Document:

Exhibit 4.2

 

LEXAGENE HOLDINGS INC.

 

as the Corporation

 

and

 

COMPUTERSHARE TRUST COMPANY OF CANADA

 

as the Warrant Agent

 

 

 

WARRANT INDENTURE

Providing for the Issue of Warrants

 

Dated as of September 9, 2020

 

      

    

    

 

TABLE OF CONTENTS

 

	 	 	Page No.
	 
	Article 1
	INTERPRETATION
	 	 	 
	Section 1.1	Definitions	2
	Section 1.2	Gender and Number	4
	Section 1.3	Headings, Etc.	5
	Section 1.4	Day not a Business Day	5
	Section 1.5	Time of the Essence	5
	Section 1.6	Monetary References	5
	Section 1.7	Applicable Law	5
	 	 	 
	Article 2
	ISSUE OF WARRANTS
	 
	Section 2.1	Creation and Issue of Warrants	5
	Section 2.2	Terms of Warrants	6
	Section 2.3	Warrantholder not a Shareholder	6
	Section 2.4	Warrants to Rank Pari Passu	6
	Section 2.5	Form of Warrants, Warrant Certificates	7
	Section 2.6	Book Entry Warrants	7
	Section 2.7	Warrant Certificate	10
	Section 2.8	Legends	11
	Section 2.9	Register of Warrants	13
	Section 2.10	Issue in Substitution for Warrant Certificates Lost, etc.	14
	Section 2.11	Exchange of Warrant Certificates	15
	Section 2.12	Transfer and Ownership of Warrants	15
	Section 2.13	Cancellation of Surrendered Warrants	17
	 	 	 
	Article 3
	EXERCISE OF WARRANTS
	 	 	 
	Section 3.1	Right of Exercise	17
	Section 3.2	Warrant Exercise	17
	Section 3.3	Prohibition on Exercise by U.S. Persons; Legended Certificates	20
	Section 3.4	Transfer Fees and Taxes	21
	Section 3.5	Warrant Agency	22
	Section 3.6	Effect of Exercise of Warrant Certificates	22
	Section 3.7	Partial Exercise of Warrants; Fractions	23
	Section 3.8	Expiration of Warrants	23
	Section 3.9	Accounting and Recording	23
	Section 3.10	Securities Restrictions	24

 

      

    

    

 

TABLE OF CONTENTS 

(continued)

 

	 	 	Page No.
	 	 	 
	Article 4
	ADJUSTMENT OF NUMBER OF Warrant SHARES
	AND EXERCISE PRICE
	 	 	 
	Section 4.1	Adjustment of Number of Warrant Shares and Exercise Price	24
	Section 4.2	Entitlement to Warrant Shares on Exercise of Warrant	29
	Section 4.3	No Adjustment for Certain Transactions	29
	Section 4.4	Determination by Independent Firm	29
	Section 4.5	Proceedings Prior to any Action Requiring Adjustment	29
	Section 4.6	Certificate of Adjustment	30
	Section 4.7	Notice of Special Matters	30
	Section 4.8	No Action after Notice	30
	Section 4.9	Other Action	30
	Section 4.10	Protection of Warrant Agent	31
	Section 4.11	Participation by Warrantholder	31
	 	 	 
	Article 5
	RIGHTS OF THE CORPORATION AND COVENANTS
	 	 	 
	Section 5.1	Optional Purchases by the Corporation	32
	Section 5.2	General Covenants	32
	Section 5.3	Warrant Agent’s Remuneration and Expenses	33
	Section 5.4	Performance of Covenants by Warrant Agent	33
	Section 5.5	Enforceability of Warrants	34
	 	 	 
	Article 6
	ENFORCEMENT
	 	 	 
	Section 6.1	Suits by Registered Warrantholders	34
	Section 6.2	Suits by the Corporation	34
	Section 6.3	Immunity of Shareholders, etc.	34
	Section 6.4	Waiver of Default	35
	 	 	 
	Article 7
	MEETINGS OF REGISTERED WARRANTHOLDERS
	 	 	 
	Section 7.1	Right to Convene Meetings	35
	Section 7.2	Notice	36
	Section 7.3	Chairman	36
	Section 7.4	Quorum	36
	Section 7.5	Power to Adjourn	37
	Section 7.6	Show of Hands	37
	Section 7.7	Poll and Voting	37
	Section 7.8	Regulations	37
	Section 7.9	Corporation and Warrant Agent May be Represented	38
	Section 7.10	Powers Exercisable by Extraordinary Resolution	38
	Section 7.11	Meaning of Extraordinary Resolution	39
	Section 7.12	Powers Cumulative	40
	Section 7.13	Minutes	40
	Section 7.14	Instruments in Writing	40
	Section 7.15	Binding Effect of Resolutions	41
	Section 7.16	Holdings by Corporation Disregarded	41

 

    - ii -

     

    

 

TABLE OF CONTENTS 

(continued)

 

	 	 	Page No.
	 	 	 
	Article 8
	SUPPLEMENTAL INDENTURES
	 	 	 
	Section 8.1	Provision for Supplemental Indentures for Certain Purposes	41
	Section 8.2	Successor Entities	42
	 	 	 
	Article 9
	CONCERNING THE WARRANT Agent
	 	 	 
	Section 9.1	Trust Indenture Legislation	43
	Section 9.2	Rights and Duties of Warrant Agent	43
	Section 9.3	Evidence, Experts and Advisers	44
	Section 9.4	Documents, Monies, etc. Held by Warrant Agent	45
	Section 9.5	Actions by Warrant Agent to Protect Interest	45
	Section 9.6	Warrant Agent Not Required to Give Security	45
	Section 9.7	Protection of Warrant Agent	45
	Section 9.8	Replacement of Warrant Agent; Successor by Merger	47
	Section 9.9	Acceptance of Agency	48
	Section 9.10	Warrant Agent Not to be Appointed Receiver	48
	Section 9.11	Warrant Agent Not Required to Give Notice of Default	48
	Section 9.12	Anti-Money Laundering	48
	Section 9.13	Compliance with Privacy Code	49
	Section 9.14	Securities Exchange Commission Certification	50
	 	 	 
	Article 10
	GENERAL
	 	 	 
	Section 10.1	Notice to the Corporation and the Warrant Agent	50
	Section 10.2	Notice to Registered Warrantholders	51
	Section 10.3	Ownership of Warrants	52
	Section 10.4	Counterparts	52
	Section 10.5	Satisfaction and Discharge of Indenture	52

 

    - iii -

     

    

 

TABLE OF CONTENTS 

(continued)

 

	 	 	Page No.
	 	 	 
	Section 10.6	Provisions of Indenture and Warrants for the Sole Benefit of Parties and Registered Warrantholders	53
	Section 10.7	Common Shares or Warrants Owned by the Corporation or its Subsidiaries - Certificate to be Provided	53
	Section 10.8	Severability	53
	Section 10.9	Force Majeure	54
	Section 10.10	Assignment, Successors and Assigns	54
	Section 10.11	Rights of Rescission and Withdrawal for Holders	54

 

SCHEDULES

 

SCHEDULE “A” 

FORM OF WARRANT

SCHEDULE “B”

EXERCISE FORM

SCHEDULE “C”

FORM OF DECLARATION FOR REMOVAL OF LEGEND

SCHEDULE “D”

FORM OF U.S. PURCHASER CERTIFICATION UPON EXERCISE OF WARRANTS

 

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WARRANT INDENTURE

 

THIS WARRANT INDENTURE
is dated as of September 9, 2020.

 

BETWEEN:

 

LEXAGENE HOLDINGS INC.,
a corporation incorporated under the laws of the Province of British Columbia (the “Corporation”),

 

- AND -

 

COMPUTERSHARE TRUST COMPANY
OF CANADA, a trust company existing under the laws of Canada and authorized to carry on business in all provinces of Canada (the “Warrant
Agent”)

 

WHEREAS the Corporation
is proposing to issue up to a maximum of 7,820,000 Warrants pursuant to this Indenture;

 

AND WHEREAS pursuant
to this Indenture, each Warrant shall, subject to adjustment, entitle the holder thereof to acquire one (1) Common Share (each, a
 “Warrant Share”) upon payment of the Exercise Price prior to the Expiry Time upon the terms and conditions herein set forth;

 

AND WHEREAS all acts
and deeds necessary have been done and performed to make the Warrants, when created and issued as provided in this Indenture, legal, valid
and binding upon the Corporation with the benefits and subject to the terms of this Indenture;

 

AND WHEREAS the foregoing
recitals are made as representations and statements of fact by the Corporation and not by the Warrant Agent;

 

NOW THEREFORE, in consideration
of the premises and mutual covenants hereinafter contained and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the Corporation hereby appoints the Warrant Agent as warrant agent to hold the rights, interests and benefits
contained herein for and on behalf of those persons who from time to time become the holders of Warrants issued pursuant to this Indenture
and the parties hereto agree as follows:

 

     

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Article 1

INTERPRETATION

 

Section 1.1     Definitions.

 

In this Indenture, including
the recitals and schedules hereto, and in all indentures supplemental hereto:

 

“Adjustment Period” means the
period from the Effective Date up to and including the Expiry Time;

 

“Applicable Legislation” means
any statute of Canada or a province thereof, and the regulations under any such named or other statute, relating to warrant indentures
or to the rights, duties and obligations of warrant agents under warrant indentures, to the extent that such provisions are at the time
in force and applicable to this Indenture;

 

“Auditors” means Manning Elliott
LLP or such other firm of chartered accountants duly appointed as auditors of the Corporation, from time to time;

 

“Authenticated” means (a) with
respect to the issuance of a Warrant Certificate, one which has been duly signed by the Corporation or on which the signatures of the
Corporation have been printed, lithographed or otherwise mechanically reproduced and authenticated by signature of an authorized officer
of the Warrant Agent, and (b) with respect to the issuance of an Uncertificated Warrant, one in respect of which the Warrant Agent
has completed all Internal Procedures such that the particulars of such Uncertificated Warrant as required by Section 2.7 are entered
in the register of holders of Warrants, “Authenticate”, “Authenticating” and “Authentication”
have the appropriate correlative meanings;

 

“Book Entry Participants” or
 “Participants” means institutions that participate directly or indirectly in the Depository’s book entry registration
system for the Warrants;

 

“Book Entry Warrants” means
Warrants that are to be held only by or on behalf of the Depository;

 

“Business Day” means any day
other than Saturday, Sunday or a statutory or civic holiday, or any other day on which banks are not open for business in the City of
Vancouver, Province of British Columbia, and shall be a day on which the TSX-V is open for trading;

 

“CDS Global Warrants” means
Warrants representing all or a portion of the aggregate number of Warrants issued in the name of the Depository and represented by an
Uncertificated Warrant, or if requested by the Depository or the Corporation, by a Warrant Certificate;

 

“CDSX” means the settlement
and clearing system of CDS Clearing and Depository Services Inc. for equity and debt securities in Canada;

 

“Common Shares” means, subject
to Article 4, fully paid and non-assessable common shares in the capital of the Corporation as presently constituted;

 

“Common Share Reorganization”
has the meaning set forth in Section 4.1;

 

“Counsel” means a barrister
and/or solicitor or a firm of barristers and/or solicitors retained by the Warrant Agent or retained by the Corporation, which may or
may not be counsel for the Corporation;

 

“Current Market Price” of the
Common Shares at any date means the weighted average of the trading price per Common Share for such Common Shares for each day there was
a closing price for the twenty (20) consecutive Trading Days ending five (5) days prior to such date on the TSX-V or if on such date
the Common Shares are not listed on the TSX-V, on such stock exchange upon which such Common Shares are listed and as selected by the
directors of the Corporation , or, if such Common Shares are not listed on any stock exchange then on such over-the-counter market as
may be selected for such purpose by the directors of the Corporation;

 

“Depository”
means CDS Clearing and Depository Services Inc. or such other person
as is designated in writing by the Corporation to act as depository in respect of the Warrants;

 

“Dividends” means any dividends
paid by the Corporation;

 

“Effective Date” means the
date of this Indenture;

 

“Exchange Rate” means the number
of Warrant Shares subject to the right of purchase under each Warrant;

 

“Exercise Date” means, in relation
to a Warrant, the Business Day on which such Warrant is validly exercised or deemed to be validly exercised in accordance with Article 3
hereof;

 

“Exercise Notice” has the meaning
set forth in Section 3.2(1);

 

“Exercise Price” at any time
means the price at which a whole Warrant Share may be purchased by the exercise of a whole Warrant, which is initially $1.10 per Warrant
Share, payable in immediately available Canadian funds, subject to adjustment in accordance with the provisions of Section 4.1;

 

“Expiry Date” means September 9,
2023;

 

     

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“Expiry Time” means 4:00 p.m. (Eastern
time) on the Expiry Date;

 

“Extraordinary Resolution”
has the meaning set forth in Section 7.11(1);

 

“Internal Procedures” means
in respect of the making of any one or more entries to, changes in or deletions of any one or more entries in the register at any time
(including without limitation, original issuance or registration of transfer of ownership) the minimum number of the Warrant Agent’s
internal procedures customary at such time for the entry, change or deletion made to be complete under the operating procedures followed
at the time by the Warrant Agent;

 

“Issue Date” means the date
the Warrants are issued;

 

“Original QIB Purchaser” means
an original purchaser of the Warrants who, as a U.S. Warrantholder, purchased the Warrants from the Corporation on the basis that it is
a Qualified Institutional Buyer, and has executed and delivered a U.S. QIB Letter;

 

“person” means an individual,
body corporate, partnership, trust, warrant agent, executor, administrator, legal representative or any unincorporated organization;

 

“Prospectus” means the Corporation’s
short form prospectus dated August 31, 2020;

 

“Qualified Institutional Buyer”
means a “qualified institutional buyer” as defined in Rule 144A of the U.S. Securities Act;

 

“register” means the one set
of records and accounts maintained by the Warrant Agent pursuant to Section 2.9:

 

“Registered Warrantholders”
means the persons who are registered owners of Warrants as such names appear on the register, and for greater certainty, shall include
the Depository as well as the holders of Uncertificated Warrants appearing on the register of the Warrant Agent;

 

“Regulation D” means Regulation
D as promulgated by the United States Securities and Exchange Commission under the U.S. Securities Act;

 

“Regulation S” means Regulation
S as promulgated by the United States Securities and Exchange Commission under the U.S. Securities Act;

 

“Rights Offering” has the meaning
set forth in Section 4.1(b);

 

“Shareholders” means holders
of Common Shares;

 

“Tax Act” means the Income
Tax Act (Canada) and the regulations thereunder;

 

“this Warrant Indenture”, “this
Indenture”, “this Agreement”, “hereto” “herein”, “hereby”,
 “hereof” and similar expressions mean and refer to this Indenture and any indenture, deed or instrument supplemental
hereto; and the expressions “Article”, “Section”, “subsection” and “paragraph”
followed by a number, letter or both mean and refer to the specified article, section, subsection or paragraph of this Indenture;

 

“Trading Day” means, with respect
to the TSX-V, a day on which such exchange is open for the transaction of business and with respect to another exchange or an over-the-counter
market means a day on which such exchange or market is open for the transaction of business;

 

“TSX-V” means the TSX Venture
Exchange Inc.;

 

     

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“Uncertificated Warrant” means
any Warrant which is not evidenced by a Warrant Certificate;

 

“United States” means the United
States of America, its territories and possessions, any state of the United States, and the District of Columbia;

 

“U.S. Exchange Act” means the
United States Securities Exchange Act of 1934, as amended;

 

“U.S. Person” has the meaning
set forth in Rule 902(k) of Regulation S;

 

“U.S. Placement Memorandum”
means the U.S. private placement memorandum of the Corporation dated August 31, 2020, which was furnished to Original QIB Purchasers
and had annexed thereto and incorporated the Prospectus;

 

“U.S. Purchaser Letter” means
the U.S. Purchaser letter in substantially the form attached hereto as Schedule “D”;

 

“U.S. QIB Letter” means a Supplemental
Qualified Institutional Buyer Letter executed by an Original QIB Purchaser in connection with its purchase of Units pursuant to the private
placement offering under which the Warrants were issued, in the form attached as Exhibit II to U.S. Placement Memorandum;

 

“U.S. Securities Act” means
the United States Securities Act of 1933, as amended;

 

“U.S. Warrantholder” means
any Registered Warrantholder that is a U.S. Person, acquired Warrants in the United States or for the account or benefit of any U.S. Person
or Person in the United States;

 

“Warrant Agency” means the
principal office of the Warrant Agent in the City of Vancouver, British Columbia or such other place as may be designated in accordance
with Section 3.5;

 

“Warrant Agent” means Computershare
Trust Company of Canada, in its capacity as warrant agent of the Warrants, or its successors from time to time;

 

“Warrant Certificate” means
a certificate, substantially in the form set forth in Schedule “A” hereto, to evidence those Warrants that will be evidenced
by a certificate;

 

“Warrantholders”, or “holders”
without reference to Warrants, means the warrantholders as and in respect of Warrants registered in the name of the Depository and includes
owners of Warrants who beneficially hold securities entitlements in respect of the Warrants through a Book Entry Participant or means,
at a particular time, the persons entered in the register hereinafter mentioned as holders of Warrants outstanding at such time;

 

“Warrantholders’ Request”
means an instrument signed in one or more counterparts by Registered Warrantholders entitled to acquire in the aggregate not less than
50% of the aggregate number of Warrant Shares which could be acquired pursuant to all Warrants then unexercised and outstanding, requesting
the Warrant Agent to take some action or proceeding specified therein; and “written order of the Corporation”, “written
request of the Corporation”, “written consent of the “Corporation” and “certificate of the
Corporation” mean, respectively, a written order, request, consent and certificate signed in the name of the Corporation by
any one duly authorized signatory of the Corporation and may consist of one or more instruments so executed.

 

“Warrant Shares” has the meaning
subject to Article 4, set forth in the preambles hereto; and

 

“Warrants” means the Common
Share purchase warrants created by and authorized by and issuable under this Indenture, to be issued and countersigned hereunder as a
Warrant Certificate and/or Uncertificated Warrant held through the book entry registration system on a no certificate issued basis, entitling
the holder or holders thereof to purchase up to 7,820,000 Common Shares (subject to adjustment as herein provided) at the Exercise Price
prior to the Expiry Time and, where the context so requires, also means the warrants issued and Authenticated hereunder, whether by way
of Warrant Certificate or Uncertificated Warrant

 

Section 1.2     Gender
and Number.

 

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

 

     

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Section 1.3     Headings,
Etc.

 

The division of this Indenture
into Articles and Sections, the provision of a Table of Contents and the insertion of headings are for convenience of reference only and
shall not affect the construction or interpretation of this Indenture or of the Warrants.

 

Section 1.4     Day
not a Business Day.

 

If any day on or before which
any action or notice is required to be taken or given hereunder is not a Business Day, then such action or notice shall be required to
be taken or given on or before the requisite time on the next succeeding day that is a Business Day.

 

Section 1.5     Time
of the Essence.

 

Time shall be of the essence
in this Indenture and each Warrant.

 

Section 1.6     Monetary
References.

 

Whenever any amounts of money
are referred to herein, such amounts shall be deemed to be in lawful money of Canada unless otherwise expressed.

 

Section 1.7     Applicable
Law.

 

This Indenture, the Warrants,
the Warrant Certificates (including all documents relating thereto, which by common accord have been and will be drafted in English) shall
be construed in accordance with the laws of the Province of British Columbia, and the federal laws of Canada applicable therein
and shall be treated in all respects as British Columbia contracts. Each of the parties hereto, which shall include the Warrantholders,
irrevocably attorns to the exclusive jurisdiction of the courts of the Province of British Columbia with respect to all matters arising
out of this Indenture and the transactions contemplated herein.

 

Article 2

ISSUE OF WARRANTS

 

Section 2.1     Creation
and Issue of Warrants.

 

A maximum of 7,820,000 Warrants
(subject to adjustment as herein provided) are hereby created and authorized to be issued on the Issue Date in accordance with the terms
and conditions hereof. By written order of the Corporation, the Warrant Agent shall deliver Warrants in certificate or uncertificated
form pursuant to Section 2.5 hereof to Registered Warrantholders and record the name of the Registered Warrantholders on the Warrant
register. Registration of interests in Warrants held by the Depository may be evidenced by a position appearing on the register for Warrants
of the Warrant Agent for an amount representing the aggregate number of such Warrants outstanding from time to time.

 

     

     - 6 -

    

 

Section 2.2     Terms
of Warrants.

 

(1)            Subject
to the applicable conditions for exercise set out in Article 3 having been satisfied and subject to adjustment in accordance with
Section 4.1, each whole Warrant shall entitle each Warrantholder thereof, upon exercise at any time after the Issue Date and prior
to the Expiry Time, to acquire one (1) Warrant Share upon payment of the Exercise Price.

 

(2)            No
fractional Warrants shall be issued or otherwise provided for hereunder and Warrants may only be exercised in a sufficient number to acquire
whole numbers of Warrant Shares. Any fractional Warrants shall be rounded down to the nearest whole number and no consideration shall
be paid for any such fractional Warrant.

 

(3)            Each
whole Warrant shall entitle the holder thereof to such other rights and privileges as are set forth in this Indenture.

 

(4)            The
number of Warrant Shares which may be purchased pursuant to the Warrants and the Exercise Price therefor shall be adjusted upon the events
and in the manner specified in Section 4.1.

 

(5)            Neither
the Corporation nor the Warrant Agent shall have any obligation to deliver Warrant Shares upon the exercise of any Warrant if the person
to whom such shares are to be delivered is a resident of a country or political subdivision thereof in which the Warrant Shares may not
lawfully be issued pursuant to applicable securities legislation. The Corporation or the Warrant Agent may require any person to provide
proof of an applicable exemption from such securities legislation to the Corporation and Warrant Agent before Warrant Shares are delivered
pursuant to the exercise of any Warrant.

 

Section 2.3     Warrantholder
not a Shareholder.

 

Except as may be specifically
provided herein, nothing in this Indenture or in the holding of a Warrant Certificate, entitlement to a Warrant or otherwise, shall, in
itself, confer or be construed as conferring upon a Warrantholder any right or interest whatsoever as a Shareholder, including, but not
limited to, the right to vote at, to receive notice of, or to attend, meetings of Shareholders or any other proceedings of the Corporation,
or the right to Dividends and other allocations.

 

Section 2.4     Warrants
to Rank Pari Passu.

 

All Warrants shall rank equally
and without preference over each other, whatever may be the actual date of issue thereof.

 

     

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Section 2.5     Form of
Warrants, Warrant Certificates.

 

(1)            The
Warrants may be issued in both certificated and uncertificated form. Each Warrant originally issued to a U.S. Warrantholder will be evidenced
in certificated form only and bear the applicable legends as set forth in Schedule "A" hereto. All Warrants issued in certificated
form shall be evidenced by a Warrant Certificate (including all replacements issued in accordance with this Indenture), substantially
in the form and bearing the applicable legends as set out in Schedule “A” hereto, which shall be dated as of the Issue Date,
shall bear such distinguishing letters and numbers as the Corporation may, with the approval of the Warrant Agent, prescribe, and shall
be issuable in any denomination excluding fractions. All Warrants issued to the Depository may be in either a certificated or uncertificated
form, such uncertificated form being evidenced by a book position on the register of Warrantholders to be maintained by the Warrant Agent
in accordance with Section 2.6.

 

(2)            Each
Warrantholder by purchasing such Warrant acknowledges and agrees that the terms and conditions set forth in the form of the Warrant Certificate
set out in Schedule “A” hereto shall apply to all Warrants and Warrantholders regardless of whether such Warrants are issued
in certificated or uncertificated form or whether such Warrantholders are Registered Warrantholders or owners of Warrant who beneficially
hold security entitlements in respect of the Warrants through a Depository.

 

Section 2.6     Book
Entry Warrants.

 

(1)            Reregistration
of beneficial interests in and transfers of Warrants held by the Depository shall be made only through the book entry registration system
and no Warrant Certificates shall be issued in respect of such Warrants except where physical certificates evidencing ownership in such
securities are required or as set out herein or as may be requested by the Depository, as determined by the Corporation, from time to
time. Except as provided in this Section 2.6, owners of beneficial interests in any CDS
Global Warrants shall not be entitled to have Warrants registered in their names and shall not receive or be entitled to receive Warrants
in definitive form or to have their names appear in the register referred to in Section 2.9 herein. Notwithstanding any terms set
out herein, Warrants held in the name of the Depository having any legend set forth in Section 2.8 herein and may only be held in
the form of Uncertificated Warrants with the prior consent of the Warrant Agent and in accordance Internal Procedures of the Warrant Agent.

 

(2)            Notwithstanding
any other provision in this Indenture, no CDS Global Warrants may be exchanged in whole or in part for Warrants registered, and no transfer
of any CDS Global Warrants in whole or in part may be registered, in the name of any person other than the Depository for such CDS Global
Warrants or a nominee thereof unless:

 

     

     - 8 -

    

 

(a)            the
Depository notifies the Corporation that it is unwilling or unable to continue to act as depository in connection with the Book Entry
Warrants and the Corporation is unable to locate a qualified successor;

 

(b)            the
Corporation determines that the Depository is no longer willing, able or qualified to properly discharge its responsibilities as holder
of the CDS Global Warrants and the Corporation is unable to locate a qualified successor;

 

(c)            the
Depository ceases to be a clearing agency or otherwise ceases to be eligible to be a depository and the Corporation is unable to locate
a qualified successor;

 

(d)            the
Corporation determines that the Warrants shall no longer be held as Book Entry Warrants through the Depository;

 

(e)            such
right is required by Applicable Legislation, as determined by the Corporation and the Corporation’s Counsel;

 

(f)            the
Warrant is to be Authenticated to or for the account or benefit of a U.S. Warrantholder; or

 

(g)            such
registration is effected in accordance with the internal procedures of the Depository and the Warrant Agent,

 

following which, Warrants for those
holders requesting the same shall be registered and issued to the beneficial owners of such Warrants or their nominees as directed by
the holder. The Corporation shall provide a certificate executed by an officer of the Corporation giving notice to the Warrant Agent of
the occurrence of any event outlined in this Section 2.6 (2)(a) –(f).

 

(3)          Subject
to the provisions of this Section 2.6, any exchange of CDS Global Warrants for Warrants which are not CDS Global Warrants may be
made in whole or in part in accordance with the provisions of Section 2.11, mutatis mutandis. All such Warrants issued in exchange
for a CDS Global Warrant or any portion thereof shall be registered in such names as the Depository for such CDS Global Warrants shall
direct and shall be entitled to the same benefits and be subject to the same terms and conditions (except insofar as they relate specifically
to CDS Global Warrants) as the CDS Global Warrants or portion thereof surrendered upon such exchange.

 

(4)          Every
Warrant that is Authenticated upon registration or transfer of a CDS Global Warrant, or in exchange for or in lieu of a CDS Global Warrant
or any portion thereof, whether pursuant to this Section 2.6, or otherwise, shall be Authenticated in the form of, and shall be,
a CDS Global Warrant, unless such Warrant is registered in the name of a person other than the Depository for such CDS Global Warrant
or a nominee thereof.

 

     

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(5)       Notwithstanding
anything to the contrary in this Indenture, subject to Applicable Legislation, the CDS Global Warrant will be issued as an Uncertificated
Warrant, unless otherwise requested in writing by the Depository or the Corporation.

 

 (6)         The rights of beneficial owners of Warrants who hold securities entitlements in respect of the Warrants through the book entry registration system shall be limited to those established by applicable law and agreements between the Depository and the Book Entry Participants and between such Book Entry Participants and the beneficial owners of Warrants who hold securities entitlements in respect of the Warrants through the book entry registration system, and such rights must be exercised through a Book Entry Participant in accordance with the rules and procedures of the Depository.

 

 (7)          Notwithstanding anything herein to the contrary, neither the Corporation nor the Warrant Agent nor any agent thereof shall have any responsibility or liability for:

 

(a)          the
electronic records maintained by the Depository relating to any ownership interests or any other interests in the Warrants or the depository
system maintained by the Depository, or payments made on account of any ownership interest or any other interest of any person in any
Warrant represented by an electronic position in the book entry registration system (other than the Depository or its nominee);

 

(b)          maintaining,
supervising or reviewing any records of the Depository or any Book Entry Participant relating to any such interest; or

 

(c)          any
advice or representation made or given by the Depository or those contained herein that relate to the rules and regulations of the
Depository or any action to be taken by the Depository on its own direction or at the direction of any Book Entry Participant.

 

(8)         The
Corporation may terminate the application of this Section 2.6 in its sole discretion in which case all Warrants shall be evidenced
by Warrant Certificates registered in the name of a Person other than the Depository.

 

     

     - 10 -

    

 

Section 2.7     Warrant
Certificate.

 

(1)            For
Warrants issued in certificated form, the form of certificate representing the Warrants shall be substantially as set out in Schedule
 “A” hereto or such other form as is authorized from time to time by the Warrant Agent. Each Warrant Certificate shall be Authenticated
on behalf of the Warrant Agent. Each Warrant Certificate shall be signed by any one duly authorized signatory of the Corporation; whose
signature shall appear on the Warrant Certificate and may be printed, lithographed or otherwise mechanically reproduced thereon and, in
such event, certificates so signed are as valid and binding upon the Corporation as if it had been signed manually. Any Warrant Certificate
which has one signature duly executed by the Corporation as hereinbefore provided shall be valid notwithstanding that one or more of the
persons whose signature is printed, lithographed or mechanically reproduced no longer holds office at the date of issuance of such Warrant
Certificate. The Warrant Certificates may be engraved, printed or lithographed, or partly in one form and partly in another, as the Warrant
Agent may determine.

 

(2)            The
Warrant Agent shall Authenticate Uncertificated Warrants (whether upon original issuance, exchange, registration of transfer, partial
payment, or otherwise) by completing its Internal Procedures and the Corporation shall, and hereby acknowledges that it shall, thereupon
be deemed to have duly and validly issued such Uncertificated Warrants under this Indenture. Such Authentication shall be conclusive evidence
that such Uncertificated Warrant has been duly issued hereunder and that the holder or holders are entitled to the benefits of this Indenture.
The register shall be final and conclusive evidence as to all matters relating to Uncertificated Warrants with respect to which this Indenture
requires the Warrant Agent to maintain records or accounts. In case of differences between the register at any time and any other time
the register at the later time shall be controlling, absent manifest error and such Uncertificated Warrants are binding on the Corporation.

 

(3)            Any
Warrant Certificate validly issued in accordance with the terms of this Indenture in effect at the time of issue of such Warrant Certificate
shall, subject to the terms of this Indenture and Applicable Legislation, validly entitle the holder to acquire Warrant Shares, notwithstanding
that the form of such Warrant Certificate may not be in the form currently required by this Indenture.

 

(4)            No
Warrant shall be considered issued and shall be valid or obligatory or shall entitle the holder thereof to the benefits of this Indenture,
until it has been Authenticated by the Warrant Agent. Authentication by the Warrant Agent, including by way of entry on the register,
shall not be construed as a representation or warranty by the Warrant Agent as to the validity of this Indenture or of such Warrant Certificates
or Uncertificated Warrants (except the due Authentication thereof) or as to the performance by the Corporation of its obligations under
this Indenture and the Warrant Agent shall in no respect be liable or answerable for the use made of the Warrants or any of them or of
the consideration thereof. Authentication by the Warrant Agent shall be conclusive evidence as against the Corporation that the Warrants
so Authenticated have been duly issued hereunder and that the holder thereof is entitled to the benefits of this Indenture.

 

     

     - 11 -

    

 

 (5)          No Warrant Certificate shall be considered issued and Authenticated or, if Authenticated, shall be obligatory or shall entitle the holder thereof to the benefits of this Indenture, until it has been Authenticated by signature by or on behalf of the Warrant Agent substantially in the form of the Warrant set out in Schedule “A” hereto. Such Authentication on any such Warrant Certificate shall be conclusive evidence that such Warrant Certificate is duly Authenticated and is valid and a binding obligation of the Corporation and that the holder is entitled to the benefits of this Indenture.

 

 (6)          No Uncertificated Warrant shall be considered issued and shall be obligatory or shall entitle the holder thereof to the benefits of this Indenture, until it has been Authenticated by entry on the register of the particulars of the Uncertificated Warrant. Such entry on the register of the particulars of an Uncertificated Warrant shall be conclusive evidence that such Uncertificated Warrant is a valid and binding obligation of the Corporation and that the holder is entitled to the benefits of this Indenture.

 

Section 2.8     Legends.

 

(1)         Neither
the Warrants nor the Warrant Shares have been or will be registered under the U.S. Securities Act or under any United States state securities
laws. If required under United States securities laws, Warrant Certificates originally issued for the benefit or account of a U.S. Warrantholder
and each Warrant Certificate issued in exchange therefor or in substitution thereof, shall bear or be deemed to bear the following legends
or such variations thereof as the Corporation may prescribe from time to time:

 

“THE SECURITIES REPRESENTED HEREBY AND THE
SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S.
SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY, (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER
THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE CANADIAN LOCAL LAWS AND REGULATIONS, (C) IN COMPLIANCE WITH THE EXEMPTION
FROM THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT PROVIDED BY (I) RULE 144 THEREUNDER, IF AVAILABLE, OR (II) RULE
144A THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, (D) IN ANOTHER TRANSACTION THAT DOES
NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, OR (E) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE U.S. SECURITIES ACT, PROVIDED THAT, IN THE CASE OF TRANSFERS PURSUANT TO (C)(I) OR (D) ABOVE, THE HOLDER
HAS, PRIOR TO SUCH TRANSFER, FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OF RECOGNIZED STANDING OR OTHER EVIDENCE OF EXEMPTION, IN
EITHER CASE REASONABLY SATISFACTORY TO THE COMPANY.

 

     

     - 12 -

    

 

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

 

provided that, if the Warrants are being sold
outside the United States in accordance with Rule 904 of Regulation S under the U.S. Securities Act, and if the Corporation was a
 "foreign issuer" within the meaning of Regulation S at the time of issuance of the Warrants, this legend may be removed by the
transferor providing a declaration to the Warrant Agent in the form set forth in Schedule C attached hereto or as the Warrant Agent or
the Corporation may prescribe from time to time, and if required by the Warrant Agent, including an opinion of counsel, of recognised
standing reasonably satisfactory to the Corporation and the Warrant Agent, that the proposed transfer may be effected without registration
under the U.S. Securities Act.

 

The Warrant Agent shall be entitled to request
any other documents that it may require in accordance with its internal policies for the removal of the legend set forth above.

 

(2)            Each
CDS Global Warrant if issued on a certificated basis originally issued in Canada and held by the Depository, and each CDS Global Warrant
issued in exchange therefor or in substitution thereof shall bear or be deemed to bear the following legend or such variations thereof
as the Corporation may prescribe from time to time:

 

“UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. ("CDS") TO LEXAGENE HOLDINGS INC. (THE "ISSUER")
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME
OF CDS & CO, OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS & CO., HAS A PROPERTY INTEREST IN THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE."

 

     

     - 13 -

    

 

 (3)         Notwithstanding any other provisions of this Indenture, in processing and registering transfers of Warrants, no duty or responsibility whatsoever shall rest upon the Warrant Agent to determine the compliance by any transferor or transferee with the terms of the legend contained in Sections 2.8(1) or 2.8(2), or with the relevant securities laws or regulations, including, without limitation, Regulation S, and the Warrant Agent shall be entitled to assume that all transfers are legal and proper.

 

Section 2.9     Register
of Warrants

 

(1)        The
Warrant Agent shall maintain records and accounts concerning the Warrants, whether certificated or uncertificated, which shall contain
the information called for below with respect to each Warrant, together with such other information as may be required by law or as the
Warrant Agent may elect to record. All such information shall be kept in one set of accounts and records which the Warrant Agent shall
designate (in such manner as shall permit it to be so identified as such by an unaffiliated party) as the register of the holders of Warrants.
The information to be entered for each account in the register of Warrants at any time shall include (without limitation):

 

(a)            the
name and address of the Registered Warrantholder, the date of Authentication thereof and the
number of Warrants;

 

(b)            whether
such Warrant is a Warrant Certificate or an Uncertificated Warrant and, if a Warrant Certificate, the unique number or code assigned to
and imprinted thereupon and, if an Uncertificated Warrant, the unique number or code assigned thereto if any;

 

(c)            whether
such Warrant has been cancelled; and

 

(d)            a
register of transfers in which all transfers of Warrants and the date and other particulars of each transfer shall be entered.

 

The register shall be available
for inspection by the Corporation and or any Warrantholder during the Warrant Agent’s regular business hours on a Business Day and
upon payment to the Warrant Agent of its reasonable fees. Any Warrantholder exercising such right of inspection shall first provide an
affidavit in form satisfactory to the Corporation and the Warrant Agent stating the name and address of the Warrantholder and agreeing
not to use the information therein except in connection with an effort to call a meeting of Warrantholders or to influence the voting
of Warrantholders at any meeting of Warrantholders.

 

     

     - 14 -

    

 

(2)            Once
an Uncertificated Warrant has been Authenticated, the information set forth in the register with respect thereto at the time of Authentication
may be altered, modified, amended, supplemented or otherwise changed only to reflect exercise or proper instructions to the Warrant Agent
from the holder as provided herein, except that the Warrant Agent may act unilaterally to make purely administrative changes internal
to the Warrant Agent and changes to correct errors. Each person who becomes a holder of an Uncertificated Warrant, by his, her or its
acquisition thereof shall be deemed to have irrevocably (i) consented to the foregoing authority of the Warrant Agent to make such
minor error corrections and (ii) agreed to pay to the Warrant Agent, promptly upon written demand, the full amount of all loss and
expense (including without limitation reasonable legal fees of the Corporation and the Warrant Agent plus interest, at an appropriate
then prevailing rate of interest to the Warrant Agent), sustained by the Corporation or the Warrant Agent as a proximate result of such
error if but only if and only to the extent that such present or former holder realized any benefit as a result of such error and could
reasonably have prevented, forestalled or minimized such loss and expense by prompt reporting of the error or avoidance of accepting benefits
thereof whether or not such error is or should have been timely detected and corrected by the Warrant Agent; provided, that no person
who is a bona fide purchaser shall have any such obligation to the Corporation or to the Warrant Agent.

 

Section 2.10     Issue
in Substitution for Warrant Certificates Lost, etc.

 

(1)            If
any Warrant Certificate becomes mutilated or is lost, destroyed or stolen, the Corporation, subject to applicable law, shall issue and
thereupon the Warrant Agent shall certify and deliver, a new Warrant Certificate of like tenor, and bearing the same legend, if applicable,
as the one mutilated, lost, destroyed or stolen in exchange for and in place of and upon cancellation of such mutilated Warrant Certificate,
or in lieu of and in substitution for such lost, destroyed or stolen Warrant Certificate, and the substituted Warrant Certificate shall
be in a form approved by the Warrant Agent and the Warrants evidenced thereby shall be entitled to the benefits hereof and shall rank
equally in accordance with its terms with all other Warrants issued or to be issued hereunder.

 

(2)            The
applicant for the issue of a new Warrant Certificate pursuant to this Section 2.10 shall bear the cost of the issue thereof and in
case of loss, destruction or theft shall, as a condition precedent to the issuance thereof, furnish to the Corporation and to the Warrant
Agent such evidence of ownership and of the loss, destruction or theft of the Warrant Certificate so lost, destroyed or stolen as shall
be satisfactory to the Corporation and to the Warrant Agent, in their sole discretion, and such applicant shall also be required to furnish
an indemnity and surety bond in amount and form satisfactory to the Corporation and the Warrant Agent, in their sole discretion, and shall
pay the reasonable charges of the Corporation and the Warrant Agent in connection therewith.

 

     

     - 15 -

    

 

Section 2.11     Exchange
of Warrant Certificates.

 

(1)          Any
one or more Warrant Certificates representing any number of Warrants may, upon compliance with the reasonable requirements of the Warrant
Agent (including compliance with applicable securities legislation), be exchanged for one or more other Warrant Certificates representing
the same aggregate number of Warrants, and bearing the same legend, if applicable, as represented by the Warrant Certificate or Warrant
Certificates so exchanged.

 

(2)         Warrant
Certificates may be exchanged only at the Warrant Agency or at any other place that is designated by the Corporation with the approval
of the Warrant Agent. Any Warrant Certificate from the holder (or such other instructions, in form satisfactory to the Warrant Agent),
tendered for exchange shall be surrendered to the Warrant Agency and cancelled by the Warrant Agent.

 

(3)         Warrant
Certificates exchanged for Warrant Certificates that bear the legend set forth in Section 2.8(1) shall bear the same legend.

 

Section 2.12     Transfer
and Ownership of Warrants.

 

(1)         The
Warrants may only be transferred on the register kept by the Warrant Agent at the Warrant Agency by the holder or its legal representatives
or its attorney duly appointed by an instrument in writing in form and execution satisfactory to the Warrant Agent only upon (a) in
the case of a Warrant Certificate, surrendering to the Warrant Agent at the Warrant Agency the Warrant Certificates representing the
Warrants to be transferred together with a duly executed transfer form as set forth in Schedule “A” attached hereto and (b) in
the case of Book Entry Warrants, in accordance with procedures prescribed by the Depository under the book entry registration system,
and (c) upon compliance with:

 

		(i)	the conditions herein;

 

		(ii)	such reasonable requirements as the Warrant Agent may prescribe; and

 

		(iii)	all applicable securities legislation and requirements of regulatory authorities;

 

     

     - 16 -

    

 

and such transfer shall be duly noted in such
register by the Warrant Agent. Upon compliance with such requirements, the Warrant Agent shall issue to the transferee of a Warrant Certificate,
a Warrant Certificate and to the transferee of an Uncertificated Warrant, an Uncertificated Warrant, or the Warrant Agent shall Authenticate
and deliver a Warrant Certificate upon request that part of the CDS Global Warrant be certificated. Transfers within the systems of the
Depository are not the responsibility of the Warrant Agent and will not be noted on the register maintained by the Warrant Agent.

 

(2)            If
a Warrant Certificate tendered for transfer bears the legend set forth in Section 2.8(1), the Warrant Agent shall not register such
transfer unless the transferor has provided the Warrant Agent with the Warrant Certificate, and such securities may be transferred only
(A) to the Corporation, (B) outside the United States in accordance with Rule 904 of Regulation S, if available, and in
compliance with applicable local securities laws and regulations, (C) in accordance with the exemption from registration under the
U.S. Securities Act provided by Rule 144, if available, and in compliance with applicable state securities laws, (D) in accordance
with the exemption from registration under the U.S. Securities Act provided by Rule 144A, if available, and in compliance with applicable
state securities laws, or (E) with the prior written consent of the Corporation pursuant to another exemption from registration under
the U.S. Securities Act and applicable state securities laws after first providing to the Corporation and the Warrant Agent (1) in
the case of a transfer pursuant to clause B, a declaration in the form of Schedule “C” attached hereto together with such
additional documentation as the Corporation and the Warrant Agent may reasonably prescribe, and (2) in the case of a transfer pursuant
to clause C or clause E, an opinion of U.S. counsel of recognized standing in form and substance satisfactory to the Corporation and the
Warrant Agent that the offer, sale, pledge or other transfer does not require registration under the U.S. Securities Act or applicable
state securities laws, or after first providing to the Corporation such other evidence of compliance with applicable securities laws as
the Corporation shall reasonably request. Warrants and, if applicable, Warrant Shares, issued to, or for the account or benefit of, a
U.S. Warrantholder (and any certificates issued in replacement thereof or in substitution therefor) must be issued only in individually
certificated form, subject to the requirements of Section 3.3(2).

 

(3)            Subject
to the provisions of this Indenture, Applicable Legislation and applicable law, the Warrantholder shall be entitled to the rights and
privileges attaching to the Warrants, and the issue of Warrant Shares by the Corporation upon the exercise of Warrants in accordance with
the terms and conditions herein contained shall discharge all responsibilities of the Corporation and the Warrant Agent with respect to
such Warrants and neither the Corporation nor the Warrant Agent shall be bound to inquire into the title of any such holder.

 

     

     - 17 -

    

 

Section 2.13     Cancellation
of Surrendered Warrants.

 

All Warrant Certificates surrendered
pursuant to Article 3 shall be cancelled by the Warrant Agent and upon such circumstances all such Uncertificated Warrants shall
be deemed cancelled and so noted on the register by the Warrant Agent. Upon request by the Corporation, the Warrant Agent shall furnish
to the Corporation a cancellation certificate identifying the Warrant Certificates so cancelled, the number of Warrants evidenced thereby,
the number of Warrant Shares, if any, issued pursuant to such Warrants and the details of any Warrant Certificates issued in substitution
or exchange for such Warrant Certificates cancelled.

 

Article 3

EXERCISE OF WARRANTS

 

Section 3.1     Right
of Exercise.

 

Subject to the provisions
hereof, each Registered Warrantholder may exercise the right conferred on such holder to subscribe for and purchase one (1) Warrant
Share for each Warrant after the Issue Date and prior to the Expiry Time and in accordance with the conditions herein.

 

Section 3.2     Warrant
Exercise.

 

(1)            Other
than Warrants held by the Depository, Registered Warrantholders of Warrant Certificates who wish to exercise the Warrants held by them
in order to acquire Warrant Shares must complete the exercise form (the “Exercise Notice”) attached to the Warrant
Certificate(s) which form is attached hereto as Schedule “B”, which may be amended by the Corporation with the consent
of the Warrant Agent, if such amendment does not, in the reasonable opinion of the Corporation and the Warrant Agent, which may be based
on the advice of Counsel, materially and adversely affect the rights, entitlements and interests of the Warrantholders, and deliver such
certificate(s), the executed Exercise Notice and a certified cheque, bank draft or money order payable to or to the order of the Corporation
for the aggregate Exercise Price to the Warrant Agent at the Warrant Agency. The Warrants represented by a Warrant Certificate shall be
deemed to be surrendered upon personal delivery of such certificate, Exercise Notice and aggregate Exercise Price or, if such documents
are sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent at the office referred to above.

 

(2)            In
addition to completing the Exercise Notice attached to the Warrant Certificate(s), a Warrantholder who is a person in the United States,
a U.S. Person, a person exercising for the account or benefit of a U.S. Person, or person requesting delivery of the Warrant Shares issuable
upon the exercise of the Warrants in the United States must (a) provide a completed and executed U.S. Purchaser Letter or (b) an
opinion of counsel of recognised standing in form and substance reasonably satisfactory to the Corporation and the Warrant Agent that
the exercise is exempt from the registration requirements of applicable securities laws of any state of the United States and the U.S.
Securities Act; provided however that in the case of a Warrantholder that is the original purchaser of Warrants and who delivered
the U.S. Accredited Investor Certificate attached to the subscription agreement of the Corporation in connection with its purchase of
Units pursuant to the private placement under which the Warrants were issued, such Warrantholder will not be required to deliver a U.S.
Purchaser Letter or an opinion of counsel in connection with the due exercise of the Warrant at a time when the representations, warranties
and covenants made by the Warrantholder in the U.S. Accredited Investor Certificate remain true and correct and the Warrantholder represents
to the Corporation as such.

 

     

     - 18 -

    

 

(3)            A
Registered Warrantholder of Uncertificated Warrants evidenced by a security entitlement in respect of Warrants must complete the Exercise
Notice and deliver the executed Exercise Notice and a certified cheque, bank draft or money order payable to or to the order of the Corporation
for the aggregate Exercise Price to the Warrant Agent at the Warrant Agency. The Uncertificated Warrants shall be deemed to be surrendered
upon receipt of the Exercise Notice and aggregate Exercise Price or, if such documents are sent by mail or other means of transmission,
upon actual receipt thereof by the Warrant Agent at the office referred to above.

 

(4)            A
beneficial owner of Uncertificated Warrants evidenced by a security entitlement in respect of Warrants in the book entry registration
system who desires to exercise his or her Warrants must do so by causing a Book Entry Participant to deliver to the Depository on behalf
of the entitlement holder, notice of the owner’s intention to exercise Warrants in a manner acceptable to the Depository. Forthwith
upon receipt by the Depository of such notice, as well as payment for the aggregate Exercise Price, the Depository shall deliver to the
Warrant Agent confirmation of its intention to exercise Warrants (a “Confirmation”) in a manner acceptable to the Warrant
Agent, including by electronic means through a book based registration system, including CDSX. An electronic exercise of the Warrants
initiated by the Book Entry Participant through a book based registration system, including CDSX, shall constitute a representation to
both the Corporation and the Warrant Agent that the beneficial owner at the time of exercise of such Warrants: (a)(i) is not in
the United States; (ii) is not a U.S. Person and is not exercising such Warrants on behalf of a U.S. Person or a person in the United
States; and (iii) did not execute or deliver the notice of the owner’s intention to exercise such Warrants in the United States;
or (b)is otherwise in a manner that would not require registration in the US. If the CDS Participant is not able to make or deliver the
foregoing representations by initiating the electronic exercise of the Warrants, then such Warrants shall be withdrawn from the book
based registration system, including CDSX by the CDS Participant and an individually registered Warrant Certificate shall be issued by
the Warrant Agent to such Beneficial Owner or CDS Participant and the exercise procedures set forth in Section 3.2(1) shall
be followed.

 

     

     - 19 -

    

 

(5)            Payment
representing the aggregate Exercise Price must be provided to the appropriate office of the Book Entry Participant in a manner acceptable
to it. A notice in form acceptable to the Book Entry Participant and payment from such beneficial holder should be provided to the Book
Entry Participant sufficiently in advance so as to permit the Book Entry Participant to deliver notice and payment to the Depository
and for the Depository in turn to deliver notice and payment to the Warrant Agent prior to the Expiry Time. The Depository will initiate
the exercise by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent
will execute the exercise by issuing to the Depository through the book entry registration system the Warrant Shares to which the exercising
Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement
holder exercising the Warrants and/or the Book Entry Participant exercising the Warrants on its behalf.

 

(6)            By
causing a Book Entry Participant to deliver notice to the Depository, a Warrantholder shall be deemed to have irrevocably surrendered
his or her Warrants so exercised and appointed such Book Entry Participant to act as his or her exclusive settlement agent with respect
to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise.

 

(7)            Any
notice which the Depository determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of
no force and effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure
by a Book Entry Participant to exercise or to give effect to the settlement thereof in accordance with the Warrantholder’s instructions
will not give rise to any obligations or liability on the part of the Corporation or Warrant Agent to the Book Entry Participant or the
Warrantholder.

 

(8)            The
Exercise Notice referred to in this Section 3.2 shall be signed by the Registered Warrantholder, or its executors or administrators
or other legal representatives or an attorney of the Registered Warrantholder, duly appointed by an instrument in writing satisfactory
to the Warrant Agent but such Exercise Notice need not be executed by the Depository.

 

(9)            Any
exercise referred to in this Section 3.2 shall require that the entire Exercise Price for Warrant Shares subscribed must be paid
at the time of subscription and such Exercise Price and original Exercise Notice executed by the Registered Warrantholder or the Confirmation
from the Depository must be received by the Warrant Agent prior to the Expiry Time.

 

     

     - 20 -

    

 

(10)        Warrants
may only be exercised pursuant to this Section 3.2 by or on behalf of a Registered Warrantholder, as applicable, who makes the certifications
set forth on the Exercise Notice set out in Schedule “B” or as provided herein.

 

(11)        If
the form of Exercise Notice set forth in the Warrant Certificate shall have been amended, the Corporation shall cause the amended Exercise
Notice to be forwarded to all Registered Warrantholders.

 

(12)        Exercise
Notices and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on
any Business Day prior to the Expiry Time. Any Exercise Notice or Confirmations received by the Warrant Agent after business hours on
any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day.

 

(13)       Any
Warrant with respect to which a Confirmation or Exercise Notice is not received by the Warrant Agent before the Expiry Time shall be
deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelled.

 

Section 3.3     Prohibition
on Exercise by U.S. Persons; Legended Certificates

 

(1)         Subject
to Section 3.3(2) below, (i) Warrants may not be exercised within the United States or by or on behalf of any U.S. Person;
and (ii) no Warrant Shares issued upon exercise of Warrants may be delivered to any address in the United States.

 

(2)         Notwithstanding
Section 3.3(1), Warrants which bear the legend set forth in Section 2.8(1) may be exercised in the United States or by
or on behalf of a U.S. Person, and Warrant Shares issued upon exercise of any such Warrants may be delivered to an address in the United
States, provided that (a) the Person exercising the Warrants (i)  is an original U.S. Purchaser who purchased the Warrants directly
from the Corporation (ii) is an "accredited investor" that satisfies one or more of the criteria set forth in Rule 501(a) of
Regulation D or is a "qualified purchaser" as defined in Section 2(a)(51) of the U.S. Investment Company Act and (b) delivers
a completed and executed U.S. Purchaser Letter or provides in form and substance satisfactory to the Corporation and Warrant Agent a legal
opinion which confirms that issuance of shares is in compliance with the applicable state laws and the U.S. Securities Act; provided
however that in the case of a Warrantholder that is the original purchaser of the Warrants and who delivered the U.S. Accredited Investor
Certificate attached to the subscription agreement of the Corporation in connection with its purchase of Units pursuant to the private
placement under which the Warrants were issued, such Warrantholder will not be required to deliver a U.S. Purchaser Letter or an opinion
of counsel in connection with the due exercise of the Warrant at a time when the representations, warranties and covenants made by the
Warrantholder in the U.S. Accredited Investor Certificate remain true and correct and the Warrantholder represents to the Corporation
as such.

 

     

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(3)         Certificates
representing Warrant Shares issued upon the exercise of Warrants which bear the legend set forth in Section 2.8(1) or which
are issued and delivered pursuant to Section 3.3(2) shall bear the following legend:

 

“THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”) OR THE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES. THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO
THE COMPANY, (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE
WITH APPLICABLE CANADIAN LOCAL LAWS AND REGULATIONS, (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER
THE U.S. SECURITIES ACT PROVIDED BY (I) RULE 144 THEREUNDER, IF AVAILABLE, OR (II) RULE 144A THEREUNDER, IF AVAILABLE,
AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE
U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, OR (E) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S.
SECURITIES ACT, PROVIDED THAT, IN THE CASE OF TRANSFERS PURSUANT TO (C)(I) OR (D) ABOVE, THE HOLDER HAS, PRIOR TO SUCH
TRANSFER, FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OF RECOGNIZED STANDING OR OTHER EVIDENCE OF EXEMPTION, IN EITHER CASE REASONABLY
SATISFACTORY TO THE COMPANY. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS
ON A CANADIAN STOCK EXCHANGE.”

 

Section 3.4     Transfer
Fees and Taxes.

 

If any of the Warrant Shares
subscribed for are to be issued to a person or persons other than the Registered Warrantholder, the Registered Warrantholder shall execute
the form of transfer and will comply with such reasonable requirements as the Warrant Agent may stipulate and will pay to the Corporation
or the Warrant Agent on behalf of the Corporation, all applicable transfer or similar taxes and the Corporation will not be required to
issue or deliver certificates evidencing Warrant Shares unless or until such Warrantholder shall have paid to the Corporation or the Warrant
Agent on behalf of the Corporation, the amount of such tax or shall have established to the satisfaction of the Corporation and the Warrant
Agent that such tax has been paid or that no tax is due.

 

     

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Section 3.5     Warrant
Agency.

 

To facilitate the exchange,
transfer or exercise of Warrants and compliance with such other terms and conditions hereof as may be required, the Corporation has appointed
the Warrant Agency, as the agency at which Warrants may be surrendered for exchange or transfer or at which Warrants may be exercised
and the Warrant Agent has accepted such appointment. The Corporation may from time to time designate alternate or additional places as
the Warrant Agency (subject to the Warrant Agent’s prior approval) and will give notice to the Warrant Agent of any proposed change
of the Warrant Agency. Branch registers shall also be kept at such other place or places, if any, as the Corporation, with the approval
of the Warrant Agent, may designate. The Warrant Agent will from time to time when requested to do so by the Corporation or any Registered
Warrantholder, upon payment of the Warrant Agent’s reasonable charges, furnish a list of the names and addresses of Registered Warrantholders
showing the number of Warrants held by each such Registered Warrantholder.

 

Section 3.6     Effect
of Exercise of Warrant Certificates.

 

(1)            Upon
the exercise of Warrants Certificates pursuant to and in compliance with Section 3.2 and subject to Sections 3.3 and 3.4, the Warrant
Shares to be issued pursuant to the Warrants exercised shall be deemed to have been issued and the person or persons to whom such Warrant
Shares are to be issued shall be deemed to have become the holder or holders of such Warrant Shares within five Business Days of the Exercise
Date unless the register shall be closed on such date, in which case the Warrant Shares subscribed for shall be deemed to have been issued
and such person or persons deemed to have become the holder or holders of record of such Warrant Shares, on the date on which such register
is reopened. It is hereby understood that in order for persons to whom Warrant Shares are to be issued, to become holders of Warrant Shares
on record on the Exercise Date, beneficial holders must commence the exercise process sufficiently in advance so that the Warrant Agent
is in receipt of all items of exercise at least one Business Day prior to such Exercise Date.

 

(2)            Within
five Business Days after the Exercise Date with respect to a Warrant, the Warrant Agent shall use commercially reasonable efforts to cause
to be delivered or mailed to the person or persons in whose name or names the Warrant is registered or, if so specified in writing by
the holder, cause to be delivered to such person or persons at the Warrant Agency where the Warrant Certificate was surrendered, a certificate
or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant
Shares to such person or persons in respect of Warrant Shares issued under the book entry registration system.

 

     

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Section 3.7     Partial
Exercise of Warrants; Fractions.

 

(1)            The
holder of any Warrants may exercise his right to acquire a number of whole Warrant Shares less than the aggregate number which the holder
is entitled to acquire. In the event of any exercise of a number of Warrants less than the number which the holder is entitled to exercise,
the holder of Warrants upon such exercise shall, in addition, be entitled to receive, without charge therefor, a new Warrant Certificate(s),
bearing the same legend, if applicable, or other appropriate evidence of Warrants, in respect of the balance of the Warrants held by such
holder and which were not then exercised.

 

(2)            Notwithstanding
anything herein contained including any adjustment provided for in Section 4.1, the Corporation shall not be required, upon the exercise
of any Warrants, to issue fractions of Warrant Shares. Warrants may only be exercised in a sufficient number to acquire whole numbers
of Warrant Shares. Any fractional Warrant Shares shall be rounded down to the nearest whole number and the holder of such Warrants shall
not be entitled to any compensation in respect of any fractional Warrant Shares which are not issued.

 

Section 3.8     Expiration
of Warrants.

 

Immediately after the Expiry
Time, all rights under any Warrant in respect of which the right of acquisition provided for herein shall not have been exercised shall
cease and terminate and each Warrant shall be void and of no further force or effect.

 

Section 3.9     Accounting
and Recording.

 

(1)            The
Warrant Agent shall promptly account to the Corporation with respect to Warrants exercised, and shall promptly forward to the Corporation
(or into an account or accounts of the Corporation with the bank or trust company designated by the Corporation for that purpose), all
monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities
or other instruments, from time to time received by the Warrant Agent, shall be received in trust for, and shall be segregated and kept
apart by the Warrant Agent, the Warrantholders and the Corporation as their interests may appear

 

(2)            The
Warrant Agent shall record the particulars of Warrants exercised, which particulars shall include the names and addresses of the persons
who become holders of Warrant Shares on exercise and the Exercise Date, in respect thereof. The Warrant Agent shall provide such particulars
in writing to the Corporation within five Business Days of any request by the Corporation therefor.

 

     

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Section 3.10     Securities
Restrictions.

 

Notwithstanding anything herein
contained, Warrant Shares will be issued upon exercise of a Warrant only in compliance with the securities laws of any applicable jurisdiction.

 

Article 4

ADJUSTMENT OF NUMBER OF Warrant SHARES

AND EXERCISE PRICE

 

Section 4.1     Adjustment
of Number of Warrant Shares and Exercise Price.

 

The subscription rights in
effect under the Warrants for Warrant Shares issuable upon the exercise of the Warrants shall be subject to adjustment from time to time
as follows:

 

(a)            if,
at any time during the Adjustment Period, the Corporation shall:

 

(i)            subdivide,
re-divide or change its outstanding Common Shares into a greater number of Common Shares;

 

(ii)            reduce,
combine or consolidate its outstanding Common Shares into a lesser number of Common Shares; or

 

(iii)            issue
Common Shares or securities exchangeable for, or convertible into, Common Shares to all or substantially all of the holders of Common
Shares by way of stock dividend or other distribution (other than a distribution of Common Shares upon the exercise of Warrants or any
outstanding options);

 

(any of such events in Section 4.1(a) (i),
(ii) or (iii) being called a “Common Share Reorganization”) then the Exercise Price shall be adjusted as of the
effect on the effective date or record date of such subdivision, re-division, change, reduction, combination, consolidation or distribution,
as the case may be, shall in the case of the events referred to in (i) or (iii) above be decreased in proportion to the number
of outstanding Common Shares resulting from such subdivision, re-division, change or distribution, or shall, in the case of the events
referred to in (ii) above, be increased in proportion to the number of outstanding Common Shares resulting from such reduction, combination
or consolidation by multiplying the Exercise Price in effect immediately prior to such effective date or record date by a fraction, the
numerator of which shall be the number of Common Shares outstanding on such effective date or record date before giving effect to such
Common Share Reorganization and the denominator of which shall be the number of Common Shares outstanding as of the effective date or
record date after giving effect to such Common Shares Reorganization (including, in the case where securities exchangeable for or convertible
into Common Shares are distributed, the number of Common Share that would have been outstanding had such securities been exchanged for
or converted into Common Shares on such record date or effective date). Such adjustment shall be made successively whenever any event
referred to in this Section 4.1(a) shall occur. Upon any adjustment of the Exercise Price pursuant to Section 4.1(a), the
Exchange Rate shall be contemporaneously adjusted by multiplying the number of Common Shares theretofore obtainable on the exercise thereof
by a fraction of which the numerator shall be the Exercise Price in effect immediately prior to such adjustment and the denominator shall
be the Exercise Price resulting from such adjustment;

 

     

     - 25 -

    

 

		(b)     if and whenever at any time during the Adjustment Period, the Corporation shall fix a record
                                                                   date for the issuance of rights, options or warrants to all or substantially all the holders of its outstanding Common Shares
                                                                   entitling them, for a period expiring not more than 45 days after such record date, to subscribe for or purchase Common Shares (or
                                                                   securities convertible or exchangeable into Common Shares) at a price per Common Share (or having a conversion or exchange price per
                                                                   Common Share) less than 95% of the Current Market Price on such record date (a “Rights Offering”), the Exercise
                                                                   Price shall be adjusted immediately after such record date so that it shall equal the amount determined by multiplying the Exercise
                                                                   Price in effect on such record date by a fraction, of which the numerator shall be the total number of Common Shares outstanding on
                                                                   such record date plus a number of Common Shares equal to the number arrived at by dividing the aggregate price of the total number
                                                                   of additional Common Shares offered for subscription or purchase (or the aggregate conversion or exchange price of the convertible
                                                                   or exchangeable securities so offered) by the Current Market Price, and of which the denominator shall be the total number of Common
                                                                   Shares outstanding on such record date plus the total number of additional Common Shares offered for subscription or purchase or
                                                                   into which the convertible or exchangeable securities so offered are convertible or exchangeable; any Common Shares owned by or held
                                                                   for the account of the Corporation shall be deemed not to be outstanding for the purpose of any such computation; such adjustment
                                                                   shall be made successively whenever such a record date is fixed; to the extent that no such rights or warrants are exercised prior
                                                                   to the expiration thereof, the Exercise Price shall be readjusted to the Exercise Price which would then be in effect if such record
                                                                   date had not been fixed or, if any such rights or warrants are exercised, to the Exercise Price which would then be in effect based
                                                                   upon the number of Common Shares (or securities convertible or exchangeable into Common Shares) actually issued upon the exercise of
                                                                   such rights or warrants, as the case may be. Upon any adjustment of the Exercise Price pursuant to this Section 4.1(b), the
                                                                   Exchange Rate will be adjusted immediately after such record date so that it will equal the rate determined by multiplying the
                                                                   Exchange Rate in effect on such record date by a fraction, of which the numerator shall be the Exercise Price in effect immediately
                                                                   prior to such adjustment and the denominator shall be the Exercise Price resulting from such adjustment. Such adjustment will be
                                                                   made successively whenever such a record date is fixed, provided that if two or more such record dates or record dates referred to
                                                                   in this Section 4.1(b) are fixed within a period of 25 Trading Days, such adjustment will be made successively as if each
                                                                   of such record dates occurred on the earliest of such record dates;

 

     

     - 26 -

    

 

(c)     if
and whenever at any time during the Adjustment Period the Corporation shall fix a record date for the making of a distribution to all
or substantially all the holders of its outstanding Common Shares of (i) securities of any class, whether of the Corporation or any
other trust (other than Common Shares), (ii) rights, options or warrants to subscribe for or purchase Common Shares (or other securities
convertible into or exchangeable for Common Shares), other than pursuant to a Rights Offering; (iii) evidences of its indebtedness
or (iv) any property or other assets then, in each such case, the Exercise Price shall be adjusted immediately after such record
date so that it shall equal the price determined by multiplying the Exercise Price in effect on such record date by a fraction, of which
the numerator shall be the total number of Common Shares outstanding on such record date multiplied by the Current Market Price on such
record date, less the excess, if any, of the fair market value on such record date, as determined by the Corporation (whose determination
shall be conclusive), of such securities or other assets so issued or distributed over the fair market value of any consideration received
therefor by the Corporation from the holders of the Common Shares, and of which the denominator shall be the total number of Common Shares
outstanding on such record date multiplied by the Current Market Price; and Common Shares owned by or held for the account of the Corporation
shall be deemed not to be outstanding for the purpose of any such computation; such adjustment shall be made successively whenever such
a record date is fixed; to the extent that such distribution is not so made, the Exercise Price shall be readjusted to the Exercise Price
which would then be in effect if such record date had not been fixed. Upon any adjustment of the Exercise Price pursuant to this Section 4.1(c),
the Exchange Rate will be adjusted immediately after such record date so that it will equal the rate determined by multiplying the Exchange
Rate in effect on such record date by a fraction, of which the numerator shall be the Exercise Price in effect immediately prior to such
adjustment and the denominator shall be the Exercise Price resulting from such adjustment;

 

     

     - 27 -

    

 

(d)      if
and whenever at any time during the Adjustment Period, there is a reclassification of the Common Shares or a capital reorganization of
the Corporation other than as described in Section 4.1(a) or a consolidation, amalgamation, arrangement or merger of the Corporation
with or into any other body corporate, trust, partnership or other entity, or a sale or conveyance of the property and assets of the Corporation
as an entirety or substantially as an entirety to any other body corporate, trust, partnership or other entity, any Registered Warrantholder
who has not exercised its right of acquisition prior to the effective date of such reclassification, capital reorganization, consolidation,
amalgamation, arrangement or merger, sale or conveyance, upon the exercise of such right thereafter, shall be entitled to receive upon
payment of the Exercise Price and shall accept, in lieu of the number of Warrant Shares that prior to such effective date the Registered
Warrantholder would have been entitled to receive, the number of shares or other securities or property of the Corporation or of the body
corporate, trust, partnership or other entity resulting from such merger, amalgamation or consolidation, or to which such sale or conveyance
may be made, as the case may be, that such Registered Warrantholder would have been entitled to receive on such reclassification, capital
reorganization, consolidation, amalgamation, arrangement or merger, sale or conveyance, if, on the effective date thereof, as the case
may be, the Registered Warrantholder had been the registered holder of the number of Warrant Shares to which prior to such effective date
it was entitled to acquire upon the exercise of the Warrants. If determined appropriate by the Warrant Agent, relying on advice of Counsel,
to give effect to or to evidence the provisions of this Section 4.1(d), the Corporation, its successor, or such purchasing body corporate,
partnership, trust or other entity, as the case may be, shall, prior to or contemporaneously with any such reclassification, capital reorganization,
consolidation, amalgamation, arrangement, merger, sale or conveyance, enter into an indenture which shall provide, to the extent possible,
for the application of the provisions set forth in this Indenture with respect to the rights and interests thereafter of the Registered
Warrantholders to the end that the provisions set forth in this Indenture shall thereafter correspondingly be made applicable, as nearly
as may reasonably be, with respect to any shares, other securities or property to which a Registered Warrantholder is entitled on the
exercise of its acquisition rights thereafter. Any indenture entered into between the Corporation and the Warrant Agent pursuant to the
provisions of this Section 4.1(d) shall be a supplemental indenture entered into pursuant to the provisions of Article 8
hereof. Any indenture entered into between the Corporation, any successor to the Corporation or such purchasing body corporate, partnership,
trust or other entity and the Warrant Agent shall provide for adjustments which shall be as nearly equivalent as may be practicable to
the adjustments provided in this Section 4.1 and which shall apply to successive reclassifications, capital reorganizations, amalgamations,
consolidations, mergers, sales or conveyances;

 

     

     - 28 -

    

 

(e)            in
any case in which this Section 4.1 shall require that an adjustment shall become effective immediately after a record date for an
event referred to herein, the Corporation may defer, until the occurrence of such event, issuing to the Registered Warrantholder of any
Warrant exercised after the record date and prior to completion of such event the additional Warrant Shares issuable by reason of the
adjustment required by such event before giving effect to such adjustment; provided, however, that the Corporation shall deliver to such
Registered Warrantholder an appropriate instrument evidencing such Registered Warrantholder’s right to receive such additional Common
Shares upon the occurrence of the event requiring such adjustment and the right to receive any distributions made on such additional Common
Shares declared in favour of holders of record of Common Shares on and after the relevant date of exercise or such later date as such
Registered Warrantholder would, but for the provisions of this Section 4.1(e), have become the holder of record of such additional
Common Shares pursuant to Section 4.1;

 

(f)            in
any case in which Section 4.1(a)(iii), Section 4.1(b) or Section 4.1(c) require that an adjustment be made to
the Exercise Price, no such adjustment shall be made if the Registered Warrantholders of the outstanding Warrants receive, subject to
any required stock exchange or regulatory approval, the rights or warrants referred to in Section 4.1(a)(iii), Section 4.1(b) or
the shares, rights, options, warrants, evidences of indebtedness or assets referred to in Section 4.1(c), as the case may be, in
such kind and number as they would have received if they had been holders of Common Shares on the applicable record date or effective
date, as the case may be, by virtue of their outstanding Warrant having then been exercised into Common Shares at the Exercise Price in
effect on the applicable record date or effective date, as the case may be;

 

(g)            the
adjustments provided for in this Section 4.1 are cumulative, and shall, in the case of adjustments to the Exercise Price be computed
to the nearest whole cent and shall apply to successive subdivisions, re-divisions, reductions, combinations, consolidations, distributions,
issues or other events resulting in any adjustment under the provisions of this Section 4.1, provided that, notwithstanding any other
provision of this Section, no adjustment of the Exercise Price shall be required unless such adjustment would require an increase or decrease
of at least 1% in the Exercise Price then in effect; provided, however, that any adjustments which by reason of this Section 4.1(g) are
not required to be made shall be carried forward and taken into account in any subsequent adjustment; and

 

     

     - 29 -

    

 

(h)            after
any adjustment pursuant to this Section 4.1, the term “Common Shares” where used in this Indenture shall be interpreted
to mean securities of any class or classes which, as a result of such adjustment and all prior adjustments pursuant to this Section 4.1,
the Registered Warrantholder is entitled to receive upon the exercise of his Warrant, and the number of Warrant Shares indicated by any
exercise made pursuant to a Warrant shall be interpreted to mean the number of Warrant Shares or other property or securities a Registered
Warrantholder is entitled to receive, as a result of such adjustment and all prior adjustments pursuant to this Section 4.1, upon
the full exercise of a Warrant.

 

Section 4.2     Entitlement
to Warrant Shares on Exercise of Warrant.

 

All Common Shares or shares
of any class or other securities, which a Registered Warrantholder is at the time in question entitled to receive on the exercise of its
Warrant, whether or not as a result of adjustments made pursuant to this Article 4, shall, for the purposes of the interpretation
of this Indenture, be deemed to be Warrant Shares which such Registered Warrantholder is entitled to acquire pursuant to such Warrant.

 

Section 4.3     No
Adjustment for Certain Transactions.

 

Notwithstanding anything in
this Article 4, no adjustment shall be made in the acquisition rights attached to the Warrants if the issue of Common Shares is being
made pursuant to this Indenture or in connection with (a) any share incentive plan or restricted share plan or share purchase plan
in force from time to time for directors, officers, employees, consultants or other service providers of the Corporation; or (b) the
satisfaction of existing instruments issued at the date hereof.

 

Section 4.4     Determination
by Independent Firm.

 

In the event of any question
arising with respect to the adjustments provided for in this Article 4 such question shall be conclusively determined by an independent
firm of chartered public accountants other than the Auditors, who shall have access to all necessary records of the Corporation, and such
determination shall be binding upon the Corporation, the Warrant Agent, all holders and all other persons interested therein.

 

Section 4.5     Proceedings
Prior to any Action Requiring Adjustment.

 

As a condition precedent to
the taking of any action which would require an adjustment in any of the acquisition rights pursuant to any of the Warrants, including
the number of Warrant Shares which are to be received upon the exercise thereof, the Corporation shall take any action which may, in the
opinion of Counsel, be necessary in order that the Corporation has unissued and reserved in its authorized capital and may validly and
legally issue as fully paid and non-assessable all the Warrant Shares which the holders of such Warrants are entitled to receive on the
full exercise thereof in accordance with the provisions hereof.

 

     

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Section 4.6     Certificate
of Adjustment.

 

The Corporation shall from
time to time immediately after the occurrence of any event which requires an adjustment or readjustment as provided in Section 4.1,
deliver a certificate of the Corporation to the Warrant Agent specifying the nature of the event requiring the same and the amount of
the adjustment or readjustment necessitated thereby and setting forth in reasonable detail the method of calculation and the facts upon
which such calculation is based, which certificate shall be supported by a certificate of the Corporation’s Auditors verifying such
calculation. The Warrant Agent shall rely, and shall be protected in so doing, upon the certificate of the Corporation or of the Corporation’s
Auditor and any other document filed by the Corporation pursuant to this Article 4 for all purposes.

 

Section 4.7     Notice
of Special Matters.

 

The Corporation covenants
with the Warrant Agent that, so long as any Warrant remains outstanding, it will give notice to the Warrant Agent and to the Registered
Warrantholders of its intention to fix a record date that is prior to the Expiry Date for any matter for which an adjustment may be required
pursuant to Section 4.1 Such notice shall specify the particulars of such event and the record date for such event, provided that
the Corporation shall only be required to specify in the notice such particulars of the event as shall have been fixed and determined
on the date on which the notice is given. The notice shall be given in each case not less than 14 days prior to such applicable record
date. If notice has been given and the adjustment is not then determinable, the Corporation shall promptly, after the adjustment is determinable,
file with the Warrant Agent a computation of the adjustment and give notice to the Registered Warrantholders of such adjustment computation.

 

Section 4.8     No
Action after Notice.

 

The Corporation covenants
with the Warrant Agent that it will not close its transfer books or take any other corporate action which might deprive the Registered
Warrantholder of the opportunity to exercise its right of acquisition pursuant thereto during the period of 14 days after the giving of
the certificate or notices set forth in Section 4.6 and Section 4.7.

 

Section 4.9     Other
Action.

 

If the Corporation, after
the date hereof, shall take any action affecting the Common Shares other than action described in Section 4.1, which in the reasonable
opinion of the directors of the Corporation would materially affect the rights of Registered Warrantholders, the Exercise Price and/or
Exchange Rate, the number of Warrant Shares which may be acquired upon exercise of the Warrants shall be adjusted in such manner and at
such time, by action of the directors, acting reasonably and in good faith, in their sole discretion as they may determine to be equitable
to the Registered Warrantholders in the circumstances, provided that no such adjustment will be made unless any requisite prior approval
of any stock exchange on which the Common Shares are listed for trading has been obtained.

 

     

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Section 4.10     Protection
of Warrant Agent.

 

The Warrant Agent shall not:

 

(a)            at
any time be under any duty or responsibility to any Registered Warrantholder to determine whether any facts exist which may require any
adjustment contemplated by Section 4.1, or with respect to the nature or extent of any such adjustment when made, or with respect
to the method employed in making the same;

 

(b)            be
accountable with respect to the validity or value (or the kind or amount) of any Warrant Shares or of any other securities or property
which may at any time be issued or delivered upon the exercise of the rights attaching to any Warrant;

 

(c)            be
responsible for any failure of the Corporation to issue, transfer or deliver Warrant Shares or certificates for the same upon the surrender
of any Warrants for the purpose of the exercise of such rights or to comply with any of the covenants contained in this Article; and

 

(d)            incur
any liability or be in any way responsible for the consequences of any breach on the part of the Corporation of any of the representations,
warranties or covenants herein contained or of any acts of the directors, officers, employees, agents or servants of the Corporation.

 

Section 4.11     Participation
by Warrantholder.

 

No adjustments shall be made
pursuant to this Article 4 if the Registered Warrantholders are entitled to participate in any event described in this Article 4
on the same terms, mutatis mutandis, as if the Registered Warrantholders had exercised their Warrants prior to, or on the effective date
or record date of, such event and any such participation will be subject to the prior approval of the TSX-V.

 

     

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Article 5

RIGHTS OF THE CORPORATION AND COVENANTS

 

Section 5.1     Optional
Purchases by the Corporation.

 

Subject to compliance with
applicable securities legislation and approval of applicable regulatory authorities, if any, the Corporation may from time to time purchase
by private contract or otherwise any of the Warrants. Any such purchase shall be made at the lowest price or prices at which, in the opinion
of the directors of the Corporation, such Warrants are then obtainable, plus reasonable costs of purchase, and may be made in such manner,
from such persons and on such other terms as the Corporation, in its sole discretion, may determine. In the case of Warrant Certificates,
Warrant Certificates representing the Warrants purchased pursuant to this Section 5.1 shall forthwith be delivered to and cancelled
by the Warrant Agent and reflected accordingly on the register of Warrants. In the case of Uncertificated Warrants, the Warrants purchased
pursuant to this Section 5.1 shall be reflected accordingly on the register of Warrants and in accordance with procedures prescribed
by the Depository under the book entry registration system. No Warrants shall be issued in replacement thereof.

 

Section 5.2     General
Covenants.

 

The Corporation covenants
with the Warrant Agent that so long as any Warrants remain outstanding:

 

(a)            it
will reserve and keep available a sufficient number of Common Shares for the purpose of enabling it to satisfy its obligations to issue
Warrant Shares upon the exercise of the Warrants;

 

(b)            it
will cause the Warrant Shares from time to time acquired pursuant to the exercise of the Warrants to be duly issued and delivered in accordance
with the Warrants and the terms hereof;

 

(c)           all
Warrant Shares which shall be issued upon exercise of the right to acquire provided for herein shall be fully paid and non-assessable,
free and clear of all encumbrances;

 

(d)            it
will use reasonable commercial efforts to maintain its existence and carry on its business in the ordinary course;

 

(e)            it
will use reasonable commercial efforts to ensure that all Common Shares outstanding or issuable from time to time (including without limitation
the Warrant Shares issuable on the exercise of the Warrants) continue to be or are listed and posted for trading on the TSX-V (or such
other Canadian stock exchange acceptable to the Corporation), provided that this clause shall not be construed as limiting or restricting
the Corporation from completing a consolidation, amalgamation, arrangement, takeover bid or merger that would result in the Common Shares
ceasing to be listed and posted for trading on the TSX-V, so long as the holders of Common Shares receive securities of an entity which
is listed on a stock exchange in Canada, or cash, or the holders of the Common shares have approved the transaction in accordance with
the requirements of applicable corporate and securities laws and the policies of the TSX-V;

 

     

     - 33 -

    

 

(f)            it
will make all requisite filings under applicable Canadian securities legislation including those necessary to remain a reporting issuer
not in default in each of the provinces and other Canadian jurisdictions where it is or becomes a reporting issuer;

 

(g)            generally,
it will well and truly perform and carry out all of the acts or things to be done by it as provided in this Indenture; and

 

(h)            the
Corporation will promptly notify the Warrant Agent and the Warrantholders in writing of any default under the terms of this Warrant Indenture
which remains unrectified for more than five days following its occurrence.

 

Section 5.3     Warrant
Agent’s Remuneration and Expenses.

 

The Corporation covenants
that it will pay to the Warrant Agent from time to time reasonable remuneration for its services hereunder and will pay or reimburse the
Warrant Agent upon its request for all reasonable expenses, disbursements and advances incurred or made by the Warrant Agent in the administration
or execution of its duties hereby created (including the reasonable compensation and the disbursements of its Counsel and all other advisers
and assistants not regularly in its employ) both before any default hereunder and thereafter until all duties of the Warrant Agent hereunder
shall be finally and fully performed. Any amount owing hereunder and remaining unpaid after 30 days from the invoice date will bear interest
at the then current rate charged by the Warrant Agent against unpaid invoices and shall be payable upon demand. This Section shall
survive the resignation or removal of the Warrant Agent and/or the termination of this Indenture.

 

Section 5.4     Performance
of Covenants by Warrant Agent.

 

If the Corporation shall fail
to perform any of its covenants contained in this Indenture, the Warrant Agent may notify the Registered Warrantholders of such failure
on the part of the Corporation and may itself perform any of the covenants capable of being performed by it but, subject to Section 9.2,
shall be under no obligation to perform said covenants or to notify the Registered Warrantholders of such performance by it. All sums
expended or advanced by the Warrant Agent in so doing shall be repayable as provided in Section 5.3. No such performance, expenditure
or advance by the Warrant Agent shall relieve the Corporation of any default hereunder or of its continuing obligations under the covenants
herein contained.

 

     

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Section 5.5     Enforceability
of Warrants.

 

The Corporation covenants
and agrees that it is duly authorized to create and issue the Warrants to be issued hereunder and that the Warrants, when issued and Authenticated
as herein provided, will be valid and enforceable against the Corporation in accordance with the provisions hereof and the terms hereof
and that, subject to the provisions of this Indenture, the Corporation will cause the Warrant Shares from time to time acquired upon exercise
of Warrants issued under this Indenture to be duly issued and delivered in accordance with the terms of this Indenture.

 

Article 6

ENFORCEMENT

 

Section 6.1     Suits
by Registered Warrantholders.

 

All or any of the rights conferred
upon any Registered Warrantholder by any of the terms of this Indenture may be enforced by the Registered Warrantholder by appropriate
proceedings but without prejudice to the right which is hereby conferred upon the Warrant Agent to proceed in its own name to enforce
each and all of the provisions herein contained for the benefit of the Registered Warrantholders.

 

Section 6.2     Suits
by the Corporation.

 

The Corporation shall have
the right to enforce full payment of the Exercise Price of all Warrant Shares issued by the Warrant Agent to a Registered Warrantholder
hereunder and shall be entitled to demand such payment from the Registered Warrantholder or alternatively to instruct the Warrant Agent
to cancel the share certificates representing such Warrant Shares and amend the securities register of the Corporation accordingly.

 

Section 6.3     Immunity
of Shareholders, etc.

 

The Warrant Agent and the
Warrantholders hereby waive and release any right, cause of action or remedy now or hereafter existing in any jurisdiction against any
incorporator or any past, present or future shareholder, trustee, employee or agent of the Corporation or any successor entity on any
covenant, agreement, representation or warranty by the Corporation herein.

 

     

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Section 6.4     Waiver
of Default.

 

Upon the happening of any
default hereunder:

 

(a)            the
Registered Warrantholders of not less than 51% of the Warrants then outstanding shall have power (in addition to the powers exercisable
by Extraordinary Resolution) by requisition in writing to instruct the Warrant Agent to waive any default hereunder and the Warrant Agent
shall thereupon waive the default upon such terms and conditions as shall be prescribed in such requisition; or

 

(b)            the
Warrant Agent shall have power to waive any default hereunder upon such terms and conditions as the Warrant Agent may deem advisable,
on the advice of Counsel, if, in the Warrant Agent’s opinion, based on the advice of Counsel, the same shall have been cured or
adequate provision made therefor;

 

provided that no delay or omission of the Warrant
Agent or of the Registered Warrantholders to exercise any right or power accruing upon any default shall impair any such right or power
or shall be construed to be a waiver of any such default or acquiescence therein and provided further that no act or omission either of
the Warrant Agent or of the Registered Warrantholders in the premises shall extend to or be taken in any manner whatsoever to affect any
subsequent default hereunder of the rights resulting therefrom.

 

Article 7

MEETINGS OF REGISTERED WARRANTHOLDERS

 

Section 7.1     Right
to Convene Meetings.

 

The Warrant Agent may at any
time and from time to time, and shall on receipt of a written request of the Corporation or of a Warrantholders’ Request and upon
being indemnified and funded to its reasonable satisfaction by the Corporation or by the Registered Warrantholders signing such Warrantholders’
Request against the costs which may be incurred in connection with the calling and holding of such meeting, convene a meeting of the Registered
Warrantholders. If the Warrant Agent fails to so call a meeting within seven days after receipt of such written request of the Corporation
or within 30 days after receipt of such Warrantholders’ Request and the indemnity and funding given as aforesaid, the Corporation
or such Registered Warrantholders, as the case may be, may convene such meeting. Every such meeting shall be held in the City of Vancouver
or at such other place as may be approved or determined by the Warrant Agent and the Corporation.

 

     

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Section 7.2     Notice.

 

At least 21 days’ prior
written notice of any meeting of Registered Warrantholders shall be given to the Registered Warrantholders in the manner provided for
in Section 10.2 and a copy of such notice shall be sent by mail to the Warrant Agent (unless the meeting has been called by the Warrant
Agent) and to the Corporation (unless the meeting has been called by the Corporation). Such notice shall state the time when and the place
where the meeting is to be held, shall state briefly the general nature of the business to be transacted thereat and shall contain such
information as is reasonably necessary to enable the Registered Warrantholders to make a reasoned decision on the matter, but it shall
not be necessary for any such notice to set out the terms of any resolution to be proposed or any of the provisions of this Section 7.2.

 

Section 7.3     Chairman.

 

An individual (who need not
be a Registered Warrantholder) designated in writing by the Warrant Agent shall be chairman of the meeting and if no individual is so
designated, or if the individual so designated is not present within fifteen minutes from the time fixed for the holding of the meeting,
the Registered Warrantholders present in person or by proxy shall choose an individual present to be chairman.

 

Section 7.4     Quorum.

 

Subject to the provisions
of Section 7.11, at any meeting of the Registered Warrantholders a quorum shall consist of Registered Warrantholder(s) present
in person or by proxy and entitled to purchase at least 25% of the aggregate number of Warrant Shares which may be acquired pursuant to
all the then outstanding Warrants. If a quorum of the Registered Warrantholders shall not be present within thirty minutes from the time
fixed for holding any meeting, the meeting, if summoned by Registered Warrantholders or on a Warrantholders’ Request, shall be dissolved;
but in any other case the meeting shall be adjourned to the same day in the next week (unless such day is not a Business Day, in which
case it shall be adjourned to the next following Business Day) at the same time and place and no notice of the adjournment need be given.
Any business may be brought before or dealt with at an adjourned meeting which might have been dealt with at the original meeting in accordance
with the notice calling the same. No business shall be transacted at any meeting unless a quorum be present at the commencement of business.
At the adjourned meeting the Registered Warrantholders present in person or by proxy shall form a quorum and may transact the business
for which the meeting was originally convened, notwithstanding that they may not be entitled to acquire at least 25% of the aggregate
number of Warrant Shares which may be acquired pursuant to all then outstanding Warrants.

 

     

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Section 7.5     Power
to Adjourn.

 

The chairman of any meeting
at which a quorum of the Registered Warrantholders is present may, with the consent of the meeting, adjourn any such meeting, and no notice
of such adjournment need be given except such notice, if any, as the meeting may prescribe.

 

Section 7.6     Show
of Hands.

 

Every question submitted to
a meeting shall be decided in the first place by a majority of the votes given on a show of hands except that votes on an Extraordinary
Resolution shall be given in the manner hereinafter provided. At any such meeting, unless a poll is duly demanded as herein provided,
a declaration by the chairman that a resolution has been carried or carried unanimously or by a particular majority or lost or not carried
by a particular majority shall be conclusive evidence of the fact.

 

Section 7.7     Poll
and Voting.

 

(1)            On
every Extraordinary Resolution, and on any other question submitted to a meeting and after a vote by show of hands when demanded by the
chairman or by one or more of the Registered Warrantholders acting in person or by proxy and entitled to acquire in the aggregate at least
5% of the aggregate number of Warrant Shares which may be acquired pursuant to all the Warrants then outstanding, a poll shall be taken
in such manner as the chairman shall direct. Questions other than those required to be determined by Extraordinary Resolution shall be
decided by a majority of the votes cast on the poll.

 

(2)            On
a show of hands, every person who is present and entitled to vote, whether as a Registered Warrantholder or as proxy for one or more absent
Registered Warrantholders, or both, shall have one vote. On a poll, each Registered Warrantholder present in person or represented by
a proxy duly appointed by instrument in writing shall be entitled to one vote in respect of each Warrant then held or represented by it.
A proxy need not be a Registered Warrantholder. The chairman of any meeting shall be entitled, both on a show of hands and on a poll,
to vote in respect of the Warrants, if any, held or represented by him.

 

Section 7.8     Regulations.

 

(1)            The
Warrant Agent, or the Corporation with the approval of the Warrant Agent, may from time to time make and from time to time vary such regulations
as it shall think fit for the setting of the record date for a meeting for the purpose of determining Registered Warrantholders entitled
to receive notice of and to vote at the meeting.

 

     

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(2)            Any
regulations so made shall be binding and effective and the votes given in accordance therewith shall be valid and shall be counted. Save
as such regulations may provide, the only persons who shall be recognized at any meeting as a Registered Warrantholder, or be entitled
to vote or be present at the meeting in respect thereof (subject to Section 7.9), shall be Registered Warrantholders or proxies of
Registered Warrantholders.

 

Section 7.9     Corporation
and Warrant Agent May be Represented.

 

The Corporation and the Warrant
Agent, by their respective directors, officers, agents, and employees and the Counsel for the Corporation and for the Warrant Agent may
attend any meeting of the Registered Warrantholders.

 

Section 7.10     Powers
Exercisable by Extraordinary Resolution.

 

In addition to all other powers
conferred upon them by any other provisions of this Indenture or by law, the Registered Warrantholders at a meeting shall, subject to
the provisions of Section 7.11, have the power exercisable from time to time by Extraordinary Resolution:

 

(a)            to
agree to any modification, abrogation, alteration, compromise or arrangement of the rights of Registered Warrantholders or the Warrant
Agent in its capacity as warrant agent hereunder (subject to the Warrant Agent’s prior consent, acting reasonably) or on behalf
of the Registered Warrantholders against the Corporation whether such rights arise under this Indenture or otherwise;

 

(b)            to
amend, alter or repeal any Extraordinary Resolution previously passed or sanctioned by the Registered Warrantholders;

 

(c)            to
direct or to authorize the Warrant Agent, subject to Section 9.2(2) hereof, to enforce any of the covenants on the part of the
Corporation contained in this Indenture or to enforce any of the rights of the Registered Warrantholders in any manner specified in such
Extraordinary Resolution or to refrain from enforcing any such covenant or right;

 

(d)            to
waive, and to direct the Warrant Agent to waive, any default on the part of the Corporation in complying with any provisions of this Indenture
either unconditionally or upon any conditions specified in such Extraordinary Resolution;

 

(e)            to
restrain any Registered Warrantholder from taking or instituting any suit, action or proceeding against the Corporation for the enforcement
of any of the covenants on the part of the Corporation in this Indenture or to enforce any of the rights of the Registered Warrantholders;

 

     

     - 39 -

    

 

(f)            to
direct any Registered Warrantholder who, as such, has brought any suit, action or proceeding to stay or to discontinue or otherwise to
deal with the same upon payment of the costs, charges and expenses reasonably and properly incurred by such Registered Warrantholder in
connection therewith;

 

(g)            to
assent to any change in or omission from the provisions contained in this Indenture or any ancillary or supplemental instrument which
may be agreed to by the Corporation, and to authorize the Warrant Agent to concur in and execute any ancillary or supplemental indenture
embodying the change or omission;

 

(h)            with
the consent of the Corporation, such consent not to be unreasonably withheld, to remove the Warrant Agent or its successor in office and
to appoint a new warrant agent or warrant agents to take the place of the Warrant Agent so removed; and

 

(i)            to
assent to any compromise or arrangement with any creditor or creditors or any class or classes of creditors, whether secured or otherwise,
and with holders of any shares or other securities of the Corporation.

 

Section 7.11     Meaning
of Extraordinary Resolution.

 

(1)            The
expression “Extraordinary Resolution” when used in this Indenture means, subject as hereinafter provided in this Section 7.11
and in Section 7.14, a resolution proposed at a meeting of Registered Warrantholders duly convened for that purpose and held in accordance
with the provisions of this Article 7 at which there are present in person or by proxy Registered Warrantholders holding at least
25% of the aggregate number of Warrant Shares that may be acquired on exercise of the Warrants and passed by the affirmative votes of
Registered Warrantholders holding not less than 66 2/3% of the aggregate number of Warrant Shares that may be acquired on exercise of
the Warrants at the meeting and voted on the poll upon such resolution.

 

(2)            If,
at the meeting at which an Extraordinary Resolution is to be considered, Registered Warrantholders holding at least 25% of the aggregate
number of Warrant Shares that may be acquired are not present in person or by proxy within 30 minutes after the time appointed for the
meeting, then the meeting, if convened by Registered Warrantholders or on a Warrantholders’ Request, shall be dissolved; but in
any other case it shall stand adjourned to such day, being not less than 15 or more than 60 days later, and to such place and time as
may be appointed by the chairman. Not less than 14 days’ prior notice shall be given of the time and place of such adjourned meeting
in the manner provided for in Section 10.2. Such notice shall state that at the adjourned meeting the Registered Warrantholders present
in person or by proxy shall form a quorum but it shall not be necessary to set forth the purposes for which the meeting was originally
called or any other particulars. At the adjourned meeting the Registered Warrantholders present in person or by proxy shall form a quorum
and may transact the business for which the meeting was originally convened and a resolution proposed at such adjourned meeting and passed
by the requisite vote as provided in Section 7.11(1) shall be an Extraordinary Resolution within the meaning of this Indenture
notwithstanding that Registered Warrantholders entitled to acquire at least 25% of the aggregate number of Warrant Shares which may be
acquired pursuant to all the then outstanding Warrants are not present in person or by proxy at such adjourned meeting.

 

(3)            Subject
to Section 7.14, votes on an Extraordinary Resolution shall always be given on a poll and no demand for a poll on an Extraordinary
Resolution shall be necessary.

 

     

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Section 7.12     Powers
Cumulative.

 

Any one or more of the powers
or any combination of the powers in this Indenture stated to be exercisable by the Registered Warrantholders by Extraordinary Resolution
or otherwise may be exercised from time to time and the exercise of any one or more of such powers or any combination of powers from time
to time shall not be deemed to exhaust the right of the Registered Warrantholders to exercise such power or powers or combination of powers
then or thereafter from time to time.

 

Section 7.13     Minutes.

 

Minutes of all resolutions
and proceedings at every meeting of Registered Warrantholders shall be made and duly recorded in the books and such minutes as aforesaid,
if signed by the chairman or the secretary of the meeting at which such resolutions were passed or proceedings had shall be prima facie
evidence of the matters therein stated and, until the contrary is proved, every such meeting in respect of the proceedings of which minutes
shall have been made shall be deemed to have been duly convened and held, and all resolutions passed thereat or proceedings taken shall
be deemed to have been duly passed and taken.

 

Section 7.14     Instruments
in Writing.

 

All actions which may be taken
and all powers that may be exercised by the Registered Warrantholders at a meeting held as provided in this Article 7 may also be
taken and exercised by Registered Warrantholders holding at least 66 2/3% of the aggregate number of the then outstanding Warrants by
an instrument in writing signed in one or more counterparts by such Registered Warrantholders in person or by attorney duly appointed
in writing, and the expression “Extraordinary Resolution” when used in this Indenture shall include an instrument so
signed.

 

     

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Section 7.15     Binding
Effect of Resolutions.

 

Every resolution and every
Extraordinary Resolution passed in accordance with the provisions of this Article 7 at a meeting of Registered Warrantholders shall
be binding upon all the Warrantholders, whether present at or absent from such meeting, and every instrument in writing signed by Registered
Warrantholders in accordance with Section 7.14 shall be binding upon all the Warrantholders, whether signatories thereto or not,
and each and every Warrantholder and the Warrant Agent (subject to the provisions for indemnity herein contained) shall be bound to give
effect accordingly to every such resolution and instrument in writing.

 

Section 7.16     Holdings
by Corporation Disregarded.

 

In determining whether Registered
Warrantholders holding Warrants evidencing the entitlement to acquire the required number of Warrant Shares are present at a meeting of
Registered Warrantholders for the purpose of determining a quorum or have concurred in any consent, waiver, Extraordinary Resolution,
Warrantholders’ Request or other action under this Indenture, Warrants owned legally or beneficially by the Corporation shall be
disregarded in accordance with the provisions of Section 10.7.

 

Article 8

SUPPLEMENTAL INDENTURES

 

Section 8.1     Provision
for Supplemental Indentures for Certain Purposes.

 

From time to time, the Corporation
(when authorized by action of the directors of the Corporation) and the Warrant Agent may, subject to the provisions hereof and subject
to the prior approval of the TSX-V, as need be, and they shall, when so directed in accordance with the provisions hereof, execute and
deliver by their proper officers, indentures or instruments supplemental hereto, which thereafter shall form part hereof, for any one
or more or all of the following purposes:

 

		(a)	setting forth any adjustments resulting from the application of the provisions of Article 4;

 

		(b)  adding to the provisions hereof such additional covenants and enforcement provisions as, in the opinion
of Counsel, are necessary or advisable in the premises, provided that the same are not in the opinion of the Warrant Agent, relying on
the advice of Counsel, prejudicial to the interests of the Registered Warrantholders;

 

		(c)	giving effect to any Extraordinary Resolution passed as provided in Section 7.11;

 

     

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		(d)  making such provisions not inconsistent with this Indenture as may be necessary or desirable with respect
to matters or questions arising hereunder or for the purpose of obtaining a listing or quotation of the Warrants on any stock exchange
or quotation system, provided that such provisions are not, in the opinion of the Warrant Agent, relying on the advice of Counsel, prejudicial
to the interests of the Registered Warrantholders;

 

		(e)  adding to or altering the provisions hereof in respect of the transfer of Warrants, making provision for
the exchange of Warrants, and making any modification in the form of the Warrant Certificates which does not affect the substance thereof;

 

		(f)  modifying any of the provisions of this Indenture, including relieving the Corporation from any of the
obligations, conditions or restrictions herein contained, provided that such modification or relief shall be or become operative or effective
only if, in the opinion of the Warrant Agent, relying on the advice of Counsel, such modification or relief in no way prejudices any of
the rights of the Registered Warrantholders or of the Warrant Agent, and provided further that the Warrant Agent may in its sole discretion
decline to enter into any such supplemental indenture which in its opinion may not afford adequate protection to the Warrant Agent when
the same shall become operative;

 

		(g)  providing for the issuance of additional Warrants hereunder, including Warrants in excess of the number
set out in Section  2.1 and any consequential amendments hereto as may be required by the Warrant Agent relying on the advice of
Counsel.

 

		(h)  for any other purpose not inconsistent with the terms of this Indenture, including the correction or rectification
of any ambiguities, defective or inconsistent provisions, errors, mistakes or omissions herein, provided that in the opinion of the Warrant
Agent, relying on the advice of Counsel, the rights of the Warrant Agent and of the Registered Warrantholders are in no way prejudiced
thereby .

 

Section 8.2     Successor
Entities.

 

In the case of the consolidation,
amalgamation, arrangement, merger or transfer of the undertaking or assets of the Corporation as an entirety or substantially as an entirety
to or with another entity (“successor entity”), the successor entity resulting from such consolidation, amalgamation,
arrangement, merger or transfer (if not the Corporation) shall expressly assume, by supplemental indenture satisfactory in form to the
Warrant Agent and executed and delivered to the Warrant Agent, the due and punctual performance and observance of each and every covenant
and condition of this Indenture to be performed and observed by the Corporation.

 

     

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Article 9

CONCERNING THE WARRANT Agent

 

Section 9.1     Trust
Indenture Legislation.

 

(1)            If
and to the extent that any provision of this Indenture limits, qualifies or conflicts with a mandatory requirement of Applicable Legislation,
such mandatory requirement shall prevail.

 

(2)            The
Corporation and the Warrant Agent agree that each will, at all times in relation to this Indenture and any action to be taken hereunder,
observe and comply with and be entitled to the benefits of Applicable Legislation.

 

Section 9.2     Rights
and Duties of Warrant Agent.

 

(1)            In
the exercise of the rights and duties prescribed or conferred by the terms of this Indenture, the Warrant Agent shall exercise that degree
of care, diligence and skill that a reasonably prudent warrant agent would exercise in comparable circumstances. No provision of this
Indenture shall be construed to relieve the Warrant Agent from liability for its own gross negligent action, wilful misconduct, bad faith
or fraud under this Indenture.

 

(2)            The
obligation of the Warrant Agent to commence or continue any act, action or proceeding for the purpose of enforcing any rights of the Warrant
Agent or the Registered Warrantholders hereunder shall be conditional upon the Registered Warrantholders furnishing, when required by
notice by the Warrant Agent, sufficient funds to commence or to continue such act, action or proceeding and an indemnity reasonably satisfactory
to the Warrant Agent to protect and to hold harmless the Warrant Agent and its officers, directors, employees and agents, against the
costs, charges and expenses and liabilities to be incurred thereby and any loss and damage it may suffer by reason thereof. None of the
provisions contained in this Indenture shall require the Warrant Agent to expend or to risk its own funds or otherwise to incur financial
liability in the performance of any of its duties or in the exercise of any of its rights or powers unless indemnified and funded as aforesaid.

 

(3)            The
Warrant Agent may, before commencing or at any time during the continuance of any such act, action or proceeding, require the Registered
Warrantholders, at whose instance it is acting to deposit with the Warrant Agent the Warrants Certificates held by them, for which Warrants
the Warrant Agent shall issue receipts.

 

(4)            Every
provision of this Indenture that by its terms relieves the Warrant Agent of liability or entitles it to rely upon any evidence submitted
to it is subject to the provisions of Applicable Legislation.

  

     

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Section 9.3     Evidence,
Experts and Advisers.

 

(1)            In
addition to the reports, certificates, opinions and other evidence required by this Indenture, the Corporation shall furnish to the Warrant
Agent such additional evidence of compliance with any provision hereof, and in such form, as may be prescribed by Applicable Legislation
or as the Warrant Agent may reasonably require by written notice to the Corporation.

 

(2)            In
the exercise of its rights and duties hereunder, the Warrant Agent may, if it is acting in good faith, rely as to the truth of the statements
and the accuracy of the opinions expressed in statutory declarations, opinions, reports, written requests, consents, or orders of the
Corporation, certificates of the Corporation or other evidence furnished to the Warrant Agent pursuant to a request of the Warrant Agent,
provided that such evidence complies with Applicable Legislation and that the Warrant Agent complies with Applicable Legislation and that
the Warrant Agent examines the same and determines that such evidence complies with the applicable requirements of this Indenture.

 

(3)            Whenever
it is provided in this Indenture or under Applicable Legislation that the Corporation shall deposit with the Warrant Agent resolutions,
certificates, reports, opinions, requests, orders or other documents, it is intended that the truth, accuracy and good faith on the effective
date thereof and the facts and opinions stated in all such documents so deposited shall, in each and every such case, be conditions precedent
to the right of the Corporation to have the Warrant Agent take the action to be based thereon.

 

(4)            The
Warrant Agent may employ or retain such Counsel, accountants, appraisers or other experts or advisers as it may reasonably require for
the purpose of discharging its duties hereunder and may pay reasonable remuneration for all services so performed by any of them, without
taxation of costs of any Counsel, and shall not be responsible for any misconduct or negligence on the part of any such experts or advisers
who have been appointed with due care by the Warrant Agent.

 

(5)            The
Warrant Agent may act and rely and shall be protected in acting and relying in good faith on the opinion or advice of or information obtained
from any Counsel, accountant, appraiser, engineer or other expert or adviser, whether retained or employed by the Corporation or by the
Warrant Agent, in relation to any matter arising in the administration of the agency hereof.

 

     

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Section 9.4     Documents,
Monies, etc. Held by Warrant Agent.

 

Until released in accordance
with this Indenture, any funds received hereunder shall be kept in segregated records of the Warrant Agent and the Warrant Agent shall
place the funds in segregated trust accounts of the Warrant Agent at one or more of the Canadian Chartered Banks listed in Schedule 1
of the Bank Act (Canada) (“Approved Bank”). All amounts held by the Warrant Agent pursuant to this Agreement
shall be held by the Warrant Agent for the Corporation and the delivery of the funds to the Warrant Agent shall not give rise to a debtor-creditor
or other similar relationship. The amounts  held by the Warrant Agent pursuant to this Agreement are at the sole risk of the Corporation
and, without limiting the generality of the foregoing,  the Warrant Agent shall have no responsibility or liability for any diminution
of the funds which may result from any deposit made with an Approved Bank pursuant to this section, including any losses resulting
from a default by the Approved Bank or other credit losses (whether or not resulting from such a default). The parties hereto acknowledge
and agree that the Warrant Agent will have acted prudently in depositing the funds at any Approved Bank, and that the Warrant Agent is
not required to make any further inquiries in respect of any such bank. The Warrant Agent may hold cash balances constituting part or
all of such monies and need not, invest the same; the Warrant Agent shall not be liable to account for any profit to any parties to this
Indenture or to any other person or entity.

 

Section 9.5     Actions
by Warrant Agent to Protect Interest.

 

The Warrant Agent shall have
power to institute and to maintain such actions and proceedings as it may consider necessary or expedient to preserve, protect or enforce
its interests and the interests of the Registered Warrantholders.

 

Section 9.6     Warrant
Agent Not Required to Give Security.

 

The Warrant Agent shall not
be required to give any bond or security in respect of the execution of the agency and powers of this Indenture or otherwise in respect
of the premises.

 

Section 9.7     Protection
of Warrant Agent.

 

By way of supplement to the
provisions of any law for the time being relating to the Warrant Agent it is expressly declared and agreed as follows:

 

(a)            the
Warrant Agent shall not be liable for or by reason of any statements of fact or recitals in this Indenture or in the Warrant Certificates
(except the representation contained in Section 9.9 or in the Authentication of the Warrant Agent on the Warrant Certificates) or
be required to verify the same, but all such statements or recitals are and shall be deemed to be made by the Corporation;

 

     

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(b)            nothing
herein contained shall impose any obligation on the Warrant Agent to see to or to require evidence of the registration or filing (or renewal
thereof) of this Indenture or any instrument ancillary or supplemental hereto;

 

(c)            the
Warrant Agent shall not be bound to give notice to any person or persons of the execution hereof;

 

(d)            the
Warrant Agent shall not incur any liability or responsibility whatever or be in any way responsible for the consequence of any breach
on the part of the Corporation of any of its covenants herein contained or of any acts of any directors, officers, employees, agents or
servants of the Corporation;

 

(e)            the
Corporation hereby indemnifies and agrees to hold harmless the Warrant Agent, its affiliates, their officers, directors, employees, agents,
successors and assigns (the “Indemnified Parties”) from and against any and all liabilities whatsoever, losses, damages, penalties,
claims, demands, actions, suits, proceedings, costs, charges, assessments, judgments, expenses and disbursements, including reasonable
legal fees and disbursements of whatever kind and nature which may at any time be imposed on or incurred by or asserted against the Indemnified
Parties, or any of them, whether at law or in equity, in any way caused by or arising, directly or indirectly, in respect of any act,
deed, matter or thing whatsoever made, done, acquiesced in or omitted in or about or in relation to the execution of the Indemnified Parties’
duties, or any other services that Warrant Agent may provide in connection with or in any way relating to this Indenture. The Corporation
agrees that its liability hereunder shall be absolute and unconditional regardless of the correctness of any representations of any third
parties and regardless of any liability of third parties to the Indemnified Parties, and shall accrue and become enforceable without prior
demand or any other precedent action or proceeding; provided that the Corporation shall not be required to indemnify the Indemnified Parties
in the event of the gross negligence or wilful misconduct of the Warrant Agent, and this provision shall survive the resignation or removal
of the Warrant Agent or the termination or discharge of this Indenture; and

 

(f)     notwithstanding
the foregoing or any other provision of this Indenture, any liability of the
Warrant Agent shall be limited, in the aggregate, to the amount of annual retainer fees
paid by the Corporation to the Warrant Agent under this Indenture in the
twelve     (12)
months immediately prior to the Warrant Agent receiving the first notice of the claim. Notwithstanding any other provision of this Indenture,
and whether such losses or damages are foreseeable or unforeseeable, the Warrant Agent shall not be liable under any circumstances whatsoever
for any (a) breach by any other party of securities law or other rule of any securities regulatory authority, (b) lost
profits or (c) special, indirect, incidental, consequential, exemplary, aggravated or punitive losses or damages.

 

     

     - 47 -

    

 

Section 9.8     Replacement
of Warrant Agent; Successor by Merger.

 

(1)            The
Warrant Agent may resign its agency and be discharged from all further duties and liabilities hereunder, subject to this Section 9.8,
by giving to the Corporation not less than 60 days’ prior notice in writing or such shorter prior notice as the Corporation may
accept as sufficient. The Registered Warrantholders by Extraordinary Resolution shall have power at any time to remove the existing Warrant
Agent and to appoint a new warrant agent. In the event of the Warrant Agent resigning or being removed as aforesaid or being dissolved,
becoming bankrupt, going into liquidation or otherwise becoming incapable of acting hereunder, the Corporation shall forthwith appoint
a new warrant agent unless a new warrant agent has already been appointed by the Registered Warrantholders; failing such appointment by
the Corporation, the retiring Warrant Agent or any Registered Warrantholder may apply to a judge of the Province of British Columbia on
such notice as such judge may direct, for the appointment of a new warrant agent; but any new warrant agent so appointed by the Corporation
or by the Court shall be subject to removal as aforesaid by the Registered Warrantholders. Any new warrant agent appointed under any provision
of this Section 9.8 shall be an entity authorized to carry on the business of a trust company in the Province of British Columbia
and, if required by the Applicable Legislation for any other provinces, in such other provinces. On any such appointment the new warrant
agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named herein as Warrant Agent
hereunder.

 

(2)            Upon
the appointment of a successor warrant agent, the Corporation shall promptly notify the Registered Warrantholders thereof in the manner
provided for in Section 10.2.

 

(3)            Any
Warrant Certificates Authenticated but not delivered by a predecessor Warrant Agent may be Authenticated by the successor Warrant Agent
in the name of the successor Warrant Agent.

 

(4)            Any
corporation into which the Warrant Agent may be merged or consolidated or amalgamated, or any corporation resulting therefrom to which
the Warrant Agent shall be a party, or any corporation succeeding to substantially the corporate trust business of the Warrant Agent shall
be the successor to the Warrant Agent hereunder without any further act on its part or any of the parties hereto, provided that
such corporation would be eligible for appointment as successor Warrant Agent under Section 9.8(1).

 

     

     - 48 -

    

 

Section 9.9     Acceptance
of Agency

 

The Warrant Agent hereby accepts
the agency in this Indenture declared and provided for and agrees to perform the same upon the terms and conditions herein set forth.

 

Section 9.10     Warrant
Agent Not to be Appointed Receiver.

 

The Warrant Agent and any
person related to the Warrant Agent shall not be appointed a receiver, a receiver and manager or liquidator of all or any part of the
assets or undertaking of the Corporation.

 

Section 9.11     Warrant
Agent Not Required to Give Notice of Default.

 

The Warrant Agent shall not
be bound to give any notice or do or take any act, action or proceeding by virtue of the powers conferred on it hereby unless and until
it shall have been required so to do under the terms hereof; nor shall the Warrant Agent be required to take notice of any default hereunder,
unless and until notified in writing of such default, which notice shall distinctly specify the default desired to be brought to the attention
of the Warrant Agent and in the absence of any such notice the Warrant Agent may for all purposes of this Indenture conclusively assume
that no default has been made in the observance or performance of any of the representations, warranties, covenants, agreements or conditions
contained herein. Any such notice shall in no way limit any discretion herein given to the Warrant Agent to determine whether or not the
Warrant Agent shall take action with respect to any default.

 

Section 9.12     Anti-Money
Laundering.

 

(1)            The
Corporation hereby represents to the Warrant Agent that any account to be opened by, or interest to be held by the Warrant Agent in connection
with this Indenture, for or to the credit of such party, either (i) is not intended to be used by or on behalf of any third party;
or (ii) is intended to be used by or on behalf of a third party, in which case such party hereto agrees to complete and execute forthwith
a declaration in the Warrant Agent’s prescribed form as to the particulars of such third party.

 

(2)            The
Warrant Agent shall retain the right not to act and shall not be liable for refusing to act if, due to a lack of information or for any
other reason whatsoever, the Warrant Agent, in its sole judgment, determines that such act might cause it to be in non-compliance with
any applicable anti-money laundering, anti-terrorist or economic sanctions legislation, regulation or guideline. Further, should the Warrant
Agent, in its sole judgment, determine at any time that its acting under this Indenture has resulted in its being in non-compliance with
any applicable anti-money laundering, anti-terrorist or economic sanctions legislation, regulation or guideline, then it shall have the
right to resign on ten (10) days written notice to the other parties to this Indenture, provided (i) that the Warrant Agent's
written notice shall describe the circumstances of such non-compliance; and (ii) that if such circumstances are rectified to the
Warrant Agent's satisfaction within such ten (10) day period, then such resignation shall not be effective.

 

     

     - 49 -

    

 

Section 9.13     Compliance
with Privacy Code.

 

The Corporation acknowledges
that the Warrant Agent may, in the course of providing services hereunder, collect or receive financial and other personal information
about such parties and/or their representatives, as individuals, or about other individuals related to the subject matter hereof, and
use such information for the following purposes:

 

		(a)	to provide the services required under this Indenture and other services that may be requested from time
to time;

 

		(b)	to help the Warrant Agent manage its servicing relationships with such individuals;

 

		(c)	to meet the Warrant Agent’s legal and regulatory requirements; and

 

		(d)	if Social Insurance Numbers are collected by the Warrant Agent, to perform tax reporting and to assist
in verification of an individual’s identity for security purposes.

 

The Corporation acknowledges
and agrees that the Warrant Agent may receive, collect, use and disclose personal information provided to it or acquired by it in the
course of its acting as agent hereunder for the purposes described above and, generally, in the manner and on the terms described in
its Privacy Code, which the Warrant Agent shall make available on its website, www.computershare.com, or upon request, including
revisions thereto. The Warrant Agent may transfer personal information to other companies in or outside of Canada that provide data processing
and storage or other support in order to facilitate the services it provides.

 

Further, the Corporation agrees
that it shall not provide or cause to be provided to the Warrant Agent any personal information relating to an individual who is not a
party to this Indenture unless that party has assured itself that such individual understands and has consented to the aforementioned
uses and disclosures.

 

     

     - 50 -

    

 

Section 9.14     Securities
Exchange Commission Certification.

 

The Corporation confirms that
as at the date of execution of this Agreement it does not have a class of securities registered pursuant to Section 12 of the U.S.
Exchange Act or have a reporting obligation pursuant to Section 15(d) of the U.S. Exchange Act.

 

The Corporation covenants
that in the event that (i) any class of its securities shall become registered pursuant to Section 12 of the U.S. Exchange Act
or Corporation shall incur a reporting obligation pursuant to Section 15(d) of the U.S. Exchange Act, or (ii) any such
registration or reporting obligation shall be terminated by the Corporation in accordance with the U.S. Exchange Act, the Corporation
shall promptly deliver to the Warrant Agent an officer’s certificate (in a form provided by the Warrant Agent notifying the Warrant
Agent of such registration or termination and such other information as the Warrant Agent may require at the time. The Corporation acknowledges
that the Warrant Agent is relying upon the foregoing representation and covenants in order to meet certain United States Securities and
Exchange Commission (“SEC”) obligations with respect to those clients who are filing with the SEC.

 

Article 10

GENERAL

 

Section 10.1     Notice
to the Corporation and the Warrant Agent.

 

  (1)            Unless herein otherwise expressly provided, any notice to be given hereunder to the Corporation or the Warrant Agent shall be deemed to be validly given if delivered, sent by registered letter, postage prepaid or if faxed or emailed:

 

		(a)	If to the Corporation:

 

LexaGene Holdings Inc.

500 Cummings Centre, Suite 4550

Beverly, Massachusetts 01915

 

Attention: Dr. Jack
Regan, Chief Executive Officer

 

Email: jregan@lexagene.com

 

		(b)	If to the Warrant Agent:

 

Computershare Trust Company of Canada

3rd Floor, 510 Burrard Street

Vancouver, British Columbia V6C 3B9

 

Attention: General Manager, Corporate
Trust

 

Email: corporatetrust.vancouver@computershare.com

 

     

     - 51 -

    

 

and any such notice delivered in accordance
with the foregoing shall be deemed to have been received and given on the date of delivery or, if mailed, on the fifth Business Day following
the date of mailing such notice or, if faxed, on the next Business Day following the date of transmission.

 

(2)            The
Corporation or the Warrant Agent, as the case may be, may from time to time notify the other in the manner provided in Section 10.1(1) of
a change of address which, from the effective date of such notice and until changed by like notice, shall be the address of the Corporation
or the Warrant Agent, as the case may be, for all purposes of this Indenture.

 

(3)            If,
by reason of a strike, lockout or other work stoppage, actual or threatened, involving postal employees, any notice to be given to the
Warrant Agent or to the Corporation hereunder could reasonably be considered unlikely to reach its destination, such notice shall be valid
and effective only if it is delivered to the named officer of the party to which it is addressed, as provided in Section 10.1(1),
or given by facsimile or other means of prepaid, transmitted and recorded communication.

 

Section 10.2     Notice
to Registered Warrantholders.

 

(1)            Unless
otherwise provided herein, notice to the Registered Warrantholders under the provisions of this Indenture shall be valid and effective
if delivered or sent by ordinary prepaid post addressed to such holders at their post office addresses appearing on the register hereinbefore
mentioned and shall be deemed to have been effectively received and given on the date of delivery or, if mailed, on the third Business
Day following the date of mailing such notice. In the event that Warrants are held in the name of the Depository, a copy of such notice
shall also be sent by electronic communication to the Depository and shall be deemed received and given on the day it is so sent.

 

(2)            If,
by reason of a strike, lockout or other work stoppage, actual or threatened, involving postal employees, any notice to be given to the
Registered Warrantholders hereunder could reasonably be considered unlikely to reach its destination, such notice shall be valid and effective
only if it is delivered to such Registered Warrantholders to the address for such Registered Warrantholders contained in the register
maintained by the Warrant Agent or such notice may be given, at the Corporation’s expense, by means of publication in the Globe
and Mail, National Edition, or any other English language daily newspaper or newspapers of general circulation in Canada, in each two
successive weeks, the first such notice to be published within 5 Business Days of such event, and any so notice published shall be deemed
to have been received and given on the latest date the publication takes place.

 

     

     - 52 -

    

 

Section 10.3     Ownership
of Warrants.

 

The Corporation and the Warrant
Agent may deem and treat the Registered Warrantholders as the absolute owner thereof for all purposes, and the Corporation and the Warrant
Agent shall not be affected by any notice or knowledge to the contrary except where the Corporation or the Warrant Agent is required to
take notice by statute or by order of a court of competent jurisdiction. The receipt of any such Registered Warrantholder of the Warrant
Shares which may be acquired pursuant thereto shall be a good discharge to the Corporation and the Warrant Agent for the same and neither
the Corporation nor the Warrant Agent shall be bound to inquire into the title of any such holder except where the Corporation or the
Warrant Agent is required to take notice by statute or by order of a court of competent jurisdiction.

 

Section 10.4     Counterparts.

 

This Indenture may be executed
in several counterparts, each of which when so executed shall be deemed to be an original and such counterparts together shall constitute
one and the same instrument and notwithstanding their date of execution they shall be deemed to be dated as of the date hereof. Delivery
of an executed copy of the Indenture by electronic facsimile transmission or other means of electronic communication capable of producing
a printed copy will be deemed to be execution and delivery of this Indenture as of the date hereof.

 

Section 10.5     Satisfaction
and Discharge of Indenture.

 

Upon the earlier of:

 

(a)            the
date by which there shall have been delivered to the Warrant Agent for exercise or cancellation all Warrants theretofore Authenticated
hereunder, in the case of Warrant Certificates (or such other instructions, in a form satisfactory to the Warrant Agent), in the case
of Uncertificated Warrants, or by way of standard processing through the book entry system in the case of a CDS Global Warrant; and

 

(b)            the
Expiry Time;

 

and if all certificates or other entry
on the register representing Warrant Shares required to be issued in compliance with the provisions hereof have been issued and delivered
hereunder or to the Warrant Agent in accordance with such provisions, this Indenture shall cease to be of further effect and the Warrant
Agent, on demand of and at the cost and expense of the Corporation and upon delivery to the Warrant Agent of a certificate of the Corporation
stating that all conditions precedent to the satisfaction and discharge of this Indenture have been complied with, shall execute proper
instruments acknowledging satisfaction of and discharging this Indenture. Notwithstanding the foregoing, the indemnities provided to the
Warrant Agent by the Corporation hereunder shall remain in full force and effect and survive the termination of this Indenture.

 

     

     - 53 -

    

 

Section 10.6     Provisions
of Indenture and Warrants for the Sole Benefit of Parties and Registered Warrantholders.

 

Nothing in this Indenture
or in the Warrants, expressed or implied, shall give or be construed to give to any person other than the parties hereto and the Registered
Warrantholders, as the case may be, any legal or equitable right, remedy or claim under this Indenture, or under any covenant or provision
herein or therein contained, all such covenants and provisions being for the sole benefit of the parties hereto and the Registered Warrantholders.

 

Section 10.7     Common Shares
or Warrants Owned by the Corporation or its Subsidiaries - Certificate to be Provided.

 

For the purpose of disregarding
any Warrants owned legally or beneficially by the Corporation in Section 7.16, the Corporation shall provide to the Warrant Agent,
from time to time, a certificate of the Corporation setting forth as at the date of such certificate:

 

(a)            the
names (other than the name of the Corporation) of the Registered Warrantholders which, to the knowledge of the Corporation, are owned
by or held for the account of the Corporation; and

 

(b)            the
number of Warrants owned legally or beneficially by the Corporation;

 

and the Warrant
Agent, in making the computations shall be entitled to rely on such certificate without any additional evidence.

 

Section 10.8    Severability

 

If, in any jurisdiction, any
provision of this Indenture or its application to any party or circumstance is restricted, prohibited or unenforceable, such provision
will, as to such jurisdiction, be ineffective only to the extent of such restriction, prohibition or unenforceability without invalidating
the remaining provisions of this Indenture and without affecting the validity or enforceability of such provision in any other jurisdiction
or without affecting its application to other parties or circumstances.

 

     

     - 54 -

    

 

Section 10.9    Force Majeure

 

No party shall be liable to
the other, or held in breach of this Indenture, if prevented, hindered, or delayed in the performance or observance of any provision contained
herein by reason of act of God, riots, terrorism, acts of war, epidemics, governmental action or judicial order, earthquakes, or any other
similar causes (including, but not limited to, mechanical, electronic or communication interruptions, disruptions or failures). Performance
times under this Indenture shall be extended for a period of time equivalent to the time lost because of any delay that is excusable under
this Section.

 

Section 10.10    Assignment,
Successors and Assigns

 

Neither of the parties hereto
may assign its rights or interest under this Indenture, except as provided in Section 9.8 in the case of the Warrant Agent, or as
provided in Section 8.2 in the case of the Corporation. Subject thereto, this Indenture shall enure to the benefit of and be binding
upon the parties hereto and their respective successors and permitted assigns.

 

Section 10.11    Rights of
Rescission and Withdrawal for Holders

 

Should a holder of Warrants
exercise any legal, statutory, contractual or other right of withdrawal or rescission that may be available to it, and the holder’s
funds which were paid on exercise have already been released to the Corporation by the Warrant Agent, the Warrant Agent shall not be responsible
for ensuring the exercise is cancelled and a refund is paid back to the holder. In such cases, the holder shall seek a refund directly
from the Corporation and subsequently, the Corporation, upon surrender to the Corporation or the Warrant Agent of any underlying Warrant
Shares or other securities that may have been issued, or such other procedure as agreed to by the parties hereto, shall instruct the Warrant
Agent in writing, to cancel the exercise transaction and any such underlying Warrant Shares or other securities on the register, which
may have already been issued upon the Warrant exercise. In the event that any payment is received from the Corporation by virtue of the
holder being a shareholder for such Warrants that were subsequently rescinded, such payment must be returned to the Corporation by such
holder. The Warrant Agent shall not be under any duty or obligation to take any steps to ensure or enforce the return of the funds pursuant
to this section, nor shall the Warrant Agent be in any other way responsible in the event that any payment is not delivered or received
pursuant to this section. Notwithstanding the foregoing, in the event that the Corporation provides the refund to the Warrant Agent for
distribution to the holder, the Warrant Agent shall return such funds to the holder as soon as reasonably practicable, and in so doing,
the Warrant Agent shall incur no liability with respect to the delivery or non-delivery of any such funds.

 

     

     - 55 -

    

 

IN WITNESS WHEREOF
the parties hereto have executed this Indenture under the hands of their proper officers in that behalf as of the date first written above.

 

	 	
    LEXAGENE HOLDINGS INC.

     

	 	By:	/s/ Dr. Jack Regan
	 	 	Name:   Dr. Jack Regan
	 	 	Title:     Chief Executive Officer

 

	 	COMPUTERSHARE TRUST COMPANY OF CANADA
	 	 
	 	By:	/s/ Jennifer Wong
	 	 	Name:    Jennifer Wong 
	 	 	Title:      Corporate Trust Officer
	 	 	 
	 	By:	/s/ Jennifer Lesley Wong
	 	 	Name:   Jennifer Lesley Wong
	 	 	Title:     Professional, Corporate Trust

 

     

    A-1

    

 

 

Schedule
 “A”

 

Form of
Warrant

 

THE WARRANTS EVIDENCED HEREBY ARE EXERCISABLE
AT OR BEFORE 4:00 P.M. (EASTERN TIME) ON SEPTEMBER 9, 2023, AFTER WHICH TIME THE WARRANTS EVIDENCED HEREBY SHALL BE DEEMED
TO BE VOID AND OF NO FURTHER FORCE OR EFFECT.

 

For all Certificated Warrants registered in
the name of the Depository, the also include the following legend:

 

(INSERT IF BEING ISSUED TO CDS)UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. ("CDS") TO
LEXAGENE HOLDINGS INC. (THE "ISSUER") OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS & CO., OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF CDS (AND ANY PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS &
CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER
PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE.

 

For Warrants sold in the United States, also
include the following legend:

 

“THE SECURITIES REPRESENTED HEREBY AND
THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
 “U.S. SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THESE SECURITIES MAY BE OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY, (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION
S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE CANADIAN LOCAL LAWS AND REGULATIONS, (C) IN COMPLIANCE WITH THE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT PROVIDED BY (I) RULE 144 THEREUNDER, IF AVAILABLE,
OR (II) RULE 144A THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, (D) IN ANOTHER TRANSACTION
THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, OR (E) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT, PROVIDED THAT, IN THE CASE OF TRANSFERS PURSUANT TO (C)(I) OR
(D) ABOVE, THE HOLDER HAS, PRIOR TO SUCH TRANSFER, FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OF RECOGNIZED STANDING OR OTHER
EVIDENCE OF EXEMPTION, IN EITHER CASE REASONABLY SATISFACTORY TO THE COMPANY.

 

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

 

     

    A-2

    

 

WARRANT

 

To acquire Common Shares of

 

LEXAGENE HOLDINGS INC.

 

(incorporated pursuant to the laws of the Province
of British Columbia)

 

	Warrant

                                                Certificate No. [·]
	
    

    Certificate for                                                      
    Warrants, each entitling the holder to acquire one (1) Common Share (subject to adjustment as provided for in the Warrant
    Indenture (as defined below)

    

    

    

	 	 
	 	CUSIP 52886L145
	 	 
	 	ISIN CA52886L1452

 

THIS IS TO CERTIFY THAT, for value received,

 

		 

 

(the “Warrantholder”) is the
registered holder of the number of common share purchase warrants (the “Warrants”) of LexaGene Holdings Inc. (the
 “Corporation”) specified above, and is entitled, on exercise of these Warrants upon and subject to the terms and conditions
set forth herein and in the Warrant Indenture, to purchase at any time before 4:00 p.m. (Eastern time) (the “Expiry Time”)
on September 9, 2023 (the “Expiry Date”), one fully paid and non-assessable common share without par value in
the capital of the Corporation as constituted on the date hereof (a “Common Share”) for each Warrant subject to adjustment
in accordance with the terms of the Warrant Indenture.

 

The right to purchase Common Shares may only
be exercised by the Warrantholder within the time set forth above by:

 

(a)            duly
completing and executing the exercise form (the “Exercise Form”) attached hereto; and

 

(b)            surrendering
this warrant certificate (the “Warrant Certificate”), with the Exercise Form to the Warrant Agent at the principal
office of the Warrant Agent, in the city of Vancouver, British Columbia, together with a certified cheque, bank draft or money order
in the lawful money of Canada payable to or to the order of the Corporation in an amount equal to the purchase price of the Common Shares
so subscribed for.

 

     

    A-3

    

 

The surrender of this Warrant Certificate, the
duly completed Exercise Form and payment as provided above will be deemed to have been effected only on personal delivery thereof
to, or if sent by mail or other means of transmission on actual receipt thereof by, the Warrant Agent at its principal office as set
out above.

 

Subject to adjustment thereof in the events and
in the manner set forth in the Warrant Indenture hereinafter referred to, the exercise price payable for each Common Share upon the exercise
of Warrants shall be $1.10 per Common Share (the “Exercise Price”).

 

Certificates for the Common Shares subscribed
for will be mailed to the persons specified in the Exercise Form at their respective addresses specified therein or, if so specified
in the Exercise Form, delivered to such persons at the office where this Warrant Certificate is surrendered. If fewer Common Shares are
purchased than the number that can be purchased pursuant to this Warrant Certificate, the holder hereof will be entitled to receive without
charge a new Warrant Certificate in respect of the balance of the Common Shares not so purchased. No fractional Common Shares will be
issued upon exercise of any Warrant.

 

This Warrant Certificate evidences Warrants of
the Corporation issued or issuable under the provisions of a warrant indenture (which indenture together with all other instruments supplemental
or ancillary thereto is herein referred to as the “Warrant Indenture”) dated as of September 9, 2020 between
the Corporation and Computershare Trust Company of Canada, as Warrant Agent, to which Warrant Indenture reference is hereby made for
particulars of the rights of the holders of Warrants, the Corporation and the Warrant Agent in respect thereof and the terms and conditions
on which the Warrants are issued and held, all to the same effect as if the provisions of the Warrant Indenture were herein set forth,
to all of which the holder, by acceptance hereof, assents. The Corporation will furnish to the holder, on request and without charge,
a copy of the Warrant Indenture.

 

On presentation at the principal office of the
Warrant Agent as set out above, subject to the provisions of the Warrant Indenture and on compliance with the reasonable requirements
of the Warrant Agent, one or more Warrant Certificates may be exchanged for one or more Warrant Certificates entitling the holder thereof
to purchase in the aggregate an equal number of Common Shares as are purchasable under the Warrant Certificate(s) so exchanged.

 

Neither the Warrants nor the Common Shares issuable
upon exercise hereof have been or will be registered under the United States Securities Act of 1933, as amended (the “U.S.
Securities Act”), or U.S. state securities laws. Other than by an original U.S. purchaser that purchased the Warrants directly
from the Corporation, these Warrants may not be exercised in the United States or by or on behalf of, or for the account or benefit of,
a U.S. Person or a person in the United States unless this security and the Common Shares issuable upon exercise of this security have
been registered under the U.S. Securities Act and the applicable state securities legislation or an exemption from such registration
requirements is available.

 

     

    A-4

    

 

The Warrant Indenture contains provisions for
the adjustment of the Exercise Price payable for each Common Share upon the exercise of Warrants and the number of Common Shares issuable
upon the exercise of Warrants in the events and in the manner set forth therein.

 

The Warrant Indenture also contains provisions
making binding on all holders of Warrants outstanding thereunder resolutions passed at meetings of holders of Warrants held in accordance
with the provisions of the Warrant Indenture and instruments in writing signed by Warrantholders of Warrants entitled to purchase a specific
majority of the Common Shares that can be purchased pursuant to such Warrants.

 

Nothing contained in this Warrant Certificate,
the Warrant Indenture or elsewhere shall be construed as conferring upon the holder hereof any right or interest whatsoever as a holder
of Common Shares or any other right or interest except as herein and in the Warrant Indenture expressly provided. In the event of any
discrepancy between anything contained in this Warrant Certificate and the terms and conditions of the Warrant Indenture, the terms and
conditions of the Warrant Indenture shall govern.

 

Warrants may only be transferred in compliance
with the conditions of the Warrant Indenture on the register to be kept by the Warrant Agent in Vancouver, British Columbia, or
such other registrar as the Corporation, with the approval of the Warrant Agent, may appoint at such other place or places, if any, as
may be designated, upon surrender of this Warrant Certificate to the Warrant Agent or other registrar accompanied by a written instrument
of transfer in form and execution satisfactory to the Warrant Agent or other registrar and upon compliance with the conditions prescribed
in the Warrant Indenture and with such reasonable requirements as the Warrant Agent or other registrar may prescribe and upon the transfer
being duly noted thereon by the Warrant Agent or other registrar. Time is of the essence hereof.

 

This Warrant Certificate will not be valid for
any purpose until it has been countersigned by or on behalf of the Warrant Agent from time to time under the Warrant Indenture.

 

The parties hereto have declared that they have
required that these presents and all other documents related hereto be in the English language. Les parties aux présentes déclarent
qu’elles ont exigé que la présente convention, de même que tous les documents s’y rapportant, soient
rédigés en anglais.

 

     

    A-5

    

 

IN WITNESS WHEREOF the Corporation has
caused this Warrant Certificate to be duly executed as of September       , 2020.

 

	 	
    LEXAGENE HOLDINGS INC.

    

	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

	Countersigned and Registered by:	 
	 	 	 
	COMPUTERSHARE TRUST COMPANY OF CANADA	 
	 	 	 
	By:	 	 
	 	Authorized Signatory	 

 

     

    A-6

    

 

FORM OF TRANSFER

 

To: Computershare Trust Company of Canada

 

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

	 

	 

 

(print name and address) the Warrants represented by this
Warrants Certificate and hereby irrevocable constitutes and appoints                                              
as its attorney with full power of substitution to transfer the said securities on the appropriate register of the Warrant
Agent.

 

In the case of a warrant certificate that contains
a U.S. restrictive legend, the undersigned hereby represents, warrants and certifies that (one (only) of the following must be checked):

 

		 ̈	(A)    the
transfer is being made only to the Corporation;

 

		 ̈	(B)    the
                                            transfer is being made outside the United States in accordance with Rule 904 of Regulation
                                            S under the U.S. Securities Act, and in compliance with any applicable local securities laws
                                            and regulations and the holder has provided herewith the Declaration for Removal of Legend
                                            attached as Schedule “C” to the Warrant Indenture, or

 

		 ̈	(C)    the
                                            transfer is being made within the United States or to, or for the account or benefit of,
                                            a U.S. Person, in accordance with a transaction that does not require registration under
                                            the U.S. Securities Act or any applicable state securities laws and the undersigned has furnished
                                            to the Corporation and the Warrant Agent an opinion of counsel of recognized standing in
                                            form and substance reasonably satisfactory to the Corporation and the Warrant Agent to such
                                            effect.

 

Warrants shall only be transferable
in accordance with the Warrant Indenture and all applicable laws. Without limiting the foregoing, if the Warrant Certificate bears a
legend restricting the transfer of the Warrants except pursuant to an exemption from registration under the U.S. Securities Act, this
Form of Transfer must be accompanied by a Form of Declaration for Removal of Legend in the form attached as Schedule “C”
to the Warrant Indenture (or such other form as the Corporation may prescribe from time to time), or a written opinion of counsel of
recognized standing in form and substance reasonably satisfactory to the Corporation and to the Warrant Agent to the effect that the
transfer is exempt from registration under the U.S. Securities Act and applicable state securities laws.

 

     

    A-7

    

 

In the case of a Warrant Certificate
that does not contain a U.S. restrictive legend, if the proposed transfer is to, or for the account or benefit of, a U.S. Person or a
person in the United States, the undersigned transferor hereby represents, warrants and certifies that the transfer of the Warrants is
being completed pursuant to an exemption from the registration requirements of the U.S. Securities Act and any applicable state securities
laws, in which case the undersigned transferor has furnished to the Corporation and the Warrant Agent an opinion of counsel of recognized
standing in form and substance reasonably satisfactory to the Corporation and the Warrant Agent to such effect.

 

		 ̈	If
                                            transfer is to, or for the account or benefit of, a U.S. Person or a person in the United
                                            States, check this box.

 

In the event this transfer
of the Warrants represented by this Warrant Certificate is to a U.S. Warrantholder, or to or for the account or benefit of a U.S. Person
or a person in the United States, the Transferor acknowledges and agrees that the Warrant Certificate(s) representing such Warrants
issued in the name of the transferee will be endorsed with the legend required by Section 2.8(1) of the Warrant Indenture.

 

THE UNDERSIGNED TRANSFEROR
HEREBY CERTIFIES AND DECLARES that the Warrants are not being offered, sold or transferred to, or for the account or benefit of, a U.S.
Person or a person within the United States unless registered under the U.S. Securities Act and any applicable state securities laws
or unless an exemption from such registration is available.

 

DATED this           
day of                                      ,
202     .

 

	SPACE FOR GUARANTEES OF SIGNATURES (BELOW)	)	 
	 	)	 
	 	)	Signature of Transferor
	 	)	 
	 	)	 
	Guarantor’s Signature/Stamp	)	Name of Transferor
	 	)	 

 

     

    A-8

    

 

 

REASON FOR TRANSFER – For US Residents only (where the individual(s) or
corporation receiving the securities is a US resident). Please select only one (see instructions below).

 

 ̈ Gift                
 ̈ Estate                
 ̈ Private Sale                
 ̈ Other (or no change in ownership)

 

	Date of Event (Date of gift, death or sale): 	Value per Warrant on the date of event:
	 	 
			 ̈ CAD
OR  ̈ USD

 

CERTAIN REQUIREMENTS RELATING TO TRANSFERS – READ CAREFULLY

 

The signature(s) of the transferor(s) must
correspond with the name(s) as written upon the face of this certificate(s), in every particular, without alteration or enlargement,
or any change whatsoever. All securityholders or a legally authorized representative must sign this form. The signature(s) on this
form must be guaranteed in accordance with the transfer agent’s then current guidelines and requirements at the time of transfer.
Notarized or witnessed signatures are not acceptable as guaranteed signatures. As at the time of closing, you may choose one of the following
methods (although subject to change in accordance with industry practice and standards):

 

		●	Canada and the USA: A Medallion Signature
Guarantee obtained from a member of an acceptable Medallion Signature Guarantee Program (STAMP, SEMP, NYSE, MSP). Many commercial banks,
savings banks, credit unions, and all broker dealers participate in a Medallion Signature Guarantee Program. The Guarantor must affix
a stamp bearing the actual words “Medallion Guaranteed”, with the correct prefix covering the face value of the certificate.

 

		●	Canada: A Signature Guarantee obtained
from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust. The Guarantor must affix a stamp bearing the actual
words “Signature Guaranteed”, sign and print their full name and alpha numeric signing number. Signature Guarantees are not
accepted from Treasury Branches, Credit Unions or Caisse Populaires unless they are members of a Medallion Signature Guarantee Program.
For corporate holders, corporate signing resolutions, including certificate of incumbency, are also required to accompany the transfer,
unless there is a “Signature & Authority to Sign Guarantee” Stamp affixed to the transfer (as opposed to a “Signature
Guaranteed” Stamp) obtained from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust or a Medallion
Signature Guarantee with the correct prefix covering the face value of the certificate.

 

     

    A-9

    

 

		●	Outside North America: For holders located
outside North America, present the certificates(s) and/or document(s) that require a guarantee to a local financial institution
that has a corresponding Canadian or American affiliate which is a member of an acceptable Medallion Signature Guarantee Program. The
corresponding affiliate will arrange for the signature to be over-guaranteed.

 

OR

 

The signature(s) of the transferor(s) must
correspond with the name(s) as written upon the face of this certificate(s), in every particular, without alteration or enlargement,
or any change whatsoever. The signature(s) on this form must be guaranteed by an authorized officer of Royal Bank of Canada, Scotia
Bank or TD Canada Trust whose sample signature(s) are on file with the transfer agent, or by a member of an acceptable Medallion
Signature Guarantee Program (STAMP, SEMP, NYSE, MSP). Notarized or witnessed signatures are not acceptable as guaranteed signatures. The
Guarantor must affix a stamp bearing the actual words: “SIGNATURE GUARANTEED”, “MEDALLION GUARANTEED” OR “SIGNATURE &
AUTHORITY TO SIGN GUARANTEE”, all in accordance with the transfer agent’s then current guidelines and requirements at the
time of transfer. For corporate holders, corporate signing resolutions, including certificate of incumbency, will also be required to
accompany the transfer unless there is a “SIGNATURE & AUTHORITY TO SIGN GUARANTEE” Stamp affixed to the Form of
Transfer obtained from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust or a “MEDALLION GUARANTEED”
Stamp affixed to the Form of Transfer, with the correct prefix covering the face value of the certificate.

 

REASON FOR TRANSFER – FOR US RESIDENTS
ONLY

 

Consistent with US IRS regulations, Computershare
is required to request cost basis information from US securityholders. Please indicate the reason for requesting the transfer as well
as the date of event relating to the reason. The event date is not the day in which the transfer is finalized, but rather the date of
the event which led to the transfer request (i.e. date of gift, date of death of the securityholder, or the date the private sale took
place).

 

     

    B-1 

    

 

SCHEDULE “B”

 

EXERCISE FORM

 

TO:               LEXAGENE
HOLDINGS INC.

 

AND TO:     Computershare
Trust Company of Canada

       3RD
Floor, 510 Burrard Street, Vancouver, BC V6C 3B9

 

The undersigned holder of
the Warrants evidenced by this Warrant Certificate hereby exercises the right to acquire ____________ (A) Common Shares of LEXAGENE
HOLDINGS INC.

 

	Exercise Price Payable: 	 
	 	((A) multiplied
by $1.10, subject to adjustment)

 

The undersigned hereby exercises
the right of such holder to be issued, and hereby subscribes for, Common Shares that are issuable pursuant to the exercise of such Warrants
on the terms specified in such Warrant Certificate and in the Warrant Indenture.

 

The undersigned hereby acknowledges
that the undersigned is aware that the Common Shares received on exercise may be subject to restrictions on resale under applicable securities
legislation.

 

Any capitalized term in
this Warrant Certificate that is not otherwise defined herein, shall have the meaning ascribed thereto in the Warrant Indenture.

 

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

 

		 ̈	(A)     the undersigned holder at the time of
exercise of the Warrants (i) is not in the United States, (ii) is not a U.S. Person , (iii) is not exercising the Warrants
for the account or benefit of a U.S. Person or a person in the United States, (iv) did not execute or deliver this exercise form
in the United States and (v) delivery of the underlying Common Shares will not be to an address in the United States; OR

 

		 ̈	(B)      the undersigned holder (a) is the
original U.S. purchaser who purchased the Warrants pursuant to the Corporation’s Unit offering who delivered the Certificate of
U.S. Purchaser attached to the subscription agreement in connection with its purchase of Units, (b) is exercising the Warrants for
its own account or for the account of a disclosed principal that was named in the subscription agreement pursuant to which it purchased
such Units, and (c) is, and such disclosed principal, if any, is an "accredited investor" as defined in Rule 501(a) of
Regulation D under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) at the time of exercise
of these Warrants and the representations and warranties of the holder made in the original subscription agreement including the Certificate
of U.S. Purchaser remain true and correct as of the date of exercise of these Warrants; and, if the undersigned holder is an Original
QIB Purchaser, the representations and warranties of the holder made in the U.S. QIB Letter remain true and correct as of the date of
exercise of these Warrants; OR

 

     

    B-2 

    

 

		 ̈	(C)     if the undersigned holder is (i) a
holder in the United States, (ii) a U.S. Person, (iii) a person exercising for the account or benefit of a U.S. Person, (iv) executing
or delivering this exercise form in the United States or (v) requesting delivery of the underlying Common Shares in the United States,
the undersigned holder has delivered to the Corporation and the Corporation’s transfer agent (a) a completed and executed U.S.
Purchaser Letter in substantially the form attached to the Warrant Indenture as Schedule “D” or (b) an opinion of counsel
(which will not be sufficient unless it is in form and substance reasonably satisfactory to the Corporation and Warrant Agent) or such
other evidence reasonably satisfactory to the Corporation and Warrant Agent to the effect that with respect to the Common Shares to be
delivered upon exercise of the Warrants, the issuance of such securities has been registered under the U.S. Securities Act and applicable
state securities laws, or an exemption from such registration requirements is available.

 

It is understood that the
Corporation and Computershare Trust Company of Canada may require evidence to verify the foregoing representations.

 

		Notes:	(1)	Certificates will not be registered or delivered to an address in the UnitedStates unless Box B or C above is checked.
	 	 	 	 
	 	 	(2)	If Box C above is checked, holders are encouraged to consult with
                                                              the Corporation and the Warrant Agent in advance to determine that the legal opinion tendered
                                                              in connection with the exercise will be satisfactory in form and substance to the Corporation
                                                              and the Warrant Agent.

 

“United States” and “U.S.
Person” are as defined in Rule 902 of Regulation S under the U.S. Securities Act.

 

     

    B-3 

    

 

The undersigned hereby irrevocably
directs that the said Common Shares be issued, registered and delivered as follows:

 

	Name(s) in Full and 

Social Insurance 

Number(s)

  (if applicable)	 	Address(es)	 	Number of 

Common Shares
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

Please print full name in
which certificates representing the Common Shares are to be issued. If any Common Shares are to be issued to a person or persons other
than the registered holder, the registered holder must pay to the Warrant Agent all eligible transfer taxes or other government charges,
if any, and the Form of Transfer must be duly executed.

 

Once completed and executed,
this Exercise Form must be mailed or delivered to Computershare Trust Company of Canada, c/o General Manager, Corporate Trust.

 

DATED this ____day of _____, 202__.

 

	 	)	 
	 	)	 
	Witness	)

        )

        )

        )
	
    (Signature of Warrantholder, to be the same as appears on the
    face of this Warrant Certificate)

     

	 	 	 
	 	)	 Name of Registered Warrantholder
	 	 	 

 

 ̈     Please
check if the certificates representing the Common Shares are to be delivered at the office where this Warrant Certificate is surrendered,
failing which such certificates will be mailed to the address set out above. Certificates will be delivered or mailed as soon as practicable
after the surrender of this Warrant Certificate to the Warrant Agent.

 

     

    C-1 

    

 

SCHEDULE “C”

 

FORM OF DECLARATION FOR REMOVAL OF LEGEND

 

TO:        Computershare
Trust Company of Canada

 

Computershare Investor Services
Inc.

 

as registrar and transfer agent for the Warrants
and Common Shares issuable upon exercise of the Warrants of LexaGene Holdings Inc.

 

The undersigned (a) acknowledges that the
sale of the securities of LexaGene Holdings Inc. (the “Corporation”) to which this declaration relates, represented by certificate
number _______________ or held in Direct Registration System (DRS) account number _______________, is being made in reliance on Rule 904
of Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and (b) certifies
that (1) the undersigned is not an affiliate of the Corporation as that term is defined in the 1933 Act, (2) the offer of such
securities was not made to a person in the United States and either (A) at the time the buy order was originated, the buyer was outside
the United States, or the seller and any person acting on its behalf reasonably believed that the buyer was outside the United States,
or (B) the transaction was executed in, on or through the facilities of the Toronto Stock Exchange or any other designated offshore
securities market as defined in Regulation S under the U.S. Securities Act and neither the seller nor any person acting on its behalf
knows that the transaction has been prearranged with a buyer in the United States, (3) neither the seller nor any affiliate of the
seller nor any person acting on any of their behalf has engaged or will engage in any directed selling efforts in the United States in
connection with the offer and sale of such securities, (4) the sale is bona fide and not for the purpose of “washing off”
the resale restrictions imposed because the securities are “restricted securities” (as such term is defined in Rule 144(a)(3) under
the U.S. Securities Act), (5) the seller does not intend to replace the securities sold in reliance on Rule 904 of the U.S.
Securities Act with fungible unrestricted securities and (6) the contemplated sale is not a transaction, or part of a series of transactions
which, although in technical compliance with Regulation S, is part of a plan or scheme to evade the registration provisions of the U.S.
Securities Act. Terms used herein have the meanings given to them by Regulation S.

 

     

    C-2 

    

 

DATED this ____day of _____, 202__.

 

	 	X	 
	 	Signature
    of individual (if Seller is an individual)
	 	 
	 	X 	          
	 	Authorized
    signatory (if Seller is not an individual)
	 	 
	 	 
	 	Name
    of Seller (please print)
	 	 
	 	 
	 	Name
    of authorized signatory (please print)
	 	 
	 	 
	 	Official
    capacity of authorized signatory (please print)

 

Affirmation by Seller’s Broker-Dealer

(Required for sales of Common Shares

pursuant to Section (B)(2)(b) in Appendix “A” above)

 

We have read the representation letter of ____________
(the “Seller”) dated _______________, pursuant to which the Seller has requested that we sell, for the Seller's account,
____________________ common shares of the Corporation represented by certificate number _______________ or held in Direct Registration
System (DRS) account number _______________, (the “Common Shares”). We have executed sales of the Common Shares pursuant
to Rule 904 of Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”),
on behalf of the Seller. In that connection, we hereby represent to you as follows:

 

		(1)	no offer to sell the Common Shares was made to a person in the United States;

 

		(2)	the sale of the Common Shares was executed in, on or through the facilities of the Toronto Stock Exchange,
the TSX Venture Exchange, the Canadian Securities Exchange or another “designated offshore securities market” (as defined
in Regulation S under the U.S. Securities Act), and, to the best of our knowledge, the sale was not pre-arranged with a buyer in the United
States;

 

		(3)	no “directed selling efforts” were made in the United States by the undersigned, any affiliate
of the undersigned, or any person acting on behalf of the undersigned; and

 

		(4)	we have done no more than execute the order or orders to sell the Common Shares as agent for the Seller
and will receive no more than the usual and customary broker’s commission that would be received by a person executing such transaction
as agent.

 

     

    C-3 

    

 

For purposes of these representations: “affiliate”
means a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control
with, the undersigned; “directed selling efforts” means any activity undertaken for the purpose of, or that could reasonably
be expected to have the effect of, conditioning the market in the United States for the Common Shares (including, but not be limited to,
the solicitation of offers to purchase the Common Shares from persons in the United States); and “United States” means
the United States of America, its territories or possessions, any State of the United States, and the District of Columbia.

 

Legal counsel to the Corporation shall be entitled
to rely upon the representations, warranties and covenants contained in this letter to the same extent as if this letter had been addressed
to them.

 

Dated ___________________.

 

	 	 
	Name of Firm	 
	 	 
	By:	 	 
	 	 
	Title: 	 	 

 

     

    D-1 

    

 

SCHEDULE “D”

 

FORM OF U.S. PURCHASER CERTIFICATION UPON
EXERCISE OF WARRANTS

 

LEXAGENE HOLDINGS INC.

Attention: President

 

- and to -

 

Computershare Trust Company of Canada.

 

as Warrant Agent

 

Dear Sirs:

 

We are delivering this letter in connection with
the purchase of common shares (the “Common Shares”) of LexaGene Holdings Inc., a corporation incorporated under the laws of
the Province of British Columbia (the “Corporation”) upon the exercise of warrants of the Corporation (“Warrants”),
issued under the warrant indenture dated as of September 9, 2020 between the Corporation and Computershare Trust Company of Canada.

 

We hereby confirm that:

 

		(a)	we are an “accredited investor” (satisfying one or more of the criteria set forth in Rule 501
(a) of Regulation D under the United States Securities Act of 1933 (the “U.S. Securities Act”));

 

		(b)	we are purchasing the Common Shares for our own account;

 

		(c)	we have such knowledge and experience in financial and business matters that we are capable of evaluating
the merits and risks of purchasing the Common Shares;

 

		(d)	we are not acquiring the Common Shares with a view to distribution thereof or with any present intention
of offering or selling any of the Common Shares, except (A) to the Corporation, (B) outside the United States in accordance
with Rule 904 under the U.S. Securities Act or (C) inside the United States in accordance with Rule 144 under the U.S.
Securities Act, if available, and in compliance with applicable state securities laws;

 

     

    D-2 

    

 

		(e)	we acknowledge that we have had access to such financial and other information as we deem necessary in
connection with our decision to exercise the Warrants and purchase the Common Shares; and

 

		(f)	we acknowledge that we are not purchasing the Common Shares as a result of any 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 any seminar or meeting whose attendees have been invited by general solicitation or general
advertising.

 

We understand that the Common
Shares are being offered in a transaction not involving any public offering within the United States within the meaning of the U.S. Securities
Act and that the Common Shares have not been and will not be registered under the U.S. Securities Act. We further understand that any
Common Shares acquired by us will be in the form of definitive physical certificates and that such certificates will bear a legend reflecting
the fact that we will not offer, sell or otherwise transfer any of the Common Shares, directly or indirectly, unless (i) the sale
is to the Corporation; (ii) the sale is made outside the United States in compliance with the requirements of Rule 904 of Regulation
S under the U.S. Securities Act; or (iii) the sale is made in the United States (A) pursuant to an exemption from registration
under the U.S. Securities Act provided by Rule 144 thereunder, if available, and in compliance with any applicable state securities
laws or (B) pursuant to a transaction that does not require registration under the U.S. Securities Act or applicable state securities
laws, and in the case of each of (A) and (B), the purchaser meets the definition of Qualified Purchaser and the seller has furnished
to the Corporation an opinion to such effect from counsel of recognized standing reasonably satisfactory to the Corporation prior to such
offer, sale or transfer.

 

We acknowledge that you will
rely upon our confirmations, acknowledgements and agreements set forth herein, and we agree to notify you promptly in writing if any of
our representations or warranties herein ceases to be accurate or complete.

 

DATED this ____day of _____, 202__.

 

	 	(Name of U.S. Purchaser)
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:Exhibit 4.3

 

INVESTOR RIGHTS AGREEMENT

 

THIS INVESTOR RIGHTS AGREEMENT
(this “Agreement”), is made as of February 7, 2022, by and among LexaGene Holdings Inc., a corporation
incorporated under the Business Corporations Act (British Columbia) (the “Company”), and Meridian LGH
Holdings, LLC, a limited liability company formed under the Texas Business Organizations Code (the “Investor”).

 

Recitals

 

WHEREAS,
the Company and the Investor are parties to that certain Securities Purchase Agreement of even date herewith (the “Purchase
Agreement”); and

 

WHEREAS,
in order to induce the Company to enter into the Purchase Agreement and to induce the Investor to invest funds in the Company pursuant
to the Purchase Agreement, the Investor and the Company hereby agree that this Agreement shall govern the rights of the Investor to cause
the Company to register Common Shares (as defined below) issuable to the Investor, to register the Common Shares of the Investor and its
assignees for public trading pursuant to the Securities Act (as defined below), to participate in future equity offerings by the Company,
to receive certain information from the Company and shall govern certain other matters as set forth in this Agreement;

 

NOW,
THEREFORE, the parties hereby agree as follows:

 

		1.	Definitions. For purposes of this Agreement:

 

1.1            “Affiliate”
of a Person means any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is
under common control with, such Person. The term “control” (including the terms “controlled by” and “under
common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

 

1.2            “Articles”
means the Articles of the Company adopted by shareholders of the Company on December 16, 2021 pursuant to the Business Corporation
Act (British Columbia) and the Notice of Articles of the Company filed with the British Columbia Registry.

 

1.3            “Business
Day” means any day except Saturday, Sunday or any other day on which commercial banks located in Boston, Massachusetts and
Vancouver, British Columbia are authorized or required by Law to be closed for business.

 

1.4            “Common
Shares” means, collectively, (i) the Company’s common shares, no par value per share, (ii) any other class
of common shares of the Company authorized by the Company Directors, (iii) any capital shares of the Company issued or issuable with
respect to the securities referred to in clauses (i) or (ii) above whether by way of a stock dividend or stock split or in connection
with a combination of shares, recapitalization, merger, amalgamation or other reorganization (including any other share capital subsequently
issued or issuable with respect to such share capital in connection with a similar transaction in the future), or (iv) any Common
Shares issued or issuable upon exercise or exchange of Derivative Securities.

 

    1 

     

    

 

1.5            “Company
Directors” means those directors appointed by the directors or shareholders, as the case may be, in accordance with Section 13.1,
13.2 or 14.1 of the Articles.

 

1.6            “Competent
Court” means the United States District Court for the Northern District of Texas (Dallas Division) or a District Court of
the State of Texas located in Dallas County, Texas, so long as one of such courts shall have subject-matter jurisdiction over such suit,
action or proceeding.

 

1.7            “Damages”
means any loss, damage, claim, liability or action (joint or several) to which a party hereto may become subject under the Securities
Act, the Exchange Act, or other federal or state securities law, insofar as such loss, damage, claim or liability (or any action in respect
thereof) arises out of or is based upon: (i) any untrue statement or alleged untrue statement of a material fact contained in any
registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments thereof
or supplements thereto; (ii) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary
to make the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying party (or any of its
agents or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under
the Securities Act, the Exchange Act, or any state securities law.

 

1.8            “Deemed
Liquidation Event” means each of the following events: (a) a merger or amalgamation in which the Company is a constituent
party or a Subsidiary of the Company is a constituent party and the Company issues share capital pursuant to such merger or amalgamation,
except any such merger or amalgamation involving the Company or a Subsidiary in which the share capital of the Company outstanding immediately
prior to such merger or amalgamation continues to represent, or is converted into or exchanged for share capital that represents, immediately
following such merger or amalgamation, at least a majority of the share capital of (1) the surviving or resulting company; or (2) if
the surviving or resulting company is a wholly-owned Subsidiary of another company immediately following such merger or amalgamation,
the parent company of such surviving or resulting company; or (b)(1) the sale, lease, transfer, exclusive license or other disposition,
in a single transaction or series of related transactions, by the Company or any Subsidiary of the Company of all or substantially all
the assets of the Company and its subsidiaries taken as a whole (including, without limitation, MiQLab technology, intellectual property
and know-how), or (2) the sale or disposition (whether by merger, amalgamation or otherwise, and whether in a single transaction
or a series of related transactions) of one (1) or more subsidiaries of the Company if substantially all of the assets of the Company
and its Subsidiaries taken as a whole are held by such Subsidiary or Subsidiaries, except where such sale, lease, transfer, exclusive
license or other disposition is to a wholly owned subsidiary of the Company.

 

1.9            “Derivative
Securities” means any securities or rights convertible into, or exercisable or exchangeable for (in each case, directly
or indirectly) Common Shares, including, but not limited to, notes, preferred share capital, options and warrants.

 

1.10            “DPA”
means Section 721 of the Defense Production Act of 1950 as amended by the Foreign Investment and National Security Act of 2007, as
further amended, including all implementing regulations thereof.

 

    2 

     

    

 

1.11            “Exchange
Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder
by the SEC.

 

1.12            “Excluded
Issuance” means an issuance or sale of any Common Shares or Derivative Securities issued or sold by the Company in connection
with: (a) a grant to any existing or prospective Company Directors, officers or other employees, consultants or service providers
of the Company or any Subsidiary pursuant to the Stock Option Plan or similar equity-based plans or other compensation agreement; (b) the
conversion or exchange of any Derivative Securities of the Company into Common Shares, or the exercise of any warrants, options or other
rights to acquire Common Shares; (c) any acquisition by the Company or any Subsidiary of any equity interests, assets, properties
or business of any Person; (d) any merger, amalgamation or other business combination involving the Company or any Subsidiary; or
(e) a joint venture, strategic alliance or other commercial relationship with any Person (including Persons that are customers, suppliers
and strategic partners of the Company or any Company Subsidiary) relating to the operation of the Company’s or any Subsidiary’s
business and not for the primary purpose of raising equity capital.

 

1.13            “Fair
Market Value” of any non-cash asset as of any date means the purchase price that a willing buyer having all relevant knowledge
would pay a willing seller for such asset in an arm’s length transaction, as determined in good faith by the Company Directors based
on such factors as the Company Directors, in the exercise of its reasonable business judgment, considers relevant.

 

1.14            “Free
Writing Prospectus” means a free-writing prospectus, as defined in Rule 405 promulgated by the SEC under the authority
granted by the Securities Act.

 

1.15            “Holder”
means any holder of Registrable Securities who is a party to this Agreement, including the Investor.

 

1.16            “IPO”
means the Company’s first underwritten public offering of its Common Shares under the rules and regulations promulgated by
the SEC under the Securities Act.

 

1.17            “Key
Employee” means any executive-level employee as well as any employee who, either alone or in concert with others, develops,
invents, programs, or designs any Company IP (as defined in the Purchase Agreement).

 

1.18            “New
Securities” means any authorized but unissued Common Shares and/or Derivative Securities.

 

1.19            “Person”
means any individual, corporation, partnership, trust, limited liability company, association or other entity.

 

1.20            “Pro
Rata Portion” means, for any Holder as of any particular time, a fraction determined by dividing (a) the number of
Common Shares owned by such Holder immediately prior to such time by (b) the aggregate number of Common Shares of the Company issued
and outstanding and held by all shareholders of the Company immediately prior to such time.

 

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1.21            “Public
Record” means information which has been publicly filed on the Company’s profile on System for Electronic Document
Analysis and Retrieval (SEDAR) at www.sedar.com by the Company under Applicable Securities Laws (as defined in the Purchase Agreement).

 

1.22            “Registrable
Securities” means any Common Shares acquired by, issued or issuable to, or otherwise owned by any Holder. For purposes of
this Agreement, a Holder will be deemed to be a holder of Registrable Securities whenever such Person has the right to acquire directly
or indirectly such Registrable Securities (upon conversion or exercise in connection with a transfer of securities or otherwise, but disregarding
any restrictions or limitations upon the exercise of such right), whether or not such acquisition has actually been effected. Such securities
will cease to be Registrable Securities on the earlier to occur of (i) the sale of such securities pursuant to SEC Rule 144
or any offering of Common Shares registered under the Securities Act, or (ii) the date on which all remaining Registrable Securities
may be sold immediately to the public, without volume limitations, pursuant to SEC Rule 144(b)(i).

 

1.23            “Restricted
Securities” means the securities of the Company required to be notated with the legend referred to in Section 2.11(b) hereof.

 

1.24            “SEC”
means the U.S. Securities and Exchange Commission.

 

1.25            “SEC
Rule 144” means Rule 144 promulgated by the SEC pursuant to authority granted by the Securities Act.

 

1.26            “Securities
Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder by the
SEC.

 

1.27            “Selling
Expenses” means all underwriting discounts, selling commissions, and stock transfer taxes applicable to the sale of Registrable
Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel
(as defined in Section 2.5) borne and paid by the Company as provided in Section 2.5.

 

1.28            “Subsidiary”
means any Person in which the Company, directly or indirectly, owns or Controls sufficient capital stock, equity or a similar interest
such that it is consolidated with the Company in the financial statements of the Company.

 

1.29            “U.S.”
means the United States of America, it territories and possessions, any State of the United States of America and the District of Columbia.

 

1.24            “Warrant”
means the warrant issued to the Investor pursuant to the terms of the Purchase Agreement.

 

		2.	Registration Rights. The Company covenants and agrees as follows:

 

2.1            Demand
Registration.

 

(a)            Requests
for Registration. Subject to the terms and conditions of this Section 2, the Holders of at least a majority of the Registrable
Securities may request registration, whether underwritten or otherwise, under the Securities Act of all or part of their Registrable
Securities on Form S-1 or any similar long-form registration statement (“Long-Form Registrations”)
or on Form S-2 or S-3 or any similar short-form registration statement (“Short-Form Registrations”),
if available, at any time after January 1, 2023. Each request for a Long-Form Registration or Short-Form Registration
shall specify the approximate number of Registrable Securities requested to be registered and the anticipated per share price range for
such offering. Within twenty (20) days after receipt of any such request for a Long-Form Registration or Short-Form Registration,
the Company shall give written notice (“Registration Notice”) of such requested registration to all Holders
and shall include (subject to the provisions of this Agreement including clause (d) below) in such registration (and in all related
registrations or qualifications under applicable state securities laws or in compliance with other registration requirements and in any
related underwriting) all Registrable Securities with respect to which the Company has received written requests for inclusion therein
within twenty (20) days after the receipt of such Registration Notice. All registrations requested pursuant to this Section 2(a) are
referred to herein as “Demand Registrations”.

 

    4 

     

    

 

(b)            Long-Form Registrations.
The Holders of at least a majority of the Registrable Securities will be entitled to request two (2) Long-Form Registrations
in which the Company shall pay all Registration Expenses.

 

(c)            Short-Form Registrations.
The Holders of at least a majority of the Registrable Securities will be entitled to request an unlimited number of Short-Form Registrations
in which the Company shall pay all Registration Expenses. All Demand Registrations, including any made under clause (b) above, shall
be Short-Form Registrations whenever the Company is permitted to use any applicable short form registration (including without limitation
Form S-2 or Form S-3). After the Company has become subject to the reporting requirements of the Exchange Act, the Company shall
use its reasonable best efforts to make Short-Form Registrations available for the sale of Registrable Securities.

 

(d)            Priority
on Demand Registrations. The Company shall not include in any Demand Registration any securities which are not Registrable Securities
(other than securities owned by the Company which the Company proposes to register) without the prior written consent of the holders of
at least a majority of the Registrable Securities included in such registration. If a Demand Registration is an underwritten offering
and the managing underwriters advise the Company in writing that in their opinion the number of Registrable Securities and, if permitted
hereunder, other securities requested to be included in such offering exceeds the number of Registrable Securities and other securities,
if any, which can be sold therein without adversely affecting the marketability of the offering, the Company shall include in such registration,
(i) first, the number of Registrable Securities requested to be included in such registration pro rata, if necessary, among
the Holders based on the number of shares of Registrable Securities owned by each such holder at such time, and (ii) second, any
other securities of the Company requested to be included in such registration pro rata, if necessary, on the basis of the number
of shares of such other securities to be included in the offering.

 

(e)            Restrictions
on Demand Registrations. Notwithstanding anything to the contrary in this Agreement, the Company shall not be obligated to effect
any Demand Registration (i) within six (6) months after the effective date of a previous Demand Registration, (ii) that
would cause there to be more than two (2) registration statements on any form other than Form S-3 to be effective, or (iii) if
the Company shall furnish to the holders requesting such Demand Registration a certificate signed by the Company’s Chairman of
the Board stating that in the good faith judgment of the Company Directors, it would be materially harmful to the economic prospects
of the Company for such Demand Registration to be effected at such time, in which event the Company shall have the right to defer such
filing for a period of not more than one hundred twenty (120) days after receipt of the initial request for the Demand Registration;
provided, that such right to delay a request shall be exercised by the Company not more than once in any 12-month period.

 

    5 

     

    

 

(f)            Selection
of Underwriters. If the initiating Holders intend to distribute the Registrable Securities covered by their request for a Demand Registration
by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 2.1 and the
Company shall include such information in the Registration Notice referred to in Section 2.1(a). In such event, the right of any
Holder to include such Holder’s Registrable Securities in such registration shall be conditioned upon such Holder’s participation
in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein.
All Holders proposing to distribute their securities through such underwriting and the Company shall enter into an underwriting agreement,
each in customary form with the underwriter or underwriters. The Company will have the right to select the investment banker(s) and
manager(s) to administer the offering, which investment banker(s) and manager(s) will be nationally recognized and reasonably
acceptable to the Holders of at least a majority of the Registrable Securities included in such Demand Registration. The Company shall
not be required to include any Registrable Securities in such underwritten offering, unless the Holders of at least a majority of the
Registrable Securities comply with Section 2.8 hereof.

 

(g)            Other
Registration Rights. Except as provided in this Agreement, the Company shall not grant to any Persons the right to request the Company
to register any equity securities of the Company, without the prior written consent of a majority of the Holders.

 

2.2            Piggyback
Registrations.

 

(a)            Right
to Piggyback. Whenever the Company proposes to register any of its Common Shares under the Securities Act other than pursuant to the
Company’s IPO (if the applicable underwriters request that only securities owned by the Company be included in such offering), a
Demand Registration, and other than pursuant to a registration statement on Form S-8 (employee benefit plans) or S-4 (mergers, acquisitions
or exchange offers) or any similar or successor form and the registration form to be used may be used for the registration of Registrable
Securities (a “Piggyback Registration”), the Company shall give written notice to all Holders of their intention
to effect such a registration at least fifteen (15) days prior to the filing of the registration statement and shall, subject to the provisions
of this Agreement including clauses (c) and (d) below, include in such registration (and in all related registrations or qualifications
under state securities laws or in compliance with other registration requirements and in any related underwriting) all Registrable Securities
with respect to which the Company has received written requests for inclusion therein within ten (10) days after the receipt of the
Company’s notice.

 

(b)            Priority
on Primary Registrations. If a Piggyback Registration is an underwritten primary registration on behalf of the Company, the Company
shall include in such registration all securities requested to be included in such registration; provided, that if the managing
underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration
exceeds the number which can be sold in such offering without adversely affecting the marketability of the offering, the Company shall
include in such registration (i) first, the securities the Company proposes to sell, (ii) second, the number of Registrable
Securities requested to be included in such registration by the Holders, if necessary, pro rata among the Holders of such Registrable
Securities on the basis of the number of shares of such Registrable Securities owned by such Holder at such time, and (iii) third,
any other securities of the Company requested to be included in such registration pro rata, if necessary, on the basis of the number
of shares of such other securities to be included in the offering.

 

    6 

     

    

 

(c)            Priority
on Secondary Registrations. If a Piggyback Registration is an underwritten secondary registration on behalf of holders of the Company’s
securities (which registration was granted in accordance with Section 2.1(g) above), the Company shall include in such
registration all securities requested to be included in such registration; provided, that if the managing underwriters advise the
Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number which
can be sold in such offering without adversely affecting the marketability of the offering, the Company shall include in such registration
the securities and Registrable Securities requested to be included therein pro rata, if necessary, among the holders of such securities
and the Holders of Registrable Securities on the basis of the number of securities and Registrable Securities owned by each such holder
and each such Holder at such time.

 

(d)            Selection
of Underwriters. If the registration statement under which the Corporation gives notice under this Section 2.2 is for an underwritten
offering, the Company shall so advise the Holders as part of the notice given pursuant to Section 2.2(a). In such event, the right
of any such Holder to be included in the Piggyback Registration pursuant to this Section 2.2 shall be conditioned upon such
Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting
to the extent provided herein. All Holders proposing to distribute their Registrable Securities through such underwriting shall enter
into an underwriting agreement, together with the Company and any other security holders participating in that registration, in customary
form with the underwriter or underwriters. The Company will have the right to select the investment banker(s) and manager(s) to
administer the offering, which investment banker(s) and manager(s) will be nationally recognized and reasonably acceptable to
the Holders of at least a majority of the Registrable Securities included in such Piggyback Registration. The Company will not be required
to include any Registrable Securities in such underwritten offering unless the Holders of at least a majority of the Registrable Securities
comply with Section 2.8 hereof.

 

(e)            Other
Registrations. If the Company has previously filed a registration statement with respect to Registrable Securities pursuant to Section 2
or this Section 3, and if such previous registration has not been withdrawn or abandoned, the Company will not file or cause
to be effected any other registration of any of its equity securities or securities convertible or exchangeable into or exercisable for
its equity securities under the Securities Act (except on Forms S-4 or S-8 or any similar or successor forms), whether on its own
behalf or at the request of any Holder or Holders of such securities, until a period of at least six (6) months has elapsed from
the effective date of such previous registration.

 

    7 

     

    

 

(f)            Obligations
of Seller. During such time as any Holder may be engaged in a distribution of securities pursuant to an underwritten Piggyback Registration,
such Holder shall distribute any Registrable Securities held by such Holder only under the registration statement and solely in the manner
described in the registration statement.

 

2.3            Holdback
Agreements.

 

(a)            No
Holder shall sell, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction
with the same economic effect as a sale (including sales pursuant to SEC Rule 144) (a “Sale Transaction”)
of any equity securities of the Company, or any securities convertible into or exchangeable or exercisable for any such equity securities,
during the seven (7) days prior to and the 180-day period beginning on the effective date of the Company’s initial public offering
(the “IPO Holdback Period”), except as part of such IPO, unless the underwriters managing such offering otherwise
agree in writing. In connection with all underwritten Demand Registrations and underwritten Piggyback Registrations other than the Company’s
IPO, no Holder shall effect any such Sale Transaction during the seven (7) days prior to and the 90-day period beginning on the effective
date of such underwritten registration (each a “Following Holdback Period”), except as part of such underwritten
registration, unless the underwriters managing such public offering otherwise agree in writing. If (i) the Company issues an earnings
release or other material news or a material event relating to the Company and its Subsidiaries occurs, in either case during the last
seventeen (17) days of the IPO Holdback Period or any Following Holdback Period (as applicable) or (ii) prior to the expiration of
the IPO Holdback Period or any Following Holdback Period (as applicable), the Company announces that it will release earnings results
during the 16-day period beginning upon the expiration of such period, then unless waived in writing by a managing or co-managing underwriter,
the IPO Holdback Period or any Following Holdback Period (as applicable) will be extended until eighteen (18) days after the earnings
release or the occurrence of the material news or event, as the case may be (such period referred to herein as the “Holdback
Extension”). The Company may impose stop-transfer instructions with respect to the Common Shares (or other securities) subject
to the foregoing restriction until the end of such period, including any period of Holdback Extension.

 

(b)            The
Company (i) shall not effect any public sale or distribution of its Common Shares, or any securities convertible into or exchangeable
or exercisable for such securities, during the seven (7) days prior to and during such period of time as may be determined by the
underwriters managing such underwritten registration following the effective date of any underwritten Demand Registration or any underwritten
Piggyback Registration (not to exceed one hundred eighty (180) days in connection with the Company’s IPO or ninety (90) days in
all other cases, except in each case as such period may be extended during the period of any Holdback Extension) (except as part of such
underwritten registration or pursuant to registrations on Form S-8 or any successor form), unless the underwriters managing the registered
public offering otherwise agree in writing, and (ii) shall cause each Holder of at least 5% (on a fully-diluted basis) of its Common
Shares, or any securities convertible into or exchangeable or exercisable for Common Shares, purchased from the Company at any time after
the date of this Agreement (other than in a registered public offering) to agree not to effect any public sale or distribution (including
sales pursuant to SEC Rule 144) of any such securities during such period (as extended by any Holdback Extension), except as part
of such underwritten registration, if otherwise permitted, unless the underwriters managing the registered public offering otherwise agree
in writing.

 

    8 

     

    

 

2.4            Registration
Procedures. Whenever the Holders have requested that any Registrable Securities be registered pursuant to this Agreement, the
Company shall use its reasonable best efforts to effect the registration and the sale of such Registrable Securities in accordance with
the intended method of disposition thereof, and pursuant thereto the Company shall as expeditiously as possible:

 

(a)            in
accordance with the Securities Act and all applicable rules and regulations promulgated thereunder, prepare and file with the SEC
a registration statement, and all amendments and supplements thereto and related prospectuses, with respect to such Registrable Securities
and use its reasonable best efforts to cause such registration statement to become effective (provided, that before filing a registration
statement or prospectus or any amendments or supplements thereto, the Company shall furnish to one counsel selected by the Holders of
at least a majority of the Registrable Securities covered by such registration statement copies of all such documents proposed to be filed),
which documents shall be subject to the review and comment of such counsel, and include in any Short Form Registration such additional
information reasonably requested by the Holders of at least a majority of the Registrable Securities to be registered under the applicable
registration statement, or the underwriters, if any, for marketing purposes, whether or not required by applicable securities laws;

 

(b)            notify
each Holder of the effectiveness of each registration statement filed hereunder and prepare and file with the SEC such amendments and
supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration
statement effective for the lesser of (x) one hundred eighty (180) days and (y) such shorter period which will terminate when
all Registrable Securities covered by the registration statement have been sold and comply with the provisions of the Securities Act with
respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended
methods of disposition by the sellers thereof set forth in such registration statement;

 

(c)            furnish
to each seller of Registrable Securities thereunder such number of copies of such registration statement, each amendment and supplement
thereto, the prospectus included in such registration statement (including each preliminary prospectus), each Free Writing Prospectus
and such other documents as such Holders may reasonably request in order to facilitate the disposition of the Registrable Securities owned
by such Holder;

 

(d)            use
its reasonable best efforts to register or qualify such Registrable Securities under such other securities laws of such jurisdictions
as any seller reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable the
Holder to consummate the disposition in such jurisdictions of the Registrable Securities owned by such Holder (provided, that the
Company shall not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required
to qualify but for this subsection, (ii) subject itself to taxation in any such jurisdiction or (iii) consent to general service
of process (i.e., service of process which is not limited solely to securities law violations) in any such jurisdiction);

 

    9 

     

    

 

(e)            notify
each Holder, (i) promptly after it receives notice thereof, of the date and time when such registration statement and each post-effective
amendment thereto has become effective or a prospectus or supplement to any prospectus relating to a registration statement has been
filed and when any registration or qualification has become effective under a state securities law or any exemption thereunder has been
obtained, (ii) promptly after receipt thereof, of any request by the SEC for the amendment or supplementing of such registration
statement or prospectus or for additional information, and (iii) at any time when a prospectus relating thereto is required to be
delivered under the Securities Act, of the happening of any event as a result of which the prospectus included in such registration statement
contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading, and, at the
request of any such Holder, the Company shall promptly prepare a supplement or amendment to such prospectus so that, as thereafter delivered
to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to
state any fact necessary to make the statements therein not misleading;

 

(f)            prepare
and file promptly with the SEC, and notify such Holders prior to the filing of, such amendments or supplements to such registration statement
or prospectus as may be necessary to correct any statements or omissions if, at the time when a prospectus relating to such securities
is required to be delivered under the Securities Act, when any event has occurred as the result of which any such prospectus or any other
prospectus as then in effect would include an untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein not misleading, and, in case any such Holders or any underwriter for any such Holders
is required to deliver a prospectus at a time when the prospectus then in circulation is not in compliance with the Securities Act or
the rules and regulations promulgated thereunder, the Company shall use its reasonable best efforts to prepare promptly upon request
of any such Holders or underwriters such amendments or supplements to such registration statement and prospectus as may be necessary in
order for such prospectus to comply with the requirements of the Securities Act and such rules and regulations;

 

(g)            cause
all such Registrable Securities to be listed on each securities exchange on which Common Shares issued by the Company are then listed;

 

(h)            provide
a transfer agent and registrar for all such Registrable Securities not later than the effective date of such registration statement;

 

(i)            enter
into and perform such customary agreements (including underwriting agreements in customary form) and take all such other actions as the
Holders of at least a majority of the Registrable Securities being sold or the underwriters, if any, reasonably request in order to expedite
or facilitate the disposition of such Registrable Securities (including, without limitation, participation in “road shows,”
investor presentations and marketing events and effecting a stock split or a combination of shares);

 

(j)            make
available at reasonable times for inspection by any seller of Registrable Securities, any underwriter participating in any disposition
pursuant to such registration statement and any attorney, accountant or other agent retained by any such seller or underwriter, all financial
and other records, pertinent corporate documents and properties of the Company, and cause the Company’s officers, directors, employees
and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent
in connection with such registration statement subject to the applicable person(s) executing a nondisclosure agreement in reasonable
form and substance if reasonably required by the Company;

 

    10 

     

    

 

(k)            otherwise
use its reasonable best efforts to comply with all applicable rules and regulations of the SEC, and make available to its security
holders, as soon as reasonably practicable, an earning statement covering the period of at least 12 months beginning with the first day
of the Company’s first full calendar quarter after the effective date of the registration statement, which earning statement shall
satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (which will deemed to be satisfied
if the Company timely files complete and accurate information of Form 10-Q, 10-K or 8-K under the Exchange Act and otherwise complies
with Rule 158 under the Securities Act);

 

(l)            permit
any Holder, which Holder, in the Company’s sole and exclusive judgment, is or might be deemed to be an underwriter or a controlling
person of the Company, to participate in the preparation of such registration or comparable statement and to require the insertion therein
of material, furnished to the Company in writing, which in the reasonable judgment of such Holder and its counsel should be included;

 

(m)            use
its reasonable best efforts to prevent the issuance of any stop order suspending the effectiveness of a registration statement, or of
any order suspending or preventing the use of any related prospectus or suspending the qualification of any Common Shares included in
such registration statement for sale in any jurisdiction, and in the event of the issuance of any such stop order or other such order
the Company shall advise such Holders of such stop order or other such order promptly after it shall receive notice or obtain knowledge
thereof and shall use its reasonable best efforts promptly to obtain the withdrawal of such order;

 

(n)            use
its reasonable best efforts to cause such Registrable Securities covered by such registration statement to be registered with or approved
by such other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition of
such Registrable Securities;

 

(o)            obtain
a “cold comfort” letter from the Company’s independent public accountants in customary form and covering such matters
of the type customarily covered by “cold comfort” letters; and

 

(p)            provide
a legal opinion of the Company’s outside counsel, dated the effective date of such registration statement (and, if such registration
includes an underwritten public offering, dated the date of the closing under the underwriting agreement), with respect to the registration
statement, each amendment and supplement thereto, the prospectus included therein (including the preliminary prospectus) and such other
documents relating thereto in customary form and covering such matters of the type customarily covered by legal opinions of such nature.

 

If any such registration or comparable statement
refers to any Holder by name or otherwise as the holder of any securities of the Company and if, in the Company’s sole and exclusive
judgment, such Holder is or might be deemed to be a controlling person of the Company, such Holder will have the right to require (i) the
insertion therein of language, in form and substance satisfactory to such Holder and presented to the Company in writing, to the effect
that the holding by such Holder of such securities is not to be construed as a recommendation by such Holder of the investment quality
of the Company’s securities covered thereby and that such holding does not imply that such Holder shall assist in meeting any future
financial requirements of the Company, or (ii) in the event that such reference to such Holder by name or otherwise is not required
by the Securities Act or any similar Federal statute then in force, the deletion of the reference to such Holder; provided, that
with respect to this clause (ii) such Holder shall furnish to the Company an opinion of counsel to such effect, which opinion and
counsel shall be reasonably satisfactory to the Company.

 

    11 

     

    

 

2.5            Expenses
of Registration. All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or qualifications
pursuant to this Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees;
fees and disbursements of counsel for the Company; and the reasonable fees and disbursements of one counsel for the selling Holders selected
by Holders of at least a majority of the Registrable Securities to be registered (“Selling Holder Counsel”),
shall be borne and paid by the Company; provided, however, that the Company shall not be required to pay for any expenses
of any registration proceeding begun pursuant to Section 2.1 if the registration request is subsequently withdrawn at the
request of the Holders of at least a majority of the Registrable Securities to be registered (in which case all selling Holders shall
bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration);
provided  further that if, at the time of such withdrawal, the Holders shall have learned of a material adverse
change in the condition, business, or prospects of the Company from that known to the Holders at the time of their request and have withdrawn
the request with reasonable promptness after learning of such information then the Holders shall not be required to pay any of such expenses.
All Selling Expenses relating to Registrable Securities registered pursuant to this Section 2 shall be borne and paid by the Holders
pro rata on the basis of the number of Registrable Securities registered on their behalf. Fees and disbursements of legal counsel to
any Holder, other than the Selling Holder Counsel, shall be borne solely by the Holder engaging such legal counsel.

 

2.6            Delay
of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any registration
pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this
Section 2.

 

2.7            Indemnification.

 

(a)            The
Company agrees to indemnify, to the extent permitted by law, each Holder, its partners, members, officers and directors and each Person
who controls such Holder (within the meaning of the Securities Act) against all Damages, and shall reimburse such Holder, partner, member,
director, officer or controlling person for any legal or other expenses reasonably incurred by such Holder, partner, member, officer,
director or controlling person in connection with the investigation or defense of such loss, claim, damage, liability or expense, except
insofar as the same are caused by or contained in any information furnished in writing to the Company by such Holder expressly for use
therein or by such Holder’s failure to deliver a copy of the registration statement or prospectus or any amendments or supplements
thereto after the Company has furnished such Holder with a sufficient number of copies of the same. In connection with an underwritten
offering, the Company shall indemnify such underwriters, their officers and directors and each Person who controls such underwriters
(within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the Holders.

 

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(b)            In
connection with any registration statement in which a Holder is participating, each such Holder shall (i) furnish to the Company
in writing such information and affidavits as the Company reasonably requests for use in connection with any such registration statement
or prospectus and, to the extent permitted by law, shall (ii) indemnify the Company, its directors and officers and each Person who
controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses resulting
from any untrue or alleged untrue statement of material fact relating to such Holder and provided by such Holder to the Company or the
Company’s agent contained in the registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement
thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein
not misleading, but only to the extent that such untrue statement or omission is contained in, or based upon, any information or affidavit
so furnished in writing by such Holder; provided, that the obligation to indemnify will be individual, not joint and several, to
each Holder and will be limited to the net amount of proceeds received by such Holder from the sale of Registrable Securities pursuant
to such registration statement, and (iii) reimburse the Company, its directors and officers and each Person who controls the Company
(within the meaning of the Securities Act) for any legal or other expenses reasonably incurred by such Persons in connection with the
investigation or defense of such loss, claim, damage, liability or expense, except insofar as the same are caused by or contained in any
information furnished to such Holder by such Persons expressly for use therein. In connection with an underwritten offering in which a
Holder is participating, each such holder shall indemnify such underwriters, their officers and directors and each Person who controls
such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification
of the Company, its directors and officers and each Person who controls the Company (within the meaning of the Securities Act).

 

(c)            Any
Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any claim with respect
to which it seeks indemnification (provided, that failure to give such notice shall not affect the right of such Person to indemnification
hereunder unless such failure is prejudicial to the indemnifying party’s ability to defend such claim) and (ii) unless in such
indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with
respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the
indemnified party. If such defense is assumed, the indemnifying party will not be subject to any liability for any settlement made by
the indemnified party without its prior written consent (but such consent shall not be unreasonably withheld). An indemnifying party who
is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one
counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified
party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim.

 

(d)            The
indemnification provided for under this Agreement will remain in full force and effect regardless of any investigation made by or on behalf
of the indemnified party or any officer, director or controlling Person of such indemnified party and will survive the transfer of securities.
The Company and each Holder also agree to make such provisions, as are reasonably requested by any indemnified party, for contribution
to such party in the event the indemnification provided for herein is unavailable for any reason.

 

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(e)            If
the indemnification provided for in this Section 2.7 is held by a court of competent jurisdiction to be unavailable to an
indemnified party or is otherwise unenforceable with respect to any Damages referred to herein, then the indemnifying party, in lieu of
indemnifying such indemnified party hereunder, shall contribute to the amounts paid or payable by such indemnified party as a result of
such Damages in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified
party on the other hand in connection with the statements or omissions which resulted in such Damages as well as any other relevant equitable
considerations; provided, that the maximum amount of liability in respect of such contribution shall be limited, in the case of
each seller of Registrable Securities, to an amount equal to the net proceeds actually received by such seller from the sale of Registrable
Securities effected pursuant to such registration. The relative fault of the indemnifying party and of the indemnified party will be determined
by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material
fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be
just or equitable if the contribution pursuant to this subsection 2.7(e) were to be determined by pro rata allocation
or by any other method of allocation that does not take into account such equitable considerations. The amount paid or payable by an indemnified
party as a result of the Damages referred to herein will be deemed to include any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending against any action or claim which is the subject hereof. No person guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution
from any Person who is not guilty of such fraudulent misrepresentation.

 

(f)            No
indemnifying party shall, except with the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement
that does not include as an unconditional term thereof given by the claimant or plaintiff to such indemnified party of a release from
all liability in respect to such claim or litigation.

 

(g)            Notwithstanding
the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into
in connection with an underwritten public offering in which Holders are selling Registrable Securities conflict with the foregoing provisions,
the provisions in the underwriting agreement will control

 

2.8            Participation
in Underwritten Registrations. No Person may participate in any registration hereunder which is underwritten unless such Person
(a) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Person or
Persons entitled hereunder to approve such arrangements (including pursuant to any over-allotment or “green shoe” option requested
by the underwriters; provided, that no Holder shall be required to sell more than the number of Registrable Securities such Holder
has requested to include) and (b) completes and executes all customary questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents reasonably required under the terms of such underwriting arrangements; provided, that no Holder
included in any underwritten registration shall be required to make any representations or warranties to the Company or the underwriters
other than representations and warranties regarding such Holder and such Holder’s intended method of distribution. Each Holder agrees
to execute and deliver such other agreements as may be reasonably requested by the Company and the lead managing underwriter(s) that
are consistent with such Holder’s obligations under Section 2.3 or that are necessary to give further effect thereto.

 

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2.9            SEC
Rule 144 Reporting. With a view to making available to the Holders the benefits of SEC Rule 144 and any other rule or
regulation of the SEC that may at any time permit such Holder to sell securities of the Company to the public without registration, the
Company shall:

 

(a)            make
and keep available adequate current public information, as those terms are understood and defined in SEC Rule 144 or any similar
or analogous rule promulgated under the Securities Act, at all times after it has become subject to the reporting requirements of
the Exchange Act;

 

(b)            use
reasonable best efforts to file with the SEC in a timely manner all reports and other documents required of the Company under the Securities
Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and

 

(c)            so
long as any party hereto owns any Registrable Securities, furnish to such Person forthwith upon request, a written statement by the Company
as to its compliance with the reporting requirements of said SEC Rule 144 (at any time commencing ninety (90) days after the effective
date of the first registration filed by the Company for an offering of its securities to the general public), the Securities Act and the
Exchange Act (at any time after it has become subject to such reporting requirements); a copy of the most recent annual or quarterly report
of the Company; and such other reports and documents as such Person may reasonably request in availing itself of any rule or regulation
of the SEC allowing it to sell any such securities without registration.

 

2.10            Limitations
on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without the prior written
consent of the Investor, enter into any agreement with any Holder or prospective Holder of any securities of the Company that would (i) allow
such Holder or prospective Holder to include such securities in any registration unless, under the terms of such agreement, such Holder
or prospective Holder may include such securities in any such registration only to the extent that the inclusion of such securities will
not reduce the number of the Registrable Securities of the Holders that are included; or (ii) allow such Holder or prospective Holder
to initiate a demand for registration of any securities held by such Holder or prospective Holder.

 

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2.11          Restrictions
on Transfer.

 

(a)            The
Registrable Securities shall not be sold, pledged, or otherwise transferred, and the Company shall not recognize and shall issue stop-transfer
instructions to its transfer agent with respect to any such sale, pledge, or transfer, except upon the conditions specified in this Agreement,
which conditions are intended to ensure compliance with the provisions of the Securities Act. A transferring Holder will cause any proposed
purchaser, pledgee, or transferee of the Registrable Securities held by such Holder to agree to take and hold such securities subject
to the provisions and upon the conditions specified in this Agreement. Notwithstanding the foregoing, the Company shall not require any
transferee of Common Shares pursuant to an effective registration statement or SEC Rule 144, in each case, to be bound by the terms
of this Agreement.

 

(b)            Each
certificate, instrument, or book entry representing (i) the Registrable Securities, and (ii) any other securities issued in
respect of the securities referenced in clause (i), upon any stock split, stock dividend, recapitalization, merger, amalgamation,
or similar event, shall (unless otherwise permitted by the provisions of Section 2.11(c)) be notated with a U.S. restrictive
legend in customary form to the effect that the Registrable Securities have not been registered under the Securities Act. The Holders
consent to the Company making a notation in its records and giving instructions to any transfer agent of the Restricted Securities in
order to implement the restrictions on transfer set forth in this Section 2.11.

 

(c)            The
Holder, by acceptance of ownership thereof, agrees to comply in all respects with the provisions of this Section 2.11. Before
any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities
Act covering the proposed transaction or following the time that the Company has become subject to the reporting requirements of the Exchange
Act, the transfer is made pursuant to SEC Rule 144, the Holder thereof shall give notice to the Company of such Holder’s intention
to effect such sale, pledge, or transfer, provided that no such notice shall be required in connection if the intended sale, pledge
or transfer complies with SEC Rule 144. Each such notice shall describe the manner and circumstances of the proposed sale, pledge,
or transfer in sufficient detail and, if reasonably requested by the Company, shall be accompanied at such Holder’s expense by either
(i) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed
to the Company, to the effect that the proposed transaction may be effected without registration under the Securities Act; (ii) a
 “no action” letter from the SEC to the effect that the proposed sale, pledge, or transfer of such Restricted Securities without
registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any
other evidence reasonably satisfactory to counsel to the Company to the effect that the proposed sale, pledge, or transfer of the Restricted
Securities may be effected without registration under the Securities Act, whereupon the Holder shall be entitled to sell, pledge, or transfer
such Restricted Securities in accordance with the terms of the notice given by the Holder to the Company. The Company will not require
such notice, legal opinion or “no action” letter (x) in any transaction in compliance with SEC Rule 144; or (y) in
any transaction in which such Holder distributes Restricted Securities to an Affiliate of such Holder for no consideration; provided
that with respect to transfers under the foregoing clause (y), each transferee agrees in writing to be subject to the terms of
this Section 2.11. Each certificate, instrument, or book entry representing the Restricted Securities transferred as above
provided shall be notated with, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend referred
to in Section 2.11(b), except that such certificate instrument, or book entry shall not be notated with such restrictive legend
if, in the opinion of counsel for such Holder and the Company, such legend is not required in order to establish compliance with any provisions
of the Securities Act.

 

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2.12         Termination
of Registration Rights. The right of any Holder to request registration or inclusion of Registrable Securities in any registration
pursuant to Sections 2.1 or 2.2 shall terminate upon the earliest to occur of:

 

(a)            the
closing of a Deemed Liquidation Event in which the consideration received by the Holders in such Deemed Liquidation Event is in the form
of cash and/or publicly traded securities, or if the Holders receive registration rights from the acquiring company or other successor
to the Company reasonably comparable to those set forth in this Section 2; or

 

(b)            such
time as SEC Rule 144 or another similar exemption under the Securities Act is available for the sale of all of such Holders’
shares without limitation, during a three (3)-month period without registration (and without the requirement for the Company to be in
compliance with the current public information required under subsection (c)(1) of SEC Rule 144) and such Holder (together with
its “affiliates” determined under SEC Rule 144) holds less than one percent (1%) of the outstanding capital stock of
the Company.

 

3.             Information.

 

3.1            Inspection.
The Company shall permit the Investor, at such Investor’s expense, to visit and inspect the Company’s properties; examine
its books of account and records; and discuss the Company’s affairs, finances, and accounts with its officers, during normal business
hours of the Company as may be reasonably requested by the Investor; provided, however, that the Company shall not be obligated pursuant
to this Section 3.1 to provide access to any information that it reasonably and in good faith considers to be a trade secret
or confidential information (unless covered by an enforceable confidentiality agreement, in form acceptable to the Company) or the disclosure
of which would adversely affect the attorney-client privilege between the Company and its counsel.

 

3.2            Confidentiality.
Each Holder agrees that such Holder will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor
or make decisions with respect to its investment in the Company) any confidential information obtained from the Company pursuant to the
terms of this Agreement (including notice of the Company’s intention to file a registration statement), unless such confidential
information (a) is known or becomes known to the public in general (other than as a result of a breach of this Section 3.2
by such Holder), (b) is or has been independently developed or conceived by such Holder without use of the Company’s confidential
information, or (c) is or has been made known or disclosed to such Holder by a third party without a breach of any obligation of
confidentiality such third party may have to the Company; provided, however, that an Holder may disclose confidential information
(i) to its attorneys, accountants, consultants, and other professionals to the extent reasonably necessary to obtain their services
in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Registrable Securities from
such Holder, if such prospective purchaser agrees to be bound by the provisions of this Section 3.2; (iii) to any Affiliate,
partner, member, stockholder, or wholly-owned subsidiary of such Holder in the ordinary course of business, provided that such
Holder informs such Person that such information is confidential and directs such Person to maintain the confidentiality of such information;
or (iv) as may otherwise be required by law, regulation, rule, court order or subpoena, provided that such Holder promptly
notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure.

 

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	4.	Participation Right.

 

4.1            Subject
to compliance with applicable securities legislation and, if required, the acceptance of the TSX Venture Exchange, the Company covenants
and agrees that the Holder will have the right to participate in any future equity financings (each such financing, an “Equity
Financing”) by the Company through the issuance of New Securities for cash, other than Excluded Issuances, to maintain the Holder’s
Pro Rata Portion on terms no less favourable than those offered to other investors in the Equity Financing (the “Participation
Right”). Notwithstanding the foregoing, in the event the purchase of New Securities by the Holder would result in the Holder,
on a fully-diluted basis, holding more than 19.9% of the issued and outstanding Common Shares, the Holder will agree to blocker language
on any securities that are convertible or exchangeable for Common Shares to prevent such exercise. The Company shall give the Holder notice
in writing (the “Issuance Notice”) of any proposed Equity Financing on or prior to the date on which the Equity Financing
is announced, and in any event not less than ten Business Days before the Equity Financing is scheduled to close, together with the form
of subscription agreement (if any) for such Equity Financing and any other documentation required to be completed by the Holder as a subscriber
to such Equity Financing. In order to exercise the Participation Right, the Holder must return the completed subscription agreement (if
required) and related subscription documentation to the Company not less than two Business Days before the scheduled closing date of the
Equity Financing specified in the Issuance Notice with subscription funds to be provided to the Company on or prior to the closing date
of the Equity Financing (provided that, if the scheduled closing date is extended, the date on which the Holder must deliver its documents
and subscription funds shall be extended for the same period), failing which the Participation Right in respect of that Equity Financing
shall expire, and the Participation Right shall then continue to apply in respect of any future Equity Financings. After completion of
the purchase of all the securities pursuant to the Purchase Agreement, the Participation Right will expire at such time as the Holder,
directly or indirectly, holds less than 10% of the outstanding Common Shares, calculated on a non-diluted basis. The Holder agrees that,
unless the Equity Financing has been publicly announced, the delivery of an Issuance Notice to the Holder will constitute material non-public
information in respect of the Company. The Holder covenants that it will comply with applicable securities legislation in connection with
the receipt of such Issuance Notice. The right to participate in an Equity Financing shall not be assignable by the Holder.

 

	5.	Additional Covenants.

 

5.1            INTENTIONALLY
DELETED.

 

5.2            Employee
Agreements. Unless otherwise currently in place according to Company policy, the Company will cause (i) each Person (including
any Key Employee) now or hereafter employed by it or by any Subsidiary (or engaged by the Company or any Subsidiary as a consultant/independent
contractor) with access to confidential information and/or trade secrets to enter into a non-disclosure, proprietary rights assignment
and non-solicitation agreement; and (ii) each Key Employee to enter into a non-competition agreement designed with the advice of
Company legal counsel. In addition, the Company shall not amend, modify, terminate, waive, or otherwise alter, in whole or in part, any
of the above-referenced agreements or any restricted stock agreement between the Company and any employee, without the consent of the
Company Directors.

 

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5.3            Employee
Stock. Unless otherwise approved by the Company Directors, all future grants by the Company with respect to share option awards
of the Company’s share capital or restricted share unit awards after the date hereof shall be made in accordance with the terms
of the Company’s Omnibus Incentive Plan dated July 25, 2017, as amended. Any amendment to the plan will be made in accordance
with its terms and conditions as existed on November 10, 2021.

 

5.4            Matters
Requiring Non-Executive Director Approval. During such time or times as the Holders own, in the aggregate, 10% or more of the
Common Shares, the Company hereby covenants and agrees with each of the Holders that it shall not, without the prior approval of the Company
Directors (which approval shall include the affirmative vote of a majority of the non-executive Company Directors) and prior written notice
of at least ten (10) Business Days to the Investor:

 

(a)            make,
or permit any Subsidiary to make, any loan or advance to any Person, including, without limitation, any employee or director of the Company
or any Subsidiary, except advances and similar expenditures in the ordinary course of business;

 

(b)            change
the principal business of the Company, enter new lines of business, or exit the current line of business as described in the Public Record;

 

(c)            sell,
assign, license, pledge, or encumber Company IP or Licensed IP (each as defined in the Purchase Agreement), other than licenses granted
in the ordinary course of business; or

 

(d)            merge
or amalgamate or convert the Company with or into any other Person.

 

5.5            CFIUS
and Foreign Person Limitations.

 

(a)            The
Company covenants and agrees that it will not provide to any “foreign person” (as defined in the DPA) access to any “material
non-public technical information” (as defined in the DPA) in the possession of the Company or otherwise allow a “foreign person”
to (a) have a voting equity interest in the Company that exceeds nine and nine-tenths percent (9.9%) of the Company’s total
voting securities, (b) appointment as a Company Director, (c) observation rights with respect to meetings of the Company Directors,
(d) any involvement, other than through the voting of shares, in substantive decision-making of the Company, or (e) the management,
operation, manufacture or supply of “covered investment critical infrastructure.” This covenant is not intended to limit the
authority of the Company Directors to take any action as it determines, in its reasonable and good faith discretion, to be necessary or
advisable to comply with the DPA and/or the laws, rules, regulations, directives, or special measures adopted or implemented by the Committee
on Foreign Investment in the United States pursuant to the DPA, which shall include restricting access to facilities, information, and/or
materials, including access to facilities, information, and/or materials that the Company may otherwise be required to provide pursuant
to Section 3.

 

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(b)            Investor
covenants and agrees that it will not provide any “foreign person” access to any confidential information of the Company,
including any “material no-public technical information” affiliated with Investor, whether affiliated as a member or otherwise.

 

5.6            Critical
Technology Matters. If to the Company’s knowledge (a) any pre-existing products or services provided by the Company
are re-categorized by the U.S. government as a critical technology within the meaning of the DPA, or would reasonably be considered to
constitute the design, fabrication, development, testing, production or manufacture of a critical technology after a re-categorization
of selected technologies by the U.S. government, or (b) after execution of the Purchase Agreement, the Company engages in any activity
that could reasonably be considered to constitute the design, fabrication, development, testing, production or manufacture of a critical
technology within the meaning of the DPA, the Company shall promptly notify the Investor of (i) such change in the categorization
of its products, services, or technology or (ii) its engagement in the design, fabrication, development, testing, production or manufacture
of a critical technology.

 

5.7            Termination
of Covenants. The covenants set forth in this Section 5 shall terminate and be of no further force or effect (i) immediately
before the consummation of the IPO, or (ii) upon a Deemed Liquidation Event, whichever event occurs first.

 

	6.	Miscellaneous.

 

6.1            Successors
and Assigns. The rights under this Agreement may be assigned (but only with all related obligations) by a Holder to a transferee
of Registrable Securities that is an Affiliate of a Holder; provided, however, that (a) the Company is, within a reasonable
time after such transfer, furnished with written notice of the name and address of such transferee and the Registrable Securities with
respect to which such rights are being transferred; and (b) such transferee agrees in a written instrument delivered to the Company
to be bound by and subject to the terms and conditions of this Agreement. The terms and conditions of this Agreement inure to the benefit
of and are binding upon the respective successors and permitted assignees of the parties. Nothing in this Agreement, express or implied,
is intended to confer upon any party other than the parties hereto or their respective successors and permitted assignees any rights,
remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein.

 

6.2            Governing
Law; Submission to Jurisdiction; Waiver of Jury Trial.

 

(a)            Governing
Law. All issues and questions concerning the application, construction, validity, interpretation and enforcement of this Agreement
or the other Transaction Documents shall be governed by and construed in accordance with the internal Laws of the State of Texas, without
giving effect to any choice or conflict of law provision or rule (whether of the State of Texas or any other jurisdiction) that would
cause the application of Laws of any jurisdiction other than those of the State of Texas.

 

(b)            Submission
to Jurisdiction. The parties hereby agree that any suit, action or proceeding seeking to enforce any provision of, or based on any
matter arising out of or in connection with, this Agreement or the other Transaction Documents or the transactions contemplated hereby
or thereby, as the case may be, whether in contract, tort or otherwise, shall be brought before a Competent Court. Each of the parties
hereby irrevocably consents to the jurisdiction of such Competent Court (and of the appropriate appellate courts therefrom) in any such
suit, action or proceeding and irrevocably waives, to the fullest extent permitted by Law, any objection that it may now or hereafter
have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding which
is brought in any such court has been brought in an inconvenient forum. Service of process, summons, notice or other document by registered
mail to the address set forth in the books and records of the Company shall be effective service of process for any suit, action or other
proceeding brought in such Competent Court.

 

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(c)            Waiver
of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT OR THE OTHER TRANSACTION
DOCUMENTS IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER TRANSACTION
DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (A) NO
REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING
WAIVER IN THE EVENT OF A LEGAL ACTION, (B) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) SUCH PARTY MAKES THIS
WAIVER VOLUNTARILY, AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION 6.2(c).

 

6.3            Counterparts.
This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Counterparts may be delivered via electronic mail (including pdf or any electronic signature
complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so
delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

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

 

6.5            Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given
upon the earlier of actual receipt, or (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic
mail during normal business hours of the recipient, and if not sent during normal business hours, then on the recipient’s next business
day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or
(d) 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 their address as set
forth on the signature page, or to such e-mail address or address as subsequently modified by written notice given in accordance with
this Section 6.5. If notice is given to the Company, a copy (which copy shall not constitute notice) shall also be sent to
McMillans LLP, Royal Centre, Suite 1500, 1055 West Georgia Street, PO Box 11117, Vancouver, British Columbia, Canada V6E 4N7, Attn:
Barbara Collins, and if notice is given to the Investor, a copy (which copy shall not constitute notice) shall also be given to Munsch
Hardt Kopf & Harr, P.C., 500 N. Akard Street, Suite 3800, Dallas, Texas 75201, Attn: Mark Kopidlansky.

 

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6.6            Amendments
and Waivers. This Agreement may only be amended, modified or supplemented by an agreement in writing signed by each party hereto.
No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party
so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly
identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No
failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement shall operate or be construed
as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or
further exercise thereof or the exercise of any other right, remedy, power or privilege.

 

6.7            Severability.
If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability
shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other
jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the parties hereto shall
negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually
acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent
possible.

 

6.8            Aggregation
of Stock; Apportionment. All shares of Registrable Securities held or acquired by Affiliates shall be aggregated together for
the purpose of determining the availability of any rights under this Agreement and such Affiliated Persons may apportion such rights as
among themselves in any manner they deem appropriate.

 

6.9            Entire
Agreement. This Agreement and the other Transaction Documents constitute the sole and entire agreement of the parties to this
Agreement with respect to the subject matter contained herein and therein, and supersede all prior and contemporaneous understandings
and agreements, both written and oral, with respect to such subject matter. In the event of any inconsistency between the statements in
the body of this Agreement and those in the other Transaction Documents, the Exhibits and Disclosure Schedules (other than an exception
expressly set forth as such in the Disclosure Schedules), the statements in the body of this Agreement will control.

 

6.10          Dispute
Resolution.

 

(a)            Agreement
for Arbitration. This section evidences an agreement among the parties and any third party having a claim under this Agreement (each,
a “Dispute Party” and, collectively, the “Dispute Parties”) to resolve any and all
disputes, controversies or claims (each a “Dispute”) arising out of this Agreement by binding arbitration in
accordance with the expedited arbitration procedures set forth in the Comprehensive Arbitration Rules and Procedures of JAMS (the
 “Rules”) as in force at the time the arbitration is commenced.

 

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(b)            Scope
of Arbitration. Any Dispute, by and among the Dispute Parties, including, without limitation, in contract or tort, based upon, arising
out of or relating to this Agreement or any other Transaction Document will be resolved exclusively by binding arbitration under the provisions
set forth in this Section 6.10. In addition, all questions regarding the arbitrability of a Dispute, including whether the
Dispute Parties have agreed to arbitrate a Dispute, shall be decided by such arbitration. This agreement to arbitrate all Disputes between
and among the Dispute Parties applies even if some Person claims that this Agreement is void, voidable or unenforceable for any reason.
By agreeing to arbitrate, all Dispute Parties are waiving their right to jury trial and their right to conduct discovery (except as the
Rules may permit).

 

(c)            Arbitration
Process. The arbitration shall be conducted by a tribunal of three arbitrators selected by the Dispute Parties involved in the arbitration
proceeding within ten (10) days of receipt of a request for arbitration by one of the Dispute Parties or a third party bringing a
proceeding against one or more of the Dispute Parties and notification of such request to the Dallas, Texas office of JAMS. Within ten
(10) days of receipt of the request, JAMS shall provide to all parties to the arbitration proceeding a list of arbitrators having
at least fifteen (15) years of experience dealing with issues related to the medical products industry. Within ten (10) days of receipt
of the list of qualified arbitrators from JAMS, each of the Dispute Parties shall deliver to JAMS its list of three acceptable arbitrators,
and JAMS shall determine, after consultation with the Dispute Parties, if needed, the members of the tribunal. The place of arbitration
shall be Dallas, Texas. Within ten (10) days following the appointment of the arbitration panel, the Dispute Parties shall meet with
the arbitration panel to set a schedule for the arbitration. The hearing will be held as soon as possible, but no later than thirty (30)
days after the appointment of the arbitrator. The arbitration panel is not empowered to award damages in excess of compensatory damages,
and the Dispute Parties irrevocably waive any right to recover punitive, exemplary or similar damages with respect to any Dispute. The
Dispute Parties shall cause the arbitration panel’s decision to be in writing and briefly state the findings of fact and conclusions
of Law on which the decision is based, and the arbitration panel is to deliver its decision within thirty (30) days of the end of the
hearing. The arbitration panel’s decision and award (if any) will be final and binding on the Dispute Parties affected thereby and
may be entered and enforced in any Competent Court. By agreeing to arbitration, the Dispute Parties hereto do not intend to deprive any
court of its jurisdiction to issue a pre-arbitral injunction, pre-arbitral attachment, or other order in aid of arbitration proceedings
and the enforcement of any award. Without prejudice to such provisional remedies as may be available under the jurisdiction of a Competent
Court, the arbitration panel will have full authority to grant provisional remedies and to direct the Dispute Parties to request that
any Competent Court modify or vacate any temporary or preliminary relief issued by such court, and to award damages for the failure of
any Dispute Party to respect the arbitration panel’s orders to that effect. The fees and expenses of the arbitration, experts appointed
by the arbitration panel, if any, and the administrative expenses that may be incurred in the course of the arbitration proceeding shall
be paid by the Dispute Parties in accordance with the Rules. The final arbitration award shall provide for the obligation of the defeated
Dispute Party to reimburse the winning Dispute Party for such fees and expenses, as well as the winning Dispute Party’s reasonable
costs and expenses of attorneys and experts. The Dispute Parties agree that the arbitration and all documents, evidences, reports, statements,
and information submitted, exchanged, or prepared within the course of the arbitration, as well as the arbitration panels ruling and award
shall be kept confidential.

 

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6.11          Delays
or Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party under this Agreement, upon any
breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such non-breaching or non-defaulting
party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar breach or default
thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore
or thereafter occurring. All remedies, whether under this Agreement or by law or otherwise afforded to any party, shall be cumulative
and not alternative.

 

6.12          No
Third-party Beneficiaries. This Agreement is for the sole benefit of the parties hereto and their respective successors and permitted
assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person or entity any legal or equitable
right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the parties
have executed this Investor Rights Agreement as of the date first written above.

 

	 	COMPANY:
	 	 
	 	LEXAGENE HOLDINGS INC.
	 	 
	 	By:	/s/ Jack Regan
	 	 
	 	Name:	Jack Regan
	 	 
	 	Title:	CEO
	 	 
	 	MERIDIAN LGH HOLDINGS, LLC
	 	 
	 	By: 	/s/ Curt Boisfontaine
	 	 
	 	Name:	Curt Boisfontaine
	 	 
	 	Title:	Manager

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