Document:

Exhibit 4.1

 

UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS 4 MONTHS
AND A DAY AFTER DECEMBER 18, 2020.

 

THE
SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE UPON CONVERSION THEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR UNDER ANY STATE SECURITIES LAWS.
THE HOLDER HEREOF, BY PURCHASING THESE SECURITIES, AGREES FOR THE BENEFIT OF NIOCORP DEVELOPMENTS LTD. (THE “COMPANY”)
THAT THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY (A) TO THE COMPANY,
(B) IF THE SECURITIES HAVE BEEN REGISTERED IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT AND
IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER
THE U.S. SECURITIES ACT IN ACCORDANCE WITH RULE 144 THEREUNDER, IF APPLICABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS, OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES
LAWS AND REGULATIONS GOVERNING THE OFFER AND SALE OF SECURITIES, AND, IN THE CASE OF ANY OFFER, SALE, PLEDGE OR TRANSFER PURSUANT
TO CLAUSE (C) OR (D), THE HOLDER HAS, PRIOR TO SUCH OFFER, SALE, PLEDGE OR TRANSFER, FURNISHED TO THE COMPANY AN OPINION OF COUNSEL
OF RECOGNIZED STANDING, CERTIFICATION AND/OR OTHER EVIDENCE OF EXEMPTION, IN EACH CASE, REASONABLY SATISFACTORY TO THE COMPANY
TO SUCH EFFECT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES ARE PROHIBITED EXCEPT IN COMPLIANCE WITH THE U.S. SECURITIES ACT.
THESE SECURITIES MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON CANADIAN STOCK EXCHANGES.

 

THE
SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE UPON CONVERSION THEREOF HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES
ACT. THE SECURITIES REPRESENTED HEREBY MAY NOT BE CONVERTED UNLESS THE SECURITIES ISSUABLE UPON CONVERSION THEREOF HAVE BEEN REGISTERED
UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR EXEMPTIONS FROM SUCH REGISTRATION REQUIREMENTS ARE AVAILABLE.

 

NIOCORP DEVELOPMENTS LTD.

7000
South Yosemite Street

Suite115, Centennial, CO 80112

 

UNSECURED
CONVERTIBLE NOTE

 

	PRINCIPAL:
    US$1,871,621	December
    18, 2020

 

FOR
VALUE RECEIVED, NioCorp Developments Ltd. (the “Corporation”) promises to pay to Nordmin Engineering Ltd.
(the “Holder”) at such place as the Holder may by notice in writing to the Corporation direct the principal
sum of ONE MILLION EIGHT HUNDRED SEVENTY ONE THOUSAND SIX HUNDRED TWENTY ONE DOLLARS in lawful money of the United States
of America (US$1,871,621) (the “Principal”). Subject to the provisions of this unsecured convertible
note (this “Note”), the Principal shall become due and payable on December 18, 2021(the “Maturity
Date”).

 

Convertible Debenture

 

     

     

    

 

This
Note is subject to the terms and conditions set out below.

 

Article
1

INTERPRETATION

 

		1.1	Definitions

 

As
used herein, the following expressions shall have the following meanings:

 

		(a)	“Business
                                         Day” means a day on which banks are generally open for the transaction of commercial
                                         business in Vancouver, British Columbia but does not in any event include a Saturday
                                         or a Sunday or a statutory holiday under applicable Canadian law.

 

		(b)	“Capital
                                         Reorganization” has the meaning ascribed thereto in Section 3.4.

 

		(c)	“Closing
                                         Date” means the date first written above on the front page of this Note.

 

		(d)	“Common
                                         Shares” means common shares of the Corporation, as such shares were constituted
                                         on the date hereof, or as the same may be reorganized or reclassified pursuant to any
                                         of the events set out in Section 3.4 or as the same may otherwise be subdivided or consolidated
                                         from time to time.

 

		(e)	“Conversion
                                         Price” means the price per Common Share at which this Note shall be convertible
                                         into Common Shares, which price shall be equal to 92% of the Volume Weighted Average
                                         Price (converted to United States dollars using the Bank of Canada daily average exchange
                                         rate on the Business Day immediately preceding the Date of Conversion), subject to adjustment
                                         from time to time pursuant to Section 3.4.

 

		(f)	“Corporation”
                                         has the meaning ascribed thereto in the first paragraph of this Note.

 

		(g)	“Date
                                         of Conversion” has the meaning ascribed thereto in Subsection 3.2(c).

 

		(h)	“Event
                                         of Default” has the meaning ascribed thereto in Section 6.1.

 

		(i)	“Holder”
                                         has the meaning ascribed thereto in the first paragraph of this Note.

 

		(j)	“Maturity
                                         Date” has the meaning ascribed thereto in the first paragraph of this Note.

 

		(k)	“Person”
                                         means an individual, partnership, corporation, trust or other business or legal entity.

 

		(l)	“Principal”
                                         has the meaning ascribed thereto in the first paragraph of this Note, as reduced pursuant
                                         to the terms hereof pursuant to any prepayment, conversion or otherwise.

 

		(m)	“Subscription
                                         Agreement” means the subscription agreement executed and delivered concurrently
                                         herewith between the Holder and the Corporation.

 

		(n)	“Transaction
                                         Documents” means, collectively, this Note and the Subscription Agreement and
                                         other documents executed and delivered pursuant to or in connection with the closing
                                         of the Subscription Agreement.

 

    - 2 - 

     

    

 

		(o)	“TSX”
                                         means the Toronto Stock Exchange.

 

		(p)	“US$”
                                         means United States dollars.

 

		(q)	“Volume
                                         Weighted Average Price” means volume weighed average price in Canadian dollars
                                         of the Common Shares traded on the TSX during the five (5) trading days immediately preceding
                                         the Date of Conversion, calculated by dividing the total value by the total volume of
                                         the Common Shares traded on the TSX during such five trading day period, as reported
                                         by the TSX or other reporting service approved by the TSX.

 

		1.2	Extended
                                         Meanings

 

The
terms “hereto”, “hereby”, “hereunder”, “herein” and
similar expressions refer to the whole of this Note and not to any particular Article, Section, clause or part hereof. Words importing
the singular number only include the plural and vice versa and words importing gender include all genders.

 

		1.3	Sections
                                         and Headings

 

The
division of this Note into Articles and Sections and the insertion of headings are for convenience of reference only and shall
not affect the construction and interpretation of this Note.

 

		1.4	Exhibit

 

The
following is the Schedule which forms part of this Note:

 

Exhibit
A:               Notice of Conversion

 

Article
2

THE NOTE

 

		2.1	Interest

 

The
Holder acknowledges and agrees that, subject to section 5.2 herein, the Note shall be interest free and shall not accrue any interest
from the date hereof until the Maturity Date.

 

		2.2	Prepayment
                                         Right

 

At
any time prior to the Maturity Date, the Corporation may, upon three Business Days’ notice to the Holder, prepay, in whole
or in part, any outstanding Principal.

 

		2.3	Payment
                                         on Maturity

 

On
the Maturity Date or such earlier date as determined in accordance with Section 4.2 hereof, the Corporation shall pay to the Holder
the then outstanding Principal of this Note.

 

    - 3 - 

     

    

 

Article
3

RIGHT OF CONVERSION

 

		3.1	Conversion
                                         Privilege

 

Subject
to and upon compliance with the provisions of this Section 3.1, the Holder may, at its option from the date hereof until the Maturity
Date, convert all or any part of the outstanding Principal (in multiples of US$1,000 unless such conversion is for the amount
of Principal then outstanding) into fully paid and non-assessable Common Shares at the Conversion Price on the applicable Date
of Conversion, free and clear of all liens, charges and encumbrances, provided that:

 

		(i)	the
                                         Holder shall convert US$450,000 of the outstanding Principal on the Closing Date;

 

		(ii)	the
                                         Holder may convert a maximum of US$250,000 of the outstanding Principal within any thirty
                                         (30) day period subsequent to the initial conversion of US$450,000 of the outstanding
                                         Principal by the Holder on the Closing Date;

 

		(iii)	the
                                         maximum number of Common Shares issuable to the Holder upon conversion of this Note shall
                                         be 4,500,000 Common Shares in the aggregate, subject to the any adjustments pursuant
                                         to Section 3.4 hereof; and

 

		(iv)	the
                                         Holder shall not be permitted to convert all or any part of the outstanding Principal
                                         if, following such conversion, the Holder would hold more than (i) 9.99% of the total,
                                         outstanding issued Common Shares unless the Holder files a Personal Information Form
                                         with the TSX and provides the Corporation with TSX approval of same, as required by the
                                         TSX or (ii) 19.99% of the total, outstanding issued Common Shares.

 

		3.2	Exercise
                                         of Conversion Privilege

 

		(a)	Notice.
                                         In order to exercise the optional conversion privilege contained herein, the Holder shall
                                         deliver a duly completed written notice substantially in the form of Exhibit A attached
                                         hereto signed by the Holder stating that the Holder elects to convert the whole or a
                                         part of the Principal of this Note. Where there has been a partial conversion in accordance
                                         with the terms hereof, the Corporation and the Holder hereby acknowledge and agree that
                                         the outstanding Principal under this Note shall be deemed to be reduced by the amount
                                         of Principal which was the subject of such conversion.

 

		(b)	Contract
                                         between the Holder and the Corporation. Notice given pursuant to Subsection 3.2(a)
                                         shall be deemed to constitute a contract between the Holder and the Corporation whereby
                                         the Holder subscribes for the number of Common Shares which it shall be entitled to receive
                                         on such conversion and, upon the issuance of the Common Shares in accordance with such
                                         conversion subscription and delivery of the certificate therefor to the Holder, the Holder
                                         releases the Corporation from all liability under this Note with respect to the amount
                                         of the Principal so converted. With respect to any Common Shares which are issued upon
                                         conversion, as required from time to time under the securities legislation which governs
                                         the Corporation or any hold period imposed by a regulatory authority, the Holder agrees
                                         to be bound by any applicable hold period. For any Common Shares which are issued within
                                         four months after the Closing Date, the certificates evidencing such Common Shares shall
                                         contain the following legend:

 

    - 4 - 

     

    

 

“UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THIS SECURITY BEFORE THE DATE THAT IS 4 MONTHS
AND A DAY AFTER DECEMBER 18, 2020.”

 

For
any Common Shares which are issued on or after the Closing Date, the certificates evidencing such Common Shares shall contain
the following legend:

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “U.S. SECURITIES ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THESE SECURITIES,
AGREES FOR THE BENEFIT OF NIOCORP DEVELOPMENTS LTD. (THE “COMPANY”) THAT THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED
OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY ONLY (A) TO THE COMPANY, (B) IF THE SECURITIES HAVE BEEN REGISTERED IN COMPLIANCE
WITH THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, (C)
IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT IN ACCORDANCE WITH RULE 144
THEREUNDER, IF APPLICABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE
REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS AND REGULATIONS GOVERNING THE OFFER AND SALE OF
SECURITIES, AND, IN THE CASE OF ANY OFFER, SALE, PLEDGE OR TRANSFER PURSUANT TO CLAUSE (C) OR (D), THE HOLDER HAS, PRIOR TO SUCH
OFFER, SALE, PLEDGE OR TRANSFER, FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OF RECOGNIZED STANDING, CERTIFICATION AND/OR OTHER
EVIDENCE OF EXEMPTION, IN EACH CASE, REASONABLY SATISFACTORY TO THE COMPANY TO SUCH EFFECT. HEDGING TRANSACTIONS INVOLVING THE
SECURITIES ARE PROHIBITED EXCEPT IN COMPLIANCE WITH THE U.S. SECURITIES ACT. THESE SECURITIES MAY NOT CONSTITUTE “GOOD DELIVERY”
IN SETTLEMENT OF TRANSACTIONS ON CANADIAN STOCK EXCHANGES.”

 

		(c)	Date
                                         of Conversion. The date of receipt by the Corporation of the notice referred to in
                                         Section 3.2(a) is herein referred to as the “Date of Conversion” of
                                         the applicable amount of the Principal of this Note being converted on such date in accordance
                                         with the terms hereof. Such conversion shall be deemed to have been effected immediately
                                         prior to the close of business on such Date of Conversion.

 

		(d)	Delivery
                                         of Certificates. Certificates for the Common Shares issuable on any conversion pursuant
                                         to this Note shall be delivered to the Holder by courier delivery service to the Holder’s
                                         address set out in Section 6.2 as such address may be updated from time to time in accordance
                                         therewith.

 

    - 5 - 

     

    

 

		3.3	No
                                         Fractional Common Shares

 

Notwithstanding
anything herein contained, the Corporation shall in no case be required to issue fractional Common Shares upon the conversion
of this Note. If any fractional interest in a Common Share would, except for the provisions of this Section 3.3, be deliverable
upon the conversion of all or any part of this Note, the number of Common Shares issuable to the Holder shall be rounded down
to the nearest whole number of Common Shares.

 

		3.4	Capital
                                         Reorganization

 

If
and whenever at any time after the date hereof there is:

 

(i)
       a reclassification of the Common Shares outstanding at any time or a change of the Common
Shares into other shares or into other securities, or

 

(ii)       a
consolidation, amalgamation, arrangement or merger of the Corporation with or into any other corporation or other entity (other
than a consolidation, amalgamation, arrangement or merger which does not result in any reclassification of the outstanding Common
Shares or a change of the Common Shares into other shares or securities), or a transfer of the undertaking or assets of the Corporation
as an entirety or substantially as an entirety to another corporation or other entity;

 

(any
of such events being called a “Capital Reorganization”): (a) the Holder, upon exercising the conversion privilege
pursuant to Section 3.2 after the effective date of such Capital Reorganization, will be entitled to receive, in lieu of the number
of Common Shares to which the Holder was theretofore entitled upon such conversion, the aggregate number of shares, other securities
or other property which the Holder would have been entitled to receive as a result of such Capital Reorganization if, on the effective
date thereof, the Holder had been the registered holder of the number of Common Shares to which the Holder was theretofore entitled
upon conversion of this Note and (b) the formula for determining the Conversion Price shall be adjusted, as necessary and equitable,
immediately upon the effective date of such Capital Reorganization to give effect to the Capital Reorganization. If determined
appropriate by action of the directors of the Corporation to be equitable and in accordance with the foregoing terms of this Section
3.4, appropriate adjustments will be made as a result of any such Capital Reorganization in the application of the provisions
set forth in this Section 3.4 with respect to the rights and interests thereafter of the Holder to the end that the provisions
set forth in this Section 3.4 will thereafter correspondingly be made applicable as nearly as may reasonably be practicable in
relation to any shares, other securities or other property thereafter deliverable upon the exercise of the conversion privilege.
Any such adjustment must be made by and set forth in an amendment to this Note approved by action of the directors of the Corporation
made in good faith and when so made will for all purposes be conclusively deemed to be an appropriate adjustment, subject to the
prior approval any such adjustment by the TSX.

 

		3.5	Reservation
                                         of Sufficient Shares

 

The
Corporation shall at all times when any part of this Note remains outstanding reserve and keep available out of its authorized
but unissued Common Shares, for the purpose of effecting the conversion of this Note, such number of Common Shares as shall from
time to time be sufficient to effect the conversion hereof.

 

    - 6 - 

     

    

 

Article
4

Holder Rights

 

		4.1	Waiver

 

The
Holder may waive in writing any breach by the Corporation of any of the provisions contained in this Note or any default by the
Corporation in the observance or performance of any covenant or condition required to be observed or performed by the Corporation
hereunder, provided that no such waiver or any other act, failure to act or omission by the Holder shall extend to or be taken
in any manner to affect any subsequent breach or default or the rights of the Holder resulting therefrom.

 

		4.2	Change
                                         in Control

 

In
the event of a Change of Control (as defined below), the Holder shall have the lesser of (i) five Business Days from the date
of delivery of a notice from the Corporation to the Holder of such Change of Control and (ii) 30 days from the date of the first
public announcement of such Change of Control to elect, by way of written notice to the Corporation, that the Corporation prepay
the outstanding Principal, together with any other amounts payable hereunder, which aggregate amount will be payable in full by
the Corporation within three (3) Business Days of the closing of such Change of Control.

 

A
“Change of Control” shall be deemed to have occurred if:

 

		(a)	any
                                         Person or a group of Persons acting together or in concert become(s) the beneficial owner(s),
                                         directly or indirectly, of securities of the Corporation representing fifty percent (50%)
                                         or more of the combined voting power of the Corporation’s then outstanding voting
                                         securities;

 

		(b)	the
                                         stockholders or members of the Corporation approve (i) a plan of complete liquidation
                                         of the Corporation or (ii) the sale or other disposition by the Corporation of all or
                                         substantially all of the Corporation’s assets; or

 

		(c)	a
                                         merger, amalgamation, plan of arrangement, consolidation or other form of business combination
                                         of the Corporation with any other entity is consummated, other than:

 

		(i)	a
                                         merger, amalgamation, plan of arrangement, consolidation or other form of business combination
                                         which results in the voting securities of the Corporation outstanding immediately prior
                                         thereto continuing to represent (either by remaining outstanding or by being converted
                                         into voting securities of the surviving entity) more than 50% of the combined voting
                                         power of the surviving entity’s outstanding voting securities immediately after
                                         such merger or consolidation; or

 

		(ii)	a
                                         merger, amalgamation, plan of arrangement, consolidation or other form of business combination
                                         which would result in the directors of the Corporation (who were directors immediately
                                         prior thereto) continuing to constitute more than 50% of all directors of the surviving
                                         entity immediately after completion of such merger, amalgamation, plan of arrangement,
                                         consolidation or other form of business combination,

 

and
in this paragraph (c), “surviving entity” shall mean only an entity in which all of the Corporation’s equity
holders immediately before such merger, amalgamation, plan of arrangement, consolidation or other form of business combination
(determined without taking into account any equity holders properly exercising appraisal or similar rights) become stockholders
by the terms of such merger, amalgamation, plan of arrangement, consolidation or other form of business combination, and the phrase
“directors of the Corporation (who were directors immediately prior thereto)” shall include only individuals who were
directors of the Corporation at the Closing Date.

 

    - 7 - 

     

    

 

Article
5

EVENTS OF DEFAULT

 

		5.1	Events
                                         of Default

 

The
whole of the Principal remaining unpaid shall, at the option of the Holder, become immediately due and payable in each of the
following events (each such event being herein called an “Event of Default”):

 

		(a)	if
                                         the Corporation fails to make payment of the outstanding Principal under this Note on
                                         the Maturity Date in accordance with Section 2.3 herein or following a Change of Control
                                         in accordance with Section 4.2 herein and such default shall continue for ten (10) Business
                                         Days after written notice thereof is given to the Corporation by the Holder;

 

		(b)	if
                                         the Corporation fails to comply with its obligation to issue Common Shares upon conversion
                                         of this Note in accordance with Article 3 herein and such default shall continue for
                                         ten (10) Business Days after written notice thereof is given to the Corporation by the
                                         Holder;

 

		(c)	if
                                         any representation or warranty or certification made or deemed to be made by the Corporation,
                                         or any of its respective directors or officers in the Transaction Documents to which
                                         it is a party shall prove to have been incorrect in any material respect when made or
                                         deemed to be made, and if the circumstances giving rise to the incorrect representation
                                         or warranty are capable of modification or rectification (such that, thereafter the representation
                                         or warranty would be correct), the representation or warranty remains uncorrected for
                                         fifteen (15) Business Days after written notice thereof is given to the Corporation by
                                         the Holder;

 

		(d)	if
                                         an order is made or an effective resolution passed for the winding-up, liquidation or
                                         dissolution of the Corporation;

 

		(e)	if
                                         the Corporation consents to or makes a general assignment for the benefit of creditors
                                         or makes a proposal or makes an application for or otherwise seeks an order under the
                                         Bankruptcy and Insolvency Act (Canada), the Companies’ Creditors Arrangement
                                         Act (Canada) or any other bankruptcy, insolvency or analogous laws;

 

		(f)	if
                                         the Corporation becomes bankrupt or insolvent or commits an act of bankruptcy, or any
                                         proceeding is commenced against or affecting the Corporation:

 

		(i)	seeking
                                         to adjudicate it a bankrupt or insolvent;

 

		(ii)	seeking
                                         liquidation, dissolution, winding-up, restructuring, reorganization, arrangement, protection,
                                         relief or composition of it or any of its property or debt or making a proposal with
                                         respect to it under any law relating to bankruptcy, insolvency, reorganization or compromise
                                         of debts or similar laws (including, without limitation, any reorganization, arrangement
                                         or compromise of debt under the laws of its jurisdiction of incorporation or organization);
                                         or

 

    - 8 - 

     

    

 

		(iii)	seeking
                                         appointment of a receiver, receiver and manager, liquidator, trustee, agent, custodian
                                         or other similar official for it or for any part of its properties and assets,

 

and
such proceeding is not dismissed or stayed within 30 days provided that, if stayed, such stay has not expired or been revoked
and is continuing;

 

		5.2	Rights
                                         on Default

 

Upon
the occurrence of any one or more Events of Default which is continuing, the outstanding Principal owing hereunder shall, at the
option of the Holder, immediately become due and payable without presentment, demand, protest or other notice of any kind, all
of which are expressly waived by the Corporation. Interest shall accrue on the Principal amount from the date of the Event of
Default until payment in full, which interest will be payable at a rate of five percent (5%) per annum, accruing daily (on the
basis of the actual number of days elapsed in a 365 day year).

 

		5.3	Remedies
                                         Cumulative

 

All
powers and remedies given herein to the Holder shall, to the extent permitted by law, be deemed cumulative and not exclusive of,
but in addition to, any other powers and remedies available to the Holder hereunder, by law, equity, statute, judicial proceedings
or otherwise, to enforce the performance and observance of the covenants and agreements contained in this Note. No delay or omission
by the Holder to exercise any right or power accruing hereunder shall impair any such right or power, or shall be construed to
be a waiver of any such right or power or an acquiescence therein. Every power and remedy given herein or by law to the Holder
may be exercised from time to time, and as often as shall be deemed expedient by the Holder.

 

		5.4	Conflict
                                         with Applicable Law

 

All
rights, remedies and powers provided herein may be exercised only to the extent that the exercise thereof does not violate any
mandatory provision of applicable law and all provisions of this Note are intended to be subject to all mandatory provisions of
applicable law which may be controlling in the premises and to be limited to the extent necessary so that they will not render
this Note invalid, unenforceable or not entitled to be recorded, registered or filed under the mandatory provisions of any applicable
law. Any provision hereof contrary to mandatory provisions of applicable law shall be deemed to be ineffective and shall be severable
from and not invalidate any other provision of this Note.

 

Article
6

GENERAL

 

		6.1	Expenses

 

All
of the reasonable costs and expenses of the Holder (including all legal and accounting fees and expenses) incurred in connection
with the preparation of this Note and the Transaction Documents relating to this Note are for the account of the Holder. In the
event that any suit or action is instituted to enforce any provision in this Note, the prevailing party in such dispute shall
be entitled to recover from the losing party all reasonable fees, costs and expenses of enforcing any right of such prevailing
party under or with respect to this Note (including all reasonable legal and accounting fees and expenses), which shall include,
without limitation, all reasonable fees, costs and expenses of appeals.

 

    - 9 - 

     

    

 

		6.2	Notice

 

Any
notice, communication, payment or demand required or permitted to be given under this Note shall be deemed to have been sufficiently
given to the recipient if delivered personally, or (other than in the case of payment) if sent by email or by courier addressed
as follows:

 

		(a)	to
                                         the Corporation at:

 

NioCorp
Developments Ltd.

7000
South Yosemite Street, Suite 115 

Centennial,
CO 80112

 

Attn: John F. Ashburn, Jr. 

email:
jashburn@niocorp.com

 

		(b)	to
                                         the Holder at:

 

Nordmin
Engineering Ltd. 

160
Logan Avenue 

Thunder
Bay, Ontario 

P7A
6R1

 

Attn:
Chris Dougherty  

email:
chris.dougherty@nordmin.com 

 

Any
such mailing shall be deemed to be received on the date of delivery if delivered personally, on the next Business Day following
the transmission by facsimile or email confirmed by the sender thereof or the date following sending by courier. Either party
hereto may change its address for the purpose of this Section by giving written notice of such change to the other.

 

		6.3	Extensions
                                         and Amendments

 

Any
agreement for the extension of the time of payment of the moneys hereby secured or any part thereof made at, before or after maturity,
and prior to the execution of a discharge or release of this Note, or any agreement for altering the term or any other covenant
or condition hereof, need not be registered in any office of public record but shall be effectual and binding upon the Corporation
and its successors and permitted assigns when executed by the Corporation and the Holder and the grant of any necessary regulatory
approval.

 

		6.4	Assignment;
                                         Successors and Assigns

 

The
Holder may not assign this Note without the prior written consent (which shall not be unreasonably withheld or delayed) of the
Corporation. The Corporation may not assign this Note without the prior written consent (which shall not be unreasonably withheld
or delayed) of the Holder, provided always that the Corporation acknowledges and agrees that the Holder shall not be acting unreasonably
if it refuses to consent if, in the reasonable opinion of the Holder, any proposed transferee does not have the requisite financial
strength to assume the due and punctual performance of the payment obligations and each and every covenant and condition of this
Note to be performed and observed by the Corporation and provided further that no such assignment by the Corporation shall in
any way relieve the Corporation from any of its obligations or liabilities hereunder. This Note is binding upon the parties hereto
and their respective successors and permitted assigns.

 

    - 10 - 

     

    

 

		6.5	Discharge
                                         of Note

 

After
the Principal has been (i) paid in full, or (ii) satisfied in full by conversion pursuant to Article 3 hereof, the Holder shall
cancel and discharge this Note and execute and deliver, or cause to be executed and delivered to the Corporation such instruments
as shall be necessary to discharge this Note.

 

		6.6	Further
                                         Assurances

 

Each
party will from time to time and at its own expense promptly execute and deliver all further documents and take all further action
necessary or appropriate to give effect to and perform the provisions and intent of this Note and to complete the transactions
contemplated hereby and to fulfill any reporting or filing requirements.

 

		6.7	Entire
                                         Agreement

 

This
Note, together with the other Transaction Documents, constitutes the whole and entire agreement between the parties hereto and
cancels and supersedes any prior agreements, undertakings, declarations, commitments or representations, written or oral, in respect
thereof.

 

		6.8	Governing
                                         Law

 

This
Note shall be governed by and construed in accordance with the laws of the Province of British Columbia and the laws of Canada
applicable therein.

 

6.9       Time
of Essence

 

Time
shall be of the essence of this Note in all respects.

 

[signatures
on the next following page]

 

    - 11 - 

     

    

IN
WITNESS WHEREOF the Corporation has executed this Note as of the date first written above.

 

	 	NIOCORP DEVELOPMENTS LTD.
	 	 	 	 
	 	Per:	/s/ Neal S. Shah	 
	 	 	Name:     Neal S. Shah	 
	 	 	Title:       CFO	 

 

The
terms and conditions of this Note are acknowledged and agreed to by the Holder.

 

	 	Nordmin
    Engineering Ltd.
	 	 	 	 
	 	Per:	/s/ Chris
Dougherty	 
	 	 	Name:     Chris
    Dougherty	 
	 	 	Title:       Chairman	 

 

    - 12 - 

     

    

EXHIBIT
A

 

NOTICE
OF CONVERSION

 

TO:      NioCorp
Developments Ltd.

 

The
undersigned, the registered holder of the convertible Note issued by NioCorp Developments Ltd. on December 18, 2020 (the “Note”)
hereby irrevocably elects to convert US$[●] (the “Conversion Amount”) of the principal outstanding under
the Note into common shares of NioCorp Developments Ltd. at the Conversion Price as defined in the Note and on the conversion
terms set out in the Note. The Holder hereby acknowledges and agrees that, on issuance and delivery of the Common Shares of the
Corporation in accordance with the terms of the Note, the Principal outstanding under the Note shall be deemed to be reduced by
the Conversion Amount.

 

DATED
this ____ day of ___________________, 20__.

 

	 	Nordmin
    Engineering Ltd.
	 	 	 	 
	 	Per:	 	 
	 	Name:	 	 
	 	Title:Exhibit 4.2

 

UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS 4 MONTHS
AND A DAY AFTER DECEMBER 18, 2020.

 

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 UNDER ANY STATE SECURITIES LAWS.
THE HOLDER HEREOF, BY PURCHASING THESE SECURITIES, AGREES FOR THE BENEFIT OF NIOCORP DEVELOPMENTS LTD. (THE “COMPANY”),
THAT THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY ONLY (A) TO THE COMPANY,
(B) IF THE SECURITIES HAVE BEEN REGISTERED IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS UNDER THE SECURITIES ACT AND IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS, (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE SECURITIES
ACT IN ACCORDANCE WITH RULE 144 THEREUNDER, IF APPLICABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN
A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE LAWS AND REGULATIONS GOVERNING
THE OFFER AND SALE OF SECURITIES, AND, IN THE CASE OF ANY OFFER, SALE, PLEDGE OR TRANSFER PURSUANT TO CLAUSE (C) OR (D), THE HOLDER
HAS, PRIOR TO SUCH OFFER, SALE, PLEDGE OR TRANSFER, FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OF RECOGNIZED STANDING, CERTIFICATION
AND/OR OTHER EVIDENCE OF EXEMPTION, IN EACH CASE, REASONABLY SATISFACTORY TO THE COMPANY TO SUCH EFFECT. HEDGING TRANSACTIONS
INVOLVING THE SECURITIES ARE PROHIBITED EXCEPT IN COMPLIANCE WITH THE SECURITIES ACT. THESE SECURITIES MAY NOT CONSTITUTE “GOOD
DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON CANADIAN STOCK EXCHANGES.

 

THE
SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE UPON EXERCISE THEREOF HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES
ACT. THE SECURITIES REPRESENTED HEREBY MAY NOT BE EXERCISED UNLESS THE SECURITIES ISSUABLE UPON EXERCISE THEREOF HAVE BEEN REGISTERED
UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR EXEMPTIONS FROM SUCH REGISTRATION REQUIREMENTS ARE AVAILABLE.

 

	No.
    W-1-2020	500,000
	 	WARRANTS

 

WARRANT
CERTIFICATE

 

NIOCORP
DEVELOPMENTS LTD. 

7000 South Yosemite Street, Suite 115

Centennial, CO 80112

 

THIS
CERTIFIES that, for value received:

 

Nordmin
Engineering Ltd., 160 Logan Avenue, Thunder Bay, Ontario P7A 6R1 (hereinafter referred to as the “Holder”)
is the registered holder of that number of warrants (the “Warrants”) of NioCorp Developments Ltd. (the “Issuer”)
set forth above.

 

THESE
WARRANTS ARE TRANSFERABLE.

 

Transfer
of Warrants

 

The
Warrants and all rights hereunder are transferable by the Holder in accordance with applicable laws by surrender of this Warrant
Certificate together with a Warrant Transfer Form in the form attached hereto as Schedule “B” at the head office of
the Issuer stated above.

 

    

     

    

 

Underlying
Securities and Exercise Terms

 

Subject
to adjustment as herein provided, each Warrant entitles the Holder to purchase one common share (a “Warrant Share”)
of the Issuer, as constituted on December 18, 2020 (the “Issuance Date”), at a price of $0.80 per Warrant Share
until 4:30 p.m. (Vancouver Time) on December 18, 2022 (the “Expiry Date”). The Holder shall not be permitted
to exercise the Warrants if, following such exercise, the Holder would hold more than (i) 9.99% of the total, outstanding issued
common shares of the Issuer unless the Holder files a Personal Information Form with the Toronto Stock Exchange (the “TSX”)
and provides the Issuer with TSX acceptance of the same, as required by the TSX, or (ii) 19.99% of the total, outstanding issued
common shares of the Issuer. The Warrants and Warrant Shares are collectively referred to herein as the “Securities”.

 

The
Issuer covenants that the Warrant Shares, when issued upon the due exercise of the Warrants, will be fully paid and non-assessable
securities of the Issuer, and will be free and clear of all liens, charges and encumbrances. The Issuer covenants that, until
the expiry of the Warrants, it will have reserved a sufficient number of common shares to provide for the exercise of the rights
represented by the Warrants.

 

Warrants
Exercise Procedure

 

The
Warrants may be exercised at any time prior to the Expiry Date of the Warrants by surrendering to the Issuer:

 

		(a)	the
                                         Subscription Form attached as Schedule “A” hereto, duly completed and executed;
                                         and

 

		(b)	a
                                         wire transfer, certified cheque, bank draft or other funds transfer in accordance with
                                         the transfer instructions to be furnished on request, to the Issuer in the aggregate
                                         amount of the exercise price.

 

at
the Issuer’s head office stated above, or such other office or agency of the Issuer as it may designate by notice in writing
delivered to the Holder at the Holder’s address stated above. Upon the due exercise of the Warrants, the Issuer shall issue
or cause to be issued the requisite number of Warrant Shares to be issued to the Holder pursuant to said exercise, registered
in the name of the Holder or such other person as may be specified in the Subscription Form, and each such person shall be deemed
the holder of such Warrant Shares with effect from the date of such exercise. If Warrant Shares are to be issued to a person other
than the Holder, the Holder’s signature on the Subscription Form must be guaranteed by a Canadian chartered bank, a Canadian
trust company or a member firm of the TSX. The Issuer will cause the certificates representing such Warrant Shares to be mailed
to the Holder at the Holder’s address stated above or such other address(es) as may be specified in the Subscription Form,
within five business days of the exercise of the Warrants.

 

Upon
the due exercise of a Warrant, the Warrant shall be deemed tendered for purposes thereof by the Holder without further notice
or action by the Holder, and all rights under such Warrant, other than the right to receive certificates representing the Warrant
Shares to which the Holder is entitled on such exercise, shall wholly cease and terminate and such Warrant shall be void and of
no further effect or value.

 

Partial
Exercise, Exchange and Replacement of Certificates

 

The
Warrants represented by this Warrant Certificate may be exercised in whole at any time or in part from time to time. If the Warrants
represented by this Warrant Certificate are exercised in part, the Issuer and the Holder hereby acknowledge and agree that the
Warrants outstanding under this Warrant Certificate shall be deemed to be reduced by the amount of Warrants which were the subject
of such exercise.

 

This
Warrant Certificate may be exchanged, upon its surrender to the Issuer and payment of such administration fee, not exceeding $10.00,
as the Issuer may require, for new Warrant Certificates of like tenor in denominations which in the aggregate represent the number
of Warrants represented hereby. Such new Warrant Certificate will be mailed to the Holder at the Holder’s address stated
above within five business days of the surrender of the Warrant Certificate for exchange.

 

If
this Warrant Certificate is lost, stolen, mutilated or destroyed, the Issuer shall on such reasonable terms as it may in its discretion
impose, including but not limited to the provision of any indemnity by the Holder satisfactory to the Issuer in its sole discretion,
issue and countersign a new Warrant Certificate of like tenor, denomination and date as the Warrant Certificate so lost, stolen,
mutilated or destroyed.

 

    - 2 -

     

    

 

Holding
of Warrants

 

The
Issuer may treat the Holder as the absolute owner of the Warrants represented hereby for all purposes, and the Issuer shall not
be affected by any notice or knowledge to the contrary except where the Issuer is required to take notice by statute or by order
of a court of competent jurisdiction.

 

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 Issuer or entitle the Holder to any right or interest in respect of any Securities
except as herein expressly provided.

 

Resale
Restrictions and Legending Of Certificates

 

The
Warrants have been, and the Warrant Shares will be, issued pursuant to an exemption (an “Exemption”) from the
registration and prospectus requirements of applicable securities laws. To the extent that the Issuer relies on such Exemption,
the Securities may be subject to restrictions on resale and transferability contained in applicable securities laws.

 

In
the event that any of the Securities are subject to a hold period, or any other restrictions on resale and transferability, the
Issuer may place a legend on the certificates representing the Securities as may be required under applicable securities laws,
or as it may otherwise deem necessary or advisable.

 

Capital
Adjustments

 

If
at any time after the date hereof and prior to the expiry of the Warrants, and provided that any Warrants remain unexercised,
there shall be:

 

		(a)	a
                                         reclassification of the Issuer’s common shares, a change in the Issuer’s
                                         common shares into other shares or securities, a subdivision or consolidation of the
                                         Issuer’s common shares into a greater or lesser number of common shares, or any
                                         other capital reorganization,

 

		(b)	a
                                         consolidation, amalgamation, arrangement or merger of the Issuer with or into any other
                                         corporation other than a consolidation, amalgamation, arrangement or merger which does
                                         not result in any reclassification of the Issuer’s outstanding common shares or
                                         a change of the Issuer’s common shares into other shares or securities,

 

(any
of such events being called a “Capital Reorganization”) any Holders who shall thereafter acquire Warrant Shares
pursuant to the Warrants shall, subject to TSX approval, be entitled to receive, at no additional cost, and shall accept in lieu
of the number of Warrant Shares to which such Holder was theretofore entitled to acquire upon such exercise, the aggregate number
of shares, other securities or other property which such Holder should have been entitled to receive as a result of such Capital
Reorganization if, on the effective date or record date thereof, as the case may be, the Holder had been the registered holder
of the number of Warrant Shares to which such Holder was theretofore entitled to acquire upon exercise of the Warrants. If determined
appropriate by the Issuer acting reasonably and equitably in accordance with the foregoing provisions, appropriate adjustments
shall be made in the application of the provisions set forth herein with respect to the rights and interests of the Holder relative
to a Capital Reorganization, to the end that the provisions set forth herein shall correspond as nearly as may be reasonably possible
to the effect of the Capital Reorganization in relation to any shares, other securities or other property thereafter deliverable
upon the exercise of any Warrants.

 

In
case the Issuer, after the date hereof, shall take any action affecting any securities of the Issuer, other than as previously
set out herein, which in the opinion of the directors would materially affect the rights and interests of the Holder hereunder,
the number of Warrant Shares or other securities which are issuable on the exercise of the Warrants shall be adjusted in such
manner, if any, and at such time as the directors, in their sole discretion, may determine to be equitable in the circumstances,
provided that no such adjustment will be made unless all necessary regulatory and stock exchange approvals, if any, have been
obtained. In the event of any question arising with respect to any adjustment provided for herein, such question shall be conclusively
determined by a firm of chartered accountants appointed by the Issuer at its sole discretion (who may be the Issuer’s auditors)
and any such determination shall be binding upon the Issuer and the Holder.

 

    - 3 -

     

    

 

The
adjustments provided for herein are cumulative and such adjustments shall be made successively whenever an event referred to herein
shall occur, subject to the limitations provided for herein. No adjustment shall be made in the number or kind of Securities or
other securities which may be acquired on the exercise of a Warrant unless it would result in a change of at least one-hundredth
of a Warrant Share or other security. Any adjustment which may by reason of this paragraph not be required to be made shall be
carried forward and then taken into consideration in any subsequent adjustment.

 

Despite
any adjustments provided for herein or otherwise, the Issuer shall not be required, upon the exercise of any Warrants, to issue
fractional Warrant Shares or other securities in satisfaction of its obligations hereunder. Any fractional Warrants shall be rounded
down to the nearest whole number and the Holder of such Warrants shall not be entitled to any compensation in respect of any fractional
Warrant Share that is not issued.

 

Miscellaneous
Provisions

 

Except
as otherwise provided for herein, any delivery or surrender of documents shall be valid and effective if delivered personally
or if sent by registered letter postage prepaid, and any notice shall be valid and effective if made in writing and transmitted
as aforementioned or if transmitted by email with confirmed receipt, in each case addressed to:

 

		(a)	if
                                         to the Issuer,

 

NIOCORP
DEVELOPMENTS LTD. 

7000 South Yosemite Street, Suite115

Centennial, CO 80112

 

Email:
jashburn@niocorp.com

 

		(b)	if
                                         to the Holder, at its address appearing in the first paragraph hereof or as may be updated
                                         in the register of holders of Warrants maintained by the Issuer on instructions from
                                         the Holder from time to time,

 

and
such shall be deemed to have been effectively made and received on the date of personal delivery, if delivered; on the fourth
business day after the time of mailing or upon actual receipt, whichever is sooner, if sent by registered letter (except the delivery
of documents to exercise the Warrants, in which case actual receipt is required); or on the first business day after the time
of email transmission, if sent by email. In the case of a disruption in postal services, any delivery or surrender of documents
or notice sent by mail shall not be deemed to have been effectively made or received until it is actually delivered. The Issuer
and the Holder may from time to time change their address for service hereunder by notice in writing delivered in one of the foregoing
manners.

 

Except
as herein provided, any and all of the rights conferred upon the Holder herein may be enforced by the Holder through appropriate
legal proceedings. No recourse under or upon any covenant, obligation or agreement herein contained shall be had against any shareholder,
officer or director of the Issuer, either directly or through the Issuer, it being expressly agreed and declared that the obligations
under the Warrants are solely corporate obligations of the Issuer and no personal liability whatsoever shall attach to or be incurred
by the shareholders, officers or directors of the Issuer in respect thereof. This Warrant Certificate shall be binding upon the
Issuer and its successors.

 

This
Warrant Certificate shall be governed in accordance with the laws of British Columbia and the laws of Canada applicable therein.
The parties hereby attorn to the jurisdiction of the courts of British Columbia in the event of any dispute hereunder. Time shall
be of the essence hereof.

 

Any
alteration, amendment or revision to this Warrant Certificate may only be made by a written agreement between the Issuer and the
Holder.

 

    - 4 -

     

    

 

For
the purposes hereof, “business day” means any day except Saturday, Sunday or a statutory holiday in Vancouver, British
Columbia and, if any period expires or any day on which any action is to be taken under this Warrant Certificate falls on a day
which is not a business day, it shall be deemed to refer to the next business day.

 

All
amounts of money referred to in this Warrant Certificate are expressed in lawful money of Canada.

 

If
any covenant or provision herein or any portion hereof is determined to be void, unenforceable or prohibited by the law of any
province or the local requirements of any provincial or federal government authority, such shall not be deemed to affect or impair
the validity of any other covenant or provision herein or a portion thereof, as the case may be, nor the validity of such covenant
or provision or a portion thereof, as the case may be, in any other jurisdiction.

 

This
Warrant Certificate and all of its provisions shall enure to the benefit of the Holder and its successors, assigns and personal
representatives and shall be binding upon the Issuer and its successors.

 

[Remainder
of page intentionally left blank.]

 

    - 5 -

     

    

 

IN
WITNESS WHEREOF the Issuer has caused this Warrant Certificate to be signed by its duly authorized officer on the Issuance Date.

 

NIOCORP
DEVELOPMENTS LTD.

 

	By:	/s/
    Neal S. Shah	 
	 	Authorized
    Signatory	 

 

[Warrant
Certificate]

 

    

     

    

 

SCHEDULE
“A” TO WARRANT CERTIFICATE 

SUBSCRIPTION FORM

 

		TO:	NIOCORP
                                         DEVELOPMENTS LTD. (the “Issuer”)

                                         7000 South Yosemite Street, Suite115

                                         Centennial, CO 80112

 

 

 

The
Undersigned, being the registered holder of the attached Warrant Certificate of the Issuer, does hereby irrevocably exercise __________________
of the Warrants evidenced thereby in accordance with the terms thereof, and accordingly hereby irrevocably subscribes for the
Warrant Shares (as described therein) to be received thereon. The Undersigned hereby irrevocably directs that the Warrant Shares
to be received by the Undersigned be registered as follows:

 

	Name
    in Full	Address	

                                                                                No. of
 Warrant Shares

	1.	 	 
	 	 
	2. 	 	 
	 	 
	3. 	 	 
	 	 

 

IF
WARRANT SHARES ARE TO BE ISSUED TO A PERSON OR PERSONS OTHER THAN THE UNDERSIGNED REGISTERED HOLDER, THE SIGNATURE OF THE UNDERSIGNED
MUST BE MEDALLION GUARANTEED AND IT MUST PAY TO THE ISSUER ALL APPLICABLE TAXES AND OTHER DUTIES.

 

The
Undersigned registered holder hereby represents, warrants and certifies that:

 

		1.	the
                                         Undersigned is resident in the jurisdiction indicated as its address set forth in this
                                         Subscription Form;

 

		2.	the
                                         Undersigned acknowledges that the Warrants and Warrant Shares (collectively, the “Securities”)
                                         have not been registered under the United States Securities Act of 1933, as amended
                                         (the “1933 Act”), or any applicable State securities laws and
                                         may not be offered or sold in the United States or to U.S. Persons without registration
                                         under the 1933 Act and any applicable state securities laws, unless an exemption
                                         from registration is available;

 

		3.	the
                                         Undersigned has made reasonable inquiry into the jurisdiction of residence of all persons
                                         to whom Warrant Shares are to be issued hereunder, and none of such persons is a person
                                         in the United States or a U.S. Person;

 

		4.	the
                                         Undersigned does not have any agreement or understanding (written or oral) with any person
                                         in the United States or a U.S. Person respecting:

 

		(a)	the
                                         transfer or assignment of any rights or interest in any of the Securities;

 

		(b)	the
                                         division of profits, losses, fees, commissions, or any financial stake in connection
                                         with any of the Securities; or

 

		(c)	the
                                         voting of the Warrant Shares to be issued hereunder; and

 

    

     

    

 

		5.	the
                                         Undersigned has no intention to distribute, either directly or indirectly, any of the
                                         Securities in the United States or to U.S. Persons.

 

DATED
the ______ day of ______________, 20_____.

 

	 	}

    }

    }

    }

    }

    }

    }

    }

    }

    }

    }

    }

    }	 
	Signature
    of Witness

    [Please Note Instruction 2]	Signature
    of registered holder or Signatory thereof
	 	If
    applicable, print Name and Office of Signatory
	Print
    Name of Witness	Print
    Name of registered holder as on certificate
	Address
    of Witness	Street
    Address
	Occupation
    of Witness	City,
    Province and Postal Code

 

INSTRUCTIONS:

 

1.       The
registered holder of a Warrant may exercise its right to purchase Warrant Shares by completing and surrendering this Subscription
Form together with the aggregate amount of the exercise price for the Warrant Shares as provided for in the Warrant Certificate.
Certificates representing the Warrant Shares to be acquired on exercise will be sent by courier delivery service to the address(es)
above within five business days after the receipt of all required documentation.

 

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

 

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

 

     A-2

     

    

 

SCHEDULE
“B” TO WARRANT CERTIFICATE 

WARRANT TRANSFER FORM

 

For
value received, the undersigned Transferor hereby sells, transfers and assigns unto: 

______________________________________

(please print name of Transferee)

 

	of	 	 
	 	 	 
		(please
    print address of Transferee)	 

 

________________________________________________________
Warrants represented by the within certificate.

(please insert number of Warrants to be transferred).

 

DATED
this ______ day of ______________, 20____.

 

 

	 	Signature
    of Transferor

 

NOTICE:
THE SIGNATURE TO THIS TRANSFER MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE WARRANT CERTIFICATE, IN EVERY
PARTICULAR, WITHOUT ALTERATION, ENLARGEMENT OR ANY CHANGE WHATEVER.

 

Signature
guaranteed by: __________________________________________

 

NOTICE:
THE SIGNATURE OF THE TRANSFEROR SHOULD BE GUARANTEED BY A BANK, FINANCIAL INSTITUTION OR STOCK BROKER WHOSE SIGNATURE IS ACCEPTABLE
TO THE ISSUER.

 

WARRANTS
SHALL ONLY BE TRANSFERABLE IN ACCORDANCE WITH APPLICABLE LAWS, AND THE RESALE OF WARRANTS AND COMMON SHARES ISSUABLE UPON EXERCISE
OF WARRANTS MAY BE SUBJECT TO RESTRICTIONS UNDER SUCH LAWS.

 

REPRESENTATIONS
OF TRANSFEREE

 

The
undersigned Transferee hereby certifies it is a bona fide resident of the jurisdiction set forth above for its address,
and that either (A)(i) at the time of this transfer, it is not a U.S. Person and did not execute this Warrant Transfer
Form while within the United States, (ii) it is not taking transfer of any of the Warrants represented by the Transfer Form by
or on behalf of any U.S. Person or any person who is within the United States, and (iii) this transfer in all other respects complies
with the terms of Regulation S; or (B)(i) it was an original purchaser in the Issuer’s private placement under which
the Warrants were issued, (ii) it is an “Accredited Investor” as defined in Rule 501(a) under the United States Securities
Act of 1933, as amended (the “U.S. Securities Act”), and (iii) the representations and warranties made to the
Issuer in connection with the acquisition of the Warrants remain true and correct on the date of this Warrant Transfer Form; or
(C) the undersigned Transferee is delivering a written opinion of U.S. counsel of recognized standing, certification and/or
other evidence of exemption, in each case, reasonably satisfactory to the Company to the effect that the transfer of the Warrants
contemplated hereby has been registered under the U.S. Securities Act or is exempt from registration thereunder.

	 	 
	 	Signature of Transferor
	 	 
	 	Name (Please Print)
	 	 
	 	Date

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