Document:

Lightbridge Corp.: Exhibit 14.1- Filed by newsfilecorp.com

LIGHTBRIDGE CORPORATION 

FORM OF WARRANT TO PURCHASE COMMON SHARES 

Warrant No.: ____________

Number of Common Shares:
_____________

Date of Issuance: ____________(“Issuance Date”)

Lightbridge Corporation, a Nevada
corporation (the “Company”), hereby certifies that, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
_____________, the registered holder hereof or its permitted assigns (the
“Holder”), is entitled, subject to the terms set forth below, to purchase
from the Company, at the Exercise Price (as defined below) then in effect, upon
surrender of this Warrant to Purchase Common Shares (including any Warrants to
Purchase Common Shares issued in exchange, transfer or replacement hereof, the
“Warrant”), at any time or times after the Issuance Date, but not after
5:00 p.m., New York time, on the Expiration Date (as defined below),
__________(________) (subject to adjustment as provided herein) fully paid,
nonassessable Common Shares (as defined below) (the “Warrant Shares”).
Except as otherwise defined herein, capitalized terms in this Warrant shall have
the meanings set forth in Section 16. 

1. EXERCISE OF WARRANT.

(a)
Mechanics of Exercise. Subject to the terms and conditions hereof, this
Warrant may be exercised by the Holder on any day after the Issuance Date, in
whole or in part, by delivery of a written notice, in the form attached hereto
as Exhibit A (the “Exercise Notice”), of the Holder’s election to
exercise this Warrant. Within two (2) days following the Exercise Notice, the
Holder shall make payment to the Company of an amount equal to the applicable
Exercise Price multiplied by the number of Warrant Shares as to which this
Warrant is being exercised (the “Aggregate Exercise Price”) in cash or by
wire transfer of immediately available funds, or provided the conditions for
cashless exercise set forth in Section 1(e) are satisfied, by notifying
the Company that this Warrant is being exercised pursuant to a Cashless Exercise
(as defined in Section 1(e)). Execution and delivery of the Exercise
Notice with respect to less than all of the Warrant Shares shall have the same
effect as cancellation of the original Warrant and issuance of a new Warrant
evidencing the right to purchase the remaining number of Warrant Shares. On or
before the first (1st) Business Day following the date on which the Company has
received the Exercise Notice, the Company shall transmit by facsimile an
acknowledgment of confirmation of receipt of the Exercise Notice to the Holder
and the Company’s transfer agent (the “Transfer Agent”). On or before the
third (3rd) Business Day following the date on which the Company has received
the Exercise Notice (the “Share Delivery Date”), the Company shall (X)
provided that the Transfer Agent is participating in The Depository Trust
Company (“DTC”) Fast Automated Securities Transfer Program (the “FAST
Program”), upon the request of the Holder, credit such aggregate number of
Common Shares to which the Holder is entitled pursuant to such exercise to the
Holder’s or its designee’s balance account with DTC through its Deposit
Withdrawal Agent Commission system, or (Y), if the Transfer Agent is not
participating in the FAST Program, issue and dispatch by overnight courier to
the address as specified in the Exercise Notice, a certificate, registered in
the Company’s share register in the name of the Holder or its designee, for the
number of Common Shares to which the Holder is entitled pursuant to such
exercise. The Warrant Shares so purchased shall be deemed to be issued to the
Holder or the Holder’s designee, as the record owner of such Warrant Shares, as
of the close of business on the date of exercise. If this Warrant is submitted
in connection with any exercise pursuant to this Section 1(a) and the number of
Warrant Shares represented by this Warrant submitted for exercise is greater
than the number of Warrant Shares being acquired upon an exercise, then the
Company shall as soon as practicable and in no event later than three (3) Business Days after any exercise and at its own
expense, issue a new Warrant (in accordance with Section 7(d))
representing the right to purchase the number of Warrant Shares purchasable
immediately prior to such exercise under this Warrant, less the number of
Warrant Shares with respect to which this Warrant is exercised. No fractional
Common Shares are to be issued upon the exercise of this Warrant, but rather the
Company shall pay to Holder cash equal to the product of such fraction
multiplied by the Closing Sale Price of one Warrant Share on the Share Delivery
Date. The Company shall pay any and all transfer taxes and transfer agent fees
which may be payable with respect to the issuance and delivery of Warrant Shares
to the Holder upon exercise of this Warrant. 

(b)
Exercise Price. For purposes of this Warrant, “Exercise Price”
means $0.01 per Warrant Share, subject to adjustment as provided herein.

(c)
Disputes. In the case of a dispute as to the determination of the
Exercise Price or the arithmetic calculation of the Warrant Shares, the Company
shall promptly issue to the Holder the number of Warrant Shares that are not
disputed. 

(d)
Limitations On Exercise. The Company shall not effect the exercise of
this Warrant, and the Holder shall not have the right to exercise this Warrant,
to the extent that after giving effect to such exercise, such Person (together
with such Person’s affiliates) would beneficially own in excess of 4.99% (the
“Maximum Percentage”) of the Common Shares outstanding immediately after
giving effect to such exercise. For purposes of the foregoing sentence, the
aggregate number of Common Shares beneficially owned by such Person and its
affiliates shall include the number of Common Shares issuable upon exercise of
this Warrant with respect to which the determination of such sentence is being
made, but shall exclude Common Shares which would be issuable upon (i) exercise
of the remaining, unexercised portion of this Warrant beneficially owned by such
Person and its affiliates and (ii) exercise or conversion of the unexercised or
unconverted portion of any other securities of the Company beneficially owned by
such Person and its affiliates (including, without limitation, any convertible
notes or convertible shares or warrants) subject to a limitation on conversion
or exercise analogous to the limitation contained herein. Except as set forth in
the preceding sentence, for purposes of this paragraph, beneficial ownership
shall be calculated in accordance with Section 13(d) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”). For purposes of this
Warrant, in determining the number of outstanding Common Shares, the Holder may
rely on the number of outstanding Common Shares as reflected in the most recent
of (1) the Company’s most recent Form 10-K, Form 10-Q or other public filing
with the Securities and Exchange Commission, as the case may be, (2) a more
recent public announcement by the Company or (3) any other notice by the Company
or the Transfer Agent setting forth the number of Common Shares outstanding. For
any reason at any time, upon the written or oral request of the Holder, the
Company shall within two (2) Business Days confirm to the Holder the number of
Common Shares then outstanding. In any case, the number of outstanding Common
Shares shall be determined after giving effect to the conversion or exercise of
securities of the Company, including this Warrant, by the Holder and its
affiliates since the date as of which such number of outstanding Common Shares
was reported. By written notice to the Company, the Holder may from time to time
increase or decrease the Maximum Percentage to any other percentage not in
excess of 19.99% specified in such notice; provided that (i) any such increase
will not be effective until the sixty-first (61st) day after such notice is
delivered to the Company, and (ii) any such increase or decrease will apply only
to the Holder. The provisions of this paragraph shall be construed, corrected
and implemented in a manner so as to effectuate the intended beneficial
ownership limitation herein contained. The limitations contained in this
paragraph shall apply to any successor Holder of this Warrant.

(e)
Cashless Exercise. The Holder may, as its election, or shall, if a
registration statement permitting the registered issuance of the Warrant Shares
is not then effective or the prospectus forming a part thereof is not then available, utilize cashless
exercise, in which event the Company shall issue to the Holder the number of
Warrant Shares determined as follows (a “Cashless Exercise”):

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X = Y [(A-B)/A]

where:

X = the number of Warrant Shares to be
issued to the Holder.
Y = the number of Warrant Shares with respect to which
this Warrant is being exercised.
A = the VWAP for the five (5) Trading Days
immediately prior to (but not including) the date of 
delivery of the
Exercise Notice.
B = the Exercise Price.

Upon
receipt of an Exercise Notice to which this Section 1(e) is applicable,
the Company shall notify the Holder within one (1) Trading Day of such
applicability and the calculation of the Warrant Shares issuable upon the
noticed exercise of the Warrant utilizing cashless exercise, and confirm the
Holder’s desire to complete the exercise of the Warrant pursuant to this
Section 1(e).

For
purposes of Rule 144 promulgated under the Securities Act of 1933, as amended,
it is intended, understood and acknowledged that the Warrant Shares issued in a
cashless exercise transaction shall be deemed to have been acquired by the
Holder, and the holding period for the Warrant Shares shall be deemed to have
commenced, on the date this Warrant was originally issued.

(f)
Company’s Failure to Timely Deliver Securities. If the Company shall fail
for any reason or for no reason to issue to the Holder within three (3) Business
Days after the Share Delivery Date in compliance with the terms of this
Section 1, a certificate for the number of Common Shares to which the
Holder is entitled and register such Common Shares on the Company’s share
register or to credit the Holder’s balance account with DTC for such number of
Common Shares to which the Holder is entitled upon the Holder’s exercise of this
Warrant, and if on or after such Trading Day the Holder, or any third party on
behalf of the Holder or for the Holder’s account, purchases (in an open market
transaction or otherwise) Common Shares to deliver in satisfaction of a sale by
the Holder of Common Shares issuable upon such exercise that the Holder
anticipated receiving from the Company (a “Buy-In”), then the Company
shall, within three (3) Business Days after the Holder’s request, promptly honor
its obligation to deliver to the Holder a certificate or certificates
representing such Warrant Shares and pay cash to the Holder in an amount equal
to the excess (if any) of the Buy-In Price over the product of (A) such number
of Common Shares, times (B) the Closing Sale Price on the Share Delivery Date.

2. ADJUSTMENT OF EXERCISE
PRICE AND NUMBER OF WARRANT SHARES. The Exercise Price and the number of
Warrant Shares shall be adjusted from time to time as follows: 

(a)
Adjustment upon Subdivision or Combination of Common Shares. If the
Company at any time on or after the Issuance Date subdivides (by any share
split, share dividend, recapitalization or otherwise) one or more classes of its
outstanding Common Shares into a greater number of shares, the Exercise Price in
effect immediately prior to such subdivision will be proportionately reduced and
the number of Warrant Shares will be proportionately increased. If the Company
at any time on or after the Issuance Date combines (by any reverse share split,
recapitalization or otherwise) one or more classes of its outstanding Common
Shares into a smaller number of shares, the Exercise Price in effect immediately
prior to such combination will be proportionately increased and the number of
Warrant Shares will be proportionately decreased. Any adjustment under this
Section 2(a) shall become effective at the close of business on the date
the subdivision or combination becomes effective. 

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(b)
Other Events. If any event occurs of the type contemplated by the
provisions of this Section 2 but not expressly provided for by such
provisions (including, without limitation, the granting of share appreciation
rights or phantom share rights to all shareholders), then the Company’s Board of
Directors will make an appropriate adjustment in the Exercise Price and the
number of Warrant Shares so as to protect the rights of the Holder; provided
that no such adjustment pursuant to this Section 2(b) will increase the
Exercise Price or decrease the number of Warrant Shares as otherwise determined
pursuant to this Section 2. 

(c)
Calculations. All calculations made under this Section 2 shall be made by
rounding to the nearest cent or the nearest 1/100th of a Common Share, as
applicable.

3. RIGHTS UPON DISTRIBUTION OF
ASSETS.

(a)
If the Company shall declare or make any dividend or other distribution of its
assets (or rights to acquire its assets) to holders of Common Shares, by way of
return of capital or otherwise (including, without limitation, any distribution
of cash, stock or other securities, property or options by way of a dividend,
spin off, reclassification, corporate rearrangement, scheme of arrangement or
other similar transaction) (a “Distribution”), at any time after the
issuance of this Warrant, then, in each such case: 

(i)
any Exercise Price in effect immediately prior to the close of business on the
record date fixed for the determination of holders of Common Shares entitled to
receive the Distribution shall be reduced, effective as of the close of business
on such record date, to a price determined by multiplying such Exercise Price by
a fraction of which (A) the numerator shall be the VWAP of the Common Shares on
the Trading Day immediately preceding such record date minus the value of the
Distribution (as determined in good faith by the Company’s Board of Directors)
applicable to one Common Share, and (B) the denominator shall be the VWAP of the
Common Shares on the Trading Day immediately preceding such record date; and;

(ii)
the number of Warrant Shares shall be increased to a number of shares equal to
the number of Common Shares obtainable immediately prior to the close of
business on the record date fixed for the determination of holders of Common
Shares entitled to receive the Distribution multiplied by the reciprocal of the
fraction set forth in the immediately preceding paragraph (a)(i). 

(b)
Upon the occurrence of each adjustment pursuant to this Section 3, the
Company at its expense will, at the written request of the Holder, promptly
compute such adjustment in accordance with the terms of this Warrant and prepare
a certificate setting forth such adjustment, including a statement of the
adjusted Exercise Price and number or type of Warrant Shares describing the
transactions giving rise to such adjustments and showing in detail the facts
upon which such adjustment is based, including the expiration date of any
applicable options, warrants or rights. Upon written request, the Company will
promptly deliver a copy of each such certificate to the Holder and to the
Transfer Agent. All calculations made under this Section 3 shall be made
by rounding to the nearest cent or the nearest 1/100th of any security, as
applicable.

4. FUNDAMENTAL
TRANSACTIONS. Upon the occurrence of any Fundamental Transaction, any
Successor Entity shall succeed to, and be substituted for (so that from and
after the date of such Fundamental Transaction, the provisions of this Warrant
referring to the “Company” shall refer instead to any Successor Entity), and may
exercise every right and power of the Company and shall assume all of the
obligations of the Company under this Warrant with the same effect as if such
Successor Entity had been named as the Company herein. Upon consummation of the
Fundamental Transaction, any Successor Entity shall deliver to the Holder
confirmation that there shall be issued upon exercise of this Warrant at any
time after the consummation of the Fundamental Transaction, in lieu of the
shares of the Common Stock (or other securities, cash, assets or other
property purchasable upon the exercise of the Warrant prior to such Fundamental
Transaction), such shares of stock, securities, cash, assets or any other
property whatsoever (including warrants or other purchase or subscription
rights), if any, that the Holder would have been entitled to receive upon the
happening of such Fundamental Transaction had this Warrant been exercised
immediately prior to such Fundamental Transaction, as adjusted in accordance
with the provisions of this Warrant. In addition to and not in substitution for
any other rights hereunder, prior to the consummation of any Fundamental
Transaction pursuant to which holders of shares of Common Stock are entitled to
receive securities or other assets with respect to or in exchange for shares of
Common Stock (a “Corporate Event”), the Company shall make appropriate
provision to insure that the Holder will thereafter have the right to receive
upon an exercise of this Warrant within 90 days after the consummation of the
Fundamental Transaction but, in any event, prior to the Expiration Date, in lieu
of the shares of the Common Stock (or other securities, cash, assets or other
property) purchasable upon the exercise of the Warrant prior to such Fundamental
Transaction, such shares of stock, securities, cash, assets or any other
property whatsoever (including warrants or other purchase or subscription
rights) which the Holder would have been entitled to receive upon the happening
of such Fundamental Transaction had the Warrant been exercised immediately prior
to such Fundamental Transaction. The Company shall not enter into or be a party
to a Fundamental Transaction unless provision is made with respect to the
holder’s right under this Section 4 in a form and substance reasonably
satisfactory to the Holder. If holders of Common Stock are given any choice as
to the securities, cash or property to be received in a Fundamental Transaction,
then the Holder shall be given the same choice as to the consideration it
receives upon any exercise of this Warrant following such Fundamental
Transaction. The provisions of this Section shall apply similarly and equally to
successive Fundamental Transactions and Corporate Events and shall be applied
without regard to any limitations on the exercise of this Warrant. The Holder
may waive its rights under this Section 4 with respect to any particular
Fundamental Transaction. 

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5. NONCIRCUMVENTION. The
Company hereby covenants and agrees that the Company will not, by amendment of
its Certificate of Incorporation or through any reorganization, transfer of
assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale
of securities, or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms of this Warrant, and will at all
times in good faith comply with all the provisions of this Warrant and take all
actions consistent with effectuating the purposes of this Warrant. Without
limiting the generality of the foregoing, the Company (i) shall not increase the
par value of any Common Shares receivable upon the exercise of this Warrant
above the Exercise Price then in effect, (ii) shall take all such actions as may
be necessary or appropriate in order that the Company may validly and legally
issue fully paid and nonassessable Common Shares upon the exercise of this
Warrant, and (iii) shall, so long as this Warrant is outstanding, take all
action necessary to reserve and keep available out of its authorized and
unissued Common Shares, solely for the purpose of effecting the exercise of this
Warrant, 100% of the number of Common Shares issuable upon exercise of the
Warrants then outstanding (without regard to any limitations on exercise). 

6. WARRANT HOLDER NOT DEEMED A
SHAREHOLDER. Except as otherwise specifically provided herein, the Holder,
solely in such Person’s capacity as a holder of this Warrant, shall not be
entitled to vote or receive dividends or be deemed the holder of share capital
of the Company for any purpose, nor shall anything contained in this Warrant be
construed to confer upon the Holder, solely in such Person’s capacity as the
Holder of this Warrant, any of the rights of a shareholder of the Company or any
right to vote, give or withhold consent to any corporate action (whether any
reorganization, issue of shares, reclassification of shares, consolidation,
merger, conveyance or otherwise), receive notice of meetings, receive dividends
or subscription rights, or otherwise, prior to the issuance to the Holder of the
Warrant Shares which such Person is then entitled to receive upon the due
exercise of this Warrant. In addition, nothing contained in this Warrant shall
be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this
Warrant or otherwise) or as a shareholder of the Company, whether such
liabilities are asserted by the Company or by creditors of the Company.
Notwithstanding this Section 6, the Company shall provide the Holder with
copies of the same notices and other information given to the shareholders of
the Company generally, contemporaneously with the giving thereof to the
shareholders, provided that any such notice or information published via
international wire or furnished to or filed with the U.S. Securities and
Exchange Commission shall satisfy this requirement.

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7. REISSUANCE OF WARRANTS; NO
FRACTIONAL SHARES. 

(a)
Transfer of Warrant. If this Warrant is to be transferred, the Holder
shall surrender this Warrant to the Company and deliver the completed and
executed Assignment Form, in the form attached hereto as Exhibit B,
whereupon the Company will forthwith issue and deliver upon the order of the
Holder a new Warrant (in accordance with Section 7(d)), registered as the
Holder may request, representing the right to purchase the number of Warrant
Shares being transferred by the Holder and, if less than the total number of
Warrant Shares then underlying this Warrant is being transferred, a new Warrant
(in accordance with Section 7(d)) to the Holder representing the right to
purchase the number of Warrant Shares not being transferred. 

(b)
Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of
evidence reasonably satisfactory to the Company of the loss, theft, destruction
or mutilation of this Warrant, and, in the case of loss, theft or destruction,
of any indemnification undertaking by the Holder to the Company in customary
form and, in the case of mutilation, upon surrender and cancellation of this
Warrant, the Company shall execute and deliver to the Holder a new Warrant (in
accordance with Section 7(d)) representing the right to purchase the
Warrant Shares then underlying this Warrant. 

(c)
Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon
the surrender hereof by the Holder at the principal office of the Company, for a
new Warrant or Warrants (in accordance with Section 7(d)) representing in
the aggregate the right to purchase the number of Warrant Shares then underlying
this Warrant, and each such new Warrant will represent the right to purchase
such portion of such Warrant Shares as is designated by the Holder at the time
of such surrender; provided, however, that no Warrants for fractional
Common Shares shall be given. 

(d)
Issuance of New Warrants. Whenever the Company is required to issue a new
Warrant pursuant to the terms of this Warrant, such new Warrant (i) shall be of
like tenor with this Warrant, (ii) shall represent, as indicated on the face of
such new Warrant, the right to purchase the Warrant Shares then underlying this
Warrant (or in the case of a new Warrant being issued pursuant to Section
7(a) or Section 7(c), the Warrant Shares designated by the Holder
which, when added to the number of Common Shares underlying the other new
Warrants issued in connection with such issuance, does not exceed the number of
Warrant Shares then underlying this Warrant), (iii) shall have an issuance date,
as indicated on the face of such new Warrant which is the same as the Issuance
Date, and (iv) shall have the same rights and conditions as this Warrant. 

(e)
No Fractional Shares. No fractional shares of Warrant Shares will be
issued in connection with any exercise of this Warrant. In lieu of any
fractional shares which would, otherwise be issuable, the Company shall pay to
Holder cash equal to the product of such fraction multiplied by the Closing Sale
Price of one Warrant Share on the Share Delivery Date.

8. NOTICES. All notices
required or permitted hereunder shall be in writing and shall be deemed
effectively given: (a) upon personal delivery to the party to be notified, (b)
when sent by confirmed telex or facsimile if sent during normal business hours
of the recipient, if not, then on the next Business Day, (c) three (3) 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, with
written verification of receipt. All communications shall be sent to the Company
or the Holder at their respective addresses listed in Securities Purchase
Agreement dated June 28, 2016 (the “SPA”) or at such other address as the
Company or Holder may designate by ten (10) days advance written notice to the
other parties hereto.

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9. AMENDMENT AND WAIVER.
Except as otherwise provided herein, the provisions of this Warrant may be
amended and the Company may take any action herein prohibited, or omit to
perform any act herein required to be performed by it, only if the Company has
obtained the written consent of Holders owning seventy-five percent (75%) in
interest of the outstanding Warrants issued under the SPA; provided, that
(x) any such amendment or waiver must apply to all Warrants issued by the
Company pursuant to the SPA; and (y) the number of Warrant Shares subject to
this Warrant, the Exercise Price and the Expiration Date may not be amended, and
the right to exercise this Warrant may not be altered or waived, without the
written consent of the Holder. No waiver of any provision hereunder shall be
effective unless it is in writing and signed by an authorized representative of
the waiving party.

10. SEVERABILITY. If any
provision of this Warrant is prohibited by law or otherwise determined to be
invalid or unenforceable by a court of competent jurisdiction, the provision
that would otherwise be prohibited, invalid or unenforceable shall be deemed
amended to apply to the broadest extent that it would be valid and enforceable,
and the invalidity or unenforceability of such provision shall not affect the
validity of the remaining provisions of this Warrant so long as this Warrant as
so modified continues to express, without material change, the original
intentions of the parties as to the subject matter hereof and the prohibited
nature, invalidity or unenforceability of the provision(s) in question does not
substantially impair the respective expectations or reciprocal obligations of
the parties or the practical realization of the benefits that would otherwise be
conferred upon the parties. The parties will endeavor in good faith negotiations
to replace the prohibited, invalid or unenforceable provision(s) with a valid
provision(s), the effect of which comes as close as possible to that of the
prohibited, invalid or unenforceable provision(s).

11. GOVERNING LAW. This
Warrant shall be governed by and construed and enforced in accordance with, and
all questions concerning the construction, validity, interpretation and
performance of this Warrant shall be governed by, the internal laws of the State
of Nevada, without giving effect to any choice of law or conflict of law
provision or rule (whether of the State of Nevada or any other jurisdictions)
that would cause the application of the laws of any jurisdictions other than the
State of Nevada.

12. CONSTRUCTION;
HEADINGS. This Warrant shall be deemed to be jointly drafted by the Company
and the Holder and shall not be construed against any person as the drafter
hereof. The headings of this Warrant are for convenience of reference and shall
not form part of, or affect the interpretation of, this Warrant. 

13. DISPUTE RESOLUTION. In
the case of a dispute as to the determination of the Exercise Price or the
arithmetic calculation of the Warrant Shares, the Company shall submit the
disputed determinations or arithmetic calculations via facsimile within two (2)
Business Days of receipt of the Exercise Notice giving rise to such dispute, as
the case may be, to the Holder. If the Holder and the Company are unable to
agree upon such determination or calculation of the Exercise Price or the
Warrant Shares within three (3) Business Days of such disputed determination or
arithmetic calculation being submitted to the Holder, then the Company shall,
within four (4) Business Days thereafter submit via facsimile the disputed
determination of the Exercise Price or Warrant Shares to an independent,
reputable investment bank mutually agreeable to the Company and the Holder. The
Company shall cause the investment bank to perform the determinations or
calculations and notify the Company and the Holder of the results no later than
ten (10) Business Days from the time it receives the disputed determinations or
calculations. Such investment bank’s determination or calculation, as the case
may be, shall be binding upon all parties absent demonstrable error. The
expenses of the investment bank and any other reasonable expenses incurred in
good faith in connection with any such dispute will be borne by the Company
unless the investment bank or accountant determines that the determination of
the Exercise Price or the arithmetic calculation of the Warrant Shares by the
Holder was incorrect, in which case the expenses of the investment bank and any
other reasonable expenses incurred in connection with any such dispute will be
borne by the Holder.

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14. REMEDIES, OTHER
OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this
Warrant shall be cumulative and in addition to all other remedies available
under this Warrant, at law or in equity (including a decree of specific
performance and/or other injunctive relief), and nothing herein shall limit the
right of the Holder to pursue actual damages for any failure by the Company to
comply with the terms of this Warrant. For the avoidance of doubt, the Company
may not substitute, and the Holder may not request, a cash payment in
satisfaction of the Company’s obligation to issue and deliver Warrant Shares
pursuant to an Exercise Notice. 

15. TRANSFER. This Warrant
may be offered for sale, sold, transferred, hypothecated or assigned without the
consent of the Company. This Warrant and the Warrant Shares have been registered
by the Company with the U.S. Securities and Exchange Commission pursuant to the
Registration Statement on Form S-3 (File No. 333-204889). 

16. CERTAIN DEFINITIONS.
For purposes of this Warrant, the following terms shall have the following
meanings: 

(a)
“Business Day” means any day other than Saturday, Sunday or other day on
which commercial banks in The City of New York are authorized or required by law
to remain closed. 

(b)
“Closing Sale Price” means, for any security as of any date, the last
closing trade price for such security on the Principal Market, as reported by
Bloomberg, L.P. (“Bloomberg”), or, if the Principal Market begins to
operate on an extended hours basis and does not designate the closing trade
price, then the last trade price of such security prior to 4:00:00 p.m., New
York time, as reported by Bloomberg, or, if the Principal Market is not the
principal securities exchange or trading market for such security in the United
States, the last trade price of such security on the principal securities
exchange or trading market in the United States where such security is listed or
traded as reported by Bloomberg, or if the foregoing does not apply, the last
trade price of such security in the over-the-counter market on the electronic
bulletin board for such security as reported by Bloomberg, or, if no last trade
price is reported for such security by Bloomberg, the average of the ask prices
of any market makers for such security as reported on Pink Quote published by
Pink OTC Markets Inc. (formerly Pink Sheets). If the Closing Sale Price cannot
be calculated for a security on a particular date on any of the foregoing bases,
the Closing Sale Price of such security on such date shall be the fair market
value as mutually determined by the Company and the Holder. If the Company and
the Holder are unable to agree upon the fair market value of such security, then
such dispute shall be resolved in accordance with the procedures in Section
13. All such determinations shall be appropriately adjusted for any stock
dividend, stock split, stock combination or other similar transaction during
such period.

(c)
“Common Shares” means (i) shares of the Company’s common stock, $0.001
par value (the “Common Stock”), and (ii) any share capital into which
such Common Stock shall have been changed or any share capital resulting from a
reclassification of such Common Stock.

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(d)
“Eligible Market” means The New York Stock Exchange, Inc., The NYSE MKT
Equities or The NASDAQ Stock Market. 

(e)
“Expiration Date” means the date sixty (60) months following the Issuance
Date or, if such date falls on a day on which trading does not take place on the
Principal Market (a “Holiday”), the next date that is not a Holiday. 

(f)
“Fundamental Transaction” means that (A) the Company shall, directly or
indirectly, in one or more related transactions, (i) consolidate or merge with
or into (whether or not the Company is the surviving corporation) another
Person, or (ii) sell, assign, transfer, convey or otherwise dispose of all or
substantially all of the properties or assets of the Company to another Person,
or (iii) allow another Person to make a purchase, tender or exchange offer that
is accepted by the holders of more than the 50% of the outstanding Common Shares
(not including any Common Shares held by the Person or Persons making or party
to, or associated or affiliated with the Persons making or party to, such
purchase, tender or exchange offer), or (iv) consummate a stock purchase
agreement or other business combination (including, without limitation, a
reorganization, recapitalization, spin-off or scheme of arrangement) with
another Person whereby such other Person acquires more than 50% of the
outstanding Common Shares (not including any Common Shares held by the other
Person or other Persons making or party to, or associated or affiliated with the
other Persons making or party to, such stock purchase agreement or other
business combination), or (v) reorganize, recapitalize or reclassify the Common
Stock, or (B) any “person” or “group” (as these terms are used for purposes of
Sections 13(d) and 14(d) of the Exchange Act) is or shall become the “beneficial
owner” (within the meaning of Rule 13d-3 under the Exchange Act), directly or
indirectly, of 50% of the aggregate ordinary voting power represented by issued
and outstanding Common Stock.

(g)
“Parent Entity” of a Person means an entity that, directly or indirectly,
controls the applicable Person and whose common stock or equivalent equity
security is quoted or listed on an Eligible Market, or, if there is more than
one such Person or Parent Entity, the Person or Parent Entity with the largest
public market capitalization as of the date of consummation of the Fundamental
Transaction. 

(h)
“Person” means an individual, a limited liability company, a partnership,
a joint venture, a corporation, a trust, an unincorporated organization, any
other entity and a government or any department or agency thereof. 

(i)
“Principal Market” means The NASDAQ Capital Market. 

(j)
“Successor Entity” means the Person (or, if such Person’s common stock or
equivalent equity security is not quoted or listed on an Eligible Market, the
Parent Entity) formed by, resulting from or surviving any Fundamental
Transaction or the Person (or, if so elected by the Holder, the Parent Entity)
with which such Fundamental Transaction shall have been entered into.

(k)
“Trading Day” means any day on which the Common Shares are traded on the
Principal Market, or, if the Principal Market is not the principal trading
market in the United States for the Common Shares, then on the principal
securities exchange or securities market in the United States on which the
Common Shares are then traded; provided that “Trading Day” shall not include any
day on which the Common Shares are scheduled to trade on such exchange or market
for less than 4.5 hours or any day that the Common Shares are suspended from
trading during the final hour of trading on such exchange or market (or if such
exchange or market does not designate in advance the closing time of trading on
such exchange or market, then during the hour ending at 4:00:00 p.m., New York
time).

8

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

[Signature Page Follows] 

9

IN WITNESS WHEREOF, the
Company has caused this Warrant to Purchase Common Shares to be duly executed as
of the Issuance Date set out above. 

	LIGHTBRIDGE
      CORPORATION 
	 	  
	By:	
	 	Name: 
	 	Title: 

[Signature Page to Warrant]

EXHIBIT A 

EXERCISE NOTICE 

TO BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE
THIS
WARRANT TO PURCHASE COMMON SHARES 

LIGHTBRIDGE CORPORATION 

The undersigned holder hereby
exercises the right to purchase _________of the Common Shares (“Warrant
Shares”) of Lightbridge Corporation, a Nevada corporation (the
“Company”), evidenced by the attached Warrant to Purchase Common Shares
(the “Warrant”). Capitalized terms used herein and not otherwise defined
shall have the respective meanings set forth in the Warrant. 

1. Payment of Exercise
Price. 

		[ ] 	The holder shall pay the Aggregate Exercise
      Price in the sum of $ _____ to the Company in accordance with the terms of
      the Warrant. 
	 	  	  
	 	[ ] 	The holder elects or must utilize
      Cashless Exercise. 

2. Delivery of Warrant
Shares. The Company shall deliver to the holder _________Warrant Shares in
accordance with the terms of the Warrant and, after delivery of such Warrant
Shares, _________Warrant Shares remain subject to the Warrant. 

3. Representations and
Warranties. By its delivery of this Exercise Notice, the undersigned
represents and warrants to the Company that in giving effect to the exercise
evidenced hereby the holder will not beneficially own in excess of the number of
Common Shares (determined in accordance with Section 13(d) of the Securities
Exchange Act of 1934) permitted to be beneficially owned under Section 1(d)
of the Warrant.

Date: ________, ______

Name of Registered holder

By: _________________

Name: 

Title:

ACKNOWLEDGMENT 

The Company hereby acknowledges
this Exercise Notice and hereby directs Computershare Trust Company to issue the
above indicated number of Common Shares in accordance with the Transfer Agent
Instructions dated [_________] from the Company [and acknowledged and agreed to
by Computershare Trust Company].

	LIGHTBRIDGE CORPORATION 
	 	  
	By:	
	 	Name: 
	 	Title: 

EXHIBIT B 

ASSIGNMENT FORM 

LIGHTBRIDGE CORPORATION 

(To assign the foregoing
Warrant, execute this form and supply required information. Do not use this form
to purchase shares.) 

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

	Name: 	 
	  	(Please Print) 
	Address: 	 
	  	(Please Print) 
	Dated: _________, _________	
	 	 
	Holder’s Signature: 	
	 	 
	Holder’s Address:__________________	 

NOTE: The signature to this Assignment Form must correspond
with the name as it appears on the face of the Warrant, without alteration or
enlargement or any change whatever. Officers of corporations and those acting in
a fiduciary or other representative capacity should file proper evidence of
authority to assign the foregoing Warrant.Lightbridge Corp.: Exhibit 10.1- Filed by newsfilecorp.com

Execution Copy 

SECURITIES PURCHASE AGREEMENT 

SECURITIES PURCHASE AGREEMENT
(this “Agreement”), dated as of June 28, 2016 by and between
LIGHTBRIDGE CORP., a Nevada corporation (the “Company”), and
ASPIRE CAPITAL FUND, LLC, an Illinois limited liability company (the
“Buyer”). Capitalized terms used herein and not otherwise defined herein
are defined in Section 7 hereof.

WHEREAS: Subject to the terms
and conditions set forth in this Agreement, the Company wishes to sell to the
Buyer, and the Buyer wishes to buy from the Company, (i) shares (the
“Purchase Shares”) of the Company’s common stock, par value $0.001 per
share (the “Common Stock”), or, at the Buyer’s option, in lieu of the
Purchase Shares in whole or in part, (ii) warrants, substantially in the form
attached hereto as Exhibit A (the “Pre-Funded Warrants”), to
purchase shares of Common Stock (the “Warrant Shares”). The Purchase
Shares, Pre-Funded Warrants and Warrant Shares are collectively referred to
herein as the “Securities.”

NOW THEREFORE, the Company and
the Buyer hereby agree as follows: 

1.          
PURCHASE OF SECURITIES.

(a)      Subject to the terms
and conditions set forth in this Agreement, the Company and the Buyer agree
that: 

	 	(i) 	On or before June 28, 2016, the Company shall sell to the Buyer, and
      the Buyer shall purchase from the Company 1,857,000 Purchase Shares and
      Pre-Funded Warrants to purchase 1,476,333 Warrant Shares, and the Buyer
      shall pay to the Company as the purchase price therefor, via wire
      transfer, an aggregate of Nine Hundred Eighty- Five Thousand Two Hundred
      Thirty-Six and 57/100 Dollars ($985,236.57), consisting of Five Hundred
      Fifty-Seven Thousand One Hundred Dollars ($557,100) for the Purchase
      Shares and Four Hundred Twenty-Eight Thousand One Hundred Thirty-Six and
      57/100 Dollars ($428,136.57) for the Pre-Funded Warrants; 
	 	 	 
	 	(ii) 	Provided that on or before October 31, 2016 the Company announces the
      Utility Arrangement, then, on or before the second Business Day after the
      Company announces the Utility Arrangement, the Company shall sell to the
      Buyer, and the Buyer shall purchase from the Company, the Second Purchase
      Shares and the Buyer shall pay to the Company as the purchase price
      therefor, via wire transfer, One Million Dollars ($1,000,000) (the
      “Second Purchase Shares Purchase Price”). At the Buyer’s
      discretion, in lieu of purchasing the Second Purchase Shares or part
      thereof, the Buyer may elect to purchase Pre-Funded Warrants. The price
      for each Pre- Funded Warrant purchased in lieu of Second Purchase Shares
      will be the result of multiplying (x) the number of warrant shares that
      the Buyer may purchase under such Pre-Funded Warrant by (y) a number equal
      to the Second Purchase Price reduced by $0.01. The exercise price for each
      warrant share will be $0.01, and the Second Purchase Shares Purchase Price shall be reduced by the
aggregate exercise price for the Pre-Funded Warrants purchased in lieu of Second
Purchase Shares; and

	 	(iii) 	Provided that on or before March 31, 2017, the Company announces the
      JV Agreement, then, on or before the second Business Day after the Company
      announces the JV Agreement, the Company shall sell to the Buyer, and the
      Buyer shall purchase from the Company, the Third Purchase Shares and the
      Buyer shall pay to the Company as the purchase price therefor, via wire
      transfer, Three Million Dollars ($3,000,000) (the “Third Purchase
      Shares Purchase Price”). At the Buyer’s discretion, in lieu of
      purchasing the Third Purchase Shares or part thereof, the Buyer may elect
      to purchase Pre-Funded Warrants. The price for each Pre-Funded Warrant
      purchased in lieu of Third Purchase Shares will be the result of
      multiplying (x) the number of warrant shares that the Buyer may purchase
      under such Pre- Funded Warrant by (y) a number equal to the Third Purchase
      Price reduced by $0.01. The exercise price for each warrant share will be
      $0.01, and the Third Purchase Shares Purchase Price shall be reduced by
      the aggregate exercise price for the Pre-Funded Warrants purchased in lieu
      of Third Purchase Shares. 

The Purchase Shares, upon issuance and payment therefor as
provided herein, shall be validly issued and fully paid and non-assessable, and
the Warrant Shares, when issued and delivered upon exercise of the Pre-Funded
Warrants in accordance therewith, shall be validly issued and fully paid and
non-assessable. The Company shall pay any and all transfer, stamp or similar
taxes that may be payable with respect to the issuance and delivery of any
Securities to the Buyer under this Agreement. Unless otherwise mutually agreed
between the Company and the Buyer, each purchase of Purchase Shares and
Pre-Funded Warrants shall be pursuant to a take-down off the Company’s existing
S-3 Registration Statement. 

(b)      Compliance with
Principal Market Rules. In order not to violate the rules or regulations of
the Principal Market, notwithstanding anything in this Agreement to the
contrary, the total number of shares of Common Stock that may be issued under
this Agreement shall be limited to 4,428,477 shares of Common Stock (the
“Exchange Cap”), which equals 19.99% of the Company’s outstanding shares
of Common Stock as of the date hereof, unless stockholder approval is obtained
to issue more than such 19.99% . The Exchange Cap shall be appropriately
adjusted for any stock dividend, stock split, reverse stock split or similar
transaction. Notwithstanding the foregoing, the Company shall not be required or
permitted to issue, and the Buyer shall not be required to purchase, any shares
of Common Stock under this Agreement if such issuance would violate the rules or
regulations of the Principal Market.

(c)     
Beneficial Ownership Limitation. The Company shall not issue and
the Buyer shall not purchase any shares of Common Stock under this Agreement if
such shares proposed to be issued and sold, when aggregated with all other
shares of Common Stock then owned beneficially (as calculated pursuant to
Section 13(d) of the Exchange Act and Rule 13d-3 promulgated thereunder) by the
Buyer and its affiliates would result in the beneficial ownership by the Buyer and its affiliates of more than 19.99% of the then
issued and outstanding shares of Common Stock. 

  2.           BUYER’S
REPRESENTATIONS AND WARRANTIES. 

The Buyer represents and warrants
to the Company that as of the date hereof and as of the dates of the purchases
of the Second Purchase Shares and the Third Purchase Shares: 

(a)     
Investment Purpose. The Buyer is entering into this Agreement
and acquiring the Securities for its own account for investment; provided
however, by making the representations herein, the Buyer does not agree to hold
any of the Securities for any minimum or other specific term. 

(b)     
Accredited Investor Status. The Buyer is an “accredited
investor” as that term is defined in Rule 501(a)(3) of Regulation D under the
1933 Act. 

(c)     
Information. The Buyer has been furnished with all materials
relating to the business, finances and operations of the Company and materials
relating to the offer and sale of the Securities that have been reasonably
requested by the Buyer, including, without limitation, the SEC Documents (as
defined in Section 3(e) hereof). The Buyer understands that its investment in
the Securities involves a high degree of risk. The Buyer (i) is able to bear the
economic risk of an investment in the Securities including a total loss, (ii)
has such knowledge and experience in financial and business matters that it is
capable of evaluating the merits and risks of the proposed investment in the
Securities and (iii) has had an opportunity to ask questions of and receive
answers from the officers of the Company concerning the financial condition and
business of the Company and other matters related to an investment in the
Securities. Neither such inquiries nor any other due diligence investigations
conducted by the Buyer or its representatives shall modify, amend or affect the
Buyer’s right to rely on the Company’s representations and warranties contained
in Section 3 below. The Buyer has sought such accounting, legal and tax advice
as it has considered necessary to make an informed investment decision with
respect to its acquisition of the Securities. 

(d)     
No Governmental Review. The Buyer understands that no United
States federal or state agency or any other government or governmental agency
has passed on or made any recommendation or endorsement of the Securities or the
fairness or suitability of the investment in the Securities nor have such
authorities passed upon or endorsed the merits of the offering of the
Securities. 

(e)     
Organization. The Buyer is a limited liability company duly
organized and validly existing in good standing under the laws of the
jurisdiction in which it is organized, and has the requisite organizational
power and authority to own its properties and to carry on its business as now
being conducted. 

(f)     
Validity; Enforcement. This Agreement has been duly and validly
authorized, executed and delivered on behalf of the Buyer and is a valid and
binding agreement of the Buyer enforceable against the Buyer in accordance with
its terms, subject as to enforceability to (i) general principles of equity and
to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation
and other similar laws relating to, or affecting generally, the enforcement of
applicable creditors’ rights and remedies and (ii) public policy underlying any
law, rule or regulation (including any federal or state securities law, rule or
regulation) with regards to indemnification, contribution or exculpation. The
execution and delivery of this Agreement by the Buyer and the consummation by it
of the transaction contemplated hereby do not conflict with the Buyer’s
certificate of organization or operating agreement or similar documents, and do
not require further consent or authorization by the Buyer, its managers or its
members.

(g)      Residency.
The Buyer is a resident of the State of Illinois. 

(h)     
No Prior Short Selling. The Buyer represents and warrants to the
Company that at no time prior to the date of this Agreement has any of the
Buyer, its agents, representatives or affiliates engaged in or effected, in any
manner whatsoever, directly or indirectly, any (i) “short sale” (as such term is
defined in Section 242.200 of Regulation SHO of the Securities Exchange Act of
1934, as amended (the “1934 Act”) of the Common Stock or (ii) hedging
transaction, which establishes a net short position with respect to the Common
Stock. 

  3.           REPRESENTATIONS
AND WARRANTIES OF THE COMPANY 

The Company represents and
warrants to the Buyer that as of the date hereof and as of the dates of the
purchases of the Second Purchase Shares and the Third Purchase Shares: 

(a)     
Organization and Qualification. The Company and its
“Subsidiaries” (which for purposes of this Agreement means any entity in which
the Company, directly or indirectly, owns more than 50% of the voting stock or
capital stock or other similar equity interests) are corporations or limited
liability companies duly organized and validly existing in good standing under
the laws of the jurisdiction in which they are incorporated or organized, and
have the requisite corporate or organizational power and authority to own their
properties and to carry on their business as now being conducted. Each of the
Company and its Subsidiaries is duly qualified as a foreign corporation or
limited liability company to do business and is in good standing in every
jurisdiction in which its ownership of property or the nature of the business
conducted by it makes such qualification necessary, except to the extent that
the failure to be so qualified or be in good standing could not reasonably be
expected to have a Material Adverse Effect. As used in this Agreement, “Material
Adverse Effect” means any material adverse effect on any of: (i) the business,
properties, assets, operations, results of operations or financial condition of
the Company and its Subsidiaries, if any, taken as a whole, or (ii) the
authority or ability of the Company to perform its obligations under this
Agreement. 

(b)     
Authorization; Enforcement; Validity. (i) The Company has the
requisite corporate power and authority to enter into and perform its
obligations under this Agreement and the Pre-Funded Warrants and to issue the
Securities in accordance with the terms hereof, (ii) the execution and delivery
of this Agreement and the Pre-Funded Warrants by the Company and the
consummation by it of the transaction contemplated hereby, including without
limitation, the issuance of the Securities under this Agreement, have been duly
authorized by the Company’s Board of Directors or duly authorized committee
thereof, do not conflict with the Company’s Articles of Incorporation or Bylaws
(as defined below), and do not require further consent or authorization by the
Company, its Board of Directors, except as set forth in this Agreement, or its
stockholders, (iii) this Agreement has been duly executed and delivered by the
Company and (iv) this Agreement constitutes the valid and binding obligations of
the Company enforceable against the Company in accordance with its terms, except
as such enforceability may be limited by (y) general principles of equity or
applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or
similar laws relating to, or affecting generally, the enforcement of creditors'
rights and remedies and (z) public policy underlying any law, rule or regulation
(including any federal or states securities law, rule or regulation) with
regards to indemnification, contribution or exculpation. The Board of Directors
of the Company or duly authorized committee thereof has approved the resolutions
(the “Signing Resolutions”) substantially in the form as delivered to the
Buyer to authorize this Agreement and the transaction contemplated hereby. The
Signing Resolutions are valid, in full force and effect and have not been
modified or supplemented in any material respect. The Company has delivered to
the Buyer a true and correct copy of the Signing Resolutions as approved by the
Board of Directors of the Company.

(c)     
Authorization of the Securities. The Purchase Shares have been
duly authorized and, upon issuance in accordance with the terms hereof, the
Purchase Shares shall be (i) validly issued, fully paid and non-assessable and
(ii) free from all taxes, liens and charges with respect to the issuance
thereof, with the holders being entitled to all rights accorded to a holder of
Common Stock. The Pre-Funded Warrants have been duly authorized by the Company
and, when executed and delivered by the Company, will be valid and binding
agreements of the Company, enforceable against the Company in accordance with
their terms, except as the enforcement thereof may be limited by bankruptcy,
insolvency, reorganization, moratorium or other similar laws relating to or
affecting the rights and remedies of creditors or by general equitable
principles. The Warrant Shares have been duly authorized and validly reserved
for issuance upon exercise of the Pre-Funded Warrants in a number sufficient to
meet the current exercise requirements. The Warrant Shares, when issued and
delivered upon exercise of the Pre-Funded Warrants in accordance therewith,
shall be (i) validly issued, fully paid and non-assessable and (ii) free from
all taxes, liens and charges with respect to the issuance thereof, with the
holders being entitled to all rights accorded to a holder of Common Stock. 

(d)     
No Conflicts. The execution, delivery and performance of this
Agreement and the Pre-Funded Warrants by the Company and the consummation by the
Company of the transaction contemplated hereby (the issuance of the Securities),
does and will not (i) result in a violation of the Company’s Articles of
Incorporation, any Certificate of Designations, Preferences and Rights of any outstanding series of preferred
stock of the Company or the Bylaws or (ii) conflict with, or constitute a
default (or an event which with notice or lapse of time or both would become a
default) under, or give to others any rights of termination, amendment,
acceleration or cancellation of, any agreement, indenture or instrument to which
the Company or any of its Subsidiaries is a party, or result, to the Company’s
knowledge, in a violation of any law, rule, regulation, order, judgment or
decree (including federal and state securities laws and regulations and the
rules and regulations of the Principal Market applicable to the Company or any
of its Subsidiaries) or by which any property or asset of the Company or any of
its Subsidiaries is bound or affected, except in the case of conflicts,
defaults, terminations, amendments, accelerations, cancellations and violations
under clause (ii), which could not reasonably be expected to result in a
Material Adverse Effect. Neither the Company nor its Subsidiaries is in
violation of any term of or in default under its Articles or Certificate of
Incorporation, any Certificate of Designation, Preferences and Rights of any
outstanding series of preferred stock of the Company or Bylaws or their
organizational charter or bylaws, respectively. Neither the Company nor any of
its Subsidiaries is in violation of any term of or is in default under any
material contract, agreement, mortgage, indebtedness, indenture, instrument,
judgment, decree or order or any statute, rule or regulation applicable to the
Company or its Subsidiaries, except for possible violations, defaults,
terminations or amendments that could not reasonably be expected to have a
Material Adverse Effect. The business of the Company and its Subsidiaries is not
being conducted, and shall not be conducted, in violation of any law, ordinance,
or regulation of any governmental entity, except for possible violations, the
sanctions for which either individually or in the aggregate could not reasonably
be expected to have a Material Adverse Effect. Except as specifically
contemplated by this Agreement, reporting obligations under the 1934 Act, or as
required under the 1933 Act or applicable state securities laws or the filing of
a Listing of Additional Shares Notification Form with the Principal Market, the
Company is not required to obtain any consent, authorization or order of, or
make any filing or registration with, any court or governmental agency or any
regulatory or self-regulatory agency in order for it to execute, deliver or
perform any of its obligations under or contemplated by this Agreement in
accordance with the terms hereof. Except for the reporting obligations under the
1934 Act, all consents, authorizations, orders, filings and registrations which
the Company is required to obtain pursuant to the preceding sentence shall be
obtained or effected on or prior to the date hereof.

(e)     
SEC Documents; Financial Statements. Since March 31, 2015, the
Company has filed all reports, schedules, forms, statements and other documents
required to be filed by it with the SEC pursuant to the reporting requirements
of the 1934 Act (all of the foregoing filed prior to the date hereof and all
exhibits included therein and financial statements and schedules thereto and
documents incorporated by reference therein being hereinafter referred to as the
“SEC Documents”). As of their respective dates (except as they have been
correctly amended), the SEC Documents complied in all material respects with the
requirements of the 1934 Act and the rules and regulations of the SEC
promulgated thereunder applicable to the SEC Documents, and none of the SEC
Documents, at the time they were filed with the SEC (except as they may have
been properly amended), contained any untrue statement of a material fact or
omitted to state a material fact required to be stated therein or necessary in
order to make the statements therein, in light of the
circumstances under which they were made, not misleading. As of their respective
dates (except as they have been properly amended), the financial statements of
the Company included in the SEC Documents complied as to form in all material
respects with applicable accounting requirements and the published rules and
regulations of the SEC with respect thereto. Such financial statements have been
prepared in accordance with generally accepted accounting principles,
consistently applied, during the periods involved (except (i) as may be
otherwise indicated in such financial statements or the notes thereto or (ii) in
the case of unaudited interim statements, to the extent they may exclude
footnotes or may be condensed or summary statements) and fairly present in all
material respects the financial position of the Company as of the dates thereof
and the results of its operations and cash flows for the periods then ended
(subject, in the case of unaudited statements, to normal year-end audit
adjustments). Except routine correspondence, such as comment letters and notices
of effectiveness in connection with previously filed registration statements or
periodic reports publicly available on EDGAR, to the Company’s knowledge, the
Company or any of its Subsidiaries are not presently the subject of any inquiry,
investigation or action by the SEC. 

(f)     
Absence of Certain Changes. Since March 31, 2016, there has been
no material adverse change in the business, properties, operations, financial
condition or results of operations of the Company or its Subsidiaries taken as a
whole. For purposes of this Agreement, neither a decrease in cash or cash
equivalents nor losses incurred in the ordinary course of the Company’s business
shall be deemed or considered a material adverse change. The Company has not
taken any steps, and does not currently expect to take any steps, to seek
protection pursuant to any Bankruptcy Law nor does the Company or any of its
Subsidiaries have any knowledge or reason to believe that its creditors intend
to initiate involuntary bankruptcy or insolvency proceedings.

(g)     
Absence of Litigation. Other than as disclosed in the SEC
Documents, to the Company’s knowledge, there is no action, suit, proceeding,
inquiry or investigation before or by any court, public board, government
agency, self-regulatory organization or body pending or, to the knowledge of the
Company or any of its Subsidiaries, threatened against the Company, the Common
Stock or any of the Company’s Subsidiaries or any of the Company’s or the
Company’s Subsidiaries’ officers or directors in their capacities as such, which
could reasonably be expected to have a Material Adverse Effect. 

(h)     
Acknowledgment Regarding Buyer’s Status. The Company
acknowledges and agrees that the Buyer is acting solely in the capacity of arm’s
length purchaser with respect to this Agreement and the transaction contemplated
hereby. The Company further acknowledges that the Buyer is not acting as a
financial advisor or fiduciary of the Company (or in any similar capacity) with
respect to this Agreement and the transaction contemplated hereby and any advice
given by the Buyer or any of its representatives or agents in connection with
this Agreement and the transaction contemplated hereby is merely incidental to
the Buyer’s purchase of the Securities. The Company further represents to the
Buyer that the Company’s decision to enter into this Agreement has been based solely on
the independent evaluation by the Company and its representatives and advisors.

(i)     
Registration Statement. The Shelf Registration Statement (as
defined in Section 4(a) hereof) has been declared effective by the SEC, and no
stop order has been issued or is pending or, to the knowledge of the Company,
threatened by the SEC with respect thereto. As of the date hereof, the Company
has a dollar amount of securities registered and unsold under the Shelf
Registration Statement, which is not less than the amount necessary to register
the Securities on the date hereof. 

  4.           COVENANTS.

(a)     
Filing of Form 8-Ks and Prospectus Supplements. The Company
agrees that it shall, within the time required under the 1934 Act, file any
Current Report on Form 8-K disclosing this Agreement and the transaction
contemplated hereby including in connection with the purchases of the Second
Purchase Shares and the Third Purchase Shares. The Company shall file within two
(2) Business Days from the date hereof a prospectus supplement to the Company’s
existing shelf registration statement on Form S-3 (File No. 333-204889, the
“Shelf Registration Statement”) covering the sale of the initial
1,857,000 Purchase Shares and 1,476,333 Pre-Funded Warrants to purchase
1,476,333 Warrant Shares (the “Prospectus Supplement”). The Company shall
also file within two (2) Business Days from each of the dates of the purchases
of the Second Purchase Shares and the Third Purchase Shares a prospectus
supplement to the Shelf Registration Statement covering the sale of such
Purchase Shares and such Pre-Funded Warrants. The Shelf Registration Statement
(including any amendments or supplements thereto and prospectuses or prospectus
supplements, including the Prospectus Supplement, contained therein) shall not
contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein, or necessary to make the statements therein, in
light of the circumstances in which they were made, not misleading. 

(b)     
Blue Sky. The Company shall take such action, if any, as is
reasonably necessary in order to obtain an exemption for or to qualify (i) the
sale of the Securities to the Buyer under this Agreement and (ii) any subsequent
sale of the Securities by the Buyer, in each case, under applicable securities
or “Blue Sky” laws of the states of the United States in such states as is
reasonably requested by the Buyer from time to time, and shall provide evidence
of any such action so taken to the Buyer. 

(c)     
Listing. The Company shall promptly secure the listing of all of
the Purchase Shares and Warrant Shares upon each national securities exchange
and automated quotation system that requires an application by the Company for
listing, if any, upon which shares of Common Stock are then listed (subject to
official notice of issuance) and shall maintain such listing, so long as any
other shares of Common Stock shall be so listed. The Company shall pay all fees
and expenses in connection with satisfying its obligations under this Section.

(d)     
Maintenance of Registration. The Company shall, at all times
while any Pre-Funded Warrants are outstanding, use its best efforts to maintain
a registration statement covering the exercise of the Pre-Funded Warrants and
the issue and sale of the Warrant Shares such that the Warrant Shares, when
issued, will not be subject to resale restrictions under the 1933 Act except to
the extent that the Warrant Shares are owned by affiliates. 

(e)     
Warrant Shares Reserved. The Company shall, at all times while
any Pre-Funded Warrants are outstanding, reserve and keep available out of the
aggregate of its authorized but unissued and otherwise unreserved Common Stock,
solely for the purpose of enabling it to issue Warrant Shares upon exercise of
such Pre-Funded Warrants, the number of Warrant Shares that are initially
issuable and deliverable upon the exercise of the then-outstanding Pre-Funded
Warrants. 

 5.     
TRANSFER AGENT INSTRUCTIONS. 

All of the Purchase Shares and
Pre-Funded Warrants to be issued under this Agreement shall be issued without
any restrictive legend. All of the Warrant Shares to be issued under this
Agreement shall be issued without any restrictive legend, provided that the
Company either maintains an effective registration statement covering the
exercise of the Pre-Funded Warrants and the issue and sale of the Warrant
Shares, or the Warrant Shares are issued upon a “net share exercise” of the
Pre-Funded Warrants pursuant to the terms thereof. The Company shall issue
irrevocable instructions to the Transfer Agent, and any subsequent transfer
agent, to issue Common Stock in the name of the Buyer for the Purchase Shares
(the “Irrevocable Transfer Agent Instructions”). The Company warrants to
the Buyer that no instruction other than the Irrevocable Transfer Agent
Instructions referred to in this Section 5, will be given by the Company to the
Transfer Agent with respect to the Purchase Shares and the Purchase Shares shall
otherwise be freely transferable on the books and records of the Company as and
to the extent provided in this Agreement. Following exercise of the Pre-Funded
Warrants in accordance with the terms thereof, the Company shall issue
irrevocable instructions to the Transfer Agent, and any subsequent transfer
agent, to issue Common Stock in the name of the Buyer for the Warrant Shares.

 6.     
INDEMNIFICATION.

In consideration of the Buyer’s
execution and delivery of is Agreement and acquiring the Securities hereunder
and in addition to all of the Company’s other obligations under this Agreement,
the Company shall defend, protect, indemnify and hold harmless the Buyer and all
of its affiliates, members, officers, directors, and employees, and any of the
foregoing person’s agents or other representatives (including, without
limitation, those retained in connection with the transaction contemplated by
this Agreement) (collectively, the “Indemnitees”) from and against any
and all actions, causes of action, suits, claims, losses, costs, penalties,
fees, liabilities and damages, and expenses in connection therewith
(irrespective of whether any such Indemnitee is a party to the action for which
indemnification hereunder is sought), and including reasonable attorneys’ fees
and disbursements (the “Indemnified Liabilities”), incurred by any Indemnitee as a result of, or arising out of,
or relating to (a) any misrepresentation or breach of any representation or
warranty made by the Company in this Agreement or any other certificate,
instrument or document contemplated hereby, (b) any breach of any covenant,
agreement or obligation of the Company contained in this Agreement or any other
certificate, instrument or document contemplated hereby, or (c) any cause of
action, suit or claim brought or made against such Indemnitee and arising out of
or resulting from the execution, delivery, performance or enforcement of this
Agreement or any other certificate, instrument or document contemplated hereby,
other than with respect to Indemnified Liabilities which directly and primarily
result from (A) a breach of any of the Buyer’s representations and warranties,
covenants or agreements contained in this Agreement, or (B) the gross
negligence, bad faith or willful misconduct of the Buyer or any other
Indemnitee. To the extent that the foregoing undertaking by the Company may be
unenforceable for any reason, the Company shall make the maximum contribution to
the payment and satisfaction of each of the Indemnified Liabilities which is
permissible under applicable law. 

 

  7.           CERTAIN DEFINED
TERMS.

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

(a)      “1933 Act”
means the Securities Act of 1933, as amended. 

(b)      “Bankruptcy
Law” means Title 11, U.S. Code, or any similar federal or state law for the
relief of debtors.

(c)     
“Business Day” means any day on which the Principal Market is
open for trading during normal trading hours (i.e., 9:30 a.m. to 4:00 p.m.
Eastern Time), including any day on which the Principal Market is open for
trading for a period of time less than the customary time.

(d)      “JV
Agreement” means a final, fully signed and binding, unconditional joint
venture agreement to fully develop and to commercialize Lightbridge-designed
metallic nuclear fuel with a major global nuclear fuel fabrication company under
terms and conditions acceptable to the Buyer in the Buyer’s sole discretion.

(e) “Person” means an
individual or entity including any limited liability company, a partnership, a
joint venture, a corporation, a trust, an unincorporated organization and a
government or any department or agency thereof.

(f)      “Principal
Market” means the NASDAQ Capital Market. 

(g)      “SEC” means
the United States Securities and Exchange Commission. 

(h)     
“Second Purchase Price” means a US Dollar amount equal to the
lesser of: (1) $0.50 or (2) the average of the closing sale prices for the five
(5) consecutive Business Days immediately preceding the public disclosure of the
Utility Arrangement. 

(i)     
“Second Purchase Shares” means the number of shares that is the
result of dividing (x) One Million Dollars ($1,000,000) by (y) the Second
Purchase Price. 

(j)     
“Third Purchase Price” means a US Dollar amount equal to the
lesser of: (1) $1.00 or (2) the average of the closing sale prices for the five
(5) consecutive business days prior to the public disclosure of the JV
Agreement. 

(k)     
“Third Purchase Shares” means the number of shares that is the
result of dividing (x) Three Million Dollars ($3,000,000) by (y) the Third
Purchase Price. 

(l)     
“Transfer Agent” means the transfer agent of the Company as set
forth in Section 8(f) hereof or such other person who is then serving as the
transfer agent for the Company in respect of the Common Stock. 

(m)     
“Utility Arrangement” means the entry by the Company into an
agreement, letter of intent, memorandum of understanding or similar arrangement
with at least one major nuclear utility in which such utility signifies its
intent to enter into a strategic relationship regarding Lightbridge-designed
nuclear fuel, which arrangement will include financing support for
Lightbridge-designed nuclear fuel under terms and conditions acceptable to the
Buyer in the Buyer’s sole discretion. 

8.          
MISCELLANEOUS. 

(a)     
Governing Law; Jurisdiction; Jury Trial. The corporate laws of
the State of Nevada shall govern all issues concerning the relative rights of
the Company and its stockholders. All other questions concerning the
construction, validity, enforcement and interpretation of this Agreement shall
be governed by the internal laws of the State of Illinois, without giving effect
to any choice of law or conflict of law provision or rule (whether of the State
of Illinois or any other jurisdictions) that would cause the application of the
laws of any jurisdictions other than the State of Illinois. Each party hereby
irrevocably submits to the exclusive jurisdiction of the state and federal
courts sitting in the City of Chicago, for the adjudication of any dispute
hereunder or in connection herewith, or with the transaction contemplated hereby
or discussed herein, and hereby irrevocably waives, and agrees not to assert in
any suit, action or proceeding, any claim that it is not personally subject to
the jurisdiction of any such court, that such suit, action or proceeding is
brought in an inconvenient forum or that the venue of such suit, action or
proceeding is improper. Each party hereby irrevocably waives personal service of
process and consents to process being served in any such suit, action or
proceeding by mailing a copy thereof to such party at the address for such
notices to it under this Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained
herein shall be deemed to limit in any way any right to serve process in any manner
permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE,
AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE
HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY
TRANSACTION CONTEMPLATED HEREBY.

(b)     
Counterparts. This Agreement may be executed in two or more
identical counterparts, all of which shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each
party and delivered to the other party; provided that a facsimile or pdf (or
other electronic reproduction) signature shall be considered due execution and
shall be binding upon the signatory thereto with the same force and effect as if
the signature were an original, not a facsimile or pdf (or other electronic
reproduction) signature. 

(c)     
Headings. The headings of this Agreement are for convenience of
reference and shall not form part of, or affect the interpretation of, this
Agreement. 

(d)     
Severability. If any provision of this Agreement shall be
invalid or unenforceable in any jurisdiction, such invalidity or
unenforceability shall not affect the validity or enforceability of the
remainder of this Agreement in that jurisdiction or the validity or
enforceability of any provision of this Agreement in any other jurisdiction.

(e)     
Entire Agreement. This Agreement supersedes all other prior oral
or written agreements between the Buyer, the Company, their affiliates and
persons acting on their behalf with respect to the matters discussed herein, and
this Agreement and the documents and instruments referenced herein contain the
entire understanding of the parties with respect to the matters covered herein
and therein and, except as specifically set forth herein or therein, neither the
Company nor the Buyer makes any representation, warranty, covenant or
undertaking with respect to such matters. The Company acknowledges and agrees
that is has not relied on, in any manner whatsoever, any representations or
statements, written or oral, other than as expressly set forth in this
Agreement. 

(f)     
Notices. Any notices, consents or other communications required
or permitted to be given under the terms of this Agreement must be in writing
and will be deemed to have been delivered: (i) upon receipt, when delivered
personally; (ii) upon receipt, when sent by facsimile (provided confirmation of
transmission is mechanically or electronically generated and kept on file by the
sending party); (iii) upon receipt, when sent by electronic message (provided
the recipient responds to the message and confirmation of both electronic
messages are kept on file by the sending party); or (iv) one (1) Business Day
after timely deposit with a nationally recognized overnight delivery service, in
each case properly addressed to the party to receive the same. The addresses and
facsimile numbers for such communications shall be: 

	 	If to the Company: 	  
	 	           
             Lightbridge Corporation 
	 	           
             11710 Plaza America Drive, Suite 2000 
	 	           
             Reston, VA 20190 
	 	         
               Telephone: 	571-730-1223 
	 	         
               Facsimile: 	571-730-1260 
	 	         
               Attention: 	Seth Grae 
	 	         
               Email: 	sgrae@ltbridge.com 
	 	With a copy (which shall not constitute
      notice) to: 
	 	           
             Hogan Lovells US LLP 
	 	           
             One Tabor Center, Suite 1500 
	 	           
             1200 Seventeenth Street 
	 	           
             Denver, CO 80202 
	 	         
               Telephone: 	303-454-2449 
	 	         
               Facsimile: 	303-899-7333 
	 	         
               Attention: 	David Crandall 
	 	         
               Email: 	david.crandall@hoganlovells.com
    
	 	  	  
	 	If to the Buyer: 	  
	 	           
             Aspire Capital Fund, LLC 
	 	           
             155 North Wacker Drive, Suite 1600 
	 	           
             Chicago, IL 60606 
	 	         
               Telephone: 	312-658-0400 
	 	         
               Facsimile: 	312-658-4005 
	 	         
               Attention: 	Steven G. Martin 
	 	         
               Email: 	smartin@aspirecapital.com 
	 	With a copy to (which shall not constitute
      delivery to the Buyer): 
	 	           
             Morrison & Foerster LLP 
	 	           
             2000 Pennsylvania Avenue, NW, Suite 6000 
	 	           
             Washington, DC 20006 
	 	         
               Telephone: 	202-778-1611 
	 	         
               Facsimile: 	202-887-0763 
	 	         
               Attention: 	Martin P. Dunn, Esq. 
	 	         
               Email: 	mdunn@mofo.com 
	 	  	  
	 	If to the Transfer Agent:
  
	 	           
             8742 Lucent Blvd., Suite 225 
	 	           
             Highlands Ranch, CO 80129 
	 	         
               Telephone: 	   303-262-0710 
	 	         
               Facsimile: 	   303-262-0609 
	 	         
               Attention: 	   Brooke Webb 
	 	         
               Email: 	 
       Brooke.webb@computershare.com 

or at such other address and/or facsimile number and/or to the
attention of such other person as the recipient party has specified by written
notice given to each other party one (1) Business Day prior to the effectiveness
of such change. Written confirmation of receipt (A) given by the recipient of
such notice, consent or other communication, (B) mechanically or electronically
generated by the sender’s facsimile machine containing the time, date, and
recipient facsimile number, (C) electronically generated by the sender’s
electronic mail containing the time, date and recipient email address or (D)
provided by a nationally recognized overnight delivery service, shall be
rebuttable evidence of receipt in accordance with clause (i), (ii), (iii) or
(iv) above, respectively. 

(g)     
Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of the parties and their respective successors and assigns.
The Company shall not assign this Agreement or any rights or obligations
hereunder without the prior written consent of the Buyer, including by merger or
consolidation. The Buyer may not assign its rights or obligations under this
Agreement. 

(h)     
No Third Party Beneficiaries. This Agreement is intended for the
benefit of the parties hereto and their respective permitted successors and
assigns, and is not for the benefit of, nor may any provision hereof be enforced
by, any other person. 

(i)     
Publicity. The Buyer shall have the right to approve before
issuance any press release, SEC filing or any other public disclosure made by or
on behalf of the Company whatsoever with respect to, in any manner, the Buyer,
its purchases hereunder or any aspect of this Agreement or the transaction
contemplated hereby; provided, however, that the Company shall be entitled,
without the prior approval of the Buyer, to make any press release or other
public disclosure (including any filings with the SEC) with respect to such
transactions as is required by applicable law and regulations so long as the
Company and its counsel consult with the Buyer in connection with any such press
release or other public disclosure at least one (1) Business Day prior to its
release. The Buyer must be provided with a copy thereof at least one (1)
Business Day prior to any release or use by the Company thereof. 

(j)     
Further Assurances. Each party shall do and perform, or cause to
be done and performed, all such further acts and things, and shall execute and
deliver all such other agreements, certificates, instruments and documents, as
the other party may reasonably request in order to carry out the intent and
accomplish the purposes of this Agreement and the consummation of the
transaction contemplated hereby. 

(k)     
Survival. The representations and warranties of the Company and
the Buyer contained in Sections 2, 3 and 5 hereof, the indemnification
provisions set forth in Section 6 hereof and the agreements and covenants set
forth in Sections 4 and 8 hereof, shall survive the execution of this Agreement
and the transaction contemplated herein or any termination of this
Agreement.

(l)     
No Financial Advisor, Placement Agent, Broker or Finder. The
Company represents and warrants to the Buyer that it has not engaged any
financial advisor, placement agent, broker or finder in connection with the
transactions contemplated hereby. The Buyer represents and warrants to the
Company that it has not engaged any financial advisor, placement agent, broker
or finder in connection with the transactions contemplated hereby. Each party
shall be responsible for the payment of any fees or commissions, if any, of any
financial advisor, placement agent, broker or finder engaged by such party
relating to or arising out of the transactions contemplated hereby. Each party
shall pay, and hold the other party harmless against, any liability, loss or
expense (including, without limitation, attorneys' fees and out of pocket
expenses) arising in connection with any such claim. 

(m)     
No Strict Construction. The language used in this Agreement will
be deemed to be the language chosen by the parties to express their mutual
intent, and no rules of strict construction will be applied against any party.

(n)      Failure or
Indulgence Not Waiver. No failure or delay in the exercise of any power,
right or privilege hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise of any such power, right or privilege preclude other
or further exercise thereof or of any other right, power or privilege. 

* * * * * 

IN WITNESS WHEREOF, the
Buyer and the Company have caused this Securities Purchase Agreement to be duly
executed as of the date first written above. 

	THE COMPANY: 
	  	 
	LIGHTBRIDGE CORPORATION 
	  	 
	  	 
	By: 	/s/ Seth Grae  
	Name: Seth Grae 
	Title: President and Chief Executive
      Officer 
	  	 
	  	 
	BUYER: 	 
	  	 
	ASPIRE CAPITAL FUND, LLC 
	BY: ASPIRE CAPITAL PARTNERS, LLC 
	BY: SGM HOLDINGS CORP. 
	  	 
	  	 
	By: 	/s/ Steven G. Martin  
	Name: Steven G. Martin 
	Title: President

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