Document:

Exhibit 4.14

 

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

 

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

 

NON-TRANSFERABLE
BROKER WARRANTS TO PURCHASE COMMON SHARES

 

OF

 

NIOCORP
DEVELOPMENTS LTD.

(incorporated
under the laws of British Columbia)

 

	Certificate No.: 	BW-2022-002	Date: June 30,
    2022

 

	Number of Warrants:	300

 

THIS
CERTIFIES THAT, for value received, Red Cloud Securities (the “Holder”), being the registered holder
of 300 non-transferrable
broker warrants (the “Broker Warrants”), is entitled, at any time prior to 5:00 p.m. (Vancouver time)
on the Expiry Day (as defined below) to subscribe for and purchase the number of common shares (the “Common Shares”)
of NioCorp Developments Ltd. (the “Company”) set forth above on the basis of one Common Share at a price of
$1.10 (the “Exercise Price”) for each Broker Warrant exercised, subject to adjustment as set out herein, by
surrendering to the Company at its principal office, 7000 South Yosemite Street, Suite 115, Centennial, CO 80112, this Broker
Warrant certificate (the “Broker Warrant Certifícate”), with a completed and executed Subscription
Form (as defined herein), and payment in full for the Common Shares being purchased.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(u)	“$”
                                         means Canadian Dollars.

 

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

 

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		3.	Exercise
                                         Procedure:

 

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

 

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

 

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

 

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

 

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

 

		(d)	The
                                         Broker Warrants shall not be exercised by, or for the account or benefit of, any person
                                         in the United States or any “U.S. person” (a “U.S. Person”)
                                         as defined in Rule 902(k) of Regulation S under the U.S. Securities Act during any time
                                         that no Registration Statement (as defined below) registering the Warrants and the Common
                                         Shares issuable upon the exercise of the Broker Warrant evidenced hereby is effective,
                                         unless an exemption from the registration requirements of the U.S. Securities Act is
                                         available and such holder provides evidence of the availability of such exemption satisfactory
                                         to the Company, and the certificate representing the Common Shares issued upon such exercise,
                                         if then required pursuant to Rule 144 of the U.S. Securities Act, shall bear the following
                                         legend:

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “U.S. SECURITIES ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THESE SECURITIES,
AGREES FOR THE BENEFIT OF NIOCORP DEVELOPMENTS LTD. (THE “COMPANY”), THAT THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED
OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY ONLY (A) TO THE COMPANY, (B) IF THE SECURITIES HAVE BEEN REGISTERED IN COMPLIANCE
WITH THE REGISTRATION REQUIREMENTS UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS (C) IN COMPLIANCE
WITH THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE SECURITIES ACT IN ACCORDANCE WITH RULE 144 THEREUNDER, IF APPLICABLE,
AND IN ACCORDANCE WITH APPLICABLE STATE

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		9.	Covenants:

 

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

 

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

 

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

 

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

 

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

 

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		10.	Adjustments:

 

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

 

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

 

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

 

		(ii)	Rights
                                         Offering: If and whenever at any time during the Adjustment Period, the Company shall
                                         fix a record date for the issue of rights, options or warrants to all or substantially
                                         all of the holders of Common Shares entitling the holders thereof, within a period expiring
                                         not more than 45 days after the record date for such issue, to subscribe for or purchase
                                         Common Shares (or securities convertible into or exchangeable for Common Shares) at a
                                         price per share (or having a conversion or exchange price per share) less than 95% of
                                         the Current Market Price on such record date (each such event, a “Rights Offering”),
                                         then the Exercise Price shall be adjusted immediately after such record date so that
                                         it will equal the rate determined by multiplying the Exercise Price in effect on such
                                         record date by a fraction, of which the numerator shall be the total number of Common
                                         Shares outstanding on such record date plus the number of Common Shares equal to the
                                         number arrived at by dividing the aggregate price of the total number of additional Common
                                         Shares so offered for subscription or purchase (or the aggregate conversion or exchange
                                         price of the convertible or exchangeable securities so offered) by such Current Market
                                         Price, and of which the denominator shall be the total number of Common Shares outstanding
                                         on such record date plus the total number of additional Common Shares so offered for
                                         subscription or purchase (or into or for which the convertible or exchangeable securities
                                         so offered are convertible or exchangeable). Any Common Shares owned by or held for the
                                         account of the Company or any subsidiary of the Company shall be deemed not to be outstanding
                                         for the purpose of any such computation. Such adjustment shall be made successively whenever
                                         such a record date is fixed, provided that if two or more such record dates referred
                                         to in this subsection 10(b)(ii) are fixed within a period of 25 Trading Days, such adjustment
                                         will be made successively as if each of such record dates occurred on the earliest of
                                         such record dates. To the extent that any such rights, options or warrants are not exercised
                                         prior to the

 

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

 

		(iii)	Distribution:
                                         If and whenever at any time during the Adjustment Period, the Company shall fix a record
                                         date for the making of a distribution to all or substantially all of the holders of Common
                                         Shares of (A) shares of any class other than Common Shares whether of the Company or
                                         any other corporation, (B) rights, options or warrants to acquire Common Shares or securities
                                         exchangeable for or convertible into Common Shares or property or other assets of the
                                         Company (other than a Rights Offering as described in Section 10(b)(ii)), (C) evidences
                                         of indebtedness, or (D) cash, securities or other property or assets then, in each such
                                         case, provided that such distribution does not constitute a Dividend Paid in the Ordinary
                                         Course or fall under clauses (i) or (ii) of this Section 10 above, the Exercise Price
                                         will be adjusted immediately after such record date so that it will equal the rate determined
                                         by multiplying the Exercise Price in effect on such record date by a fraction, of which
                                         the numerator shall be the total number of Common Shares outstanding on such record date
                                         multiplied by the Current Market Price on the earlier of such record date and the date
                                         on which the Company announces its intention to make such distribution, less the aggregate
                                         fair market value (as determined by the directors, acting reasonably, at the time such
                                         distribution is authorized, and subject to TSX acceptance) of such shares or rights,
                                         options or warrants or evidences of indebtedness or cash, securities or other property
                                         or assets so distributed, and of which the denominator shall be the total number of Common
                                         Shares outstanding on such record date multiplied by such Current Market Price. Any Common
                                         Shares owned by or held for the account of the Company or any subsidiary of the Company
                                         shall be deemed not to be outstanding for the purpose of any such computation. Such adjustment
                                         shall be made successively whenever such a record date is fixed, provided that if two
                                         or more such record dates or record dates referred to in this subsection 10(b)(iii) are
                                         fixed within a period of 25 Trading Days, such adjustment will be made successively as
                                         if each of such record dates occurred on the earliest of such record dates. To the extent
                                         that any such rights, options or warrants so distributed are not exercised prior to the
                                         expiration thereof, the Exercise Price shall then be readjusted to the Exercise Price
                                         which would then be in effect based upon such rights, options or warrants or evidences
                                         of indebtedness or cash, securities or other property or assets actually distributed
                                         or based upon the number or amount of securities or the property or assets actually issued
                                         or distributed upon the exercise of such rights, options or warrants, as the case may
                                         be.

 

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

 

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

 

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

 

		11.	Rules
Regarding Calculation of Adjustment of Exercise Price:

 

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

 

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

 

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

 

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

 

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

 

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

 

 

    8

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		12.	Consolidation
and Amalgamation

 

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

 

    9

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    10

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(b)	If
to the Company at:

 

7000
South Yosemite Street, Suite 115 

Centennial,
CO 80112 

 

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

 

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

 

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

 

[Signature
page follows.]

 

    11

     

    

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

 

NIOCORP
DEVELOPMENTS LTD.

 

	Per:	/s/
    Neal S. Shah
	 	Neal
S. Shah

Chief
Financial Officer

 

NioCorp
– Broker Warrant Certificate

 

     

     

    

SUBSCRIPTION
FORM

 

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

 

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

 

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

 

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

 

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

 

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

COMMON SHARES
	 	 	 
	 	 	 
	 	 	 

 

DATED
this _______day of _________________________, 20 ___.

 

	 	NAME:	 
			 
		Signature of Authorized 

Representative:	 
	 	Print Name:Exhibit 4.15

 

DESCRIPTION
OF Securities

 

Common
Shares

 

The
authorized capital of NioCorp Developments Ltd., a British Columbia corporation (the “Company”), consists of an unlimited
number of Common Shares without par value. The holders of Common Shares are entitled to receive notice of and attend all meetings
of shareholders, with each Common Share held entitling the holder to one vote on any resolution to be passed at such shareholder
meetings. The holders of Common Shares are entitled to dividends if, as and when declared by the Company’s Board of Directors.
The Common Shares are entitled, upon liquidation, dissolution, or winding up of the Company, to receive the remaining assets of
the Company available for distribution to shareholders. There are no pre-emptive, conversion, or redemption rights attached to
the Common Shares.

 

Exchange
Controls

 

There
are no governmental laws, decrees, or regulations in Canada that restrict the export or import of capital, including foreign exchange
controls, or that affect the remittance of dividends, interest or other payments to non-resident holders of the securities of
the Company, other than Canadian withholding tax. See “Certain Canadian Federal Income Tax Considerations for U.S. Residents”
below.

 

Certain
Canadian Federal Income Tax Considerations for U.S. Residents

 

The
following generally summarizes certain Canadian federal income tax consequences generally applicable under the Income
Tax Act (Canada) and the regulations enacted thereunder (collectively, the “Canadian Tax Act”) and
the Canada-United States Tax Convention (1980) (the “Convention”) to the holding and
disposition of Common Shares.

 

Comment
is restricted to holders of Common Shares, each of whom, at all material times for the purposes of the Canadian Tax Act and
the Convention, (i) is resident solely in the United States for tax purposes, (ii) is a “qualifying person” under and entitled to
the benefits of the Convention, (iii) holds all Common Shares as capital property, (iii) holds no Common Shares that are
“taxable Canadian property” (as defined in the Canadian Tax Act) of the holder, (iv) deals at arm’s length
with and is not affiliated with the Company, (v) does not and is not deemed to use or hold any Common Shares in a business
carried on in Canada,  (vi) is not an insurer that carries on business in Canada and elsewhere, and (vii) is not an “authorized foreign bank” (as defined in the Canadian Tax Act) (each such holder, a
“U.S. Resident Holder”).

 

Certain
U.S.-resident entities that are fiscally transparent for United States federal income tax purposes (including limited liability
companies) may not in all circumstances be entitled to the benefits
of the Convention. Members of or holders of an interest in such an entity that holds Common Shares should consult their own tax
advisers regarding the extent, if any, the benefits of the Convention will apply to the entity in respect of
its Common Shares.

 

Generally,
a U.S. Resident Holder’s Common Shares will be considered to be capital property of such holder provided that the U.S. Resident Holder is not a trader
or dealer in securities, did not acquire, hold, or dispose of the Common Shares in one or more transactions considered to be an
adventure or concern in the nature of trade (i.e., speculation), and does not hold the Common Shares in the course
of carrying on a business.

 

Generally,
a U.S. Resident Holder’s Common Shares will not constitute “taxable Canadian property” of such holder at a particular time
at which the Common Shares are listed on a “designated stock exchange” (which currently includes the Toronto Stock
Exchange (the “TSX”)) unless both of the following conditions are concurrently met:

 

		(i)	at
any time during the 60-month period that ends at the particular time, 25% or more of the issued shares of any class of the capital
stock of the Company were owned by or belonged to one or any combination of:

		 	 

		(A)	the
U.S. Resident Holder;

 

		(B)	persons
with whom the U.S. Resident Holder did not deal at arm’s length; and

 

 

     

     

    

 

		 	 

		(C)	partnerships
in which the U.S. Resident Holder or a person referred to in clause (B) holds a membership interest directly or indirectly through one or more
partnerships; and

		 	 

		(ii)	at
any time during the 60-month period that ends at the particular time, more than 50% of the fair market value of the Common Shares
was derived directly or indirectly from, one or any combination of, real or immovable property situated in Canada, “Canadian
resource properties” (as defined in the Canadian Tax Act), “timber resource properties” (as defined in the Canadian
Tax Act), or options in respect of, or interests in any of the foregoing, whether or not the property exists.

 

Common Shares
may also be deemed to be “taxable Canadian property” in certain circumstances set out in the Canadian Tax Act.

 

This
summary is based on the current provisions of the Canadian Tax Act and the Convention in effect on the date hereof, all specific
proposals to amend the Canadian Tax Act and Convention publicly announced by or on behalf of the Minister of Finance (Canada)
on or before the date hereof, and the current published administrative and assessing policies of the Canada Revenue Agency (the “CRA”). It is assumed that all
such amendments will be enacted as currently proposed, and that there will be no other material change to any applicable law or
administrative or assessing practice, although no assurance can be given in these respects. Except as otherwise expressly provided,
this summary does not take into account any provincial, territorial, or foreign tax considerations, which may differ materially
from those set out herein.

 

This
summary is of a general nature only, is not exhaustive of all possible Canadian federal income tax considerations, and is not
intended to be and should not be construed as legal or tax advice to any particular U.S. Resident Holder. U.S. Resident Holders
are urged to consult their own tax advisers for advice with respect to their particular circumstances. The discussion below is
qualified accordingly.

 

A
U.S. Resident Holder who disposes or is deemed to dispose of one or more Common Shares generally should not thereby incur any
liability for Canadian federal income tax in respect of any capital gain arising as a consequence of the disposition.

 

A
U.S. Resident Holder to whom the Company pays or is deemed to pay a dividend on the holder’s Common Shares will be subject
to Canadian withholding tax, and the Company will be required to withhold the tax from the dividend and remit it to the CRA for
the holder’s account. The rate of withholding tax under the Canadian Tax Act is 25% of the gross amount of the dividend,
but should generally be reduced under the Convention to 15% (or, if the U.S. Resident Holder is a company which is the beneficial
owner of at least 10% of the voting stock of the Company, 5%) of the gross amount of the dividend. For this purpose, a company
that is a resident of the United States for purposes of the Canadian Tax Act and the Convention and is entitled to the benefits
of the Convention shall be considered to own the voting stock of the Company owned by an entity that is considered fiscally transparent
under the laws of the United States and that it is not a resident of Canada, in proportion to such company’s ownership interest
in that entity.

 

Warrants

 

From
time to time, the Company has outstanding Common Share purchase warrants, with each Common Share purchase warrant exercisable
for one Common Share. The exercise price per Common Share and the number of Common Shares issuable upon exercise of the Common
Share purchase warrants is subject to adjustment upon the occurrence of certain events, including, but not limited to, the following:

 

		●	the
                                         subdivision or re-division of the Company’s outstanding Common Shares into a greater
                                         number of Common Shares;

 

		●	the
                                         reduction, combination or consolidation of the Company’s outstanding Common Shares
                                         into a lesser number of Common Shares;

 

		●	the
                                         issuance of Common Shares or securities exchangeable for, or convertible into, Common
                                         Shares to all or substantially all of the holders of Common Shares by way of stock dividend
                                         or other distribution (other than a distribution of Common Shares upon the exercise of
                                         Common Share purchase warrants or any outstanding
                                         options);

 

     

     

    

 

	 	 	 
		●	the
                                         reorganization of the Company or the consolidation or merger or amalgamation of the Company
                                         with or into another body corporate; and

 

		●	a
                                         reclassification or other similar change to the Company’s outstanding Common Shares.

 

The
Company will issue the Common Shares issuable upon exercise of Common Share purchase warrants within five business days following
its receipt of notice of exercise and payment of the exercise price, subject to surrender of the Common Share purchase warrants.
Prior to the exercise of any Common Share purchase warrants, holders of the Common Share purchase warrants will not have any of
the rights of holders of the Common Shares issuable upon exercise, including the right to vote or to receive any payments of dividends
on the Common Shares issuable upon exercise.

 

The
Lind Convertible Security

 

On
February 19, 2021, pursuant to a convertible security funding agreement, dated February 16, 2021 (the “Lind Agreement”),
between the Company and Lind Global Asset Management III, LLC (“Lind”), Lind advanced to the Company $10.0 million
(subject to additional set off) in consideration of which the Company issued to Lind a convertible security (the “Lind Convertible
Security”) with a face value of $11.7 million (representing $10.0 million in funding plus an implied 8.5% interest rate
per annum for the term of the Lind Convertible Security).

 

The
Lind Convertible Security has a term of (i) 24 months or (ii) 30 calendar days after the date on which the face value of the Lind
Convertible Security is nil due to such amount having been fully converted and/or fully repaid (including with any applicable
premium) in accordance with the terms of the Lind Agreement, whichever is earlier. The Lind Convertible Security constitutes the
direct, general and unconditional obligation of the Company and ranks pari-passu with the Company’s other indebtedness.
The Lind Convertible Security is guaranteed on a secured basis by 0896800 B.C. Ltd., a wholly-owned subsidiary of the Company
(“0896800”), and Elk Creek Resources Corp., a wholly-owned subsidiary of 0896800 (“ECRC”).

 

The
Lind Convertible Security is secured by all of the assets and property of the Company, including all of the issued and outstanding
shares of 0896800 pledged by the Company, all of the issued and outstanding shares of ECRC pledged by 0896800, and certain real
property and fixtures of ECRC. The liens securing the Lind Convertible Security rank pari-passu with the liens securing a non-revolving
credit facility provided by Mark A. Smith, the Company’s Chief Executive Officer, President, Executive Chairman and Director,
to the Company (the “CEO Loan”) on all amounts up to $4.0 million. The liens securing the Lind Convertible Security
rank senior to the liens securing the CEO Loan on any amount that is owed by the Company to Mr. Smith in excess of $4.0 million.

 

Pursuant
to the Lind Agreement, Lind is entitled to convert the Lind Convertible Security into Common Shares in monthly installments over
its term at a price per Common Share equal to 85% of the volume-weighted average price of the Common Shares on the TSX for the
five trading days immediately preceding the date on which Lind provides notice to the Company of its election to convert. Subject
to certain exceptions, the Lind Agreement contains restrictions on how much of the Lind Convertible Security may be converted
in any particular month. The Lind Agreement also provides the Company with the option to buy back the remaining face amount of
the Lind Convertible Security in cash at any time; provided that, if the Company exercises such option, Lind will have the option
to convert up to 33.33% of the remaining face amount into Common Shares at the price described above. In addition, Lind is entitled
to accelerate its conversion right to the full amount of the face value of the Lind Convertible Security or demand repayment thereof
in cash upon the occurrence of an event of default and other designated events described in the Lind Agreement.

 

The
foregoing is intended as a description of the material terms of the Lind Convertible Security only and is qualified in its entirety
by reference to the full text of the Lind Agreement, a copy of which is filed as an exhibit to the Company’s Annual Report
on Form 10-K to which this Description of Securities is filed as an exhibit.

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