Document:

Exhibit 4.6

 

 

NEITHER THIS WARRANT NOR THE SHARES ISSUABLE UPON EXERCISE
HEREOF HAVE BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (THE "COMMISSION") OR THE SECURITIES
COMMISSION OF ANY STATE PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER REGULATION D PROMULGATED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE "SECURITIES ACT"). NEITHER THIS WARRANT NOR THE SHARES ISSUABLE UPON EXERCISE HEREOF MAY BE SOLD, PLEDGED,
TRANSFERRED OR ASSIGNED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE
SECURITIES LAWS, OR IN A TRANSACTION WHICH IS EXEMPT FROM REGISTRATION UNDER THE PROVISIONS OF THE SECURITIES ACT AND UNDER PROVISIONS
OF APPLICABLE STATE SECURITIES LAWS.

 

Warrant 2018-B-___

 

STOCK PURCHASE WARRANT

 

To Purchase _______________ Shares of
Common Stock of

 

MAGELLAN GOLD CORPORATION

 

THIS
CERTIFIES that, for value received, _________________________________, or assigns (the
"Holder"), is entitled, upon the terms and subject to the conditions hereinafter set forth, at any time on or after the
date of issuance of this Warrant (the "Initial Exercise Date") and on or prior to the close of business on a date that
is six (6) months following the effective date of a Registration Statement on Form S-1 registering for resale the Warrant Shares
(defined below) under the Securities Act of 1933, as amended (the "Termination Date") unless sooner terminated in accordance
with the Agreement as hereinbelow defined but not thereafter, to subscribe for and purchase from Magellan Gold Corporation,
a Nevada corporation (the "Company"), up to ______________________________ (_______________) shares (the "Warrant
Shares") of Common Stock, $0.001 par value per share of the Company (the "Common Stock"). The purchase price of
one share of Common Stock (the "Exercise Price") under this Warrant shall be $0.06. The Exercise Price and the number
of shares for which the Warrant is exercisable shall be subject to adjustment as provided herein. 

 

1.       Transferability
of Warrant. Prior to the expiration hereof and subject to compliance with applicable laws, this Warrant and all rights hereunder
are transferable, in whole or in part, at the office or agency of the Company by the holder hereof in person or by duly authorized
attorney, upon surrender of this Warrant together with the Assignment Form annexed hereto properly endorsed.

 

2.       Authorization
of Shares. The Company covenants that all shares of Common Stock which may be issued upon the exercise of rights represented
by this Warrant will, upon exercise of the rights represented by this Warrant, be duly authorized, validly issued, fully paid and
nonassessable and free from all taxes, liens and charges in respect of the issue thereof (other than taxes in respect of any transfer
occurring contemporaneously with such issue).

 

3.       Exercise
of Warrant.

 

 

 

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(a)          Except
as provided in Paragraph 3(b) herein, exercise of the purchase rights represented by this Warrant may be made at any time or times
on or after the Initial Exercise Date, and before the close of business on the Termination Date, or such earlier date on which
this Warrant may terminate as provided elsewhere in this Warrant, by the surrender of this Warrant and the Notice of Exercise
Form annexed hereto duly executed at the office of the Company (or such other office or agency of the Company as it may designate
by notice in writing to the registered holder hereof at the address of such holder appearing on the books of the Company) and
upon payment of the Exercise Price of the shares thereby purchased in the manner provided for herein, and all taxes required,
if any, to be paid by Holder prior to the issuance of such shares pursuant to Paragraph 6. Upon such exercise, the holder of this
Warrant shall be entitled to receive a certificate for the number of shares of Common Stock so purchased. Certificates for shares
purchased hereunder shall be delivered to the holder hereof within three (3) business days after the date on which this Warrant
shall have been exercised as aforesaid. This Warrant shall be deemed to have been exercised and such certificate or certificates
shall be deemed to have been issued, and Holder or any other person so designated to be named therein shall be deemed to have
become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised. If this Warrant shall
have been exercised in part, the Company shall, at the time of delivery of the certificate or certificates representing the Warrant
Shares, deliver to Holder a new Warrant evidencing the rights of Holder to purchase the unpurchased shares of Common Stock called
for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

 

(b)          Notwithstanding any other
provision hereof, in no event (except (i) as specifically provided herein as an exception to this provision, or (ii) while there
is outstanding a tender offer for any or all of the shares of the Company’s Common Stock) shall the Holder be entitled to
exercise any portion of this Warrant, nor shall the Company have the obligation to accept the exercise of such Warrant to the
extent that, after such exercise or issuance of stock in payment of interest, the sum of (1) the number of shares of Common Stock
beneficially owned by the Holder and its affiliates (other than shares of Common Stock which may be deemed beneficially owned
through the ownership of the unexercised portion of the Warrants or other convertible securities or of the unexercised portion
of other options or warrants or other rights to purchase Common Stock), and (2) the number of shares of Common Stock issuable
upon the exercise of the Warrants with respect to which the determination of this proviso is being made, would result in beneficial
ownership by the Holder and its affiliates of more than 4.99% of the outstanding shares of Common Stock (after taking into account
the shares to be issued to the Holder upon such conversion). For purposes of the proviso to the immediately preceding sentence,
beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended,
except as otherwise provided in clause (1) of such sentence. The Holder, by its acceptance of this Warrant, further agrees that
if the Holder transfers or assigns any of the Warrants to a party who or which would not be considered such an affiliate, such
assignment shall be made subject to the transferee’s or assignee’s specific agreement to be bound by the provisions
of this Paragraph 3(b) as if such transferee or assignee were the original Holder hereof. Nothing herein shall preclude the Holder
from disposing of a sufficient number of other shares of Common Stock beneficially owned by the Holder so as to thereafter permit
the continued exercise of this Warrant. The provisions of this Paragraph 3(b) (i) shall not apply to any Holder who, without regard
to this Warrant and the underlying Warrant Shares is the beneficial owner, within the meaning of Rule 13d-3 of 5% or more of the
Company’s issued and outstanding shares of common stock, (ii) can be waived by agreement of the Company and the Holder,
and (iii) shall terminate in the event the Company exercises its right to redeem the Warrants pursuant to the provisions of Paragraph
17 of this Warrant Certificate.

 

4.       Manner
of Payment. The exercise price of each Warrant shall be paid in cash, certified funds or wire transfer at the time the Warrant
is exercised.

 

5.       No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which Holder would otherwise be entitled to purchase upon such exercise, the Company
shall pay a cash adjustment in respect of such final fraction in an amount equal to the Exercise Price.

 

 

 

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6.       Charges,
Taxes and Expenses. Issuance of certificates for shares of Common Stock upon the exercise of this Warrant shall be made without
charge to the holder hereof for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate,
all of which taxes and expenses shall be paid by the Company, and such certificates shall be issued in the name of the holder of
this Warrant or in such name or names as may be directed by the holder of this Warrant; provided, however, that in the event certificates
for shares of Common Stock are to be issued in a name other than the name of the holder of this Warrant, this Warrant when surrendered
for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the holder hereof; and provided further,
that upon any transfer involving the issuance or delivery of any certificates for shares of Common Stock, the Company may require,
as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.

 

7.       Closing
of Books. The Company will not close its shareholder books or records in any manner which prevents the timely exercise of this
Warrant.

 

8.       Transfer,
Division and Combination.

 

(a)       Subject
to compliance with any applicable securities laws (including the provision to the Company of an opinion of counsel for the assignor
of this Warrant), transfer of this Warrant and all rights hereunder, in whole or in part, shall be registered on the books of the
Company to be maintained for such purpose, upon surrender of this Warrant at the principal office of the Company, together with
a written assignment of this Warrant substantially in the form attached hereto duly executed by Holder or its agent or attorney
and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required,
such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the
denomination specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of
this Warrant not so assigned, and this Warrant shall promptly be cancelled. A Warrant, if properly assigned, may be exercised by
a new Holder for the purchase of shares of Common Stock without having a new Warrant issued.

 

(b)       This
Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together
with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by Holder or its agent
or attorney. Subject to compliance with Paragraph 8(a), as to any transfer which may be involved in such division or combination,
the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined
in accordance with such notice.

 

(c)       The
Company shall prepare, issue and deliver at its own expense (other than transfer taxes) the new Warrant or Warrants under this
Paragraph 8.

 

(d)       The
Company agrees to maintain, at its aforesaid office, books for the registration and the registration of transfer of the Warrants.

 

9.       No
Rights as Shareholder until Exercise. This Warrant does not entitle the holder hereof to any voting rights or other rights
as a shareholder of the Company prior to the exercise hereof. Upon the exercise (as defined in Paragraph 3(a)), the Warrant Shares
so purchased shall be and be deemed to be issued to such holder as the record owner of such shares as of the close of business
on the later of the date of such exercise.

 

10.       Loss,
Theft, Destruction or Mutilation of Warrant. The Company represents and warrants that upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant certificate or any stock certificate
relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to
it, and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a
new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

 

 

 

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11.       Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall be a Saturday, Sunday or a legal holiday, then such action may be taken or such right may be exercised on
the next succeeding day not a Saturday, Sunday or legal holiday.

 

12.       Adjustments
of Exercise Price and Number of Warrant Shares.

 

(a)       Stock
Splits, etc. The number and kind of securities purchasable upon the exercise of this Warrant and the Exercise Price shall be
subject to adjustment from time to time upon the happening of any of the following, (an “Adjustment Event”): The Company
shall (i) pay a dividend in shares of Common Stock or make a distribution in shares of Common Stock to holders of its outstanding
Common Stock, (ii) subdivide its outstanding shares of Common Stock into a greater number of shares of Common Stock, (iii) combine
its outstanding shares of Common Stock into a smaller number of shares of Common Stock or (iv) issue any shares of its capital
stock in a reclassification of the Common Stock. Upon the occurrence of an Adjustment Event, the number of Warrant Shares purchasable
upon exercise of this Warrant immediately prior thereto shall be adjusted so that the holder of this Warrant shall be entitled
to receive the kind and number of Warrant Shares or other securities of the Company which he would have owned or have been entitled
to receive had such Warrant been exercised in advance thereof. Upon each such adjustment of the kind and number of Warrant Shares
or other securities of the Company which are purchasable hereunder, the holder of this Warrant shall thereafter be entitled to
purchase the number of Warrant Shares or other securities resulting from such adjustment at an Exercise Price per such Warrant
Share or other security obtained by multiplying the Exercise Price in effect immediately prior to such adjustment by the number
of Warrant Shares purchasable pursuant hereto immediately prior to such adjustment and dividing by the number of Warrant Shares
or other securities of the Company resulting from such adjustment. An adjustment made pursuant to this paragraph shall become effective
immediately after the effective date of such event retroactive to the record date, if any, for such Adjustment Event.

 

(b)       Reorganization,
Reclassification, Merger, Consolidation or Disposition of Assets. In case (i) the Company shall (A) reorganize its capital,
(B) reclassify its capital stock, consolidate or merge with or into another corporation (where the Company is not the surviving
corporation or where there is a change in or distribution with respect to the Common Stock of the Company), or (C) sell, transfer
or otherwise dispose of all or substantially all its property, assets or business to another corporation (a “Fundamental
Change”) and, (ii) pursuant to the terms of such Fundamental Change, shares of common stock of the successor or acquiring
corporation, or any cash, shares of stock or other securities or property of any nature whatsoever (including warrants or other
subscription or purchase rights) in addition to or in lieu of common stock of the successor or acquiring corporation ("Other
Property"), are to be received by or distributed to the holders of Common Stock of the Company, then the holder of this Warrant
shall have the right thereafter to receive, upon exercise of this Warrant, the number of shares of common stock of the successor
or acquiring corporation or of the Company, if it is the surviving corporation, and Other Property receivable upon or as a result
of such Fundamental Change by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately
prior to such event. In case of any such reorganization, reclassification, merger, consolidation or disposition of assets, the
successor or acquiring corporation (if other than the Company) shall expressly assume the due and punctual observance and performance
of each and every covenant and condition of this Warrant to be performed and observed by the Company and all the obligations and
liabilities hereunder, subject to such modifications as may be deemed appropriate (as determined by resolution of the Board of
Directors of the Company) in order to provide for adjustments of shares of Common Stock for which this Warrant is exercisable which
shall be as nearly equivalent as practicable to the adjustments provided for in this Section 12. For purposes of this Paragraph
12, "common stock of the successor or acquiring corporation" shall include stock of such corporation of any class which
is not preferred as to dividends or assets over any other class of stock of such corporation and which is not subject to redemption
and shall also include any evidences of indebtedness, shares of stock or other securities which are convertible into or exchangeable
for any such stock, either immediately or upon the arrival of a specified date or the happening of a specified event and any warrants
or other rights to subscribe for or purchase any such stock. The foregoing provisions of this Paragraph 12 shall similarly apply
to successive Fundamental Changes.

 

(c)       Anti-Dilution
Provisions.

 

 

 

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(i)       Adjustment
for Dividends. In the event the Company shall make or issue, or shall have issued, or shall fix a record date for the determination
of holders of common stock entitled to receive a dividend or the distribution (other than a distribution otherwise provided for
herein) payable in (a) securities of the Company other than shares of Common Stock or (b) assets (including cash paid
or payable out of capital or capital surplus or surplus created as a result of a revaluation of property, but excluding the cumulative
dividends payable with respect to an authorized series of Preferred Stock), then and in each such event provision shall be made
so that the holders of Warrants shall receive upon exercise thereof in addition to the number of shares of Common Stock receivable
thereupon, the number of securities or such other assets of the Company which they would have received had their Warrants been
exercised into Common Stock on the date of such event and had they thereafter, during the period from the date of such event to
and including the exercise date, retained such securities or such other assets receivable by them as aforesaid during such period,
giving application to all adjustments called for during such period under this paragraph with respect to Warrrantholders.

 

(ii)       Adjustment
for Capital Reorganization or Reclassification. If the common stock issuable upon the exercise of the Warrants shall be changed
into the same or different number of shares of any class or classes of stock, whether by capital reorganization, reclassification
or otherwise then and in each such event the holder of the Warrants shall have the right thereafter to exercise such Warrants and
receive the kind an amount of shares of stock and other securities and property receivable upon such reorganization, reclassification
or other change by holders of the number of shares of common stock into which such Warrant might have been exercised immediately
prior to such reorganization, reclassification or change, all subject to further adjustment as provided herein.

 

(iii)       Adjustment
of Number of Shares. Anything in this Certificate to the contrary notwithstanding, in case the Company shall at any time issue
Common Stock or Convertible Securities by way of dividend or other distribution on any stock of the Company or subdivide or combine
the outstanding shares of Common Stock, the Exercise Price shall be proportionately decreased in the case of such issuance (on
the day following the date fixed for determining shareholders entitled to receive such dividend or other distribution) or decreased
in the case of such subdivision or increased in the case of such combination (on the date that such subdivision or combination
shall become effective).

 

(iv)       No
Adjustment for Small Amounts. Anything in this paragraph to the contrary notwithstanding, the Company shall not be required
to give effect to any adjustment in the Exercise Price unless and until the net effect of one or more adjustments, determined as
above provided, shall have required a change of the Exercise Price by at least one cent, but when the cumulative net effect of
more than one adjustment so determined shall be to change the actual Exercise Price by at least one cent, such change in the Exercise
Price shall thereupon be given effect.

 

(v)       Number
of Shares Adjusted. Upon any adjustment of the Exercise Price, the Holder of this Warrant shall thereafter (until another such
adjustment) be entitled to purchase, at the new Exercise Price, the number of shares, calculated to the nearest full share, obtained
by multiplying the number of shares of Common Stock initially issuable upon exercise of this Warrant by the Exercise Price in effect
on the date hereof and dividing the product so obtained by the new Exercise Price.

 

(vi)       Common
Stock Defined. Whenever reference is made in this Paragraph 12 to the issue or sale of shares of Common Stock, the term "Common
Stock" shall mean the Common Stock of the Company of the class authorized as of the date hereof and any other class of stock
ranking on a parity with such Common Stock. However, subject to the provisions of Paragraph 12 hereof, shares issuable upon exercise
hereof shall include only shares of the class designated as Common Stock of the Company as of the date hereof.

 

13.       Voluntary
Adjustment by the Company. The Company may at any time during the term of this Warrant, (i) extend the Termination Date or
(ii) reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the Board of Directors
of the Company.

 

 

 

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14.       Notice
of Adjustment. Whenever the number of Warrant Shares or number or kind of securities or other property purchasable upon the
exercise of this Warrant or the Exercise Price is adjusted, as herein provided, the Company shall promptly mail by registered or
certified mail, return receipt requested, to the holder of this Warrant notice of such adjustment or adjustments setting forth
the number of Warrant Shares (and other securities or property) purchasable upon the exercise of this Warrant and the Exercise
Price of such Warrant Shares (and other securities or property) after such adjustment, setting forth a brief statement of the facts
requiring such adjustment and setting forth the computation by which such adjustment was made. Such notice, in absence of manifest
error, shall be conclusive evidence of the correctness of such adjustment.

 

15.       Notice
of Corporate Action. If at any time:

 

(a)       the
Company shall take a record of the holders of its Common Stock for the purpose of entitling them to receive a dividend or other
distribution, or any right to subscribe for or purchase any evidences of its indebtedness, any shares of stock of any class or
any other securities or property, or to receive any other right, or

 

(b)       there
shall be any capital reorganization of the Company, any reclassification or recapitalization of the capital stock of the Company
or any consolidation or merger of the Company with, or any sale, transfer or other disposition of all or substantially all the
property, assets or business of the Company to, another corporation or,

 

(c)       there
shall be a voluntary or involuntary dissolution, liquidation or winding up of the Company;

 

then, in any one or more of such cases,
the Company shall give to Holder (i) at least 30 days' prior written notice of the record date for such dividend, distribution
or right or for determining rights to vote in respect of any such reorganization, reclassification, merger, consolidation, sale,
transfer, disposition, liquidation or winding up, and (ii) in the case of any such reorganization, reclassification, merger, consolidation,
sale, transfer, disposition, dissolution, liquidation or winding up, at least 30 days' prior written notice of the date when the
same shall take place. Such notice in accordance with the foregoing clause also shall specify (i) the date on which the holders
of Common Stock shall be entitled to any such dividend, distribution or right, and the amount and character thereof, and (ii) the
date on which any such reorganization, reclassification, merger, consolidation, sale, transfer, disposition, dissolution, liquidation
or winding up is to take place and the time, if any such time is to be fixed, as of which the holders of Common Stock shall be
entitled to exchange their shares of Common Stock for securities or other property deliverable upon such disposition, dissolution,
liquidation or winding up. Each such written notice shall be sufficiently given if addressed to Holder at the last address of Holder
appearing on the books of the Company and delivered in accordance with Section 17(d).

 

16.       Authorized
Shares. The Company covenants that during the period the Warrant is outstanding, it will reserve from its authorized and unissued
Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase
rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its
officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the
Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as
may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or
regulation, or of any requirements of the NASDAQ Capital Market, or any domestic
securities exchange upon which the Common Stock may be listed.

 

 

 

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The Company shall
not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer
of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid
the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out
of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder against
impairment. Without limiting the generality of the foregoing, the Company will (a) not increase the par value of any shares of
Common Stock receivable upon the exercise of this Warrant above the amount payable therefor upon such exercise immediately prior
to such increase in par value, (b) take all such action as may be necessary or appropriate in order that the Company may validly
and legally issue fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant, and (c) use its best efforts
to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof as may be
necessary to enable the Company to perform its obligations under this Warrant.

 

Upon the request
of Holder, the Company will at any time during the period this Warrant is outstanding acknowledge in writing, in form reasonably
satisfactory to Holder, the continuing validity of this Warrant and the obligations of the Company hereunder.

 

Before taking any
action which would cause an adjustment reducing the current Exercise Price below the then par value, if any, of the shares of Common
Stock issuable upon exercise of the Warrants, the Company shall take any corporate action which may be necessary in order that
the Company may validly and legally issue fully paid and non-assessable shares of such Common Stock at such adjusted Exercise Price.

 

17.       Miscellaneous.

 

(a)       Jurisdiction.
This Warrant shall be binding upon any successors or assigns of the Company. This Warrant shall constitute a contract under the
laws of Colorado without regard to its conflict of law, principles or rules, and be subject to arbitration pursuant to the terms
set forth in the Agreement.

 

(b)       Restrictions.
The holder hereof acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, will have
restrictions upon resale imposed by state and federal securities laws and by the Agreement.

 

(c)       Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice Holder's rights, powers or remedies, notwithstanding all rights hereunder terminate
on the Termination Date. If the Company fails to comply with any provision of this Warrant, the Company shall pay to Holder such
amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys' fees, including
those of appellate proceedings, incurred by Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any
of its rights, powers or remedies hereunder.

 

(d)       Notices.
Any notice, request or other document required or permitted to be given or delivered to the holder hereof by the Company shall
be delivered in accordance with the notice provisions of the Agreement.

 

(e)       Limitation
of Liability. No provision hereof, in the absence of affirmative action by Holder to purchase shares of Common Stock, and no
enumeration herein of the rights or privileges of Holder hereof, shall give rise to any liability of Holder for the purchase price
of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the
Company.

 

 

 

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(f)       Remedies.
Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to
specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive the defense in any
action for specific performance that a remedy at law would be adequate.

 

(g)       Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure
to the benefit of and be binding upon the successors of the Company and the successors and permitted assigns of Holder. The provisions
of this Warrant are intended to be for the benefit of all Holders from time to time of this Warrant and shall be enforceable by
any such Holder or holder of Warrant Shares.

 

(h)       Cooperation.
The Company shall cooperate with Holder in supplying such information as may be reasonably necessary for Holder to complete and
file any information reporting forms presently or hereafter required by the SEC as a condition to the availability of an exemption
from the Securities Act for the sale of any Warrant or any Warrant Shares.

 

(i)       Indemnification.
The Company agrees to indemnify and hold harmless Holder from and against any liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, claims, costs, attorneys' fees, expenses and disbursements of any kind which may be imposed upon, incurred
by or asserted against Holder in any manner relating to or arising out of any failure by the Company to perform or observe in any
material respect any of its covenants, agreements, undertakings or obligations set forth in this Warrant; provided, however, that
the Company will not be liable hereunder to the extent that any liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, claims, costs, attorneys' fees, expenses or disbursements are found in a final non-appealable judgment by a court
to have resulted from Holder's negligence, bad faith or willful misconduct in its capacity as a stockholder or warrantholder of
the Company.

 

(j)       Amendment.
This Warrant may be modified or amended or the provisions hereof waived only with the written consent of the Company and the Holder.

 

(k)       Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Warrant.

 

(l)       Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of
this Warrant.

 

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

 

Dated: _____________, 2018

MAGELLAN GOLD CORPORATION,
a Nevada

corporation

 

 

 

By: __________________________________

 

 

 

 

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NOTICE OF EXERCISE

 

 

To:     MAGELLAN GOLD CORPORATION

 

The undersigned hereby
elects to purchase ________ shares of Common Stock (the "Common Stock"), of MAGELLAN GOLD CORPORATION,  pursuant
to the terms of the attached Warrant, and tenders herewith payment of the exercise price in full, together with all applicable
transfer taxes, if any.

 

Please issue a certificate
or certificates representing said shares of Common Stock in the name of the undersigned or in such other name as is specified
below:

 

_______________________________

(Name)

 

_______________________________

(Address)

 

_______________________________

 

 

 

Dated:_____________________

 

______________________________

Signature

 

 

 

 

 

 

 

 

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ASSIGNMENT FORM

 

(To assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

 

 

 

FOR VALUE RECEIVED,
the foregoing Warrant and all rights evidenced thereby are hereby assigned to
________________________________ whose address is

 

________________________________________________________________________________.

 

 

Dated: ______________,
_______

 

 

	 	Holder's
Signature:	_________________________________
	 	 	 
	 	Holder's Address:	_________________________________
	 	 	 
	 	 	_________________________________

 

 

Signature Guaranteed: ______________________________________

 

 

NOTE: The signature to this Assignment
Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever,
and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative
capacity should file proper evidence of authority to assign the foregoing Warrant.

 

    	 	10Exhibit 4.7

 

AGREEMENT BY AND AMONG LENDERS 

 

This Agreement is made
and entered into as of the __ day of ___________, 2018, by and between Magellan Gold Corporation, a Nevada corporation (the
“Company”) and those parties who purchased and hold Series 2018A 10% Unsecured Convertible Promissory Notes (the “Notes”)
issued by the Company (collectively referred to herein as “Lenders”).

 

RECITALS

 

		A.	The Company has sold Notes to Lenders in the aggregate principal amount of up to Five Hundred Thousand
Dollars ($500,000).

 

		B.	Lenders desire to act in concert with respect to the Notes.

 

 

NOW, THEREFORE, in consideration of the
mutual covenants and agreements contained herein, the receipt and sufficiency whereof are hereby acknowledged, the parties agree
as follows:

 

1.        Risks of Collectibility. Each Lender will bear the risks of collectibility of the Note held by it, of the Borrower’s
financial condition, of fraud or forgery, of the enforceability of the Security Documents, of the adequacy of the security for
Loan, and any other matters relating to the Loan. Each Lender agrees that it has been solely responsible for making an independent
appraisal and investigation into the financial condition, creditworthiness, nature, and status of the Borrower. Each Lender confirms
to the other Lenders that it has not, in connection with his decision to enter into the Loan transaction, relied on any other Lender
(i) to inquire on his behalf into the accuracy or completeness of any information provided in connection with the Loan (whether
or not such information is distributed to the Lenders), (ii) to assess or keep under review on his behalf the financial condition,
creditworthiness, nature or status of the Borrower, or (iii) to advise such Lender as to the results of any appraisal or investigation
performed by any other Lender.

 

2.        Appointment of Agent. (a) Upon the occurrence of one or more of the events of Default set forth in the Lender Notes,
or in the event a Majority of the Lenders so determine, Lenders shall appoint an agent (“Agent”) to perform certain
ministerial functions on their behalf, including those specified in the Lender Notes . Lenders holding a majority of the total
outstanding principal balance of the Notes (“Majority” or “Majority in Interest”) shall control all decisions
regarding the exercise of rights of the Lenders under the Lender Notes . Lenders constituting a Majority shall appoint the Agent
in the manner set forth in paragraph 4(c).

 

(b)        Agent
will enforce the Lender Notes , as described in the other provisions of

this Agreement.

 

(c)        The
Agent shall be appointed by vote of a Majority. The vote may be taken (i) in a meeting held for such purpose upon five (5) days
written notice to the Lenders; or (ii) by written agreement of a Majority without a meeting. Attendance at the meeting may be in
person, by proxy, or by telephone. Agent will signify his acceptance of such appointment, and his agreement with terms of this
agreement that pertain to him as Agent, by executing a copy of this Agreement. The terms of this agreement pertaining to such Agent’s
rights, duties, and responsibilities hereunder shall be effective upon the Agent’s signature.

 

 

 

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3.        Expenses. If an Agent is appointed under paragraph 4 of this Agreement, Lenders shall pay him/her/it for their services
in an amount that is customary and reasonable for such services. The following out-of-pocket expenses incurred by Agent, to the
extent not paid by the Company, shall be paid by the Lenders pro rata in proportion to the amount of the Lender Notes held by them:

 

(a)        Expenses
incurred in the enforcement of the Lender Notes;

 

(b)        Expenses
incurred following any Event of Default under any of the Lender Notes and any expenses incurred prior to but in connection with
or in preparation for any such Event of Default; and

 

(c)        Expenses
otherwise incurred and approved in advance in writing by a Majority in Interest of the Lenders.

 

Each Lender shall pay
its share of all such expenses within fifteen (15) calendar days after receipt of a written statement from Agent itemizing the
expenses that have been incurred and are due and payable or have been paid by Agent. In the event that any Lender fails or refuses
to pay its share of any expenses under this Section, Agent shall have a priority claim, to the extent of such unpaid expenses,
on such Lender’s share of all payments of principal, interest, fees, and other charges with respect to the Notes and of all
proceeds from realization upon the security for the Notes. Each Lender hereby grants to Agent a security interest in its share
of such payments and proceeds to secure the payment of expenses that it is obligated to pay hereunder.

 

4.        Records. Agent shall at all times keep books of account and records at his current address reflecting all transactions
in connection with the Loan and the Lenders’ interests therein. Each Lender shall have access to Agent’s records maintained
in connection with the Loan for inspection and/or copying at such Lender’s expense at all reasonable times during business
hours. Upon request, Agent shall furnish to any Lender copies of title reports, financial information, inspection reports, and
other documents relating to the Loan, the Security Documents, or the Company that have been furnished to or prepared by Agent in
connection with the Loan.

 

5.        Liability of Agent. Neither Agent nor any of his/her/its agents shall be liable for any action taken or not taken
in good faith in connection with the Loan, in the absence of his own gross negligence or willful misconduct. Agent shall in no
event be liable to any Lender for any action taken or not taken by Agent with the consent or at the request of such Lender, unless
such action is performed in a grossly negligent manner or in a manner constituting willful misconduct (which manner of performance
was not requested or consented to by such Lender).

 

Agent may consult with
legal counsel, independent public accountants and other experts selected by him and shall not be liable for any action taken or
not taken in good faith reliance upon the advice of such experts. Unless specifically requested to do so by any Lender, Agent shall
have no duty to inquire into or verify (i) any statement, warranty, or representation made by the Company in connection with the
Loan; (ii) the truthfulness or genuineness of any information or document supplied by the Company in connection with the Loan;
or (iii) the genuineness of the signatures of any party (other than Agent). Agent shall not incur any liability by acting in reliance
upon any notice, consent, or other writing (including telexes, telecopies, or similar instruments) believed by Agent to be genuine
or to be signed by the proper party or parties.

 

 

 

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6.        Indemnification. Each Lender shall, pro rata, in proportion to the amount of the Note held by him, indemnify Agent
against any cost, expense, claim, demand, action, loss, or liability, including reasonable attorney’s fees incurred in contesting
the same, that Agent may suffer or incur in connection with the Loan in his capacity as Agent, or any action taken or omitted by
Agent in good faith under this Agreement, except to the extent the same arises from Agent’s gross negligence or willful misconduct,
or from actions taken by Agent that are outside the scope of his authority under this Agreement.

 

7.        Litigation. Subject to the provisions of Section 12 hereof, Agent shall have the exclusive right to initiate, direct,
and otherwise control any litigation involving all of the Lenders in their capacity as such under the Loan, whether as plaintiffs,
defendants, or otherwise. All costs and expenses incurred by Agent in connection with such litigation, including reasonable attorney’s
fees, shall be paid in accordance with Section 4 hereof.

 

8.        Notifications. Each Lender shall endeavor (but shall not incur any liability for failure to do so) to notify each
other of any events or occurrences that come to their attention that may have material adverse effect on the security for the Loan
or the ability of the Company to perform any of their respective obligations under the Lender Notes.

 

9.        Defaults of the Company. Agent shall send to each Lender a copy of each notice he sends to the Company pursuant to
the Lender Notes notifying the Company of any claimed defaults thereunder. The failure of the Company to cure any such default
within the time periods, if any, specified in the Lender Notes shall constitute an Event of Default thereunder unless such Event
of Default is waived (either during or after the applicable cure period) by all of the Lenders (for any Event of Default resulting
from the failure to make required payments of principal and interest on the Loan) or by a Majority (for any other Event of Default).

 

Agent shall advise
the Lenders from time to time as to his recommendations with respect to any Event of Default and the possible waiver thereof.

 

10.        Enforcement. Upon the occurrence of any Event of Default under the Lender Notes that is not waived in accordance
with the terms of this Agreement, Agent shall (unless otherwise required by this Section 11) take all reasonable steps for the
enforcement of the Loan that Agent would normally take in the event of such a default that is not waived under a similar loan for
his own account. Agent shall be entitled to exercise his reasonable discretion to determine when and in what manner the Loan shall
be enforced, and shall control and direct all actions taken or not taken in connection with such enforcement; provided, however,
that a majority in interest of the Lenders must approve, or may require, the exercise of any affirmative remedy provided to Agent
under the terms of any of the Lender Notes , including but not limited to, acceleration of the Lender Notes. Unless otherwise instructed
in writing by a majority in interest of the Lenders, however, Agent shall have no obligation to withhold disbursements or exercise
any right or remedy available to Lenders if in Agent’s reasonable judgment the exercise of such rights is not in the best
interests of the Lenders.

 

 

 

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11.        Permitted Actions. Any actions that require the consent or approval of a specified number of Lenders pursuant to
the terms of this Agreement may be initiated by any group of Lenders comprising the number whose consent or approval is required.
Any actions, consents, or approvals required or permitted of the Lenders under the Lender Notes , for which the consent or approval
of a specified number of Lenders is not required in this Agreement, may be taken or given by Agent, and if so taken or given by
Agent shall not be binding upon all of the Lenders. Agent may, however, at his sole option at any time upon notice to the Lenders,
request the Lenders’ approval or authorization of any action, consent, or approval that may be taken or given by Agent under
the preceding sentence, which approval or authorization shall require the written consent of a majority in interest of the Lenders.

 

Any action taken or
decision made by Agent or by any group of Lenders to whom the authority to take such action or make such decision has been given
pursuant to the terms of this Agreement, shall be binding upon all of the Lenders, and each Lender agrees to execute all documents
and instruments and take all other actions that are deemed necessary or desirable by Agent or the Lenders making such decisions
to carry out the terms thereof.

 

12.        Pari Passu Status in Lender
Notes.

 

a.       Each
of the Lenders hereby acknowledges and agrees that none of the Lenders, individually or collectively, shall have priority with
respect to any payments of principal or interest in respect of the Lenders’ Lender Notes. Rather, each of the Lenders hereby
acknowledges and agrees that its and their respective rights and priority are pari passu with the rights and priority of
each and all of the Lenders. In addition, and without limitation of the generality of the foregoing, each Lender hereby confirms,
agrees and stipulates that regardless of the relative times at which indebtedness of the Company was incurred to the holders of
Lender Notes, and regardless of anything to the contrary contained in any documents executed in connection with the Lender Notes,
shall in all respects be held by them on a pari passu basis.

 

b.       In
the event of (i) an Event of Default, (ii) any insolvency, bankruptcy, receivership, liquidation, reorganization, assignment for
the benefit of creditors or other similar proceeding relating to the Company, whether voluntary or involuntary, (iii) any proceeding
for the voluntary liquidation, dissolution or other winding-up of the Company, whether involving insolvency or bankruptcy proceedings
or not, then, and in any such event, any payment or other distribution of any character, whether in cash, securities or other property
out of or in respect of the assets of the Company, shall be shared by the Lenders on a pari passu basis with the amount
thereto to which Lenders are entitled to be determined based on the proportion which the then outstanding Lenders’ indebtedness
bears to the aggregate indebtedness represented by the Lender Notes; provided, however, that the Lenders, individually or collectively,
shall not take any action without prior written notice having been furnished to all Lenders.

 

 

 

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c.       If
the Lenders, individually or collectively, shall at any time have received any payment, distribution or additional security from
any of the assets of the Company, whether arising out of or as a result of any event described in Section 13(b) above or otherwise,
the receiving party thereof shall promptly provide the Company or any court-appointed trustee or Agent with a detailed accounting
thereof, and shall promptly take all action necessary to implement the pro-rata sharing contemplated by Section 13(b) above. Any
such payment, distribution or security so received shall be deemed to be held in trust by the receiving party thereof for the benefit
of all the Lenders until such sharing has been implemented and completed as contemplated by Section 13(b) above.

 

d.       Each
of the Lenders agree to use reasonable efforts to cooperate with one another in the realization upon and/or liquidation of the
assets of Company following an Event of Default, and to promptly advise any designated or appointed agent with respect to the Company’s
assets and all other Lenders of any actions taken with respect thereto, provided, however, that no Lender shall, enter into any
modification or amendment of any agreements that would (i) extend the term of the Lenders’ Indebtedness, (ii) increase the
applicable rate of interest payable by the Company thereunder, or (iii) increase the amount of the Company's indebtedness thereunder,
without the prior written approval of a two-thirds (2/3rds) majority in interest of all of the Lenders.

 

14.        Power
of Attorney.

 

a.       To
effectuate the terms and provisions hereof, the Lenders hereby appoint the Agent as their attorney-in-fact (and the Agent hereby
accepts such appointment) for the purpose of carrying out the provisions of this Agreement including, without limitation, taking
any action on behalf of, or at the instruction of, the Majority in Interest at the written direction of the Majority in Interest
and executing any consent authorized pursuant to this Agreement and taking any action and executing any instrument that the Agent
may deem necessary or advisable (and lawful) to accomplish the purposes hereof.

 

b.       All
acts done under the foregoing authorization are hereby ratified and approved and neither the Agent nor any designee nor agent thereof
shall be liable for any acts of commission or omission, for any error of judgment, for any mistake of fact or law except for acts
of gross negligence or willful misconduct.

 

c.       This
power of attorney, being coupled with an interest, is irrevocable while this Agreement remains in effect.

 

15.        Further
Assurances. Each Lender, and Agent after his appointment, agree to use their best efforts to cooperate in the administration
of the Loan under this Agreement and, except as specified in Section 9 hereof, to use their best efforts to keep each other reasonably
well informed with respect to any material event relating to the Company and/or the Loan. Without limiting the generality of the
foregoing, the parties hereby agree to execute such documents and perform such acts as may be desirable to carry out the purposes
of this Agreement, including without limitation, the execution of such documents as Agent may request in connection with any actions
or decisions of Agent or any specified number of Lenders authorized under this Agreement regarding the administration or enforcement
of the Loan, ownership, management, operation, sale, or leasing of the collateral, whether or not any Lender agrees with such decision
or action. The obligations of the parties contained herein may be specifically enforced by an action brought in a court of competent
jurisdiction.

 

 

 

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16.        Successors
and Assigns; Resignation of Agent. Any Lender shall have the right to assign its interest in this Agreement to any one to whom
it has assigned its Note. Agent’s obligations hereunder shall not be assigned or delegated without the prior written consent
of a Majority. Agent may resign as agent at any time for any reason upon providing the Lenders 10 days prior written notice. Upon
the resignation of Agent, a Majority shall designate a successor agent in accordance with the provisions of paragraph 4(c).

 

17.        No
Joint Venture. Nothing contained in this Agreement shall be construed as creating a joint venture or partnership among the
parties hereto, and no party shall be obligated for the acts or omissions of any other party except as expressly provided herein.

 

18.        Notices.
Except where verbal notice is specifically authorized in this Agreement, all notices hereunder shall be in writing and shall be
deemed effectively given or served for all purposes when presented personally, upon receipt if sent by first class mail or over-night
express, or on the date of transmission if sent by telegram, telex, or telecopy to any party hereto at the address set forth on
the signature page hereof, or at such other address as any party shall subsequently designate by notice.

 

19.        Approvals.
Any document, information, or action that is required to be approved by any party under this Agreement shall be approved or disapproved
by written notice given no later than fifteen (15) calendar days after receipt of such document, information, or written request
for approval of such action. If any party fails to give its written approval or disapproval of any matter within the foregoing
fifteen-day period, such party will be deemed to have approved such matter for all purposes.

 

20.        No
Oral Change. This Agreement may not be changed, discharged, or terminated orally, but only by an instrument in writing signed
by the party against whom enforcement of the change, discharge, or termination is sought.

 

21.        Arbitration.
If at any time during the term of this Agreement any dispute, difference, or disagreement shall arise upon or in respect of the
Agreement, and the meaning and construction hereof, every such dispute, difference, and disagreement shall be referred to a single
arbiter agreed upon by the parties, or if no single arbiter can be agreed upon, an arbiter or arbiters shall be selected in accordance
with the rules of the American Arbitration Association and such dispute, difference, or disagreement shall be settled by arbitration
in accordance with the then prevailing commercial rules of the American Arbitration Association, and judgment upon the award rendered
by the arbiter may be entered in any court having jurisdiction thereof.

 

22.        Litigation
Costs. In the event of any controversy, claim, arbitration, or legal action among the parties hereto arising out of this Agreement
or relating to the Loan, the prevailing party will be entitled to recover from the other party or parties (jointly or severally)
all costs, damages, and expenses, including reasonable attorney’s fees, incurred by the prevailing party in connection with
such controversy, claim, arbitration, or legal action.

 

 

 

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23.        Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Colorado, excluding its
laws of conflict of laws.

 

24.        Severability.
The provisions of this Agreement are severable and a declaration by a court of competent jurisdiction that any of those provisions
is invalid or unenforceable shall not affect the validity or enforceability of any other provision.

 

25.        Headings.
The headings used herein are for purposes of convenience only and should not be used in construing the provisions hereof.

 

26.        Counterparts.
This agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which
together shall be deemed the same document.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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IN WITNESS WHEREOF, the parties have caused
this Agreement to be executed by their duly authorized agents as of the day and year first above written.

 

 

MAGELLAN GOLD CORPORATION

 

 

By: ________________________________

W. Pierce Carson, CEO

 

 

 

LENDER:

 

	Name: 	_____________________________________
	 	 
	Address:  	_____________________________________
	 	 
	 	 
	Amount of Note:  	_____________________________________
	 	 
	Signature: 	By execution of Subscription Agreement 
	 	 

 

 

 

 

 

 

 

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