Document:

EX-10.11

 Exhibit 10.11 

TENTH AMENDMENT TO CREDIT AGREEMENT 

This Tenth Amendment to Credit Agreement (“Amendment”) is entered into between Texas Capital Bank, N.A., a national banking
association, as Administrative Agent, the lenders party to the Credit Agreement; and Lynden USA Inc., a Utah corporation, as borrower, and is dated June 5, 2014. Terms defined in the Credit Agreement between the Administrative Agent, such
lenders and such borrower dated August 29, 2011 (as amended, the “Credit Agreement”), are used herein as therein defined, unless otherwise defined herein or the context otherwise requires. 

R E C I T A L S: 
 WHEREAS, the
Borrower has requested that the Lenders amend the Credit Agreement and increase the Borrowing Base; and 
 WHEREAS, the Lenders are willing
to amend the Credit Agreement under the terms and conditions set forth herein; 
 NOW, THEREFORE, in consideration of the premises and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower, the Administrative Agent and the Lenders hereby agree as follows: 

1. The following definition is hereby added to Section 1.1 of the Credit Agreement as follows: 

“Tenth Amendment to Credit Agreement” means the Tenth Amendment to Credit Agreement dated June 5, 2014 between
Administrative Agent, the Lenders and the Borrower, amending the Credit Agreement. 
 2. The following definition located in
Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety as follows: 
 “Borrowing
Base” means the amount most recently determined and designated by the Administrative Agent as the Borrowing Base in accordance with Section 2.8.1, but in no event in excess of the Aggregate Commitment, as such Borrowing Base is
reduced in accordance with Section 2.8.2 or other provisions hereof. The Borrowing Base under Section 2.8.1 is deemed to be $32,000,000 as of the date of the Tenth Amendment to Credit Agreement. 

3. Commitments. The Lenders’ respective Commitments are hereby amended to the amounts set forth opposite their respective
signature blocks on their signature page to this Amendment. 
 4. Fees. The Borrower shall pay to the Administrative Agent upon
execution of this Amendment, 
 (a) a facility fee in the amount of $70,000 pursuant to Section 2.6.3 of the Credit Agreement.

  
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 (b) a processing fee for the Administrative Agent’s sole account in the amount of $2,500
pursuant to Section 2.6.7 of the Credit Agreement. 
 5. Further Assurances. The Borrower agrees to do each of the
following: 
 (a) create in favor of the Administrative Agent by instruments satisfactory to the Administrative Agent and its counsel first
and prior Liens on each of the Properties described in Table II attached to this Amendment and, in connection therewith, provide to the Administrative Agent title opinions or other title data satisfactory to the Administrative Agent and its counsel
to confirm Borrower’s ownership of such Properties in the decimal interests indicated on such Table II. 
 (b) execute and deliver or
cause the appropriate Person to execute and deliver such certificates, mortgages, amendments to mortgages and other security instruments as the Administrative Agent may from time to time reasonably request to reflect the terms of this Amendment.

 6. Address Update. The notice addresses for each of Administrative Agent and Texas Capital Bank, N.A. are hereby amended to the
addresses set forth on Exhibit A attached hereto. 
 7. Benefit of Conditions. All of the conditions in this Amendment and the
Credit Agreement are solely for the benefit of the Administrative Agent and the Lenders, and no Person other than the Administrative Agent and the Lenders may rely thereon or insist on compliance therewith. 

8. Ratification. The Borrower hereby ratifies all of its Obligations under the Credit Agreement and each of the Loan Documents to which
it is a party, and agrees and acknowledges that the Credit Agreement and each of the Loan Documents to which it is a party shall continue in full force and effect after giving effect to this Amendment. Nothing in this Amendment extinguishes, novates
or releases any right, claim, Lien, security interest or entitlement of the Lenders created by or contained in any of such documents nor is the Borrower released from any covenant, warranty or obligation created by or contained therein. 

9. Representations and Warranties. The Borrower hereby represents and warrants to the Administrative Agent and the Lenders that
(a) this Amendment has been duly executed and delivered on behalf of the Borrower, (b) this Amendment constitutes a valid and legally binding agreement enforceable against the Borrower in accordance with its terms and (c) the
execution, delivery and performance of this Amendment has been duly authorized by the Borrower. 
 10. Conditions to Effectiveness.
This Amendment shall be effective upon the execution by all parties of this Amendment and the receipt thereof by the Administrative Agent; provided, however, that the increases in the Borrowing Base and the Lenders’ Commitments
contemplated by paragraphs 2 and 3 shall not become effective until the Administrative Agent has additionally received such mortgages and amendments to mortgage as may be reasonably requested by the Administrative Agent to satisfy the
requirements of paragraph 5. 

  
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 11. RELEASE OF CLAIMS. The Borrower for itself, its successors and assigns and all those
at interest therewith, including, without limitation, each Guarantor, (collectively, the “Releasing Parties”), jointly and severally, hereby voluntarily and forever, RELEASE, DISCHARGE AND ACQUIT the Administrative Agent, the
Lenders and their respective officers, directors, shareholders, employees, agents, successors, assigns, representatives, affiliates and insurers (sometimes referred to below collectively as the “Released Parties”) and all those at
interest therewith of and from any and all claims, causes of action, liabilities, damages, costs (including, without limitation, attorneys’ fees and all costs of court or other proceedings), and losses of every kind or nature at this time known
or unknown, direct or indirect, fixed or contingent, which the Releasing Parties, have or hereafter may have arising out of any act, occurrence, transaction, or omission occurring from the beginning of time to the date of execution of this Amendment
if related to the Note or the other Loan Documents (the “Released Claims”), except that (i) the future duties and obligations of the Lenders under the Loan Documents and the rights of the Borrower to its funds on deposit with
the Lenders shall not be included in the term Released Claims and (ii) the right of the Borrower to require the correction of manifest accounting errors and similar administrative errors shall not be included in the term Released Claims. IT
IS THE EXPRESS INTENT OF THE RELEASING PARTIES THAT THE RELEASED CLAIMS SHALL INCLUDE ANY CLAIMS OR CAUSES OF ACTION ARISING FROM OR ATTRIBUTABLE TO THE NEGLIGENCE, GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF ANY OF THE RELEASED PARTIES. 

12. Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be an original and all of which
together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment by telecopy, e-mail, facsimile transmission, electronic mail in “portable document format” (“.pdf”)
form or other electronic means intended to preserve the original graphic and pictorial appearance of the item being sent shall be effective as a delivery of a manually executed counterpart of this Amendment. 

13. Effect. This Amendment is one of the Loan Documents. Except as amended hereby, the Credit Agreement shall remain unchanged and in
full force and effect, and the Borrower hereby ratifies the terms of the Credit Agreement (as amended hereby), including, without limitation, the provisions of Section 9.7 and Section 9.8 thereof. 

[Remainder of page intentionally left blank] 

  
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 ENTIRE AGREEMENT. THIS AMENDMENT CONSTITUTES THE ENTIRE AGREEMENT BETWEEN THE PARTIES HERETO WITH
RESPECT TO THE SUBJECT HEREOF. FURTHERMORE, IN THIS REGARD, THIS AMENDMENT AND THE OTHER WRITTEN LOAN DOCUMENTS REPRESENT, COLLECTIVELY, THE FINAL AGREEMENT AMONG THE PARTIES THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS,
OR SUBSEQUENT ORAL AGREEMENTS OF SUCH PARTIES. 
 THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG SUCH PARTIES. 

IN WITNESS WHEREOF, this Amendment is executed as of the date first above written. 

 

			
	 BORROWER:
 LYNDEN USA
INC.

		
	By:	 	 /s/ Colin Watt

	Name:	 	Colin Watt
	Title:	 	President

 The Guarantor acknowledges and approves the foregoing Amendment, confirms that its Guaranty is in full force and effect
and agrees to the release of claims in paragraph 11 of the foregoing Amendment. 
  

			
	 GUARANTOR:
 LYNDEN
ENERGY CORP.

		
	By:	 	 /s/ Colin Watt

	Name:	 	Colin Watt
	Print:	 	President and Chief Executive Officer

 [Signature pages continue] 

  
 Signature Page –
Tenth Amendment to Lynden Credit Agreement 

					
		 	ADMINISTRATIVE AGENT:
		 	TEXAS CAPITAL BANK, N.A.
			
		 	By:	  	 /s/ Frank K. Stowers

		 	Name:	  	Frank K. Stowers
		 	Title:	  	Senior Vice President
	COMMITMENT	 		  	
		 	LENDERS:
	$22,400,000.00	 	TEXAS CAPITAL BANK, N.A.
			
		 	By:	  	 /s/ Frank K. Stowers

		 	Name:	  	Frank K. Stowers
		 	Title:	  	Senior Vice President
		
	$ 9,600,000.00	 	HAPPY STATE BANK
			
		 	By:	  	 /s/ Ryan Monroe

		 	Name:	  	Ryan Monroe
		 	Title:	  	Senior Vice President

 Signature Page – Tenth Amendment to Lynden Credit Agreement 

 TABLE II 
  

																			
	 Property
	  	 County
	  	 	    	 State
	    	 	  	 Reserve
Category
	    	Working
Interest	 	  	Net
Revenue
Interest	  	 
	Annalee 18T #3	  	Glasscock	  		    	TX	    		  	PDP	    	 	0.43750	  	  	0.32813	  	
	Deavenport 7-1	  	Glasscock	  		    	TX	    		  	PDP	    	 	0.43750	  	  	0.32813	  	
	Percy 39-1R	  	Martin	  		    	TX	    		  	PDP	    	 	0.43340	  	  	0.32851	  	
	Sefcik 24-3R	  	Glasscock	  		    	TX	    		  	PDP	    	 	0.38828	  	  	0.30322	  	

 EXHIBIT A 

NEW NOTICE ADDRESSES OF CERTAIN PARTIES 
 New
address for the Administrative Agent: 
 2000 McKinney Avenue, Suite 1800 

Dallas, Texas 75201 
 Attention: Energy Banking Group 

Facsimile: (214) 932-6704 
 New address for Texas Capital
Bank, N.A.: 
 2000 McKinney Avenue, Suite 1800 
 Dallas, Texas
75201 
 Attention: Energy Banking Group 
 Facsimile:
(214) 932-6704EX-10.12

 Exhibit 10.12 

[THESE WARRANTS AND THE SECURITIES ISSUABLE UPON CONVERSION OR EXERCISE THEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND MAY NOT BE TRANSFERRED OR EXERCISED IN THE UNITED STATES OR BY OR ON BEHALF OF A U.S. PERSON OR A PERSON IN THE UNITED STATES UNLESS AN EXEMPTION IS AVAILABLE FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS. “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT.] 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE SEPTEMBER 5, 2012. 

THE WARRANTS REPRESENTED BY THIS CERTIFICATE WILL BE VOID AND OF NO VALUE UNLESS EXERCISED BY 4:00 P.M. (VANCOUVER TIME) ON MAY 4, 2015. 

WARRANTS 
 for the
purchase of Common Shares of 
 LYNDEN ENERGY CORP. 

(a British Columbia company) 
  

			
	Warrant Certificate Number W-12-05-•	  	Number of Common Shares:                     

  

	1.	Grant of Warrants 

  

	1.1	For valuable consideration, Lynden Energy Corp. (the “Company”), hereby grants to                     
(the “Holder”), of                     , the right to acquire that number of Common Shares set out above subject to adjustment as
herein provided and subject to the terms and conditions set out herein. 

  

	2.	Interpretation 

  

	2.1	As used in this certificate: 

  

	 	(a)	“Capital Reorganization” has the meaning given in section 4.1(a); 

  

	 	(b)	“Common Shares” means the common shares in the capital of the Company as such shares exist at the close of business on the date of issuance of this certificate; provided that, in the event of any
adjustment of subscription rights pursuant to Article 4, “Common Shares” shall thereafter mean the shares or other securities or property purchasable upon the exercise of the Warrants as a result of any such adjustment; 

 

	 	(c)	“Common Share Reorganization” has the meaning given in section 4.2(a); 

  

	 	(d)	“Current Market Price” of the Common Shares at any date means the simple average of the closing price per share for the Common Shares for any 10 consecutive trading days selected by the Company
commencing not more than 45 trading days before such date on such stock exchange or over-the-counter market on which the Common Shares trade as selected by the Company (provided that if on any day in such period no closing price per share for the
Common Shares is reported on by such exchange for such day, the average of the reported closing bid and asked prices on such exchange on such day shall be deemed to be the closing price per share for the Common Shares for such day);

	 	(e)	“Dividend Paid in the Ordinary Course” means a dividend paid on the Common Shares in any four consecutive quarters of the Company, whether in (1) cash, (2) securities of the Company, including
rights, options or warrants to purchase any securities of the Company or property or other assets of the Company or (3) property or other assets of the Company, to the extent that the amount or value of such dividend together with the amount or
value of all other dividends theretofore paid during such financial year (any such securities, property or other assets so distributed to be valued at the fair market value of such securities, property or other assets, as the case may be, as
determined by the Company, which determination shall be conclusive, provided that, for the purposes of this definition, the fair market value of any Common Shares distributed by way of dividend shall be conclusively determined by reference to the
Current Market Price per Common Share on the date prior to the declaration of such dividend) does not exceed the greater of: 

  

	 	(i)	150% of the aggregate amount of dividends paid by the Company on the Common Shares in the period of four consecutive financial quarters ended immediately prior to the first day of such financial year; and

  

	 	(ii)	100% of the consolidated net income of the Company before extraordinary items (but after dividends payable on all shares ranking prior to or on a parity with respect to the payment of dividends with the Common Shares)
in respect of the period of four consecutive financial quarters ended immediately prior to the first day of the current financial quarter (such consolidated net income, extraordinary items and dividends to be shown in the audited consolidated
financial statements of the Company for such period of four consecutive financial quarters or if there are no audited consolidated financial statements for such period, computed in accordance with generally accepted accounting principles, consistent
with those applied in the preparation of the most recent audited consolidated financial statements of the Company); 

  

	 	(f)	“Equity Shares” means the Common Shares and any shares of any other class or series of the Company which may from time to time be authorized for issue if by their terms such shares confer upon the
holders thereof the right to participate in the distribution of assets upon the voluntary or involuntary liquidation, dissolution or winding-up of the Company beyond a fixed sum or a fixed sum plus accrued dividends; 

 

	 	(g)	“Exercise Date” means the date on which this certificate is delivered for exercise, together with full payment of the Exercise Price, in accordance with the provisions of Article 3; 

 

	 	(h)	“Exercise Price” means $0.65 per Common Share until the Time of Expiry, subject to adjustment in accordance with the provisions of Article 4; 

 

	 	(i)	“Term” means the period of time commencing from the date of issuance of this certificate and expiring at the Time of Expiry; 

 

	 	(j)	“Time of Expiry” means 4:00 p.m. (Vancouver time) on May 4, 2015; 

  

	 	(k)	“Transfer Agent” means the Company; and 

  

	 	(l)	“Warrants” means the share purchase warrants evidenced by this certificate. 

  

	2.2	As used in this certificate, the masculine gender includes the feminine and neuter genders, and vice versa, and the singular includes the plural, and vice versa, where the context so requires, and the terms
“herein”, “hereby”, “hereunder”, “hereof”, “these Warrants” and similar provisions refer to this certificate as a whole and not to any particular section or other portion hereof unless the context
otherwise requires. 

  
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	2.3	The division of this certificate into sections and the insertion of headings are for convenience of reference and shall not affect the interpretation hereof. 

 

	2.4	Where reference is made in this certificate to an amount of money, such reference shall, unless otherwise specifically provided, be deemed to be a reference to Canadian funds. 

 

	2.5	Time shall be of the essence hereof. 

  

	2.6	This certificate constitutes the entire agreement between the parties with respect to the subject matter hereof and there are no representations or warranties of any kind not contained herein. This certificate may not
be amended or modified in any respect except by written instrument signed by the parties. 

  

	2.7	The invalidity of any provision of this certificate or any covenant herein contained shall not affect the validity of any other provision or covenant herein contained. 

 

	2.8	The Warrants and this certificate will be governed exclusively by the laws of British Columbia and the federal laws of Canada applicable therein, without giving effect to the conflicts of laws principles thereof and
without reference to the laws of any other jurisdiction. The courts of British Columbia shall have exclusive jurisdiction over any dispute arising in connection with the Warrants and this certificate. 

 

	3.	Exercise of Warrants 

  

	3.1	The Holder (subject to the provisions of section 3.2) shall have the right to exercise the Warrants at any time or from time to time during the Term, in whole or in part, by the surrender of this certificate, to the
Transfer Agent, together with the duly completed and executed exercise form attached hereto as Schedule A and payment, by certified cheque, bank draft, money order or wire transfer payable to the Company, of the applicable Exercise Price for the
number of Common Shares then being purchased. Upon any such exercise, the Company shall cause a certificate registered in the name of the Holder, representing in the aggregate such number of the Common Shares as the Holder shall have then paid for,
to be delivered to the Holder (provided that the Holder has surrendered to the Transfer Agent this certificate), within a reasonable time, not exceeding three business days after the Warrants shall have been so exercised. Unless the Warrants have
expired, if less than the full number of Warrants is exercised, this certificate will be endorsed to show the number of Common Shares acquired upon exercise and the number of Common Shares remaining hereunder, and this certificate will be returned
to the Holder. 

  

	3.2	The Warrants shall expire and terminate at the Time of Expiry. 

  

	3.3	Nothing herein contained or done pursuant hereto shall obligate the Holder to purchase or pay for or the Company to issue any securities except for those securities in respect of which the Holder shall have exercised
its right to purchase hereunder in the manner herein provided. 

  

	3.4	Nothing in this certificate or in the holding of the Warrants will be construed as conferring on any Holder any right or interest whatsoever as a shareholder of the Company, including but not limited to any right to
vote at, to receive notice of, or to attend any meeting of shareholders or any other proceeding of the Company or any right to receive any dividend or other distributions. 

 

	3.5	If the Warrants are exercised before September 5, 2012, the certificate representing the Common Shares will bear the following legend: UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST
NOT TRADE THE SECURITY BEFORE SEPTEMBER 5, 2012. 

  
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	4.	Adjustments 

  

	4.1	If at any time after the date hereof and prior to the Time of Expiry: 

  

	 	(a)	there shall be a reclassification of the Common Shares outstanding at any time or change of the Common Shares into other shares or securities, or any other capital reorganization affecting the Common Shares except as
described in section 4.2, or a consolidation, amalgamation or merger of the Company with or into any other corporation (other than a consolidation, amalgamation or merger which does not result in any reclassification of the outstanding Common Shares
or a change of the Common Shares into other shares or securities), or a transfer of the undertaking or assets of the Company as an entirety or substantially as an entirety to another corporation or other entity (any of such events being called a
“Capital Reorganization”), the Holder shall be entitled to receive upon the exercise of the Warrants, and shall accept for the same aggregate consideration, in lieu of the number of Common Shares to which it was theretofore entitled
upon the exercise of the Warrants, the kind and amount of shares or other securities or property which it would have been entitled to receive as a result of such Capital Reorganization if, on the effective date thereof, it had been the registered
holder of the number of Common Shares to which it was theretofore entitled upon such exercise. If determined appropriate by the Company, appropriate adjustments shall be made as a result of any such Capital Reorganization in the application of the
provisions set forth in this Article 4 with respect to the rights and interests thereafter of the Holder to the end that the provisions set forth in this Article 4 shall thereafter correspondingly be made applicable as nearly as may reasonably be in
relation to any shares, other securities or other property thereafter deliverable upon the exercise of the Warrants. 

  

	 	(b)	any adjustment in the Exercise Price shall occur as a result of an event referred to in section 4.2(a) or 4.2(b), then the number of Common Shares purchasable upon the subsequent exercise of the Warrants shall be
simultaneously adjusted by multiplying the number of Common Shares purchasable upon the exercise of the Warrants immediately prior to such adjustment by a fraction which shall be the reciprocal of the fraction employed in the adjustment of the
Exercise Price. To the extent that any adjustment in subscription rights occurs pursuant to this section 4.1(b) as a result of a distribution of exchangeable or convertible securities other than Equity Shares referred to in section 4.2(a), the
number of Common Shares purchasable upon the exercise of the Warrants shall be readjusted immediately after the expiration of any relevant exchange, conversion or exercise right to the number of Common Shares which would be purchasable based upon
the number of Common Shares actually issued and remaining issuable immediately after such expiration, and shall be further readjusted in such manner upon expiration of any further such right. To the extent that any adjustment in subscription rights
occurs pursuant to this section 4.1(b) as a result of the fixing by the Company of a record date for the distribution of exchangeable or convertible securities other than Equity Shares or rights, options or warrants referred to in section 4.2(b),
the number of Common Shares purchasable upon exercise of the Warrants shall be readjusted immediately after the expiration of any relevant exchange, conversion or exercise right to the number which would be purchasable pursuant to this section
4.1(b) if the fair market value of such securities or such rights, options or warrants had been determined for purposes of the adjustment pursuant to this section 4.1(b) on the basis of the number of Equity Shares issued and remaining issuable
immediately after such expiration, and shall be further readjusted in such manner upon expiration of any further such right. 

  

	4.2	The Exercise Price in effect at any date shall be subject to adjustment from time to time as follows: 

  
 - 4 - 

	 	(a)	If and whenever at any time after the date hereof and prior to the Time of Expiry, the Company shall (i) subdivide the outstanding Common Shares into a greater number of Common Shares, (ii) consolidate the
outstanding Common Shares into a lesser number of Common Shares, or (iii) make any distribution, other than by way of a Dividend Paid in the Ordinary Course, to the holders of all or substantially all of the outstanding Common Shares payable in
Common Shares, (any of such events being called a “Common Share Reorganization”), the Exercise Price shall be adjusted effective immediately after the effective date or record date, as the case may be, on which the holders of Common
Shares are determined for the purpose of the Common Share Reorganization 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 immediately after giving effect to such Common Share
Reorganization occurring on the effective date or record date as the case may be. 

  

	 	(b)	If and whenever at any time after the date hereof, the Company shall fix a record date which is prior to the Time of Expiry for the issue or distribution to all or substantially all the holders of the Common Shares of:

  

	 	(i)	securities of the Company including any rights, options or warrants to acquire Equity Shares or securities convertible into or exchangeable for Equity Shares or property or assets at a price per Common Share or having a
conversion or exchange price per Common Share less than 75% of the Current Market Price per Common Share on such record date; or 

  

	 	(ii)	any property or other assets, 

  

	 	    	and if such issuance or distribution is not by way of a Dividend Paid in the Ordinary Course or a Common Share Reorganization 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 product of the number of Common Shares outstanding on such record date and the
Current Market Price on such record date, less the aggregate fair market value (as determined by the Company, which determination shall be conclusive) of such securities, property or other assets so issued or distributed, and of which the
denominator shall be the product of the number of Common Shares outstanding on such record date and such Current Market Price; any Common Shares owned by or held for the account of the Company or any subsidiary of the Company shall be deemed not to
be outstanding for the purpose of any such computation. 

  

	4.3	The following provisions shall also apply to this Article 4: 

  

	 	(a)	In any case in which this Article 4 shall require that an adjustment shall become effective immediately after a record date for an event referred to herein, the Company may defer, until the occurrence of such event:

  

	 	(i)	issuing to the Holder the additional Common Shares issuable upon such exercise by reason of the adjustment required by such event; and 

  
 - 5 - 

	 	(ii)	delivering to the Holder any distributions declared with respect to such additional Common Shares, provided, however, that the Company shall deliver to the Holder an appropriate instrument evidencing its right, upon the
occurrence of the event requiring the adjustment, to an adjustment in the Exercise Price or the number of Common Shares purchasable upon exercise of the Warrants and to such distributions declared with respect to any such additional Common Shares
issuable on the exercise of the Warrants. 

  

	 	(b)	The adjustments provided for in this Article 4 are cumulative; shall, in the case of adjustments to the Exercise Price, be computed to the nearest one-tenth of one cent; and shall apply (without duplication) to
successive subdivisions, consolidations, distributions, issuances or other events resulting in any adjustment under the provisions of this Article; provided that, notwithstanding any other provision of this Article 4, 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 and no adjustment shall be required in the number of Common Shares purchasable on the exercise of the Warrants
unless it would result in a change of at least one one-hundredth of a share (provided, however, that any adjustments which by reason of this section 4.3(b) are not required to be made shall be carried forward and taken into account in any subsequent
adjustment). 

  

	 	(c)	In the event of any dispute between the Company and the Holder with respect to the adjustments provided for in this Article 4, such dispute shall be conclusively determined by a firm of chartered accountants appointed
by the Company (who may be the Company’s auditors); such accountants shall have access to all necessary records of the Company and such determination shall be binding upon the Company and the Holder. In the event that any such determination is
made, the Company shall deliver a certificate to the Holder describing such determination. 

  

	 	(d)	No adjustment in the Exercise Price or in the number of Common Shares purchasable upon exercise of the Warrants shall be made in respect of any event described in this Article 4, other than the events referred to in
clauses (i) and (ii) of section 4.2(a), if the Holder is entitled to participate in such event on the same terms mutatis mutandis as if it had exercised the Warrants prior to or on the effective date or record date of such event.

  

	 	(e)	If the Company shall set a record date to determine the holders of the Common Shares for the purpose of entitling them to receive any issue or distribution or for the issue of any rights, options or warrants and shall
thereafter and before such distribution or issue to such shareholders legally abandon its plan to make such distribution or issue, then no adjustment in the Exercise Price shall be required by reason of the setting of such record date.

  

	 	(f)	In the absence of a resolution of the directors fixing a record date for any of the events referred to in section 4.2(b), the Company shall be deemed to have fixed as the record date therefor the date on which any of
such events is effected. 

  

	4.4	As a condition precedent to the taking of any action which would require an adjustment pursuant to sections 4.1 or 4.2, the Company shall take any action which may, in the opinion of counsel to the Company, be necessary
in order that the Company may validly and legally issue as fully paid and non-assessable all of the Common Shares which the Holder is entitled to receive on the full exercise of the Warrants in accordance with the provisions hereof.

  

	5.	Reserve for Issuance 

  

	5.1	The Company covenants to keep alloted sufficient Common Shares to be issued, as fully paid and non-assessable, on exercise of the Warrants. Nothing contained in this certificate shall affect or restrict the right of the
Company to issue Common Shares or other securities from time to time. 

  
 - 6 - 

	6.	Notices 

  

	6.1	Any notice or other communication given hereunder shall be in writing and may be given by sending the same by personal delivery or by mailing the same by registered mail within Canada to such party at the following
address: 

  

	 	(a)	if to the Company: 

 Lynden Energy Corp. 

885 West Georgia Street, Suite 2150 

Vancouver, BC 
 V6C 3E8 

Attention: Chief Executive Officer 
  

	 	(b)	if to the Holder: 

 to the address set forth on the face page hereof. 

 

	6.2	Any notice or other communication shall: 

  

	 	(a)	if personally delivered, be deemed to have been given or made at the time of delivery; and 

  

	 	(b)	if mailed by registered mail and properly addressed be deemed to have been given or made on the fourth business day following the day on which it was so mailed; provided that if mailed, should there be, at the time of
mailing or between the time of mailing and the actual receipt of the notice, a mail strike, slowdown or other labour dispute which might affect the delivery of such notice by the mails, then such notice shall only be effective upon actual delivery.

 A party may give written notice of change of address in the same manner, in which event such notice shall thereafter to be
given to it as above provided at such changed address. 
  

	7.	Transfer of Warrants 

  

	7.1	Subject to applicable securities laws, the Holder may, by completing the form of transfer in Schedule B to this certificate, transfer the Warrants either in whole or in part. Every transfer of Warrants must be signed by
the registered Holder or the Holder’s legal personal representative(s) or the attorney authorized in writing of the registered Holder. Any such transfer, accompanied by this certificate, must be delivered to the Company’s Transfer Agent,
together with such evidence of identity or title as the Company may reasonably require, whereupon the transfer will be registered and duly noted by endorsement signed by the Company’s Transfer Agent. If part only of the Warrants is transferred,
the Company’s Transfer Agent will deliver to the Holder and the transferee certificates for the same aggregate number of Warrants as represented herein substantially in the form of this certificate. 

 

	7.2	The Holder shall be allowed one full or partial re-registration of this certificate. Thereafter, the Holder may be charged a fee of $25.00 plus HST for each re-registration. 

  
 - 7 - 

	8.	General 

  

	8.1	If this certificate is mutilated, lost, destroyed or stolen, the Company, subject to applicable law, will issue and deliver a new certificate representing the Warrants of like date and tenor as the one mutilated, lost,
destroyed or stolen upon surrender of and in place of and upon cancellation of the mutilated certificate or in lieu of and in substitution for the lost, destroyed or stolen certificate. The applicant for the issue of a new certificate representing
the Warrants pursuant to this section shall bear the cost of the issue thereof and in case of loss, destruction or theft shall, as a condition precedent to the issue thereof, furnish the Company such evidence of ownership and of the loss,
destruction or theft of the certificate so lost, destroyed or stolen as shall be satisfactory to the Company in its discretion and the applicant may also be required to furnish an indemnity in amount and form satisfactory to it in its discretion,
and shall pay the reasonable charges of the Company in connection therewith. 

  

	8.2	The Warrants shall rank pari passu with all other share purchase warrants of the Company notwithstanding the actual date of issue of the certificates that evidence them. 

IN WITNESS WHEREOF the Company has caused this certificate to be executed by a duly authorized officer as of the
4th day of May, 2012. 
  

			
	 LYNDEN ENERGY CORP.
 by its
authorized signatory:

	
	  

	NAME:	 	COLIN WATT
	TITLE:	 	PRESIDENT AND CHIEF EXECUTIVE OFFICER

  
 - 8 - 

 Schedule A 

Subscription Form 
  

	To:	Lynden Energy Corp. 

 885 West Georgia, Suite 2150 

Vancouver, BC, V6C 3E8 
 (a) The Undersigned
being the registered holder of the enclosed Warrant Certificate (the “Holder”) hereby subscribes for                     Common
Shares of Lynden Energy Corp. (the “Company”) (or such number of Common Shares or other securities or property to which such subscription entitles the Holder in lieu thereof or in addition thereto under the provisions of the Warrant
Certificate) pursuant to the within Warrants at the Exercise Price (or the adjusted dollar amount per share at which the Holder is entitled to purchase such shares under the provisions of the Warrants) until 4:00 p.m. (Vancouver time) on
May 4, 2015 on the terms specified in the said Warrant Certificate, which certificate is surrendered to the Company and which will, upon the issuance of the Common Shares referred to above and a new share purchase warrant certificate for any
outstanding rights of the surrendered Warrant Certificate, be null and void. The Holder also encloses herewith a certified cheque, bank draft or money order or has transmitted good same day funds by wire or other similar transfer, in lawful money of
Canada, payable to or to the order of the Company in payment of the subscription price. 
  

	(b)	The Holder hereby directs that the said Common Shares subscribed for be issued and delivered as follows: 

  

					
	Name(s) in Full	  	Address(es) (include postal code)	  	Number(s) of Common Shares
	  
	  	  
	  	  

			
		  	Total:	  	  

 DATED:
                             

 

					
	  
 Signature Guaranteed
	  		  	  
 (Signature of Holder)

			
		  		  	  
 Print full name

			
		  		  	  
 Print full address

 Instructions: 
  

	1.	The registered holder of Warrants may exercise its right to exercise the Warrants into Common Shares by completing and surrendering this Subscription Form and the ORIGINAL certificate representing the Warrants being
converted to the Company, as provided for in the Warrant Certificate. Certificates representing the Common Shares to be acquired on exercise will be sent by prepaid ordinary mail to the address(es) above within three business days after the receipt
of all required documentation. 

  

	2.	If this Subscription Form is signed by a trustee, executor, administrator, curator, guardian, attorney, officer of a corporation or any other person acting in a fiduciary or representative capacity, this Subscription
Form must be accompanied by evidence of authority to sign satisfactory to the Company. 

  

	3.	If this Subscription Form indicates that Common Shares are to be issued to a person or persons other than the registered holder of the Warrants to be exercised: (i) the signature of the registered holder on this
Subscription Form must be medallion guaranteed by an authorized officer of a chartered bank, trust company or an investment dealer who is a member of a recognized stock exchange, and (ii) the registered holder must pay to the Company all
applicable taxes and other duties. 

 Schedule B 

Transfer Form 
  

	To:	Lynden Energy Corp. 

 885 West Georgia, Suite 2150 

Vancouver, BC, V6C 3E8 
 FOR VALUE RECEIVED, the
undersigned transfers the Warrants represented by the attached certificate to: 
  

 
 (Print name and address of transferee)

DATED:                         
                
  

					
	 	 		  	 
	Signature(s) of Transferor(s) is hereby guaranteed by:	 		  	Signature of Registered Holder (or its representative if the Holder is not an individual)
		 		  	 
		 		  	Name of Registered Holder
		 		  	 
		 		  	Name and Title of Person signing on behalf of the Holder (if the Holder is not an individual)

 The signature on the foregoing assignment must correspond with the name of the Holder as set forth on the face of this Warrant
Certificate in every particular, without alteration or enlargement or any change whatever and must be guaranteed by a Major Canadian Schedule 1 chartered bank or by a member of a recognized Medallion Signature Guarantee Program.

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