Document:

Exhibit
10.15

 

UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS WARRANT MUST NOT TRADE THIS WARRANT BEFORE MAY 8, 2019.

 

THE
SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR THE LAWS OF ANY STATE OF THE
UNITED STATES. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE CORPORATION THAT SUCH SECURITIES
MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE
WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS, (C)
IN COMPLIANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY (1) RULE 144 THEREUNDER, IF AVAILABLE,
OR (2) RULE 144A THEREUNDER, IF AVAILABLE, AND, IN BOTH CASES, IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS OR (D) IN ANOTHER
TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS AND, IN THE
CASE OF (C)(1) AND (D) ABOVE, AFTER THE SELLER FURNISHES TO THE CORPORATION AN OPINION OF COUNSEL OF RECOGNIZED STANDING OR SUCH
OTHER EVIDENCE IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE CORPORATION TO SUCH EFFECT. DELIVERY OF THIS CERTIFICATE MAY
NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA. A NEW CERTIFICATE BEARING
NO LEGEND, DELIVERY OF WHICH WILL CONSTITUTE “GOOD DELIVERY”, MAY BE OBTAINED FROM THE TRANSFER AGENT AND REGISTRAR
OF THE CORPORATION UPON DELIVERY OF THIS CERTIFICATE AND A DULY EXECUTED DECLARATION, IN A FORM SATISFACTORY TO THE TRANSFER AGENT
AND REGISTRAR OF THE CORPORATION AND THE CORPORATION, TO THE EFFECT THAT THE SALE OF THE SECURITIES REPRESENTED HEREBY IS BEING
MADE IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT.

 

WARRANT
TO PURCHASE COMMON SHARES

OF

MPX
BIOCEUTICAL CORPORATION

(existing
under the laws of Ontario)

 

	Warrant Certificate Number:	Number of Warrants:

 

THIS
CERTIFIES THAT, for value received,            (the “Holder”), being the registered holder of this warrant
(“Warrant”) is entitled, at any time prior to 5:00 p.m. (Toronto time) on the Expiry Day (as defined below)
to subscribe for and purchase the number of common shares (the “Warrant Shares”) of MPX Bioceutical Corporation
(the “Company”) set forth above on the basis of one Warrant Share at a price of $1.16 CND (the “Exercise
Price”) for each Warrant exercised, subject to adjustment as set out herein, by surrendering to the Company at its principal
office, 5255 Yonge Street, Suite 701, Toronto, Ontario M2N 6P4, this Warrant certificate (the “Warrant Certificate”),
with a completed and executed Subscription Form attached hereto as Schedule “A”, and payment in full for the Warrant
Shares being purchased.

 

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The
Company shall treat the Holder as the absolute owner of this 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 Warrant free from all equities
and rights of set-off or counterclaim between the Company and the original or any intermediate holder and all persons may act
accordingly and the receipt by the Holder of the Warrant 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.

 

Nothing
contained herein shall confer any right upon the Holder to subscribe for or purchase any Warrant Shares at any time after the
Expiry Time, and from and after the Expiry Time these Warrants and all rights hereunder shall be void and of no value.

 

		1.	Definitions:
                                         In this Warrant Certificate, including the preamble, 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)	“Asset
                                         Distribution” shall have the meaning ascribed thereto in Section 12(c);

 

		(c)	“Asset
                                         Distribution Adjustment Date” shall have the meaning ascribed thereto in Section
                                         12(c);

 

		(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;

 

		(e)	“Common
                                         Shares” means the common shares of the Company as such shares are constituted
                                         on the date hereof, as the same may be reorganized, reclassified or otherwise changed
                                         pursuant to any of the events set out in Section 11 hereof;

 

		(f)	“Company”
                                         means MPX Bioceutical Corporation, a company incorporated under the laws of the Province
                                         of Ontario and its successors and assigns;

 

		(g)	“Current
                                         Market Price” at any date shall be the weighted average trading price per Common
                                         Share for each day there was a closing price for the twenty (20) consecutive trading
                                         days ending five (5) trading days immediately before such date on any stock exchange
                                         on which the Common Shares may then be listed, or, if the Common Shares or any other
                                         security in respect of which a determination of Current Market Price is being made are
                                         not listed on any stock exchange, the Current Market Price shall be determined by the
                                         directors, acting reasonably and in good faith, which determination shall be conclusive;

 

		(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

 

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		(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
                                         Notice” means notice given to the Holder by the Company that the Trading Target
                                         has been achieved and providing the Holder thirty (30) days in which to exercise Warrants
                                         and thereafter the Warrants will expire;

 

		(j)	“Exercise
                                         Price” means $1.16 CND per Warrant Share, subject to adjustment in accordance
                                         with Section 11 hereof;

 

		(k)	“Expiry
                                         Day” means the date which is the earlier of: (i) three (3) years from the date
                                         hereof; or (ii) the day that is thirty (30) days from the date the Company provides Exercise
                                         Notice to the Holder that the Trading Target has been achieved;

 

		(l)	“Expiry
                                         Time” means 5:00 p.m. (Toronto time) on the Expiry Date;

 

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

 

		(n)	“Merger
                                         Entity” shall have the meaning ascribed thereto in Section 12(d);

 

		(o)	“Merger
                                         Event” shall have the meaning ascribed thereto in Section 12(d);

 

		(p)	“person”
                                         means an individual, corporation, partnership, unincorporated syndicate, unincorporated
                                         organization, trust, trustee, executor, administrator, or other legal representative,
                                         or any group or combination thereof or any other entity whatsoever;

 

		(q)	“Trading
                                         Day” means, with respect to the CSE (or such other recognized stock exchange
                                         on which the Common Shares are then listed) a day on which such exchange is open for
                                         the transaction of business or, with respect to another exchange or an over-the-counter
                                         market, a day on which such exchange or market is open for the transaction of business;

 

		(r)	“Trading
                                         Target” means an event in which the Current Market Price is greater than $2.00
                                         per Common Share for any period of twenty (20) consecutive Trading Days;

 

		(s)	“U.S.
                                         Person” means U.S. person as that term is defined in Regulation S adopted by
                                         the United States Securities Exchange Commission under the U.S. Securities Act;

 

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

 

		(u)	“Warrant”
                                         means a warrant exercisable to purchase one Common Share at the Exercise Price until
                                         the Expiry Time; and

 

		(v)	“Warrant
                                         Share” means the Common Shares issuable upon the exercise of the Warrants.

 

		2.	Expiry
                                         Time: If the Trading Target is achieved, the Company may, at its sole option,
                                         give the Exercise Notice to the Holder at any time during the term of the Warrant. At
                                         the Expiry Time, all rights under the Warrants evidenced hereby, shall expire and be
                                         of no further force and effect.

 

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		3.	Exercise
                                         Procedure:

 

		(a)	The
                                         Holder may exercise the right to subscribe and purchase the number of Warrant Shares
                                         herein provided, by delivering to the Company prior to the Expiry Time at its principal
                                         office this Warrant Certificate, with the Subscription Form attached hereto 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 Warrants so exercised. Any Warrant
                                         Certificate so surrendered shall be deemed to be surrendered only upon delivery thereof
                                         to the Company at its principal office set forth herein (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 Warrant Shares subscribed for not exceeding those which such Holder is entitled
                                         to purchase pursuant to this Warrant Certificate and the Holder hereof shall become a
                                         shareholder of the Company in respect of the Warrant Shares subscribed for, if permitted
                                         by applicable law, with effect from the date of such delivery and payment and shall be
                                         entitled to delivery of a certificate evidencing the Warrant 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.

 

		(c)	The
                                         Holder hereby acknowledges that the Warrants and the Warrant Shares have not been and
                                         will not be registered under the U.S. Securities Act, or the securities laws of any state
                                         of the United States, and that the Warrants may not be exercised in the United States
                                         or by or on behalf of a U.S. person, nor may the Warrant Shares be offered or sold in
                                         the United States, unless an exemption is available from the registration requirements
                                         of the U.S. Securities Act and applicable state securities laws. If the Common Shares
                                         are being sold outside the United States in compliance with the requirements of Rule
                                         904 of Regulation S, the U.S. restrictive legend may be removed by providing an executed
                                         declaration to the registrar and transfer agent of the Corporation, in substantially
                                         the form set forth as Appendix “A” attached hereto (or in such other forms
                                         as the Company may prescribe from time to time) and, if requested by the Company or the
                                         transfer agent, an opinion of counsel of recognized standing in form and substance satisfactory
                                         to the Corporation. If the Common Shares are offered and sold in the United States pursuant
                                         to an exemption from registration under the U.S. Securities Act, the Holder must furnish
                                         an opinion of counsel of recognized standing in form and substance satisfactory to the
                                         Corporation to such effect, as applicable.

 

All
certificates representing Common Shares issued to persons who exercise the Warrants pursuant to the Subscription Form will, unless
such Common Shares are registered under the U.S. Securities Act and the securities laws of all applicable states of the United
States, bear the following legend:

 

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“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN 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 SUCH SECURITIES, AGREES FOR THE BENEFIT
OF THE CORPORATION THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION, (B) OUTSIDE
THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT, (C) INSIDE THE UNITED STATES (1)
TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE U.S. SECURITIES ACT OR (2) PURSUANT TO AN EXEMPTION
FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE U.S. SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE U.S. SECURITIES ACT, OR (D) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT, AND IN EACH
CASE IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS IN THE UNITED STATES OR SECURITIES LAWS OF ANY OTHER APPLICABLE JURISDICTIONS.
DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN
CANADA. A NEW CERTIFICATE BEARING NO LEGEND, DELIVERY OF WHICH WILL CONSTITUTE “GOOD DELIVERY”, MAY BE OBTAINED FROM
THE TRANSFER AGENT AND REGISTRAR OF THE CORPORATION UPON DELIVERY OF THIS CERTIFICATE AND A DULY EXECUTED DECLARATION, IN A FORM
SATISFACTORY TO THE TRANSFER AGENT AND REGISTRAR OF THE CORPORATION AND THE CORPORATION, TO THE EFFECT THAT THE SALE OF THE SECURITIES
REPRESENTED HEREBY IS BEING MADE IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT.”

 

provided,
that if the Common Shares are being sold outside the United States in compliance with the requirements of Rule 904 of Regulation
S, and the Company is at the time of such sale a “foreign issuer” within the meaning of Regulation S under the U.S.
Securities Act, the legends set forth above may be removed by providing an executed declaration to the registrar and transfer
agent of the Company, in substantially the form set forth as Appendix “A” attached hereto (or in such other forms
as the Company may prescribe from time to time) and, if requested by the Company or the transfer agent, an opinion of counsel
of recognized standing in form and substance satisfactory to the Company and the transfer agent to the effect that such sale is
being made in compliance with Rule 904 of Regulation S; and provided, further, that, if any Common Shares, are being sold otherwise
than in accordance with Regulation S and other than to the Company, the legend may be removed by delivery to the registrar and
transfer agent and the Company of an opinion of counsel, of recognized standing reasonably satisfactory to the Company, that such
legend is no longer required under applicable requirements of the U.S. Securities Act or state securities laws.

 

Certificates
representing Common Shares issued upon the exercise of this Warrant Certificate (and issued in substitution or exchange thereof)
prior to the date that is four months and one day after the date hereof shall bear the following legend:

 

UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THIS SECURITY BEFORE [INSERT DATE WHICH IS
FOUR MONTHS AND A DAY AFTER THE DATE HEREOF].

 

		4.	Partial
                                         Exercise: The Holder may subscribe for and purchase a number of Warrant Shares
                                         less than the maximum number the Holder is entitled to purchase pursuant to the full
                                         exercise of this 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 Warrant
                                         Certificate in respect of the balance of the Warrant Shares which the Holder was entitled
                                         to subscribe for pursuant to this Warrant Certificate and which were then not purchased.

 

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		5.	No
                                         Fractional Shares: Notwithstanding any adjustments provided for in Section 11
                                         hereof or otherwise, the Company shall not be required upon the exercise of any Warrants
                                         to issue fractional Warrant Shares in satisfaction of its obligations hereunder and,
                                         in any such case, the number of Warrant Shares issuable upon the exercise of any Warrants
                                         shall be rounded down to the nearest whole number.

 

		6.	Exchange
                                         of Warrant Certificates: This Warrant Certificate may be exchanged for Warrant
                                         Certificates representing in the aggregate the same number of Warrants and entitling
                                         the Holder thereof to subscribe for and purchase an equal aggregate number of Warrant
                                         Shares at the same Exercise Price and on the same terms as this Warrant Certificate.

 

		7.	Transfer
                                         of Warrants: Subject to the terms hereof, this Warrant may be transferred, subject
                                         to the terms set forth in the Transfer Form attached hereto as Schedule “B”.
                                         No transfer of this Warrant shall be effective unless this Warrant Certificate is accompanied
                                         by a duly executed Transfer Form or other instrument of transfer in such form as the
                                         Company may from time to time prescribe, together with such evidence of the genuineness
                                         of each endorsement, execution and authorization and of other matters as may reasonably
                                         be required by the Company, and delivered to the Company. No transfer of this Warrant
                                         shall be made if in the opinion of counsel to the Company such transfer would result
                                         in the violation of any applicable securities laws. Subject to the foregoing, the Company
                                         shall issue and mail as soon as practicable, and in any event within five (5) Business
                                         Days of such delivery, a new Warrant Certificate registered in the name of the transferee
                                         or as the transferee may direct and shall take all other necessary actions to effect
                                         the transfer as directed.

 

		8.	Not
                                         a Shareholder: Nothing in this Warrant Certificate or in the holding of a Warrant
                                         evidenced hereby shall be construed as conferring upon the Holder any right or interest
                                         whatsoever as a shareholder of the Company.

 

		9.	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.

 

		10.	Covenants:

 

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

 

		(b)	The
                                         Company shall use its commercially reasonable efforts to ensure the Warrant Shares are
                                         listed and posted for trading on such stock exchange as the Common Shares may be listed
                                         at the time of exercise of the Warrants, as applicable.

 

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		11.	Adjustments:

 

		(a)	Adjustment:
                                         The rights of the holder of this Warrant, including the number of Warrant Shares issuable
                                         upon the exercise of such Warrants, 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.
                                         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 or enhanced as a result
                                         of any of the events set forth in paragraphs (b), (c) or (d) of this Section. Accordingly,
                                         the provisions of this Section 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. 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 11(b)(i) and 11(b)(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, 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 paragraph 11(b)(ii) are fixed within a
                                         period of 25 Business 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 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.

 

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		(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 rights, options or warrants exercisable by the holders thereof within
                                         a period expiring not more than 45 days after the record date for such issue or distribution
                                         to acquire Common Shares or securities exchangeable for or convertible into Common Shares
                                         at a price per share, or at an exchange or conversion price per share in the case of
                                         securities exchangeable for or convertible into Common Shares, of at least 95% of the
                                         Current Market Price of the Common Shares on such record date), (C) evidences of indebtedness,
                                         or (D) cash, securities or other property or assets then, in each such case and if such
                                         distribution does not constitute a Dividend Paid in the Ordinary Course, or fall under
                                         clauses (i) or (ii) 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) 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 referred to in this paragraph
                                         11(b)(iii) are fixed within a period of 25 Business 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.

 

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		(c)	Asset
                                         Distribution: If and whenever at any time during the Adjustment Period, there is
                                         a distribution, spin-off or other conveyance of property or other assets of the Company
                                         in connection with a Merger Event (an “Asset Distribution”) pursuant
                                         to which all or substantially all of the holders of its outstanding Common Shares receives
                                         consideration, then, in each such case, the Exercise Price shall be adjusted contemporaneously
                                         with the consummation of such Asset Distribution (such date, the “Asset Distribution
                                         Adjustment Date”) so that it shall equal the price determined by multiplying
                                         the Exercise Price in effect on the Asset Distribution Adjustment Date by a fraction,
                                         of which the numerator shall be the total number of Common Shares outstanding on the
                                         Asset Distribution Adjustment Date multiplied by the Current Market Price on the Asset
                                         Distribution Adjustment Date, less the fair market value (as determined by the Corporation)
                                         of any consideration received therefor by the holders of Common Shares, and of which
                                         the denominator shall be the total number of Common Shares outstanding on the Asset Distribution
                                         Adjustment Date multiplied by the Current Market Price; and Common Shares owned by or
                                         held for the account of the Corporation shall be deemed not to be outstanding for the
                                         purpose of any such computation.

 

		(d)	Merger
                                         Event: If and whenever at any time during the Adjustment Period, there is a reclassification
                                         of the Common Shares or a capital reorganization of the Company other than as described
                                         in Section 11(b) or a consolidation, amalgamation, arrangement or merger of the Company
                                         with or into any other body corporate, trust, partnership, limited liability company
                                         or other entity (such entity, the “Merger Entity”), or a sale or conveyance
                                         of the property and assets of the Company as an entirety or substantially as an entirety
                                         to the Merger Entity (each of the foregoing, a “Merger Event”), to
                                         the extent that the holder of this Warrant has not exercised its exercise right prior
                                         to the effective date of the Merger Event, such holder upon the exercise of such right
                                         thereafter, shall be entitled to receive upon the exercise of its Warrants and shall
                                         accept, in lieu of the number of Common Shares that prior to such effective date such
                                         holder would have been entitled to receive, the number of shares or other securities
                                         or property (other than any such securities or property received in connection with an
                                         Asset Distribution which shall allocated in accordance with Section 11(c) above) of the
                                         Merger Entity that such holder would have been entitled to receive on such Merger Event,
                                         if, on the effective date thereof, as the case may be, the holder had been the registered
                                         holder of the number of Common Shares to which prior to such effective date it was entitled
                                         to acquire upon the exercise of its Warrants.

 

		(e)	If
                                         at any time during the Adjustment Period any adjustment or readjustment in the Exercise
                                         Price shall occur pursuant to the provisions of subsection 11(b), subsection 11(c), or
                                         11(d) of this Warrant Certificate, then the number of Warrant Shares purchasable upon
                                         the subsequent exercise of the Warrants shall be simultaneously adjusted or readjusted,
                                         as the case may be, by multiplying the number of Warrant Shares purchasable upon the
                                         exercise of the 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.

 

		12.	Rules
                                         Regarding Calculation of Adjustment of Exercise Price:

 

		(a)	The
                                         adjustments provided for in Section 11 are cumulative and will, in the case of adjustments
                                         to the Exercise Price, be computed to the nearest whole Warrant Share and will be made
                                         successively whenever an event referred to therein occurs, subject to the following subsections
                                         of this Section 12.

 

    - 9 -

     

    

 

		(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 Warrant 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
                                         11, other than the events referred to in clause 12(d), if the Holder is entitled to participate
                                         in such event on the same terms, mutatis mutandis, as if the Holder had exercised
                                         this Warrant prior to or on the effective date or record date of such event.

 

		(d)	No
                                         adjustment in the Exercise Price will be made under Section 11 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,
                                         and any such issue will be deemed not to be a reorganization.

 

		(e)	If
                                         at any time a question or dispute arises with respect to adjustments provided for in
                                         Section 11, such question or dispute will be conclusively determined by the accountants
                                         of the Company or, if they are unable or unwilling to act, by such other firm of independent
                                         chartered accountants that is a participant of the Canadian Public Accountability Board,
                                         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 auditor or chartered accountant with reasonable
                                         access to all relevant records of the Company.

 

		(f)	In
                                         case the Company after the date of issuance of this Warrant takes any action affecting
                                         the Common Shares, other than action described in Section 11, which in the 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, but subject in all cases to the prior written consent of any stock exchange upon
                                         which the Warrant Share may be listed, where required, and 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.

 

		(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 and/or the number of Common Shares purchasable
                                         upon exercise of this Warrant 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 that would require any adjustment to this Warrant, the Company will be deemed
                                         to have fixed as the record date therefor the date on which the event is effected.

 

    - 10 -

     

    

 

		(i)	As
                                         a condition precedent to the taking of any action which would require any adjustment
                                         to the Warrant Shares issuable under this Warrant, 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, as soon as practicable after the occurrence of any event
                                         which requires an adjustment or readjustment as provided in Section 11, give notice to
                                         the Holder specifying the event requiring such adjustment or readjustment and the results
                                         thereof, including the resulting Exercise Price.

 

		(k)	In
                                         any case that an adjustment pursuant to Section 11 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 Warrant, if exercised after such record date or effective date and before the
                                         occurrence and consummation of such event, the additional Warrant 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 Warrant 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
                                         Warrant 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 Warrant Shares or of such other securities
                                         or property.

 

		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 this Warrant and the Warrant Shares issuable upon the exercise hereof
                                         and perform its obligations hereunder and that this 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 Warrant 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 Warrant in accordance with the provisions
                                         hereof and the making of any subscription and payment for the Warrant Shares called for
                                         thereby during any such period delivery of certificates for Warrant Shares may be postponed
                                         for a period not exceeding five (5) 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 Warrant
                                         Shares called for after the share transfer books shall have been re-opened.

 

		15.	Lost
                                         Certificate: If the Warrant Certificate evidencing the Warrants issued hereby
                                         becomes stolen, lost, mutilated or destroyed the Company shall issue and countersign
                                         a new Warrant Certificate of like denomination, tenor and date as the Warrant Certificate
                                         so stolen, lost mutilated or destroyed provided that the Holder shall bear the reasonable
                                         cost of the issue thereof and in case of loss, destruction or theft, shall, as a condition
                                         precedent to the issue thereof, furnish to the Company such evidence of ownership and
                                         of the loss, destruction or theft of the Warrant Certificate as shall be satisfactory
                                         to the Company, in its sole discretion acting reasonably, and the Holder may also be
                                         required to furnish an indemnity in form satisfactory to the Company, in its sole discretion
                                         acting reasonably, and shall pay the reasonable charges of the Company in connection
                                         therewith.

 

    - 11 -

     

    

 

		16.	Governing
                                         Law: This Warrant Certificate shall be governed by, and construed in accordance
                                         with, the laws of the Province of Ontario and the laws of Canada applicable therein but
                                         the reference 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 Ontario. The
                                         parties hereto hereby irrevocably attorn to the non-exclusive jurisdiction of the courts
                                         of the Province of Ontario.

 

		17.	Severability:
                                         If any one or more of the provisions or parts thereof contained in this 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.

 

		18.	Amendments:
                                         The provisions of this Warrant Certificate 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 holders of at least 66 2/3% of the Warrants then
                                         outstanding.

 

		19.	Headings:
                                         The headings of the articles, sections, subsections and clauses of this 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 Warrant Certificate.

 

		20.	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 Warrant Certificate.

 

		21.	Gender:
                                         Whenever used in this 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.

 

		22.	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.

 

		23.	Computation
                                         of Time Period: Except to the extent otherwise provided herein, in the computation
                                         of a period of time from a specified date to a later specified date, the word “from”
                                         means “from and including” and the words “to” and “until”
                                         each mean “to but excluding”.

 

		24.	Binding
                                         Effect: This Warrant Certificate and all of its provisions shall inure 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:
                                         Unless herein otherwise expressly provided, a notice to be given hereunder will be
                                         deemed to be validly given if the notice is given personally or sent by email or prepaid
                                         same day courier addressed as follows:

 

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

 

    - 12 -

     

    

 

		(b)	If
                                         to the Company at:

 

MPX
Bioceutical Corporation

5255
Yonge Street, Suite 701

Toronto,
Ontario

M2N
6P4

 

		Attention:	W.
                                         Scott Boyes

		Email:	scott@mpxbioceutical.com

 

Notice
so mailed shall be deemed to have been given on the fifth Business Day after deposit in a post office or public letterbox. Neither
party shall mail any notice, request or other communication hereunder during any period in which applicable postal workers are
on strike or if such strike is imminent and may reasonably be anticipated to affect the normal delivery of mail. Notice transmitted
by email or delivered personally shall be deemed given on the day of transmission or personal delivery, as the case may be provided
that if such day is not a Business Day then the notice, request or other communication shall be deemed to have been given and
received on the first Business Day following such day. Any party may from time to time notify the other in the manner provided
herein of any change of address which thereafter, until change by like notice, shall be the address of such party for all purposes
hereof.

 

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

 

[Remainder
of page intentionally left blank.]

 

    - 13 -

     

    

 

IN
WITNESS WHEREOF the Company has caused this Warrant Certificate to be signed by its duly authorized officer as of this
_____ day of January 2019.

 

    - 14 -

     

    

 

SCHEDULE
“A”

 

SUBSCRIPTION
FORM

 

	TO:	MPX
                                         Bioceutical Corporation

5255
Yonge Street, Suite 701

Toronto,
Ontario

M2N
6P4

 

The
undersigned holder of the within Warrant hereby irrevocably subscribes for                                  
Warrant Shares of MPX Bioceutical Corporation (the “Company”) pursuant to the within Warrant and
tenders herewith a certified cheque or bank
draft
for
$                                
($1.16 CND per Warrant Share) in full payment therefor.

 

(Please
check the ONE box applicable):

 

A. The
undersigned holder (i) at the time of exercise of the Warrant is not in the United States; (ii) is not a “U.S. person”
as defined in Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”),
(iii) is not exercising the Warrant on behalf of a “U.S. person”; and (iv) did not execute or deliver this exercise
form in the United States.

 

B. The
undersigned holder has delivered to the Company an opinion of counsel (which will not be sufficient unless it is from counsel
of recognized standing and in form and substance satisfactory to the Company) to the effect that an exemption from the registration
requirements of the U.S. Securities Act and applicable state securities laws is available.

 

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

 

	NAME(S)
                                         IN FULL

        
	ADDRESS
	NUMBER
    OF WARRANT SHARES
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    - 15 -

     

    

 

DATED
this                             day
of                                       ,
20_____.

 

	 	NAME:	 
	 	 	 
	 	Signature of Authorized Representative:	 
	 	 	 
	 	Print Name:	 

 

Please
check if the certificates representing the Warrant Shares are to be delivered at the office where this Warrant Certificate is
surrendered, failing which the certificates representing the Warrant Shares will be mailed to the address in the registration
instructions set out above.

 

If
any Warrants represented by this Warrant Certificate are not being exercised, a new Warrant Certificate representing the unexercised
Warrants will be issued and delivered with the certificate representing the Warrant Shares.

 

Notes:

 

Certificates
will not be registered or delivered to an address in the United States unless Box B above is checked.

 

If
Box B is to be checked, holders are encouraged to consult with the Company in advance to determine that the legal opinion tendered
in connection with exercise will be satisfactory in form and substance to the Company.

 

    - 16 -

     

    

 

SCHEDULE
“B”

  

TRANSFER
FORM

 

FOR
VALUE RECEIVED, the undersigned transferor hereby sells, assigns and transfers unto 

 

	 

(Transferee)

 

	 

(Address)

 

	 

(Social
Insurance Number)

 

                                        of
the Warrants registered in the name of the undersigned transferor represented by the attached Warrant Certificate.

 

THE
UNDERSIGNED TRANSFEROR HERBY CERTIFIES AND DECLARES that the Warrants are not being offered, sold or transferred to, or
for the account or benefit of, a U.S. Person (as defined in Regulation S under the United States Securities Act of 1933, as
amended (the “U.S. Securities Act”)) or a person within the United States unless registered under the U.S.
Securities Act and any applicable state securities laws or unless an exemption from such registration is
available.

 

DATED
this                             day
of                                       ,
20_____.

 

 

	Signature of
    Registered Holder (Transferor)	 	Signature Guarantee
	 	 	 
	 	 	 
	Print name of Registered
    Holder	 	
	 	 	 
	 	 	 
	 	 	 
	 	 	 

Address 

 

		NOTE:	The
                                         signature on this transfer form must correspond with the name as recorded on the face
                                         of the Warrant Certificate in every particular without alteration or enlargement or any
                                         change whatsoever or this transfer form must be signed by a duly authorized trustee,
                                         executor, administrator, curator, guardian, attorney of the Holder or a duly authorized
                                         signing officer in the case of a corporation. If any of the foregoing or any person acting
                                         in a fiduciary or representative capacity signs this transfer form, the Warrant Certificate
                                         must be accompanied by evidence of authority to sign.

 

All
endorsements or assignments of these Warrants must be signature guaranteed by a bank or trust company or by a member of a stock
exchange in Canada.

 

    - 17 -

     

    

 

APPENDIX
A

 

FORM
OF DECLARATION FOR REMOVAL OF LEGEND

 

		TO:	MPX
                                         BIOCEUTICAL CORPORATION (the “Corporation”)

 

		TO:	Registrar
                                         and transfer agent for the shares of the Corporation

 

The
undersigned (A) acknowledges that the sale of the securities of the Corporation to which this declaration relates is being made
in reliance on Rule 904 of Regulation S under the United States Securities Act of 1933, as amended (the “1933 Act”),
and (B) certifies that (1) the undersigned is not (a) an “affiliate” of the Corporation (as that term is defined in
Rule 405 under the 1933 Act) (b) a “distributor” as defined in Regulation S or (c) an affiliate of a distributor;
(2) the offer of such securities was not made to a person in the United States and either (a) at the time the buy order was originated,
the buyer was outside the United States, or the seller and any person acting on its behalf reasonably believed that the buyer
was outside the United States, or (b) the transaction was executed on or through the facilities of the Canadian Securities Exchange
and neither the seller nor any person acting on its behalf knows that the transaction has been prearranged with a buyer in the
United States; (3) neither the seller nor any affiliate of the seller nor any person acting on their behalf has engaged or will
engage in any directed selling efforts in the United States in connection with the offer and sale of such securities; (4) the
sale is bona fide and not for the purpose of “washing off” the resale restrictions imposed because the securities
are “restricted securities” (as that term is defined in Rule 144(a)(3) under the 1933 Act); (5) the seller does not
intend to replace such securities with fungible unrestricted securities; and (6) the contemplated sale is not a transaction, or
part of a series of transactions, which, although in technical compliance with Regulation S, is part of a plan or scheme to evade
the registration provisions of the U. S. Securities Act. Terms used herein have the meanings given to them by Regulation S under
the 1933 Act.

 

	DATED                        
                ,
    20	X
	 	Signature of individual (if Purchaser is an individual)
	 	 
	 	X
	 	Authorized signatory (if Purchaser is not an individual)
	 	 
	 	 
	 	Name of Purchaser (please
    print)
	 	 
	 	 
	 	 
	 	Name of authorized signatory (please print)
	 	 
	 	 
	 	Official capacity of authorized signatory (please print)Exhibit
10.16

 

WARRANT
CERTIFICATE

 

THE
SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES.
THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE COMPANY THAT SUCH SECURITIES MAY BE OFFERED, SOLD
OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY; (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATIONS UNDER
THE U.S. SECURITIES ACT; (C) IN ACCORDANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE
144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS; OR (D) IN A TRANSACTION THAT DOES NOT
REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS, AND, IN THE CASE OF CLAUSE (C) OR
(D), THE SELLER FURNISHES TO THE COMPANY AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE SATISFACTORY TO THE
COMPANY TO SUCH EFFECT.

 

THESE
WARRANTS MAY NOT BE EXERCISED BY OR ON BEHALF OF A U.S. PERSON OR A PERSON IN THE UNITED STATES UNLESS THE SHARES ISSUABLE UPON
EXERCISE OF THESE WARRANTS HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION OF ANY
SUCH STATE OR EXEMPTIONS FROM SUCH REGISTRATION REQUIREMENTS ARE AVAILABLE. “UNITED STATES” AND “U.S. PERSON”
ARE AS DEFINED BY REGULATIONS UNDER THE U.S. SECURITIES ACT.

 

THE
WARRANTS REPRESENTED HEREBY WILL BE VOID AND OF NO VALUE AFTER 5:00 P.M. (TORONTO TIME) ON JANUARY 17, 2021 UNLESS
HOLDER HAS EXERCISED ITS RIGHTS PRIOR THERETO.

 

IANTHUS
CAPITAL HOLDINGS, INC.

(Incorporated
under the laws of British Columbia)

 

	Certificate Number:	Warrants to Purchase           Shares

 

 

COMMON SHARE PURCHASE WARRANTS

 

THIS
IS TO CERTIFY THAT, for value received, GEORGE YAPP, or its lawful assignee (the “Holder”) is entitled
to subscribe for and purchase (i) on or prior to June 29, 2018, up to 50,181 Class A convertible restricted voting shares in the
capital of iAnthus Capital Holdings Inc. (the “Company”), or (ii) at
any time after June 29, 2018 and on or before 5:00 p.m. Toronto time on January 17, 2021 (the “Expiry Date”), up
to 50,181 fully paid and non-assessable common shares without par value in the capital of the Company, (collectively the “Shares”
and individually, a “Share”), at a price of $1.9928 per Share. This Warrant is subject to the provisions
of the Terms and Conditions attached hereto as SCHEDULE “A” and forming part hereof.

 

The
rights represented by this Warrant Certificate may be exercised by the Holder, in whole or in part (but not as to a fraction
of a Share) by surrender of this Warrant Certificate (properly endorsed as required), together with a Warrant Exercise Form
in the form attached hereto as APPENDIX “B’, duly completed and executed, to the Company at 420 Lexington
Avenue, Suite 414, New York, New York I 0170, United States (Attention: Chief Financial Officer), or such other address as
the Company may from time to time in writing direct, together with a certified cheque or bank draft payable to or to the order
of the Company in payment of the purchase price of the number of Shares subscribed for. The Holder is advised to read
“Instruction to Holders” attached hereto as APPENDIX “A” for details on how to complete the
Warrant Exercise Form (as such term is defined in SCHEDULE “A”).

 

     

     

    

 

IN
WITNESS WHEREOF the Company this Warrant Certificate to be executed by its duly authorized office, this day of            , 2018

  

 

 

iANTHUS
CAPITAL HOLDINGS, INC.

 

     

     

    

 

SCHEDULE
“A”

 

TERMS
AND CONDITIONS

ATI
ACHED TO COMMON SHARE PURCHASE WARRANTS

ISSUED BY iANTHUS CAPITAL HOLDINGS, INC.

(the
“Company”)

 

Each
Warrant of the Company, whether single or part of a series, is subject to these Terms and Conditions as they were at the date
of issue of the Warrant.

 

PART
l

DEFINITIONS
AND INTERPRETATION

 

Definitions

 

Section
1.1 In these Terms and Conditions, except as otherwise expressly provided herein, the following words and phrases will have
the following meanings:

 

		(a)	“Company”
                                         means iAnthus Capital Holdings, Inc., a corporation incorporated under the Business
Corporations Act (British Columbia) and includes any successor corporations;

 

		(b)	“Company’s
                                         auditor” means the accountant duly appointed as auditor of the Company;

 

		(c)	“Exercise
                                         Price” means $1.9928 per Share or as may be adjusted pursuant to Section S;

 

		(d)	“Expiry
                                         Date” means January 17, 2021;

 

		(e)	“Expiry
                                         Time” means 5:00 p.m. (Toronto time) on the Expiry Date;

 

		(f)	“Holder”
                                         means the registered holder of a Warrant;

 

		(g)	“Joint
                                         Actors” has the meaning ascribed thereto in Section 7.1;

 

		(h)	“person”
                                         means an individual, corporation, partnership, trustee or any unincorporated organization,
                                         and words importing persons have a similar meaning;

 

		(i)	“Shares”
                                         or “shares” means the common shares or Class A convertible restricted
                                         voting shares, as the case may be, in the capital of the Company as constituted at the
                                         date of issue of a Warrant and any shares resulting from any event referred to in Section
                                         4.8;

 

		(j)	“Warrant”
                                         means a warrant as evidenced by the certificate, one (1) Warrant entitles the Holder
                                         to purchase one (1) common share at any time after June 29, 2018 and prior to the Expiry
                                         Date, or one (1) Class A convertible restricted voting share at any time on or prior
                                         to June 29, 2018, as the case may be, of the Company (subject to adjustment) at the Exercise
                                         Price set forth on the Warrant Certificate;

 

		(k)	“Warrant
                                         Certificate” means the certificate evidencing the Warrant; and

 

		(1)	“Warrant
                                         Exercise Form” means APPENDIX “B” hereof.

 

    - 1 -

     

    

 

Interpretation

 

Section
1.2 In these Terms and Conditions, except as otherwise expressly provided herein:

 

		(a)	the
                                         words “herein”, “hereof’, and “hereunder” and other
                                         words of similar import refer to this Warrant Certificate as a whole and not to any particular
                                         Part, clause, subclause or other subdivision;

 

		(b)	a
                                         reference to a Part or a Section means a Part or a Section, as applicable, of these Terms
                                         and Conditions;

 

		(c)	the
                                         headings are for convenience only, do not form a part of these Terms and Conditions and
                                         are not intended to interpret, define or limit the scope, extent or intent of these Terms
                                         and Conditions or any of its provisions;

 

		(d)	all
                                         dollar amounts referred to herein are expressed in United States dollars funds;

 

		(e)	time
                                         will be of the essence hereof; and

 

		(f)	words
                                         importing the singular number include the plural and vice versa, and words importing
                                         the masculine gender include feminine and neuter genders.

 

Applicable
Law

 

Section
1.3 The Warrants will be construed in accordance with the laws of the Province of British Columbia and the laws of Canada
applicable thereto and will be treated in all respects as legal contracts under the laws of the Province of British Columbia.

 

PART2

ISSUE
OF WARRANTS

 

Additional
Warrants

 

Section
2.1 The Company may at any time and from time to time issue Warrants or grant options or similar rights to purchase shares
of in its capital.

 

Issue
in Substitution for Lost Warrants

 

Section
2.2 In case a Warrant Certificate will become mutilated, lost, destroyed or stolen, the Company in its discretion may issue
and deliver a new Warrant Certificate of like date and tenor as the one mutilated, lost, destroyed or stolen in exchange for,
and in place of, and upon cancellation of, such mutilated Warrant Certificate, or in lieu of and in substitution for such lost,
destroyed or stolen Warrant Certificate, and the Warrants represented by such substituted Warrant Certificate will be entitled
to the benefit hereof and rank equally in accordance with its terms with all other Warrants of the same issue. The Company may
charge a reasonable fee for the issuance and delivery of a new Warrant Certificate.

 

Section
2.3 The applicant for the issue of a new Warrant Certificate pursuant hereto will bear the cost of the issue thereof and in
the case of loss, destruction or theft furnish to the Company such evidence of ownership, and of loss, destruction or theft of
the Warrant Certificate so lost, destroyed or stolen as will be satisfactory to the Company in its discretion; and such applicant
may also be required to furnish indemnity in amount and form satisfactory to the Company in its discretion and will pay the reasonable
charges of the Company in connection therewith.

 

    - 2 -

     

    

 

Holder
not a Shareholder

 

Section
2.4 The holding of a Warrant will not constitute the Holder a shareholder of the Company, nor entitle the Holder to any right
or interest in respect thereof, except as expressly provided in the Warrant Certificate.

 

Securities
Law Exemption

 

Section
2.5 The Holder acknowledges and agrees that the Warrants and any Shares issued pursuant to the exercise of any Warrants have
been or will be issued only on a “private placement” basis and that the Company has no obligation to, and does not
intend to, file any prospectus or registration statement in any jurisdiction in order to qualify any of such Warrants and/or Shares
for resale.

 

PART3

OWNERSHIP

 

Exchange
of Warrants

 

Section
3.1 A Warrant Certificate in any authorized denomination, upon compliance with the reasonable requirements of the Company,
may be exchanged for a Warrant Certificate(s) in any other authorized denomination of the same issue entitling the Holder to purchase
an equal aggregate number of Shares at the same Exercise Price and on the same terms as the Warrant Certificate so exchanged.

 

Section
3.2 Warrants may be exchanged only with the Company. Any Warrants tendered for exchange will be surrendered to the Company
and cancelled.

 

Section
3.3 The Warrants are transferable by the Holder completing and submitting to the Company a completed and duly executed Warrant
Transfer Form.

 

Charges
for Exchange

 

Section
3.4 On exchange of Warrants, the Company, except as otherwise herein provided, may charge a reasonable fee for each new Warrant
Certificate issued, and payment of any transfer taxes or governmental or other charges required to be paid will be made by the
party requesting such exchange.

 

Ownership
of Warrants

 

Section
3.5 The Company may deem and treat the Holder of a Warrant as the absolute owner of such Warrant for all purposes and will
not be affected by any notice or knowledge to the contrary.

 

Notice
to Holder

 

Section
3.6 Unless herein otherwise expressly provided, any notice to be given hereunder to a Holder will be deemed to be validly
given, if mailed to the address of the Holder as set out on the Warrant Certificate. Any notice so given will be deemed to have
been received five days from the date of mailing to the Holder or any market intermediary then holding the Warrants of the Holder
in any trust account.

 

    - 3 -

     

    

 

PART4

EXERCISE OF WARRANTS

 

Method
of Exercise of Warrants

 

Section
4.1 The right to purchase Shares conferred by a Warrant may be exercised by the Holder surrendering the Warrant Certificate,
together with a duly completed and executed Warrant Exercise Form and a certified cheque or bank draft payable to, or to the order
of the Company at the address as set out on the Warrant Certificate, for the purchase price applicable at the time of surrender
in respect of the shares subscribed for in lawful money of Canada to the Company at the address as set out on the Warrant Exercise
Form.

 

Effect
of Exercise of Warrants

 

Section
4.2 Upon surrender and payment as aforesaid, the shares so subscribed for will be deemed to have been issued, and the Holder
will be deemed to have become the holder of such shares on the date of such surrender and payment, and such shares will be issued
at the Exercise Price as may be adjusted in the events and in the manner described herein.

 

Section
4.3 Within two business days after surrender and payment as aforesaid, the Company will forthwith cause to be delivered to
the person in whose name the shares are directed to be registered as specified in such Warrant Exercise Form, or if no such direction
is given, the Holder, a certificate for the appropriate number of shares not exceeding those which the Holder is entitled to purchase
pursuant to the Warrant Certificate surrendered.

 

Subscription
for Less than Entitlement

 

Section
4.4 A Holder may purchase a number of Shares less than the number which the Holder is entitled to purchase pursuant to the
surrendered Warrant Certificate. In the event of any purchase of a number of shares less than the number which can be purchased
pursuant to a Warrant Certificate, the Holder, upon exercise thereof, will, in addition to certificates representing shares issued
on such exercise, and be entitled to receive a new Warrant Certificate in respect of the balance of the shares which the Holder
was entitled to purchase pursuant to the surrendered Warrant Certificate but which were not then purchased.

 

Warrants
for Fractions of Shares

 

Section
4.5 To the extent that a Holder is entitled to receive on the exercise or partial exercise thereof a fraction of a Share,
such right may be exercised in respect of such fraction only in combination with another Warrant which in the aggregate will entitle
the Holder to receive a whole number of Shares.

 

Expiration
of Warrants

 

Section
4.6 After the Expiry Date, all rights under the Warrants will wholly cease and terminate, and the Warrants will thereupon
be void and of no effect.

 

Exercise
Price

 

Section
4.7 The price per Share which must be paid to exercise a Warrant is the Exercise Price, as may be adjusted in the events and
in the manner described herein.

 

    - 4 -

     

    

 

Class
of Securities

 

Section
4.8 Notwithstanding anything contained in this SCHEDULE “A” or the Warrant Certificate to which the SCHEDULE
“A” is attached, if the Warrants, or any of them, are exercised on or prior to June 29, 2018, then the Shares
issued upon exercise of the Warrants will be Class A convertible restricted voting shares in the capital of the Company. If the
Warrants, or any of them, are exercised after June 29, 2018 then the Shares issued upon exercise of the Warrants will be common
shares in the capital of the Company.

 

PARTS

ADJUSTMENTS AND ACCELERATION

 

Section
5.1 Adjustments

 

		(1)	Definitions:
                                         For the purposes of this Part 5, unless there is something in the subject matter or context
                                         inconsistent therewith, the words and terms defined below shall have the respective meanings
                                         specified therefor in this subsection:

 

		(a)	“Adjustment
                                         Period” means the period commencing on the date of issue of this Warrant and
                                         ending at the Expiry Time;

 

		(b)	“Current
                                         Market Price” means the price per share equal to the weighted average price
                                         at which the Shares have traded on the Canadian Securities Exchange or a senior stock
                                         exchange or, if the Shares are not then listed on such an exchange, in the over-the-counter
                                         market, during the period of any twenty (20) consecutive trading days ending not more
                                         than five (5) business days before such date;

 

		(c)	“director”
                                         means a director of the Company at the relevant time and, unless otherwise specified
                                         herein, a reference to action “by the directors” means action by the directors
                                         of the Company as a board or, whenever empowered, action by any committee of the directors
                                         of the Company; and

 

		(d)	“trading
                                         day” with respect to a stock exchange or over-the-counter market means a day
                                         on which such stock exchange or market is open for business.

 

		(2)	Adjustments: The Exercise Price and the number of Shares issuable to the Holder pursuant to this
                                         Warrant shall be subject to adjustment from time to time in the events and in the manner
                                         provided as follows:

 

		(a)	If
                                         at any time during the Adjustment Period the Company shall:

 

		(i)	fix
                                         a record date for the issue of, or issue, Shares to the holders of all or substantially
                                         all of the outstanding Shares by way of a stock dividend;

 

		(ii)	fix
                                         a record date for the distribution to, or make a distribution to, the holders of all
                                         or substantially all of the Shares payable in Shares or securities exchangeable or exercisable
                                         for or convertible into Shares;

 

		(iii)	subdivide
                                         the outstanding Shares into a greater number of Shares; or

 

    - 5 -

     

    

 

		(iv)	consolidate
                                         the outstanding Shares into a lesser number of Shares;

 

(any
of such events in subclauses 5.1(2)(a)(i), 5.1(2)(a)(ii), 5.1(2)(a)(iii) and 5.1(2)(a)(iv) above being herein called a “Share
Reorganization”), the Exercise Price shall be adjusted on the earlier of the record date on which holders of Shares
are determined for the purposes of the Share Reorganization and the effective date of the Share Reorganization to the amount determined
by multiplying the Exercise Price in effect immediately prior to such record date or effective date, as the case may be, by a
fraction:

 

		(A)	the
                                         numerator of which shall be the number of Shares outstanding on such record date or effective
                                         date, as the case may be, before giving effect to such Share Reorganization; and

 

		(B)	the
                                         denominator of which shall be the number of Shares which will be outstanding immediately
                                         after giving effect to such Share Reorganization (including in the case of a distribution
                                         of securities exchangeable or exercisable for or convertible into Shares, the number
                                         of Shares that would be outstanding had such securities all been exchanged or exercised
                                         for or converted into Shares on such date).

 

To
the extent that any adjustment in the Exercise Price occurs pursuant to this Subsection 5.1(2)(a) as a result of the fixing by
the Company of a record date for the distribution of securities exchangeable for or convertible into Shares, the Exercise Price
shall be readjusted immediately after the expiry of any relevant exchange or conversion right to the Exercise Price which would
then be in effect based upon the number of Share actually issued and remaining issuable after such expiry and shall be further
readjusted in such manner upon the expiry of any further such right. If the Holder has not exercised its right to subscribe for
and purchase Shares on or prior to the record date of such stock dividend or distribution or the effective date of such subdivision
or consolidation, as the case may be, upon the exercise of such right thereafter shall be entitled to receive and shall accept
in lieu of the number of Shares then subscribed for and purchased by the Holder, at the Exercise Price determined in accordance
with this Subsection 5.l{2)(a) the aggregate number of Shares that the Holder would have been entitled to receive as a result
of such Share Reorganization, if, on such record date or effective date, as the case may be, the Holder had been the holder of
record of the number of Shares so subscribed for and purchased.

 

		(b)	If
                                         at any time during the Adjustment Period the Company shall fix a record date for the
                                         issue or distribution to the holders of all or substantially all of the outstanding Share
                                         of rights, options or warrants pursuant to which such holders are entitled, during a
                                         period expiring not more than 45 days after the record date for such issue (such period
                                         being the “Rights Period”), to subscribe for or purchase Share or
                                         securities exchangeable for or convertible into Shares at a price per share to the holder
                                         (or in the case of securities exchangeable for or convertible into Shares, at an exchange
                                         or conversion price per share) at the date of issue of such securities of less than 95%
                                         of the Current Market Price of the Shares on such record date (any of such events being
                                         called a “Rights Offering”), the Exercise Price shall be adjusted
                                         effective immediately after the record date for such Rights Offering to the amount determined
                                         by multiplying the Exercise Price in effect on such record date by a fraction:

 

    - 6 -

     

    

 

		(i)	the
                                         numerator of which shall be the aggregate of:

 

		(A)	the
                                         number of Shares outstanding on the record date for the Rights Offering; and

 

		(B)	the
                                         quotient determined by dividing:

 

either:
(a) the product of the number of Shares offered during the Rights Period pursuant to the Rights Offering and the price at which
such Shares are offered; or (b) the product of the exchange, exercise or conversion price of the securities so offered and the
number of Shares for or into which the securities offered pursuant to the Rights Offering may be exchanged, exercised or converted,
as the case may be; by

 

the
Current Market Price of the Shares as of the record date for the Rights Offering; and

 

		(ii)	the
                                         denominator of which shall be the aggregate of the number of Shares outstanding on such
                                         record date and the number of Shares offered pursuant to the Rights Offering (including
                                         in the case of the issue or distribution of securities exchangeable or exercisable for
                                         or convertible into Shares, the number of Shares into which such securities may be exchanged,
                                         exercised or converted).

 

Any
Share owned by or held for the account of the Company shall be deemed not to be outstanding for the purpose of any such calculation.
To the extent that any adjustment in the Exercise Price occurs pursuant to this Subsection 5.1(2)(b) as a result of the fixing
by the Company of a record date for the issue or distribution of rights, options or warrants referred to in this Subsection 5.1(2)(b),
the Exercise Price shall be readjusted immediately after the expiry of any relevant exchange, conversion or exercise right to
the Exercise Price which would then be in effect based upon the number of Shares actually issued and remaining issuable after
such expiry and shall be further readjusted in such manner upon the expiry of any further such right.

 

		(c)	If
                                         at any time during the Adjustment Period the Company shall fix a record date for the
                                         issue or distribution to the holders of all or substantially all of the Share of:

 

		(i)	shares
                                         of the Company of any class other than Shares;

 

		(ii)	rights,
                                         options or warrants to acquire Shares or securities exchangeable or exercisable for or
                                         convertible into Shares (other than rights, options or warrants pursuant to which holders
                                         of Shares are entitled, during a period expiring not more than 45 days after the record
                                         date for such issue, to subscribe for or purchase Shares or securities exchangeable or
                                         exercisable for or convertible into Shares at a price per share (or in the case of securities
                                         exchangeable or exercisable for or convertible into Shares at an exchange, exercise or
                                         conversion price per share on the record date for the issue of such securities) of at
                                         least 95% of the Current Market Price of the Shares on such record date);

 

    - 7 -

     

    

 

		(iii)	evidences
                                         of indebtedness of the Company; or

 

		(iv)	any
                                         property or assets of the Company;

 

and
if such issue or distribution does not constitute a Share Reorganization or a Rights Offering (any of such non-excluded events
being herein called a “Special Distribution”), the Exercise Price shall be adjusted effective immediately after
the record date for the Special Distribution to the amount determined by multiplying the Exercise Price in effect on the record
date for the Special Distribution by a fraction:

 

		(A)	the
                                         numerator of which shall be the difference between

 

the
product of the number of Shares outstanding on such record date and the Current Market Price of the Shares on such record date,
and

 

the
fair value, as determined by the directors of the Company, to the holders of Shares of the shares, rights, options, warrants,
evidences of indebtedness or property or assets to be issued or distributed in the Special Distribution, and

 

		(B)	the
                                         denominator of which shall be the product obtained by multiplying the number of Shares
                                         outstanding on such record date by the Current Market Price of the Shares on such record
                                         date.

 

Any
Shares owned by or held for the account of the Company shall be deemed not to be outstanding for the purpose of such calculation.
To the extent that any adjustment in the Exercise Price occurs pursuant to this Subsection 5.l(2)(c) as a result of the fixing
by the Company of a record date for the issue or distribution of rights, options or warrants to acquire Shares or securities exchangeable
or exercisable for or convertible into Shares referred to in this Subsection 5.1(2)(c), the Exercise Price shall be readjusted
immediately after the expiry of any relevant exchange, exercise or conversion right to the amount which would then be in effect
if the fair market value had been determined on the basis of the number of Shares issued and remaining issuable immediately after
such expiry, and shall be further readjusted in such manner upon the expiry of any further such right.

 

		(d)	If
                                         at any time during the Adjustment Period there shall occur:

 

    - 8 -

     

    

 

		(i)	a
                                         reclassification or redesignation of the Shares, any change of the Shares into other
                                         shares or securities or any other capital reorganization involving the Shares other than
                                         a Share Reorganization;

 

		(ii)	a
                                         consolidation, amalgamation or merger of the Company with or into any other body corporate
                                         which results in a reclassification or redesignation of the Shares or a change of the
                                         Shares into other shares or securities; or

 

		(iii)	the
                                         transfer of the undertaking or assets of the Company as an entirety or substantially
                                         as an entirety to another corporation or entity;

 

(any
of such events being herein called a “Capital Reorganization”), after the effective date of the Capital Reorganization,
the Holder shall be entitled to receive, and shall accept, for the same aggregate consideration, upon exercise of this Warrant,
in lieu of the number of Shares which the Holder was theretofore entitled to purchase or receive upon the exercise of this Warrant;
the kind and aggregate number of shares and other securities or property resulting from the Capital Reorganization which the Holder
would have been entitled to receive as a result of the Capital Reorganization if, on the effective date thereof, the Holder had
been the registered holder of the number of Shares to which the Holder was theretofore entitled to purchase or receive upon the
exercise of this Warrant. If necessary, as a result of any Capital Reorganization, appropriate adjustments shall be made in the
application of the provisions of this Warrant Certificate with respect to the rights and interest thereafter of the Holder to
the end that the provisions of this Warrant Certificate shall thereafter correspondingly be made applicable as nearly as may reasonably
be possible in relation to any shares or other securities or property thereafter deliverable upon the exercise of this Warrant.

 

		(e)	If
                                         at any time during the Adjustment Period any adjustment or readjustment in the Exercise
                                         Price shall occur pursuant to the provisions of Subsections 5.1(2)(a), 5.1(2)(b), or
                                         5.1(2)(c) hereof, then the number of Shares purchasable upon the subsequent exercise
                                         of this Warrant shall be simultaneously adjusted or readjusted, as the case may be, by
                                         multiplying the number of Shares purchasable upon the exercise of this Warrant 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.

 

		(3)	Rules:The
                                         following rules and procedures shall be applicable to adjustments made pursuant to Subsection
                                         5.1(2) of this Warrant.

 

		(a)	Subject
                                         to the following provisions of this Subsection 5.1(3), any adjustment made pursuant to
                                         Subsection 5.1(2) hereof shall be made successively whenever an event referred to therein
                                         shall occur.

 

		(b)	No
                                         adjustment in the Exercise Price shall be required unless such adjustment would result
                                         in a change of at least one per cent in the then Exercise Price; provided, however, that
                                         any adjustments which except for the provision of this Subsection 5.1(3)(b) would otherwise
                                         have been required to be made shall be carried forward and taken into account in any
                                         subsequent adjustment.

 

    - 9 -

     

    

 

Notwithstanding
any other provision of Subsection 5.1(2) hereof, no adjustment of the Exercise Price shall be made which would result in an increase
in the Exercise Price or a decrease in the number of Shares issuable upon the exercise of this Warrant (except in respect of the
Share Reorganization described in Subsection 5.1(2)(a)(iv) hereof or a Capital Reorganization described in Subsection 5.1(2)(d)(ii)
hereof).

 

		(c)	No
                                         adjustment in the Exercise Price or in the number or kind of securities purchasable upon
                                         the exercise of this Warrant shall be made in respect of any event described in Section
                                         5.l hereof if the Holder is entitled to participate in such event on the same
                                         terms mutatis mutandis as if the Holder had exercised this Warrant prior to or
                                         on the record date or effective date, as the case may be, of such event.

 

		(d)	No
                                         adjustment in the Exercise Price or in the number of Shares purchasable upon the exercise
                                         of this Warrant shall be made pursuant to Subsection 5.1(2) hereof in respect of the
                                         issue from time to time of Shares and Shares pursuant to this Warrant Certificate or
                                         pursuant to any stock option, stock purchase or stock bonus plan in effect from time
                                         to time for directors, officers or employees of the Company and/or any subsidiary of
                                         the Company and any such issue, and any grant of options in connection therewith, shall
                                         be deemed not to be a Share Reorganization, a Rights Offering nor any other event described
                                         in Subsection 5.1(2) hereof.

 

		(e)	If
                                         at any time during the Adjustment Period the Company shall take any action affecting
                                         the Shares, other than an action described in Subsection 5.1(2) hereof, which in the
                                         opinion of the directors would have a material adverse effect upon the rights of the
                                         Holder, either or both the Exercise Price and the number of Shares purchasable upon exercise
                                         of this Warrant shall be adjusted in such manner and at such time by action by the directors,
                                         in their sole discretion, as may be equitable in the circumstances; provided, however,
                                         that any such adjustment shall be subject to the approval of the applicable recognized
                                         stock exchange (if the Shares are then listed on such stock exchange) and any other required
                                         regulatory approvals.

 

		(f)	If
the Company shall set a record date to determine holders of Shares for the purpose of entitling such holders to receive any dividend
or distribution or any subscription or purchase rights and shall, thereafter and before the distribution to such holders of any
such dividend, distribution or subscription or purchase rights, legally abandon its plan to pay or deliver such dividend, distribution
or subscription or purchase rights, then no adjustment in the Exercise Price or the number of Shares purchasable upon exercise
of this Warrant shall be required by reason of the setting of such record date.

 

		(g)	In
                                         any case in which this Warrant shall require that an adjustment shall become effective
                                         immediately after a record date for an event referred to in Subsection 5.1(2) hereof,
                                         the Company may defer, until the occurrence of such event:

 

		(i)	issuing
                                         to the Holder, to the extent that this Warrant is exercised after such record date and
                                         before the occurrence of such event, the additional Shares issuable upon such exercise
                                         by reason of the adjustment required by such event; and

 

    - 10 -

     

    

 

		(ii)	delivering
                                         to the Holder any distribution declared with respect to such additional Shares after
                                         such record date and before such event;

 

provided,
however, that the Company shall deliver to the Holder an appropriate instrument evidencing the right of the Holder, upon the occurrence
of the event requiring the adjustment, to an adjustment in the Exercise Price and the number of Shares purchasable upon the exercise
of this Warrant and to such distribution declared with respect to any such additional Shares issuable on this exercise of this
Warrant.

 

		(h)	In
                                         the absence of a resolution of the directors fixing a record date for a Rights Offering,
                                         the Company shall be deemed to have fixed as the record date therefor the date of the
                                         issue of the rights, options or warrants issued pursuant to the Rights Offering.

 

		(i)	If
                                         a dispute shall at any time arise with respect to adjustments of the Exercise Price or
                                         the number of Shares purchasable upon the exercise of this Warrant, such disputes shall
                                         be conclusively determined by a firm of independent chartered accountants other than
                                         the auditors of the Company and any such determination shall be conclusive evidence of
                                         the correctness of any adjustment made pursuant to Subsection 5.1(2) hereof and shall
                                         be binding upon the Company and the Holder.

 

		(j)	As
                                         a condition precedent to the taking of any action which would require an adjustment pursuant
                                         to Subsection 5.1(2) hereof, including the Exercise Price and the number or class of
                                         Shares or other securities which are to be received upon the exercise thereof, 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
                                         shares all of the Shares or other securities which the Holder is entitled to receive
                                         in accordance with the provisions of this Warrant Certificate.

 

		(4)	Notice:
                                         At least seven (7) days prior to any record date or effective date, as the case may
                                         be, for any event which requires or might require an adjustment in any of the rights
                                         of the Holder under this Warrant, including the Exercise Price and the number of Shares
                                         which are purchasable under this Warrant, the Company shall deliver to the Holder a certificate
                                         of the Company specifying the particulars of such event and, if determinable, the required
                                         adjustment and the calculation of such adjustment. In case any adjustment for which a
                                         notice in this Subsection 5.1(4) has been given is not then determinable, the Company
                                         shall promptly after such adjustment is determinable deliver to the Holder a certificate
                                         providing the calculation of such adjustment. The Company hereby covenants and agrees
                                         that the register of transfers and transfer books for the Shares will be open, and that
                                         the Company will not take any action which might deprive the Holder of the opportunity
                                         of exercising the rights of subscription contained in this Warrant Certificate, during
                                         such seven (7) day period.

 

    - 11 -

     

    

 

Determination
of Adjustments

 

Section
5.2 If any question will at any time arise with respect to any adjustments to be made under Part 5, such question will be
conclusively determined by the Company’s auditor, or, if the Company’s auditor declines to so act, any other chartered
accountant that the Company may designate (acting reasonably) and who will have access to all appropriate records, and such determination
will be binding upon the Company and the Holder.

 

Hold
Period

 

Section
5.3 The Shares received by the Holder upon the exercise of the Warrants may be subject to a hold period as determined by the
policies of the Canadian Securities Exchange and/or other applicable securities laws of stock exchange polices the Company is
then listed on.

 

PART6

COVENANTS BY THE COMPANY

 

Reservation
of Shares

 

Section
6.1 The Company will reserve, and there will remain unissued out of its authorized capita], a sufficient number of shares
to satisfy the rights of purchase provided for in a11 Warrants from time to time outstanding.

 

PART7

RESTRICTION ON EXERCISE

 

Blocking
Language

 

Section
7.1 Notwithstanding anything contained herein to the contrary, the rights represented by this Warrant Certificate will not
be exercisable by the Holder, in whole or in part, and the Company will not give effect to any such exercise, if, after giving
effect to such exercise, the Holder, together with any person or company acting jointly or in concert with the Holder (the “Joint
Actors”) would in the aggregate beneficially own, or exercise control or direction over that number of voting securities
of the Company which is twenty percent (20%) or greater of the total issued and outstanding voting securities of the Company,
immediately after giving effect to such exercise. For greater certainty, the rights represented by this Warrant Certificate will
not be exercisable by the Holder, in whole or in part, and the Company will not give effect to any such exercise, if, after giving
effect to such exercise, the Holder, together with its Joint Actors, would be deemed to hold a number of voting securities sufficient
to materially affect the control of the Company. The Company herby acknowledges and agrees that the members of the Holder, in
the event that the Warrants held by the Holder are distributed to such persons, will not constitute Joint Actors on the basis
that they are or were each members of the Holder.

 

Section
7.2 Any certificates representing Shares issued upon exercise of the Warrants prior to the date that is four months and one
day after the date of issue of the Warrants, and any Shares issued in exchange for such Shares, will bear the following legends:

 

“UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE MAY 18, 2018.”

 

    - 12 -

     

    

 

provided
that at any time subsequent to the date which is four months and one day after the date hereof, any certificate representing any
such Shares may be exchanged for a certificate bearing no such legends.

 

Section
7.3 This Warrant and the Shares to be issued upon its exercise have not been and will not be registered under the United States
Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the
United States. This Warrant may not be exercised in the United States, or by or for the account or benefit of a U.S. person or
a person in the United States, unless (i) the Shares are registered under the U.S. Securities Act and the applicable laws of any
such state or (ii) an exemption from such registration requirements is available and, in either case, the Holder has complied
with the requirements set forth in the Warrant Exercise Form attached hereto as APPENDIX “B”. “United
States” and “U.S. person” are as defined in Regulation Sunder the U.S. Securities Act.

 

Section
7.4 Any Shares issued upon exercise of this Warrant in the United States, or to or for the account or benefit of a U.S. person
or a person in the United States, will be “restricted securities”, as defined in Rule 144(a)(3) under the U.S. Securities
Act. The certificates representing such Shares, as well as all certificates issued in exchange or in substitution therefor, until
such time as is no longer required under the applicable requirements of the U.S. Securities Act, or applicable state securities
laws, will bear, on the face of such certificate, the following legends:

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S.
SECURITIES ACT,,) OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES,
AGREES FOR THE BENEFIT OF THE COMPANY THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY;
(B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT; (C) IN ACCORDANCE
WITH THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE
WITH ANY APPLICABLE STATE SECURITIES LAWS; OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES
ACT AND ANY APPLICABLE STATE SECURITIES LAWS, AND, IN THE CASE OF PARAGRAPH (C) OR (D), THE SELLER FURNISHES TO THE COMPANY AN
OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY TO SUCH EFFECT.

 

THE
PRESENCE OF THIS LEGEND MAY IMPAIR THE ABILITY OF THE HOLDER HEREOF TO EFFECT “GOOD DELIVERY” OF THE SECURITIES REPRESENTED
HEREBY ON A CANADIAN STOCK EXCHANGE.”

 

provided,
that if the Shares are being sold outside the United States in compliance with the requirements of Rule 904 of Regulation S under
the U.S. Securities Act (“Regulation S”) and such Shares were acquired at a time when the Company is a “foreign
issuer” as defined in Regulation S, the legends set forth above in this Section 7.4 may be removed by providing a declaration
to the registrar and transfer agent of the Company, as set forth in Appendix “D” attached hereto (or in such other
form as the Company may prescribe from time to time); and provided, further, that, if the Shares are being sold otherwise than
in accordance with Rule 904 of Regulation S and other than to the Company, the legends may be removed by delivery to the registrar
and transfer agent and the Company of an opinion of counsel of recognized standing in form and substance satisfactory to the Company
that such legends are no longer required under applicable requirements of the U.S. Securities Act or state securities laws.

 

    - 13 -

     

    

 

Section
7.5 Notwithstanding any provision to the contrary contained herein, no Shares will be issued pursuant to the exercise of any
Warrant if the issuance of such securities would constitute a violation of the securities laws of any applicable jurisdiction,
and the certificates evidencing the Shares thereby issued may bear such legend as may, in the opinion of legal counsel to the
Company, be necessary in order to avoid a violation of any securities laws of any applicable jurisdiction or to comply with the
requirements of any stock exchange on which the Shares of the Company are listed, provided that, at any time, in the opinion of
legal coW1sel to the Company, such legends are no longer necessary in order to avoid a violation of any such laws, or the holder
of any such legended certificate, at that holder’s expense, provides the Company with evidence satisfactory in form and
substance to the Company (which may include an opinion of legal counsel satisfactory to the Company) to the effect that such holder
is entitled to sell or otherwise transfer such Shares in a transaction in which 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.

 

PARTS

MODIFICATION
OF TERMS, SUCCESSORS

 

Modification
of Terms and Conditions for Certain Purposes

 

Section
8.1 From time to time the Company may, subject to the provisions of the Warrant Certificate, when so directed by the Holder,
modify the terms and conditions hereof, for any one or more or all of the following purposes:

 

		(a)	adding
                                         to the provisions hereof such additional covenants and enforcement provisions as, in
                                         the opinion of counsel for the Company, are necessary or advisable in the circumstances;

 

		(b)	making
                                         such provisions not inconsistent herewith as may be necessary or desirable with respect
                                         to matters or questions arising hereunder or for the purpose of obtaining a listing or
                                         quotation of Warrants on any stock exchange or house;

 

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

 

		(d)	for
                                         any other purpose not inconsistent with the terms hereof, including the correction or
                                         rectification of any ambiguities, defective provisions, errors or omissions herein; and

 

		(e)	to
                                         evidence any succession of any corporation and the assumption by any successor of the
                                         covenants of the Company herein and in the Warrants contained as provided hereafter in
                                         this Part 8.

 

    - 14 -

     

    

 

The
Company may Amalgamate on Certain Terms

 

Section
8.2 Nothing herein contained will prevent any amalgamation or merger of the Company with or into any other company, or the
sale of the property or assets of the Company to any company lawfully entitled to acquire the same; provided however that the
company formed by such merger or amalgamation or which acquires by conveyance or transfer all or substantially all the properties
and assets of the Company will be a company organized and existing under the laws of Canada or of the United States of America
or any Province, State, District or Territory thereof, which will, simultaneously with such amalgamation, merger, conveyance or
transfer, assume the due and punctual performance and observance of all the covenants and conditions hereof to be performed or
observed by the Company and will succeed to and be substituted for the Company, and such changes in phraseology and form (but
not in substance) may be made in the Warrant Certificate as may be appropriate in view of such amalgamation, merger or transfer.

 

Additional
Financings

 

Section
8.3 Nothing herein contained will prevent the Company from issuing any other securities or rights with respect thereto during
the period within which a Warrant is exercisable, upon such terms as the Company may deem appropriate.

 

 

[End
of Schedule “A”]

 

    - 15 -

     

    

 

APPENDIX
“A”

 

INSTRUCTIONS TO HOLDERS

 

TO
EXERCISE:

 

To
exercise Warrants, the Holder must complete, sign and deliver the Warrant Exercise Form, attached as Appendix “B”
and deliver the Warrant Certificate(s) to the Company, indicating the number shares to be acquired.

 

TO
TRANSFER:

 

To
transfer Warrants, the Holder must complete, sign and deliver the Warrant Transfer Form, attached as Appendix “C”
and deliver the Warrant Certificate(s) to the Company. The Company may require such other certificates or opinions to evidence
compliance with applicable securities legislation in Canada.

 

To
transfer Warrants, the Warrant Holder’s signature on the Warrant Transfer Form must be guaranteed by an authorized officer
of a chartered bank, trust company or an investment dealer who is a member of a recognized stock exchange.

 

GENERAL:

 

If
forwarding any documents by mail, registered mail must be employed.

 

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

 

The
address of the Company is:

 

iAnthus
Capital Holdings, Inc.

420 Lexington Avenue, Suite 414

New York, New York 10170

United States

 

Attention:
Chief Financial Officer

 

 

[End
of Appendix “A”]

 

     

     

    

 

APPENDIX
“B”

 

WARRANT EXERCISE FORM

 

		TO:	iAnthus
Capital Holdings, Inc.

420
Lexington Avenue, Suite 414

New York, New York 10170

United States

 

Attention:
Chief Financial Officer

 

The
undersigned Holder of the within Warrants hereby subscribes for                         common
shares or Class A convertible restricted voting shares, as the case may be (the “Shares”) of iAnthus
Capital Holdings, Inc. (the “Company”) pursuant to the within Warrants on the terms and price specified in
the Warrants. This subscription is accompanied by a certified cheque or bank draft payable to or to the order of the Company
for the whole amount of the purchase price of the Shares.

 

If
the Warrants, or any of them, are exercised on or prior to June 29, 2018, then the Shares issued upon exercise of the Warrants
will be Class A convertible restricted voting shares in the capital of the Company. If the Warrants, or any of them, are
exercised after June 29, 2018 then the Shares issued upon exercise of the Warrants will be common shares in the capital of
the Company.

 

The
undersigned hereby directs that the Shares be registered as follows:

 

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

 

As at the time of exercise hereunder, the
undersigned Holder represents, warrants and certifies as follows (check one):

 

		☐	(A)
                                         the undersigned holder at the time of exercise of the Warrant is not in the United States,
                                         is not a “U.S. person” as defined in Regulation S under the United States
                                         Securities Act of 1933, as amended (the “U.S. Securities Act”), and
                                         is not exercising the Warrant for the account or benefit of a U.S. person or a person
                                         in the United States (as defined in Regulation S), and did not execute or deliver this
                                         exercise form in the United States; OR

 

		☐	(B)
                                         the undersigned holder is resident in the United States, is a U.S. person, or is exercising
                                         the Warrant for the account or benefit of a U.S. person or a person in the United States
                                         (a “U.S. Holder”), and is an “accredited investor”, as
                                         defined in Rule 50 l (a) of Regulation D under the U.S. Securities Act (a “U.S.
                                         Accredited Investor”), and has completed the U.S. Accredited Investor Status
                                         Certificate in the form attached to this exercise form; OR

 

		☐	(C) if
                                                                                                                                                                                                                                                      the undersigned holder is a U.S. Holder, the undersigned holder has delivered to the Company and the Company’s transfer
                                                                                                                                                                                                                                                      agent an opinion of counsel of recognized standing (which will not be sufficient unless it is in form and substance
                                                                                                                                                                                                                                                      satisfactory to the Company) or such other evidence satisfactory to the Company to the effect that with respect to the Shares
                                                                                                                                                                                                                                                      to be delivered upon exercise of the Warrant, the issuance of such securities has been registered under the U.S. Securities
                                                                                                                                                                                                                                                      Act and applicable state securities laws, or an exemption from the registration requirements of the U.S. Securities Act and
                                                                                                                                                                                                                                                      applicable state securities laws is available.

 

     

     

    

 

Note:
Certificates representing common shares will not be registered or delivered to an address in the United States unless box (8)
or (C) immediately above is checked.

 

If
the undersigned Holder has indicated that the undersigned Holder is a U.S. Accredited Investor by marking box (B) above, the undersigned
Holder additionally represents and warrants to the Company that:

 

	(2)	the
                                         undersigned Holder has such knowledge and experience in financial and business matters
                                         as to be capable of evaluating the merits and risks of an investment in the Shares, and
                                         the undersigned is able to bear the economic risk of loss of his or her entire investment;

 

	(3)	the
                                         undersigned is: (i) purchasing the Shares for his or her own account or for the account
                                         of one or more U.S. Accredited Investors with respect to which the undersigned is exercising
                                         sole investment discretion, and not on behalf of any other person; (ii) is purchasing
                                         the Shares for investment purposes only and not with a view to resale, distribution or
                                         other disposition in violation of United States federal or state securities laws; and
                                         (iii) in the case of the purchase by the undersigned of the Shares as agent or trustee
                                         for any other person or persons (each a “Beneficial Owner”), the undersigned
                                         holder has due and proper authority to act as agent or trustee for and on behalf of each
                                         such Beneficial Owner in connection with the transactions contemplated hereby; provided
                                         that: (x) if the undersigned holder, or any Beneficial Owner, is a corporation or a partnership,
                                         syndicate, trust or other form of unincorporated organization, the undersigned holder
                                         or each such Beneficial Owner was not incorporated or created solely, nor is it being
                                         used primarily to permit purchases without a prospectus or registration statement under
                                         applicable law; and (y) each Beneficial Owner, if any, is a U.S. Accredited Investor;
                                         and

 

	(4)	the
                                         undersigned has not exercised the Warrants as a result of any form of general solicitation
                                         or general advertising (as such terms are used in Rule 502 of Regulation D under the
                                         U.S. Securities Act), including advertisements, articles, notices or other communications
                                         published in any newspaper, magazine or similar media, or broadcast over radio, television,
                                         the Internet or other form of telecommunications, or any seminar or meeting whose attendees
                                         have been invited by general solicitation or general advertising.

 

If
the undersigned has indicated that the undersigned is a U.S. Accredited Investor by marking box (B) above, the undersigned also
acknowledges and agrees that:

 

	(5)	the
                                         Company has provided to the undersigned the opportunity to ask questions and receive
                                         answers concerning the terms and conditions of the offering, and the undersigned has
                                         had access to such information concerning the Company as the undersigned has considered
                                         necessary or appropriate in connection with the undersigned’s investment decision
                                         to acquire the Shares;

 

	(6)	if
                                         the undersigned decides to offer, sell or otherwise transfer any of the Shares, the undersigned
                                         must not, and will not, offer, sell or otherwise transfer any of such Shares directly
                                         or indirectly, unless:

 

		(a)	the
sale is to the Company;

 

     

     

    

 

		(b)	the
                                         sale is made outside the United States in a transaction meeting the requirements of Rule
                                         904 of Regulation S under the U.S. Securities Act and in compliance with applicable local
                                         laws and regulations;

 

		(c)	the
                                         sale is made pursuant to the exemption from the registration requirements under the U.S.
Securities Act provided by Rule 144 thereunder, if available, and in accordance with any applicable state securities or “blue
sky” laws; or

 

		(d)	the
                                         Shares are sold in a transaction that does not require registration under the U.S. Securities
                                         Act or any applicable state laws and regulations governing the offer and sale of securities,
                                         and it has prior to such sale furnished to the Company an opinion of counsel of recognized
                                         standing in form and substance satisfactory to the Company;

 

		(7)	the
                                         Shares are “restricted securities” under applicable federal securities laws
                                         and that the U.S. Securities Act and the rules of the United States Securities and Exchange
                                         Commission provide in substance that the undersigned may dispose of the Shares only pursuant
                                         to an effective registration statement under the U.S. Securities Act or an exemption
                                         therefrom;

 

		(8)	the
                                         Company has no obligation to register any of the Shares or to take action so as to permit
                                         sales pursuant to the U.S. Securities Act (including Rule 144 thereunder);

 

		(9)	the
                                         certificates representing the Shares (and any certificates issued in exchange or substitution
                                         for the Shares) will bear a legend stating that such securities have not been registered
                                         under the U.S. Securities Act or the securities laws of any state of the United States,
                                         and may not be offered for sale or sold unless registered under the U.S. Securities Act
                                         and the securities laws of all applicable states of the United States, or unless an exemption
                                         from such registration requirements is available;

 

		(10)	delivery
                                         of certificates bearing such a legend may not constitute “good delivery”
                                         in settlement of transactions on Canadian stock exchanges or over-the-counter markets,
                                         but a new certificate without such a legend will be made available to the undersigned
                                         upon provision by the undersigned of a declaration to the registrar and transfer agent
                                         (the “Transfer Agent”) of the Company’s common shares in the
                                         form attached as Appendix “D” to the Warrant Certificate (or in such other
                                         form as the Company may prescribe from time to time) and, if requested by the Company
                                         or the Transfer Agent, an opinion of counsel of recognized standing in form and substance
                                         satisfactory to the Company and the Transfer Agent, to the effect that such sale is being
                                         made in compliance with Rule 904 of Regulation S in circumstances where Rule 905 of Regulation
                                         S does not apply; and provided, further, that, if any Shares are being sold otherwise
                                         than in accordance with Rule 904 of Regulation S and other than to the Company, the legend
                                         may be removed by delivery to the Transfer Agent and the Company of an opinion of counsel
                                         of recognized standing in form and substance satisfactory to the Company that such legend
                                         is no longer required under applicable requirements of the U.S. Securities Act or state
                                         securities laws;

 

		(11)	the
                                         financial statements of the Company have been prepared in accordance with Canadian generally
                                         accepted accounting principles or International Financial Reporting Standards, which
                                         differ in some respects from United States generally accepted accounting principles,
                                         and thus may not be comparable to financial statements of United States companies;

 

		(12)	there
                                         may be material tax consequences to the undersigned of an acquisition or disposition
                                         of the Shares;

 

     

     

    

 

		(13)	the
                                         Company gives no opinion and makes no representation with respect to the tax consequences
                                         to the undersigned under United States, state, local or foreign tax law of the undersigned’s
                                         acquisition or disposition of any Shares; in particular, no determination has been made
                                         whether the Company will be a “passive foreign investment company” (commonly
                                         known as a “PFIC”) within the meaning of Section 1297 of the United
                                         States Internal Revenue Code;

 

		(14)	funds
                                         representing the subscription price for the Shares which will be advanced by the undersigned
                                         to the Company upon exercise of the Warrants will not represent proceeds of crime for
                                         the purposes of the United States Uniting and Strengthening America by Providing Appropriate
                                         Tools Required to Intercept and Obstruct Terrorism Act (the “PATRIOT Act”),
                                         and the undersigned acknowledges that the Company may in the future be required by
                                         law to disclose the undersigned’s name and other information relating to this exercise
                                         form and the undersigned’s subscription hereunder, on a confidential basis, pursuant
                                         to the PATRIOT Act. No portion of the subscription price to be provided by the undersigned
                                         (i) has been or will be derived from or related to any activity that is deemed criminal
                                         under the laws of the United States of America, or any other jurisdiction, or (ii) is
                                         being tendered on behalf of a person or entity who has not been identified to or by the
                                         undersigned, and it shall promptly notify the Company if the undersigned discovers that
                                         any of such representations ceases to be true and provide the Company with appropriate
                                         information in connection therewith;

 

		(15)	the
                                         Company is not obligated to remain a “foreign issuer”; and

 

		(16)	the
undersigned consents to the Company making a notation on its records or giving instructions to any transfer agent of the Company
in order to implement the restrictions on transfer set forth and described in this Warrant Exercise Form.

 

In
the absence of instructions to the contrary, the securities or other property will be issued in the name of or to the holder hereof
and will be sent by first class mail to the last address of the holder appearing on the register maintained for the Warrants.

 

DATED
this                             day
of                                       ,
20_____.

 

In
the presence of:

 

	 	 	 
	Signature
    of Witness	 	Signature
    of Holder

 

 

	Witness’s
    Name	 	Name  and  Title  of  Authorized
    Signatory for the Holder

 

     

     

    

 

INSTRUCTIONS
FOR SUBSCRIPTION

 

The
signature to the subscription must correspond in every particular with the name written upon the face of the Warrant Certificate
without alteration. If the registration in respect of the certificates representing the Shares to be issued upon exercise of the
Warrants differs from the registration of the Warrant Certificates the signature of the registered holder must be guaranteed by
an authorized officer of a Canadian chartered bank, or of a major Canadian trust company, or by a medallion signature guarantee
from a member recognized under the Signature Medallion Guarantee Program, or from a similar entity in the United States, if this
transfer is executed in the United States, or in accordance with industry standards.

 

In
the case of persons signing by agent or attorney or by personal representative(s), the authority of such agent, attorney or representative(s)
to sign must be proven to the satisfaction of the Company.

 

If
the Warrant Certificate and the form of subscription are being forwarded by mail, registered mail must be employed.

 

     

     

    

 

U.S.
ACCREDITED INVESTOR STATUS CERTIFICATE

 

In
connection with the exercise of certain outstanding warrants of iANTHUS CAPITAL HOLDINGS, INC. (the “Company”)
by the holder, the holder hereby represents and warrants to the Company that the holder, and each beneficial owner (each a
“Beneficial Owner”), if any, on whose behalf the holder is exercising such warrants, satisfies one or more
of the following categories of Accredited Investor (please write “W/11” for the undersigned holder, and “BIO”
for each beneficial owner, if any, on each line that applies):

 

	           	(1)	Any bank as defined in Section 3(a)(2) of the United
States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any savings and loan association
or other institution as defined in Section 3(a)(5)(A) of the U.S. Securities Act whether acting in its individual or fiduciary
capacity; any broker or dealer registered pursuant to Section 15 of the U.S. Securities Exchange Act of 1934; any insurance company
as defined in Section 2(a)(13) of the U.S. Securities Act; any investment company registered under the U.S. Investment Corporation
Act of 1940 or a business development company as defined in Section 2(a)(48) of that Act; any Small Business Investment Corporation
licensed by the U.S. Small Business Administration under Section 30l(c) or (d) of the U.S. Small Business Investment Act of 1958;
any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its
political subdivisions, for the benefit of its employees, if such plan has total assets in excess of US$5,000,000; any employee
benefit plan within the meaning of the U.S. Employee Retirement Income Security Act of 1974 if the investment decision is made
by a plan fiduciary, as defined in Section 3(21) of such Act, which is either a bank, savings and loan association, insurance
company, or registered investment adviser, or if the employee benefit plan has total assets in excess of US$5,000,000, or, if
a self-directed plan, with investment decisions made solely by persons that are “accredited investors” (as such term
is defined in Rule 501 of Regulation D of the U.S. Securities Act);

 

	           	(2)	Any
                                         private business development company as defined in Section 202(a)(22) of the U.S. Investment
                                         Advisers Act of 1940;

 

	           	(3)	Any
                                         organization described in Section 501(c)(3) of the U.S. Internal Revenue Code, corporation,
                                         Massachusetts or similar business trust, or partnership, not formed for the specific
                                         purpose of acquiring the securities offered, with total assets in excess of US$5,000,000;

 

	           	(4)	Any
                                         trust with total assets in excess of US$5,000,000, not formed for the specific purpose
                                         of acquiring the securities offered, whose purchase is directed by a sophisticated person
                                         (being defined as a person who has such knowledge and experience in financial and business
                                         matters that he or she is capable of evaluating the merits and risks of the prospective
                                         investment);

 

	           	(5)	A
                                         natural person whose individual net worth, or joint net worth with that person’s
                                         spouse, at the time of purchase, exceeds US$1,000,000 (for the purposes of calculating
                                         net worth, (i) the person’s primary residence shall not be included as an asset;
                                         (ii) indebtedness that is secured by the person’s primary residence, up to the
                                         estimated fair market value of the primary residence at the time of this certification,
                                         shall not be included as a liability (except that if the amount of such indebtedness
                                         outstanding at the time of this certification exceeds the amount outstanding 60 days
                                         before such time, other than
as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability); and (iii)
indebtedness that is secured by the person’s primary residence in excess of the estimated fair market value of the primary
residence shall be included as a liability);

 

     

     

    

  

	           	(6)	A
natural person who had annual gross income during each of the last two full calendar years in excess of US$200,000 (or together
with his or her spouse in excess of US$300,000) and reasonably expects to have annual gross income in excess of US$200,000 (or
together with his or her spouse in excess of US$300,000) during the current calendar year, and no reason to believe that his or
her annual gross income will not remain in excess of US$200,000 (or that together with his or her spouse will not remain in excess
of US$300,000) for the foreseeable future;

 

	           	(7)	Any director or executive officer of the Company;
or

 

	           	(8)	Any
                                         entity in which all of the equity owners meet the requirements of at least one of the
                                         above categories - if this alternative is selected you must identify each equity owner
                                         and provide statements from each demonstrating how they qualify as an accredited investor.

  

[End
of Appendix “B”]

 

     

     

    

 

APPENDIX
“C”

 

WARRANT TRANSFER FORM

 

		TO:	iAnthus
Capital Holdings, Inc.

420
Lexington Avenue, Suite 4I 4

New York, New York 10170

United States

 

Attention:
Chief Financial Officer

 

FOR
VALUE RECEIVED, the undersigned holder (the “Transferor”) of the within Warrants hereby sells, assigns
and transfers to ________________ (the “Transferee”), ________________ Warrants of iAnthus Capital
Holdings, Inc. (the “Company”) registered in the name of the undersigned on the records of the Company
and irrevocably appoints ________________ the attorney of the undersigned to transfer the said securities on the books or
register with full power of substitution.

 

The
undersigned hereby directs that the Warrants hereby transferred be issued and delivered as follows:

 

	NAME
    IN FULL	 	ADDRESS	 	NUMBER
    OF WARRANTS
	 	 	 	 	 
	 	 	 	 	 

 

The
Transferor hereby certifies that (check either A or B): 

 

		(A)	the
                                         transfer of the Warrants is being completed pursuant to an exemption from the registration
                                         requirements of the United States Securities Act of I 933, as amended (the “U.S.
                                         Securities Act”), in which case the Transferor has delivered or caused to be
                                         delivered by the Transferee a written opinion of U.S. legal counsel of recognized standing
                                         in form and substance satisfactory to the Company to the effect that the transfer of
                                         the Warrants is exempt from the registration requirements of the U.S. Securities Act;
                                         or

 

		(B)	the
                                         transfer of the Warrants is being made in reliance on Rule 904 of Regulation S under
                                         the U.S. Securities Act, and certifies that:

 

		(1)	the
                                         undersigned is not an “affiliate” (as defined in Rule 405 under the U.S.
                                         Securities Act) of the Company (except solely by virtue of being an officer or director
                                         of the Company) or a “distributor”, as defined in Regulation S, or an affiliate
                                         of a “distributor”;

 

		(2)	the
                                         offer of such securities was not made to a person in the United States and either (a)
                                         at the time the buy order was originated, the buyer was outside the United States, or
                                         the seller and any person acting on its behalf reasonably believe that the buyer was
                                         outside the United States or (b) the transaction was executed on or through the facilities
                                         of a designated offshore securities market within the meaning of Rule 902(b) of Regulation
                                         S under the U.S. Securities Act, and neither the seller nor any person acting on its
                                         behalf knows that the transaction has been prearranged with a buyer in the United States;

 

     

     

    

 

		(3)	neither
                                         the seller nor any affiliate of the seller nor any person acting on their behalf engaged
                                         in any directed selling efforts in connection with the offer and sale of the Warrants;

 

		(4)	the
                                         sale is bona fide and not for the purpose of “washing off’ the resa]e restrictions
                                         imposed because the Warrants are “restricted securities” (as such term is
                                         defined in Rule 144(a)(3) under the U.S. Securities Act);

 

		(5)	the
                                         Transferor does not intend to replace the securities sold in reliance on Rule 904 of
                                         the U.S. Securities Act with fungible unrestricted securities; and

 

		(6)	the
                                         contemplated sale is not a transaction, or part of a series of transactions which, although
                                         in technical compliance with Regulation S, is part of a plan or a scheme to evade the
                                         registration provisions of the U.S. Securities Act.

 

Unless
otherwise specified, terms used herein have the meanings given to them by Regulation S under the U.S. Securities Act.

 

Dated
this                             day
of                                       ,
201_____.

 

 

	Signature
    of Warrant Holder	 	Signature
    Guaranteed

 

 

INSTRUCTIONS
FOR TRANSFER

 

Signature
of the Warrant Holder must be the signature of the person appearing on the face of this Warrant Certificate.

 

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

 

The
signature on the Transfer Form must be guaranteed by a chartered bank or trust company, or a member firm of an approved signature
guarantee medallion program. The guarantor must affix a stamp bearing the actual words: “SIGNATURE GUARANTEED”.

 

The
Warrants will only be transferable in accordance with applicable laws. The Warrants and the common shares issuable upon exercise
thereof have not been and will not be registered under the U.S. Securities Act or under the securities laws of any state of the
United States, and may not be transferred to or for the account or benefit of a U.S. person or any person in the United States
without registration under the U.S. Securities Act and applicable state securities laws, or compliance with the requirements of
an exemption from registration. “United States” and “U.S. person” are as defined in Regulation
S under the U.S. Securities Act.

 

[End
of Appendix “C”]

 

     

     

    

 

APPENDIX
“D”

 

FORM
OF DECLARATION FOR REMOVAL OF LEGEND

 

		TO;	Registrar
and transfer agent for the shares of iAnthus Capital Holdings, Inc. (the “Issuer”)

 

The
undersigned (A) acknowledges that the sale of the __________ common shares or Class A convertible restricted voting shares, as
the case may be, in the capital of the Issuer represented by certificate number ________., to which this declaration relates, is being
made in reliance on Rule 904 of Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities
Act”), and (B) certifies that (1) the undersigned is not an “affiliate” (as defined in Rule 405 under the
U.S. Securities Act) of the Issuer (except solely by virtue of being an officer or director of the Issuer) or a “distributor”,
as defined in Regulation S, or an affiliate of a “distributor”; (2) the offer of such securities was not made to a
person in the United States and either (a) at the time the buy order was originated, the buyer was outside the United States,
or the seller and any person acting on its behalf reasonably believe that the buyer was outside the United States, or (b) the
transaction was executed on or through the facilities of a designated offshore securities market within the meaning of Rule 902(b)
of Regulation S under the U.S. Securities Act, and neither the seller nor any person acting on its behalf knows that the transaction
has been prearranged with a buyer in the United States; (3) neither the seller nor any affiliate of the seller nor any person
acting on their behalf has engaged in any directed selling efforts in connection with the offer and sale of such securities; (4)
the sale is bona fide and not for the purpose of “washing off” the resale restrictions imposed because the securities
are “restricted securities” (as such term is defined in Rule 144(a)(3) under the U.S. Securities Act); (5) the seller
does not intend to replace the securities sold in reliance on Rule 904 of Regulation S under the U.S. Securities Act with fungible
unrestricted securities; and (6) the contemplated sale is not a transaction, or part of a series of transactions which, although
in technical compliance with Regulation S, is part of a plan or a scheme to evade the registration provisions of the U.S. Securities
Act. Unless otherwise specified, terms used herein have the meanings given to them by Regulation Sunder the U.S. Securities Act.

 

	Dated:	 	 

 

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

 

     

     

    

 

Affirmation
by Seller’s Broker-Dealer

(Required for sales pursuant to Section (B)(2)(b) above)

 

We
have read the representations of
our
customer         ,                                   (the “Seller”) contained
in the foregoing Declaration for Removal of Legend, dated        ,
20_        , with regard to the sale, for such Seller’s account, of                                  
common shares (the “Securities”) of the Issuer represented by certificate number                                  .
We have executed sales of the Securities pursuant to Rule 904 of Regulation S under the United States Securities Act of
1933, as amended (the “U.S. Securities Act”), on behalf of the Seller. In that connection, we hereby
represent to you as follows:

 

	(17)	(no
                                         offer to sell Securities was made to a person in the United States;

 

	(18)	the
                                         sale of the Securities was executed in, on or through the facilities of the Canadian
                                         Securities Exchange or another designated offshore securities market (as defined in Rule
                                         902(b) of Regulation S under the U.S. Securities Act), and, to the best of our knowledge,
                                         the sale was not pre-arranged with a buyer in the United States;

 

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

 

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

 

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

 

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

 

 

 

 

Name
of Firm

 

 

		Per:	Authorized
                                         Signatory

 

[End
of Appendix “D”]

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