Document:

Exhibit 10.2

 

 

TANZANIAN GOLD CORPORATION

 

WARRANT CERTIFICATE

 

	No.: CS-1	 	Number of Warrants: ____________

Original Issue Date: _________________ 

 

THIS WARRANT CERTIFICATE certifies that for
value received, ________________________ or its registered assigns is entitled to subscribe for and purchase, during the
Term (as hereinafter defined), the number of warrants specified above, each of which entitles the holder thereof to purchase during
the term, one fully paid and non-assessable common share, without par value per share, of Tanzanian Gold Corporation, a corporation
incorporated under the Business Corporations Act (Alberta) (the “Issuer”), at an exercise price
per common share equal to $1.50 (the “Warrant Price”), as may be adjusted, subject, however, to the provisions
and upon the terms and conditions hereinafter set forth. Capitalized terms used in this Warrant Certificate (this “Warrant”
or “Warrant Certificate”) and not otherwise defined herein shall have the respective meanings specified
in Section 6 hereof. Dollar amounts shall mean United States dollars.

 

1.       Term.
The term of this Warrant Certificate shall commence on the Original Issue Date and shall expire at 6:00 p.m., Eastern Time, on
the third (3rd) anniversary of the Original Issue Date (such period being the “Term”).

 

2.       Method
of Exercise; Payment; Issuance of New Warrant Certificate; Transfer and Exchange.

 

(a)       Time
of Exercise. The exercise rights represented by this Warrant Certificate may be exercised at anytime during the Term.

 

(b)              
Method of Exercise. Each Warrant shall entitle the Holder to purchase one common share of the Issuer at the Warrant Price.
The Holder hereof may exercise the Warrants, in whole or in part, by the surrender of the Warrant Certificate (with the exercise
form attached hereto duly executed) at the principal office of the Issuer, and by the payment to the Issuer of an amount of consideration
therefor equal to the Warrant Price in effect on the date of such exercise multiplied by the number of shares of Warrant Stock
with respect to which the Warrant Certificate is then being exercised, payable at such Holder’s election by certified or
official bank check or by wire transfer to an account designated by the Issuer.

 

(c)               
Issuance of Stock Certificates.  In the event of any exercise of the Warrants in accordance with and subject to the terms
and conditions hereof, certificates for the shares of Warrant Stock so purchased shall be dated the date of such exercise and delivered
to the Holder hereof as soon as reasonably practicable and in no event shall such certificate be delivered later than ten (10)
business days from the date in which the notice of election was received by the Issuer.

 

(d)               
Transferability of Warrant. Subject to Section 2(e) hereof, the Warrants may be transferred by a Holder, in whole
or in part, without the consent of the Issuer. If transferred pursuant to this paragraph, the Warrants may be transferred on the
books of the Issuer by the Holder hereof in person or by duly authorized attorney, upon surrender of this Warrant Certificate at
the principal office of the Issuer, properly endorsed (by the Holder executing an assignment in the form attached here to) and
upon payment of any necessary transfer tax or other governmental charge imposed upon such transfer. This Warrant Certificate is
exchangeable at the principal office of the Issuer for Warrants to purchase the same aggregate number of shares of Warrant Stock,
each new Warrant to represent the right to purchase such number of shares of Warrant Stock as the Holder hereof shall designate
at the time of such exchange. All Warrants issued on transfers or exchanges shall be dated the Original Issue Date and shall be
identical with this Warrant Certificate except as to the number of shares of Warrant Stock issuable pursuant thereto.

 

    	 	1	 

     

    

(e)               
Compliance with Securities Laws.

 

(i)          
The Holder of this Warrant Certificate, by acceptance hereof, acknowledges that the Warrants and the shares of Warrant Stock to
be issued upon exercise hereof are being acquired solely for the Holder’s own account and not as a nominee for any other
party, and for investment, and agrees that the Holder will not acquire the Warrant Stock, offer, sell or otherwise dispose of this
Warrant or any shares of Warrant Stock to be issued upon exercise hereof except pursuant to an effective registration statement,
or an exemption from registration, under the Securities Act and any applicable state securities laws.

 

(f)       Loss,
Theft, Destruction of Warrants. Upon receipt of evidence satisfactory to the Issuer of the ownership of and the loss, theft,
destruction or mutilation of any Warrant and, in the case of any such loss, theft or destruction, upon receipt of indemnity or
security satisfactory to the Issuer or, in the case of any such mutilation, upon surrender and cancellation of such Warrant, the
Issuer will make and deliver, in lieu of such lost, stolen, destroyed or mutilated Warrant, a new Warrant of like tenor and representing
the right to purchase the same number of shares of Warrant Stock.

 

3.       Adjustment
of Warrant Price and Number of Shares Issuable Upon Exercise. The Warrant Price and the Warrant Share Number shall be subject
to adjustment from time to time as set forth in this Section 3. The Issuer shall give the Holder notice of any event described
below that requires an adjustment pursuant to this Section 3 in accordance with the notice provisions set forth in Section
4.

 

(a)       Recapitalization,
Reorganization, Reclassification, Consolidation, Merger or Sale.

 

(i)       In
case the Issuer after the Original Issue Date shall do any of the following (each, a “Triggering Event”):
(A) consolidate or merge with or into any other Person and the Issuer shall not be the continuing or surviving corporation of such
consolidation or merger, or (B) permit any other Person to consolidate with or merge into the Issuer and the Issuer shall be the
continuing or surviving Person but, in connection with such consolidation or merger, any Capital Stock of the Issuer shall be changed
into or exchanged for Securities of any other Person or cash or any other property, or (C) transfer all or substantially all of
its properties or assets to any other Person, or (D) effect a capital reorganization or reclassification of its Capital Stock,
then, and in the case of each such Triggering Event, proper provision shall be made to the Warrant Price and the number of shares
of Warrant Stock that may be purchased upon exercise of this Warrant Certificate so that, upon the basis and the terms and in the
manner provided in this Warrant Certificate the Holder of this Warrant Certificate shall be entitled upon the exercise hereof at
any time after the consummation of such Triggering Event, to the extent the Warrants are not exercised prior to such Triggering
Event, to receive at the Warrant Price as adjusted to take into account the consummation of such Triggering Event, in lieu of the
Warrant Stock issuable upon such exercise of the Warrants prior to such Triggering Event, the Securities, cash and property to
which such Holder would have been entitled upon the consummation of such Triggering Event if such Holder had exercised the rights
represented by this Warrant Certificate immediately prior thereto subject to adjustments (subsequent to such corporate action)
as nearly equivalent as possible to the adjustments provided for elsewhere in this Section 3. Upon the occurrence of a Triggering
Event, the Issuer shall notify the Holder in writing of such Triggering Event and provide the calculations in determining the amount
of issuable Securities, cash or property issuable upon exercise of the new warrant and the adjusted Warrant Price. Upon the Holder’s
request, the continuing or surviving corporation as a result of such Triggering Event shall issue to the Holder a new warrant of
like tenor evidencing the right to purchase the adjusted amount of Securities, cash or property and the adjusted Warrant Price
pursuant to the terms and provisions of this Section 3(a)(i).

 

    	 	2	 

     

    

(b)       Stock Dividends,
Subdivisions and Combinations. If at any time the Issuer shall:

 

(i)                
make or issue or set a record date for the holders of the Common Shares for the purpose of entitling them to receive a dividend
payable in, or other distribution of, Common Shares,

 

(ii)              
subdivide its outstanding Common Shares into a larger number of Common Shares, or

 

(iii)            
combine its outstanding Common Shares into a smaller number of Common Shares,

 

then (A) the number of shares of Warrant Stock
for which this Warrant Certificate is exercisable immediately after the occurrence of any such event shall be adjusted to equal
the number of shares of Warrant Stock which a record holder of the same number of shares of Warrant Stock for which this Warrant
Certificate is exercisable immediately prior to the occurrence of such event would own or be entitled to receive after the happening
of such event, and (B) the Warrant Price then in effect shall be adjusted to equal (1) the Warrant Price then in effect multiplied
by the number of shares of Warrant Stock for which this Warrant is exercisable immediately prior to the adjustment divided by (2)
the number of shares of Warrant Stock for which this Warrant is exercisable immediately after such adjustment.

 

4.                 
Notice of Adjustments. Whenever the Warrant Price or Warrant Share Number is adjusted pursuant to Section 3 hereof
(for purposes of this Section 4, each an “Adjustment”), the Issuer shall cause its Chief
Financial Officer to prepare and execute a certificate setting forth, in reasonable detail, the event requiring the Adjustment,
the amount of the Adjustment, the method by which such Adjustment was calculated (including a description of the basis on which
the Board made any determination hereunder), and the Warrant Price and Warrant Share Number after giving effect to such Adjustment,
and shall cause copies of such certificate to be delivered to the Holder of this Warrant Certificate promptly after each Adjustment.

 

5.                 
Fractional Shares. No fractional shares of Warrant Stock will be issued in connection with any exercise hereof, but in lieu
of such fractional shares, the Issuer shall round the number of shares to be issued upon exercise down to the nearest whole number
of shares and pay cash in lieu of such fractional interest.

 

6.                 
Definitions. For the purposes of this Warrant Certificate, the following terms have the following meanings:

 

“Board” shall mean the
Board of Directors of the Issuer.

 

“Capital Stock” means
and includes (i) any and all shares, interests, participations or other equivalents of or interests in (however designated) corporate
stock, including, without limitation, shares of preferred or preference stock, (ii) all partnership interests (whether general
or limited) in any Person which is a partnership, (iii) all membership interests or limited liability company interests in any
limited liability company, and (iv) all equity or ownership interests in any Person of any other type.

 

    	 	3	 

     

    

“Common Share” means
the common share, without par value, of the Issuer and any other Capital Stock into which such stock may hereafter be changed.

 

“Holders” mean the Persons
who shall from time to time own any Warrant. The term “Holder” means one of the Holders.

 

“Issuer” means Tanzanian
Gold Corporation, a corporation incorporated under the Business Corporations Act (Alberta) and its successors.

 

“Original Issue Date”
means the date set forth on the face of this Warrant Certificate.

 

“Person” means an individual,
corporation, limited liability company, partnership, joint stock company, trust, unincorporated organization, joint venture, governmental
authority or other entity of whatever nature.

 

“Securities” means any
debt or equity securities of any Person, whether now or hereafter authorized, any instrument convertible into or exchangeable for
Securities or a Security, and any option, warrant or other right to purchase or acquire any Security. “Security”
means one of the Securities.

 

“Securities Act” means
the Securities Act of 1933, as amended, or any similar federal statute then in effect.

 

“Term” has the meaning
specified in Section 1 hereof.

 

“Warrant Price” initially
means $1.50 per share, as such price may be adjusted from time to time as shall result from the adjustments specified in this Warrant
Certificate, including Section 3 hereto.

 

“Warrant Share Number”
means at any time the aggregate number of shares of Warrant Stock which may at such time be purchased upon exercise of this Warrant
Certificate, after giving effect to all prior adjustments and increases to such number made or required to be made under the terms
hereof.

 

“Warrant Stock” means
Common Shares issued or issuable upon exercise of any Warrant or Warrants or otherwise issuable pursuant to any Warrant or Warrants.

 

7.                  
Amendment and Waiver. Any term, covenant, agreement or condition in this Warrant Certificate may be amended or waived (either
generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Issuer and
the Holder.

 

8.                  
Governing Law. This Warrant Certificate shall be governed by and construed in accordance with the internal laws of Alberta
without giving effect to any of the conflicts of law principles which would result in the application of the substantive law of
another jurisdiction. This Warrant Certificate shall not be interpreted or construed with any presumption against the party causing
this Warrant Certificate to be drafted.

 

9.                  
Notices. All notices and other communications given or made pursuant to this Warrant Certificate shall be in writing and
shall be deemed effectively given upon the earlier of actual receipt or: (i) personal delivery to the party to be notified, (ii)
when sent, if sent by electronic mail or facsimile during normal business hours of the recipient, and if not sent during normal
business hours, then on the recipient’s next business day, (iii) five (5) days after having been sent by registered or certified
mail, return receipt requested, postage prepaid, or (iv) one (1) business day after deposit with a nationally recognized overnight
courier, freight prepaid, specifying next business day delivery, with written verification of receipt. All communications shall
be sent to the respective parties at the address indicated for such party in the Purchase Agreement, or at such other address as
such party may designate by 10 days advance written notice to the other party given in the foregoing manner.

 

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10.              
Successors and Assigns. This Warrant Certificate and the rights evidenced hereby shall inure to the benefit of and be binding
upon the successors and assigns of the Issuer, the Holder hereof and (to the extent provided herein) the holders of Warrant Stock
issued pursuant hereto, and shall be enforceable by any such Holder or holder of Warrant Stock.

 

11.              
Modification and Severability. If, in any action before any court or agency legally empowered to enforce any provision contained
herein, any provision hereof is found to be unenforceable, then such provision shall be deemed modified to the extent necessary
to make it enforceable by such court or agency. If any such provision is not enforceable as set forth in the preceding sentence,
the unenforceability of such provision shall not affect the other provisions of this Warrant Certificate, but this Warrant Certificate
shall be construed as if such unenforceable provision had never been contained herein.

 

12.       Titles
and Subtitles. The titles and subtitles used in this Warrant Certificate are used for convenience only and are not to be considered
in construing or interpreting this Warrant Certificate.

 

13.       Force
Majeure. Neither party shall be liable for any delays or failures in performance resulting from acts beyond its reasonable
control including, without limitation, acts of God, terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions
or malfunction of computer facilities, or loss of data due to power failures or mechanical difficulties with information storage
or retrieval systems, labor difficulties, war, or civil unrest.

 

 

 

 

 

 

 

 

 

 

 

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

 

	Dated: _____________________	 	TANZANIAN GOLD CORPORATION
	 	 	 
	 	 	By: __________________________
	 	 	Name: James E. Sinclair
	 	 	Title: Executive Chairman

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	6	 

     

    

EXERCISE FORM

WARRANT

TANZANIAN GOLD CORPORATION

 

The undersigned, ________________________, pursuant
to the provisions of the within Warrant Certificate (the “Warrant”), hereby elects to exercise _______________
warrants to purchase ____________ Common Shares of Tanzanian Gold Corporation covered by the Warrant.

 

Number of Common Shares beneficially owned or
deemed beneficially owned by the Holder on the date of Exercise:____________________________________________

 

Holder represents and warrants that Holder is
acquiring the Warrant Stock pursuant to an effective registration statement, or an exemption from registration, under the Securities
Act and any applicable state securities laws. Holder represents that all of the representations and warranties of Holder in the
Warrant is true and correct as of the date hereof

 

In connection with the exercise of the Warrant, the Holder has paid
the sum of $_________ by certified or official bank check (or via wire transfer) to the Issuer in accordance with the terms of
the Warrant, which is being delivered currently with this Exercise Form.

 

	Dated: _______________	 	 
	 	 	Signature
	 	 	 
	 	 	Print Name Address
	 	 	 
	 	 	 
	 	 	 

                                                                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	7	 

     

    

ASSIGNMENT

 

FOR VALUE RECEIVED, _______________________________ hereby
sells, assigns and transfers unto ______________________________________________________________________________, __________________
warrants under Warrant Certificate No. ____ and all rights evidenced thereby and does irrevocably constitute and appoint _____________________________,
attorney, to transfer the said Warrant on the books of the within named corporation.

 

	              _______	Signature  	 
	Dated:	Print Name  	 
	 	 	Address  	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

 

 

 

 

 

 

 

FOR USE BY THE ISSUER ONLY:

 

This Warrant Certificate No. _____ cancelled (or transferred or
exchanged) this _____ day of ___________________, 20____, __________________________ Common Shares issued therefor in the name
of _______________________, Warrant No. _____ issued for __________________________ Common Shares in the name of

 

____________________________________________________________________________.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8Exhibit 10.3

 

 

SUPPLEMENTAL AGREEMENT

 

This Supplemental Agreement (the “Agreement”),
dated as of December 18, 2020, is entered into by between TANZANIAN GOLD CORPORATION, a company incorporated under the laws
of the Province of Alberta, with its principal executive office located at #202, 5626 Larch Street, Vancouver, British Columbia,
Canada V6M 4E1 (the “Company”), YA II PN, LTD, an exempted company incorporated in the Cayman Islands
with limited liability and whose registered office is at PO Box 309, Ugland House, Grand Cayman KY1 1101 (“YA II”),
and RIVERFORT GLOBAL OPPORTUNITIES PLC, a company incorporated in England and Wales and whose principal office is at 72
Charlotte Street, London W1T 4QQ, United Kingdom (“Riverfort” and collectively with YA II, the “Buyers”).

 

BACKGROUND

 

		(A)	On July 22, 2020 the parties entered into a securities purchase agreement (the “Securities
Purchase Agreement”) pursuant to which the Company issued and sold to the Buyers, and the Buyers purchased from the Company,
Tranche A Debentures in the principal amount of $7,000,000, which are convertible into shares of Common Stock of the Company, of
which (i) $4,000,000 was issued and sold on July 27, 2020, (ii) $2,000,000 was issued and sold on August 20, 2020, and (iii) $1,000,000
was issued and sold on September 1, 2020, for a total purchase price of $7,000,000 in the respective amounts set forth opposite
each Buyers’ name on Schedule I attached to the Securities Purchase Agreement.

 

		(B)	Pursuant to the Securities Purchase Agreement the parties agreed that, upon the terms and subject
to the conditions contained therein, the Company may elect to issue and sell to the Buyers, and the Buyers shall purchase Tranche
B Debentures in the principal amount of up to $7,000,000, of which (i) $2,000,000 shall be purchased at least 60 days, but not
later than 90 days following the Third Closing; (ii) $2,000,000 shall be purchased at least 30 days, but not later than 60 days
following the Fourth Closing; (iii) $2,000,000 shall be purchased at least 30 days, but not later than 60 days following the Fifth
Closing; and (iv) $1,000,000 shall be purchased at least 30 days, but not later than 60 days following the Sixth Closing, for a
total purchase price of up to $7,000,000 in the respective principal amounts set forth opposite each Buyers’ name on Schedule
I attached to the Securities Purchase Agreement.

 

		(C)	The parties desire to supplement the Securities Purchase Agreement in order to modify the terms
and conditions in respect of the issuance and sale of the Tranche B Debentures at the Tranche B Closings as set forth herein.

 

AGREED TERMS

 

1.       Definitions
and interpretation

 

1.1For purposes of this Agreement,
the following terms shall have the following meanings

 

     

     

    

“Commitment Amount”
shall have the meaning set forth in the Securities Purchase Agreement.

 

“End Date” shall
have the meanings set forth in Clause 2.2(c) of this Agreement.

 

“Fourth Closing” shall have
the meaning set forth in the Securities Purchase Agreement.

 

“Fourth Closing Raise Proceeds”
shall have the meanings set forth in Clause 3.3 of this Agreement.

 

“Purchase Notice”
shall have the meaning set forth in the Securities Purchase Agreement.

 

“Remaining Commitment Amount”
shall have the meanings set forth in Clause 2.2 of this Agreement.

 

“Subsequent Tranche B Closings”
shall have the meaning set forth in Clause 2.2 of this Agreement, and a Subsequent Tranche B Closing shall refer to the closing
of any portion of the principal amount of Tranche B Debentures that were subject to the Fifth Closing, Sixth Closing or Seventh
Closing.

 

“Third Closing” shall have
the meaning set forth in the Securities Purchase Agreement.

 

“Tranche A Debentures”
shall have the meaning set forth in the Securities Purchase Agreement.

 

“Tranche B Closing Date”
shall have the meaning set forth in the Securities Purchase Agreement.

 

“Tranche B Closings”
shall have the meaning set forth in the Securities Purchase Agreement.

 

“Tranche B Debentures”
shall have the meaning set forth in the Securities Purchase Agreement.

 

1.2       All
other capitalized terms not otherwise defined herein shall have the meanings set forth in the Securities Purchase Agreement.

 

2.       Modifications
to Closing Dates and Fees.

 

2.1        The
parties hereby agree that the deadline for Company to deliver a Purchase Notice in respect of the Fourth Closing shall be extended
from the 90th day from the Third Closing to January 31, 2021, or such other date as may be agreed by the parties. If
the Company is unable to, or fails to provide a Purchase Notice for the Fourth Closing by January 31, 2021, or any other Purchase
Notice by the applicable deadline, the Company shall nonetheless be able to subsequently provide such Purchase Notice with the
consent of the Buyers.

 

2.2       After
the occurrence of the Fourth Closing, the amount available to be advanced to the Company pursuant to the remaining Tranche B Closings
will be $5,000,000 (the “Remaining Commitment Amount”). The parties hereby agree that the ability of the Company
to submit Purchase Notices with respect to the Remaining Commitment Amount shall be modified such that with respect to the timing
and the principal amount of the Tranche B Debentures to be issued pursuant to subsequent closings (which shall hereafter be referred
to as the “Subsequent Tranche B Closings”) the parties hereby agree to the following procedures:

 

    	 	2	 

     

    

The Company shall have the right to request
that the Buyers purchase additional Series B Debentures at a Subsequent Tranche B Closing by providing a Purchase Notice, and subject
to the satisfaction of the conditions set forth in Clause 7(b) of the Agreement, the Buyers shall be obligated to purchase such
Series B Debentures at each Subsequent Tranche B Closing, provided that:

 

		(a)	each Subsequent Tranche B Closing shall take place at 10:00 a.m., New York time, on such Business
Day selected by the Company in a Purchase Notice which shall be least 30 days following the Tranche B Closing Date in respect of
the prior Tranche B Closing;

 

		(b)	each Subsequent Tranche B Closing shall be in an amount to be selected by the Company in a Purchase
Notice which amount shall not be in excess of $2,000,000 and shall not, when combined with the amount of all other Convertible
Debentures issued hereunder, exceed the Commitment Amount;

 

		(c)	each Subsequent Tranche B Closing shall be completed on or before December 31, 2021 (the “End
Date”) provided that the Company may elect to extend the End Date to December 31, 2022 by paying an extension fee to the
Buyers in the total amount equal to 2% of the remaining portion of the Commitment Amount at the time of such request; and

 

		(d)	with respect to each Subsequent Tranche B Closing, within one day of receipt of the Company’s
Purchase Notice selecting the applicable closing date, the Buyers may defer the closing date of such Subsequent Tranche B Closing
by up to 30 days without regards to the End Date for which an extension fee would not be required.

 

2.3       The
Implementation Fee in respect of each Tranche B Closing (including, for the avoidance of doubt, the Subsequent Tranche B Closings)
shall be increased from 3.95% to 6.95%. In furtherance of the foregoing, clause 1(d) of the Securities Purchase Agreement shall
be deleted and replaced with the following:

 

1(d)Payment of Fees. On
the date of the First Closing the Company shall pay a commitment fee in an amount in cash equal to 1.5% of the Commitment Amount
(the “Commitment Fee”) which shall be paid to the Buyers (or their designated affiliate) in the respective amounts
set forth below each Buyers’ name on Schedule I. At each Tranche A Closing the Company shall pay an implementation fee in
an amount equal to 3.95% of the purchase price of each Tranche A closing and at each Tranche B Closing the Company shall pay an
implementation fee in an amount equal to 6.95% of the purchase price of each Tranche B Closing (collectively, the “Implementation
Fee”). The Commitment Fee due and payable at the First Closing and the Implementation Fee due and payable at each Tranche
A Closing and Tranche B Closing shall be deducted from the gross proceeds of such closing. The Company authorizes each Buyer to
deduct the Commitment Fee and Implementation Fee, as applicable, due hereunder from the gross process of the purchase of any Convertible
Debentures due at each closing.

 

    	 	3	 

     

    

3.       Modifications
to Conditions Precedent to the Tranche B Closings. 

 

3.1       Market
Capitalization. The market capitalization requirement set out in clause 7(b)(ii) of the Securities Purchase Agreement shall
be reduced from $100 million to $50 million. In furtherance of the foregoing, clause 7(b)(ii) of the Securities Purchase Agreement
shall be deleted and replaced with the following:

 

7(b)((ii) The market capitalization
of the Company is at least $50 million, as displayed on Bloomberg LP under the ticker symbol “TRX.US” as of the last
trading day immediately prior to each applicable Tranche B Closing Date.

 

3.2       Removal
of Gold Production Condition. Clause 7(b)(iii) of the Securities Purchase Agreement shall be deleted in its entirety and replaced
with “7(b)(iii) [RESERVED]” in order to maintain the continuity of the section numbers.

 

3.3       Additional
Conditions Precedent. The following additional conditions precedent to the Tranche B Closings shall be added to the Securities
Purchase Agreement as follows:

 

7(b)(vi)With respect to the Fourth
Closing, the Company shall have raised gross proceeds of at least $1,000,000 through the issuance and sale of equity securities
between December 1, 2020 and the date of the Fourth Closing (the amount actually raised during this period shall be referred to
as the “Fourth Closing Raise Proceeds”).

 

7(b)(vii)With respect to each Subsequent
Tranche B Closing, the Company shall have raised gross proceeds through the issuance and sale of equity securities between December
1, 2020 and the date of the each Subsequent Tranche B Closing, in an amount equal to at least the sum of (a) the aggregate principal
amount of the Tranche B Debentures issued prior to the applicable Tranche B Closing, and (b), the aggregate principal amount of
the Tranche B Debentures to be issued at the applicable Tranche B Closing.

 

7(b)(viii)With respect to each
Subsequent Tranche B Closing, the sum of (a) the aggregate principal balance of all the Tranche B Debentures issued as of the applicable
Tranche B Closing Date, and (b) the aggregate principal amount of the Tranche B Debentures to be issued at the applicable Subsequent
Tranche B Closing, shall not exceed $7,000,000.

 

7(b)(ix)The Company shall have
received all governmental permissions, authorities, permits, and shall have satisfied all statutory requirements (collectively,
“Governmental Requirements”) necessary to implement, build and operate the 40 tonnes per hour oxide processing
facility at the Company’s drilling program at the Buckreef Project, and all such required Governmental Requirements shall
be in full force and effect as of each Tranche B Closing Date.

 

    	 	4	 

     

    

		4.	Representations and warranties 

 

4.1       The
Company represents and warrants to the Borrowers as of the date of this Agreement that:

 

		(a)	it has the requisite corporate power and authority to enter into this Agreement and to consummate
the transactions contemplated by this Agreement;

 

		(b)	it has taken all necessary corporate actions to authorize the execution, delivery and performance
of this Agreement and no further action is required by the Company, the Board of Directors or the Company’s stockholders
in connection therewith; and

 

		(c)	the obligations assumed by the Company in this Agreement are legal, valid, and enforceable obligations
binding on it in accordance with its terms.

 

5.       Counterparts
and delivery

 

This Agreement may be executed in two
or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective
when counterparts have been signed by each party and delivered to each other party, it being understood that the parties need not
sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf”
format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature
is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof.

 

6.       Governing
law

 

Section 9 of the Securities Purchase
Agreement shall set forth the governing law, jurisdiction and jury trial for this Agreement.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	 	5	 

     

    

IN WITNESS WHEREOF, the parties hereto
have caused this Supplemental Agreement to be signed by their duly authorized officers.

 

 

 

 

 

 

	 	 COMPANY:

 

TANZANIAN GOLD CORPORATION

 

By:   /s/ Stephen Mullowney________________

Stephen Mullowney,
Chief Executive Officer

 

INVESTOR: 

	 	 
	 	
        YA II PN, LTD. 

         

	 	By:  Yorkville Advisors Global, LP
	 	Its:Investment Manager
	 	 
	 	       By:  Yorkville Advisors Global II, LLC
	 	       Its:   General Partner
	 	 
	 	       By:_/s/ Matt Beckman_________
	 	       Name:Matt Beckman
	 	       Title:Member
	 	 

 

	 	RIVERFORT GLOBAL OPPORTUNITIES PLC
	 	 
	 	By:  /s/ Philip Haydn-Slater_______
	 	Name:Philip Haydn-Slater

 

 

 

 

 

 

 

 

 

 

6

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