 	 	0.221	 	 	 	0.246	 	 	 	0.269	 	 	 	0.290	 	 	 	0.309	 	 	 	0.325	 	 	 	0.340	 	 	 	0.354	 	 	 	0.361	 
	36 months	 	 	0.213	 	 	 	0.239	 	 	 	0.263	 	 	 	0.285	 	 	 	0.305	 	 	 	0.323	 	 	 	0.339	 	 	 	0.353	 	 	 	0.361	 
	33 months	 	 	0.205	 	 	 	0.232	 	 	 	0.257	 	 	 	0.280	 	 	 	0.301	 	 	 	0.320	 	 	 	0.337	 	 	 	0.352	 	 	 	0.361	 
	30 months	 	 	0.196	 	 	 	0.224	 	 	 	0.250	 	 	 	0.274	 	 	 	0.297	 	 	 	0.316	 	 	 	0.335	 	 	 	0.351	 	 	 	0.361	 
	27 months	 	 	0.185	 	 	 	0.214	 	 	 	0.242	 	 	 	0.268	 	 	 	0.291	 	 	 	0.313	 	 	 	0.332	 	 	 	0.350	 	 	 	0.361	 
	24 months	 	 	0.173	 	 	 	0.204	 	 	 	0.233	 	 	 	0.260	 	 	 	0.285	 	 	 	0.308	 	 	 	0.329	 	 	 	0.348	 	 	 	0.361	 
	21 months	 	 	0.161	 	 	 	0.193	 	 	 	0.223	 	 	 	0.252	 	 	 	0.279	 	 	 	0.304	 	 	 	0.326	 	 	 	0.347	 	 	 	0.361	 
	18 months	 	 	0.146	 	 	 	0.179	 	 	 	0.211	 	 	 	0.242	 	 	 	0.271	 	 	 	0.298	 	 	 	0.322	 	 	 	0.345	 	 	 	0.361	 
	15 months	 	 	0.130	 	 	 	0.164	 	 	 	0.197	 	 	 	0.230	 	 	 	0.262	 	 	 	0.291	 	 	 	0.317	 	 	 	0.342	 	 	 	0.361	 
	12 months	 	 	0.111	 	 	 	0.146	 	 	 	0.181	 	 	 	0.216	 	 	 	0.250	 	 	 	0.282	 	 	 	0.312	 	 	 	0.339	 	 	 	0.361	 
	9 months	 	 	0.090	 	 	 	0.125	 	 	 	0.162	 	 	 	0.199	 	 	 	0.237	 	 	 	0.272	 	 	 	0.305	 	 	 	0.336	 	 	 	0.361	 
	6 months	 	 	0.065	 	 	 	0.099	 	 	 	0.137	 	 	 	0.178	 	 	 	0.219	 	 	 	0.259	 	 	 	0.296	 	 	 	0.331	 	 	 	0.361	 
	3 months	 	 	0.034	 	 	 	0.065	 	 	 	0.104	 	 	 	0.150	 	 	 	0.197	 	 	 	0.243	 	 	 	0.286	 	 	 	0.326	 	 	 	0.361	 
	0 months	 	 	—	 	 	 	—	 	 	 	0.042	 	 	 	0.115	 	 	 	0.179	 	 	 	0.233	 	 	 	0.281	 	 	 	0.323	 	 	 	0.361	 

 

The exact fair market value and redemption date may not be set forth
in the table above, in which case, if the fair market value is between two values in the table or the redemption date is between two redemption
dates in the table, the number of Class A ordinary shares to be issued for each warrant exercised will be determined by a straight-line
interpolation between the number of shares set forth for the higher and lower fair market values and the earlier and later redemption
dates, as applicable, based on a 365- or 366-day year, as applicable. For example, if the volume weighted average price of our Class A
ordinary shares during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of
the warrants is $11.00 per share, and at such time there are 57 months until the expiration of the warrants, holders may choose to, in
connection with this redemption feature, exercise their warrants for 0.277 Class A ordinary shares for each whole warrant.

 

For an example where the exact fair market value and redemption date
are not as set forth in the table above, if the volume weighted average price of our Class A ordinary shares during the 10 trading days
immediately following the date on which the notice of redemption is sent to the holders of the warrants is $13.50 per share, and at such
time there are 38 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise
their warrants for 0.298 Class A ordinary shares for each whole warrant. In no event will the warrants be exercisable on a cashless basis
in connection with this redemption feature for more than 0.361 Class A ordinary shares per warrant (subject to adjustment). Finally, as
reflected in the table above, if the warrants are out of the money and about to expire, they cannot be exercised on a cashless basis in
connection with a redemption by us pursuant to this redemption feature, since they will not be exercisable for any Class A ordinary shares.

 

This redemption feature is structured to allow for all of the outstanding
warrants to be redeemed when the Class A ordinary shares are trading at or above $10.00 per share, which may be at a time when the trading
price of our Class A ordinary shares is below the exercise price of the warrants. We have established this redemption feature to provide
us with the flexibility to redeem the warrants without the warrants having to reach the $18.00 per share threshold set forth above under
“—Redemption of Warrants When the Price Per Class A Ordinary Share Equals or Exceeds $18.00.” Holders choosing to exercise
their warrants in connection with a redemption pursuant to this feature will, in effect, receive a number of shares for their warrants
based on an option pricing model with a fixed volatility input as of the date of the final prospectus filed in connection with our IPO.
This redemption right provides us with an additional mechanism by which to redeem all of the outstanding warrants, and therefore have
certainty as to our capital structure as the warrants would no longer be outstanding and would have been exercised or redeemed and we
will be required to pay the applicable redemption price to warrant holders if we choose to exercise this redemption right and it will
allow us to quickly proceed with a redemption of the warrants if we determine it is in our best interest to do so. As such, we would redeem
the warrants in this manner when we believe it is in our best interest to update our capital structure to remove the warrants and pay
the redemption price to the warrant holders.

 

    8

     

    

 

As stated above, we can redeem the warrants when the Class A ordinary
shares are trading at a price starting at $10.00, which is below the exercise price of $11.50, because it will provide certainty with
respect to our capital structure and cash position while providing warrant holders with the opportunity to exercise their warrants on
a cashless basis for the applicable number of shares. If we choose to redeem the warrants when the Class A ordinary shares are trading
at a price below the exercise price of the warrants, this could result in the warrant holders receiving fewer Class A ordinary shares
than they would have received if they had chosen to wait to exercise their warrants for Class A ordinary shares if and when such Class
A ordinary shares were trading at a price higher than the exercise price of $11.50.

 

No fractional Class A ordinary shares will be issued upon exercise.
If, upon exercise, a holder would be entitled to receive a fractional interest in a share, we will round down to the nearest whole number
of Class A ordinary shares to be issued to the holder. If, at the time of redemption, the warrants are exercisable for a security other
than the Class A ordinary shares pursuant to the warrant agreement (for instance, if we are not the surviving company in our initial business
combination), the warrants may be exercised for such security. At such time as the warrants become exercisable for a security other than
the Class A ordinary shares, the surviving company will use its commercially reasonable efforts to register under the Security Act the
security issuable upon the exercise of the warrants within fifteen business days of the closing of an initial business combination.

 

Redemption Procedures 

 

A holder of a warrant may notify us in writing in the event it elects
to be subject to a requirement that such holder will not have the right to exercise such warrant, to the extent that after giving effect
to such exercise, such person (together with such person’s affiliates), to the warrant agent’s actual knowledge, would beneficially
own in excess of 4.9% or 9.8% (or such other amount as specified by the holder) of the Class A ordinary shares outstanding immediately
after giving effect to such exercise.

 

Anti-Dilution Adjustments 

 

If the number of outstanding Class A ordinary shares is increased by
a share capitalization payable in Class A ordinary shares, or by a sub-division of ordinary shares or other similar event, then, on the
effective date of such share capitalization, sub-division or similar event, the number of Class A ordinary shares issuable on exercise
of each warrant will be increased in proportion to such increase in the outstanding ordinary shares. A rights offering to holders of ordinary
shares entitling holders to purchase Class A ordinary shares at a price less than the “historical fair market value” (as defined
below) will be deemed a share capitalization of a number of Class A ordinary shares equal to the product of (i) the number of Class A
ordinary shares actually sold in such rights offering (or issuable under any other equity interests sold in such rights offering that
are convertible into or exercisable for Class A ordinary shares) multiplied by (ii) one minus the quotient of (x) the price per Class
A ordinary share paid in such rights offering and divided by (y) the historical fair market value. For these purposes (i) if the rights
offering is for securities convertible into or exercisable for Class A ordinary shares, in determining the price payable for Class A ordinary
shares, there will be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise
or conversion and (ii) “historical fair market value” means the volume weighted average price of Class A ordinary shares as
reported during the 10-trading day period ending on the trading day prior to the first date on which the Class A ordinary shares trade
on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.

 

In addition, if we, at any time while the
warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to holders of
Class A ordinary shares on account of such Class A ordinary shares (or other securities into which the warrants are convertible),
other than (a) as described above, (b) any cash dividends or cash distributions which, when combined on a per share basis with all
other cash dividends and cash distributions paid on the Class A ordinary shares during the 365-day period ending on the date of
declaration of such dividend or distribution (as adjusted to appropriately reflect any other adjustments and excluding cash
dividends or cash distributions that resulted in an adjustment to the exercise price or to the number of Class A ordinary shares
issuable on exercise of each warrant) does not exceed $0.50 (being 5% of the offering price of the Units in the IPO), (c) to satisfy
the redemption rights of the holders of Class A ordinary shares in connection with a proposed initial business combination, (d) to
satisfy the redemption rights of the holders of Class A ordinary shares in connection with a shareholder vote to amend our amended
and restated memorandum and articles of association to modify the substance or timing of our obligation to redeem 100% of our public
shares if we do not complete our initial business combination within the period set forth in our amended and restated memorandum and
articles of association or with respect to any other provisions relating to shareholders’ rights or pre-initial business
combination activity, or (e) in connection with the redemption of our public shares upon our failure to complete our initial
business combination, then the warrant exercise price will be decreased, effective immediately after the effective date of such
event, by the amount of cash and/or the fair market value of any securities or other assets paid on each Class A ordinary share in
respect of such event.

 

    9

     

    

 

If the number of outstanding Class A ordinary shares is decreased by
a consolidation, combination, reverse share sub-division or reclassification of Class A ordinary shares or other similar event, then,
on the effective date of such consolidation, combination, reclassification or similar event, the number of Class A ordinary shares issuable
on exercise of each warrant will be decreased in proportion to such decrease in outstanding Class A ordinary shares.

 

Whenever the number of Class A ordinary shares purchasable upon the
exercise of the warrants is adjusted, as described above, the warrant exercise price will be adjusted by multiplying the warrant exercise
price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of Class A ordinary shares purchasable
upon the exercise of the warrants immediately prior to such adjustment, and (y) the denominator of which will be the number of Class A
ordinary shares so purchasable immediately thereafter.

 

In addition, if (x) we issue additional Class A ordinary shares or
equity-linked securities for capital raising purposes in connection with the closing of our initial business combination at an issue price
or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined
in good faith by our board of directors and, in the case of any such issuance to our initial shareholders or their affiliates, without
taking into account any founder shares held by our initial shareholders or such affiliates, as applicable, prior to such issuance) (the
“Newly Issued Price”) (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds,
and interest thereon, available for the funding of our initial business combination on the date of the consummation of our initial business
combination (net of redemptions), and (z) the volume weighted average trading price of our Class A ordinary shares during the 10-trading
day period starting on the trading day prior to the day on which we consummate our initial business combination (such price, the “Market
Value”) of our Class A ordinary shares is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the
nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger
price will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price (See “—Redemption
of Warrants When the Price Per Class A Ordinary Share Equals or Exceeds $18.00” and “—Redemption of Warrants When the
Price per Class A Ordinary Share Equals or Exceeds $10.00”), and the $10.00 per share redemption trigger price will be adjusted
(to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price (See—“Redemption of Warrants
When the Price Per Class A Ordinary Share Equals or Exceeds $10.00”).

 

In case of any reclassification or reorganization of the
outstanding Class A ordinary shares (other than those described above or that solely affects the par value of such Class A ordinary
shares), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or merger
in which we are the continuing corporation and that does not result in any reclassification or reorganization of our outstanding
Class A ordinary shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property
of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the warrants will
thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in
lieu of the Class A ordinary shares immediately theretofore purchasable and receivable upon the exercise of the rights represented
thereby, the kind and amount of Class A ordinary shares or other securities or property (including cash) receivable upon such
reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the
holder of the warrants would have received if such holder had exercised their warrants immediately prior to such event. However, if
such holders were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable
upon such consolidation or merger, then the kind and amount of securities, cash or other assets for which each warrant will become
exercisable will be deemed to be the weighted average of the kind and amount received per share by such holders in such
consolidation or merger that affirmatively make such election, and if a tender, exchange or redemption offer has been made to and
accepted by such holders (other than a tender, exchange or redemption offer made by us in connection with redemption rights held by
shareholders as provided for in our amended and restated memorandum and articles of association or as a result of the redemption of
Class A ordinary shares by us if a proposed initial business combination is presented to our shareholders for approval) under
circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with members of any group
(within the meaning of Rule 13d-5(b)(1) under the Exchange Act) of which such maker is a part, and together with any affiliate or
associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act) and any members of any such group of which any
such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act) more than 50% of
the outstanding Class A ordinary shares, the holder of a warrant will be entitled to receive the highest amount of cash, securities
or other property to which such holder would actually have been entitled as a shareholder if such warrant holder had exercised the
warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the Class A ordinary shares held by
such holder had been purchased pursuant to such tender or exchange offer, subject to adjustment (from and after the consummation of
such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in the warrant agreement.
Additionally, if less than 70% of the consideration receivable by the holders of Class A ordinary shares in such a transaction is
payable in the form of Class A ordinary shares in the successor entity that is listed for trading on a national securities exchange
or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such
event, and if the registered holder of the warrant properly exercises the warrant within thirty days following public disclosure of
such transaction, the warrant exercise price will be reduced as specified in the warrant agreement based on the Black-Scholes
Warrant Value (as defined in the warrant agreement) of the warrant. The purpose of such exercise price reduction is to provide
additional value to holders of the warrants when an extraordinary transaction occurs during the exercise period of the warrants
pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants.

 

    10

     

    

 

The warrants will be issued in registered form under a warrant agreement
between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement provides that the terms of the
warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision, but requires the approval
by the holders of at least a majority of the then outstanding public warrants to make any change that adversely affects the interests
of the registered holders. You should review a copy of the warrant agreement, which is filed as an exhibit to this Annual Report for a
complete description of the terms and conditions applicable to the warrants.

 

The warrants may be exercised upon surrender of the warrant certificate
on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the reverse side of the warrant certificate
completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless basis, if applicable), by certified
or official bank check payable to us, for the number of warrants being exercised. The warrant holders do not have the rights or privileges
of holders of ordinary shares and any voting rights until they exercise their warrants and receive Class A ordinary shares. After the
issuance of Class A ordinary shares upon exercise of the warrants, each holder will be entitled to one vote for each share held of record
on all matters to be voted on by shareholders.

 

We have agreed that, subject to applicable law, any action, proceeding
or claim against us arising out of or relating in any way to the warrant agreement will be brought and enforced in the courts of the State
of New York or the United States District Court for the Southern District of New York, and we irrevocably submit to such jurisdiction,
which jurisdiction will be the exclusive forum for any such action, proceeding or claim. See “Risk Factors—Our warrant agreement
will designate the courts of the State of New York or the United States District Court for the Southern District of New York as the sole
and exclusive forum for certain types of actions and proceedings that may be initiated by holders of our warrants, which could limit the
ability of warrant holders to obtain a favorable judicial forum for disputes with our company.” This provision applies to claims
under the Securities Act but does not apply to claims under the Exchange Act or any claim for which the federal district courts of the
United States of America are the sole and exclusive forum.

 

Private Placement Warrants 

 

Except as described below, the private placement warrants have terms
and provisions that are identical to those of the warrants being sold as part of the units in the IPO. The private placement warrants
(including the Class A ordinary shares issuable upon exercise of such warrants) will not be transferable, assignable or salable until
30 days after the completion of our initial business combination (except, among other limited exceptions as described under “Principal
Shareholders—Transfers of Founder Shares, Private Placement ” to our officers and directors and other persons or entities
affiliated with our sponsor) and they will not be redeemable by us (except as described above under “—Redemption of Warrants
When the Price Per Class A Ordinary Share Equals or Exceeds $10.00”) so long as they are held by our sponsor, members of our sponsor
or their permitted transferees. The sponsor or its permitted transferees, have the option to exercise the private placement warrants on
a cashless basis. If the private placement warrants are held by holders other than the sponsor or its permitted transferees, the private
placement warrants will be redeemable by us in all redemption scenarios and exercisable by the holders on the same basis as the warrants
included in the units being sold in the IPO.

 

Except as described above under “—Public Shareholders’
Warrants—Redemption of Warrants When the Price Per Class A Ordinary Share Equals or Exceeds $10.00,” if holders of the private
placement warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering his, her or its warrants
for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary
shares underlying the warrants, multiplied by the excess of the “sponsor exercise fair market value” (defined below) over
the exercise price of the warrants by (y) the sponsor exercise fair market value. The “sponsor exercise fair market value”
will mean the average reported closing price of the Class A ordinary shares for the 10 trading days ending on the third trading day prior
to the date on which the notice of warrant exercise is sent to the warrant agent. The reason that we have agreed that these warrants will
be exercisable on a cashless basis so long as they are held by the sponsor or its permitted transferees is because it is not known at
this time whether they will be affiliated with us following a business combination. If they remain affiliated with us, their ability to
sell our securities in the open market will be significantly limited. We expect to have policies in place that prohibit insiders from
selling our securities except during specific periods of time. Even during such periods of time when insiders will be permitted to sell
our securities, an insider cannot trade in our securities if he or she is in possession of material non-public information. Accordingly,
unlike public shareholders who could exercise their warrants and sell the Class A ordinary shares received upon such exercise freely in
the open market in order to recoup the cost of such exercise, the insiders could be significantly restricted from selling such securities.
As a result, we believe that allowing the holders to exercise such warrants on a cashless basis is appropriate.

 

In order to fund working capital deficiencies or finance transaction
costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our officers
and directors may, but are not obligated to, loan us funds as may be required. Up to $1,500,000 of such loans may be convertible into
warrants of the post business combination entity at a price of $1.00 per warrant at the option of the lender. Such warrants would be identical
to the private placement warrants.

 

    11

     

    

 

Dividends 

 

We have not paid any cash dividends on our ordinary shares to date
and do not intend to pay cash dividends prior to the completion of a business combination. The payment of cash dividends in the future
will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent to completion
of a business combination. The payment of any cash dividends subsequent to a business combination will be within the discretion of our
board of directors at such time. If we incur any indebtedness, our ability to declare dividends may be limited by restrictive covenants
we may agree to in connection therewith.

 

Our Transfer Agent and Warrant Agent 

 

The transfer agent for our ordinary shares and warrant agent for our
warrants is Continental Stock Transfer & Trust Company. We have agreed to indemnify Continental Stock Transfer & Trust Company
in its roles as transfer agent and warrant agent, its agents and each of its shareholders, directors, officers and except for any liability
due to any gross negligence or intentional misconduct of the indemnified person or entity. Continental Stock Transfer & Trust Company
has agreed that it has no right of set-off or any right, title, interest or claim of any kind to, or to any monies in, the trust account,
and has irrevocably waived any right, title, interest or claim of any kind to, or to any monies in, the trust account that it may have
now or in the future. Accordingly, any indemnification provided will only be able to be satisfied, or a claim will only be able to be
pursued, solely against us and our assets outside the trust account and not against the any monies in the trust account or interest earned
thereon.

 

Certain Differences in Corporate Law 

 

Cayman Islands companies are governed by the Companies Act. The Companies
Act is modeled on English Act but does not follow recent English Law statutory enactments, and differs from laws applicable to United
States corporations and their shareholders. Set forth below is a summary of the material differences between the provisions of the Companies
Act applicable to us and the laws applicable to companies incorporated in the United States and their shareholders.

 

Mergers and Similar Arrangements. In certain circumstances,
the Companies Act allows for mergers or consolidations between two Cayman Islands companies, or between a Cayman Islands exempted company
and a company incorporated in another jurisdiction (provided that is facilitated by the laws of that other jurisdiction).

 

Where the merger or consolidation is between two Cayman Islands companies,
the directors of each company must approve a written plan of merger or consolidation containing certain prescribed information. That plan
or merger or consolidation must then be authorized by either (a) a special resolution (usually a majority of 66 2/3% in value of the voting
shares voted at a general meeting) of the shareholders of each company; or (b) such other authorization, if any, as may be specified in
such constituent company’s articles of association. No shareholder resolution is required for a merger between a parent company
(i.e., a company that owns at least 90% of the issued shares of each class in a subsidiary company) and its subsidiary company. The consent
of each holder of a fixed or floating security interest of a constituent company must be obtained, unless the court waives such requirement.
If the Cayman Islands Registrar of Companies is satisfied that the requirements of the Companies Act (which includes certain other formalities)
have been complied with, the Registrar of Companies will register the plan of merger or consolidation.

 

Where the merger or consolidation involves a foreign company, the procedure
is similar, save that with respect to the foreign company, the directors of the Cayman Islands exempted company are required to make a
declaration to the effect that, having made due enquiry, they are of the opinion that the requirements set out below have been met: (i)
that the merger or consolidation is permitted or not prohibited by the constitutional documents of the foreign company and by the laws
of the jurisdiction in which the foreign company is incorporated, and that those laws and any requirements of those constitutional documents
have been or will be complied with; (ii) that no petition or other similar proceeding has been filed and remains outstanding or order
made or resolution adopted to wind up or liquidate the foreign company in any jurisdictions; (iii) that no receiver, trustee, administrator
or other similar person has been appointed in any jurisdiction and is acting in respect of the foreign company, its affairs or its property
or any part thereof; (iv) that no scheme, order, compromise or other similar arrangement has been entered into or made in any jurisdiction
whereby the rights of creditors of the foreign company are and continue to be suspended or restricted.

 

Where the surviving company is the Cayman Islands exempted company,
the directors of the Cayman Islands exempted company are further required to make a declaration to the effect that, having made due enquiry,
they are of the opinion that the requirements set out below have been met: (i) that the foreign company is able to pay its debts as they
fall due and that the merger or consolidated is bona fide and not intended to defraud unsecured creditors of the foreign company; (ii)
that in respect of the transfer of any security interest granted by the foreign company to the surviving or consolidated company (a) consent
or approval to the transfer has been obtained, released or waived; (b) the transfer is permitted by and has been approved in accordance
with the constitutional documents of the foreign company; and (c) the laws of the jurisdiction of the foreign company with respect to
the transfer have been or will be complied with; (iii) that the foreign company will, upon the merger or consolidation becoming effective,
cease to be incorporated, registered or exist under the laws of the relevant foreign jurisdiction; and (iv) that there is no other reason
why it would be against the public interest to permit the merger or consolidation.

 

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Where the above procedures are adopted, the Companies Act provides
for a right of dissenting shareholders to be paid a payment of the fair value of his shares upon their dissenting to the merger or consolidation
if they follow a prescribed procedure. In essence, that procedure is as follows (a) the shareholder must give his written objection to
the merger or consolidation to the constituent company before the vote on the merger or consolidation, including a statement that the
shareholder proposes to demand payment for his shares if the merger or consolidation is authorized by the vote; (b) within 20 days following
the date on which the merger or consolidation is approved by the shareholders, the constituent company must give written notice to each
shareholder who made a written objection; (c) a shareholder must within 20 days following receipt of such notice from the constituent
company, give the constituent company a written notice of his intention to dissent including, among other details, a demand for payment
of the fair value of his shares; (d) within seven days following the date of the expiration of the period set out in paragraph (b) above
or seven days following the date on which the plan of merger or consolidation is filed, whichever is later, the constituent company, the
surviving company or the consolidated company must make a written offer to each dissenting shareholder to purchase his shares at a price
that the company determines is the fair value and if the company and the shareholder agree the price within 30 days following the date
on which the offer was made, the company must pay the shareholder such amount; and (e) if the company and the shareholder fail to agree
a price within such 30 day period, within 20 days following the date on which such 30 day period expires, the company (and any dissenting
shareholder) must file a petition with the Cayman Islands Grand Court to determine the fair value and such petition must be accompanied
by a list of the names and addresses of the dissenting shareholders with whom agreements as to the fair value of their shares have not
been reached by the company. At the hearing of that petition, the court has the power to determine the fair value of the shares together
with a fair rate of interest, if any, to be paid by the company upon the amount determined to be the fair value. Any dissenting shareholder
whose name appears on the list filed by the company may participate fully in all proceedings until the determination of fair value is
reached. These rights of a dissenting shareholder are not available in certain circumstances, for example, to dissenters holding shares
of any class in respect of which an open market exists on a recognized stock exchange or recognized interdealer quotation system at the
relevant date or where the consideration for such shares to be contributed are shares of any company listed on a national securities exchange
or shares of the surviving or consolidated company.

 

Moreover, Cayman Islands law has separate statutory provisions that
facilitate the reconstruction or amalgamation of companies in certain circumstances, schemes of arrangement will generally be more suited
for complex mergers or other transactions involving widely held companies, commonly referred to in the Cayman Islands as a “scheme
of arrangement” which may be tantamount to a merger. In the event that a merger was sought pursuant to a scheme of arrangement (the
procedures for which are more rigorous and take longer to complete than the procedures typically required to consummate a merger in the
United States), the arrangement in question must be approved by a majority in number of each class of shareholders and creditors with
whom the arrangement is to be made and who must in addition represent three-fourths in value of each such class of shareholders or creditors,
as the case may be, that are present and voting either in person or by proxy at an annual general meeting, or extraordinary general meeting
summoned for that purpose. The convening of the meetings and subsequently the terms of the arrangement must be sanctioned by the Grand
Court of the Cayman Islands. While a dissenting shareholder would have the right to express to the court the view that the transaction
should not be approved, the court can be expected to approve the arrangement if it satisfies itself that:

 

		●	we are not proposing to act
illegally or beyond the scope of our corporate authority and the statutory provisions as to majority vote have been complied with;

 

		●	the shareholders have been
fairly represented at the general meeting in question;

 

		●	the arrangement is such as
a businessman would reasonably approve; and

 

		●	the arrangement is not one
that would more properly be sanctioned under some other provision of the Companies Act or that would amount to a “fraud on the
minority.”

 

If a scheme of arrangement or takeover offer (as described below) is
approved, any dissenting shareholder would have no rights comparable to appraisal rights (providing rights to receive payment in cash
for the judicially determined value of the shares), which would otherwise ordinarily be available to dissenting shareholders of United
States corporations.

 

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Squeeze-out Provisions. When a takeover offer is made and accepted
by holders of 90% of the shares to whom the offer relates is made within four months, the offeror may, within a two-month period, require
the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be made to the Grand Court of
the Cayman Islands but this is unlikely to succeed unless there is evidence of fraud, bad faith, collusion or inequitable treatment of
the shareholders.

 

Further, transactions similar to a merger, reconstruction and/or an
amalgamation may in some circumstances be achieved through means other than these statutory provisions, such as a share capital exchange,
asset acquisition or control, or through contractual arrangements, of an operating business.

 

Shareholders’ Suits. Maples and Calder (Cayman) LLP, our
Cayman Islands legal counsel, is not aware of any reported class action having been brought in a Cayman Islands court. Derivative actions
have been brought in the Cayman Islands courts, and the Cayman Islands courts have confirmed the availability for such actions. In most
cases, we will be the proper plaintiff in any claim based on a breach of duty owed to us, and a claim against (for example) our officers
or directors usually may not be brought by a shareholder. However, based both on Cayman Islands authorities and on English authorities,
which would in all likelihood be of persuasive authority and be applied by a court in the Cayman Islands, exceptions to the foregoing
principle apply in circumstances in which:

 

		●	a company is acting, or proposing
to act, illegally or beyond the scope of its authority;

 

		●	the act complained of, although
not beyond the scope of the authority, could be effected if duly authorized by more than the number of votes which have actually been
obtained; or

 

		●	those who control the company
are perpetrating a “fraud on the minority.”

 

A shareholder may have a direct right of action against us where the
individual rights of that shareholder have been infringed or are about to be infringed.

 

Enforcement of Civil Liabilities. The Cayman Islands has a different
body of securities laws as compared to the United States and provides less protection to investors. Additionally, Cayman Islands companies
may not have standing to sue before the Federal courts of the United States.

 

We have been advised by Maples and Calder (Cayman) LLP, our Cayman
Islands legal counsel, that the courts of the Cayman Islands are unlikely (i) to recognize or enforce against us judgments of courts of
the United States predicated upon the civil liability provisions of the federal securities laws of the United States or any state; and
(ii) in original actions brought in the Cayman Islands, to impose liabilities against us predicated upon the civil liability provisions
of the federal securities laws of the United States or any state, so far as the liabilities imposed by those provisions are penal in nature.
In those circumstances, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the
courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without
retrial on the merits based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation
to pay the sum for which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced in the Cayman
Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or penalty,
inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or obtained in a manner,
and or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands (awards of punitive
or multiple damages may well be held to be contrary to public policy). A Cayman Islands Court may stay enforcement proceedings if concurrent
proceedings are being brought elsewhere.

 

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Special Considerations for Exempted Companies. We are an exempted
company with limited liability (under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted
companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to
be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except
for the exemptions and privileges listed below;

 

		●	annual reporting requirements
are minimal and consist mainly of a statement that the company has conducted its operations mainly outside of the Cayman Islands and
has complied with the provisions of the Companies Act;

 

		●	an exempted company’s
register of members is not open to inspection;

 

		●	an exempted company does not
have to hold an annual general meeting;

 

		●	an exempted company may issue
negotiable or bearer shares or shares with no par value;

 

		●	an exempted company may obtain
an undertaking against the imposition of any future taxation

 

		●	(such undertakings are usually
given for 20 years in the first instance);

 

		●	an exempted company may register
by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

 

		●	an exempted company may register
as a limited duration company; and

 

		●	an exempted company may register
as a segregated portfolio company.

 

“Limited liability” means that the liability of each shareholder
is limited to the amount unpaid by the shareholder on the shares of the company (except in exceptional circumstances, such as involving
fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared
to pierce or lift the corporate veil).

 

Amended and Restated Memorandum and Articles of Association 

 

The Business Combination Article of our amended and restated memorandum
and articles of association contains provisions designed to provide certain rights and protections relating to the IPO that will apply
to us until the completion of our initial business combination. These provisions cannot be amended without a special resolution. As a
matter of Cayman Islands law, a resolution is deemed to be a special resolution where it has been approved by either (i) at least two-thirds
(or any higher threshold specified in a company’s articles of association) of a company’s shareholders at a general meeting
for which notice specifying the intention to propose the resolution as a special resolution has been given; or (ii) if so authorized by
a company’s articles of association, by a unanimous written resolution of all of the company’s shareholders. Our amended and
restated memorandum and articles of association provide that special resolutions must be approved either by at least two-thirds of our
shareholders (i.e., the lowest threshold permissible under Cayman Islands law), or by a unanimous written resolution of all of our shareholders.

 

    15

     

    

 

Our initial shareholders, who will collectively beneficially own 20%
of our ordinary shares upon the closing of the IPO (assuming they do not purchase any units in the IPO), will participate in any vote
to amend our amended and restated memorandum and articles of association and will have the discretion to vote in any manner they choose.
Specifically, our amended and restated memorandum and articles of association provide, among other things, that:

 

		●	If we are unable to complete
our initial business combination within 18 months from the closing of the IPO, we will (i) cease all operations except for the purpose
of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem the public shares, at a
per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (which interest
shall be net of taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then issued and outstanding
public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to
receive further liquidation distributions, if any) and (iii) as promptly as reasonably possible following such redemption, subject to
the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in the case of clauses (ii) and
(iii) to our obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements
of applicable law;

 

		●	Prior to our initial business
combination, we may not issue additional securities that would entitle the holders thereof to (i) receive funds from the trust account
or (ii) vote on our initial business combination;

 

		●	Although we do not intend to
enter into a business combination with a target business that is affiliated with our sponsor, our directors or our officers, we are not
prohibited from doing so. In the event we enter into such a transaction, we, or a committee of independent directors, will obtain an
opinion from an independent investment banking firm which is a member of FINRA or a valuation or appraisal firm that such a business
combination is fair to our company from a financial point of view;

 

		●	If a shareholder vote on our
initial business combination is not required by law and we do not decide to hold a shareholder vote for business or other legal reasons,
we will offer to redeem our public shares pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, and will file tender offer documents
with the SEC prior to completing our initial business combination which contain substantially the same financial and other information
about our initial business combination and the redemption rights as is required under Regulation 14A of the Exchange Act;

 

		●	We must complete one or more
business combinations having an aggregate fair market value of at least 80% of the assets held in the trust account (excluding the deferred
underwriting commissions and taxes payable on the income earned on the trust account) at the time of the agreement to enter into the
initial business combination;

 

		●	If our shareholders approve
an amendment to our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation
to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete
our initial business combination within 18 months from the closing of the IPO or (B) with respect to any other provisions relating to
shareholders’ rights or pre-initial business combination activity, we will provide our public shareholders with the opportunity
to redeem all or a portion of their Class A ordinary shares upon such approval at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable), divided by the number
of then issued and outstanding public shares, subject to the limitations and on the conditions described herein; and

 

		●	We will not effectuate our
initial business combination with another blank check company or a similar company with nominal operations.

 

In addition, our amended and restated memorandum and articles of association
provide we will not redeem our public shares in an amount that would cause our net tangible assets to be less than $5,000,001. We may,
however, raise funds through the issuance of equity-linked securities or through loans, advances or other indebtedness in connection with
our initial business combination, including pursuant to forward purchase agreements or backstop arrangements we may enter into following
consummation of the IPO, in order to, among other reasons, satisfy such net tangible assets requirement.

 

The Companies Act permits a company incorporated in the Cayman Islands
to amend its memorandum and articles of association with the approval of a special resolution. A company’s articles of association
may specify that the approval of a higher majority is required but, provided the approval of the required majority is obtained, any Cayman
Islands exempted company may amend its memorandum and articles of association regardless of whether its memorandum and articles of association
provides otherwise. Accordingly, although we could amend any of the provisions relating to our proposed offering, structure and business
plan which are contained in our amended and restated memorandum and articles of association, we view all of these provisions as binding
obligations to our shareholders and neither we, nor our officers or directors, will take any action to amend or waive any of these provisions
unless we provide dissenting public shareholders with the opportunity to redeem their public shares.

 

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Anti-Money Laundering—Cayman Islands 

 

If any person in the Cayman Islands knows or suspects or has reasonable
grounds for knowing or suspecting that another person is engaged in criminal conduct or money-laundering or is involved with terrorism
or terrorist financing and property and the information for that knowledge or suspicion came to their attention in the course of business
in the regulated sector, or other trade, profession, business or employment, the person will be required to report such knowledge or suspicion
to (i) the Financial Reporting Authority of the Cayman Islands, pursuant to the Proceeds of Crime Act (As Revised) of the Cayman Islands
if the disclosure relates to criminal conduct or money laundering, or (ii) a police officer of the rank of constable or higher, or the
Financial Reporting Authority, pursuant to the Terrorism Act (As Revised) of the Cayman Islands, if the disclosure relates to involvement
with terrorism or terrorist financing and property. Such a report shall not be treated as a breach of confidence or of any restriction
upon the disclosure of information imposed by any enactment or otherwise.

 

Cayman Islands Data Protection 

 

We have certain duties under the Data Protection Act (As Revised) of
the Cayman Islands (the “DPA”) based on internationally accepted principles of data privacy.

 

Privacy Notice 

 

Introduction 

 

This privacy notice puts our shareholders on notice that through your
investment in the company you will provide us with certain personal information which constitutes personal data within the meaning of
the DPA (“personal data”).

 

In the following discussion, the “company” refers to us
and our affiliates and/or delegates, except where the context requires otherwise.

 

Investor Data 

 

We will collect, use, disclose, retain and secure personal data to
the extent reasonably required only and within the parameters that could be reasonably expected during the normal course of business.
We will only process, disclose, transfer or retain personal data to the extent legitimately required to conduct our activities on an ongoing
basis or to comply with legal and regulatory obligations to which we are subject. We will only transfer personal data in accordance with
the requirements of the DPA, and will apply appropriate technical and organizational information security measures designed to protect
against unauthorized or unlawful processing of the personal data and against the accidental loss, destruction or damage to the personal
data.

 

In our use of this personal data, we will be characterized as a “data
controller” for the purposes of the DPA, while our affiliates and service providers who may receive this personal data from us in
the conduct of our activities may either act as our “data processors” for the purposes of the DPA or may process personal
information for their own lawful purposes in connection with services provided to us.

 

We may also obtain personal data from other public sources. Personal
data includes, without limitation, the following information relating to a shareholder and/or any individuals connected with a shareholder
as an investor: name, residential address, email address, contact details, corporate contact information, signature, nationality, place
of birth, date of birth, tax identification, credit history, correspondence records, passport number, bank account details, source of
funds details and details relating to the shareholder’s investment activity.

 

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Who this Affects 

 

If you are a natural person, this will affect you directly. If you
are a corporate investor (including, for these purposes, legal arrangements such as trusts or exempted limited partnerships) that provides
us with personal data on individuals connected to you for any reason in relation your investment in the Company, this will be relevant
for those individuals and you should transmit the content of this Privacy Notice to such individuals or otherwise advise them of its content.

 

How the Company May Use Your Personal Data 

 

The company, as the data controller, may collect, store and use personal
data for lawful purposes, including, in particular:

 

	(i)	where this is necessary for
the performance of our rights and obligations under any purchase agreements;

 

	(ii)	where this is necessary for
compliance with a legal and regulatory obligation to which we are subject (such as compliance with anti-money laundering and FATCA/CRS
requirements); and/or

 

	(iii)	where this is necessary for
the purposes of our legitimate interests and such interests are not overridden by your interests, fundamental rights or freedoms.

 

Should we wish to use personal data for other specific purposes (including,
if applicable, any purpose that requires your consent), we will contact you.

 

Why We May Transfer Your Personal Data 

 

In certain circumstances, we may be legally obliged to share personal
data and other information with respect to your shareholding with the relevant regulatory authorities such as the Cayman Islands Monetary
Authority or the Tax Information Authority. They, in turn, may exchange this information with foreign authorities, including tax authorities.

 

We anticipate disclosing personal data to persons who provide services
to us and their respective affiliates (which may include certain entities located outside the United States, the Cayman Islands or the
European Economic Area), who will process your personal data on our behalf.

 

The Data Protection Measures We Take 

 

Any transfer of personal data by us or our duly authorized affiliates
and/or delegates outside of the Cayman Islands shall be in accordance with the requirements of the DPA.

 

We and our duly authorized affiliates and/or delegates shall apply
appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing
of personal data, and against accidental loss or destruction of, or damage to, personal data.

 

We shall notify you of any personal data breach that is reasonably
likely to result in a risk to your interests, fundamental rights or freedoms or those data subjects to whom the relevant personal data
relates.

 

Certain Anti-Takeover Provisions of our Amended and Restated Memorandum
and Articles of Association 

 

Our amended and restated memorandum and articles of association provide
that our board of directors is classified into three classes of directors. As a result, in most circumstances, a person can gain control
of our board only by successfully engaging in a proxy contest at two or more annual general meetings.

 

Our authorized but unissued Class A ordinary shares and preference
shares are available for future issuances without shareholder approval and could be utilized for a variety of corporate purposes, including
future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved
Class A ordinary shares and preference shares could render more difficult or discourage an attempt to obtain control of us by means of
a proxy contest, tender offer, merger or otherwise.

 

Securities Eligible for Future Sale 

 

We have 28,750,000 ordinary shares outstanding. Of these shares, 23,000,000
Class A ordinary shares sold as part of the units in the IPO are freely tradable without restriction or further registration under the
Securities Act, except for any Class A ordinary shares purchased by one of our affiliates within the meaning of Rule 144 under the Securities
Act. All of the 5,750,000 outstanding founder shares and all of the 11,700,000 outstanding private placement warrants will be restricted
securities under Rule 144, in that they were issued in private transactions not involving a public offering.

 

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Rule 144 

 

Pursuant to Rule 144, a person who has beneficially owned restricted
shares or warrants for at least six months would be entitled to sell their securities provided that (i) such person is not deemed to have
been one of our affiliates at the time of, or at any time during the three months preceding, a sale and (ii) we are subject to the Exchange
Act periodic reporting requirements for at least three months before the sale and have filed all required reports under Section 13 or
15(d) of the Exchange Act during the 12 months (or such shorter period as we were required to file reports) preceding the sale.

 

Persons who have beneficially owned restricted shares or warrants for
at least six months but who are our affiliates at the time of, or at any time during the three months preceding, a sale, would be subject
to additional restrictions, by which such person would be entitled to sell within any three-month period only a number of securities that
does not exceed the greater of:

 

		●	1% of the total number of ordinary
shares then outstanding, which will equal 414,000 shares immediately after the IPO; or

 

		●	the average weekly reported
trading volume of the Class A ordinary shares during the four calendar weeks preceding the filing of a notice on Form 144 with respect
to the sale.

 

Sales by our affiliates under Rule 144 are also limited by manner of
sale provisions and notice requirements and to the availability of current public information about us.

 

Restrictions on the Use of Rule 144 by Shell Companies or Former
Shell Companies 

 

Rule 144 is not available for the resale of securities initially issued
by shell companies (other than business combination related shell companies) or issuers that have been at any time previously a shell
company. However, Rule 144 also includes an important exception to this prohibition if the following conditions are met:

 

		●	the issuer of the securities
that was formerly a shell company has ceased to be a shell company;

 

		●	the issuer of the securities
is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act;

 

		●	the issuer of the securities
has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding 12 months (or such shorter
period that the issuer was required to file such reports and materials), other than Current Reports on Form 8-K; and

 

		●	at least one year has elapsed
from the time that the issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell
company.

 

As a result, our initial shareholders will be able to sell their founder
shares and private placement warrants, as applicable, pursuant to Rule 144 without registration one year after we have completed our initial
business combination.

 

Registration Rights 

 

The holders of the (i) founder shares, which were issued in a private
placement prior to the closing of the IPO, (ii) private placement warrants, which were issued in a private placement simultaneously with
the closing of the IPO and the Class A ordinary shares underlying such private placement warrants, and (iii) private placement warrants
that may be issued upon conversion of working capital loans will have registration rights to require us to register a sale of any of our
securities held by them pursuant to a registration rights agreement to be signed prior to or on the effective date of the IPO. Pursuant
to the registration rights agreement and assuming $1.5 million of working capital loans are converted into private placement warrants,
we will be obligated to register up to 18,950,000 Class A ordinary shares and 13,200,000 warrants. The number of Class A ordinary shares
includes (i) 10,350,000 Class A ordinary shares to be issued upon conversion of the founder shares, (ii) 10,280,000 Class A ordinary shares
underlying the private placement warrants, and (iii) 1,500,000 Class A ordinary shares underlying the private placement warrants issued
upon conversion of working capital loans. The number of warrants includes 11,700,000 private placement warrants. The holders of these
securities are entitled to make up to three demands, excluding short form demands, that we register such securities. In addition, the
holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to our completion
of our initial business combination. We will bear the expenses incurred in connection with the filing of any such registration statements.

 

Listing of Securities 

 

Our units, Class A ordinary shares and warrants are listed on NYSE
under the symbols “RCFA.U,” “RCFA” and “RCFA WS,” respectively.

 

 

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