Document:

Nord Resources Corp.: Exhibit 4.5 - Filed by newsfilecorp.com

NORD RESOURCES CORPORATION

WARRANT CERTIFICATE

	No. W2013-001 	953,644 Warrants 

THE SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE
UPON EXERCISE THEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933
(THE “U.S. SECURITIES ACT”), OR ANY STATE SECURITIES LAWS, AND HAVE BEEN ISSUED
IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S.
SECURITIES ACT. SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR
OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S
UNDER THE U.S. SECURITIES ACT, PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE
U.S. SECURITIES ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION
UNDER THE U.S. SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. HEDGING
TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE
WITH THE U.S. SECURITIES ACT.

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE OCTOBER 22, 2013. 

THIS WARRANT MAY NOT BE EXERCISED BY OR FOR THE ACCOUNT OR
BENEFIT OF A “U.S. PERSON” OR A PERSON IN THE UNITED STATES UNLESS THE WARRANT
AND THE UNDERLYING SECURITIES HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT
AND THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE, OR AN EXEMPTION
FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. “UNITED STATES” AND “U.S.
PERSON” ARE AS DEFINED BY REGULATION S UNDER THE U.S. SECURITIES ACT.

WARRANTS FOR THE 
PURCHASE OF COMMON STOCK

Issue Date: June 21, 2013

THIS CERTIFIES THAT, FOR VALUE RECEIVED, 0864930 B.C. Ltd. (the
“Holder”), is the owner of Nine Hundred and Fifty-Three Thousand Six Hundred and
Forty-Four (953,644) Warrants to purchase an equal number of validly-issued,
fully-paid and non-assessable shares of Common Stock (the “Warrant Shares”) of
NORD RESOURCES CORPORATION, a corporation organized and existing under the laws
of the State of Delaware (the “Corporation”). 

The Warrants represented by this Warrant Certificate are fully
vested as of the date hereof and are not transferable. Purchase may be made at
any time, and from time to time, prior to the Expiry Time (as hereinafter
defined), upon the presentation and surrender of this Warrant Certificate with a
written notice signed by the Holder stating the number of shares of Common Stock
with respect to which such exercise is being made, at the principal corporate
address of the Corporation, accompanied by payment of the Purchase Price, in
lawful money of the United States of America in cash or by official bank or
certified check made payable to NORD RESOURCES CORPORATION. The Purchase Price
and the number of shares of Common Stock subject to purchase upon the exercise of the Warrants are
subject to modification or adjustment as set forth herein.

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SECTION 1. INTERPRETATION. 

(a) As used herein, the following terms
shall have the following meanings, unless the context shall otherwise
require:

(i) “Adjusted Purchase Price”
shall have the meaning given to it in Section 5 of this Certificate.

(ii) “Business Day” means any
day, other than a Saturday, a Sunday or a statutory holiday in Tucson, Arizona,
or Vancouver, British Columbia.

(iii) “Change of Shares” shall
have the meaning given to it in Section 5 of this Certificate.

(iv) “Common Stock” shall mean
the common stock of the Corporation, which has the right to participate in the
distribution of earnings and assets of the Corporation without limit as to
amount or percentage.

(v) “Corporate Office” shall
mean the office of the Corporation at which, at any particular time, its
principal business shall be administered, which office is currently located at 1
West Wetmore Road, Suite 203, Tucson, Arizona, 85705.

(vi) “Current Market Price”
shall mean the weighted average trading price of the Common Stock on such
Canadian or United States stock exchange on which the Common Stock is then
listed for trading, or, if the Common Stock is not then listed on any Canadian
or United States stock exchange, in the over-the-counter market, during the ten
consecutive trading days ending on a date which is the fifth trading day before
such date; provided that the weighted average trading price shall be determined
by dividing that aggregate sale price of all Common Stock sold on the said
exchange or market, as the case may be, during the said ten consecutive trading
days by the total number of Common Stock so sold; and provided further that, if
the Common Stock are not listed and posted for trading on any stock exchange in
Canada or the United States or traded in the over-the-counter market, the
Current Market Price shall be determined by the Board of Directors of the
Corporation in accordance with generally accepted accounting principles.

(vii) “Exercise Date” shall
mean, as to any Warrant, the date on which the Corporation shall have received
both (A) this Warrant Certificate, together with a written notice of exercise in
accordance herewith, duly executed by the Holder hereof, or his attorney duly
authorized in writing, and indicating that the Holder is thereby exercising such
Warrant(s), and (B) payment by wire transfer, or by official bank or certified
check made payable to the Corporation, of an amount in lawful money of the United States of America equal to the applicable Purchase Price for such Warrant(s).

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(viii) “Exercise Price” shall
mean, as to any Warrant, US$0.02 per Warrant Share.

(ix) “Expiry Time” shall mean
5:00 P.M. (Central time) on the Expiry Date.

(x) “Expiry Date” shall mean
June 21, 2016. If the Expiry Date falls on a holiday or a day on which banks are
authorized to be closed in the State of Arizona, then the Expiry Date shall mean
the next consecutive day which does not fall on a holiday or a day on which
banks are authorized to be closed in the State of Arizona.

(xi) “Holder” shall have the
meaning given to it in the face page hereof.

(xii) “NI 45-102” means
National Instrument 45-102 – Resale of Securities – of the Canadian
Securities Administrators;

(xiii) “Purchase Price” shall
mean the purchase price to be paid upon exercise of each Warrant hereunder in
accordance with the terms hereof, which price shall be the Exercise Price,
subject to adjustment from time to time pursuant to the provisions of Section 5
hereof.

(xiv) “Securities Act” shall
mean the United States Securities Act of 1933, as amended, and any
amendments or modifications, or successor legislation, thereto adopted, and all
regulations, rules or other laws enacted or adopted pursuant thereto.

(xv) “Warrant Certificate”
shall mean any certificate representing Warrants.

(xvi) “Warrant Registry” means
the official record maintained by the Corporation in which are recorded, with
respect to each Warrant Certificate issued by the Corporation: the date of
issuance, the name and address of the original Holder, the name and address of
each subsequent transferee of such original Holder, and the number identifying,
such Warrant Certificate.

(xvii) “Warrant Shares” shall
have the meaning given to it in the face page hereof.

(xviii) “Warrants” shall mean
the Warrants represented by this Warrant Certificate.

(b) All dollar amounts referred herein
are in the lawful money of the United States of America.

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SECTION 2. EXERCISE OF WARRANTS.

(a) Each Warrant evidenced hereby may
be exercised by the Holder at any time on the Exercise Date, upon the terms and
subject to the conditions set forth herein, by delivery to the Corporation of a
completed Notice of Exercise in the form attached as Schedule A hereto. A
Warrant shall be deemed to have been exercised immediately prior to the close of
business on the Exercise Date and the person entitled to receive shares of
restricted common stock of the Corporation deliverable upon such exercise shall
be treated for all purposes as the Holder of a Warrant Share upon the exercise
of the applicable Warrant as of the close of business on the Exercise Date.
Promptly following, and in any event within five (5) business days after, the
date on which the Corporation first receives clearance of all funds received in
payment of the Purchase Price pursuant to this Warrant Certificate, the
Corporation shall cause to be issued and delivered to the person or persons
entitled to receive the same, a certificate or certificates evidencing the
issuance to such Holder of the applicable number of Warrant Shares (plus a
Warrant Certificate for any remaining issued but unexercised Warrants of the
Holder).

(b) Upon the exercise of the Warrants
represented hereby, if the Corporation so requests, the Holder shall certify to
the Corporation that it is not exercising such Warrants with a view to
distribute the Warrant Shares in violation of the Securities Act, and shall
provide such other investor representations as the Corporation may require to
confirm the ability of the Corporation to rely upon the exemption from
registration under the Securities Act which applies to the distribution of
Warrant Shares at the time of such distribution.

SECTION 3. RESERVATION OF SHARES; REGISTRATION RIGHTS;
TAXES; ETC.

(a) The Corporation covenants that it
will at all times reserve and keep available out of its authorized Common Stock,
solely for the purpose of issue upon the valid exercise of Warrants, such number
of Warrant Shares as shall then be issuable upon the exercise of all Warrants
then outstanding. The Corporation covenants that all Warrant Shares which shall
be issuable upon exercise of the Warrants shall, at the time of delivery, be
duly and validly issued, fully-paid, non-assessable and free from all taxes,
liens and charges with respect to the issuance thereof (other than those which
the Corporation shall promptly pay or discharge, or any liens created thereon by
the Holder thereof and/or any predecessor of such Holder).

(b) The Corporation shall pay all
documentary, stamp or similar taxes and other governmental charges that may be
imposed with respect to the issuance of the Warrants, or the issuance or
delivery of any shares of Common Stock upon exercise of the Warrants; provided,
however, that if the shares of Common Stock are to be delivered in a name other
than the name of the Holder hereof, then no such delivery shall be made unless
the person requesting the same has paid to the Corporation the amount of
transfer taxes or charges incident thereto, if any.

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SECTION 4. LOSS OR MUTILATION.

Upon receipt by the Corporation of evidence satisfactory to it
of the ownership of, and loss, theft, destruction or mutilation of, this Warrant
Certificate and (in case of loss, theft or destruction) of indemnity
satisfactory to the Corporation, and (in the case of mutilation) upon surrender
and cancellation thereof, the Corporation shall execute and deliver to the
Holder in lieu thereof a new Warrant Certificate of like tenor representing an
equal aggregate number of Warrants as was indicated to be outstanding on the
prior lost or mutilated Warrant Certificate (provided, however, that to the
extent that any discrepancy may exist between the number of Warrants purported
to be outstanding in respect of any Holder as evidenced by a Warrant Certificate
that has been lost or mutilated and the number attributable to such Holder in
the Warrant Registry, then the Warrant Registry shall control for all purposes,
absent a showing of manifest error). Each Holder requesting a substitute Warrant
Certificate due to loss, theft or destruction shall, prior to receiving such
substitute certificate, provide an affidavit to the Corporation in the form
prescribed thereby and signed by (and notarized on behalf of) such Holder.
Applicants for a substitute Warrant Certificate shall comply with such other
reasonable regulations and pay such other reasonable charges as the Corporation
may prescribe.

SECTION 5. ADJUSTMENT OF PURCHASE PRICE AND NUMBER OF
WARRANT SHARES OR WARRANTS.

(a) The number and kind of securities
purchasable upon the exercise of the Warrants and the Purchase Price shall be
subject to adjustment from time to time upon the happening of any of the
following (each a “Change of Shares”). In case the Corporation shall (i) pay a
dividend in shares of Common Stock or make a distribution in shares of Common
Stock to all holders of its outstanding Common Stock, (ii) subdivide its
outstanding shares of Common Stock into a greater number of shares, (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, then the number of Warrant Shares
purchasable upon exercise of a Warrant immediately prior to any such Change of
Shares shall be adjusted so that the Holder shall be entitled to receive the
kind and number of Warrant Shares or other securities of the Corporation which
the Holder would have owned or have been entitled to receive had such Warrant
been exercised in advance of the Change of Shares. Upon each such adjustment of
the kind and number of Warrant Shares or other securities of the Corporation
which are purchasable hereunder, the Holder shall thereafter be entitled to
purchase the number of Warrant Shares or other securities resulting from such
adjustment at a Purchase Price per Warrant Share (the “Adjusted Purchase Price”)
or other security obtained by multiplying the Purchase 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 Corporation 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 event.

(b) The Corporation may elect, at its
sole discretion, upon any adjustment of the Purchase Price hereunder, to adjust
the number of Warrants outstanding, in lieu of adjustment of the number of Warrant Shares purchasable upon the exercise of each Warrant as hereinabove provided, so that each Warrant outstanding after such adjustment shall represent the right to purchase one Warrant Share. Each Warrant held of record prior to such adjustment of the number of Warrants shall become that number of Warrants (calculated to the nearest tenth) determined by multiplying the number one by a fraction, the numerator of which shall be the Purchase Price in effect immediately prior to such adjustment and the denominator of which shall be the Adjusted Purchase Price. Upon each adjustment of the number of Warrants pursuant to this Section 5(b), the Corporation shall, as promptly as practicable, cause to be distributed to each Holder of Warrant Certificates, on the date of such adjustment, Warrant Certificates evidencing the adjusted number of Warrants to which such Holder shall be entitled as a result of such adjustment or, at the sole option of the Corporation, cause to be distributed to such Holder in substitution and replacement for the Warrant Certificates held by him prior to the date of adjustment, and upon surrender thereof, (if required by the Corporation) new Warrant Certificates evidencing the aggregate number of Warrants to which such Holder shall be entitled after such adjustment.

- 6 -

(c) In case of any reclassification,
capital reorganization or other change of outstanding shares of Common Stock, or
in case of any consolidation or merger of the Corporation with or into another
corporation (other than a consolidation or merger in which the Corporation is
the continuing corporation and which does not result in any reclassification,
capital reorganization or other change of outstanding shares of Common Stock),
or in case of any sale or conveyance to another corporation of all, or
substantially all, of the property of the Corporation (other than a
sale/leaseback, mortgage or other financing transaction), the Corporation shall
cause effective provision to be made so that each holder of a Warrant then
outstanding shall have the right thereafter, by exercising such Warrant, to
purchase the kind and number of shares of stock or other securities or property
(including cash) receivable upon such reclassification, capital reorganization
or other change, consolidation, merger, sale or conveyance by a holder of the
number of Warrant Shares that might have been purchased upon exercise of such
Warrant immediately prior to such reclassification, capital reorganization or
other change, consolidation, merger, sale or conveyance. Any such provision
shall include provision for adjustments that shall be as nearly equivalent as
may be practicable to the adjustments provided for in this Section 5 upon a
Change of Shares. The Corporation shall not effect any such consolidation,
merger or sale without the written consent of Holders of a majority of the
Warrants then outstanding, unless prior to or simultaneously with the
consummation thereof the successor (if other than the Corporation) resulting
from such consolidation or merger or the corporation purchasing assets or other
appropriate corporation or entity shall assume, by written instrument executed
and delivered to the Corporation, the obligation to deliver to the holder of
each Warrant such substitute warrants, shares of stock, securities or assets as,
in accordance with the foregoing provisions, such Holders may be entitled to
purchase, and the other obligations of the Corporation set out in this
Certificate. The foregoing provisions shall similarly apply to successive
reclassifications, capital reorganizations and other changes of outstanding
shares of Common Stock and to successive consolidations, mergers, sales or
conveyances.

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(d) If prior to the Expiry Time and
while this Warrant Certificate is outstanding, the Corporation shall fix a
record date for the issue of rights, options or warrants to the holders of all
or substantially all of its outstanding Common Stock under which such holders
are entitled, during a period expiring not more than ninety days after the
record date for such issue, to subscribe for or purchase Common Stock at a price
per share or having a conversion or exchange price per share less than 95% of
the Current Market Price per share of Common Stock on such record date, the
Purchase Price shall be adjusted immediately after such record date so that it
shall equal the price determined by multiplying the Purchase Price in effect on
such record date by a fraction, the numerator of which shall be the total number
of shares of Common Stock outstanding on such record date plus a number equal to
the number arrived at by dividing the aggregate price of the total number of
additional shares of Common Stock offered for subscription or purchase at the
price at which such shares of Common Stock are offered, or the aggregate
conversion or exchange price of the convertible securities so offered, by such
Current Market Price per share of Common Stock, and of which the denominator
shall be the total number of shares of Common Stock outstanding on such record
date plus the total number of additional shares of Common Stock offered for
subscription or purchase (or into which the convertible securities so offered
are convertible or exchangeable). Any Common Stock owned by or held for the
account of the Corporation or any subsidiary of the Corporation, shall be deemed
not to be outstanding for the purpose of any such computation. To the extent
that any adjustment in the Purchase Price occurs pursuant to this Section 5(d)
as a result of the Corporation fixing a record date for the issue and
distribution of rights, options or warrants referred to in this Section 5(d),
the Purchase Price shall be readjusted immediately after the expiration of any
relevant exchange, conversion or exercise right to the Purchase Price which
would then be in effect based upon the number of shares of Common Stock actually
issued and remaining issuable after such expiration, and the Purchase Price
shall be further readjusted in such manner upon expiration of any such further
right.

(e) Irrespective of any adjustments or
changes in the Purchase Price or the number of Warrant Shares purchasable upon
exercise of the Warrants, all Warrant Certificates issued (whether prior to or
subsequent to any event causing an adjustment thereof) shall continue to express
the Purchase Price per share, and the number of shares purchasable thereunder as
originally expressed in the Warrant Certificate initially issued to any
Holder.

(f) After each adjustment of the
Purchase Price pursuant to this Section 5, the Corporation will promptly prepare
a certificate signed by the Chairman or Chief Executive Officer, and attested by
the Secretary or an Assistant Secretary, of the Corporation (or such other
persons as is acceptable to the Holder, acting reasonably) setting forth: (i)
the Purchase Price as so adjusted, (ii) the number of shares of Common Stock
purchasable upon exercise of each Warrant after such adjustment or, if the
Corporation shall have elected to adjust the number of Warrants, the number of
Warrants to which the Holder of each Warrant shall then be entitled, and (iii) a
brief statement of the facts accounting for such adjustment. The Corporation
will promptly cause a brief summary thereof to be sent by ordinary first class
mail to each Holder of Warrants at his or her last address as it shall appear on
the Warrant Registry. No failure to mail such notice nor any defect therein nor in the mailing thereof shall affect the validity thereof. The affidavit of the Secretary or an Assistant Secretary of the Corporation that such notice has been mailed shall, in the absence of fraud, be prima facie evidence of the facts stated therein.

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(g) As used in this Section 5,
references to “Common Stock” shall mean and include all of the Corporation’s
Common Stock authorized on the date hereof and shall also include any capital
stock of any class of the Corporation thereafter authorized which shall not be
limited to a fixed sum or percentage in respect of the rights of the holders
thereof to participate in dividends and in the distribution of assets upon the
voluntary liquidation, dissolution or winding up of the Corporation; provided,
however, that “Warrant Shares” shall include only shares of such class
designated in the Corporation’s Certificate of Incorporation as Common Stock on
the date hereof or (i) in the case of any reclassification, change,
consolidation, merger, sale or conveyance of the character referred to in
Section 5(c) hereof, the stock, securities or property provided for in such
section, or (ii) in the case of any reclassification or change in the
outstanding shares of Common Stock issuable upon exercise of the Warrants as a
result of a subdivision or combination or consisting of a change in par value,
or from par value to no par value, or from no par value to par value, such
shares of Common Stock as so reclassified or changed.

(h) Any determination as to whether an
adjustment in the Purchase Price in effect hereunder is required pursuant to
this Section 5, or as to the amount of any such adjustment, if required, shall
be binding upon all holders of Warrants and the Corporation if made in good
faith by the Board of Directors of the Corporation. For purposes of this Section
5(h), the Corporation’s Board of Directors shall be deemed to have acted in good
faith if it makes any such decision in reliance upon advice of its legal counsel
and/or another independent professional hired to advise the Board on such
matters.

SECTION 6. RESTRICTIVE LEGENDS.

(a) Neither the Warrants represented by
this Warrant Certificate nor the Warrant Shares to be issued upon exercise of
the Warrants have been registered under the Securities Act or any state
securities laws. Accordingly, neither the Warrants nor the Warrant Shares may be
offered, sold or otherwise transferred in the United States or to or for the
account or benefit of a U.S. Person or a person in the United States, unless
registered under the U.S. Securities Act and applicable state securities laws,
or an exemption from registration is available.

(b) All Warrant Shares issued prior to
October 22, 2013 upon the exercise of the rights represented by this Warrant
Certificate will be subject to a hold period under NI 45-102, and may not be
traded until October 22, 2013, except as permitted by applicable securities laws
and regulations, and the certificates representing such Warrant Shares shall
bear the following legends:

“UNLESS PERMITTED UNDER SECURITIES
LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE
OCTOBER 22, 2013.”

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(c) All Warrant Shares will also be
“restricted securities” (as defined in Rule 144(a)(3) under the U.S. Securities
Act). Accordingly, all certificates representing Warrant Shares issued to
persons who exercise the Warrants will also bear the following legend:

“THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “U.S. SECURITIES
ACT”), OR ANY STATE SECURITIES LAWS, AND HAVE BEEN ISSUED IN RELIANCE UPON AN
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT. SUCH
SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED
EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE U.S.
SECURITIES ACT, PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE U.S. SECURITIES
ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE U.S.
SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. HEDGING TRANSACTIONS
INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE U.S.
SECURITIES ACT.”

SECTION 7. RIGHTS OF ACTION.

All rights of action with respect to the Warrants are vested in
the Holders of the Warrants, and any Holder of a Warrant, without consent of the
holder of any other Warrant, may, in such Holder’s own behalf and for his own
benefit, enforce against the Corporation his right to exercise his Warrants for
the purchase of Warrant Shares in the manner provided in this Warrant
Certificate.

SECTION 8. AGREEMENT OF WARRANT HOLDERS. 

Every holder of a Warrant, by his or her acceptance thereof,
consents and agrees with the Corporation and every other holder of a Warrant
that:

(a) The Warrant Registry shall be
maintained by the Corporation’s Secretary, and shall be the official register of
all Warrants issued to any person in the Offering. The Warrant Registry shall be
dispositive as to the issuance, ownership, transfer and other aspects of each
Warrant issued by the Corporation which are recorded therein and, absent
manifest error, such records shall control for all purposes.

(b) The Warrants are transferable only
on the Warrant Registry by the Holder thereof in person or by his attorney duly
authorized in writing and only if the Warrant Certificates representing such
Warrants are surrendered at the Corporate Office of the Corporation, duly
endorsed or accompanied by a proper instrument of transfer satisfactory to the
Corporation in its sole discretion, together with payment of the amount of any
applicable transfer taxes; and 

(c) The Corporation may deem and treat
the person in whose name the Warrant Certificate is registered on the Warrant
Registry as the holder and as the absolute, true and lawful owner of the
Warrants represented thereby for all purposes, and the Corporation shall not be
affected by any notice or knowledge to the contrary, except as otherwise
expressly provided in this Certificate.

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SECTION 9. MODIFICATION OF WARRANTS. 

Other than with respect to any adjustment made by the
Corporation in accordance with the provisions of Section 5 hereof, this
Certificate may only be modified, supplemented or altered by the Corporation,
and only with the consent in writing of the Holders of Warrants representing
greater than fifty percent (50%) of the total Warrants then outstanding;
provided, that no change in the number or nature of the securities purchasable
upon the exercise of any Warrant, or the acceleration of the Exercise Date,
shall be made without the consent in writing of the Holder of the Warrant
Certificate representing such Warrant, other than such changes as are
specifically prescribed by this Warrant Certificate as originally executed or
are made in compliance with applicable law. 

SECTION 10. NOTICES.

All notices, requests, consents and other communications
hereunder shall be in writing and shall be delivered by hand or overnight
courier service, mailed by certified or registered mail or sent by telecopy, as
follows:

	 	(a) 	
      if to the Corporation, to it at 1 West Wetmore Road,
      Suite 203, Tuscon, AZ 85705, USA, Attention of Chief Financial Officer
      (Fax No. 520-292-0268);

	 	 	 
	 	(b) 	
      if to the Holder, to it care of Kestrel Holdings Ltd.,
      1550 – 625 Howe Street, Vancouver, B.C. Canada V6C 2T6, Attention:
      President (Fax No. 604-684-0147).

Any notice, request, consent or other communication aforesaid
shall, if delivered, be deemed to have been given and received on the date on
which it was delivered to the address provided herein (if a Business Day or, if
not, then the next succeeding Business Day) and if sent by telecopy be deemed to
have been given and received at the time of receipt (if a Business Day or, if
not, then the next succeeding Business Day) unless actually received after 4:00
p.m. (recipient’s local time) at the point of delivery in which case it shall be
deemed to have been given and received on the next Business Day.

SECTION 11. GOVERNING LAW. 

This Warrant Certificate shall be governed by and construed in
accordance with the laws of the Province of British Columbia, without giving
effect to the law of conflicts of laws applied thereby. In the event that any
dispute shall occur between the parties arising out of or resulting from the
construction, interpretation, enforcement or any other aspect of this Warrant
Certificate, the parties hereby agree to accept the exclusive jurisdiction of
the Courts of the Province of British Columbia. In the event either party shall
be forced to bring any legal action to protect or defend its rights hereunder,
then the prevailing party in such proceeding shall be entitled to reimbursement
from the non-prevailing party of all fees, costs and other expenses (including,
without limitation, the reasonable expenses of its attorneys) in bringing or
defending against such action.

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SECTION 12. ENTIRE UNDERSTANDING.

This Warrant Certificate contains the entire understanding
among the Corporation and the Holder relating to the subject matter covered
herein, and merges all prior discussions, negotiations and agreements, if any
between them. Neither of the parties to this agreement shall be bound by any
representations, warranties, covenants, or other understandings relating to such
subject matter, other than as expressly provided for or referred to herein.

IN WITNESS WHEREOF, the Corporation has caused this
Warrant Certificate to be duly executed, manually or in facsimile, by an officer
thereunto duly authorized, as of the date set forth below.

NORD RESOURCES CORPORATION

	 	By: /s/ Wayne M. Morrison
	 	Wayne M. Morrison 
	 	President and 
	 	Chief Executive Officer 

Date: June 21, 2013

SCHEDULE A

NOTICE OF EXERCISE

To: Nord Resources Corporation

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 Nord Resources Corporation (the “Corporation”).

1. The undersigned hereby irrevocably subscribes for and
exercises the right to acquire ________________ Warrant Shares of the
Corporation (or such number of other securities or property to which such
Warrants entitle the undersigned in lieu thereof or in addition thereto under
the provisions of the accompanying Warrant Certificate) and encloses a bank
draft, certified check or money order in lawful money of the United States of
America payable to the Corporation for the aggregate Exercise Price.

2. The Warrant Shares (or other securities or property) are to
be registered as follows:

Name:
______________________________________________________________________
      
     (print clearly) 

Address in full:
_______________________________________________________________

Number of Warrant Shares:
______________________________________________________

3. Such securities should be sent by courier to: 

Name:
______________________________________________________________________
      
     (print clearly) 

Address in full:
_______________________________________________________________

Number of Warrant Shares:
______________________________________________________

If the number of Warrants exercised is less than the number of
Warrants represented hereby, the undersigned requests that the new Warrant
Certificate representing the balance of the Warrants be registered in the name
of the undersigned and should be sent by courier to:

Name:
______________________________________________________________________
      
     (print clearly) 

Address in full:
_______________________________________________________________

Number of Warrant Shares:
______________________________________________________

4. The undersigned represents, warrants and certifies as
follows (one of the following must be checked):

		(a) [ ] 	
      the undersigned holder at the time of exercise of the
      Warrants is not in the United States, is not a “U.S. person” as defined in
      Regulation S under the U.S. Securities Act of 1933, as amended (the
      “U.S. Securities Act”) and is not exercising the Warrants on behalf of, or
      for the account or benefit of a U.S. person or a person in the United
      States and did not execute or deliver this exercise form in the United
      States; 

	 	  	
       

		(b) [ ] 	
      the undersigned holder is resident in the United States
      or is a U.S. person who is a resident of the jurisdiction referred to in
      the address appearing below, and is a U.S. Accredited
Investor and has completed the U.S. Accredited
      Investor Status Certificate in the form attached to this Warrant
Certificate; or 

		(c) [ ] 	
      if the undersigned holder is resident in the United
      States or is a U.S. person, the undersigned holder has delivered to the
      Corporation and, if applicable, the Corporation’s transfer agent an
      opinion of counsel (which will not be sufficient unless it is in form and
      substance satisfactory to the Corporation) or such other evidence
      satisfactory to the Corporation to the effect that with respect to the
      securities to be delivered upon exercise of this Warrant, the issuance of
      such securities has been registered under the U.S. Securities Act and
      applicable state securities laws or an exemption from the registration
      requirements of the U.S. Securities Act and applicable state securities
      laws is available. 

“United States” and “U.S. person” are as defined in Regulation
S under the U.S. Securities Act.

Note: Certificates representing Warrant Shares will not be
registered or delivered to an address in the United States unless Box 4(b) or
4(c) above is checked.

If the undersigned has indicated that the undersigned is a U.S.
Accredited Investor by marking alternative (b) above, the undersigned represents
and warrants to the Corporation that:

	1. 	
      the undersigned has such knowledge and experience in
      financial and business matters as to be capable of evaluating the merits
      and risks of an investment in the Warrant Shares, and the undersigned is
      able to bear the economic risk of loss of his or her entire
    investment;

	 	 
	2. 	
      the Corporation has provided to the undersigned the
      opportunity to ask questions and receive answers concerning the terms and
      conditions of the offering, and the undersigned has had access to such
      information concerning the Corporation as he or she has considered
      necessary or appropriate in connection with his or her investment decision
      to acquire the Warrant Shares;

	 	 
	3. 	
      the undersigned is: (i) purchasing the Warrant Shares for
      his or her own account or for the account of one or more U.S. Accredited
      Investors with respect to which the undersigned is exercising sole
      investment discretion, and not on behalf of any other person; (ii) is
      purchasing the Warrant Shares for investment purposes only and not with a
      view to resale, distribution or other disposition in violation of United
      States federal or state securities laws; and (iii) in the case of the
      purchase by the undersigned of the Warrant Shares as agent or trustee for
      any other person or persons (each a “Beneficial Owner”), the undersigned
      holder has due and proper authority to act as agent or trustee for and on
      behalf of each such Beneficial Owner in connection with the transactions
      contemplated hereby; provided that: (x) if the undersigned holder,
      or any Beneficial Owner, is a corporation or a partnership, syndicate,
      trust or other form of unincorporated organization, the undersigned holder
      or each such Beneficial Owner was not incorporated or created solely, nor
      is it being used primarily to permit purchases without a prospectus or
      registration statement under applicable law; and (y) each Beneficial
      Owner, if any, is a U.S. Accredited Investor; and

	 	 
	4. 	
      the undersigned has not exercised the Warrants as a
      result of any form of general solicitation or general advertising,
      including advertisements, articles, notices or other communications
      published in any newspaper, magazine or similar media or broadcast over
      radio, television or other form of telecommunications, or any seminar or
      meeting whose attendees have been invited by general solicitation or
      general advertising.

The undersigned also acknowledges and agrees that:

	1. 	
      if the undersigned decides to offer, sell or otherwise
      transfer any of the Warrant Shares, the undersigned must not, and will
      not, offer, sell or otherwise transfer any of such Warrant Shares directly
      or indirectly, unless:

	 	 	 
		(a) 	
      the sale is to the Corporation;

	 	 	 
		(b) 	
      the sale is made outside the United States in a
      transaction meeting the requirements of Rule 904 of Regulation S under the
      U.S. Securities Act and in compliance with applicable local laws and
      regulations;

	 	 	 
		(c) 	
      the sale is made pursuant to the exemption from the
      registration requirements under the U. S. Securities Act provided by Rule
      144 thereunder, if available, and in accordance with any applicable state
      securities or “blue sky” laws; or

	 	 	 
		(d) 	
      the Warrant Shares are sold in a transaction that does
      not require registration under the U. S. Securities Act or any applicable
      state laws and regulations governing the offer and sale of securities, and
      it has prior to such sale furnished to the Corporation an opinion of
      counsel reasonably satisfactory to the Corporation;

	 	 	 
	2. 	
      the Warrant Shares are “restricted securities” under
      applicable federal securities laws and that the U.S. Securities Act and
      the rules of the United States Securities and Exchange Commission provide
      in substance that the undersigned may dispose of the Warrant Shares only
      pursuant to an effective registration statement under the U.S. Securities
      Act or an exemption therefrom;

	 	 	 	 
	3. 	
      the Corporation has no obligation to register any of the
      Warrant Shares or to take action so as to permit sales pursuant to the
      U.S. Securities Act (including Rule 144 thereunder);

	 	 	 	 
	4. 	
      the certificates representing the Warrant Shares (and any
      certificates issued in exchange or substitution for the Warrant Shares)
      will bear a legend, in the form required by the certificate representing
      the Warrants, stating that such securities have not been registered under
      the U.S. Securities Act or the securities laws of any state of the United
      States and may not be offered for sale or sold unless registered under the
      U.S. Securities Act and the securities laws of all applicable states of
      the United States or an exemption from such registration requirements is
      available; and

	 	 	 	 
	5. 	
      It consents to the Corporation making a notation on its
      records or giving instructions to any transfer agent of the Corporation in
      order to implement the restrictions on transfer set forth and described in
      this Warrant Exercise Form.

In the absence of instructions to the contrary, the securities
or other property will be issued in the name of or to the holder hereof and will
be sent by first class mail to the last address of the holder appearing on the
register maintained for the Warrants.

DATED the __________ day of ________________, 20_____.

	 	 
	 	(Signature of Warrant holder) 
	 	 
	 	 
	 	Print full name 
	 	 
	 	 
	 	  
	 	 
	 	Print full address 

Instructions:

	1. 	
      The registered holder may exercise its right to receive
      Warrant Shares by completing this form and surrendering this form and the
      Warrant Certificate representing the Warrants being exercised together
      with payment of the aggregate Exercise Price, by certified check, bank
      draft or money order payable to the order of the Corporation, to the
      Corporation at its principal office at 1 West Wetmore Road, Suite 203,
      Tucson, Arizona, 85705, attention: The President, and such other documents
      as the Corporation may reasonably require. Certificates for Warrant Shares
      will be delivered or mailed within five business days after the exercise
      of the Warrants. The rights of the registered warrant holder hereof cease
      if the Warrants are not exercised prior to the Expiry Time.

	 	 
	2. 	
      If Box 4(c) is checked, any opinion tendered must be from
      counsel of recognized standing in form and substance reasonably
      satisfactory to the Corporation. Holders planning to deliver an opinion of
      counsel in connection with the exercise of the Warrants should contact the
      Corporation in advance to determine whether any opinions tendered will be
      acceptable to the Corporation.

	U.S. ACCREDITED INVESTOR STATUS CERTIFICATE
    
	 
	
      In connection with the exercise of certain outstanding
      warrants of Nord Resources Corporation (the “Corporation”) by the holder,
      the holder hereby represents and warrants to the Corporation that the
      holder, and each beneficial owner (each a “Beneficial Owner”), if any, on
      whose behalf the holder is exercising such warrants, satisfies one or more
      of the following categories of Accredited Investor (please write “W/H”
      for the undersigned holder, and “B/O” for each beneficial owner, if
      any, on each line that applies): 

	 
	_____	(1) 	Any
      bank as defined in Section 3(a)(2) of the U.S. Securities Act of 1933, as
      amended (the “U.S. Securities Act”) or any savings and loan
      association or other institution as defined in Section 3(a)(5)(A) of the
      U.S. Securities Act whether acting in its individual or fiduciary
      capacity; any broker or dealer registered pursuant to Section 15 of the
      U.S. Securities Exchange Act of 1934 or any insurance company as defined
      in Section 2(a)(13) of the U.S. Securities Act; any investment company
      registered under the U.S. Investment Company Act of 1940 or a business
      development company as defined in Section 2(a)(48) of that Act; any Small
      Business Investment Company licensed by the U.S. Small Business
      Administration under Section 301(c) or (d) of the U.S. Small Business
      Investment Act of 1958; any plan established and maintained by a state,
      its political subdivisions, or any agency or instrumentality of a state or
      its political subdivisions, for the benefit of its employees if such plan
      has total assets in excess of US$5,000,000; any employee benefit plan
      within the meaning of the U.S. Employee Retirement Income Security Act of
      1974 if the investment decision is made by a plan fiduciary, as defined in
      Section 3(21) of such Act, which is either a bank, savings and loan
      association, insurance company, or registered investment adviser, or if
      the employee benefit plan has total assets in excess of US$5,000,000, or,
      if a self-directed plan, with investment decisions made solely by persons
      that are “accredited investors” (as such term is defined in Rule 501 of
      Regulation D of the U.S. Securities Act); 
	_____	(2) 	Any
      private business development company as defined in Section 202(a)(22) of
      the U.S. Investment Advisers Act of 1940; 
	_____	(3) 	Any
      organization described in Section 501(c)(3) of the U.S. Internal Revenue
      Code, corporation, Massachusetts or similar business trust, or
      partnership, not formed for the specific purpose of acquiring the
      securities offered, with total assets in excess of US$5,000,000; 
	_____	(4) 	Any
      trust with total assets in excess of US$5,000,000, not formed for the
      specific purpose of acquiring the securities offered, whose purchase is
      directed by a sophisticated person (being defined as a person who has such
      knowledge and experience in financial and business matters that he or she
      is capable of evaluating the merits and risks of the prospective
      investment); 
	_____	(5) 	Any
      natural person whose individual net worth, or joint net worth with that
      person’s spouse, at the time of his purchase exceeds US$1,000,000 (for the
      purposes of calculating net worth: (i) the person’s primary residence
      shall not be included as an asset; (ii) indebtedness that is secured by
      the person’s primary residence, up to the estimated fair market value of
      the primary residence at the time of the sale and purchase of securities
      contemplated by the accompanying Share Notice, shall not be included as a
      liability (except that if the amount of such indebtedness outstanding at
      the time of the sale and purchase of securities contemplated by the
      accompanying Share Notice exceeds the amount outstanding 60 days before
      such time, other than as a result of the acquisition of the primary
      residence, the amount of such excess shall be included as a liability);
      and (iii) indebtedness that is secured by the person’s primary residence
      in excess of the estimated fair market value of the primary residence
      shall be included as a liability); 
	_____	(6) 	Any
      natural person who had an individual income in excess of US$200,000 in
      each of the two most recent years or joint income with that person’s
      spouse in excess of US$300,000 in each of those years and has a reasonable
      expectation of reaching the same income level in the current year; or
  
	_____	(7) 	an
      entity in which all of the equity owners meet one or more of the
      categories set forth above. 
	 	 	 

1Nord Resources Corp.: Exhibit 4.6 - Filed by newsfilecorp.com

- 1 -

NEITHER THIS NOTE NOR THE COMMON SHARES INTO WHICH THIS
NOTE IS CONVERTIBLE HAVE BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR APPLICABLE STATE SECURITIES
LAWS. THIS NOTE AND THE COMMON SHARES INTO WHICH THIS NOTE IS CONVERTIBLE MAY
NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT AND IN
ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR PURSUANT TO AN
EXEMPTION OR EXCLUSION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND ANY
APPLICABLE STATE SECURITIES LAWS. THIS NOTE AND THE COMMON SHARES INTO WHICH
THIS NOTE IS CONVERTIBLE CANNOT BE THE SUBJECT OF HEDGING TRANSACTIONS UNLESS
SUCH TRANSACTIONS ARE CONDUCTED IN COMPLIANCE WITH THE U.S. SECURITIES
ACT.

THIS CONVERTIBLE NOTE MAY NOT BE CONVERTED INTO COMMON
SHARES BY OR FOR THE ACCOUNT OR BENEFIT OF A "U.S. PERSON" OR A PERSON IN THE
UNITED STATES, AND THE COMMON SHARES MAY NOT BE DELIVERED TO AN ADDRESS WITHIN
THE UNITED STATES, UNLESS THE CONVERTIBLE NOTE AND THE UNDERLYING COMMON SHARES
HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE
SECURITIES LAWS, OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS
AVAILABLE. "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S
UNDER THE U.S. SECURITIES ACT.

CONVERTIBLE PROMISSORY NOTE

	Principal Amount: Up to $89,580.48 	Issue Date: July 18, 2013 
	Due Date: July 18, 2016 	  

For value received the undersigned NORD RESOURCES
CORPORATION (the “Borrower” or the “Company”), a corporation
incorporated under the laws of the State of Delaware with its principal
executive offices located at 1 West Wetmore Rd., Suite 203, Tucson, AZ 85705,
promises to pay to the order of Ronald A. Hirsch (the “Lender” or the
“Holder”), at 668 N. Coast Hwy #171, Laguna Beach, CA., 92651 (or at such
other place as the Lender may designate in writing) the principal sum of
$89,580.48 (the “Loan”), together with interest thereon on the terms set
out in this convertible promissory note (this “Promissory Note” or this
“Note”).

1. The Lender shall advance the principal amount of $89,580.48
on the issue date (the “Issue Date”) of this Promissory Note for the
purposes of: (i) application by the Borrower of $77,080.48 to payment in full of
the outstanding principal amount and accrued interest to the date hereof under
those certain convertible promissory notes issued by the Borrower to the Lender
on December 29, 2010, in the principal amount of $50,000 and bearing interest at
the rate of 10.0% per annum, on July 30, 2012, in the principal amount of $6,250
and bearing interest at the rate of 15.0% per annum and on July 31, 2012, in the
principal amount of $6,250 and bearing interest at the rate of 15.0% per annum;
and (ii) general working capital purposes. 

2. The principal amount of the Loan or such amount thereof as
shall remain outstanding from time to time shall bear interest from and after
the Issue Date at a rate of 10.0% per annum both before and after each of the
Due Date, maturity, default and judgment. Interest shall be calculated and
payable on the Due Date (as defined below).

- 2 -

3. The unpaid principal amount of the Loan and accrued interest
shall be payable in full on the earlier of the closing of a financing
transaction by the Company for gross proceeds in excess of $20,000,000 or July
18, 2016 (the “Due Date”).

4. The Borrower agrees that in the absence of manifest error,
the books and records of the Lender shall constitute evidence of the outstanding
principal amount of the Loan.

5. If any payment obligation under this Note is not paid when
due, the remaining unpaid principal balance and any accrued interest shall
become due immediately at the option of the Lender.

6. If any payment obligation under this Note is not paid when
due, the Borrower promises to pay all costs of collection, including reasonable
attorney fees, whether or not a lawsuit is commenced as part of the collection
process.

7. If any of the following events of default occur, this Note
shall become due immediately, without demand or notice:

	 	(a) 	
      The failure of the Borrower to pay the principal and any
      accrued interest in full on or before the Due Date;

	 	 	 
	 	(b) 	
      The filing of bankruptcy proceedings involving the
      Borrower as a debtor;

	 	 	 
	 	(c) 	
      The application for the appointment of a receiver for the
      Borrower;

	 	 	 
	 	(d) 	
      The making of a general assignment for the benefit of the
      Borrower's creditors;

	 	 	 
	 	(e) 	
      The insolvency of the Borrower.

8. If any one or more of the provisions of this Note are
determined to be unenforceable, in whole or in part, for any reason, the
remaining provisions shall remain fully operative.

9. All references to currency in this Note refer to, and all
payments of principal and interest on this Note shall be paid in, the legal
currency of the United States. The Borrower waives presentment for payment,
protest, and notice of protest and nonpayment of this Note.

10. The unpaid principal and accrued interest outstanding under
this Note (together, the “Loan Amount”) shall be convertible, in whole
and not in part, at the option of the Lender at any time prior to the Due Date
by notice to the Company into shares of the Company’s common stock (each a
“Common Share”) at the conversion price (the “Conversion Price”)
per Common Share equal to $0.04 per Common Share, subject to adjustment in
accordance with this Note.

11. Common Shares shall be issued to the Holder upon conversion
in an amount equal to a fraction, the numerator of which is the Loan Amount so
converted, and the denominator of which is the Conversion Price. All Common
Shares so issued shall be deemed to have been issued as fully paid and non-assessable at
the applicable Conversion Price.

- 3 -

12. The Holder may convert the Loan Amount by surrendering this
Note to the Company at the Company’s head office, together with a conversion
notice in the form attached hereto or any other written notice in a form
satisfactory to the Company (the “Conversion Notice”), in either case
duly executed by the Holder or his legal representative or attorney duly
appointed by an instrument in writing. Thereupon the Holder shall be entitled to
be entered in the books of the Company as the holder of the number of the
underlying Common Shares into which this Note is convertible in accordance with
its terms. As soon as practicable thereafter, the Company shall deliver to the
Holder and, subject as aforesaid, his nominee(s) or assignee(s), a certificate
or certificates for the Common Shares into which this Note is converted.

13. The date (the “Conversion Date”) on which this Note
shall be deemed to be surrendered for conversion shall be the 3rd
business day following the receipt of the Conversion Notice from the
Holder. If the Conversion Date is a day on which the register of the Company’s
Common Shares is closed, the person or persons entitled to receive Common Shares
shall become the holder or holders of record of such Common Shares as at the
date on which such register is next reopened.

14. The Company will give to the Holder notice of the record
date for a declaration of dividends, a rights offering or other distribution to
the holders of Common Shares not less than ten business days before any such
record date. If this Note is surrendered for conversion in accordance with this
section, the Holder shall not be entitled to participate as a holder of the
Common Shares issuable upon conversion if the record date for the distribution
is prior to the Conversion Date.

15. Conversion of the Loan Amount under this Note in accordance
herewith shall operate to discharge the Company’s obligations with respect to
repayment of the Loan Amount so converted, provided that delivery of the
appropriate number of Common Shares issued upon such conversion is made by the
Company. The Company shall not be bound to enquire into the title of the Holder,
save as ordered by a court of competent jurisdiction or as required by statute.
The Company shall not be bound to see to the execution of any trust affecting
the ownership of this Note nor be charged with notice of any equity that may be
subsisting in respect thereof, unless the Company has actual notice thereof.
Upon conversion of this Note pursuant to the provisions hereof, this Note shall
be forthwith delivered to and cancelled by the Company.

16. The Company shall not be required to issue fractional
Common Shares upon the conversion of this Note. If any fractional interest in
Common Shares would, except for the provisions hereof, be issuable upon the
conversion of this Note, the number of Common Shares issued upon such conversion
shall be rounded down to the next whole number of Common Shares and the Company
shall not be required to make any payment in lieu of delivering any certificates
of such fractional interest.

17. The Company covenants and agrees that during the period
within which the conversion rights represented by this Note may be exercised,
the Company shall at all times have authorized and reserved, a sufficient number of
Common Shares to provide for the exercise of the conversion rights represented
by this Note. The Company also covenants and agrees to issue and submit to its
registrar and transfer agent as soon as practicable and, in any event, within
three business days following receipt by the Company of the Conversion Notice, a
Treasury Order directing the issuance of Common Shares in accordance with such
Conversion Notice.

- 4 -

18. The Note and the Common Shares issuable upon exercise of
the conversion rights hereunder (together, the “Subject Securities”) have
not been, and will not be, registered under the United States Securities Act of
1933 (the “U.S. Securities Act”), as amended, or under any state
securities laws, and will be “restricted securities” as defined in Rule
144(a)(3) under the U.S. Securities Act. Subject to certain exceptions, none of
the Subject Securities nor any rights thereto or interest therein may be offered
for purchase or sale, sold, transferred or otherwise disposed of, directly or
indirectly, in the United States, its territories or possessions, or to or for
the account or benefit of any “U.S. person” as that term is defined in
Regulation S under the U.S. Securities Act. 

19. The Holder understands and acknowledges that this Note may
not be converted 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 U.S. Securities Act and the securities laws of
all applicable states, and the holder has furnished an opinion of counsel
satisfactory to the Company to such effect; provided that the Holder will not be
required to deliver an opinion of counsel in connection with the due conversion
of this Note by the Holder if the Holder certifies that:

	 	(a) 	
      the Holder is the original holder of this Note, and, to
      the Holder’s knowledge, no commission or other remuneration has been paid
      or given, directly or indirectly, for soliciting such
conversion;

	 	 	 
	 	(b) 	
      the Holder at the time of conversion of this Note was not
      in the United States, is not a U.S. person and is not converting this Note
      on behalf of, or for the account or benefit of a U.S. person or a person
      in the United States, and the Holder did not execute or deliver the
      Conversion Notice in the United States; or

	 	 	 
	 	(c) 	
      the Holder at the time of conversion of this Note is an
      “accredited investor” as defined in Rule 501(a) of Regulation D under the
      U.S. Securities Act, and is not converting this Note as a result of any
      “general solicitation” or “general advertising” as those terms are used in
      Rule 502 of Regulation D under the U.S. Securities
Act.

20. In addition to the legend noted on the Conversion Notice
attached to this Note, if required by applicable securities laws or regulations
of any stock exchange or other applicable regulatory authority, the certificates
for the Common Shares to be issued upon conversion of this Note shall bear such
forms of legend as may be necessary to comply with all applicable laws and
regulations.

- 5 -

21. The Conversion Price shall be subject to adjustment from
time to time in the events and in the manner provided in section 22, as
follows:

	 	(a) 	
      if during the Adjustment Period (as hereinafter defined)
      the Company shall:

	 	 	 	 
	 		(i) 	
      issue to all or substantially all the holders of the
      Common Shares, by way of a stock dividend or otherwise, Common Shares or
      Convertible Securities; or

	 	 	 	 
	 		(ii) 	
      subdivide its outstanding Common Shares into a greater
      number of shares; or

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

	 	 	 	 
			
      (any of such events being herein called a “Common
      Share Reorganization”), the Conversion Price shall be adjusted
      effective immediately after the record date at which the holders of Common
      Shares are determined for the purposes of the Common Share Reorganization
      to a number which is the product of (1) the Conversion Price in effect on
      such record date and (2) a fraction:

	 	 	 	 
	 		(iv) 	
      the numerator of which is the number of Common Shares
      outstanding on such record date before giving effect to the Common Share
      Reorganization; and

	 	 	 	 
	 		(v) 	
      the denominator of which is the number of Common Shares
      outstanding after giving effect to such Common Share
  Reorganization;

	 	 	 	 
	 	(b) 	
      if during the Adjustment Period the Company shall issue
      or distribute to all or substantially all the holders of Common Shares,
      (i) shares of any class other than Common Shares, or (ii) rights, options
      or warrants (other than pursuant to a stock option plan or employee share
      purchase plan adopted by the shareholders of the Company at a general
      meeting of shareholders of the Company), or (iii) evidences of
      indebtedness, or (iv) any other assets (excluding cash dividends paid in
      the ordinary course) and such issuance or distribution does not constitute
      a Common Share Reorganization (any of such events being herein called a
      “Special Distribution”), the Conversion Price shall be adjusted
      effective immediately after the record date at which the holders of Common
      Shares are determined for purposes of the Special Distribution to a price
      which is the product of (1) the Conversion Price in effect on such record
      date and (2) a fraction:

	 	 	 	 
	 		(i) 	
      the numerator of which shall be the difference
      between:

- 6 -

	 	(I) 	
      the product of (i) the number of Common Shares
      outstanding on such record date and (ii) the Current Market Price (as
      hereinafter defined) of the Common Shares on such date; and

	 	 	 
	 	(II) 	
      the aggregate fair market value (as determined by the
      board of directors of the Company, whose determination shall be
      conclusive) of the shares, rights, options, warrants, evidences of
      indebtedness or other assets issued or distributed in the Special
      Distribution; and

	 	(ii) 	
      the denominator of which shall be the product of (A) the
      number of Common Shares outstanding on such record date and (B) the
      Current Market Price of the Common Shares on such
date.

	 		
      Any Common Shares owned by or held for the account of the
      Company shall be deemed not to be outstanding for the purpose of any such
      computation. To the extent that such distribution of shares, rights,
      options, warrants, evidences of indebtedness or assets is not so made or
      to the extent that any rights, options or warrants so distributed are not
      exercised, the Conversion Price shall be readjusted to the Conversion
      Price which would then be in effect based upon such shares, rights,
      options, warrants, evidences of indebtedness or assets actually
      distributed or based upon the number of Common Shares or Convertible
      Securities actually delivered upon the exercise of such rights, options or
      warrants, as the case may be, but subject to any other adjustment required
      hereunder by reason of any event arising after such record date;

	 	 	 
	 	(c) 	
      if during the Adjustment Period there is a reorganization
      of the Company not otherwise provided for in subsection 21(a) or a
      consolidation or merger or amalgamation of the Company with or into
      another body corporate including a transaction whereby all or
      substantially all of the Company’s undertaking and assets become the
      property of any other corporation (any such event being herein called a
      “Capital Reorganization”), the Holder, if he has not converted the
      entire Loan Amount prior to the effective date of such Capital
      Reorganization, shall be entitled to receive and shall accept, upon the
      exercise of such right of conversion at any time after the effective date
      of such Capital Reorganization, in lieu of the number of Common Shares to
      which he was theretofore entitled upon conversion of this Note, the
      aggregate number of shares or other securities or property of the Company,
      or such continuing, successor or purchasing corporation, as the case may
      be, under the Capital Reorganization that the Holder would have been
      entitled to receive as a result of such Capital Reorganization if, on the
      effective date thereof, he had been the holder of the number of Common
      Shares to which immediately before such transaction he was entitled upon
      conversion of this Note. No such Capital Reorganization shall be carried
      into effect unless all necessary steps shall have been taken so that the
      Holder shall thereafter be entitled to receive such number of shares
      or other securities or property of the Company, or of such continuing
      successor or purchasing corporation, as the case may be, under the Capital
      Reorganization, subject to adjustment thereafter in accordance with
      provisions the same, as nearly as may be possible, as those contained in
  this section 21 or section 22;

- 7 -

	 	(d) 	
      if the Company reclassifies or otherwise changes the
      outstanding Common Shares, the conversion right shall be adjusted
      effective immediately upon such reclassification becoming effective so
      that Holder shall be entitled to receive such Common Shares as he would
      have received had the principal amount of this Note been converted
      immediately prior to such effective date, subject to adjustment thereafter
      in accordance with provisions of this Note, as nearly as may be possible
      as those contained in this section 21 or section
22.

22. The following rules and procedures are applicable to
adjustments made pursuant to section 21:

	 	(a) 	
      the adjustments and readjustments provided for in herein
      are cumulative and, subject to subsection 22(b), apply (without
      duplication) to successive issues, subdivisions, combinations,
      consolidations, distributions and any other events which require
      adjustment of the Conversion Price or the number or kind of shares or
      securities issuable hereunder;

	 	 	 
	 	(b) 	
      no adjustment in the Conversion Price shall be required
      unless such adjustment would result in a change of at least 1% in the
      Conversion Price then in effect, provided however, that any adjustments
      which, except for the provisions of this subsection 22(b) would otherwise
      have been required to be made, shall be carried forward and taken into
      account in any subsequent adjustment;

	 	 	 
	 	(c) 	
      no adjustment in the Conversion Price shall be made in
      respect of any event described in subsections 21(a)(i), 21(b) or 21(c) if
      the Holder is entitled to participate in such event on the same terms,
      mutatis mutandis, as if the Holder had converted the entire Loan
      Amount immediately prior to the effective date or record date of such
      event;

	 	 	 
	 	(d) 	
      no adjustment in the Conversion Price shall be made
      pursuant to subsection 21 in respect of the issue of Common Shares
      pursuant to:

	 	(i) 	
      this Note; or

	 	 	 
	 	(ii) 	
      any stock option or purchase plan for officers, employees
      or directors of the Company outstanding or in existence as at the date
      hereof or any amendment to such plan;

and any such issue shall be deemed not
to be a Common Share Reorganization or a Special Distribution.

- 8 -

	 	(e) 	
      if a dispute arises with respect to adjustments of the
      Conversion Price, such dispute shall be conclusively determined by the
      auditors of the Company or if they are unable or unwilling to act, by such
      firm of independent public accountants as may be selected by the board of
      directors of the Company and acceptable to the Holder and any such
      determination shall be binding upon the Company and the Holder;
  and

	 	 	 
	 	(f) 	
      if the Company sets a record date to determine the
      holders of Common Shares for the purpose of entitling them to receive any
      dividend or distribution or any subscription or purchase rights and shall
      thereafter legally abandon its plans to pay or deliver such dividend,
      distribution or subscription or purchase rights, then no adjustment in the
      Conversion Price shall be required by reason of the setting of such record
      date.

23. In any case where the application of the foregoing
provisions results in a decrease of the Conversion Price taking effect
immediately after the record date for a specific event, if the Loan Amount is
converted after that record date and prior to completion of the event, the
Company may postpone the issuance to the Holder of the Common Shares to which
the Holder is entitled by reason of the decrease of the Conversion Price, but
such Common Shares shall be so issued and delivered to the Holder upon
completion of that event with the number of such Common Shares calculated on the
basis of the Conversion Price on the exercise date adjusted for completion of
that event. The Company shall deliver to the person or persons in whose name or
names the Common Shares are to be issued an appropriate instrument evidencing
his or their right to receive such Common Shares.

24. Subject to any requirement for a longer notice period
pursuant to applicable securities legislation or stock exchange policy, at least
10 business days prior to the effective date or record date, as the case may be,
of any event referred to in sections 21 or 22, whether or not the event requires
or might require an adjustment in the conversion rights pursuant hereto, if the
Holder is not then an officer or director of the Company, the Company shall give
notice to the Holder of the particulars of such event and, if determinable, any
adjustment. Such notice need only set forth such particulars as shall have been
determined at the date that notice is given.

25. In case any adjustment for which a notice in section 24 has
been given is not then determinable, the Company shall promptly after such
adjustment is determinable give notice to the Holder of the adjustment.

26. As used in this Note, the following terms, unless the
context otherwise requires, shall have the following meanings:

	 	(a) 	
      “Adjustment Period” means the period from and
      including the date hereof to and including the last business day prior to
      the Due Date;

	 	 	 
	 	(b) 	
      “business day” means any day which is not a
      Saturday, Sunday, or statutory holiday in the City of Tucson or the City
      of New York;

- 9 -

	 	(c) 	
      “Convertible Security” means a security of the
      Company convertible into or exchangeable for or otherwise carrying the
      right to acquire Common Shares;

	 	 	 
	 	(d) 	
      “Current Market Price” means, with reference to
      Common Shares, the average of the VWAPs for the 30 trading days
      immediately preceding the applicable date for determination of the Current
      Market Price;

	 	 	 
	 	(e) 	
      “effective date” and “record date” shall
      mean the close of business on the relevant date;

	 	 	 
	 	(f) 	
      VWAP” means, for any date, the price determined by
      the first of the following clauses that applies: (a) if the Common Shares
      are then listed or quoted on the NYSE MKT exchange, the daily volume
      weighted average price of the Common Shares for such date (or the nearest
      preceding date) as reported by Bloomberg L.P. (based on a trading day from
      9:30 a.m. (New York City time) to 4:02 p.m. (New York City time); (b) if
      the Common Shares are not then traded on NYSE MKT exchange, the volume
      weighted average price of the Common Shares for such date (or the nearest
      preceding date) on the OTC Bulletin Board; (c) if the Common Shares are
      not then quoted for trading on the OTC Bulletin Board and if prices for
      the Common Shares are then reported on the “OTC Pink” market published by
      OTC Markets Inc. (or a similar organization or agency succeeding to its
      functions of reporting prices), the most recent bid price per Common Share
      so reported; or (d) in all other cases, the fair market value of a share
      of Common Shares as determined by an independent appraiser selected in
      good faith by the Holder and reasonably acceptable to the Company, the
      fees and expenses of which shall be paid by the
Company.

27. Any notice required or permitted to be given hereunder
shall be given by facsimile transmission or by personal delivery to the party
for whom it is intended, addressed as follows:

	 	(a) 	to the Company at: 
	 	  	  	  
	 	  	1 West Wetmore Rd. 
	 	  	Suite 203 	  
	 	  	Tucson AZ 85705 
	 	  	  	  
	 	  	Attention: 	President and Chief Executive Officer 
	 	  	  	Fax: (520) 292-0268 
	 	  	  	  
		(b) 	to the Holder at its registered
      address as it appears in the records of the Company. 

28. Any notice given pursuant to section 27 shall be deemed to
have been given and received on the date of delivery or, in the case of a
facsimile transmission, at the time indicated on the transmission report. The
Company or the Holder may, from time to time, notify the other in writing of a
change of address which thereafter, until changed by like notice, shall be the address of the Company or the Holder, as
the case may be, for all purposes of this Note.

- 10 -

29. No renewal or extension of this Note, delay in enforcing
any right of the Lender under this Note, or assignment by Lender of this Note
shall affect the liability or the obligations of the Borrower. All rights of the
Lender under this Note are cumulative and may be exercised concurrently or
consecutively at the Lender's option.

This Note shall be construed in accordance with the laws of the
State of Arizona. Signed this 18th day of July 2013.

Borrower:

	NORD RESOURCES CORPORATION. 
	1 West Wetmore Rd., Suite 203 
	Tucson, Arizona 85705 

	By: 	/s/ Wayne Morrison 	 
	  	WAYNE MORRISON 	 
	  	President and Chief Executive
      Officer 	 

SCHEDULE A TO 
NOTE CERTIFICATE

CONVERSION FORM

TO: NORD RESOURCES CORPORATION (the “Corporation”)

1. The undersigned registered holder of the within Note hereby
irrevocably elects to convert the said Note into Common Shares of the
Corporation in accordance with the terms of the Note.

2. The Common Shares are to be registered as follows:

Name:
______________________________________________________________________
      
     (print clearly) 

Address in full:
_______________________________________________________________

3. Certificates representing the Common Shares are to be sent
by courier to:

Name:
______________________________________________________________________
      
     (print clearly) 

Address in full:
_______________________________________________________________

Note: In the absence of instructions to the contrary, the
securities will be issued in the name of or to the Holder and will be sent by
first class mail to the last address of the Holder appearing in the records
maintained by the Corporation.

4. The undersigned represents, warrants and certifies as
follows (one of the following must be
checked):

	(a) [ ] 	
      the undersigned holder is the original holder of the
      Note, and, to the undersigned’s knowledge, no commission or other
      remuneration has been paid or given, directly or indirectly, for
      soliciting, such conversion; 

	  	
      

	(b) [ ] 	
      the undersigned holder is resident in the United States
      or is a U.S. person who is a resident of the jurisdiction referred to in
      the address appearing above, and is an “accredited investor” (as such term
      is defined in Rule 501(a) of Regulation D under the United States
      Securities Act of 1933, as amended (the “U.S. Securities Act”), and
      has completed the U.S. Accredited Investor Status Certificate in the form
      attached to this Conversion Form; 

	  	
      

	(c) [ ] 	
      the undersigned holder at the time of conversion of the
      Note is not in the United States, is not a “U.S. person” as defined in
      Regulation S under U.S. Securities Act, and is not converting the Note on
      behalf of, or for the account or benefit of a U.S. person or a
  person in the United States and did not execute or
  deliver this Conversion Form in the United States; or 

- 2 -

	(d) [ ] 	
      if the undersigned holder is resident in the United
      States or is a U.S. person, the undersigned holder has delivered to the
      Corporation and the Corporation’s transfer agent an opinion of counsel
      (which will not be sufficient unless it is in form and substance
      satisfactory to the Corporation) or such other evidence satisfactory to
      the Corporation to the effect that with respect to the securities to be
      delivered upon conversion of the Note, the issuance of such securities has
      been registered under the U.S. Securities Act and applicable state
      securities laws or an exemption from the registration requirements of the
    U.S. Securities Act and applicable state securities laws is available.    

“United States” and “U.S. person” are as defined
in Regulation S under the U.S. Securities Act.

Note: Certificates representing Common Shares will not be
registered or delivered to an address in the United States unless Box 4(a), 4(b)
or 4(d) above is checked.

5. If the undersigned has indicated that the undersigned is a
U.S. Accredited Investor by marking alternative 4(a) or 4(b) above, the
undersigned represents and warrants to the Corporation that:

	(a) 	
      the undersigned has such knowledge and experience in
      financial and business matters as to be capable of evaluating the merits
      and risks of an investment in the Common Shares, and the undersigned is
      able to bear the economic risk of loss of his or her entire
    investment;

	 	 
	(b) 	
      the undersigned is: (i) acquiring the Common Shares for
      his or her own account or for the account of one or more U.S. Accredited
      Investors with respect to which the undersigned is exercising sole
      investment discretion, and not on behalf of any other person; (ii) is
      purchasing the Common Shares for investment purposes only and not with a
      view to resale, distribution or other disposition in violation of United
      States federal or state securities laws; and (iii) in the case of the
      acquisition by the undersigned of the Common Shares as agent or trustee
      for any other person or persons (each a “Beneficial Owner”), the
      undersigned holder has due and proper authority to act as agent or trustee
      for and on behalf of each such Beneficial Owner in connection with the
      transactions contemplated hereby; provided that: (x) if the undersigned
      holder, or any Beneficial Owner, is a corporation or a partnership,
      syndicate, trust or other form of unincorporated organization, the
      undersigned holder or each such Beneficial Owner was not incorporated or
      created solely, nor is it being used primarily to permit purchases without
      a prospectus or registration statement under applicable law; and (y) each
      Beneficial Owner, if any, is a U.S. Accredited Investor; and

	 	 
	(c) 	
      the undersigned has not converted the Note as a result of
      any form of general solicitation or general advertising, including
      advertisements, articles, notices or other communications published in any
      newspaper, magazine or similar media or broadcast over radio, television
      or other form of telecommunications, or any seminar or meeting whose
      attendees have been invited by general solicitation or general
      advertising.

- 3 -

6. The undersigned also acknowledges and agrees that:

	(a) 	
      if the undersigned decides to offer, sell or otherwise
      transfer any of the Common Shares, the undersigned must not, and will not,
      offer, sell or otherwise transfer any of such securities directly or
      indirectly, unless:

(i) the sale is to the Corporation;

(ii) the sale is made outside the
United States in a transaction meeting the requirements of Rule 904 of
Regulation S under the U.S. Securities Act and in compliance with applicable
local laws and regulations;

(iii) the sale is made pursuant to the
exemption from the registration requirements under the U.S. Securities Act
provided by Rule 144 thereunder, if available, and in accordance with any
applicable state securities or “blue sky” laws; or

(iv) such securities are sold in a
transaction that does not require registration under the U.S. Securities Act or
any applicable state laws and regulations governing the offer and sale of
securities, and it has prior to such sale furnished to the Corporation an
opinion of counsel reasonably satisfactory to the Corporation;

	(b) 	
      the Common Shares are “restricted securities”
      under applicable federal securities laws and that the U.S. Securities Act
      and the rules of the United States Securities and Exchange Commission
      provide in substance that the undersigned may dispose of the securities
      only pursuant to an effective registration statement under the U.S.
      Securities Act or an exemption therefrom;

	 	 
	(c) 	
      the Corporation has no obligation to register any of the
      Common Shares or to take action so as to permit sales pursuant to the U.S.
      Securities Act (including Rule 144 thereunder);

	 	 
	(d) 	
      the Corporation may make a notation on its records or
      giving instructions to any transfer agent of the Corporation in order to
      implement the restrictions on transfer set forth and described in this
      Conversion Form;

	 	 
	(e) 	
      upon the issuance thereof, and until such time as the
      same is no longer required under the applicable requirements of the U.S.
      Securities Act or applicable U.S. state laws and regulations, the
      certificates representing the Common Shares, and all securities issued in
      exchange therefor or in substitution thereof, will bear a legend in
      substantially the following form:

THE SECURITIES REPRESENTED HEREBY HAVE
NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “U.S. SECURITIES ACT”) OR APPLICABLE STATE SECURITIES LAWS. THESE
SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS
THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT AND
SUCH LAWS COVERING SUCH SECURITIES, OR THE COMPANY RECEIVES AN OPINION OF
COUNSEL ACCEPTABLE TO THE COMPANY STATING THAT SUCH OFFER, SALE, PLEDGE OR OTHER
TRANSFER IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF
THE U.S. SECURITIES ACT AND SUCH LAWS. THE SECURITIES REPRESENTED BY THE CERTIFICATE CANNOT BE THE SUBJECT OF HEDGING TRANSACTIONS UNLESS SUCH TRANSACTIONS ARE CONDUCTED IN COMPLIANCE WITH THE U.S. SECURITIES ACT.;

- 4 -

DATED the __________day of ________________, 20___.

	If a Corporation, Partnership or Other Entity: 	 	If an Individual: 
	 	 	 
	Name of Entity 	 	Signature 
	 	 	 
	 	 	 
	Type of Entity 	 	Print or Type Name 
	 	 	 
	 	 	 
	Signature of Person Signing 	 	  
	 	 	 
	 	 	 
	Print or Type Name and Title of Person Signing 	 	  

Instructions:

1. The registered Holder may exercise its right to receive
Common Shares by completing this form and surrendering this form and the Note to
the Corporation at its principal office at Suite 203, 1 West Wetmore Road,
Tucson, Arizona 85705, Attention: President and Chief Executive Officer, and
such other documents as the Corporation may reasonably require.

2. If Box 4(c) is checked, any opinion tendered must be from
counsel of recognized standing in form and substance reasonably satisfactory to
the Corporation. Holders planning to deliver an opinion of counsel in connection
with the conversion of the Note should contact the Corporation in advance to
determine whether any opinion tendered will be acceptable to the
Corporation.

- 5 -

U.S. ACCREDITED INVESTOR STATUS CERTIFICATE

In connection with the conversion of a Note of NORD RESOURCES
CORPORATION (the “Corporation”) by the holder, the holder hereby represents and
warrants to the Corporation that the holder, and each beneficial owner (each a
“Beneficial Owner”), if any, on whose behalf the holder is exercising such
warrants, satisfies one or more of the following categories of Accredited
Investor (please write “H” for the undersigned holder, and “B/O” for each
beneficial owner, if any, on each line that applies):

	_____	(1) 	
      Any bank as defined in Section 3(a)(2) of the United
      States Securities Act of 1933, as amended (the "U.S. Securities
      Act"), or any savings and loan association or other institution as
      defined in Section 3(a)(5)(A) of the U.S. Securities Act whether acting in
      its individual or fiduciary capacity; any broker or dealer registered
      pursuant to Section 15 of the U.S. Securities Exchange Act of 1934; any
      insurance company as defined in Section 2(a)(13) of the U.S. Securities
      Act; any investment company registered under the U.S. Investment Company
      Act of 1940 or a business development company as defined in Section
      2(a)(48) of that Act; any Small Business Investment Company licensed by
      the U.S. Small Business Administration under Section 301(c) or (d) of the
      U.S. Small Business Investment Act of 1958; any plan established and
      maintained by a state, its political subdivisions, or any agency or
      instrumentality of a state or its political subdivisions, for the benefit
      of its employees, if such plan has total assets in excess of US$5,000,000;
      any employee benefit plan within the meaning of the U.S. Employee
      Retirement Income Security Act of 1974 if the investment decision is made
      by a plan fiduciary, as defined in Section 3(21) of such Act, which is
      either a bank, savings and loan association, insurance company, or
      registered investment adviser, or if the employee benefit plan has total
      assets in excess of US$5,000,000, or, if a self-directed plan, with
      investment decisions made solely by persons that are "accredited
      investors" (as such term is defined in Rule 501 of Regulation D of the
      U.S. Securities Act); 

	 	  	
      

	_____	(2) 	
      Any private business development company as defined in
      Section 202(a)(22) of the U.S. Investment Advisers Act of 1940; 

	 	  	
      

	_____	(3) 	
      An organization described in Section 501(c)(3) of the
      U.S. Internal Revenue Code, corporation, Massachusetts or similar business
      trust, or partnership, not formed for the specific purpose of acquiring
      the securities offered, with total assets in excess of US$5,000,000;
    

	 	  	
      

	_____	(4) 	
      A trust with total assets in excess of US$5,000,000, not
      formed for the specific purpose of acquiring the securities offered, whose
      purchase is directed by a sophisticated person (being defined as a person
      who has such knowledge and experience in financial and business matters
      that he or she is capable of evaluating the merits and risks of the
      prospective investment); 

	 	  	
      

	_____	(5) 	
      A natural person whose individual net worth, or joint net
      worth with that person’s spouse, at the time of purchase, exceeds
      US$1,000,000 (for the purposes of calculating net worth, (i) the person’s
      primary residence shall not be included as an asset; (ii) indebtedness
      that is secured by the person’s primary residence, up to the estimated
      fair market value of the primary residence at the time of this
      certification, shall not be included as a liability (except that if the
      amount of such indebtedness outstanding at the time of this certification
      exceeds the amount outstanding 60 days before such time, other than as a
      result of the acquisition of the primary residence, the amount of such
      excess shall be included as a liability); and (iii) indebtedness that is
      secured by the person’s primary residence in excess of the estimated fair
      market value of the primary residence shall be included as a liability);
      

	 	  	
      

	_____	(6) 	
      A natural person who had annual gross income during each
      of the last two full calendar years in excess of US$200,000 (or together
      with his or her spouse in excess of US$300,000) and reasonably expects to
      have annual gross income in excess of US$200,000 (or together with his or
      her spouse in excess of US$300,000) during the current calendar year, and
      no reason to believe that his or her annual gross income will not remain
      in excess of US$200,000 (or that together with his or her spouse will not
      remain in excess of US$300,000) for the foreseeable future; 

	 	  	
      

	_____	(7) 	
      Any director or executive officer of the Corporation; or
      

	 	  	
      

	_____	(8) 	
      An entity in which all of the equity owners meet the
      requirements of at least one of the above categories.

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