Document:

Dakota Gold Corp.: Exhibit 10.4 - Filed by newsfilecorp.com

    

    
        

    

    PERSONAL AND CONFIDENTIAL

    August 1, 2021

    Dear Mr. James Berry:

    Re: Dakota Territory Resource Corp (the "Corporation") - Employment Offer Letter (the "Agreement")

    Further to our recent discussions, we are pleased to confirm that you will be able to offer services to the Corporation commencing effective as of December 1, 2021, consistent with the position of Vice President of Exploration of the Corporation on the following terms and conditions.

    	Term:	Five years.
	 	 
	Title:	Vice President of Exploration.
	 	 
	Duties:
 	All matters typical for a Vice President of Exploration, subject to the direction and control of the Chief Executive Officer.
	 	 
	Start Date:	December 1, 2021.
	 	 
	Salary:	You will receive a base fee of US$200,000 per annum.
	 	 
	Benefits:	The Corporation has benefits programs for its employees and designated consultants in which you will have the right to participate.
	 	 
	Annual Performance Bonus:	At the discretion of the Corporation, you may be eligible to receive an annual bonus, the terms and conditions of which may be determined between you and the Board and tied to the achievement of mutually agreeable performance targets including, among other things, the Corporation's success during the year.
	 	 
	Target Bonus:
 	You will be entitled to an annual target bonus payable in cash and equal to up to 40% of your base salary, the terms and conditions of which may be determined between you and the Board and tied to the achievement of mutually agreeable performance targets including, among other things, the Corporation's success during the year.
	 	 
	Expenses:	You will be entitled to reimbursement of all reasonable and necessary business expenses actually and properly incurred by you from time to time in furtherance of or in connection with the business of the Corporation including all travel expenses, parking, cell phone, laptop and entertainment expenses.

    

    

    
        2

    

    

    	
                Vacation:

                 

            	
                Each calendar year, you will be entitled to four (4) weeks (which comes to 160 hours) paid vacation per year to be taken at such times as you reasonably determine to be appropriate, having regard to the operations of the Corporation, provided you have received the approval of the Chief Executive Officer, and provided that such vacations may be taken only within the calendar year of entitlement and may not be accumulated from year to year. Your vacation entitlement shall be reduced and pro-rated to account for any partial calendar year of employment. Any office closures implemented by the Corporation during any holiday season or otherwise shall be applied against this vacation entitlement to the extent that such closures include non-statutory holiday work days.

            
	 	 
	
                Policies and Procedures:

            	
                You agree to be bound by all policies and procedures issued and updated from time to time by the Corporation.

            
	 	 
	
                Confidentiality:

            	
                At all times during and subsequent to your employment, you shall not disclose the contents of any confidential, proprietary or non-public information ("Confidential Information") to any person or entity or use, copy, transfer or destroy any Confidential Information other than as necessary in carrying out your duties on behalf of the Corporation without first obtaining the consent of the Board of the Corporation and shall take all reasonable precautions to prevent any inadvertent disclosure, use, copying, transfer or destruction of any Confidential Information. In addition, you shall not, following the termination of your employment for any reason possess, remove, or use any Confidential Information for any purpose whatsoever except as permitted and mutually agreed upon by yourself and the Board.

            
	 	 
	
                Termination:

                 

                 

                 

            	
                You may resign and terminate this Agreement upon 4 weeks written notice to the Corporation for any or no reason. If you do so the Corporation will not have any liability to you whatsoever in respect of such resignation (including no requirement to pay severance or accelerate the vesting of equity-based awards).

                The Corporation may terminate your employment relationship at any time without notice or payment in lieu of notice for cause and shall not be required to pay any severance or accelerate the vesting of any equity-based awards. For purposes of the foregoing, "Cause" is defined as (A) the continued failure by employee to substantially perform his duties with the Corporation after a written demand for substantial performance is delivered to employee by the Chief Executive Officer, which demand specifically identifies the manner in which the Chief Executive Officer believes that employee has not substantially performed his duties, and the employee fails to cure such failure within fifteen (15) days after receipt of such demand, (B) the engaging by employee in conduct which is demonstrably and materially injurious to the Corporation, monetarily or otherwise (including the Chief Executive Officer's determination of conduct that constitutes a violation of any securities laws in the United States or Canada, whether federal, state or provincial), (C) employee's conviction for the commission of a felony or (D) action by employee toward the Corporation involving dishonesty.

            

    

    

    3

    	
                 

                 

                 

                 

            	
                Termination without Cause. The Corporation may terminate this Agreement without cause at any time. In such event, you will not receive working notice of termination, but instead will only receive the following compensation:

                (a) the then current base fee and pro-rated estimated annual bonus payment for the year of termination earned to the termination date; and

                (b) payment in lieu of notice in an amount equivalent to: (i) if this Agreement is terminated by the Corporation 3 months prior to, or within 12 months following, a Change in Control of the Corporation: (1) 1.5 times your then current base annual fee and (2) 1.5 times an annual bonus deemed to be 75% of your then current base annual fee; or (ii) in any other circumstance: (1) 1.5 times your then current base annual fee and (2) 1.5 times an annual bonus deemed to be 75% of your then current base annual fee; and

                (c) the annual bonus payment, if any, earned in the year preceding the year of termination, to the extent that such annual bonus payment has not already been paid; and

                (d) any stock options or any other equity or any other incentive units previously granted to you by the Corporation shall become fully vested and notwithstanding any term of the Corporation's plans to the contrary, shall remain exercisable for their original term granted and shall not terminate due to your termination. The terms of any stock option agreement or other equity or incentive agreement between you and the Corporation shall be deemed amended to reflect the terms of this section and any plan adopted by the Board of Directors will incorporate this language.

                For avoidance of doubt, in order to receive the payout set forth in (b)(i) above, there must be both a (A) Change of Control and (B) the loss of employment as a result of such Change of Control, a material reduction in responsibilities as the result of a Change of Control, a reduction in the base salary set forth in this Agreement as a result of a Change of Control, or a requirement to relocate ordinary place of business more than 50 miles from the current location as a result of a Change of Control.

                You also specifically agree to execute a formal release document in a form satisfactory to the Corporation in consideration for receiving a termination payment.

                For purposes of this clause, "Change in Control" shall have the meaning set forth in the Corporation's incentive equity plan.

            

    

    

    
        4

    

    

    	Compensation Securities:
 	You will receive a grant of 300,000 options to purchase common shares in the Corporation. In addition, you will receive 125,000 share units of the Corporation.

You will be eligible for participation in the Corporation's securities-based compensation plans.
	 	 
	Assignment:
 	You may not assign your rights and obligations under this Agreement. The Corporation, in its discretion, may assign its rights and obligations under this Agreement.
	 	 
	Employment Agreement:
 	This Agreement will serve as the employment agreement between the parties until it is replaced by a formal employment agreement, and it will be governed by the laws of South Dakota. Each party hereby agrees that good and valuable consideration has been exchanged for the execution of this Agreement, and in addition, you confirm that the Corporation has paid you US$10 to enter into this Agreement.

    [Signature page follows.]

    

    Please sign and return the duplicate copy of this Agreement, or a pdf version by email to the Corporation.

    We look forward to a long and prosperous relationship with you.

    Yours truly,

    Dakota Territory Resource Corp

    Per:

    	"Jonathan Awde"
	Jonathan Awde
	President and CEO

     

    The above Agreement on the terms and conditions set out above is hereby accepted this 2nd day of August, 2021.

     

    	"James Berry"
	 
	James BerryExhibit
4.1

 

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 October 29, 2019

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
    No.
	Article 1

                                                                                INTERPRETATION

	Section 1.1   	Definitions	2
	Section 1.2   	Gender
and Number	6
	Section 1.3   	Headings,
    Etc.	7
	Section 1.4   	Day
not a Business Day	7
	Section 1.5   	Time
of the Essence	7
	Section 1.6   	Monetary
References	7
	Section 1.7   	Applicable
Law	7
	Article 2

                                                                                ISSUE
                                            OF WARRANTS

	Section 2.1   	Creation
    and Issue of Warrants	7
	Section 2.2   	Terms
of Warrants	8
	Section 2.3   	Warrantholder
not a Shareholder	8
	Section 2.4   	Warrants
to Rank Pari Passu	8
	Section 2.5   	Form
of Warrants, Warrant Certificates	9
	Section 2.6   	Book
Entry Warrants	9
	Section 2.7   	Warrant
Certificate	12
	Section 2.8   	Legends	13
	Section 2.9   	Register
    of Warrants	14
	Section 2.10   	Issue
    in Substitution for Warrant Certificates Lost, etc.	15
	Section 2.11   	Exchange
of Warrant Certificates	16
	Section 2.12   	Transfer
and Ownership of Warrants	16
	Section 2.13   	Cancellation
of Surrendered Warrants	17
	Article 3

                                                                                EXERCISE
                                            OF WARRANTS

	Section 3.1   	Right
    of Exercise	18
	Section 3.2   	Warrant
Exercise	18
	Section 3.3   	Prohibition
    on Exercise by U.S. Persons; Legended Certificates	21
	Section 3.4   	Transfer
Fees and Taxes	22
	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	23

 

     

     

    

 

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	28
	Section 4.3   	No
Adjustment for Certain Transactions	28
	Section 4.4   	Determination
by Independent Firm	28
	Section 4.5   	Proceedings
Prior to any Action Requiring Adjustment	28
	Section 4.6   	Certificate
of Adjustment	29
	Section 4.7   	Notice
of Special Matters	29
	Section 4.8   	No
Action after Notice	29
	Section 4.9   	Other
Action	29
	Section 4.10   	Protection
of Warrant Agent	30
	Section 4.11   	Participation
by Warrantholder	30
	Article 5

                                                                                RIGHTS
                                            OF THE CORPORATION AND COVENANTS

	Section 5.1   	Optional
    Purchases by the Corporation	31
	Section 5.2   	General
Covenants	31
	Section 5.3   	Cannabis
    Compliance	32
	Section 5.4   	Warrant
Agent’s Remuneration and Expenses	35
	Section 5.5   	Performance
of Covenants by Warrant Agent	35
	Section 5.6   	Enforceability
of Warrants	36
	Article 6

                                                                                ENFORCEMENT

	Section 6.1   	Suits
    by Registered Warrantholders	36
	Section 6.2   	Suits
by the Corporation	36
	Section 6.3   	Immunity
    of Shareholders, etc.	36
	Section 6.4   	Waiver
of Default	37
	Article 7

                                                                                MEETINGS
                                            OF REGISTERED WARRANTHOLDERS

	Section 7.1   	Right
    to Convene Meetings	37
	Section 7.2   	Notice	38
	Section 7.3   	Chairman	38
	Section 7.4   	Quorum	38
	Section 7.5   	Power
to Adjourn	39
	Section 7.6   	Show
    of Hands	39
	Section 7.7   	Poll
and Voting	39

 

    - ii -

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	Page
    No.
	 	 	 
	Section 7.8   	Regulations	39
	Section 7.9   	Corporation
and Warrant Agent May be Represented	40
	Section 7.10   	Powers
Exercisable by Extraordinary Resolution	40
	Section 7.11   	Meaning
of Extraordinary Resolution	41
	Section 7.12   	Powers
Cumulative	42
	Section 7.13   	Minutes	42
	Section 7.14   	Instruments
in Writing	42
	Section 7.15   	Binding
Effect of Resolutions	43
	Section 7.16   	Holdings
by Corporation Disregarded	43
	Article 8

                                                                                SUPPLEMENTAL
                                            INDENTURES

	Section 8.1   	Provision
    for Supplemental Indentures for Certain Purposes	43
	Section 8.2   	Successor
Entities	44
	Article 9

                                                                                CONCERNING
                                            THE WARRANT Agent

	Section 9.1   	Trust
    Indenture Legislation	45
	Section 9.2   	Rights
and Duties of Warrant Agent	45
	Section 9.3   	Evidence,
Experts and Advisers	46
	Section 9.4   	Documents,
Monies, etc. Held by Warrant Agent	47
	Section 9.5   	Actions
by Warrant Agent to Protect Interest	47
	Section 9.6   	Warrant
Agent Not Required to Give Security	47
	Section 9.7   	Protection
of Warrant Agent	47
	Section 9.8   	Replacement
of Warrant Agent; Successor by Merger	49
	Section 9.9   	Acceptance
    of Agency	50
	Section 9.10   	Warrant
Agent Not to be Appointed Receiver	50
	Section 9.11   	Warrant
Agent Not Required to Give Notice of Default	50
	Section 9.12   	Anti-Money
Laundering	50
	Section 9.13   	Compliance
with Privacy Code	51
	Section 9.14   	Securities
Exchange Commission Certification	52
	Article 10

                                                                                GENERAL

	Section 10.1   	Notice
    to the Corporation and the Warrant Agent	52
	Section 10.2   	Notice
to Registered Warrantholders	53
	Section 10.3   	Ownership
of Warrants	54
	Section 10.4   	Counterparts	54
	Section 10.5   	Satisfaction
and Discharge of Indenture	54

 

    - iii -

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	Page
    No.
	 	 	 
	Section 10.6   	Provisions
    of Indenture and Warrants for the Sole Benefit of Parties and Registered Warrantholders	55
	Section 10.7   	Common
Shares or Warrants Owned by the Corporation or its Subsidiaries - Certificate to be Provided	55
	Section 10.8   	Severability	55
	Section 10.9   	Force
    Majeure	56
	Section 10.10   	Assignment,
    Successors and Assigns	56
	Section 10.11   	Rights
    of Rescission and Withdrawal for Holders	56

 

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  

 

    - iv -

     

    

 

WARRANT
INDENTURE

 

THIS
WARRANT INDENTURE is dated as of October 29, 2019.

 

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 22,115,384
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:

 

     

    - 2 -

    

 

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;

 

     

    - 3 -

    

 

“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 $0.75 per Warrant Share, payable in immediately available Canadian funds, subject to adjustment in accordance with the provisions
of Section 4.1;

 

     

    - 4 -

    

 

“Expiry
Date” means October 29, 2022;

 

“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 October 21, 2019;

 

“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;

 

     

    - 5 -

    

 

“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.;

 

“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 October 21, 2019, 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;

 

     

    - 6 -

    

 

“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 22,115,384 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.

 

     

    - 7 -

    

 

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 22,115,384 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.

 

     

    - 8 -

    

 

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.

 

     

    - 9 -

    

 

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.

 

     

    - 10 -

    

 

(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:

 

(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.

 

     

    - 11 -

    

 

(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.

 

     

    - 12 -

    

 

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.

 

     

    - 13 -

    

 

(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 DELIVERABLE UPON EXERCISE THEREOF, 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, (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER
THE U.S. SECURITIES ACT PROVIDED BY (I) RULE 144, IF AVAILABLE, OR (II) RULE 144A THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS, OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE
STATE SECURITIES LAWS, 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 RECOGNIZED STANDING OR OTHER EVIDENCE OF EXEMPTION, IN EITHER CASE REASONABLY SATISFACTORY
TO THE COMPANY.”

 

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. 

 

     

    - 14 -

    

 

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."

 

 (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.

 

     

    - 15 -

    

 

(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.

 

     

    - 16 -

    

 

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;

 

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.

 

     

    - 17 -

    

 

(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.

 

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.

 

     

    - 18 -

    

 

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.

 

     

    - 19 -

    

 

(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.

 

(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.

 

     

    - 20 -

    

 

(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.

 

(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.

 

     

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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.

 

(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 AND WILL NOT BE 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 STOCK EXCHANGES IN CANADA.”

 

     

    - 22 -

    

 

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.

 

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.

 

     

    - 23 -

    

 

(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.

 

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.

 

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.

 

     

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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;

 

(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;

 

     

    - 26 -

    

 

(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;

 

(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;

 

     

    - 27 -

    

 

(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

 

(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.

 

     

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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.

 

     

    - 29 -

    

 

 

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;

 

     

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(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                  Cannabis
Compliance

 

(a)            In
this Indenture, the following terms have the following meanings:

 

		(i)	“Cannabis Permits” means all permits or licences of any nature held by the Corporation
or any subsidiary of the Corporation, as of the date of this Indenture or thereafter, under Canadian federal, provincial and territorial
law, and regulations made thereunder, that are necessary or desirable to lawfully conduct or maintain, directly or indirectly, its cannabis-related
activities and interests, if any.

 

		(ii)	“Governmental Authority” or “Governmental Authorities” means any
of the governments of Canada, the United States of America, any other nation or any political subdivision thereof, whether provincial,
state, territorial or local, and any agency, authority, instrumentality, regulatory body, court, central bank, fiscal or monetary authority
or other authority regulating financial institutions, and any other entity exercising executive, legislative, judicial, taxing, regulatory
or administrative powers or functions of or pertaining to government.

 

		(iii)	“United States of America” means the United States of America, its territories and
possessions, any State of the United States, or any political subdivision thereof, and the District of Columbia.

 

     

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(b)            The
Corporation represents, warrants and agrees that, in addition to any other representation and warranty in this Indenture:

 

		(i)	it does not conduct or maintain, directly or indirectly, any cannabis-related activities or interests
that would require it to obtain any Cannabis Permits, or any permits or licences mandated by any Canadian or other applicable Governmental
Authority;

 

		(ii)	it does not have or hold cannabis or cannabis-related operations or interests in the United States of
America (including, without limiting the generality of the foregoing, royalty entitlements or investments in a cannabis business), or
sell or distribute cannabis into the United States of America; and

 

		(iii)	it does not have or hold cannabis or cannabis-related operations or interests in any other country (including,
without limiting the generality of the foregoing, royalty entitlements or investments in a cannabis business) where the production, distribution
or possession of cannabis is prohibited as a matter of the law of the applicable country.

 

(c)            To
the extent that the Corporation has cannabis-related activities or interests now or in the future, the Corporation covenants and agrees
that, in addition to any other covenant or obligation in this Indenture, it shall:

 

		(i)	immediately provide to the Warrant Agent any (i) existing Cannabis Permits; and, (ii) other permits and
licences required by any other applicable Governmental Authority that it currently holds;

 

		(ii)	obtain Cannabis Permits from any required Governmental Authority, and upon receipt of same immediately
provide such Cannabis Permits to the Warrant Agent;

 

		(iii)	at all times keep and maintain in good standing its Cannabis Permits, and shall notify the Warrant Agent
of any breach of this requirement immediately upon obtaining knowledge thereof;

 

		(iv)	ensure at all times that it continues to have all permits and licences required by any Canadian or other
applicable Governmental Authority that are necessary or desirable to lawfully conduct or maintain, directly or indirectly, its cannabis-related
activities and interests;

 

     

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		(v)	notify the Warrant Agent immediately of, and provide it with a copy of, any and all correspondence and
notices that could reasonably be expected to result in a loss of, or a penalty or other sanction under, any Cannabis Permit or applicable
law;

 

		(vi)	deliver to the Warrant Agent, (i) at any reasonable time upon demand by the Warrant Agent; and, (ii) in
any event, immediately upon the breach of any representation, warranty or covenant contained in this Article, an Officer’s Certificate
as to the knowledge of such officer(s) of the Corporation’s compliance or non-compliance with this Article, in each case attaching
evidence of the current status of all Cannabis Permits;

 

		(vii)	carry on and conduct its activities in accordance with all applicable laws and regulations of all Governmental
Authorities;

 

		(viii)	meet all listing requirements for each stock exchange upon which it is listed relating to compliance with
applicable law in all jurisdictions in which the Corporation has interests;

 

		(ix)	in no event, acquire or hold cannabis or cannabis-related operations or interests in the United States
of America (including, without limiting the generality of the foregoing, royalty entitlements or investments in a cannabis business),
or sell or distribute cannabis into the United States of America, so long as the production, distribution or possession of cannabis remains
prohibited as a matter of any federal, territorial or state laws of the United States of America or is prohibited as a matter of any applicable
United States of America Governmental Authority; and

 

		(x)	in no event, acquire or hold cannabis or cannabis-related operations or interests in any other country
(including, without limiting the generality of the foregoing, royalty entitlements or investments in a cannabis business) if the production,
distribution or possession of cannabis is prohibited as a matter of the law of the applicable country.

 

(d)            The
Corporation acknowledges and agrees that notwithstanding any other provision of this Indenture, any default of any provision of this
Section 5.3 or any disruption of the market for financial services provided to cannabis businesses will result in the right of the
Warrant Agent, at its sole discretion, to resign as Warrant Agent effective immediately, and the Corporation hereby acknowledges such
right of the Warrant Agent to immediately resign. For greater certainty, no cure period or advance notice is required to be given by
the Warrant Agent before the Warrant Agent may exercise such discretion.

 

     

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(e)            The
Corporation acknowledges and agrees, in addition to any other provision herein relating to the resignation or replacement of the Warrant
Agent, that the Warrant Agent may resign as Warrant Agent and be discharged from all further duties and liabilities hereunder, without
notice, if the Warrant Agent reasonably determines that (i) the Corporation has become unable to continue to lawfully operate any part
of its cannabis or cannabis-related business or to own or maintain, directly or indirectly, its cannabis or cannabis-related investments
or operations; or (ii) the Warrant Agent would be prejudiced by continuing to act as Warrant Agent hereunder.

 

The
Corporation shall cause all of its subsidiaries to comply with the provisions of this Section 5.3 as if such subsidiaries
were expressly referred to in such provisions in replacement of references to the Corporation, mutatis mutandis.

 

Section 5.4                 
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 5.5                 
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 5.4. 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 5.6                 
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.

 

(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.

 

     

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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;

 

     

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(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.

 

     

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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).

 

     

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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)       Each
party to this Agreement other than the Warrant Agent 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 Agreement, 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.

 

     

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Section 9.13        Compliance
with Privacy Code.

 

The parties acknowledge 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.

 

Each
party 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, each party 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.

 

     

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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: Daryl
Rebeck, President

 

Email: darylrebeck@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

 

     

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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.

 

     

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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.

 

     

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		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.

 

     

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		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.

 

     

    - 57 -

    

 

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: 	Associate Trust Officer

 

     

    A-1 

    

 

Schedule “A”

 

Form of Warrant

 

THE
WARRANTS EVIDENCED HEREBY ARE EXERCISABLE AT OR BEFORE 4:00 P.M. (EASTERN TIME) ON OCTOBER 29, 2022, AFTER WHICH TIME THE
WARRANTS EVIDENCED HEREBY SHALL BE DEEMED TO BE VOID AND OF NO FURTHER FORCE OR EFFECT.

 

For
all Warrants sold outside the United States or to original QIB Purchasers and 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 other than to original QIB Purchasers, also include the following legend:

 

“THE
SECURITIES REPRESENTED HEREBY, AND THE SECURITIES DELIVERABLE UPON EXERCISE THEREOF, 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, (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER
THE U.S. SECURITIES ACT PROVIDED BY (I) RULE 144, IF AVAILABLE, OR (II) RULE 144A THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS, OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE
STATE SECURITIES LAWS, 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 RECOGNIZED STANDING OR OTHER EVIDENCE OF EXEMPTION, IN EITHER CASE REASONABLY SATISFACTORY
TO THE COMPANY.”

 

     

    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 52886L137
	 	 
	 	ISIN CA52886L1379

 

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 October 29, 2022 (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 $0.75 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 October 29, 2019 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 October      ,
2019.

 

	 	
    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                                      ,
20     .

 

	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 $0.75, 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 United States 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 _____, 20__.

 

	 	)	 
	 	)	 
	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 Ltd.

 

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 _____, 20__.

 

	 	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 October 29, 2019 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 _____, 20__.

 

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

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