Document:

Exhibit 10.1

       

    
       

        

      Great Elm Capital Management, Inc.

      800 South St., Suite 230

      Waltham, MA 02453

    

     

       

     

       

    
      August 30th, 2022

      

         

      Nichole Milz

      

         

      VIA EMAIL

      

         

      

      

    

      
      Dear Nichole,

      

         

      We are excited about the opportunity to have you join Great Elm Capital Management, Inc. (“Great Elm”).  As you are aware, Great Elm is committed to hiring dedicated
        and experienced employees, all of whom are equally committed to our goals and have the desire to contribute in a positive, challenging and rewarding environment.

      

         

      Based on our recent meetings and the interest you expressed in joining our team, this letter is to confirm our offer to you of the position of Chief Operating Officer
        of Great Elm Group (the “Employment Letter”). The terms of your offer are as follows:

      

         

      	

               	1.	
              Effective Date of Hire. Your start date will be September 6th,
                  2022 (the “Effective Date of Hire”). You are not expected and will not be permitted, to provide any services to Great Elm until your employment commences.  In addition, you are expected to uphold any continued obligations that you have to
                  your current employer, including, but not limited to confidentiality and non-solicit agreements.  In this regard, you are expected not to bring any confidential materials or work product whether hard copy or electronic from a former
                  employer to Great Elm.  By accepting our offer, you confirm that you are not and will not be in breach of any obligation to your former employer, partnership or any third party.

            

      

         

      	

               	2.	
              Title. Your title will be Chief Operating Officer for Great Elm Group. 
                  In this position, you will report to Jason Reese, Executive Chairman of the Board of Directors, and the Board of Directors of Great Elm Group (the “Board”), along with Peter Reed, Chief Executive Officer.

            

      

         

      	

               	3.	
              Compensation. You will receive an annual salary of $275,000 (“Base
                  Salary”). You will be paid on a monthly payroll cycle (the 15th of each respective month). Your position is considered exempt under the administrative exemption classification.

            

      

         

      	

               	4.	
              Discretionary Bonus Plan. Additionally, you will be eligible to
                  participate in Great Elm’s Discretionary Bonus Plan.  The Plan year is July 1st through June 30th and such bonuses are paid on an annual basis on or around September 15 (“Discretionary Bonus Plan”). Your targeted
                  bonus level under the Discretionary Bonus Plan for the fiscal year 2023, ending June 30, 2023 will be a minimum of $225,000 . Payment of the bonus will be an amount to be determined in cash and equity, both subject to applicable tax
                  withholdings.

            

      

         

      	

               	

               	
              It is understood and agreed that the Discretionary Bonus Plan and cycles discussed in this Section 4 are not a contractual entitlement or expectation that a
                bonus will be received. If Great Elm, in its discretion, makes a bonus payment in respect to a particular bonus year, such an award does not imply any expectation or entitlement in respect of future bonus years or any other periods. Great
                Elm retains the sole right to modify the payment schedule of the Discretionary Bonus Plan in its discretion and all determinations by Great Elm regarding the interpretation and application of such program shall be final and binding.

            

      

         

      
        
          

      

      	

               	5.	
              Signing Compensation. Provided you begin employment on September 6th,
                  2022, we will recommend to the compensation committee of the Board of Directors (the “Compensation Committee”) of Great Elm Group that you be awarded 48,544 restricted shares (“Restricted Shares”) of common stock of Great Elm Group, Inc.
                  (“GEG”).  The terms of the Restricted Shares will be set forth in a separate award agreement (the “Award Agreement”), including, but not limited to, the Restricted Shares will vest in equal one-third amounts on the first, second, and
                  third year anniversaries of the grant date for such Restricted Shares, as long as you continue to be employed by Great Elm on those dates. If there is a conflict or ambiguity between the Award Agreement and this Agreement, the Award
                  Agreement will control.

            

      

         

      	

               	6.	
              At any time during your employment, or upon the termination of your employment with Great Elm, Great Elm may deduct from any compensation amounts due you from Great Elm any money
                owed by you to Great Elm or any of its affiliates. Such sums, include, without limitation, repayment of loans or advances made to you by Great Elm or any of its affiliates, overpayment of compensation or other benefits received by you from
                Great Elm, the cost of any damage to or loss of Great Elm’s property caused by you, and any loss suffered by Great Elm or any of its affiliates as a result of reasonable evidence of your dishonesty or fraud.

            

      

         

      	

               	7.	
              “At Will” Employment.  The employment relationship between you and Great
                  Elm is “at will.”  This means that, except as set forth in the Notice Period provision included in your Terms of Employment, either you or Great Elm can terminate the employment relationship at any time with or without notice and with or
                  without cause.  This at will relationship between you and us cannot be changed or modified except as provided in the Terms of Employment. No representation by an employee or representative can change this policy or establish an employment
                  contract or any term thereof.

            

      

         

      	

               	8.	
              Location. This position will be based in the Palm Beach Gardens, FL office, located at 3801 PGA Blvd., Suite 603, Palm Beach Gardens, FL 33410, with opportunity to work remotely. 
                  It is expected that in your position you will travel to company offices as needed.  Great Elm shall, pursuant to the company’s expense reimbursement policies, promptly pay or reimburse you for all reasonable, out-of-pocket expenses
                  incurred by you in furtherance of your duties under this Employment Letter including but not limited to travel as needed to perform your job duties; provided that you submit reasonable proof of such expenses (such proof shall include
                  reasonable documentation and substantiation, including, without limitation, the business purpose for which such expenses were incurred and all receipts related thereto), with properly completed forms as prescribed from time to time by
                  Great Elm, no later than sixty (60) days after such expenses have been incurred (and in any event prior to reimbursement therefor).

            

       

      	

               	9.	
              Paid Time Off. Executives with Great Elm do not accrue paid time off. 
                  Professional time off may be taken as needed and we expect our professionals to act responsibly with regards to time off (vacation, sick, personal).

            

      

         

      	

               	10.	
              Employee Health & Welfare Benefits. You will be eligible to participate in the employee health and welfare benefit programs
                  and 401(k) plan of Great Elm as of your date of hire.  Should you choose to remain on your current personal medical plan, the Company will subsidize 100% of plan premiums, through December 31, 2022, as it would any similarly situated
                  executive electing medical benefits.   You will be able to participate in Open Enrollment for a medical plan to begin January 1, 2023.  You recognize that Great Elm has the right, in its sole discretion, to amend, modify or terminate its
                  benefit programs without creating any rights to you.

            

       

      

      
        
          	
                  
                    Milz, N. Employment Letter

                    08.30.2022

                    Page 2

                  

                	
                  Great Elm Capital Management, Inc.

                

        

        
          

      

      	

               	11.	
              Compliance, Legal & Operations.  You agree to comply with the
                  policies and procedures of the Compliance, Legal and Operations departments, as interpreted at the discretion of Compliance, Legal and/or Operations department professionals, which includes but is not limited to trading standards, trading
                  terms and language, and accounts that Great Elm approves for opening and dealing.

            

      

         

      	

               	12.	
              Your employment is contingent upon (1) your execution of the attached Terms of Employment, (2) you not being in breach of any obligations to any former employers, (3) receipt of an
                acceptable background screening, and (4) your eligibility to work in the United States to comply with the Immigration Reform and Control Act of 1986.

            

      

         

      You will have new hire orientation with Human Resources during which, we will provide you with a general orientation to include employee benefits. You will be expected to
        present and/or provide the following during your orientation: 1) Form I-9 eligible identification and 2) recent statements of all brokerage accounts.

      

         

      Time is of the essence with respect to this opportunity. In that regard, this offer expires on Tuesday August 30th, 2022 at 5:00PM ET. Please acknowledge your
        agreement with the above terms and conditions and return the executed copy to Great Elm via email, facsimile or mail as follows:

      

         

      c/o Olivia Pine

      Vice President, HR

      3801 PGA Boulevard, Suite 603

      Palm Beach Gardens, Florida 33410

      Email: opine@greatelmcap.com Fax: 561.214.7998

      

         

      We are pleased to have you join us and we are confident you will make an important contribution. Should you have any questions, please feel free to call Olivia Pine at
        any time 561.214.7942.

       

         

    

    
      Sincerely,

      

         

      
        	 	 	 	 
	
                
                  Adam Kleinman

                

              	
                
                  Olivia Pine

                

              
	
                
                  President

                

              	
                
                  Vice President, Human Resources

                

              

        	
                 

              	
                 

              
	 	 
	
                
                  Agreed and Accepted

                

              	
                 

              
	 	 
	
                 

              	 	
                
                  

                     

                

              	 
	
                Nichole Milz

              	Date

      

      

         

      

      
      
        
          
            	
                    
                      Milz, N. Employment Letter

                       
                      08.30.2022

                       
                      Page 3

                    

                  	
                    Great Elm Capital Management, Inc.Exhibit
4.13

 

UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE NOVEMBER 1, 2022.

 

THE
BROKER WARRANTS REPRESENTED HEREBY ARE EXERCISABLE AT ANY TIME AND TIME TO TIME ON OR BEFORE 5:00 P.M. (VANCOUVER TIME) ON JULY
1, 2024 AFTER WHICH TIME THEY SHALL EXPIRE AND BE OF NO FURTHER FORCE OR EFFECT.

 

NON-TRANSFERABLE
BROKER WARRANTS TO PURCHASE COMMON SHARES

 

OF

 

NIOCORP
DEVELOPMENTS LTD.

(incorporated
under the laws of British Columbia)

 

	Certificate No.:	BW-2022-001	Date:
    June 30, 2022
	 	 	 
	Number of Warrants:	64,800	 

 

THIS
CERTIFIES THAT, for value received, Research Capital Corporation (the “Holder”), being the registered holder
of 64,800 non-transferrable broker warrants (the “Broker Warrants”), is entitled, at any time prior
to 5:00 p.m. (Vancouver time) on the Expiry Day (as defined below) to subscribe for and purchase the number of common shares (the
“Common Shares”) of NioCorp Developments Ltd. (the “Company”) set forth above on the basis
of one Common Share at a price of $1.10 (the “Exercise Price”) for each Broker Warrant exercised, subject to
adjustment as set out herein, by surrendering to the Company at its principal office, 7000 South Yosemite Street, Suite 115, Centennial,
CO 80112, this Broker Warrant certificate (the “Broker Warrant Certificate”), with a completed and executed
Subscription Form (as defined herein), and payment in full for the Common Shares being purchased.

 

The
Company shall treat the Holder as the absolute owner of this Broker Warrant for all purposes and the Company shall not be affected
by any notice or knowledge to the contrary. The Holder shall be entitled to the rights evidenced by this Broker Warrant free from
all equities and rights of set-off or counterclaim between the Company and the Holder and all persons may act accordingly and
the receipt by the Holder of the Common Shares issuable upon exercise hereof shall be a good discharge to the Company and the
Company shall not be bound to inquire into the title of any such Holder.

 

		1.	Definitions:
                                         In this Broker Warrant Certificate, unless there is something in the subject matter
                                         or context inconsistent therewith, the following expressions shall have the following
                                         meanings namely:

 

		(a)	“Adjustment
                                         Period” means the period commencing on the date hereof and ending at the Expiry
                                         Time; 

 

		(b)	“Broker
                                         Warrant Certificate” means this Broker Warrant certificate; 

 

		(c)	“Broker
                                         Warrant” means a non-transferable broker warrant exercisable to purchase one
                                         Common Share at the Exercise Price until the Expiry Time; 

 

		(d)	“Business
                                         Day” means any day other than a Saturday, Sunday, legal holiday or a day on
                                         which banking institutions are closed in Toronto, Ontario or Vancouver, British Columbia;
                                         

 

		(e)	“Common
                                         Share” means the common shares in the capital of the Company. 

 

		(f)	“Company”
                                         means NioCorp Developments Ltd., a company incorporated under the laws of British Columbia
                                         and its successors and assigns;

 

		(g)	“Current
                                         Market Price” of a Common Share at any date means the price per share equal
                                         to the volume weighted average price at which the Common Shares have traded on the TSX
                                         or, if the Common Shares are not listed on the TSX, on any other stock exchange on which
                                         such shares are then listed as may be selected by the directors of the Company, for the
                                         five Trading Days ending

 

     

     

    

			three
                                         Trading Days prior to the relevant date or, if the Common Shares are not listed on any
                                         stock exchange, then on the over-the-counter market with the volume weighted average
                                         price per Common Share being determined by dividing the aggregate sale price of all Common
                                         Shares sold on the said exchange or market, as the case may be, during the said five
                                         Trading Days by the aggregate number of Common Shares so sold or, if the Common Shares
                                         are not listed or quoted on any stock exchange or over-the-counter market, such price
                                         as may be determined by such firm of independent charted accountants as may be selected
                                         by the directors of the Company;

 

		(h)	“Dividends
                                         Paid in the Ordinary Course” means dividends paid in any financial year of
                                         the Company, whether in (i) cash; (ii) shares of the Company; (iii) warrants or similar
                                         rights to purchase any shares of the Company or property or other assets of the Company
                                         provided that the value of such dividends does not in such financial year exceed the
                                         greater of:

 

		(i)	150%
                                         of the aggregate amount of dividends paid by the Company on the Common Shares in the
                                         12-month period ending immediately prior to the first day of such financial year; and

 

		(ii)	100%
                                         of the consolidated net earnings from continuing operations of the Company, before any
                                         extraordinary items, for the 12-month period ending immediately prior to the first day
                                         of such financial year (such consolidated net earnings from continuing operations to
                                         be computed in accordance with generally accepted accounting principles in Canada);

 

		(i)	“Exercise
                                         Price” means $1.10 per Common Share, subject to adjustment in accordance with
                                         Section 10 hereof; 

 

		(j)	“Expiry
                                         Day” means July 1, 2024; 

 

		(k)	“Expiry
                                         Time” means 5:00 p.m. (Vancouver time), on the Expiry Day; 

 

		(l)	“Holder”
                                         shall have the meaning ascribed thereto on the face page hereof; 

 

		(m)	“person”
                                         means an individual, corporation, partnership, unincorporated association, unincorporated
                                         syndicate, unincorporated organization, trust, trustee, executor, administrator, or other
                                         legal representative; 

 

		(n)	“Rights
                                         Offering” has the meaning set out in Section 10(b)(ii) in this Broker Warrant
                                         Certificate;

 

		(o)	“Subscription
                                         Form” means the subscription form annexed to this Broker Warrant Certificate;

 

		(p)	“TSX”
                                         means the Toronto Stock Exchange; 

 

		(q)	“Trading
                                         Day” with respect to a stock exchange, market or over-the-counter market means
                                         a day on which such stock exchange or over-the-counter market is open for business;

 

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

 

		(s)	“U.S.
                                         Person” means U.S. person as that term is defined in Regulation S under the
                                         U.S. Securities Act;

 

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

 

		(u)	“$”
                                         means Canadian Dollars. 

 

		2.	Expiry
                                         Time: At the Expiry Time, all rights under the Broker Warrants evidenced hereby,
                                         in respect of which the right of subscription and purchase herein provided for shall
                                         not theretofore have been exercised, shall expire and be void and of no further force
                                         and effect. 

 

    2 

     

    

		3.	Exercise
                                         Procedure:

 

		(a)	The
                                         Holder may exercise the right to subscribe and purchase the number of Common Shares herein
                                         provided, by delivering to the Company prior to the Expiry Time at its principal office
                                         this Broker Warrant Certificate, with the Subscription Form duly completed and executed
                                         by the Holder or its legal representative or attorney, duly appointed by an instrument
                                         in writing in form and manner satisfactory to the Company, together with a certified
                                         cheque or bank draft payable to or to the order of the Company in an amount equal to
                                         the aggregate Exercise Price in respect of the Broker Warrants so exercised. Any Broker
                                         Warrant Certificate so surrendered shall be deemed to be surrendered only upon delivery
                                         thereof to the Company at its principal office set forth herein in the manner provided
                                         in Section 24 hereof (or to such other address as the Company may notify the Holder).

 

		(b)	Upon
                                         such delivery and payment as aforesaid, the Company shall cause to be issued to the Holder
                                         hereof the Common Shares subscribed for not exceeding those which such Holder is entitled
                                         to purchase pursuant to this Broker Warrant Certificate and the Holder hereof shall become
                                         a shareholder of the Company in respect of the Common Shares subscribed for with effect
                                         from the date of such delivery and payment and shall be entitled to delivery of a certificate
                                         evidencing the Common Shares and the Company shall cause such certificates to be mailed
                                         to the Holder hereof at the address or addresses specified in such subscription as soon
                                         as practicable, and in any event within five (5) Business Days of such delivery and payment.

 

		(c)	In
                                         the event that any Broker Warrants are exercised before November 1, 2022, the certificate(s)
                                         representing the Common Shares issued upon such exercise shall bear the following legend:

 

			“UNLESS
                                         PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE
                                         SECURITY BEFORE NOVEMBER 1, 2022.” 

 

			provided
                                         that, if at any time, in the opinion of counsel to the Company, such legend is no longer
                                         necessary or advisable under any such securities laws, or the holder of any such legended
                                         certificate, provides the Company with evidence satisfactory in form and substance to
                                         the Company (which may include an opinion of counsel satisfactory to the Company) to
                                         the effect that such legends are not required, such legended certificate may thereafter
                                         be surrendered to the Company in exchange for a certificate which does not bear such
                                         legend.

 

		(d)	The
                                         Broker Warrants shall not be exercised by, or for the account or benefit of, any person
                                         in the United States or any “U.S. person” (a “U.S. Person”)
                                         as defined in Rule 902(k) of Regulation S under the U.S. Securities Act during any time
                                         that no Registration Statement (as defined below) registering the Warrants and the Common
                                         Shares issuable upon the exercise of the Broker Warrant evidenced hereby is effective,
                                         unless an exemption from the registration requirements of the U.S. Securities Act is
                                         available and such holder provides evidence of the availability of such exemption satisfactory
                                         to the Company, and the certificate representing the Common Shares issued upon such exercise,
                                         if then required pursuant to Rule 144 of the U.S. Securities Act, 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
                                         UNDER ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THESE SECURITIES, AGREES
                                         FOR THE BENEFIT OF NIOCORP DEVELOPMENTS LTD. (THE “COMPANY”), THAT THESE
                                         SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY
                                         ONLY (A) TO THE COMPANY, (B) IF THE SECURITIES HAVE BEEN REGISTERED IN COMPLIANCE WITH
                                         THE REGISTRATION REQUIREMENTS UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE
                                         STATE SECURITIES LAWS (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
                                         UNDER THE SECURITIES ACT IN ACCORDANCE WITH RULE 144 THEREUNDER, IF APPLICABLE, AND IN
                                         ACCORDANCE WITH APPLICABLE STATE

 

    3 

     

    

			SECURITIES
                                         LAWS, OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES
                                         ACT OR ANY APPLICABLE STATE LAWS AND REGULATIONS GOVERNING THE OFFER AND SALE OF SECURITIES,
                                         AND, IN EACH CASE, THE HOLDER HAS, PRIOR TO SUCH SALE, FURNISHED TO THE COMPANY AN OPINION
                                         OF COUNSEL OF RECOGNIZED STANDING, OR OTHER EVIDENCE OF EXEMPTION, REASONABLY SATISFACTORY
                                         TO THE COMPANY TO SUCH EFFECT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES ARE PROHIBITED
                                         EXCEPT IN COMPLIANCE WITH THE SECURITIES ACT. THESE SECURITIES MAY NOT CONSTITUTE “GOOD
                                         DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON CANADIAN STOCK EXCHANGES.”

 

			provided
                                         that, if at any time, in the opinion of counsel to the Company, such legend is no longer
                                         necessary or advisable under any such securities laws, or the holder of any such legended
                                         certificate, provides the Company with evidence satisfactory in form and substance to
                                         the Company (which may include an opinion of counsel satisfactory to the Company) to
                                         the effect that such legends are not required, such legended certificate may thereafter
                                         be surrendered to the Company in exchange for a certificate which does not bear such
                                         legend.

 

		(e)	Prior
                                         to effectiveness of a registration statement (the “Registration Statement”)
                                         under the U.S. Securities Act, including any amendments or supplements thereto, registering
                                         the Warrants and the Common Shares issuable upon the exercise of the Warrants and at
                                         any time the Registration Statement ceases to be effective, prior to the Expiry Time
                                         and for so long as the Registration Statement is not effective, the Holder may exercise
                                         this Broker Warrant as set forth in Section 3(a). Within three business days of notice
                                         from the Holder of the election to exercise while no Registration Statement is effective,
                                         the Corporation shall elect, at its sole discretion, to either (a) redeem the Broker
                                         Warrants, or (b) permit the cashless exercise of the Broker Warrants. If the Holder exercises
                                         the right provided for in this Section 3(e) in respect of a lesser number of Broker Warrants
                                         than the aggregate number of Broker Warrants represented by the Broker Warrant Certificate
                                         surrendered, the Holder shall be entitled to receive a further Broker Warrant Certificate
                                         in respect of the Broker Warrants represented by the Broker Warrant Certificate that
                                         have not been part of a cashless exercise or redeemed.

 

		(f)	In
                                         the event Holder exercises this Broker Warrant in accordance with Section 3(e), the Corporation
                                         shall, within three business days, either (i) redeem the Broker Warrants, or (ii) permit
                                         the cashless exercise of the Broker Warrants, each as provided in this Section 3(f) and
                                         the Corporation shall cause either (a) in the case of a redemption, a cheque in the amount
                                         of money determined by multiplying the number of Common Shares that would have been issued
                                         if the Broker Warrants to be redeemed were exercised on the Determination Date (as defined
                                         below) by the excess (if any) of the Current Market Price per Common Share on the date
                                         (the “Determination Date”) of execution by the Holder of the Subscription
                                         Form, over the exercise price of the Broker Warrant, or (b) in the case of a cashless
                                         exercise, a certificate representing the number of Common Shares equal to the quotient
                                         obtained by dividing: (A) (i) the Current Market Price per Common Share on the Determination
                                         Date minus the Exercise Price; (ii) multiplied by the number of Common Shares which would,
                                         but for such cashless exercise, have been issued, by (B) the Current Market Price of
                                         the Common Shares on the Determination Date, to be mailed to such Holder at the address
                                         specified in Subscription Form, or, if so specified in such Subscription Form, to be
                                         made available for pick-up by such Holder at the Company or its transfer agent.

 

		4.	Partial
                                         Exercise: The Holder may subscribe for and purchase a number of Common Shares
                                         less than the maximum number the Holder is entitled to purchase pursuant to the full
                                         exercise of this Broker Warrant Certificate. In the event of any such subscription prior
                                         to the Expiry Time, the Holder shall be entitled to receive, without charge, a new Broker
                                         Warrant Certificate in respect of the balance of the Common Shares which the Holder was
                                         entitled to subscribe for pursuant to this Broker Warrant Certificate and which were
                                         then not purchased. 

 

		5.	No
                                         Fractional Shares: Notwithstanding any adjustments provided for in Section 10
                                         hereof or otherwise, the Company shall not be required upon the exercise of any Broker
                                         Warrants to issue fractional Common Shares in satisfaction of its obligations hereunder
                                         and, in any such case, the number of Common Shares

 

    4 

     

    

			issuable
                                         upon the exercise of any Broker Warrants shall be rounded down to the nearest whole number.
                                         The Company shall not be required to make any payment to the Holder who, absent this
                                         Section 5 hereof, would otherwise have been entitled to receive a fractional Common Share.

 

		6.	Limitation
                                         on Transfer: The Broker Warrants are non-transferable and non-assignable.

 

		7.	Not
                                         a Shareholder: Nothing in this Broker Warrant Certificate or in the holding of
                                         a Broker Warrant evidenced hereby shall be construed as conferring upon the Holder any
                                         right or interest whatsoever as a shareholder of the Company or any other right or interest
                                         except as herein expressly provided.

 

		8.	No
                                         Obligation to Purchase: Nothing herein contained or done pursuant hereto shall
                                         obligate the Holder to subscribe for or the Company to issue any shares except those
                                         shares in respect of which the Holder shall have exercised its right to purchase hereunder
                                         in the manner provided herein.

 

		9.	Covenants:

 

		(a)	The
                                         Company covenants and agrees that so long as any Broker Warrants evidenced hereby remain
                                         outstanding, it shall reserve and there shall remain unissued out of its authorized capital
                                         a sufficient number of Common Shares to satisfy the right of purchase herein provided
                                         for, it will cause the Common Shares subscribed for and purchased in the manner herein
                                         provided to be issued and delivered as directed and such Common Shares shall be issued
                                         as fully paid and non-assessable Common Shares and free from all taxes, liens and charges
                                         with respect to the issue thereof and the holders thereof shall not be liable to the
                                         Company or to its creditors in respect thereof.

 

		(b)	The
                                         Company covenants and agrees that until the Expiry Time, while the Broker Warrants (or
                                         remaining portion thereof) shall be outstanding, the Company shall use its best efforts
                                         to preserve and maintain its corporate existence, to carry on and conduct its business
                                         in a prudent manner in accordance with industry standards and good business practice,
                                         to remain listed on the TSX, maintain its status as a “reporting issuer”
                                         not in default of the requirements of the applicable securities laws in the Canadian
                                         jurisdictions in which the Company is currently a reporting issuer, provided that this
                                         covenant shall not prevent the Company from completing any transaction which would result
                                         in the Company to cease its corporate existence, cease to be listed on the TSX or cease
                                         to be a reporting issuer, respectively, so long as the holders of the 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 laws and the policies of the TSX.

 

		(c)	The
                                         Company shall use its best efforts to ensure the Common Shares are listed and posted
                                         for trading on the TSX or such other stock exchange or over-the-counter market as the
                                         Common Shares may be listed or quoted (as the case may be) at the time of exercise of
                                         the Broker Warrants. In addition, the Company shall make all requisite filings under
                                         applicable securities legislation necessary to remain a reporting issuer not in default.

 

		(d)	If
                                         the issuance of the Common Shares upon the exercise of the Broker Warrants requires any
                                         filing or registration with or approval of any securities regulatory authority or other
                                         governmental authority or compliance with any other requirement under any law before
                                         such Common Shares may be validly issued (other than the filing of a prospectus or similar
                                         disclosure document), the Company and the Holder agree to take such actions as may be
                                         necessary to secure such filing, registration, approval or compliance, as the case may
                                         be.

 

		(e)	The
                                         Company will do, execute, acknowledge and deliver or cause to be done, executed, acknowledged
                                         and delivered, all other acts, deeds and assurances in law as may be reasonably required
                                         for the better accomplishing and effecting of the intentions and provisions of this Broker
                                         Warrant Certificate. 

 

    5 

     

    

		10.	Adjustments:

 

		(a)	Adjustment:
                                         The rights of the holder of this Broker Warrant Certificate, including the number of
                                         Common Shares issuable upon the exercise of such Broker Warrants evidenced hereunder,
                                         will be adjusted from time to time in the events and in the manner provided in, and in
                                         accordance with the provisions of, this Section 10. The purpose and intent of the adjustments
                                         provided for in this Section is to ensure that the rights and obligations of the Holder
                                         are neither diminished nor enhanced as a result of any of the events set forth in paragraphs
                                         (b), (c) or (d) of this Section 10. Accordingly, the provisions of this Section 10 shall
                                         be interpreted and applied in accordance with such purpose and intent.

 

		(b)	The
                                         Exercise Price in effect at any date will be subject to adjustment from time to time
                                         as follows:

 

		(i)	Share
                                         Reorganization: If and whenever at any time during the Adjustment Period, the Company
                                         shall (A) subdivide, redivide or change the outstanding Common Shares into a greater
                                         number of Common Shares, (B) consolidate, combine or reduce the outstanding Common Shares
                                         into a lesser number of Common Shares, or (C) fix a record date for the issue of Common
                                         Shares or securities convertible into or exchangeable for Common Shares to all or substantially
                                         all of the holders of Common Shares by way of a stock dividend or other distribution
                                         other than a Dividend Paid in the Ordinary Course, then, in each such event, the Exercise
                                         Price shall, on the record date for such event or, if no record date is fixed, the effective
                                         date of such event, be adjusted so that it will equal the rate determined by multiplying
                                         the Exercise Price in effect immediately prior to such date by a fraction, of which the
                                         numerator shall be the total number of Common Shares outstanding on such date before
                                         giving effect to such event, and of which the denominator shall be the total number of
                                         Common Shares outstanding on such date after giving effect to such event (including,
                                         in the case where securities exchangeable for or convertible into Common Shares are distributed,
                                         the number of Common Shares that would have been outstanding had such securities been
                                         fully exchanged for or converted into Common Shares on such record date or effective
                                         date). Such adjustment shall be made successively whenever any such event shall occur.
                                         Any such issue of Common Shares by way of a stock dividend shall be deemed to have been
                                         made on the record date for such stock dividend for the purpose of calculating the number
                                         of outstanding Common Shares under paragraphs 10(b)(i) and (ii) hereof.

 

		(ii)	Rights
                                         Offering: If and whenever at any time during the Adjustment Period, the Company shall
                                         fix a record date for the issue of rights, options or warrants to all or substantially
                                         all of the holders of Common Shares entitling the holders thereof, within a period expiring
                                         not more than 45 days after the record date for such issue, to subscribe for or purchase
                                         Common Shares (or securities convertible into or exchangeable for Common Shares) at a
                                         price per share (or having a conversion or exchange price per share) less than 95% of
                                         the Current Market Price on such record date (each such event, a “Rights Offering”),
                                         then the Exercise Price shall be adjusted immediately after such record date so that
                                         it will equal the rate 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 the number of Common Shares equal to the
                                         number arrived at by dividing the aggregate price of the total number of additional Common
                                         Shares so offered for subscription or purchase (or the aggregate conversion or exchange
                                         price of the convertible or exchangeable securities so offered) by such 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 so offered for
                                         subscription or purchase (or into or for which the convertible or exchangeable securities
                                         so offered are convertible or exchangeable). 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. Such adjustment shall be made successively whenever
                                         such a record date is fixed, provided that if two or more such record dates referred
                                         to in this subsection 10(b)(ii) 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. To the extent that any such rights, options or warrants are not exercised
                                         prior to the

 

    6 

     

    

			expiration
                                         thereof, the Exercise Price shall then be readjusted to the Exercise Price which would
                                         then be in effect based upon the number of Common Shares (or securities convertible into
                                         or exchangeable for Common Shares) actually issued upon the exercise of such rights,
                                         options or warrants, as the case may be.

 

		(iii)	Distribution:
                                         If and whenever at any time during the Adjustment Period, the Company shall fix a record
                                         date for the making of a distribution to all or substantially all of the holders of Common
                                         Shares of (A) shares of any class other than Common Shares whether of the Company or
                                         any other corporation, (B) rights, options or warrants to acquire Common Shares or securities
                                         exchangeable for or convertible into Common Shares or property or other assets of the
                                         Company (other than a Rights Offering as described in Section 10(b)(ii)), (C) evidences
                                         of indebtedness, or (D) cash, securities or other property or assets then, in each such
                                         case, provided that such distribution does not constitute a Dividend Paid in the Ordinary
                                         Course or fall under clauses (i) or (ii) of this Section 10 above, the Exercise Price
                                         will be adjusted immediately after such record date so that it will equal the rate 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 the earlier of such record date and the date
                                         on which the Company announces its intention to make such distribution, less the aggregate
                                         fair market value (as determined by the directors, acting reasonably, at the time such
                                         distribution is authorized, and subject to TSX acceptance) of such shares or rights,
                                         options or warrants or evidences of indebtedness or cash, securities or other property
                                         or assets so distributed, and of which the denominator shall be the total number of Common
                                         Shares outstanding on such record date multiplied by 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. Such adjustment
                                         shall 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 subsection 10(b)(iii) 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. To the extent
                                         that any such rights, options or warrants so distributed are not exercised prior to the
                                         expiration thereof, the Exercise Price shall then be readjusted to the Exercise Price
                                         which would then be in effect based upon such rights, options or warrants or evidences
                                         of indebtedness or cash, securities or other property or assets actually distributed
                                         or based upon the number or amount of securities or the property or assets actually issued
                                         or distributed upon the exercise of such rights, options or warrants, as the case may
                                         be.

 

		(c)	Reclassifications:
                                         If and whenever at any time during the Adjustment Period, there is (A) any reclassification
                                         of or amendment to the outstanding Common Shares, any change of the Common Shares into
                                         other shares or any other reorganization of the Company (other than as described in subsection
                                         10(b) hereof), (B) any consolidation, amalgamation, arrangement, merger or other form
                                         of business combination of the Company with or into any other corporation resulting in
                                         any reclassification of the outstanding Common Shares, any change of the Common Shares
                                         into other shares or any other reorganization of the Company, or (C) any sale, lease,
                                         exchange or transfer of the undertaking or assets of the Company as an entirety or substantially
                                         as an entirety to another corporation or entity, then, in each such event, the Holder
                                         of the Broker Warrants evidenced hereby which are thereafter exercised shall be entitled
                                         to receive, and shall accept, in lieu of the number of Common Shares to which such Holder
                                         was theretofore entitled upon such exercise, the kind and number or amount of shares
                                         or other securities or property which such Holder would have been entitled to receive
                                         as a result of such event if, on the effective date thereof, such Holder had been the
                                         registered holder of the number of Common Shares to which such Holder was theretofore
                                         entitled upon such exercise. If necessary as a result of any such event, appropriate
                                         adjustments will be made in the application of the provisions set forth in this subsection
                                         with respect to the rights and interests thereafter of the Holder of this Broker Warrant
                                         Certificate to the end that the provisions set forth in this subsection will thereafter
                                         correspondingly be made applicable, as nearly as may reasonably be, in relation to any
                                         shares or other securities or property thereafter deliverable upon the exercise of the
                                         Broker Warrants. Any such adjustments will be made by and set forth in an instrument
                                         supplemental hereto approved by the directors, acting reasonably, and shall for all

 

    7 

     

    

			purposes
                                         be conclusively deemed to be an appropriate adjustment. No reclassification in accordance
                                         with this subsection 10(c) shall be completed unless all necessary steps shall have been
                                         taken so that the Holders of the Broker Warrants shall thereafter be entitled to receive
                                         the number of Common Shares or other securities or property of the Company or of the
                                         continuing, successor or purchasing person, as the case may be, under the reclassification,
                                         subject to adjustment thereafter in accordance with provisions the same, as nearly as
                                         may be possible, as those contained in this Section 10.

 

		(d)	If
                                         at any time during the Adjustment Period any adjustment or readjustment in the Exercise
                                         Price shall occur pursuant to the provisions of subsection 10(b) or 10(c) of this Broker
                                         Warrant Certificate, then the number of Common Shares purchasable upon the subsequent
                                         exercise of the Broker Warrants shall be simultaneously adjusted or readjusted, as the
                                         case may be, by multiplying the number of Common Shares purchasable upon the exercise
                                         of the Broker Warrants immediately prior to such adjustment or readjustment by a fraction
                                         which shall be the reciprocal of the fraction used in the adjustment or readjustment
                                         of the Exercise Price.

 

		11.	Rules
                                         Regarding Calculation of Adjustment of Exercise Price:

 

		(a)	The
                                         adjustments provided for in Section 10 are cumulative and will, in the case of adjustments
                                         to the Exercise Price, be computed to the nearest whole Common Share and will be made
                                         successively whenever an event referred to therein occurs, subject to the following subsections
                                         of this Section 11. 

 

		(b)	No
                                         adjustment in the Exercise Price is required to be made unless such adjustment would
                                         result in a change of at least 1% in the prevailing Exercise Price and no adjustment
                                         in the Exercise Price is required unless such adjustment would result in a change of
                                         at least one one-hundredth of a Common Share; provided, however, that any adjustments
                                         which, except for the provisions of this subsection, would otherwise have been required
                                         to be made, will be carried forward and taken into account in any subsequent adjustments.

 

		(c)	No
                                         adjustment in the Exercise Price will be made in respect of any event described in Section
                                         10, other than the events referred to in subsection 10(c), if the Holder is entitled
                                         to participate in such event on the same terms, mutatis mutandis, as if the Holder
                                         had exercised this Broker Warrant prior to or on the effective date or record date of
                                         such event. Any participation by the Holder in a distribution, dividend, or other event
                                         referred to in Section 10 is subject to the approval of the TSX.

 

		(d)	No
                                         adjustment in the Exercise Price will be made under Section 10 in respect of the issue
                                         from time to time of Common Shares issuable from time to time as Dividends Paid in the
                                         Ordinary Course to holders of Common Shares who exercise an option or election to receive
                                         substantially equivalent dividends in Common Shares in lieu of receiving a cash dividend.

 

		(e)	If
                                         at any time a question or dispute arises with respect to adjustments provided for in
                                         Section 10, such question or dispute will be conclusively determined by such firm of
                                         independent chartered accountants as may be selected by action of the directors of the
                                         Company and any such determination, subject to regulatory approval and absent manifest
                                         error, will be binding upon the Company and the Holder. The Company will provide such
                                         chartered accountant with access to all necessary records of the Company. 

 

		(f)	In
                                         case the Company after the date of issuance of this Broker Warrant Certificate takes
                                         any action affecting the Common Shares, other than any action described in Section 10,
                                         which in the reasonable opinion of the board of directors of the Company would materially
                                         affect the rights of the Holder, the Exercise Price will be adjusted in such manner,
                                         if any, and at such time, by action of the directors of the Company in their sole discretion,
                                         acting reasonably and in good faith, as such directors deem equitable, but subject in
                                         all cases to any necessary regulatory approval. Failure of the taking of action by the
                                         directors of the Company so as to provide for an adjustment on or prior to the effective
                                         date of any action by the Company affecting the Common Shares will be conclusive evidence
                                         that the board of directors of the Company has determined that it is equitable to make
                                         no adjustment in the circumstances.

 

    8 

     

    

		(g)	If
                                         the Company sets a record date to determine the holders of the Common Shares for the
                                         purpose of entitling them to receive any dividend or distribution or sets a record date
                                         to take any other action and, thereafter and before the distribution to such shareholders
                                         of any such dividend or distribution or the taking of any other action, decides not to
                                         implement its plan to pay or deliver such dividend or distribution or take such other
                                         action, then no adjustment in the Exercise Price will be required by reason of the setting
                                         of such record date.

 

		(h)	In
                                         the absence of a resolution of the directors of the Company fixing a record date for
                                         any event which would require any adjustment to the Broker Warrants, the Company will
                                         be deemed to have fixed as the record date therefor the date on which the event is effected.
                                         

 

		(i)	As
                                         a condition precedent to the taking of any action which would require any adjustment
                                         to the Common Shares issuable under the Broker Warrants, including the Exercise Price,
                                         the Company shall take any corporate action which may be necessary in order that the
                                         Company or any successor to the Company or successor to the undertaking or assets of
                                         the Company have unissued and reserved in its authorized capital and may validly and
                                         legally issue as fully paid and non-assessable all the shares or other securities which
                                         the Holder is entitled to receive on the full exercise thereof in accordance with the
                                         provisions hereof.

 

		(j)	The
                                         Company will from time to time, immediately after the occurrence of any event which requires
                                         an adjustment or readjustment as provided in Section 10, forthwith give notice to the
                                         Holder specifying the event requiring such adjustment or readjustment and the results
                                         thereof, including the resulting Exercise Price. 

 

		(k)	The
                                         Company covenants to and in favour of the Holder that so long as any Broker Warrants
                                         evidenced hereby remain outstanding, it will give notice to the Holder of the effective
                                         date or of its intention to fix a record date for any event referred to in Section 10
                                         whether or not such action would give rise to an adjustment in the Exercise Price or
                                         the number and type of securities issuable upon the exercise of the Broker Warrants,
                                         and, in each case, such notice shall specify the particulars of such event and the record
                                         date and the effective date for such event; provided that the Company shall only be required
                                         to specify in such notice such particulars of such event as have been fixed and determined
                                         on the date on which such notice is given. Such notice shall be given not less than 14
                                         days in each case prior to such applicable record date or effective date.

 

		(l)	In
                                         any case that an adjustment pursuant to Section 10 shall become effective immediately
                                         after a record date for or an effective date of an event referred to herein, the Company
                                         may defer, until the occurrence and consummation of such event, issuing to the Holder
                                         of this Broker Warrant Certificate, if exercised after such record date or effective
                                         date and before the occurrence and consummation of such event, the additional Common
                                         Shares or other securities or property issuable upon such exercise by reason of the adjustment
                                         required by such event, provided, however, that the Company will deliver to the Holder
                                         an appropriate instrument evidencing the Holder’s right to receive such additional
                                         Common Shares or other securities or property upon the occurrence and consummation of
                                         such event and the right to receive any dividend or other distribution in respect of
                                         such additional Common Shares or other securities or property declared in favour of the
                                         holders of record of Common Shares or of such other securities or property on or after
                                         the Exercise Date or such later date as the Holder would, but for the provisions of this
                                         subsection, have become the holder of record of such additional Common Shares or of such
                                         other securities or property.

 

		(m)	On
                                         the happening of each and every such event set out in Section 10, the applicable provisions
                                         of this Broker Warrant Certificate, including the Exercise Price, shall, ipso facto,
                                         be deemed to be amended accordingly and the Company shall take all necessary action so
                                         as to comply with such provisions as so amended. 

 

		12.	Consolidation
                                         and Amalgamation 

 

		(a)	In
                                         the event that the Company enters into any transaction whereby all or substantially all
                                         of its undertaking, property and assets would become the property of any other corporation
                                         (herein called

 

    9 

     

    

			a
                                         “successor corporation”) whether by way of reorganization, reconstruction,
                                         consolidation, amalgamation, merger, transfer, sale, disposition or otherwise, the Company
                                         will ensure that contemporaneously with the consummation of such transaction the Company
                                         and the successor corporation shall have executed such instruments and done such things
                                         as the Company, acting reasonably, considers necessary or advisable to establish that
                                         upon the consummation of such transaction:

 

		i.	the
                                         successor corporation will have assumed all the covenants and obligations of the Company
                                         under this Broker Warrant Certificate, and

 

		ii.	the
                                         Broker Warrants and the terms set forth in this Broker Warrant Certificate will be a
                                         valid and binding obligation of the successor corporation entitling the Holder, as against
                                         the successor corporation, to all the rights of the Holder under this Broker Warrant
                                         Certificate.

 

		(b)	Whenever
                                         the conditions of subsection 12(a) shall have been duly observed and performed the successor
                                         corporation shall possess, and from time to time may exercise, each and every right and
                                         power of the Company under the Broker Warrants in the name of the Company or otherwise
                                         and any act or proceeding by any provision hereof required to be done or performed by
                                         any director or officer of the Company may be done and performed with like force and
                                         effect by the like directors or officers of the successor corporation.

 

		13.	Representation
                                         and Warranty: The Company hereby represents and warrants with and to the Holder
                                         that the Company is duly authorized and has all corporate and lawful power and authority
                                         to create and issue the Broker Warrants evidenced hereby and the Common Shares issuable
                                         upon the exercise hereof and perform its obligations hereunder and that this Broker Warrant
                                         Certificate represents a valid, legal and binding obligation of the Company enforceable
                                         in accordance with its terms.

 

		14.	If
                                         Share Transfer Books Closed: The Company shall not be required to deliver certificates
                                         for Common Shares while the share transfer books of the Company are properly closed,
                                         prior to any meeting of shareholders or for the payment of dividends or for any other
                                         purpose and in the event of the surrender of any Broker Warrant in accordance with the
                                         provisions hereof and the making of any subscription and payment for the Common Shares
                                         called for thereby during any such period delivery of certificates for Common Shares
                                         may be postponed for a period not exceeding three (3) Business Days after the date of
                                         the re-opening of said share transfer books provided that any such postponement of delivery
                                         of certificates shall be without prejudice to the right of the Holder, if the Holder
                                         has surrendered the same and made payment during such period, to receive such certificates
                                         for the Common Shares called for after the share transfer books shall have been re-opened.

 

		15.	Protection
                                         of Shareholders, Officers and Directors: Subject as herein provided, all or any
                                         of the rights conferred upon the Holder may be enforced by the Holder by appropriate
                                         legal proceedings. No recourse under or upon any obligation, covenant or agreement herein
                                         contained or in any of the Broker Warrants represented hereby shall be taken against
                                         any shareholder, officer or director of the Company, either directly or through the Company,
                                         it being expressly agreed and declared that the obligations under the Broker Warrants
                                         evidenced hereby, are solely corporate obligations of the Company and that no personal
                                         liability whatever shall attach to or be incurred by the shareholders, officers, or directors
                                         of the Company or any of them in respect thereof, any and all rights and claims against
                                         every such shareholder, officer or director being hereby expressly waived as a condition
                                         of and as a consideration for the issue of the Broker Warrants evidenced hereby.

 

		16.	Replacement
                                         Certificate: Upon receipt of evidence satisfactory to the Company of loss, theft,
                                         destruction or mutilation of this Broker Warrant Certificate and, if requested by the
                                         Company, upon delivery of a bond of indemnity satisfactory to the Company (or, in the
                                         case of mutilation, upon surrender of this Broker Warrant Certificate), the Company will
                                         issue to the Holder a replacement certificate containing the same terms and conditions
                                         as this Broker Warrant Certificate.

 

    10 

     

    

		17.	Governing
                                         Law: This Broker Warrant Certificate shall be governed by, and construed in accordance
                                         with, the laws of the Province of British Columbia and the laws of Canada applicable
                                         therein but the references to such laws shall not, by conflict of laws, rules or otherwise,
                                         require the application of the law of any jurisdiction other than the Province of British
                                         Columbia. 

 

		18.	Severability:
                                         If any one or more of the provisions or parts thereof contained in this Broker Warrant
                                         Certificate should be or become invalid, illegal or unenforceable in any respect in any
                                         jurisdiction, the remaining provisions or parts thereof contained herein shall be and
                                         shall be conclusively deemed to be, as to such jurisdiction, severable therefrom. 

 

		19.	Amendments:
                                         Subject to the approval of the TSX, the provisions of these Broker Warrants may
                                         from time to time be amended, modified or waived, if such amendment, modification or
                                         waiver is in writing and consented to in writing by the Company and the Holder. 

 

		20.	Headings:
                                         The headings of the articles, sections, subsections and clauses of this Broker Warrant
                                         Certificate have been inserted for convenience and reference only and do not define,
                                         limit, alter or enlarge the meaning of any provision of this Broker Warrant Certificate.
                                         

 

		21.	Numbering
                                         of Articles, etc.: Unless otherwise stated, a reference herein to a numbered
                                         or lettered article, section, subsection, clause, subclause or schedule refers to the
                                         article, section, subsection, clause, subclause or schedule bearing that number or letter
                                         in this Broker Warrant Certificate.

 

		22.	Gender:
                                         Whenever used in this Broker Warrant Certificate, words importing the singular number
                                         only shall include the plural, and vice versa, and words importing the masculine gender
                                         shall include the feminine gender. 

 

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

 

		24.	Binding
                                         Effect: This Broker Warrant Certificate and all of its provisions shall enure
                                         to the benefit of the Holder, its successors, assigns and legal personal representatives
                                         and shall be binding upon the Company and its successors. 

 

		25.	Notice:
                                         Notice must be given by facsimile (in the case of notice to the Company), prepaid
                                         same day courier, or hand delivery, and addressed as follows: 

 

		(a)	If
                                         to the Holder at the latest address of the Holder as recorded on the books of the Company;
                                         and

 

		(b)	If
                                         to the Company at: 

 

7000
South Yosemite Street, Suite 115

Centennial,
CO 80112

 

			Attention:
                                         	Neal
                                         Shah, Chief Financial Officer 
	 	 	Email:	nshah@niocorp.com

 

		Unless herein
                              otherwise expressly provided, a notice to be given hereunder will be deemed to be validly given
                              on the: (i) same day if notice is sent during regular business hours in the recipient’s jurisdiction,
                              or (ii) the next Business Day if notice is sent outside of regular business hours in the recipient’s
                              jurisdiction or on a day that is not a Business Day.

 

		26.	Time
                                         of Essence: Time shall be of the essence hereof.

 

[Signature
page follows.]

 

    11 

     

    

IN
WITNESS WHEREOF the Corporation has caused this Warrant Certificate to be executed by its duly authorized officer.

 

	NIOCORP DEVELOPMENTS LTD.	 
	 	 	 
	Per:	/s/ Neal
    S. Shah	 
		Neal S. Shah	 
		Chief Financial Officer	 

 

NioCorp
– Broker Warrant Certificate

 

     

     

    

SUBSCRIPTION
FORM

 

Capitalized
terms used herein have the meanings ascribed thereto in the Broker Warrant Certificate (the “Broker Warrant Certificate”)
to which this Subscription Form is attached.

 

The
undersigned holder of the attached Broker Warrant Certificate hereby subscribes for _______________  common shares (the “Common
Shares”) of NioCorp Developments Ltd. (the “Company”) pursuant to the terms of the Broker Warrant
Certificate at the Exercise Price on the terms specified in the Broker Warrant Certificate and contemporaneously with the execution
and delivery hereof makes payment therefor on the terms specified in the Broker Warrant Certificate. If any Broker Warrants represented
by this Broker Warrant Certificate are not being exercised, a new Broker Warrant Certificate representing the unexercised Broker
Warrants will be issued and delivered with the certificate representing the Common Shares.

 

At
any time when there is no effective registration statement under the United States Securities Act of 1933, as amended (the “U.S.
Securities Act”), registering the Common Shares issuable upon exercise of the Broker Warrants to which this Subscription
Form relates, the undersigned must comply with the procedures set forth in the paragraph immediately below.

 

The
undersigned hereby certifies that the undersigned (i) is not (and is not exercising the Broker Warrants for the account or
benefit of) a person in the “United States or a “U.S. Person”, (ii) did not execute or deliver this
Subscription Form in the United States and (iii) has in all other aspects complied with the terms of Regulation S under the
United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any successor rule or
regulation of the United States Securities and Exchange Commission in effect. Alternatively, the undersigned is tendering
with this Subscription Form a written opinion of counsel or other evidence, in form and substance satisfactory to the
Company, to the effect that the securities to be delivered upon exercise of the Broker Warrants are exempt from registration
under the U.S. Securities Act and all applicable state securities laws. The term “U.S. Person” is as defined in
Regulation S under the U.S. Securities Act and includes, but is not limited to, any natural person resident in the United
States and any partnership or corporation organized or incorporated under the laws of the United States. “United
States” means the United States of America, its territories and possessions, any state of the United States and the
District of Columbia.

 

The
undersigned hereby directs that the Common Shares be issued as follows:

 

	 	 	
	NAME(S)
    IN FULL	ADDRESS(ES)	NUMBER
    OF 

COMMON
    SHARES
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

DATED
this _______day of _________________________, 20 ___.

 

	 	NAME:	 
			 
		Signature of Authorized Representative:	 
	 	Print Name:

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