Document:

EX-10.2

 Exhibit 10.2 

GUARANTEE 
 This GUARANTEE, dated
as of March 7, 2015 (as amended, supplemented or otherwise modified from time to time, this “Guarantee”), is made by RECRO PHARMA, INC., a Pennsylvania corporation (“Recro” and, together with any additional
Persons named pursuant to Section 5.5, each a “Guarantor” and collectively the “Guarantors”), in favor of ORBIMED ROYALTY OPPORTUNITIES II, LP, a Delaware limited partnership (together with its Affiliates,
successors, transferees and assignees, the “Lender”). 

W I T N E S S E T H:

 WHEREAS, concurrently with the execution of this Guarantee, Recro Pharma LLC, a Delaware limited liability company (the
“Borrower”), and the Lender are entering into the Credit Agreement, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), pursuant to which
the Lender will extend a Commitment to make the Loan to the Borrower; 
 WHEREAS, the Guarantors (other than Recro) and the Borrower are all
direct and indirect subsidiaries of Recro (such Guarantors, Recro, and the Borrower, the “Recro Group”), and the Loan will inure to the benefit of the Recro Group, as a whole, and to the benefit of each Guarantor; 

WHEREAS, (i) in order to induce the Lender to enter into the Credit Agreement and extend the Commitment and make the Loan to the
Borrower, Recro is required to execute and deliver this Guarantee to the Lender on the date hereof, and (ii) as a condition precedent to the making of the Loan under the Credit Agreement on the Closing Date, Newco (as defined below) will be
required to execute and deliver a supplement to this Guarantee to the Lender on the Closing Date and become a Guarantor hereunder; 

WHEREAS, concurrently with the execution of this Guarantee, Recro, the Borrower, Alkermes Pharma Ireland Limited, a private limited company
incorporated in Ireland (“APIL”), Daravita Limited, a private limited company incorporated in Ireland (“Daravita”), and Eagle Holdings USA, Inc., a Delaware corporation (“Eagle Holdings”), are
entering into a Purchase and Sale Agreement dated as of the date hereof (as it may be amended from time to time, the “Acquisition Agreement”); 

WHEREAS, Alkermes Ireland Holdings Limited, a private limited company incorporated in Ireland, holds 100% of the Capital Securities of
Daravita, and Eagle Holdings holds 100% of the Capital Securities of Alkermes Gainesville LLC, a Massachusetts limited liability company (“Alkermes Gainesville,” and together with Daravita, each individually a
“Company” and collectively, the “Companies”); 
 WHEREAS, pursuant to the Acquisition Agreement, APIL will
form a new Delaware limited liability company (“Newco”) which, prior to the closing of the transactions contemplated by the Acquisition Agreement, will acquire substantially all of the assets and liabilities of Daravita through a
reorganization (the “Asset and Liability Transfer”); 

 WHEREAS, pursuant to the Acquisition Agreement, Recro has agreed to acquire, through Borrower,
100% of the Capital Securities of (i) Alkermes Gainesville and (ii) Newco (the “Acquisition”); 
 WHEREAS,
immediately following the Acquisition, Recro will cause Borrower to merge (the “Merger”) with and into Alkermes Gainesville, with Alkermes Gainesville being the surviving entity following the Merger and immediately changing its name
to Recro Gainesville LLC (the “Surviving Entity”), and all references to Borrower in this Guarantee for any period from and after consummation of the Acquisition and the Merger shall include the Surviving Entity; and 

WHEREAS, as a result of the Merger, Newco will become a wholly-owned subsidiary of the Borrower and, pursuant to the Credit Agreement, will be
required to execute and deliver a supplement to this Guarantee to the Lender on the Closing Date and become a Guarantor hereunder; 
 NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in order to induce the Lender to enter into the Credit Agreement and extend the Commitment and make the Loan to the Borrower, each
Guarantor hereby agrees, for the benefit of the Lender, as follows. 
 ARTICLE I 

DEFINITIONS 
 Section 1.1
Certain Terms. The following terms (whether or not underscored) when used in this Guarantee, including its preamble and recitals, shall have the following meanings (such definitions to be equally applicable to the singular and
plural forms thereof): 
 “Acquisition” is defined in the seventh recital. 

“Acquisition Agreement” is defined in the fourth recital. 

“Alkermes Gainesville” is defined in the fifth recital. 

“APIL” is defined in the fourth recital. 

“Asset and Liability Transfer” is defined in the sixth recital. 

“Borrower” is defined in the first recital, it being understood that (i) the Borrower shall be the Surviving
Entity from and after the Merger and (ii) for purposes of Article III hereof, all references therein to the Borrower and the Loan Parties shall include (A) the Companies and (B) Newco (assuming for such purpose that Newco was
formed and the Asset and Liability Transfer occurred immediately prior to the execution of this Guarantee). 
 “Company”
and “Companies” are defined in the fifth recital. 
 “Credit Agreement” is defined in the first
recital. 

  
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 “Daravita” is defined in the fifth recital. 

“Eagle Holdings” is defined in the fourth recital. 

“Guarantor” and “Guarantors” are defined in the preamble. 

“Guarantee” is defined in the preamble. 

“Lender” is defined in the preamble. 

“Merger” is defined in the eighth recital. 

“Newco” is defined in the sixth recital. 

“Obligor” is defined in Section 2.1(a). 

“Recro” is defined in the preamble. 

“Recro Group” is defined in the second recital. 

“Surviving Entity” is defined in the eighth recital. 

Section 1.2 Credit Agreement Definitions. Unless otherwise defined herein or the context otherwise requires, terms used in
this Guarantee, including its preamble and recitals, have the meanings provided in the Credit Agreement. 
 ARTICLE II 

GUARANTEE PROVISIONS 

Section 2.1 Guarantee. Each Guarantor jointly and severally, absolutely, unconditionally and irrevocably: 

(a) guarantees the full and punctual payment when due, whether at stated maturity, by required prepayment, declaration,
acceleration, demand or otherwise, and performance of all Obligations of Recro, the Borrower and their respective Subsidiaries party to any Loan Document (each, an “Obligor”) now or hereafter existing, whether for principal,
interest (including interest accruing at the then applicable default rate as provided in Section 3.4 of the Credit Agreement, whether or not a claim for post-filing or post-petition interest is allowed under applicable law following the
institution of a proceeding under bankruptcy, insolvency or similar laws), fees, expenses or otherwise (including all such amounts which would become due but for the operation of the automatic stay under Section 362(a) of the United States
Bankruptcy Code, 11 U.S.C. §362(a), and the operation of Sections 502(b) and 506(b) of the United States Bankruptcy Code, 11 U.S.C. §502(b) and §506(b)); and 

(b) indemnifies and holds harmless the Lender for any and all costs and expenses (including the reasonable fees and
out-of-pocket expenses of counsel to the Lender) 

  
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incurred by the Lender in enforcing any rights under this Guarantee, except to the extent such amounts arise or are incurred as a consequence of the Lender’s own gross negligence or willful
misconduct; 
 provided, that each Guarantor shall only be liable under this Guarantee for the maximum amount of such liability that can be hereby
incurred without rendering this Guarantee, as it relates to such Guarantor, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount. This Guarantee constitutes a guarantee of payment
when due and not of collection, and each Guarantor specifically agrees that it shall not be necessary or required that the Lender exercise any right, assert any claim or demand or enforce any remedy whatsoever against such Guarantor or any other
Person before or as a condition to the obligations of such Guarantor becoming due hereunder. 
 Section 2.2 Reinstatement, Etc.
Each Guarantor agrees that this Guarantee shall continue to be effective or be reinstated (including on or after the Termination Date), as the case may be, if at any time any payment (in whole or in part) of any of the Obligations is invalidated,
declared to be fraudulent or preferential, set aside, rescinded or must otherwise be restored by the Lender, including upon the occurrence of any Event of Default set forth in Section 9.1(h) of the Credit Agreement or otherwise, all as though
such payment had not been made. 
 Section 2.3 Guarantee Absolute, Etc. This Guarantee shall in all respects be a continuing,
absolute, unconditional and irrevocable guarantee of payment, and shall remain in full force and effect until (unless reinstated pursuant to Section 2.2 above) the Termination Date has occurred. Each Guarantor guarantees that the
Obligations shall be paid strictly in accordance with the terms of each Loan Document under which they arise, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the
Lender with respect thereto. The liability of each Guarantor under this Guarantee shall be absolute, unconditional and irrevocable irrespective of: 

(a) any lack of validity, legality or enforceability of any Loan Document; 

(b) the failure of the Lender (i) to assert any claim or demand or to enforce any right or remedy against such Guarantor
or any other Person (including any other guarantor) under the provisions of any Loan Document or otherwise, or (ii) to exercise any right or remedy against any other guarantor (including such Guarantor and any other Guarantor) of, or collateral
securing, any Obligations; 
 (c) any change in the time, manner or place of payment of, or in any other term of, all or any
part of the Obligations, or any other extension, compromise or renewal of any Obligation, or any amendment to, rescission, waiver, or other modification of, or any consent to or departure from, any of the terms of any Loan Document; 

(d) any reduction, limitation, impairment or termination of any Obligations for any reason, including any claim of waiver,
release, surrender, alteration or compromise, and shall not be subject to (and each Guarantor hereby waives any right to or claim of) any defense or setoff, counterclaim (other than a defense of payment or performance),

  
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recoupment or termination whatsoever by reason of the invalidity, illegality, irregularity, compromise, unenforceability of, or any other event or occurrence affecting, any Obligations or
otherwise; 
 (e) any addition, exchange or release of any collateral or of any Person that is (or will become) a guarantor
of the Obligations, or any surrender or non-perfection of any collateral, or any amendment to, or waiver or release of, or addition to, or consent to or departure from, any other guarantee held by the Lender securing any of the Obligations; or 

(f) any other circumstance which might otherwise constitute a defense available to, or a legal or equitable discharge of, any
Obligor, any surety or any guarantor (including any Guarantor). 
 Section 2.4 Setoff. Each Guarantor hereby irrevocably
authorizes the Lender, without the requirement that any notice be given to such Guarantor (such notice being expressly waived by such Guarantor), upon the occurrence and during the continuance of any Event of Default, to appropriate and apply to the
payment of the Obligations owing to it (whether or not then due), and (as security for such Obligations) each Guarantor hereby grants to the Lender a continuing security interest in, any and all balances, credits, deposits, accounts or moneys of
such Guarantor then or thereafter maintained with or on behalf of the Lender. The Lender agrees to notify such Guarantor after any such set-off and application made by the Lender; provided, that the failure to give such notice shall not affect the
validity of such setoff and application. The rights of the Lender under this Section are in addition to other rights and remedies (including other rights of setoff under applicable law or otherwise) which the Lender may have. 

Section 2.5 Waiver, Etc. Each Guarantor waives promptness, diligence, notice of acceptance and any other notice with respect to
any of the Obligations and this Guarantee and any requirement that the Lender protect, secure, perfect or insure any Lien, or any property subject thereto, or exhaust any right or take any action against any Obligor or any other Person (including
any Guarantor) or entity or any collateral securing the Obligations, as the case may be. 
 Section 2.6 Postponement of Subrogation,
Etc. Each Guarantor agrees that it will not exercise any rights which it may acquire by way of rights of subrogation under any Loan Document to which it is a party, nor shall such Guarantor seek or be entitled to seek any contribution or
reimbursement from the Borrower or any other Obligor or Guarantor, in respect of any payment made under any Loan Document or otherwise, until following the Termination Date. Any amount paid to such Guarantor on account of any such subrogation rights
prior to the Termination Date shall be held in trust for the benefit of the Lender and shall immediately be paid and turned over to the Lender in the exact form received by such Guarantor (duly endorsed in favor of the Lender, if required), to be
credited and applied against the Obligations, whether matured or unmatured, in accordance with Section 2.7; provided, that if such Guarantor has made payment to the Lender of all or any part of the Obligations and the Termination
Date has occurred, then, at such Guarantor’s request, the Lender will, at the expense of such Guarantor, execute and deliver to such Guarantor appropriate documents (without recourse and without 

  
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representation or warranty) necessary to evidence the transfer by subrogation to such Guarantor of an interest in the Obligations resulting from such payment. In furtherance of the foregoing, at
all times prior to the Termination Date, such Guarantor shall refrain from taking any action or commencing any proceeding against the Borrower or any other Obligor or Guarantor (or their successors or assigns, whether in connection with a bankruptcy
proceeding or otherwise) to recover any amounts in respect of payments made under this Guarantee to the Lender. 
 Section 2.7
Payments; Application. Each Guarantor agrees that all obligations of such Guarantor hereunder shall be paid solely in U.S. Dollars to the Lender in immediately available funds, without set-off, counterclaim or other defense and in accordance
with Sections 3.2, 3.3, 4.3 and 4.4 of the Credit Agreement, free and clear of and without deduction for any Non-Excluded Taxes, such Guarantor hereby agreeing to comply with and be bound by the provisions of Sections 3.2, 3.3, 4.3 and 4.4 of the
Credit Agreement in respect of all payments and application of such payments made by it hereunder and the provisions of which Sections are hereby incorporated into and made a part of this Guarantee by this reference as if set forth herein;
provided, that references to the “Borrower” in such Sections shall be deemed to be references to such Guarantor, and references to “this Agreement” in such Sections shall be deemed to be references to this Guarantee. 

ARTICLE III 
 REPRESENTATIONS AND
WARRANTIES 
 In order to induce the Lender to enter into the Credit Agreement and make the Loan thereunder, each Guarantor represents and
warrants to the Lender, as of the date hereof and as of the Closing Date, as set forth below (it being understood and agreed that (i) the representations and warranties made on the Closing Date are deemed to be made concurrently with and after
giving effect to the consummation of the Acquisition and the Merger and (ii) references to the Borrower and the Loan Parties in this Article III include (A) the Companies and (B) Newco (assuming for such purpose that Newco was
formed and the Asset and Liability Transfer occurred immediately prior to the execution of this Guarantee)). 
 Section 3.1 Credit
Agreement Representations and Warranties. The representations and warranties contained in Article VI of the Credit Agreement, insofar as the representations and warranties contained therein are applicable to such Guarantor and its properties,
are true and correct in all material respects as of the date hereof and as of the Closing Date (except for representations and warranties that refer to a specific date, which shall be true and correct in all material respects as of such date) (it
being understood and agreed that (i) the representations and warranties made on the Closing Date are deemed to be made concurrently with and after giving effect to the consummation of the Acquisition and the Merger; and (ii) references to
the Borrower and the Loan Parties in Article VI of the Credit Agreement include (A) the Companies and (B) Newco (assuming for such purpose that Newco was formed and the Asset and Liability Transfer occurred immediately prior to the
execution of this Guarantee)), each such representation and warranty set forth in such Article (insofar as applicable as aforesaid) and all other terms of the Credit Agreement to which reference is made therein, together with all related definitions
and ancillary provisions, being hereby incorporated into this Guarantee by this reference as though specifically set forth in this Article. 

  
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 Section 3.2 Financial Condition, Etc. Each Guarantor has knowledge of the
Borrower’s and each other Guarantor’s financial condition and affairs and has adequate means to obtain from each such Person on an ongoing basis information relating thereto and to each such Person’s ability to pay and perform the
Obligations, and agrees to assume the responsibility for keeping, and to keep, so informed for so long as this Guarantee is in effect. Each Guarantor acknowledges and agrees that the Lender shall have no obligation to investigate the financial
condition or affairs of the Borrower or any other Guarantor for the benefit of such Guarantor nor to advise such Guarantor of any fact respecting, or any change in, the financial condition or affairs of each such Person that might become known to
the Lender at any time, whether or not the Lender knows or believes or has reason to know or believe that any such fact or change is unknown to such Guarantor, or might (or does) materially increase the risk of such Guarantor as guarantor, or might
(or would) affect the willingness of such Guarantor to continue as a guarantor of the Obligations. 
 Section 3.3 Best
Interests. It is in the best interests, and for the commercial benefit, of each Guarantor to execute this Guarantee inasmuch as each Guarantor will, as a result of being an Affiliate of the Borrower, derive substantial direct and indirect
benefits from the Loan made to the Borrower by the Lender pursuant to the Credit Agreement, and each Guarantor agrees that the Lender is relying on this representation in agreeing to make the Loan to the Borrower. 

ARTICLE IV 
 COVENANTS, ETC. 

Section 4.1 Covenants. Each Guarantor covenants and agrees that, at all times prior to the Termination Date, it will perform,
comply with and be bound by all of the agreements, covenants and obligations contained in the Credit Agreement (including Articles VII and VIII of the Credit Agreement) which are applicable to such Guarantor or its properties, each such agreement,
covenant and obligation contained in the Credit Agreement and all other terms of the Credit Agreement to which reference is made in this Article, together with all related definitions and ancillary provisions, being hereby incorporated into this
Guarantee by this reference as though specifically set forth in this Article. 
 ARTICLE V 

MISCELLANEOUS PROVISIONS 

Section 5.1 Loan Document. This Guarantee is a Loan Document executed pursuant to the Credit Agreement and shall (unless
otherwise expressly indicated herein) be construed, administered and applied in accordance with the terms and provisions thereof, including Article X thereof. 

Section 5.2 Binding on Successors, Transferees and Assigns; Assignment. This Guarantee shall remain in full force and effect
until the Termination Date has occurred, shall be binding upon each Guarantor and its successors, transferees and assigns and shall inure to the 

  
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benefit of and be enforceable by the Lender; provided, that such Guarantor may not (unless otherwise permitted under the terms of the Credit Agreement) assign any of its obligations
hereunder without the prior written consent of the Lender. Without limiting the generality of the foregoing, the Lender may assign or otherwise transfer (in whole or in part) its Commitment, Note or Loan held by it to any other Person, and such
other Person shall thereupon become vested with all rights and benefits in respect thereof granted to the Lender under each Loan Document (including this Guarantee) or otherwise. 

Section 5.3 Amendments, Etc. No amendment to or waiver of any provision of this Guarantee, nor consent to any departure by any
Guarantor from its obligations under this Guarantee, shall in any event be effective unless the same shall be in writing and signed by the Lender and then such waiver or consent shall be effective only in the specific instance and for the specific
purpose for which given. 
 Section 5.4 Notices. All notices and other communications provided for hereunder shall be given
or made as set forth in Section 10.2 of the Credit Agreement. 
 Section 5.5 Additional Guarantors. Upon the execution
and delivery by any other Person of a supplement in the form of Annex I hereto, such Person shall become a “Guarantor” hereunder with the same force and effect as if it were originally a party to this Guarantee and named as a
“Guarantor” hereunder. The execution and delivery of such supplement shall not require the consent of any other Guarantor hereunder, and the rights and obligations of each Guarantor hereunder shall remain in full force and effect
notwithstanding the addition of any new Guarantor as a party to this Guarantee. 
 Section 5.6 No Waiver; Remedies. In
addition to, and not in limitation of, Section 2.3 and Section 2.5, no failure on the part of the Lender to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 

Section 5.7 Further Assurances. Each Guarantor agrees, upon the written request of the Lender, to execute and deliver to the
Lender, from time to time, any additional instruments or documents deemed to be reasonably necessary by the Lender to cause this Guarantee to be, become or remain valid and effective in accordance with its terms. 

Section 5.8 Section Captions. Section captions used in this Guarantee are for convenience of reference only and shall not
affect the construction of this Guarantee. 
 Section 5.9 Severability. Any provision of this Guarantee which is prohibited
or unenforceable in any jurisdiction shall, as to such provision and such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Guarantee or affecting the validity or
enforceability of such provision in any other jurisdiction. 

  
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 Section 5.10 Governing Law, Entire Agreement, Etc. THIS GUARANTEE AND ANY CLAIMS,
CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS GUARANTEE OR ANY OTHER LOAN DOCUMENT CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSE SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). This Guarantee, along with the other Loan Documents, constitutes the entire understanding among
the parties hereto with respect to the subject matter hereof and supersedes any prior agreements, written or oral, with respect hereto. 

Section 5.11 Forum Selection and Consent to Jurisdiction. ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN
CONNECTION WITH, THIS GUARANTEE, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE LENDER OR ANY GUARANTOR IN CONNECTION HEREWITH SHALL BE BROUGHT AND MAINTAINED IN THE COURTS OF THE BOROUGH OF
MANHATTAN IN THE CITY OF NEW YORK IN THE STATE OF NEW YORK OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK; PROVIDED THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE
BROUGHT, AT THE LENDER’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND. THE LENDER BY ACCEPTANCE OF THIS GUARANTEE AND EACH GUARANTOR IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED
MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF NEW YORK AT THE ADDRESS FOR NOTICES SPECIFIED IN SECTION 10.2 OF THE CREDIT AGREEMENT. THE LENDER BY ACCEPTANCE OF THIS GUARANTEE AND EACH GUARANTOR HEREBY EXPRESSLY
AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY HAVE OR HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION
HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. TO THE EXTENT THAT THE LENDER BY ACCEPTANCE OF THIS GUARANTEE OR ANY GUARANTOR HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR
NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, THE LENDER BY ACCEPTANCE OF THIS GUARANTEE AND SUCH GUARANTOR, EACH ON ITS OWN BEHALF, HEREBY IRREVOCABLY WAIVES TO THE
FULLEST EXTENT PERMITTED BY LAW SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS GUARANTEE. 
 Section 5.12
Counterparts. This Guarantee may be executed by the parties hereto in several counterparts, each of which shall be an original and all of which shall constitute together but one and the same agreement. This Guarantee shall become
effective when counterparts 

  
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hereof executed on behalf of each Guarantor shall have been received by the Lender. Delivery of an executed counterpart of a signature page to this Guarantee by email (e.g. “pdf” or
“tiff”) or telecopy shall be effective as delivery of a manually executed counterpart of this Guarantee. 
 Section 5.13
Waiver of Jury Trial. THE LENDER BY ACCEPTANCE OF THIS GUARANTEE AND EACH GUARANTOR HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF
ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS GUARANTEE, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE LENDER OR ANY GUARANTOR IN CONNECTION HEREWITH. EACH
GUARANTOR ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION (AND EACH OTHER PROVISION OF EACH OTHER LOAN DOCUMENT TO WHICH IT IS A PARTY) AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE LENDER
TO ENTER INTO THE LOAN DOCUMENTS. 
 [ Signature Page Follows ] 

  
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 IN WITNESS WHEREOF, each Guarantor has caused this Guarantee to be duly executed and delivered by
its Authorized Officer as of the date first above written. 
  

					
	RECRO PHARMA, INC.
		
	By:		 /s/ Gerri Henwood

			Name:		Gerri Henwood
			Title:		President and Chief Executive Officer

 [Signature Page to Guarantee] 

 ANNEX 

I to Guarantee 
 SUPPLEMENT TO 

GUARANTEE 
 This
SUPPLEMENT, dated as of                  ,          (this “Supplement”), is to the Guarantee, dated as of
March 7, 2015 (as amended, restated, supplemented, amended and restated or otherwise modified from time to time, the “Guarantee”), by the Guarantors (such term, and other terms used in this Supplement, to have the meanings set
forth in Article I of the Guarantee) from time to time party thereto, in favor of ORBIMED ROYALTY OPPORTUNITIES II, LP, a Delaware limited partnership (together with its Affiliates, successors, transferees and assignees, the
“Lender”). 
 W I T N E S S E T H : 

WHEREAS, pursuant to a Credit Agreement, dated as of March 7, 2015 (as amended, restated, supplemented, or otherwise modified from time
to time, the “Credit Agreement”), by and between (i) the Lender and (ii) (A) prior to consummation of the Merger, Recro Pharma LLC, a Delaware limited liability company (“Recro LLC”) and (B) from
and after consummation of the Merger, Recro Gainesville LLC, a Massachusetts limited liability company (the “Surviving Entity”, and together with Recro LLC, the “Borrower”), the Lender has extended a Commitment to
make the Loan to the Borrower; 
 WHEREAS, pursuant to the provisions of Section 5.5 of the Guarantee, each of the undersigned is
becoming a Guarantor under the Guarantee; and 
 WHEREAS, each of the undersigned desires to become a “Guarantor” under the
Guarantee in order to induce the Lender to continue to extend the Loan under the Credit Agreement; 
 NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, each of the undersigned agrees, for the benefit of the Lender, as follows. 

SECTION 1. Party to Guarantee, Etc. In accordance with the terms of the Guarantee, by its signature below, each of the undersigned
hereby irrevocably agrees to become a Guarantor under the Guarantee with the same force and effect as if it were an original signatory thereto and each of the undersigned hereby (a) agrees to be bound by and comply with all of the terms and
provisions of the Guarantee applicable to it as a Guarantor and (b) represents and warrants that the representations and warranties made by it as a Guarantor thereunder are true and correct in all respects (in the case of any representation or
warranty qualified by materiality or Material Adverse Effect) or in all material respects (in the case of any representation or warranty not qualified by materiality or Material Adverse Effect) as of the date hereof, unless stated to relate solely
to an earlier date, in which case such representations and warranties shall be true and correct in all respects (in the case of any representation or warranty qualified by materiality or 

 
Material Adverse Effect) or in all material respects (in the case of any representation or warranty not qualified by materiality or Material Adverse Effect. In furtherance of the foregoing, each
reference to a “Guarantor” and/or “Guarantors” in the Guarantee shall be deemed to include each of the undersigned. 

SECTION 2. Representations. Each of the undersigned Guarantors hereby represents and warrants that this Supplement has been duly
authorized, executed and delivered by it and that this Supplement and the Guarantee constitute its legal, valid and binding obligation, enforceable against it in accordance with its terms (except, in any case, as such enforceability may be limited
by applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally and by principles of equity). 

SECTION 3. Full Force of Guarantee. Except as expressly supplemented hereby, the Guarantee shall remain in full force and effect in
accordance with its terms. 
 SECTION 4. Severability. Wherever possible each provision of this Supplement shall be interpreted in
such manner as to be effective and valid under applicable law, but if any provision of this Supplement shall be prohibited by or invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this Supplement or the Guarantee. 
 SECTION 5. Governing
Law, Entire Agreement, Etc. THIS SUPPLEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT OR ANY DOCUMENT CONTEMPLATED HEREBY
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSE SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW
YORK). This Supplement, along with the other Loan Documents, constitutes the entire understanding among the parties hereto with respect to the subject matter thereof and supersedes any prior agreements, written or oral, with respect thereto. 

SECTION 6. Effective. This Supplement shall become effective when a counterpart hereof executed by the Guarantor shall have been
received by the Lender. Delivery of an executed counterpart of a signature page to this Supplement by email (e.g. “pdf” or “tiff”) or telecopy shall be effective as delivery of a manually executed counterpart of this Supplement.

 [Signature Page Follows] 

  
 2 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Supplement to be duly executed and
delivered by its Authorized Officer as of the date first above written. 
  

			
	 [NAME OF ADDITIONAL SUBSIDIARY]

		
	 By:
		  

			  Name:
			  Title:
	
	 [NAME OF ADDITIONAL SUBSIDIARY]

		
	 By:
		  

			  Name:
			  Title:

 [Signature Page to Guarantee Supplement]Filed by Avantafile.com - I-Minerals Inc. - Exhibit 10.1

THIS LOAN AGREEMENT (“this
Agreement”) is dated February 18, 2015.

AMONG:

  
    I-Minerals Inc.,
      a body corporate, continued under the laws of Canada, having its head office at
      Suite 880 – 580 Hornby Street, Vancouver, British Columbia, Canada V6C 3B6

    (hereinafter called
      the “Company”)

  

OF THE FIRST PART

AND:

  
    i-minerals
      USA Inc., an Idaho limited liability company, having an office c/o the
      Company, at Suite 880 – 580 Hornby Street, Vancouver, British Columbia, Canada
      V6C 3B6

    (hereinafter called
      the “Subsidiary”)

  

OF THE SECOND PART

AND:

  
    BV Lending,
      LLC, an Idaho limited liability company, having its head office at Suite
      201 – 901 Pier View Drive, Idaho Falls, Idaho, U.S.A. 83402

    (hereinafter called
      “BV”)

  

OF THE THIRD PART

WHEREAS:

	A.

	Pursuant to an agreement among the parties made as of January 27, 2014, as amended by an amending agreement dated December 4, 2014 (hereinafter collectively called the “Amended and Restated Loan Agreement”), the parties revised certain of the terms and conditions of each of the Initial Agreement and the Second Agreement, and provided that all cash advances to the Company pursuant to either the Initial Agreement and the Second Agreement, together with all future cash advances subsequent to the Effective Date thereof, were consolidated into one agreement (with capitalized terms used in this Recital A. having the definitions contained in the Amended and Restated Loan Agreement);

	B.

	The Company continues to require additional funding to advance its Bovill Kaolin Project in the State of Idaho, U.S.A.;

	C.

	BV has agreed to provide additional funding to the Company pursuant to the terms and conditions of this Loan Agreement; and

	D.

	The Subsidiary is a wholly-owned subsidiary of the Company and is the legal owner of the Helmer-Bovill Property hosting the Bovill Kaolin Project in the State of Idaho, U.S.A. referred to in Recital B. herein;

 2

NOW THEREFORE
THIS AGREEMENT WITNESSETH  that in consideration of
these presents and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged by each of the parties, the parties
hereby agree as follows:

	1. 	Definitions

	1.01	In this Agreement, the following words and phrases shall
have the following meanings, namely:

	 	(a)

	“Advance” means the principal amount of cash advances from BV to the Company pursuant to this Loan Agreement;

	 	(b)

	“Amended and Restated Loan Agreement” has the meaning set out in Recital A. herein;

	 	(c)

	“Bonus Shares” has the meaning set out in Exchange Policy 5.1;

	 	(d)

	“Bonus Warrants” has the meaning set out in Exchange Policy 5.1;

	 	(e)

	“Discounted Market Price” has the meaning set out in Exchange Policy 1.1;

	 	(f)

	“Effective Date” means the date of this Agreement as set forth on the first page hereof;

	 	(g)

	“Exchange” means the TSX Venture Exchange;

	 	(h)

	“Exchange Policy 1.1” means TSX Venture Exchange Policy 1.1, entitled “Interpretation”;

	 	(i)

	“Exchange Policy 5.1” means TSX Venture Exchange Policy 5.1, entitled “Loans, Bonuses, Finder’s Fees and Commissions”;

	 	(j)

	“Exchange Policy 5.9” means TSX Venture Exchange Policy 5.9, entitled “Protection of Minority Security Holders in Special Transactions”;

	 	(k)

	“Exchange Rate” means the Bank of Canada Noon Rate for Canadian/U.S. dollars on the applicable dates provided for herein;

	 	(l)

	“Indebtedness” means the principal amount of each Advance hereunder, collectively;

	 	(m)

	“Initial Agreement” has the meaning set out in Recital A. herein;

	 	(n)

	“Market Price” has the meaning set out in Exchange Policy 1.1;

	 	(o)

	“Second Agreement” has the meaning set out in Recital A. herein;

	 	(p)

	“this Agreement” means this Loan Agreement.

 3

	
2. 

	
Additional Advances to be made

	2.01

	BV hereby agrees to advance up to an additional $4,463,000 to the Company in tranches in accordance with Schedule A attached hereto (individually an “Advance” and collectively “Advances”), with each Advance to be considered a secured loan accruing interest at the rate of twelve percent (12%) per annum calculated from the date of each Advance as at May 31 and as at November 30 of each year in which such interest is payable hereunder, such interest to be paid either in cash or in common shares in the capital of the Company as provided for in paragraph 2.02 herein, on or before each of June 30 and December 31 of each year in which such interest is payable hereunder.  The Company will repay to BV the principal amount of each Advance as provided for in paragraph 6.01 herein.  Advances hereunder will be made in accordance with Schedule A attached hereto.  Advances are to be made on the first business day of each month in which Advances are to be made.

	2.02

	At BV’s election and in its sole discretion, it may direct that the Company pay the interest owing on the Advances hereunder either in cash or in common shares in its capital stock (“Shares”).  Any such election shall be made by BV within ten (10) business days of the date such interest payments become due and payable.  If no specific election is made, interest will be paid in Shares, which would be issued at a deemed price per Share equal to the greater of:

	 	(a)

	the Discounted Market Price of the Company’s common shares as of the close of the market on the date of the Company’s news release announcing the proposed payment of interest in Shares; and

	 	(b)

	the volume weighted average trading price (the “VWAP”) of the Company’s common shares over the twenty (20) trading days prior to the date such interest  is calculated (being May 31 and November 30 each year), with the VWAP to be calculated by dividing the total value of common shares of the Company as traded on the Exchange (or on such other stock exchange or quotation system where the majority of the Company’s trading takes place) by the total volume of shares traded, with the amount of interest to be calculated in Canadian funds based on the  Exchange Rate as of the date such interest is calculated.

	2.03

	The Company shall pay to BV a late charge equal to five percent (5%) of each payment due under this Agreement, or under any other instrument evidencing or securing this Agreement, that is not paid in full within ten (10) days after the applicable due date as provided for in paragraph 6.01 herein.  Such late charge shall accrue and be due as of the due date for such payment and represents a reasonable estimate of fair compensation for the loss that may be sustained by BV for the failure of the Company to make timely payment.  Such late charge shall be paid without prejudice to the right of BV to collect any other amounts provided for hereunder or to pursue any other rights and remedies available to BV under this Agreement, under any documents securing and/or guaranteeing this Agreement, at law or in equity.

 4

	2.04

	All past due principal (whether in due course or by acceleration), past due interest and past due late charges shall, both before and after judgment, bear interest at the default rate of eighteen percent (18%) per annum compounded monthly from and after the applicable due date, as provided for in paragraph 6.01 herein, until paid in full.

	2.05

	The Company agrees to pay any and all reasonable costs and expenses (regardless of the particular nature thereof and whether incurred before or after the initiation of suit or before or after judgment) which may be incurred by BV in connection with the enforcement of any of its rights under this Agreement and/or any instrument securing or guaranteeing this Agreement, including but not limited to attorney fees and all costs and expenses of collection.

	2.06

	The Company, and all sureties, guarantors, and endorsers hereof, severally waive presentment for payment, demand, and notice of dishonor and nonpayment of this Agreement, and consent to any and all extensions of time, renewals, waivers, or modifications that may be granted by BV with respect to the payment or other provisions of this Agreement, and to the release of any security, or any part thereof, with or without substitution.

	2.07

	Notwithstanding any other provision contained in this Agreement or in any instrument given to evidence or secure the obligations evidenced hereby:

	 	(a)

	the rates of interest and charges provided for herein and therein shall in no event exceed the rates and charges which would result in interest being charged at a rate equaling the maximum allowed by law; and

	 	(b)

	if for any reason whatsoever BV ever receives as interest in connection with the transaction of which this Agreement is a part an amount which would result in interest being charged at a rate exceeding the maximum allowed by law, such amount or portion thereof as would otherwise be excessive interest shall automatically be applied toward reduction of the unpaid principal balance then outstanding hereunder and not toward payment of interest.

	
3. 

	
Bonus Shares and Bonus Warrants

	3.01

	As additional consideration for the Advances by BV to the Company to be made pursuant to paragraph 2.01 hereof, the Company agrees to issue to or as directed by BV the Bonus Shares and Bonus Warrants referred to in sub-paragraphs 3.01(a) and 3.01(b) herein as follows, with such Bonus Shares and Bonus Warrants to be issued within ten (10) business days of each of June 30 and December 31 of each year in which such securities are to be issued hereunder, with the number of Bonus Shares and Bonus Warrants to be calculated as set forth below:

	 	(a)

	that number of Bonus Shares in its capital equal to seven and one-half percent (7.5%) of the amount of the Advance, divided by the Market Price of the Company’s common shares as of the close of business on the date of the

Advance, as adjusted by the Exchange Rate on the date of the Advance, subject to

 5

	 	  the minimum price per share and the maximum number of Bonus Shares provided for in Exchange Policy 5.1; and

	 	(b)

	non-transferable Bonus Warrants in the form attached as Schedule B, entitling the holder to purchase up to that number of common shares of the Company equal to seven and one-half percent (7.5%) of the amount of the Advance, divided by the Market Price of the Company’s common shares as of the close of business on the date of the Advance, as adjusted by the Exchange Rate on the date of the Advance, subject to the minimum exercise price per share and the maximum number of Bonus Warrants provided for in Exchange Policy 5.1;

	 	provided that:

	 	(c)

	each Bonus Warrant will entitle the holder to purchase one common share in the capital stock of the Company at an exercise price stated in U.S. funds determined by the Exchange Rate on the date of the Advance equal to the greater of:

	 	(i)

	the Market Price of the Company’s common shares (subject to the minimum exercise price provided for in Exchange Policy 5.1) as of the close of business on the date of the Advance; and

	 	(ii)

	the VWAP of the Company’s common shares over the twenty (20) trading days immediately prior to the date of the Advance;

	 	for a period expiring on the earlier of:

	 	(A)

	December 31, 2018; and

	 	(B)

	the date the amount of the Advance, together with all accrued interest thereon, has been repaid in full; and

	 	(d)

	pursuant to the provisions of subsection 2.2(e) of Exchange Policy 5.1, in the event the amount of the Advance pursuant to which the Bonus Warrants were issued is reduced or repaid during the first year of its term, the number of Bonus Warrants which have not been exercised will, on a pro rata basis, have their term reduced to the later of one year from the date of the issuance of those Bonus Warrants and 30 days from the date of reduction or repayment of that Advance.

	
4. 

	
Security for Advances

	4.01

	Notwithstanding the provisions of section 5.01 of the Amended and Restated Loan Agreement, as security for the repayment of the Advances made pursuant to this Agreement, together with all accrued and unpaid interest thereon, the Company hereby grants, mortgages and charges in favour of BV, by way of a floating charge, its undertaking and all of its other property and assets for the time being, real and personal, movable and immovable, of whatsoever nature and kind, both present and in the future (the “Property”), including all of the issued and outstanding shares of the Subsidiary.  For

greater certainty, the parties specifically acknowledge and agree that the charges hereby 

 6

	 	created in favour of BV constitute a first charge and will rank pari passu with the floating charge granted in favour of BV in respect of cash advances made under the Initial Agreement, the Second Agreement and the Amended and Restated Loan Agreement, together with all accrued and unpaid interest thereon; the parties also acknowledge and agree that these charges are in priority to any and all specific or floating charges created by the Company in favour of any other creditors.  The Company and the Subsidiary each agree to take all steps and actions as are reasonably necessary to assist BV with the registration of its interest in the Property in any provincial, state or federal property or title registries.  It is also acknowledged by the parties that the Company shall be at liberty to, in the future, create or suffer to be created mortgages, charges, liens or encumbrances, by other specific charges or floating charges, ranking subsequent to the floating charges hereby created; it is also acknowledged by the parties that, unless otherwise specifically agreed to in writing by BV, the Company shall not be at liberty to, and shall not create or suffer to be created, any mortgage, charge, lien or encumbrance upon the Property or the issued and outstanding shares of the Subsidiary ranking in priority to or pari passu with the charges hereby created, or to sell or dispose of the same otherwise than in the ordinary course of its business as at present conducted.

	4.02

	The parties also agree that the security provided for in paragraph 4.01 herein will be cancelled and of no further force or effect in the event of any of the following:

	 	(a)

	the Company making each of the payments provided for in sub-paragraph 6.01(a) herein; or

	 	(b)

	the Company entering into a JV Agreement (as defined in sub-paragraph 6.01(b) herein) and by receiving the payments provided for in the JV Agreement that are sufficient to extinguish the Indebtedness in full; or

	 	(c)

	the Company receiving the requisite financing for the capital expenditures required to put the Bovill Kaolin Project into full commercial production and the extinguishment in full of the Indebtedness as provided for in sub-paragraph 6.01(c) herein occurring; or

	 	(d)

	the Company extinguishing the Indebtedness on the date of a Change of Control as provided for in sub-paragraph 6.01(d) herein; or

	 	(e)

	the Company extinguishing the Indebtedness as a result of completing one or more equity financings as provided for in sub-paragraph 6.01(e) herein.

	
5. 

	
Board Representation

	5.01

	During the period any portion of the Indebtedness remains outstanding, the Company, if requested to do so by BV, agrees to include an individual designated by BV as one of management’s nominees for director in the notice of meeting and information circular to be distributed to the shareholders of the Company in connection with the next annual general meeting of its shareholders held subsequent to its receipt of said request from BV.

 7

	
6. 

	
Repayment Provisions

	6.01

	The parties agree that the Company will repay the Indebtedness as follows:

	 	(a)

	subject to the provisions of sub-paragraphs (b), (c), (d) and (e) of this paragraph 6.01, the Company will repay the Indebtedness as follows:

	 	after the date of whichever of the following scenarios (i), (ii) or (iii) is applicable (hereinafter called the “Disposition Date”):

	 	(i)

	the date of the settlement of the complaint filed against the Company by W. Robert Lemke (carrying on business as HooDoo Resources, LLC) and Brent Thomson, as trustee of the Brent Thomson Family Trust, as initially filed on June 6, 2014 in the Fourth Judicial District of the State of Idaho in and for the County of Ada, Case Number CV 0C 1401549 (the “Idaho Proceedings”), or such other case numbers as may be issued due to a change in jurisdiction or in respect of any other litigation directly related to the cause of action in the Idaho Proceedings to which the Company is a party involving either W. Robert Lemke, HooDoo Resources, LLC, Brent Thomson or the Brent Thomson Family Trust (collectively, the “Complaint”);

	 	(ii)

	the date of the disposition of any appeal allowed by applicable law in respect of the Complaint, unless the result of such appeal is to remand the case and Complaint to the trial court with further orders; and

	 	(iii)

	the day after the last date allowed by applicable law for the filing of any appeal in respect of the Complaint, provided no appeal has been filed by any party to the Complaint;

	 	the Company will make the following payments:

	 	(iv)

	$1,000,000 of the Indebtedness will be repaid by the Company to BV one (1) year after the Disposition Date;

	 	(v)

	an additional $2,000,000 of the Indebtedness will be repaid by the Company to BV six (6) months after the payment provided for in sub-paragraph (iv) above; and

	 	(vi)

	the balance of the Indebtedness will be repaid by the Company to BV twelve (12) months after the payment provided for in sub-paragraph (iv) above;

	 	(b)

	in the event the Company enters into a joint venture agreement with a joint venture partner for the continued development of the Bovill Kaolin Project (a “JV Agreement”), all payments received pursuant to the JV Agreement will be applied to reduce the Indebtedness, provided that in the event such payments are

 8

	 	 insufficient to extinguish the Indebtedness in full, the balance of the Indebtedness will become due and payable as follows:

	 	(i)

	one-third on the date that is six (6) months after the date the Company enters into the JV Agreement;

	 	(ii)

	an additional one-third on the date that is twelve (12)  months after the date the Company enters into the JV Agreement; and

	 	(iii)

	the final one-third on the date that is eighteen (18) months after the date the Company enters into the JV Agreement;

	 	
provided that no JV Agreement that does not provide for payments to fully extinguish the Indebtedness will be entered into by the Company without the Company first having obtained the written consent of BV for the Company entering into such a JV Agreement, which written consent may be withheld by BV in its sole discretion;

	 	(c)

	in the event the Company receives the requisite financing for the capital expenditures required to put the Bovill Kaolin Project into full commercial production, the Indebtedness will become due and payable five (5) business days from the closing of such financing;

	 	(d)

	in the event a person currently not related to the Company acquires more than 40% of the then issued and outstanding common shares of the Company (a “Change of Control”), the Indebtedness will, at BV’s election and in its sole discretion, become immediately due and payable upon the effective date of the Change of Control;

	 	(e)

	in the event the Company completes any equity financing with a person or persons not currently related to the Company, the following minimum net proceeds received by the Company from any such financing will be applied against the Indebtedness three (3) business days from the closing of any such financing:

	 	(i)

	up to $500,000, no portion need be applied;

	 	(ii)

	from $500,000 to $1,000,000, 15% of the net proceeds will be applied;

	 	(iii)

	from $1,000,000 to $2,000,000, 25% of the net proceeds will be applied;

	 	(iv)

	from $2,000,000 to $6,000,000, 50% of the net proceeds will be applied; and

	 	(v)

	in excess of $6,000,000, 50% of the initial $6,000,000 and 100% of the balance in excess of $6,000,000 of the net proceeds will be applied;

 9

	 	
provided that the application of the net proceeds from any such financing against the Indebtedness pursuant to this sub-paragraph 6.01(e) may be waived by BV in its sole discretion by giving the Company written notice of such waiver.

	
7. 

	
Participation Right

	7.01

	If at any time after the Effective Date hereof and for so long as any Advance is outstanding, the Company proposes to issue or sell any common shares or convertible securities (“Additional Securities”) other than:

	 	(a)

	pursuant to the exercise of any stock options granted under the Company’s stock option plan; or

	 	(b)

	pursuant to the exercise of any share purchase warrants issued pursuant to previously-completed private placements; or

	 	(c)

	for property interests other than money;

	 	BV shall have the right to subscribe for and purchase (directly or through an affiliate) Additional Securities, at the price at which such Additional Securities are offered for sale to other purchasers, up to its then pro rata interest in the issued and outstanding common shares of the Company, in each case, prior to giving effect to the issuance or sale of such Additional Securities (the “Maximum Additional Securities”).

	7.02

	If the Company intends to authorize and/or issue Additional Securities that give rise to BV’s rights pursuant to paragraph 7.01, the Company shall provide notice to BV (the “Rights Notice”) no less than six business days before the date on which the Company intends to issue Additional Securities giving rise to BV’s rights pursuant to paragraph 7.01.

	7.03

	The Rights Notice shall provide the same information to BV regarding the particulars of the issuance or sale of the Additional Securities as is provided to other persons proposing to participate in the subscription for Additional Securities.  BV shall give notice (an “Acceptance Notice”) to the Company not later than 5:00 p.m. (Vancouver time) on the fifth business day following the receipt of any Rights Notice, setting out the number of Additional Securities, if any, up to the Maximum Additional Securities, which BV intends to subscribe for and purchase.  Following receipt of an Acceptance Notice, BV shall be entitled to participate in the subscription for Additional Securities in the same manner as other persons subscribing for Additional Securities and shall be entitled to subscribe for the number of Additional Securities specified in the Acceptance Notice under such subscription.

	
8. 

	
Acceptances and Approvals

	8.01

	The Company agrees to make application to the Exchange for its acceptance for the issuance of any Shares payable in settlement of interest owing on any Advances as provided for in paragraph 2.02 herein, and for the issuance of the Bonus Shares and

Bonus Warrants pursuant to paragraph 3.01 herein, which applications will include all 

 10

	 	 required supporting documents and information and the applicable filing fees.  The issuance of any such Shares, Bonus Shares and Bonus Warrants will in each case be subject to the Company receiving written acceptance from the Exchange therefor.

	8.02

	In the event the provisions of Exchange Policy 5.9 and Multilateral Instrument 61-101 (each entitled “Protection of Minority Security Holders in Special Transactions”) apply to any of the provisions of this Agreement, the Company also agrees to seek the required approval of its shareholders thereunder at its next annual general meeting of its shareholders, to be held on or before December 31, 2015, in order to seek the requisite approval from its shareholders for the provisions hereof requiring such approval.

	
9. 

	
Notices

	9.01

	All notices, payments and other communications given in connection with this Agreement shall be in writing, and the respective addresses of the parties for the service of any notice, payment or other communication shall be as follows:

	 	(a)

	if to the Company:

	 	
I-Minerals Inc.
Suite 880 – 580 Hornby Street
Vancouver, British Columbia, Canada
V6C 3B6

	 	
Attention:  Barry Girling, Director
Email: wbg@imineralsinc.com

	 	(b)

	if to the Subsidiary:

	 	
i-minerals USA Inc.
Suite 880 – 580 Hornby Street
Vancouver, British Columbia, Canada
V6C 3B6

	 	
Attention:  Barry Girling, Director
Email: wbg@imineralsinc.com

	 	(c)

	if to BV:

	 	
BV Lending, LLC
Suite 201 – 901 Pier View Drive
Idaho Falls, Idaho, U.S.A.
83402

	 	
Attention:  Cortney Liddiard, Chief Executive Officer
Email: flyfish@ballventures.com

 11

	 	with a copy to:

	 	
Thel W. Casper, Esq.
General Counsel to Ball Ventures, LLC
P. O. Box 51298
Idaho Falls, Idaho, U.S.A.
83402

	 	Email: tcasper@ballventures.com

	 	Any notice, payment or other communication shall be sufficiently given if delivered by email or by hand or by reputable courier service, or, absent postal disruption, if sent by registered mail, postage prepaid, posted within either Canada or the United States of America, to the parties at their respective addresses for service as set forth above.  Any notice, payment or other communication shall be deemed to have been given and received on the first business day on which it is presented during normal business hours at the address for service of the addressee.  Any party may change its address for service by notice in writing to the other parties.

	
10. 

	
Time of the Essence

	10.01

	Time shall be of the essence of this Agreement.

	
11. 

	
U.S. Dollars

	11.01

	All references herein to dollar amounts are to lawful currency of the United States of America, unless otherwise specifically provided for herein.

	
12. 

	
Headings

	12.01

	The headings contained herein are for convenience only and shall not affect the meaning or interpretation hereof.

	
13. 

	
Singular and Plural, etc.

	13.01

	Where the context so requires, words importing the singular number include the plural and vice versa, and words importing gender shall include the masculine, feminine and neuter genders.

	
14. 

	
Entire Agreement

	14.01

	This Agreement constitutes the only agreement among the parties with respect to the subject matter hereof and shall supersede any and all prior negotiations and understandings.  This Agreement may be amended or modified in any respect by written instrument only.

 12

	
15. 

	
Severability

	15.01

	The invalidity or unenforceability of any particular provision of this Agreement shall not effect or limit the validity or enforceability of the remaining provisions of this Agreement.

	
16. 

	
Governing Law

	16.01

	This Agreement shall be governed by and construed in accordance with the laws of the Province of British Columbia and the laws of Canada applicable therein.  The parties irrevocably attorn to the jurisdiction of the courts of British Columbia, which will have non-exclusive jurisdiction over any matter arising out of this Agreement.

	
17. 

	
Dispute Resolution

	17.01

	If any dispute arises between any of the Parties (the Parties in dispute being the “Participants”) concerning this Agreement or its interpretation or the respective rights, duties or liabilities of the Parties, then a Participant may give to the other Participants notice in writing of the existence of such dispute, specifying its nature and the point at issue and the Participants agree:

	 	(a)

	to try to resolve the dispute by participating in a structured negotiation with a mediator under the Commercial Mediation Rules of British Columbia International Commercial Arbitration Centre (“BCICAC”);

	 	(b)

	where a dispute is not resolved by mediation within a period of 30 days after the appointment of a mediator or within such further period of time to which the Participants agree, any Participant may refer the dispute to be finally resolved by arbitration under the BCICAC Rules.  The appointing authority will be the BCICAC, the case shall be administered by the BCICAC in accordance with its “Procedures for Cases under the BCICAC Rules” and the place of arbitration shall be Vancouver, British Columbia. The appointment by the BCICAC is binding upon all of the Participants;

	 	(c)

	the arbitrator will give his decision in writing within three weeks of his being appointed and the decision, both on the dispute and on the costs of the arbitration will be final and binding upon the Participants;

	 	(d)

	the arbitrator will have full authority to rule on any question of law in the same manner as any Judge in any Court of the Province of British Columbia and the ruling of the arbitrator on any question of law will be final and binding upon the Participants; and

	 	(e)

	the failure of any Participant to abide by the decision of the arbitrator is considered a material breach of this Agreement.

 13

	 	This paragraph shall survive any termination of this Agreement and continues in full force and effect notwithstanding any determination by a court or the Parties that one or more other provisions of this Agreement are invalid, contrary to law or unenforceable.

	
18. 

	
Successors and Assigns

	18.01

	The terms and provisions of this Agreement shall be binding upon and enure to the benefit of each of the parties and their respective successors and permitted assigns; provided thatthis Agreement shall not be assignable by any party without the written consent of each of the other parties hereto.

	
19. 

	
Further Assurances

	19.01

	Each of the parties hereto shall do or cause to be done all such acts and things and execute or cause to be executed all such documents, agreements and other instruments as may reasonably be necessary or desirable for the purpose of carrying out the provisions and intent of this Agreement.

	
20. 

	
Effective Date

	20.01

	This Agreement is intended to and shall take effect as of the date first set forth above, notwithstanding its actual date of execution or delivery.

	
21. 

	
Counterparts and Facsimile

	21.01

	This Agreement may be executed in any number of counterparts by original, facsimile or other form of electronic signature, each of which so executed shall constitute an original and all of which taken together shall form one and the same agreement.

IN WITNESS WHEREOF the parties have executed
and delivered this Agreement as of the day and year first above written.

  Executed by
I-Minerals Inc.

  in the presence of:

/s/ Thomas M. Conway                                   

  Authorized Signatory       

  Executed by
i-minerals USA Inc.

  in the presence of:

/s/ W. Barry Girling                                         

  Authorized Signatory

   
   
 

 14

  Executed by
BV Lending, LLC

	 By:	 Ball Ventures, LLC, an   Idaho limited
liability company, the Member

	 	Per:	
/s/ Cortney Liddiard
Cortney Liddiard, CEO

 
A1

SCHEDULE
A

	
  2015
	 	February	March	April	May	June
	Budget	$617,000(1)	$500,000	$500,000	$500,000	$500,000

	 	 	 	 	 	 	 
	 	
  July
  	
       August
  	
  September
  	
  October
  	
  November
  	
  December
  
	
  Budget
  	$500,000	$500,000	$300,000	$300,000	$100,000	$146,000

	 	
(1)
	 The parties acknowledge and agree that this $617,000 had been advanced to the Company by BV prior to the  date of this Agreement, and that this $617,000 shall be considered an “Advance” as defined in this Agreement.

 
B1

SCHEDULE B

UNLESS PERMITTED UNDER SECURITIES
LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE ♦ ♦, ♦.

WITHOUT
PRIOR WRITTEN APPROVAL OF THE TSX VENTURE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF
THE TSX VENTURE EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A
CANADIAN RESIDENT UNTIL ♦ ♦, ♦.

THESE
WARRANTS AND THE SHARES ISSUABLE UPON EXERCISE THEREOF HAVE NOT BEEN REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR
ANY STATE SECURITIES LAWS AND MAY NOT BE EXERCISED IN THE UNITED STATES OR BY
OR ON BEHALF OF A U.S. PERSON OR A PERSON IN THE UNITED STATES UNLESS AN
EXEMPTION IS AVAILABLE FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND ANY APPLICABLE STATE SECURITIES LAWS.  “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED IN REGULATION S UNDER THE 1933 ACT.

THESE
SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN A
TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE 1933 ACT OR ANY
APPLICABLE STATE LAWS.

THIS
WARRANT CERTIFICATE IS VOID IF NOT EXERCISED ON OR BEFORE
5:00
P.M. (VANCOUVER TIME) ON THE EXPIRY DATE (AS DEFINED IN ARTICLE 1.1 HEREIN).

WARRANT
CERTIFICATE

I-Minerals Inc.

(Continued under the laws of Canada)

	
  WARRANT

  CERTIFICATE NO. «cert_no»
  	
  «number_of_warrants» WARRANTS entitling the holder to acquire, subject
  to adjustment, one Common Share for each Warrant represented hereby.
  

THIS IS TO CERTIFY THAT 

	 	«registration»

(hereinafter referred to as
the "holder" or the "Warrantholder") is entitled to acquire
for each Warrant represented hereby, in the manner and subject to the
restrictions and adjustments set forth herein, at any time and from time to
time until 5:00 p.m. (Vancouver time) (the "Expiry Time") on the
Expiry Date (as defined in Article 1.1 herein) one fully paid and
non-assessable common share ("Common Share") in the capital of I-Minerals
Inc. (the "Company").

The Warrants may only be exercised at the head office of the Company
at I-Minerals Inc., Suite 880 – 580 Hornby Street, Vancouver, B.C. V6C 3B6. 
The Warrants are  issued subject to the terms and conditions appended hereto as
Schedule "A".

IN WITNESS WHEREOF, the Company has caused this Warrant Certificate
to be executed by a duly authorized officer.

DATED this ♦ day of ♦, ♦.

	 	 	
  I-Minerals Inc.
  
	 	 	 	 	 
	 	 	 	
  Per:
  	 
	 	 	 	 	
  Authorized
  Signing Officer
  

(See terms and conditions attached hereto)

 
B2

SCHEDULE
"A"

TERMS
 AND CONDITIONS FOR WARRANTS

Terms and Conditions attached to the
Warrants issued by I-Minerals Inc. and dated ♦ ♦, ♦.

ARTICLE
1

INTERPRETATION

	
1.1 

	
Definitions  

In these Terms and Conditions,
unless there is something in the subject matter or context inconsistent
therewith:

	(a)

	
"Common Shares"means the common shares in the capital of the Company to be issued pursuant to the exercise of Warrants;

	(b)

	
"Company" means I-Minerals Inc. unless and until a successor corporation shall have become such in the manner prescribed in Article 6, and thereafter "Company" shall mean such successor corporation;

	(c)

	
"Company's Auditors"means an independent firm of accountants duly appointed as auditors of the Company;

	(d)

	
"Exchange" means the TSX Venture Exchange or such other stock exchange on which the Company's Common Shares are listed and posted for trading;

	(e)

	
"Exercise Price"means the price of $«exercise_price» (U.S. funds) per share if exercised by 5:00 p.m. (Vancouver time) on the Expiry Date;

	(f)

	
“Expiry Date” means the earlier of:

	 	(i)

	♦ ♦, ♦; and

	 	(ii)

	the date the amount of the Advance in respect of which the Warrants were issued, as provided for in the Loan Agreement between the Company and BV Lending, LLC dated ♦ ♦, ♦, together with all accrued interest thereon, has been repaid in full;

	(g)

	
"Expiry Time"means 5:00 p.m. (Vancouver time) on the Expiry Date;

	(h)

	
"herein", "hereby" and similar expressions refer to these Terms and Conditions as the same may be amended or modified from time to time; and the expression "Article" and "Section" followed by a number refer to the specified Article or Section of these Terms and Conditions;

	(i)

	
"Issue Date"means the issue date of the Warrants shown on the face page of this Warrant Certificate;

	(j)

	
"person" means an individual, corporation, partnership, trustee or any unincorporated organization and words importing persons have a similar meaning;

	(k)

	
"Warrants" means the share purchase warrants to acquire Common Shares evidenced by this Warrant Certificate; and

	(l)

	
"Warrant Certificate"means the certificate to which these Terms and Conditions are attached.

 
B3

	
1.2 

	
Interpretation Not Affected by Headings

	(a)

	The division of these Terms and Conditions into Articles and Sections, and the insertion of headings, are for convenience of reference only and shall not affect the construction or interpretation thereof.

	(b)

	Words importing the singular number include the plural and vice versa and words importing the masculine gender include the feminine and neuter genders.

	
1.3 

	
Applicable Law  

The terms hereof and of the
Warrants shall be construed in accordance with the laws of the Province of
British Columbia and the laws of Canada.

ARTICLE
2

ISSUE OF WARRANTS

	
2.1 

	
Issue of Warrants  

That number of Warrants set
out on this Warrant Certificate are hereby created and authorized to be issued.

	
2.2 

	
Additional Warrants  

Subject to any other written
agreement between the Company and the Warrantholder, the Company may at any
time and from time to time undertake further equity or debt financing and may
issue additional Common Shares, warrants or grant options or similar rights to
purchase Common Shares to any person.

	
2.3 

	
Issue in Substitution for Lost Warrants  

If this Warrant Certificate
becomes mutilated, lost, destroyed or stolen:

	(a)

	the Company shall issue and deliver a new Warrant Certificate of like date and tenor as the one mutilated, lost, destroyed or stolen, in exchange for and in place of and upon cancellation of such mutilated, lost, destroyed or stolen Warrant Certificate; and

	(b)

	the holder shall bear the cost of the issue of a new Warrant Certificate hereunder and in the case of the loss, destruction or theft of the Warrant Certificate, shall furnish to the Company such evidence of loss, destruction, or theft as shall be satisfactory to the Company in its discretion and the Company may also require the holder to furnish indemnity in an amount and form satisfactory to the Company in its discretion, and shall pay the reasonable charges of the Company in connection therewith.

	
2.4 

	
Warrantholder Not a Shareholder  

The Warrants shall not
constitute the holder a shareholder of the Company, nor entitle it to any right
or interest in respect thereof except as may be expressly provided in this
Warrant Certificate.

ARTICLE
3

EXERCISE OF THE WARRANTS

	
3.1 

	
Method of Exercise of the Warrants  

The right to purchase Common
Shares conferred by this Warrant Certificate may be exercised, prior to the
Expiry Time, by the holder surrendering it, with a duly completed and executed
exercise form substantially in the form attached hereto as Schedule
"B" and cash or a certified cheque payable to or to the order of the Company, at par in Vancouver,
B.C. for the Exercise Price applicable at the time of surrender in respect
of the Common Shares subscribed for in lawful money of the United States of
America, to the Company.

 
B4

	
3.2 

	
Effect of Exercise of the Warrants  

	(a)

	Upon surrender and payment as aforesaid the Common Shares so subscribed for shall be issued as fully paid and non-assessable shares and the holder shall become the holder of record of such Common Shares on the date of such surrender and payment; and

	(b)

	within three business days after surrender and payment as aforesaid, the Company shall forthwith cause the issuance to the holder a certificate for the Common Shares purchased as aforesaid.

	
3.3 

	
Subscription for Less than Entitlement  

The holder may subscribe for
and purchase a number of Common Shares less than the number which it is
entitled to purchase pursuant to the surrendered Warrant Certificate.  In the
event of any purchase of a number of Common Shares less than the number which
can be purchased pursuant to this Warrant Certificate, the holder shall be
entitled to the return of this Warrant Certificate with a notation on the Grid
attached hereto as Schedule "C" showing the balance of the
Common Shares which it is entitled to purchase pursuant to this Warrant
Certificate which were not then purchased.

	
3.4 

	
Expiration of the Warrants  

After the Expiry Time all
rights hereunder shall wholly cease and terminate and the Warrants shall be
void and of no effect.

	
3.5 

	
Hold Periods and Legending of Share Certificate

If
any of the Warrants are exercised prior to ♦ ♦, ♦, the certificates
representing the Common Shares to be issued pursuant to such exercise shall
bear the following legends:

  “Unless permitted under securities legislation, the holder of this
    security must not trade the security before ♦ ♦, ♦.”

  “Without prior written
    approval of the TSX Venture Exchange and compliance with all applicable
    securities legislation, the securities represented by this certificate may not
    be sold, transferred, hypothecated or otherwise traded on or through the
    facilities of the TSX Venture Exchange or otherwise in Canada or to or for the
    benefit of a Canadian resident until ♦ ♦, ♦.” 

If any of the Warrants are exercised, the certificates
representing the Common Shares to be issued pursuant to such exercise shall
also bear the following legends:

  “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND
    WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
    AMENDED (THE "1933 ACT") OR STATE SECURITIES LAWS.  THE HOLDER
    HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE COMPANY
    THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
    WITHOUT REGISTRATION UNDER THE 1933 ACT ONLY (A) TO THE COMPANY, (B) OUTSIDE
    THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE 1933
    ACT AND IN COMPLIANCE WITH LOCAL LAWS AND REGULATIONS, (C) IN ANOTHER
    TRANSACTION OTHERWISE EXEMPT  FROM REGISTRATION UNDER THE 1933 ACT AND
    APPLICABLE STATE SECURITIES LAWS AFTER PROVIDING A LEGAL OPINION OF COUNSEL OF
    RECOGNIZED STANDING TO SUCH EFFECT IN FORM AND SUBSTANCE REASONABLY
    SATISFACTORY TO THE COMPANY.  DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY”
IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA. 

 
B5

  SUBJECT TO APPLICABLE CANADIAN LAW, AND PROVIDED THAT THE COMPANY IS A "FOREIGN ISSUER" WITHIN THE MEANING OF REGULATION S
    AT THE TIME OF SALE, AND PROVIDED FURTHER THAT THE FOLLOWING PROCEDURE COMPLIES
    WITH U.S. SECURITIES LAWS AT THE TIME OF SALE, A NEW CERTIFICATE BEARING NO
    U.S. RESTRICTIVE LEGENDS MAY BE OBTAINED FROM THE COMPANY'S REGISTRAR AND TRANSFER AGENT UPON DELIVERY OF THIS CERTIFICATE AND A DULY EXECUTED DECLARATION, IN A FORM
    SATISFACTORY TO THE TRANSFER AGENT AND THE COMPANY, TO THE EFFECT THAT SUCH
    SALE IS BEING MADE IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE 1933
    ACT.”

ARTICLE
4

ADJUSTMENTS

	
4.1 

	
Adjustments  

The number of Common Shares
purchasable upon the exercise of each Warrant and the Exercise Price shall be
subject to adjustment as follows:

	(a)

	in the event the Company shall:

	 	(i)

	pay a dividend in Common Shares or make a distribution in Common Shares;

	 	(ii)

	subdivide its outstanding Common Shares;

	 	(iii)

	combine its outstanding Common Shares into a smaller number of Common Shares; or

	 	(iv)

	issue by reclassification of its Common Shares other securities of the Company (including any such reclassification in connection with a consolidation, merger, amalgamation or other combination in which the Company is the surviving corporation);

	 	the number of Common Shares (or other securities) purchasable upon exercise of each Warrant immediately prior thereto shall be adjusted so that the Warrantholder shall be entitled to receive the kind and number of Common Shares or other securities of the Company which it would have owned or have been entitled to receive after the happening of any of the events described above, had such Warrant been exercised immediately prior to the happening of such event or any record date with respect thereto.  An adjustment made pursuant to this subsection (a) shall become effective immediately after the effective date of such event retroactive to the record date, if any, for such event.

	(b)

	In case the Company shall issue rights, options or warrants to all or substantially all holders of its outstanding Common Shares, without any charge to such holders, entitling them (for a period within 45 days after the record date mentioned below) to subscribe for or purchase Common Shares at a price per share which is lower than 95% of the current market price at the record date mentioned below than the then current market price per Common Share (as determined in accordance with subsection (d) below), the number of Common Shares thereafter purchasable upon the exercise of each Warrant shall be determined by multiplying the number of Common Shares theretofore purchasable upon exercise of each Warrant by a fraction, of which the numerator shall be the number of Common Shares outstanding on the date of issuance of such rights, options or warrants plus the number of additional Common Shares offered for subscription or purchase, and of which the denominator shall be the number of Common Shares outstanding on the date of issuance of such rights, options or warrants plus the number of shares which the aggregate offering price of the total number of Common Shares so offered would purchase at the current market price per Common Share at such record date.  Such adjustment shall be made whenever such rights, options or warrants are issued, and shall become effective immediately after the record date for the determination of shareholders entitled to receive such rights, options or warrants.

 
B6

	(c)

	In case the Company shall distribute to all or substantially all holders of its Common Shares evidences of its indebtedness or assets (excluding cash dividends or distributions payable out of consolidated earnings or earned surplus and dividends or distributions referred to in subsection (a) above or in subsection (d) below or rights, options or warrants, or convertible or exchangeable securities containing the right to subscribe for or purchase Common Shares (excluding those referred to in subsection (b) above)), then in each case the number of Common Shares thereafter purchasable upon the exercise of each Warrant shall be determined by multiplying the number of Common Shares theretofore purchasable upon the exercise of each Warrant by a fraction, of which the numerator shall be the then current market price per Common Share (as determined in accordance with subsection (d) below) on the date of such distribution, and of which the denominator shall be the then current market price per Common Share less the then fair value (as determined by the board of directors of the Company, acting reasonably) of the portion of the assets or evidences of indebtedness so distributed or of such subscription rights, options or warrants, or of such convertible or exchangeable securities applicable to one Common Share.  Such adjustment shall be made whenever any such distribution is made, and shall become effective on the date of distribution retroactive to the record date for the determination of shareholders entitled to receive such distribution.

	 	In the event of the distribution by the Company to all or substantially all of the holders of its Common Shares of shares of a subsidiary or securities convertible or exercisable for such shares, then in lieu of an adjustment in the number of Common Shares purchasable upon the exercise of each Warrant, the Warrantholder of each Warrant, upon the exercise thereof, shall receive from the Company, such subsidiary or both, as the Company shall reasonably determine, the shares or other securities to which such Warrantholder would have been entitled if such Warrantholder had exercised such Warrant immediately prior thereto, all subject to further adjustment as provided in this section 4.1 provided, however, that no adjustment in respect of dividends or interest on such shares or other securities shall be made during the term of a Warrant or upon the exercise of a Warrant.

	(d)

	For the purpose of any computation under subsections (b) and (c) of this section 4.1, the current market price per Common Share at any date shall be the weighted average price per Common Share for 25 consecutive trading days, commencing not more than 45 trading days before such date on the stock exchange on which the Common Shares are then traded; provided if the Common Shares are then traded on more than one stock exchange, then on the stock exchange on which the largest volume of Common Shares were traded during such 25 consecutive trading day period.  The weighted average price per Common Share shall be determined by dividing the aggregate sale price of all Common Shares sold on such exchange or market, as the case may be, during the said 25 consecutive trading days by the total number of shares so sold.  For purposes of this subsection (d), trading day means, with respect to a stock exchange, a day on which such exchange is open for the transaction of business.  Should the Common Shares not be listed on any stock exchange the current market price per Common Share at any date shall be determined by the board of directors of the Company, acting reasonably.

	(e)

	In any case in which this Article 4 shall require that any adjustment in the Exercise Price be made effective immediately after a record date for a specified event, the Company may elect to defer until the occurrence of the event the issuance, to the holder of any Warrant exercised after that record date, of the Common Shares and other shares of the Company, if any, issuable upon the exercise of the Warrant over and above the Common Shares and other shares of the Company; provided, however, that the Company shall deliver to the holder an appropriate instrument evidencing the holder's right to receive such additional shares upon the occurrence of the event requiring such adjustment.

	(f)

	No adjustment in the number of Common Shares purchasable hereunder shall be required unless such adjustment would require an increase or decrease of at least one percent (1%) in the number of Common Shares purchasable upon the exercise of each Warrant; provided, however, that any adjustments which by reason of this subsection (f) are not required to be made shall be carried forward and taken into account in any subsequent adjustment.  All calculations shall be made to the nearest one-hundredth of a share.

	(g) 	Wherever the number of Common Shares purchasable upon the exercise of each Warrant is adjusted, as herein provided, the Exercise Price payable upon exercise of each Warrant shall be adjusted by multiplying such Exercise Price immediately prior to such adjustment by a fraction, of which the numerator shall be the number of Common Shares purchasable upon the exercise of such Warrant immediately prior to such adjustment, and of which the denominator shall be the number of Common Shares purchasable immediately thereafter. 

 
B7

	(h)

	No adjustment in the number of Common Shares purchasable upon the exercise of each Warrant need be made under subsections (b) and (c) if, the Company issues or distributes to the Warrantholder the rights, options, warrants, or convertible or exchangeable securities, or evidences of indebtedness or assets referred to in those subsections which the Warrantholder would have been entitled to receive had the Warrants been exercised prior to the happening of such event or the record date with respect thereto.

	(i)

	In the event that at any time, as a result of an adjustment made pursuant to subsection (a) above, the Warrantholder shall become entitled to purchase any securities of the Company other than Common Shares, thereafter the number of such other shares so purchasable upon exercise of each Warrant and the Exercise Price of such shares shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Common Shares contained in subsections (a) through (h), inclusive, above, and the provisions of sections 4.2 through 4.4, inclusive, of this Article 4 with respect to the Common Shares, shall apply on like terms to any such other securities.

	(j)

	Upon the expiration of any rights, options, warrants or conversion or exchange privileges, if any thereof shall not have been exercised, the Exercise Price and the number of Common Shares purchasable upon the exercise of each Warrant shall, upon such expiration, be readjusted and shall thereafter be such as it would have been had it been originally adjusted (or had the original adjustment not been required, as the case may be) as if:

	 	(i)

	the only Common Shares so issued were the Common Shares, if any, actually issued or sold upon the exercise of such rights, options, warrants or conversion or exchange rights; and

	 	(ii)

	such Common Shares, if any, were issued or sold for the consideration actually received by the Company upon such exercise plus the aggregate consideration, if any, actually received by the Company for the issuance, sale or grant of all such rights, options, warrants or conversion or exchange rights whether or not exercised;

	 	provided further, that no such readjustment shall have the effect of increasing the Exercise Price or decreasing the number of Common Shares purchasable upon the exercise of each Warrant by an amount in excess of the amount of the adjustment initially made with respect to the issuance, sale or grant of such rights, options, warrants or conversion or exchange rights.

	
4.2 

	
Voluntary Adjustment by the Company  

Subject to requisite Exchange
acceptance, the Company may, at its option, at any time during the term of the
Warrants, reduce the then current Exercise Price to any amount deemed
appropriate by the Board of Directors of the Company.

	
4.3 

	
Notice of Adjustment  

Whenever the number of Common
Shares purchasable upon the exercise of each Warrant or the Exercise Price of
such Common Shares is adjusted, as herein provided, the Company shall promptly
send to the Warrantholder by first class mail, postage prepaid, notice of such
adjustment or adjustments.

	4.4  	No Adjustment for Dividends  

Except as provided in section
  4.1 of this Article 4, no adjustment in respect of any dividends shall be made
  during the term of a Warrant or upon the exercise of a Warrant.

 
B8

 

	
4.5 

	
Preservation of Purchase Rights Upon Merger, Consolidation, etc.  

In connection with any
consolidation of the Company with, or amalgamation or merger of the Company
with or into, another corporation (including, without limitation, pursuant to a
"takeover bid", "tender offer" or other acquisition of all
or substantially all of the outstanding Common Shares) or in case of any sale,
transfer or lease to another corporation of all or substantially all the
property of the Company, the Company or such successor or purchasing corporation,
as the case may be, shall execute with the Warrantholder an agreement that the
Warrantholder shall have the right thereafter, upon payment of the Exercise
Price in effect immediately prior to such action, to purchase upon exercise of
each Warrant the kind and amount of shares and other securities and property
which it would have owned or have been entitled to receive after the happening
of such consolidation, amalgamation, merger, sale, transfer or lease had such
Warrant been exercised immediately prior to such action, and the Warrantholder
shall be bound to accept such shares and other securities and property in lieu
of the Common Shares to which it was previously entitled; provided, however,
that no adjustment in respect of dividends, interest or other income on or from
such shares or other securities and property shall be made during the term of a
Warrant or upon the exercise of a Warrant.  Any such agreement shall provide
for adjustments, which shall be as nearly equivalent as may be practicable to
the adjustments provided for in this Schedule "A".  The provisions of
this Article 4 shall similarly apply to successive consolidations, mergers,
amalgamation, sales, transfers or leases.

	
4.6 

	
Determination of Adjustments  

If any questions shall at any
time arise with respect to the Exercise Price, such question shall be
conclusively determined, absent manifest error, by the Company's Auditors, or,
if they decline to so act, any other firm of Chartered Accountants, in
Vancouver, British Columbia, that the Company may designate and the
Warrantholder, acting reasonably, may approve, and who shall have access to all
appropriate records and such determination shall be binding upon the Company
and the holder.

ARTICLE
5

COVENANTS BY THE COMPANY

	
5.1 

	
Reservation of Common Shares  

The Company will reserve and
there will remain unissued out of its authorized capital a sufficient number of
Common Shares to satisfy the rights of acquisition provided for in this Warrant
Certificate.

ARTICLE
6

MERGER AND SUCCESSORS

	
6.1 

	
Company May Consolidate, etc. on Certain Terms  

Nothing herein contained shall
prevent any consolidation, amalgamation or merger of the Company with or into
any other corporation or corporations, or a conveyance or transfer of all or
substantially all the properties and estates of the Company as an entirety to
any corporation lawfully entitled to acquire and operate same, provided,
however, that the corporation formed by such consolidation, amalgamation or
merger or which acquires by conveyance or transfer all or substantially all the
properties and estates of the Company as an entirety shall, simultaneously with
such amalgamation, merger, conveyance or transfer, assume the due and punctual
performance and observance of all the covenants and conditions hereof to be
performed or observed by the Company.

	
6.2 

	
Successor Company Substituted  

In case the Company, pursuant
to section 6.1 shall be consolidated, amalgamated or merged with or into any
other corporation or corporations or shall convey or transfer all or
substantially all of its properties and estates as an entirety to any other
corporation, the successor corporation formed by such consolidation or
amalgamation, or into which the Company shall have been consolidated,
amalgamated or merged or which shall have received a conveyance or transfer as
aforesaid, shall succeed to and be substituted for the Company hereunder and
such changes in phraseology and form (but not in substance) may be made in this
Warrant Certificate and herein as may be appropriate in view of such
amalgamation, merger or transfer.

 
B9

ARTICLE
7

AMENDMENTS

	
7.1 

	
Amendment, etc.  

This Warrant Certificate may
only be amended by a written instrument signed by the parties hereto. 

ARTICLE
8

MISCELLANEOUS

	
8.1 

	
Time  

Time is of the essence of the
terms of this Warrant Certificate.

	
8.2 

	
Notice  

Any notice or other communication
to be given in connection with this Warrant Certificate must be in writing and
given by personal delivery or by fax or email to the following addresses:

	 	To the Company:
I-Minerals Inc.
Suite 880 – 580 Hornby Street
Vancouver, British Columbia
Canada V6C 3B6

	 	
Attention:  Barry Girling, Director
Fax: 604-684-0642
Email: wbg@imineralsinc.com

	 	To the Warrantholder:

	 	BV Natural Resources, LLC
Suite 201 – 901 Pier View Drive
Idaho Falls, Idaho
U.S.A. 83402

	 	
Attention:  Cortney Liddiard, Chief Executive Officer
Email: flyfish@ballventures.com

	
8.3 

	
Non-transferability of Warrants  

The
Warrants evidenced hereby (or any portion thereof) may not be assigned or
transferred by the holder except as permitted under the Securities Act
(British Columbia), together with all regulations and rules promulgated thereunder
and all administrative policy statements, instruments, blanket orders and
rulings, notices and administrative directions issued by the British Columbia
Securities Commission and any order granted by the British Columbia Securities
Commission.  In the event the Warrants evidenced hereby (or any portion
thereof) are assignable or transferable as permitted herein, they may be
assigned or transferred by the holder duly completing and executing the
transfer form attached hereto as Schedule “D”.  The rights and obligations of
the parties hereunder shall be binding upon and enure to the benefit of their
successors and permitted assigns.

 
SCHEDULE
"B"

EXERCISE
FORM

TO:        I-Minerals
Inc.

Terms which are not otherwise defined
herein shall have the meanings ascribed to such terms in the Warrant
Certificate held by the undersigned and issued by I-Minerals Inc. (the
"Company").

The undersigned hereby exercises the right
to acquire __________ Common Shares of the Company in accordance with and
subject to the provisions of such Warrant Certificate and herewith makes
payment of the purchase price in full for the said number of Common Shares.

The Common Shares are to be issued as
follows:

	
  Name:
  	 
	 	 
	
  Address in full:
  	 
	 	

 
	 	 
	
  Social Insurance Number:
  	 
	 	 
	 	 	 

Note:  If further nominees are intended,
please attach (and initial) a schedule giving these particulars.

DATED this _____ day of _______________,
201____.

 

	
  Signature
  Guaranteed
  	 	
  (Signature
  of Warrantholder)
    

    

	 	 	   Print
  full name  

  

	 	 	   Print full address  

Instructions:

	1.

	The registered holder may exercise its right to receive Common ShareCortney s by completing this form and surrendering this form and the Warrant Certificate representing the Warrants being exercised to the Company.

	2.

	If the Exercise Form indicates that Common Shares are to be issued to a person or persons other than the registered holder of the Warrant Certificate, the signature of such holder of the Exercise Form must be guaranteed by an authorized officer of a chartered bank, trust company or an investment dealer who is a member of a recognized stock exchange.

	3.

	If the Exercise Form is signed by a trustee, exercise, administrator, curator, guardian, attorney, officer of a corporation or any person acting in a judiciary or representative capacity, the certificate must be accompanied by evidence of authority to sign satisfactory to the Company.

 
SCHEDULE
"C"

WARRANT
EXERCISE GRID

	
  Common Shares Issued
  	
  Common Shares Available
  	
  Initials of Authorized Officer
  
	 

	 	 
	 

	 	 
	 

	 	 
	 

	 	 
	 

	 	 
	 

	 	 
	 

	 	 

 
SCHEDULE
"D"

TRANSFER FORM

FOR VALUE RECEIVED the
undersigned hereby sells, assigns and transfers unto

(Please print or typewrite
name and address of assignee)

                          Warrant(s) represented by the within certificate, and
do(es) hereby irrevocably constitute and appoint

                 the attorney of the undersigned to transfer the said
Warrants maintained by the transfer agent of the Company with full power of
substitution hereunder.

DATED this                  day
of                                         ,                          .

	 	
  

                                                                                                     
Signature of Holder

	
  

  

  

                                                                                                      

  Signature Guarantee
  	
  

                                                                                                     
Name of Holder (please print)
  

The
signature of the Holder to this assignment must correspond exactly with the
name of the Holder as set forth on the face of this Warrant certificate in
every particular, without alteration or enlargement or any change whatsoever
and the signature must be guaranteed by a Canadian chartered bank or by a
Canadian trust company or by a medallion signature guarantee from a member of a
recognized Signature Medallion Guarantee Program.

 

DATED:         February _____, 2015

Among:

I-Minerals Inc.

OF THE FIRST PART

And:

i-minerals USA Inc.

OF THE SECOND PART

And:

BV Lending, LLC

OF THE THIRD PART

LOAN AGREEMENT

Tupper Jonsson & Yeadon
1710 - 1177 West Hastings Street
Vancouver, B. C.
V6E 2L3

Telephone: (604) 640-6355

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