Document:

Exhibit 10.6

 

THIS PROMISSORY NOTE (“NOTE”)
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED
FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE
SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION
IS NOT REQUIRED.

 

PROMISSORY NOTE

 

	Principal Amount: Up to $1,500,000.00	July 12, 2020

 

Churchill Capital Corp
III, a Delaware corporation (“Maker”), promises to pay to the order of Churchill Sponsor III LLC, or its registered
assigns or successors in interest or order (“Payee”), the principal sum of up to One Million Five Hundred Thousand
Dollars ($1,500,000.00) in lawful money of the United States of America, on the terms and conditions described below.

 

All payments on this
Note (unless the full principal is converted pursuant to Section 15 below) shall be made by check or wire transfer of immediately
available funds to such account as Payee may from time to time designate by written notice in accordance with the provisions of
this Note.

 

		1.	Repayment. The principal balance of this Note shall be payable on the earliest to occur
of (i) the date on which Maker consummates its initial business combination and (ii) the date that the winding up of Maker is effective
(such date, the “Maturity Date”). The principal balance may be prepaid at any time, at the election of Maker.

 

		2.	Interest. This Note shall be non-interest bearing.

 

		3.	Drawdown Requests. Payee, in its sole and absolute discretion, may fund up to One Million
Five Hundred Thousand Dollars ($1,500,000.00) for working capital expenditures prior to Maker’s consummation of an initial
business combination. The principal of this Note may be drawn down from time to time until the date on which Maker consummates
its initial business combination, upon written request from Maker to Payee (each, a “Drawdown Request”). Each
Drawdown Request must state the amount to be drawn down, and must be in multiples of not less than Ten Thousand Dollars ($10,000)
unless agreed upon by Maker and Payee. Payee, in its sole discretion, shall fund each Drawdown Request no later than five (5) business
days after receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns collectively under this
Note shall not exceed One Million Five Hundred Thousand Dollars ($1,500,000.00). Once an amount is drawn down under this Note,
it shall not be available for future Drawdown Requests even if prepaid. Except as set forth herein, no fees, payments or other
amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker.

 

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		4.	Application of Payments. All payments received by Payee pursuant to this Note shall be applied
first to the payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation)
reasonable attorney’s fees, and then to the reduction of the unpaid principal balance of this Note.

 

		5.	Events of Default. The following shall constitute an event of default (“Event of
Default”):

 

		(a)	Failure to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to
this Note within five (5) business days of the Maturity Date.

 

		(b)	Voluntary Bankruptcy, etc. The commencement by Maker of a voluntary case under any applicable bankruptcy,
insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession
by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial
part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to
pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 

		(c)	Involuntary Bankruptcy, etc. The entry of a decree or order for relief by a court having jurisdiction
in the premises in respect of Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or
appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial
part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order
unstayed and in effect for a period of 60 consecutive days.

 

		6.	Remedies.

 

		(a)	Upon the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written
notice to Maker, declare this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note and all
other amounts payable hereunder, shall become immediately due and payable without presentment, demand, protest or other notice
of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the
contrary notwithstanding.

 

		(b)	Upon the occurrence of an Event of Default specified in Sections 5(b) and 5(c) hereof, the unpaid
principal balance of this Note and all other amounts payable hereunder, shall automatically and immediately become due and payable,
in all cases without any action on the part of Payee.

 

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		7.	Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment
for payment, demand, notice of dishonor, protest, and notice of protest with regard to this Note, all errors, defects and imperfections
in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any
present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such
property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process,
or extension of time for payment; and Maker agrees that any real or personal property that may be levied upon pursuant to a judgment
obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order
desired by Payee.

 

		8.	Unconditional Liability. Maker hereby waives all notices in connection with the delivery,
acceptance, performance, default, or enforcement of the payment of this Note, and agrees, except as set forth in Section 12, that
its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner
by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and
all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other provisions
of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to
Maker or affecting Maker’s liability hereunder.

 

		9.	Notices. All notices, statements or other documents which are required or contemplated by
this Note shall be: (i) in writing and delivered personally or sent by first class registered or certified mail, overnight courier
service or facsimile or electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently
provided to such party or such other address or fax number as may be designated in writing by such party and (iii) by electronic
mail, to the electronic mail address most recently provided to such party or such other electronic mail address as may be designated
in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery,
if delivered personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission,
one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

		10.	Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW
YORK, WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF.

 

		11.	Severability. Any provision contained in this Note which is prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction.

 

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		12.	Trust Waiver. Notwithstanding anything herein to the contrary, Payee hereby waives any claim
in or to any distribution of or from the trust account (the “Trust Account”) established in connection with
Maker’s initial public offering (the “IPO”), and hereby agrees not to seek recourse, reimbursement, payment
or satisfaction for any claim against the Trust Account for any reason whatsoever; provided, however, that upon the consummation
of the initial business combination, Maker may repay the principal balance of this Note out of the proceeds released to Maker from
the Trust Account.

 

		13.	Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with,
and only with, the written consent of Maker and Payee.

 

		14.	Assignment. No assignment or transfer of this Note or any rights or obligations hereunder
may be made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto
and any attempted assignment without the required consent shall be void; provided, however, that the foregoing shall not
apply to an affiliate of Payee who agrees to be bound to the terms of this Note.

 

		15.	Conversion.

 

		(a)	Notwithstanding anything contained in this Note to the contrary, at Payee’s option, at any
time prior to payment in full of the principal balance of this Note, Payee may elect to convert all or any portion of the unpaid
principal balance of this Note into that number of warrants to purchase one share of Class A common stock, $0.0001 par value per
share, of the Maker (the “Working Capital Warrants”) equal to the principal amount of the Note so converted
divided by $1.00 (one dollar). The Working Capital Warrants shall be identical to the warrants issued by the Maker to the Payee
in a private placement at the time of the Maker’s initial public offering. The Working Capital Warrants and their underlying
securities, and any other equity security of Maker issued or issuable with respect to the foregoing by way of a stock dividend
or stock split or in connection with a combination of shares, recapitalization, amalgamation, consolidation or reorganization,
shall be entitled to the registration rights set forth in Section 16 hereof.

 

		(b)	Upon any complete or partial conversion of the principal amount of this Note, (i) such principal
amount shall be so converted and such converted portion of this Note shall become fully paid and satisfied, (ii) Payee shall surrender
and deliver this Note, duly endorsed, to Maker or such other address which Maker shall designate against delivery of the Working
Capital Warrants, (iii) Maker shall promptly deliver a new duly executed Note to Payee in the principal amount that remains outstanding,
if any, after any such conversion and (iv) in exchange for all or any portion of the surrendered Note, Maker shall, at the direction
of Payee, deliver to Payee (or its members or their respective affiliates or their designees) (Payee or such other persons, the
 “Holders”) the Working Capital Warrants, which shall bear such legends as are required, in the opinion of counsel
to Maker or by any other agreement between Maker and Payee and applicable state and federal securities laws.

 

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		(c)	The Holders shall pay any and all issue and other taxes that may be payable with respect to any
issue or delivery of the Working Capital Warrants upon conversion of this Note pursuant hereto; provided, however, that
the Holders shall not be obligated to pay any transfer taxes resulting from any transfer requested by the Holders in connection
with any such conversion.

 

		(d)	The Working Capital Warrants shall not be issued upon conversion of this Note unless such issuance
and such conversion comply with all applicable provisions of law.

 

		16.	Registration Rights.

 

		(a)	Reference is made to that certain Registration Rights Agreement between Maker and the parties thereto,
dated as of June 26, 2019 (the “Registration Rights Agreement”). All capitalized terms used in this Section
16 shall have the same meanings ascribed to them in the Registration Rights Agreement.

 

		(b)	The Working Capital Warrants shall be considered “Working Capital Warrants” for all
purposes under the Registration Rights Agreement; provided, that, any Holder not already party to the Registration Rights
Agreement shall execute a joinder thereto, agreeing to be bound by all of the terms and conditions of the Registration Rights Agreement
as a “Holder” thereunder.

 

[Signature Page Follows]

 

    

     

    

 

IN WITNESS WHEREOF, Maker, intending
to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.

 

	 	 	CHURCHILL CAPITAL CORP III
	 	 	 	 
	 	 	By:	/s/ Jay Taragin
	 	 	 	Name: Jay Taragin
	 	 	 	Title:   Chief Financial Officer
	 	 	 	 
	Accepted and agreed this 6th day of July, 2020	 	 
	 	 	 	 
	CHURCHILL SPONSOR III LLC	 	 
	 	 	 	 
	By:	/s/ Jay Taragin	 	 
	 	Name:	Jay Taragin	 	 
	 	Title:	Authorized Person	 	 

 

[Signature Page to Promissory Note]

 

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DRAWDOWN
REQUEST

 

Dated: July 12, 2020

 

CHURCHILL SPONSOR III LLC, as Payee

under that certain Promissory Note referred

to below

640 Fifth Avenue, 12th Floor

New York, NY 10019

 

Ladies and Gentlemen:

 

The undersigned (the
 “Maker”), refers to the Promissory Note, dated as of July 12, 2020 (as amended, restated, modified and/or supplemented
from time to time, the “Promissory Note”), made by the Maker in favor of Churchill Sponsor III LLC, and hereby
gives you notice, irrevocably, pursuant to Section 9 of the Promissory Note, that the undersigned hereby requests a drawdown
under the Promissory Note, and in that connection sets forth below the information relating to such borrowing (the “Borrowing”):

 

(i)         The
business day of the Borrowing is July 12, 2020.

 

(ii)        The
aggregate principal amount of the Borrowing is $1,500,000.00, which shall have been paid by the Payee on behalf of the Maker to
a service provider to the Maker as compensation for services provided by such service provider to the Maker.

 

(iii)       The
proceeds from the Borrowing will be used as set forth in Section 3 of the Promissory Note.

 

The undersigned certifies
that no Event of Default (as defined in the Promissory Note) has occurred and is continuing, or would result from such Borrowing
or from the application of the proceeds thereof.

 

IN WITNESS WHEREOF, the undersigned hereby
has executed this Drawdown Request as of the date first written above.

 

		Very truly yours,
	 	 	 
	 	CHURCHILL CAPITAL CORP III
	 	 	 
	 	By:	/s/ Jay Taragin
	 	 	Name: Jay Taragin
	 	 	Title: Chief Financial OfficerExhibit
4.6

 

DESCRIPTION
OF SECURITIES

 

The
following description is intended as a summary and is qualified in its entirety by reference to our articles of incorporation,
as amended, any certificates of designation for our preferred stock, and our amended and restated bylaws, as currently in effect,
copies of which are filed as exhibits to this Annual Report on Form 10-K and are incorporated by reference herein.

 

Authorized
Capital Stock

 

As
of April 30, 2020, our authorized capital stock consisted of 200,000,000 shares of common stock, par value $0.001 per share, and
50,000,000 shares of “blank check” preferred stock, par value $0.001 per share, of which 1,300,000 shares are designated
as Series A Convertible Preferred Stock, 400,000 shares are designated as Series B Convertible Preferred Stock, 45,001.8 shares
are designated as Series C Convertible Preferred Stock, 7,402 shares are designated as Series D Convertible Preferred Stock, 2,500
shares are designated as Series E Convertible Preferred Stock, 1,250 shares are designated as Series F Preferred Stock and 127
shares are designated as Series G Preferred Stock. Our board of directors (the “Board”) has the authority, without
further action by the stockholders, to issue shares of preferred stock in one or more series and to fix the rights, preferences,
privileges and restrictions granted to or imposed upon the preferred stock. As of April 30, 2020, there were 2,903,393 shares
of our common stock issued and outstanding, and 57 shares of preferred stock outstanding.

 

Common
Stock

 

The
holders of common stock are entitled to one vote per share on all matters to be voted upon by the stockholders and there are no
cumulative rights. Subject to preferences that may be applicable to any outstanding preferred stock, the holders of common stock
are entitled to receive ratably any dividends that may be declared from time to time by the Board out of funds legally available
for that purpose. We do not anticipate paying any cash dividends on our common stock in the foreseeable future but intend to retain
our capital resources for reinvestment in our business. In the event of our liquidation, dissolution or winding up, the holders
of common stock are entitled to share ratably in all assets remaining after payment of liabilities, subject to prior distribution
rights of preferred stock then outstanding. The common stock has no preemptive or conversion rights or other subscription rights.
There are no redemption or sinking fund provisions applicable to the common stock.

 

The
transfer agent and registrar for our common stock is Equity Stock Transfer. Its address is 237 West 37th Street, Suite 601, New
York, New York 10018. Our common stock is listed on the NASDAQ under the symbol “USAU.”

 

Preferred
Stock

 

The
Board is authorized, subject to any limitations prescribed by law, without further vote or action by the stockholders, to issue
from time to time shares of preferred stock in one or more series. Each such series of preferred stock shall have such number
of shares, designations, preferences, voting powers, qualifications, and special or relative rights or privileges as shall be
determined by the Board, which may include, among others, dividend rights, voting rights, liquidation preferences, conversion
rights and preemptive rights. Issuance of preferred stock by our Board may result in such shares having dividend and/or liquidation
preferences senior to the rights of the holders of our common stock and could dilute the voting rights of the holders of our common
stock.

 

Prior
to the issuance of shares of each series of preferred stock, the Board is required by the Nevada Revised Statutes and our articles
of incorporation to adopt resolutions and file a certificate of designation with the Secretary of State of the State of Nevada.
The certificate of designation fixes for each class or series the designations, powers, preferences, rights, qualifications, limitations
and restrictions, including, but not limited to, some or all of the following:

 

	 	●	the
    number of shares constituting that series and the distinctive designation of that series, which number may be increased or
    decreased (but not below the number of shares then outstanding) from time to time by action of the Board;

 

    	 

     

    

 

	 	●	the
    dividend rate and the manner and frequency of payment of dividends on the shares of that series, whether dividends will be
    cumulative, and, if so, from which date;
	 	 	 
	 	●	whether
    that series will have voting rights, in addition to any voting rights provided by law, and, if so, the terms of such voting
    rights;
	 	 	 
	 	●	whether
    that series will have conversion privileges, and, if so, the terms and conditions of such conversion, including provision
    for adjustment of the conversion rate in such events as the Board may determine;
	 	 	 
	 	●	whether
    or not the shares of that series will be redeemable, and, if so, the terms and conditions of such redemption;
	 	 	 
	 	●	whether
    that series will have a sinking fund for the redemption or purchase of shares of that series, and, if so, the terms and amount
    of such sinking fund;
	 	 	 
	 	●	whether
    or not the shares of the series will have priority over or be on a parity with or be junior to the shares of any other series
    or class in any respect;
	 	 	 
	 	●	the
    rights of the shares of that series in the event of voluntary or involuntary liquidation, dissolution or winding up of the
    corporation, and the relative rights or priority, if any, of payment of shares of that series; and
	 	 	 
	 	●	any
    other relative rights, preferences and limitations of that series.

 

Once
designated by the Board, each series of preferred stock may have specific financial and other terms.

 

Nevada
Anti-Takeover Law, Provisions of our Certificate of Incorporation and Bylaws

 

Anti-Takeover
Effects of Provisions of Nevada State Law

 

We
may be, or in the future we may become, subject to Nevada’s control share laws. A corporation is subject to Nevada’s
control share law if it has more than 200 stockholders, at least 100 of whom are stockholders of record and residents of Nevada,
and if the corporation does business in Nevada, including through an affiliated corporation. This control share law may have the
effect of discouraging corporate takeovers. As of April 30, 2020, we have less than 100 stockholders of record who are residents
of Nevada.

 

The
control share law focuses on the acquisition of a “controlling interest,” which means the ownership of outstanding
voting shares that would be sufficient, but for the operation of the control share law, to enable the acquiring person to exercise
the following proportions of the voting power of the corporation in the election of directors: (1) one-fifth or more but less
than one-third; (2) one-third or more but less than a majority; or (3) a majority or more. The ability to exercise this voting
power may be direct or indirect, as well as individual or in association with others.

 

The
effect of the control share law is that an acquiring person, and those acting in association with that person, will obtain only
such voting rights in the control shares as are conferred by a resolution of the stockholders of the corporation, approved at
a special or annual meeting of stockholders. The control share law contemplates that voting rights will be considered only once
by the other stockholders. Thus, there is no authority to take away voting rights from the control shares of an acquiring person
once those rights have been approved. If the stockholders do not grant voting rights to the control shares acquired by an acquiring
person, those shares do not become permanent non-voting shares. The acquiring person is free to sell the shares to others. If
the buyer or buyers of those shares themselves do not acquire a controlling interest, the shares are not governed by the control
share law.

 

If
control shares are accorded full voting rights and the acquiring person has acquired control shares with a majority or more of
the voting power, a stockholder of record, other than the acquiring person, who did not vote in favor of approval of voting rights,
is entitled to demand fair value for such stockholder’s shares.

 

    	 

     

    

 

In
addition to the control share law, Nevada has a business combination law, which prohibits certain business combinations between
Nevada publicly traded corporations and “interested stockholders” for two years after the interested stockholder first
becomes an interested stockholder, unless the corporation’s board of directors approves the combination in advance. For
purposes of Nevada law, an interested stockholder is any person who is: (a) the beneficial owner, directly or indirectly, of 10%
or more of the voting power of the outstanding voting shares of the corporation, or (b) an affiliate or associate of the corporation
and at any time within the previous two years was the beneficial owner, directly or indirectly, of 10% or more of the voting power
of the then-outstanding shares of the corporation. The definition of “business combination” contained in the statute
is sufficiently broad to cover virtually any kind of transaction that would allow a potential acquirer to use the corporation’s
assets to finance the acquisition or otherwise to benefit its own interests rather than the interests of the corporation and its
other stockholders.

 

The
effect of Nevada’s business combination law is to potentially discourage parties interested in taking control of the Company
from doing so if it cannot obtain the approval of our board of directors.

 

Articles
of Incorporation and Bylaws

 

Provisions
of our articles of incorporation, as amended, and amended and restated bylaws may delay or discourage transactions involving an
actual or potential change in our control or change in our management, including transactions in which stockholders might otherwise
receive a premium for their shares, or transactions that our stockholders might otherwise deem to be in their best interests.
Therefore, these provisions could adversely affect the price of our common stock. Among other things, our articles of incorporation
and bylaws:

 

	 	●	permit
    our Board to issue up to 50,000,000 shares of preferred stock, without further action by the stockholders, with any rights,
    preferences and privileges as our Board may designate, including the right to approve an acquisition or other change in control;
	 	 	 
	 	●	provide
    that the authorized number of directors may be changed only by a resolution adopted by a majority of the whole Board;
	 	 	 
	 	●	provide
    that all vacancies, including newly created directorships, may, except as otherwise required by law, be filled by the affirmative
    vote of a majority of directors then in office, even if less than a quorum;
	 	 	 
	 	●	do
    not provide for cumulative voting rights (therefore allowing the holders of a majority of the shares of common stock entitled
    to vote in any election of directors to elect all of the directors standing for election, if they should so choose);
	 	 	 
	 	●	provide
    that special meetings of our stockholders may be called only by (i) the Chairman of the Board, (ii) the Chief Executive Officer
    or (iii) a resolution adopted by a majority of the whole Board;
	 	 	 
	 	●	provide
    that stockholders may alter, amend or repeal any section of our bylaws by an affirmative vote of the holders of at least sixty-six
    and two-thirds (66 2/3%) of the outstanding voting power, voting together as a single class; and
	 	 	 
	 	●	provide
    advance notice provisions with which a stockholder who wishes to nominate a director or propose other business to be considered
    at a stockholder meeting must comply.

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