Document:

Exhibit 10.17

 

August 27, 2020

 

Movano Inc.

6200 Stoneridge Mall Rd., Suite 300

Pleasanton, CA 94588

Attention: Michael Leabman, CEO

 

Re:      Agreement

 

Dear Michael:

 

This letter agreement
(the “Agreement”) between Movano Inc. (fka Maestro Sensors Inc.) (together with its subsidiaries and
successors, the “Company”) and Emily Wang Fairbairn (“Emily”) and Maestro Venture
Partners LLC, and each of my other affiliates and their respective affiliates, (the “Lead Investor”)
amends and restates the Agreement dated March 14, 2018 between the Lead Investor and the Company (the “Original Agreement”).

 

1. Lead
Investor Consideration. As consideration for the Lead Investor’s investment in the Company’s Series A Preferred
Stock financing and the agreement to provide services as set forth in this Agreement, the Company agrees as follows:

 

		a.	From March 14, 2018 until March 14, 2020 Emily provided business and financial advice from time
to time as mutually agreed by the Company and Emily.

 

		b.	The Lead Investor is hereby granted a right, exercisable by the Lead Investor at any time prior
to the Company’s IPO (if any), to be appointed to the Company’s Board of Directors (“Board”) and,
if requested by the Lead Investor (i) to be Chairwoman/Chairperson of the Board and (ii) to be a member of any executive search
committee of the Board designated conduct any search for a chief executive officer of the Company (each of these Board rights shall
be forfeited and may not be re-exercised if at any time the Lead Investor resigns from the Board). Lead Investor shall be compensated
for service on the Board based on then-current market practice (which may include stock options, cash compensation or the like),
subject to approval by the Board.

 

		c.	The Lead Investor is hereby granted a pre-emptive right to purchase a percentage of any round of
Company financing led by an investor purchasing Company securities (a “Strategic Investor”) primarily for strategic,
rather than financial, reasons (“Strategic Round”) equal to the Lead Investor’s percentage ownership of
the Company’s Common Stock (assuming conversion of all convertible securities) as of immediately prior to such Strategic
Round. With respect to any such investment made by the Lead Investor, the Lead Investor will be entitled to be granted a warrant
to purchase a number of shares of the class or series of capital stock issued or issuable (in the case of convertible securities)
equal to 10% of the number of shares of capital stock issued or issuable (in the case of convertible securities) to the Lead Investor
in such financing, with an exercise price no less than the effective purchase price per share of such capital stock issued or issuable
to the Lead Investor.

 

     

     

    

 

		d.	The Lead Investor is hereby granted a first right of first refusal to purchase up to 100% of any
round of Company financing prior to an IPO that is not a Strategic Round. With respect to any such investment made by the Lead
Investor, the Lead Investor will be entitled to be granted a warrant to purchase a number of shares of the class or series of capital
stock issued or issuable (in the case of convertible securities) equal to 10% of the number of shares of capital stock issued or
issuable (in the case of convertible securities) to the Lead Investor in such financing, with an exercise price no less than the
effective purchase price per share of such capital stock issued or issuable to the Lead Investor. Notwithstanding the foregoing,
in connection with the Lead Investor’s purchase of $500,000 of the Company’s convertible promissory notes pursuant
to the offering of same, which is being completed on or about the date hereof, the Lead Investor shall be issued 10,000 warrants
in the same form being issued to the placement agents engaged by the Company in connection therewith.

 

		e.	The Lead Investor is hereby granted a pre-emptive right (subject to customary pro rata underwriter
cutbacks) to purchase a percentage of Common Stock sold in the Company’s IPO (if any) equal to the Lead Investor’s
percentage ownership of the Company’s Common Stock (assuming conversion of all convertible securities) as of immediately
prior to such IPO.

 

2. Confidentiality.
Lead Investor acknowledges that in connection with the Engagement, the Company will provide Lead Investor with information which
the Company considers to be confidential, including its trade secrets (“Confidential Information”). Lead
Investor agrees to employ all reasonable efforts to keep the Confidential Information secret and confidential, using no less than
the degree of care employed by Lead Investor to preserve and safeguard its own confidential information, and shall not disclose
or reveal the Confidential Information to anyone except its employees, Lead Investors, affiliates, attorney, accountants, advisors
and contractors who have an obligation of confidentiality with Lead Investor and are directed to keep such information confidential,
and, in each case, have a reasonable need to know such information. Lead Investor will not use the Confidential Information except
in connection with its performance of services to the Company hereunder, unless disclosure is required by law, court order, or
any government, regulatory or self-regulatory agency or body in the opinion of Lead Investor’s counsel, in which event Lead
Investor will provide the Company with reasonable advance notice of such disclosure to enable the Company to seek a protective
order or other available protection and, in the absence of any such protective order or other such protection, will disclose only
the information it is advised by legal counsel is required to be disclosed. “Confidential Information”
does not include information which (a) was in the public domain or readily available to the trade or the public prior to the date
of the disclosure; (b) becomes generally available to the public in any manner or form through no fault of Lead Investor or its
representatives; (c) was in Lead Investor’s possession or readily available to Lead Investor from another source not under
obligation of secrecy to the Company or, with respect to such information, from another source not under obligation of secrecy
to anyone with respect to such information, in each case prior to the first disclosure by the Company to Lead Investor of such
information; (d) is rightfully received by Lead Investor from another source on a non-confidential basis without breach of any
obligation of confidentiality to anyone; (e) is developed by or for Lead Investor without reference to or use of the Company’s
Confidential Information; (f) is disclosed by the Company to an unaffiliated third party free of any obligation or reasonable expectation
of confidence; or (g) is released for disclosure with the Company’s written consent. Notwithstanding any termination of this
Agreement, Lead Investor’s confidentiality obligations (1) in respect of any material that qualifies as a “Trade
Secret” under the Uniform Trade Secrets Act (“UTSA”) shall survive in perpetuity under
the UTSA until such information ceases to be a Trade Secret, and (2) in respect of any non-Trade Secret, for a period of two (2)
years from the date of disclosure by the Company to Lead Investor.

 

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3. Indemnification.
The Company hereby agrees to indemnify and hold harmless Lead Investor and its affiliates and each of their directors, officers,
managers, agents, employees, members and counsel (collectively, the “Lead Investor Indemnified Parties”)
to the fullest extent permitted by law from and against any and all losses, claims, damages, expenses, or liabilities (or actions
in respect thereof), joint or several, to which they or any of them may become subject under any statute or at common law, including
any reasonable legal or other expense (including but not limited to the cost of any investigation, preparation, or response to
third party subpoenas) incurred by them (“Losses”) in connection with any third party claims, litigation
or administrative or regulatory action (“Proceeding”), whether pending or threatened, and whether or
not resulting in any liability, in each case, insofar as such losses, claims, liabilities, or litigation or Losses arise out of
or are based upon any wrongful act of the Company (or any act that is alleged in good faith by a third party plaintiff or claimant
not affiliated with and not serving as an agent or representative of Lead Investor to be a wrongful act of the Company) in connection
with the Engagement; provided, however, they shall not apply to (i) amounts paid in settlement of any such litigation if such settlement
is effected without the consent of the Company, which consent will not be unreasonably withheld, conditioned or delayed or (ii)
Losses determined, by a final, non-appealable judgment by a court or arbitral tribunal of competent jurisdiction, to have arisen
from the willful misconduct or gross negligence of Lead Investor Indemnified Parties, in which case the Company will be liable
only for the portion fairly allocated to the judicially determined wrongdoing of the Company. Lead Investor will indemnify the
Company and its directors, officers, managers, agents, employees, members and counsel for Losses resulting from claims of third
parties not affiliated with and not serving as an agent or representative of Company in any Proceeding of arising out of Lead Investor’s
willful misconduct or gross negligence; provided that clauses (i) and (ii) above will apply mutatis mutandis to this sentence.

 

The provisions of this
Section 4 shall survive any termination or expiration of this Agreement. This Section 4 will not apply to Emily’s
service on the Company’s Board; provided however, that Emily will be offered the opportunity to enter into the Company’s
standard form of indemnification agreement for directors of the Company in connection with such service.

 

4. Work
Product and Announcements. Lead Investor’s advice rendered to the Company as part of this Engagement, if any, in whatever
form, including written, electronic transmission, and oral, shall be considered work for hire and the property and intellectual
property of the Company, and Lead Investor hereby assigns to the Company all right, title and interest in such advice and any related
work product and any intellectual property therein. Any document or other written information prepared by Lead Investor in connection
with this Engagement shall not be duplicated by the Lead Investor except as explicitly provided for hereunder or required by law
or upon the written consent of the Company. The Lead Investor shall have no ownership or rights to any intellectual property, advice
or work product that concerns the business or the related activities of the Company.

 

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5. Notice.
All notices, demands, and other communications to given pursuant to this Agreement shall be in writing and shall be personally
delivered, sent by overnight delivery using a nationally recognized courier service, sent by facsimile transmission, or emailed.
Notice shall be deemed received: (a) if personally delivered, upon the date of delivery to the address of the receiving party;
(b) if sent by overnight courier, the date actually received by the recipient; (c) if sent email, when sent. The parties will each
promptly notify the other of any changes to the following contact information.

  

	
        Notices to Lead Investor shall be sent to:

         

        Emily Wang Fairbairn

        10 Orinda View Rd.

        Orinda CA 94563
	
        Notices to the Company shall be sent to:

         

        Movano Inc.

        6200 Stoneridge Mall Rd., Suite 300

        Pleasanton, CA 94588

        Attention: Michael Leabman, CEO

 

6. Complete
Agreement; Amendments; Assignment. This Agreement amends and restates Original Agreement and sets forth the entire understanding
of the parties relating to the subject matter hereof and thereof and supersede and cancel any prior communications, understandings
and agreements, whether oral or written, between Lead Investor and the Company. This Agreement may not be amended or modified except
in writing. The rights of Lead Investor hereunder shall be freely assignable to any affiliate of Lead Investor, and this Agreement
shall apply to, inure to the benefit of and be binding upon and enforceable against the parties and their respective successors
and assigns.

 

7. Third
Party Beneficiaries. This Agreement is intended solely for the benefit of the parties hereto and, with the exception of the
rights and benefits conferred upon the Lead Investor Indemnified Parties by Section 4 of this Agreement, shall not be deemed
or interpreted to confer any rights upon any third parties.

 

8. Governing
Law; Jurisdiction; Venue. All aspects of the relationship created by this Agreement shall be governed by and construed in accordance
with the laws of the State of California, applicable to contracts made and to be performed in California, without regard to its
conflicts of laws provisions. All actions and proceedings which are not submitted to arbitration pursuant to Section 10
hereof shall be heard and determined exclusively in the state and federal courts located in San Francisco, California, and the
Company and Lead Investor hereby submit to the jurisdiction of such courts and irrevocably waive any defense or objection to such
forum, on forum non conveniens grounds or otherwise.

 

9. Arbitration.
Any dispute, claim or controversy arising out of or relating to this Agreement or the breach, termination, enforcement, interpretation
or validity thereof, including the determination of the scope or applicability of this agreement to arbitrate, shall be determined
by arbitration before one arbitrator in San Francisco (with the exception of claims to enforce the indemnity provision contained
herein), administered by JAMS pursuant to its Streamlined Arbitration Rules and Procedures. Judgment on the Award may be entered
in any court having jurisdiction. This clause shall not preclude parties from seeking provisional remedies in aid of arbitration
from a court of appropriate jurisdiction.

 

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The arbitrator may,
in the award, allocate all or part of the costs of the arbitration, including the fees of the arbitrator and the reasonable attorneys’
fees of the prevailing party.

 

The parties hereby
agree that this Section 10 shall survive the termination and/or expiration of this Agreement.

 

The Company’s
and Lead Investor’s consent to Arbitration are confirmed by initialing below:

 

	 	 	 
	Company	 	Lead Investor

 

10. Severability.
Should any one or more covenants, restrictions and provisions contained in this Agreement be held for any reason to be void, invalid
or unenforceable, in whole or in part, such unenforceability will not affect the validity of any other term of this Agreement,
and the invalid provision will be binding to the fullest extent permitted by law and will be deemed amended and construed so as
to meet this intent. To the extent any provision cannot be so amended or construed as a matter of law, the validity of the remaining
provisions shall be deemed unaffected and the illegal or invalid provision will be deemed stricken from this Agreement.

 

11. Section
Headings. The section headings herein are for convenience of reference only, and shall not limit or otherwise affect the meaning
hereof.

 

12. Counterparts.
This Agreement may be executed via facsimile or other electronic transmission and may be executed in separate counterparts, each
of which shall be deemed to be an original and all of which together shall constitute a single instrument.

 

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If the above accords
with your understanding and agreement, kindly indicate your consent hereto by signing below. We look forward to a long and successful
relationship with you.

 

	 	Very truly yours,
	 	 
	 	Ascend Capital, LLC
	 	Maestro Venture Partners LLC
	 	Emily Wang Fairbairn
	 	 	 
	 	By:	/s/ Emily Wang Fairbairn
	 	 	Emily Wang Fairbairn

 

ACCEPTED AND AGREED TO

AS OF THE DATE FIRST ABOVE WRITTEN:

 

	Movano Inc.	 
	 	 	 
	By:	/s/ Michael Leabman	 
	 	Michael Leabman, CEOExhibit 10.1

 

AT THE MARKET OFFERING AGREEMENT

 

January 29, 2021

 

H.C. Wainwright & Co., LLC

430 Park Avenue

New York, NY 10022

 

Ladies and
Gentlemen:

 

Corvus Gold Inc., a
corporation incorporated under the laws of British Columbia (the “Company”), confirms its agreement (this “Agreement”)
with H.C. Wainwright & Co., LLC (the “Manager”) as follows:

 

1.            Definitions.
The terms that follow, when used in this Agreement and any Terms Agreement, shall have the meanings indicated.

 

“Accountants” shall
have the meaning ascribed to such term in Section 4(m).

 

“Act”
shall mean the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder.

 

“Action”
shall have the meaning ascribed to such term in Section 3(q).

 

“Affiliate”
shall have the meaning ascribed to such term in Section 3(p).

 

“Applicable
Time” shall mean, with respect to any Shares, the time of sale of such Shares pursuant to this Agreement or any relevant
Terms Agreement.

 

“Base
Prospectus” shall mean the base prospectus contained in the Registration Statement at the Execution Time.

 

“Board”
shall have the meaning ascribed to such term in Section 2(b)(iii).

 

“Broker
Fee” shall have the meaning ascribed to such term in Section 2(b)(v).

 

“Business
Day” shall mean any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are
authorized or required by law to remain closed; provided, however, that, for purposes of clarity, commercial banks
shall not be deemed to be authorized or required by law to remain closed due to “stay at home”, “shelter-in-place”,
 “non-essential employee”  or any other similar orders or restrictions or the closure of any physical branch locations
at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers)
of commercial banks in The City of New York generally are open for use by customers on such day.

 

    

     

    

 

“Commission”
shall mean the United States Securities and Exchange Commission.

 

“Common
Shares” shall have the meaning ascribed to such term in Section 2.

 

“Common
Share Equivalents” shall have the meaning ascribed to such term in Section 3(g).

 

“Company
Counsel” shall have the meaning ascribed to such term in Section 4(l).

 

“DTC”
shall have the meaning ascribed to such term in Section 2(b)(vii).

 

“Effective
Date” shall mean each date and time that the Registration Statement and any post-effective amendment or amendments thereto
became or becomes effective.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission
promulgated thereunder.

 

“Execution
Time” shall mean the date and time that this Agreement is executed and delivered by the parties hereto.

 

“Filing
Date” shall have the meaning ascribed to such term in Section 4(w).

 

“Free
Writing Prospectus” shall mean a free writing prospectus, as defined in Rule 405.

 

“GAAP”
shall have the meaning ascribed to such term in Section 3(n).

 

“Incorporated
Documents” shall mean the documents or portions thereof filed with the Commission on or prior to the Effective Date that
are incorporated by reference in the Registration Statement or the Prospectus and any documents or portions thereof filed with
the Commission after the Effective Date that are deemed to be incorporated by reference in the Registration Statement or the Prospectus.

 

“Intellectual
Property Rights” shall have the meaning ascribed to such term in Section 3(v).

 

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“Issuer
Free Writing Prospectus” shall mean an issuer free writing prospectus, as defined in Rule 433.

 

“Losses”
shall have the meaning ascribed to such term in Section 7(d).

 

“Material
Adverse Effect” shall have the meaning ascribed to such term in Section 3(b).

 

“Material
Permits” shall have the meaning ascribed to such term in Section 3(t).

 

“Net
Proceeds” shall have the meaning ascribed to such term in Section 2(b)(v).

 

“Permitted
Free Writing Prospectus” shall have the meaning ascribed to such term in Section 4(g).

 

“Placement”
shall have the meaning ascribed to such term in Section 2(c).

 

“Proceeding”
shall have the meaning ascribed to such term in Section 3(b).

 

“Prospectus”
shall mean the Base Prospectus, as supplemented by the most recently filed Prospectus Supplement (if any).

 

“Prospectus
Supplement” shall mean each prospectus supplement relating to the Shares prepared and filed pursuant to Rule 424(b) from
time to time.

 

“Registration
Statement” shall mean the shelf registration statement (File Number 333-229516) on Form S-3, including all
documents, exhibits and financial statements and notes thereto, financial schedules, interactive data in eXtensible Business Reporting
Language files, and any prospectus supplement relating to the Shares that is filed with the Commission pursuant to Rule 424(b) and,
in each case, deemed part of such registration statement pursuant to Rule 430B, as amended on each Effective Date and, in
the event any post-effective amendment thereto becomes effective, shall also mean such registration statement as so amended.

 

“Representation
Date” shall have the meaning ascribed to such term in Section 4(k).

 

“Required
Approvals” shall have the meaning ascribed to such term in Section 3(e).

 

“Rule 158”,
 “Rule 164”, “Rule 172”, “Rule 173”, “Rule 405”,
 “Rule 415”, “Rule 424”, “Rule 430B” and “Rule 433”
refer to such rules under the Act.

 

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“Sales
Notice” shall have the meaning ascribed to such term in Section 2(b)(i).

 

“SEC
Reports” shall have the meaning ascribed to such term in Section 3(m).

 

“Settlement
Date” shall have the meaning ascribed to such term in Section 2(b)(vii).

 

“Subsidiary”
shall have the meaning ascribed to such term in Section 3(a).

 

“Terms
Agreement” shall have the meaning ascribed to such term in Section 2(a).

 

“Time
of Delivery” shall have the meaning ascribed to such term in Section 2(c).

 

“Trading
Day” means a day on which the Trading Market is open for trading.

 

“Trading
Market” means the Nasdaq Capital Market.

 

2.            Sale
and Delivery of Shares. The Company proposes to issue and sell through or to the Manager, as sales agent and/or principal,
from time to time during the term of this Agreement and on the terms set forth herein, up to US$12,600,000 of shares (the “Shares”)
of the Company’s common shares, no par value per share (“Common Shares”); provided, however,
that in no event shall the Company issue or sell through the Manager such number of Shares that exceeds (a) the number
or dollar amount of Common Shares registered on the Registration Statement, pursuant to which the offering is being made, (b) the
number of authorized but unissued Common Shares (less the number of Common Shares issuable upon exercise, conversion or exchange
of any outstanding securities of the Company or otherwise reserved from the Company’s authorized capital shares) or (c) the
number or dollar amount of Common Shares that would cause the Company or the offering of the Shares to not satisfy the eligibility
and transaction requirements for use of Form S-3 (including, if applicable, General Instruction I.B.6 of Registration Statement
on Form S-3) (the lesser of (a), (b) and (c), the “Maximum Amount”). Notwithstanding anything to the
contrary contained herein, the parties hereto agree that compliance with the limitations set forth in this Section 2 on the
number and aggregate sales price of Shares issued and sold under this Agreement shall be the sole responsibility of the Company
and that the Manager shall have no obligation in connection with such compliance.

 

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(a)           Appointment
of Manager as Selling Agent; Terms Agreement. For purposes of selling the Shares through the Manager, the Company hereby appoints
the Manager as exclusive agent of the Company for the purpose of selling the Shares of the Company pursuant to this Agreement and
the Manager agrees to use its commercially reasonable efforts to sell the Shares on the terms and subject to the conditions stated
herein. The Company agrees that, whenever it determines to sell the Shares directly to the Manager as principal, it will enter
into a separate agreement (each, a “Terms Agreement”) in substantially the form of Annex I hereto, relating
to such sale in accordance with Section 2 of this Agreement.

 

(b)           Agent
Sales. Subject to the terms and conditions and in reliance upon the representations and warranties herein set forth, the Company
will issue and agrees to sell Shares from time to time through the Manager, acting as sales agent, and the Manager agrees to use
its commercially reasonable efforts to sell, as sales agent for the Company, on the following terms:

 

(i)            The
Shares are to be sold on a daily basis or otherwise as shall be agreed to by the Company and the Manager on any day that (A) is
a Trading Day, (B) the Company has instructed the Manager by telephone (confirmed promptly by electronic mail) to make such
sales (“Sales Notice”) and (C) the Company has satisfied its obligations under Section 6 of this Agreement.
The Company will designate the maximum amount of the Shares to be sold by the Manager daily (subject to the limitations set forth
in Section 2(d)) and the minimum price per Share at which such Shares may be sold. Subject to the terms and conditions hereof,
the Manager shall use its commercially reasonable efforts to sell on a particular day all of the Shares designated for the sale
by the Company on such day. The gross sales price of the Shares sold under this Section 2(b) shall be the market price
for the Common Shares sold by the Manager under this Section 2(b) on the Trading Market at the time of sale of such Shares.

 

(ii)           The
Company acknowledges and agrees that (A) there can be no assurance that the Manager will be successful in selling the Shares,
(B) the Manager will incur no liability or obligation to the Company or any other person or entity if it does not sell the
Shares for any reason other than a failure by the Manager to use its commercially reasonable efforts consistent with its normal
trading and sales practices and applicable law and regulations to sell such Shares as required under this Agreement, and (C) the
Manager shall be under no obligation to purchase Shares on a principal basis pursuant to this Agreement, except as otherwise specifically
agreed by the Manager and the Company pursuant to a Terms Agreement.

 

(iii)           The
Company shall not authorize the issuance and sale of, and the Manager shall not be obligated to use its commercially reasonable
efforts to sell, any Share at a price lower than the minimum price therefor designated from time to time by the Company’s
Board of Directors (the “Board”), or a duly authorized committee thereof, or such duly authorized officers of
the Company, and notified to the Manager in writing. The Company or the Manager may, upon notice to the other party hereto by telephone
(confirmed promptly by electronic mail), suspend the offering of the Shares for any reason and at any time; provided, however,
that such suspension or termination shall not affect or impair the parties’ respective obligations with respect to the Shares
sold hereunder prior to the giving of such notice.

 

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(iv)            The
Manager may sell Shares by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415
under the Act, including without limitation sales made directly on the Trading Market, on any other existing trading market for
the Common Shares or to or through a market maker, in each case, in the United States, provided that in no case shall the Manager
sell the Shares on the Toronto Stock Exchange, in Canada or any of its provinces or territories, or on any other existing trading
market for the Common Shares outside the United States. The Manager may also sell Shares in privately negotiated transactions in
the United States, provided that (i) the Manager receives the Company’s prior written approval for any sales in privately
negotiated transactions, (ii) if so provided in the “Plan of Distribution” section of the Prospectus Supplement,
a supplement to the Prospectus Supplement or a new Prospectus Supplement disclosing the terms of such privately negotiated transaction
filed pursuant to Section 4(w) herein, or (iii) the number of Shares sold in such sales do not exceed 5% of the
Company’s issued and outstanding Common Shares on the date of this Agreement, provided that compliance with this limitation
shall be the sole responsibility of the Company and that the Manager shall have no obligation in connection with such compliance.

 

(v)            The
compensation to the Manager for sales of the Shares under this Section 2(b) shall be a placement fee of 3% of the gross
sales price of the Shares sold pursuant to this Section 2(b) (“Broker Fee”). The foregoing rate of
compensation shall not apply when the Manager acts as principal, in which case the Company may sell Shares to the Manager as principal
at a price agreed upon at the relevant Applicable Time pursuant to a Terms Agreement. The remaining proceeds, after deduction of
the Broker Fee and deduction for any transaction fees imposed by any clearing firm, execution broker, or governmental or self-regulatory
organization in respect of such sales, shall constitute the net proceeds to the Company for such Shares (the “Net Proceeds”).

 

(vi)          The
Manager shall provide written confirmation (which may be by facsimile or electronic mail) to the Company following the close of
trading on the Trading Market each day in which the Shares are sold under this Section 2(b) setting forth the number
of the Shares sold on such day, the aggregate gross sales proceeds and the Net Proceeds to the Company, and the compensation payable
by the Company to the Manager with respect to such sales.

 

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(vii)         Unless
otherwise agreed between the Company and the Manager, settlement for sales of the Shares will occur at 10:00 a.m. (New York
City time) on the second (2nd) Trading Day (or such earlier day as is industry practice for regular-way trading) following the
date on which such sales are made (each, a “Settlement Date”). On or before the Trading Day prior to each Settlement
Date, the Company will, or will cause its transfer agent to, electronically transfer the Shares being sold by crediting the Manager’s
or its designee’s account (provided that the Manager shall have given the Company written notice of such designee at least
one Trading Day prior to the Settlement Date) at The Depository Trust Company (“DTC”) through its Deposit and
Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by the parties hereto which Shares
in all cases shall be freely tradable, transferable, registered shares in good deliverable form. On each Settlement Date, the Manager
will deliver the related Net Proceeds in same day funds to an account designated by the Company. The Company agrees that, if the
Company, or its transfer agent (if applicable), defaults in its obligation to deliver duly authorized Shares on a Settlement Date,
in addition to and in no way limiting the rights and obligations set forth in Section 7 hereto, the Company will (i) hold
the Manager harmless against any loss, claim, damage, or reasonable, documented expense (including reasonable and documented legal
fees and expenses), as incurred, arising out of or in connection with such default by the Company, and (ii) pay to the Manager
any commission, discount or other compensation to which the Manager would otherwise have been entitled absent such default.

 

(viii)        At
each Applicable Time, Settlement Date, and Representation Date, the Company shall be deemed to have affirmed each representation
and warranty contained in this Agreement as if such representation and warranty were made as of such date, modified as necessary
to relate to the Registration Statement and the Prospectus as amended as of such date. Any obligation of the Manager to use its
commercially reasonable efforts to sell the Shares on behalf of the Company shall be subject to the continuing accuracy of the
representations and warranties of the Company herein, to the performance by the Company of its obligations hereunder and to the
continuing satisfaction of the additional conditions specified in Section 6 of this Agreement.

 

(ix)           If
the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders
of Common Shares, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other
securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement
or other similar transaction) (a “Distribution” and the record date for the determination of stockholders entitled
to receive the Distribution, the “Record Date”), the Company hereby covenants that, in connection with any sales
of Shares pursuant to a Sales Notice on the Record Date, the Company covenants and agrees that the Company shall issue and deliver
such Shares to the Manager on the Record Date and the Record Date shall be the Settlement Date and the Company shall cover any
additional costs of the Manager in connection with the delivery of Shares on the Record Date.

 

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(c)           Term
Sales. If the Company wishes to sell the Shares pursuant to this Agreement but other than as set forth in Section 2(b) of
this Agreement (each, a “Placement”), the Company will notify the Manager of the proposed terms of such Placement.
If the Manager, acting as principal, wishes to accept such proposed terms (which it may decline to do for any reason in its sole
discretion) or, following discussions with the Company wishes to accept amended terms, the Manager and the Company will enter into
a Terms Agreement setting forth the terms of such Placement. The terms set forth in a Terms Agreement will not be binding on the
Company or the Manager unless and until the Company and the Manager have each executed such Terms Agreement accepting all of the
terms of such Terms Agreement. In the event of a conflict between the terms of this Agreement and the terms of a Terms Agreement,
the terms of such Terms Agreement will control. A Terms Agreement may also specify certain provisions relating to the reoffering
of such Shares by the Manager. The commitment of the Manager to purchase the Shares pursuant to any Terms Agreement shall be deemed
to have been made on the basis of the representations and warranties of the Company herein contained and shall be subject to the
terms and conditions herein set forth, except as may be otherwise set forth in the Terms Agreement. Each Terms Agreement shall
specify the number of the Shares to be purchased by the Manager pursuant thereto, the price to be paid to the Company for such
Shares, the compensation to be paid to the Manager in relation to the purchase of such Shares, any provisions relating to rights
of, and default by, underwriters acting together with the Manager in the reoffering of the Shares, if applicable, and the time
and date (each such time and date being referred to herein as a “Time of Delivery”) and place of delivery of
and payment for such Shares. Such Terms Agreement shall also specify any requirements for opinions of counsel, accountants’
letters and officers’ certificates pursuant to Section 6 of this Agreement, approval of the Trading Market and the Toronto
Stock Exchange, and any other information or documents reasonably required by the Manager in relation to such Placement. The number
of Shares sold in such Terms Agreement shall not exceed 5% of the Company’s issued and outstanding Common Shares on the date
of this Agreement, provided that compliance with this limitation shall be the sole responsibility of the Company and that the Manager
shall have no obligation in connection with such compliance. A supplement to the Prospectus Supplement or a new Prospectus Supplement
disclosing the terms of such Terms Agreement transaction will be filed pursuant to Section 4(w) below.

 

    8

     

    

 

(d)           Maximum
Number of Shares. Under no circumstances shall the Company cause or request the offer or sale of any Shares if, after giving
effect to the sale of such Shares, the aggregate amount of Shares sold pursuant to this Agreement would exceed the lesser of (A) together
with all sales of Shares under this Agreement, the Maximum Amount, (B) the amount available for offer and sale under the currently
effective Registration Statement and (C) the amount authorized from time to time to be issued and sold under this Agreement
by the Board, a duly authorized committee thereof or a duly authorized executive committee, and notified to the Manager in writing.
Under no circumstances shall the Company cause or request the offer or sale of any Shares pursuant to this Agreement at a price
lower than the minimum price authorized from time to time by the Board, a duly authorized committee thereof or a duly authorized
executive officer, and notified to the Manager in writing. Further, under no circumstances shall the Company cause or permit the
aggregate offering amount of Shares sold pursuant to this Agreement to exceed the Maximum Amount.

 

(e)           Regulation
M Notice. Unless the exceptive provisions set forth in Rule 101(c)(1) of Regulation M under the Exchange Act
are satisfied with respect to the Shares, the Company shall give the Manager at least one Trading Day’s prior notice of its
intent to sell any Shares in order to allow the Manager time to comply with Regulation M.

 

(f)           Prohibition
on Canadian Sales. The Company and the Manager each covenants to the other party that (i) it will not undertake any act,
advertisement, solicitation, conduct or negotiation directly or indirectly in furtherance of the sale of the Shares in Canada;
(ii) it will not undertake an offer or sale of any Shares through the facilities of the Toronto Stock Exchange or any other
Canadian trading market; and (iii) it will not undertake an offer or sale of any of the Shares to any person that it knows
or has reason to believe is in Canada or has been pre-arranged with a buyer in Canada, or to any person who it knows or has reason
to believe is acting on the behalf of persons in Canada or to any person whom it knows or has reason to believe intends to reoffer,
resell or deliver the Shares in Canada through the facilities of the Toronto Stock Exchange or any other Canadian trading market
or to any persons in Canada or acting on the behalf of persons in Canada, in each case pursuant to this Agreement.

 

(g)           Black-out
Periods. Notwithstanding any other provision of this Agreement, no sales of Shares shall take place, the Company shall
not request the sales of any Shares that would be sold and the Manager shall not be obligated to sell or offer to sell any Shares,
during any period in which Company’s insider trading or similar policy, as it exists on the date of this Agreement, would
prohibit the purchase or sale of Common Shares by persons subject to such policy, or the Company is in possession of material non-public
information with respect to the Company; provided, however, that, if the Company’s internal committee formed
for purposes of this Agreement determines on any given date or period of time that the Company and the persons designated to request
sales of Shares under this Agreement do not possess material non-public information at a time when trading is otherwise prohibited
pursuant to the Company’s insider trading or similar policy, then the provisions of this paragraph shall not apply for such
date or period of time. For purposes of clarity, compliance with the requirements of this Section 2(g) shall be the sole
responsibility of the Company and the Manager shall have no obligation in connection with such compliance.

 

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3.           Representations
and Warranties. The Company represents and warrants to, and agrees with, the Manager at the Execution Time and on each such
time the following representations and warranties are repeated or deemed to be made pursuant to this Agreement, as set forth below
or in the Registration Statement, the Prospectus or the Incorporated Documents.

 

(a)            Subsidiaries.
All of the direct and indirect subsidiaries (individually, a “Subsidiary”) of the Company are set forth on Exhibit 21.1
to the Company’s most recent Annual Report on Form 10-K filed with the Commission. The Company owns, directly or indirectly,
all of the capital shares or other equity interests of each Subsidiary free and clear of any “Liens” (which
for purposes of this Agreement shall mean a lien, charge, security interest, encumbrance, right of first refusal, preemptive right
or other restriction), and all of the issued and outstanding capital shares or other equity interests of each Subsidiary are validly
issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities.

 

(b)            Organization
and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly
existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power
and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the Company
nor any Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles of incorporation,
bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business
and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted
or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as
the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity
or enforceability of this Agreement, (ii) a material adverse effect on the results of operations, assets, business, prospects
or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, from that set forth in the Registration
Statement, the Base Prospectus, any Prospectus Supplement, the Prospectus or the Incorporated Documents, or (iii) a material
adverse effect on the Company’s ability to perform in any material respect on a timely basis its obligations under this Agreement
(any of (i), (ii) or (iii), a “Material Adverse Effect”) and no “Proceeding” (which
for purposes of this Agreement shall mean any action, claim, suit, investigation or proceeding (including, without limitation,
an informal investigation or partial proceeding, such as a deposition), whether commenced or threatened) has been instituted in
any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

 

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(c)            Authorization
and Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions
contemplated by this Agreement and otherwise to carry out its obligations hereunder. The execution and delivery of this Agreement
by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary action
on the part of the Company and no further action is required by the Company, the Board or the Company’s stockholders in connection
herewith other than in connection with the Required Approvals. This Agreement has been duly executed and delivered by the Company
and constitutes the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except
(i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other
laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to
the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification
and contribution provisions may be limited by applicable law.

 

(d)            No
Conflicts. The execution, delivery and performance by the Company of this Agreement, the issuance and sale of the Shares and
the consummation by it of the transactions contemplated hereby do not and will not (i) conflict with or violate any provision
of the Company’s or any Subsidiary’s certificate or articles of incorporation, bylaws or other organizational or charter
documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become
a default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or
give to others any rights of termination, amendment, anti-dilution or similar adjustments, acceleration or cancellation (with or
without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary
debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of
the Company or any Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict with or result in
a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental
authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by
which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and
(iii), such as could not have or reasonably be expected to result in a Material Adverse Effect.

 

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(e)            Filings,
Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice
to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other
 “Person” (defined as an individual or corporation, partnership, trust, incorporated or unincorporated association,
joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity
of any kind, including the Trading Market) in connection with the execution, delivery and performance by the Company of this Agreement,
other than (i) the filings required by this Agreement, (ii) the filing with the Commission of the Prospectus Supplement,
(iii) the filing of application(s) to and approval by the Trading Market and the Toronto Stock Exchange for the listing
of the Shares for trading thereon in the time and manner required thereby, (iv) such filings as are required to be made under
applicable state securities laws and the rules and regulations of the Financial Industry Regulatory Authority, Inc. (“FINRA”)
(collectively, the “Required Approvals”) and (v) the filing with the British Columbia Securities Commission
of the Prospectus Supplement in accordance with applicable Canadian securities laws.

 

(f)            Issuance
of Shares. The Shares are duly authorized and, when issued and paid for in accordance with this Agreement, will be duly and
validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company. The Company has reserved from
its duly authorized capital shares the maximum number of Common Shares issuable pursuant to this Agreement. The issuance by the
Company of the Shares has been registered under the Act and all of the Shares are freely transferable and tradable by the purchasers
thereof without restriction (other than any restrictions arising solely from an act or omission of such a purchaser). The Shares
are being issued pursuant to the Registration Statement and the issuance of the Shares has been registered by the Company under
the Act. The “Plan of Distribution” section within Prospectus contained in the Registration Statement, as supplemented
by the Prospectus Supplement, permits the issuance and sale of the Shares as contemplated by this Agreement. Upon receipt of the
Shares, the purchasers of such Shares will have good and marketable title to such Shares and the Shares will be freely tradable
on the Trading Market.

 

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(g)            Capitalization.
The capitalization of the Company is as set forth in the Registration Statement, the Base Prospectus, the Prospectus Supplement
and the Prospectus. The Company has not issued any capital shares since its most recently filed periodic report under the Exchange
Act, other than pursuant to the exercise of employee stock options under the Company’s stock option plans, the issuance of
Common Shares to employees pursuant to the Company’s employee stock purchase plan and pursuant to the conversion and/or exercise
of securities exercisable, exchangeable or convertible into Common Shares (“Common Share Equivalents”) outstanding
as of the date of the most recently filed periodic report under the Exchange Act. No Person has any right of first refusal, preemptive
right, right of participation, or any similar right to participate in the transactions contemplated by this Agreement. Except (i) pursuant
to the Company’s stock option plans and (ii) pursuant to agreements or instruments described in or filed as exhibits
to Incorporated Documents, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any
character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or
giving any Person any right to subscribe for or acquire, any Common Shares or the capital shares of any Subsidiary, or contracts,
commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue additional Common
Shares or Common Share Equivalents or capital shares of any Subsidiary. The issuance and sale of the Shares will not obligate the
Company or any Subsidiary to issue Common Shares or other securities to any Person. There are no outstanding securities or instruments
of the Company or any Subsidiary with any provision that adjusts the exercise, conversion, exchange or reset price of such security
or instrument upon an issuance of securities by the Company or any Subsidiary. There are no outstanding securities or instruments
of the Company or any Subsidiary that contain any redemption or similar provisions, and there are no contracts, commitments, understandings
or arrangements by which the Company or any Subsidiary is or may become bound to redeem a security of the Company or such Subsidiary.
The Company does not have any stock appreciation rights or “phantom stock” plans or agreements or any similar plan
or agreement. All of the outstanding capital shares of the Company are duly authorized, validly issued, fully paid and nonassessable,
have been issued in compliance with all federal and state securities laws, and none of such outstanding shares was issued in violation
of any preemptive rights or similar rights to subscribe for or purchase securities. No further approval or authorization of any
stockholder, the Board or others is required for the issuance and sale of the Shares. There are no stockholders agreements, voting
agreements or other similar agreements with respect to the Company’s capital shares to which the Company is a party or, to
the knowledge of the Company, between or among any of the Company’s stockholders.

 

(h)            Registration
Statement. The Company meets the requirements for use of Form S-3 under the Act and has prepared and filed with the Commission
the Registration Statement, including a related Base Prospectus, for registration under the Act of the offering and sale of the
Shares. Such Registration Statement is effective and available for the offer and sale of the Shares as of the date hereof. As filed,
the Base Prospectus contains all information required by the Act and the rules and regulations thereunder, and, except to
the extent the Manager shall agree in writing to a modification, shall be in all substantive respects in the form furnished to
the Manager prior to the Execution Time or prior to any such time this representation is repeated or deemed to be made. The Registration
Statement, at the Execution Time, each such time this representation is repeated or deemed to be made, and at all times during
which a prospectus is required by the Act to be delivered (whether physically or through compliance with Rule 172, 173 or
any similar rule) in connection with any offer or sale of the Shares, meets the requirements set forth in Rule 415(a)(1)(x).
The initial Effective Date of the Registration Statement was not earlier than the date three years before the Execution Time. The
Company meets the transaction requirements with respect to the aggregate market value of securities being sold pursuant to this
offering and during the twelve (12) months prior to this offering, as set forth in General Instruction I.B.6 of Form S-3,
if and when applicable.

 

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(i)            Accuracy
of Incorporated Documents. The Incorporated Documents, when they were filed with the Commission, conformed in all material
respects to the requirements of the Exchange Act and the rules and regulations thereunder, and none of the Incorporated Documents,
when they were filed with the Commission, contained any untrue statement of a material fact or omitted to state a material fact
necessary to make the statements therein, in light of the circumstances under which they were made not misleading; and any further
documents so filed and incorporated by reference in the Registration Statement, the Base Prospectus, the Prospectus Supplement
or the Prospectus, when such documents are filed with the Commission, will conform in all material respects to the requirements
of the Exchange Act and the rules and regulations thereunder, as applicable, and will not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading.

 

(j)            Ineligible
Issuer. (i) At the earliest time after the filing of the Registration Statement that the Company or another offering participant
made a bona fide offer (within the meaning of Rule 164(h)(2)) of the Shares and (ii) as of the Execution Time and on
each such time this representation is repeated or deemed to be made (with such date being used as the determination date for purposes
of this clause (ii)), the Company was not and is not an Ineligible Issuer (as defined in Rule 405), without taking account
of any determination by the Commission pursuant to Rule 405 that it is not necessary that the Company be considered an Ineligible
Issuer.

 

(k)           Free
Writing Prospectus. The Company is eligible to use Issuer Free Writing Prospectuses. Each Issuer Free Writing Prospectus does
not include any information the substance of which conflicts with the information contained in the Registration Statement, including
any Incorporated Documents and any prospectus supplement deemed to be a part thereof that has not been superseded or modified;
and each Issuer Free Writing Prospectus does not contain any untrue statement of a material fact or omit to state any material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.
The foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus based upon and in conformity
with written information furnished to the Company by the Manager specifically for use therein. Any Issuer Free Writing Prospectus
that the Company is required to file pursuant to Rule 433(d) has been, or will be, filed with the Commission in accordance
with the requirements of the Act and the rules and regulations thereunder. Each Issuer Free Writing Prospectus that the Company
has filed, or is required to file, pursuant to Rule 433(d) or that was prepared by or behalf of or used by the Company
complies or will comply in all material respects with the requirements of the Act and the rules and regulations thereunder.
The Company will not, without the prior consent of the Manager, prepare, use or refer to, any Issuer Free Writing Prospectuses.

 

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(l)             Proceedings
Related to Registration Statement. The Registration Statement is not the subject of a pending proceeding or examination under
Section 8(d) or 8(e) of the Act, and the Company is not the subject of a pending proceeding under Section 8A
of the Act in connection with the offering of the Shares. The Company has not received any notice that the Commission has issued
or intends to issue a stop-order with respect to the Registration Statement or that the Commission otherwise has suspended or
withdrawn the effectiveness of the Registration Statement, either temporarily or permanently, or intends or has threatened in
writing to do so.

 

(m)           SEC
Reports. The Company has complied in all material respects with requirements to file all reports, schedules, forms, statements
and other documents required to be filed by the Company under the Act and the Exchange Act, including pursuant to Section 13(a) or
15(d) thereof, for the one year preceding the date hereof (or such shorter period as the Company was required by law or regulation
to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein,
together with the Prospectus and the Prospectus Supplement, being collectively referred to herein as the “SEC Reports”)
on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration
of any such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of
the Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement of a material
fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading. The financial statements of the Company included in
the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the
Commission with respect thereto as in effect at the time of filing or as amended or corrected in a subsequent filing. Such financial
statements have been prepared in accordance with United States generally accepted accounting principles applied on a consistent
basis during the periods involved (“GAAP”), except as may be otherwise specified in such financial statements
or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly
present in all material respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates
thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements,
to normal, immaterial, year-end audit adjustments.

 

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(n)            Mining.

 

(a)            Material
Projects. The Material Projects are the only material mineral property in which the Company has an interest. “Material
Projects” means the NBP property and MLP property.

 

(b)            Title
to Property. The Company has good and marketable title to or a valid leasehold interest in the Material Projects and all of
the Company’s other material properties or assets, free of all liens or encumbrances, in each case other than those described
in the Registration Statement and the Prospectus; no other material property rights are necessary for the conduct of the business
of the Company as currently conducted; neither the Company nor any subsidiary knows of any material claim or the basis for any
material claim that could reasonably be expected to adversely affect the right of the Company to use, transfer or otherwise exploit
such property rights, except as disclosed in the Registration Statement and the Prospectus; and neither the Company nor any subsidiary
has any current responsibility or obligation to pay any outstanding material commission, royalty, license fee or similar payment
to any Person with respect to the property rights of the Company except pursuant to applicable legislation or as has been disclosed
in the Registration Statement and the Prospectus.

 

(c)            Mineral
Rights. The Company holds freehold title, leases, licenses, mining claims or other conventional property, proprietary or contractual
interests or rights, recognized in the jurisdiction in which the Material Projects are located, under valid, subsisting and enforceable
title documents or other recognized and enforceable agreements, licenses or instruments, sufficient to permit the Company to explore
or exploit (as the case may be) the minerals relating thereto, in each case except as disclosed in the Registration Statement and
the Prospectus. The Company has all necessary surface rights, access rights and other necessary rights and interests relating to
the Material Projects, granting the Company the right and ability to explore, exploit and mine the mineral resources as and to
the extent described in the Registration Statement and the Prospectus, with only such exceptions as do not materially interfere
with the use made by the Company of the rights or interests so held, and each of the proprietary interests or rights and each of
the documents, agreements, leases, instruments and obligations relating thereto referred to above is currently in good standing,
in each case except as would not materially interfere with the Company’s ability to conduct its business as described in
the Registration Statement and the Prospectus.

 

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(d)            Property
Agreements: Except in each case as disclosed in the Registration Statement and the Prospectus, or as would not otherwise have
a Material Adverse Effect, any and all of the agreements and other documents and instruments pursuant to which the Company holds
the Material Projects (including any interest in, or right to earn an interest therein), are valid and subsisting agreements, documents
or instruments in full force and effect, enforceable in accordance with the terms thereof (subject to customary qualifications
and exceptions), the Company is not in default of any of the material provisions of any such agreements, documents or instruments
nor, to the knowledge of the Company, is any such default currently being alleged, all leases, licenses and claims pursuant to
which the Company derives the interests thereof in such property and assets are in good standing and, to the knowledge of the Company,
there has been no material default under any such lease, license or claim and all taxes required to be paid with respect to such
properties and assets to the date hereof have been paid. The Material Projects (or any interest therein, or right to earn an interest
therein) are not subject to any right of first refusal or purchase or acquisition right which is not disclosed in the Registration
Statement and the Prospectus.

 

(o)            Material
Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial statements included
within the SEC Reports, except as specifically disclosed in a subsequent SEC Report filed prior to the date hereof, (i) there
has been no event, occurrence or development that has had or that could reasonably be expected to result in a Material Adverse
Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and
accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required
to be reflected in the Company’s financial statements pursuant to GAAP or required to be disclosed in filings made with the
Commission, (iii) the Company has not altered its method of accounting, (iv) the Company has not declared or made any
dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase
or redeem any Common Shares and (v) the Company has not issued any equity securities to any officer, director or “Affiliate”
(defined as any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under
common control with a Person, as such terms are used in and construed under Rule 144 under the Act), except pursuant to existing
Company stock option plans. The Company does not have pending before the Commission any request for confidential treatment of information.
Except for the issuance of the Shares contemplated by this Agreement, no event, liability, fact, circumstance, occurrence or development
has occurred or exists or is reasonably expected to occur or exist with respect to the Company or its Subsidiaries or their respective
businesses, prospects, properties, operations, assets or financial condition that would be required to be disclosed by the Company
under applicable securities laws at the time this representation is made or deemed made that has not been publicly disclosed at
least 1 Trading Day prior to the date that this representation is made.

 

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(p)            Litigation.
There is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Company,
threatened against or affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator,
governmental or administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”)
which (i) adversely affects or challenges the legality, validity or enforceability of this Agreement or the Shares or (ii) could,
if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Neither the Company
nor any Subsidiary, nor, to the knowledge of the Company, any director or officer thereof, is or has been the subject of any Action
involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There
has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving
the Company or any current or former director or officer of the Company. The Commission has not issued any stop order or other
order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act
or the Act.

 

(q)            Labor
Relations. No material labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees
of the Company, which could reasonably be expected to result in a Material Adverse Effect. None of the Company’s or its Subsidiaries’
employees is a member of a union that relates to such employee’s relationship with the Company or such Subsidiary, and neither
the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe
that their relationships with their employees are good. To the knowledge of the Company, no executive officer of the Company or
any Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure
or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant
in favor of any third party, and the continued employment of each such executive officer does not subject the Company or any of
its Subsidiaries to any liability with respect to any of the foregoing matters, except as could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. The Company and its Subsidiaries are in compliance with all U.S. federal,
state, local and foreign laws and regulations relating to employment and employment practices, terms and conditions of employment
and wages and hours, except where the failure to be in compliance could not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect.

 

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(r)            Compliance.
Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that has not
been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor
has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture,
loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is
bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree or order of
any court, arbitrator or other governmental authority or (iii) is or has been in violation of any statute, rule, ordinance
or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws relating to
taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters, except
in each case as could not have or reasonably be expected to result in a Material Adverse Effect.

 

(s)           Environmental
Laws.     The Company and its Subsidiaries (i) are in
compliance with all federal, state, local and foreign laws relating to pollution or protection of human health or the environment
(including ambient air, surface water, groundwater, land surface or subsurface strata), including laws relating to emissions, discharges,
releases or threatened releases of chemicals, pollutants, contaminants, or toxic or hazardous substances or wastes (collectively,
 “Hazardous Materials”) into the environment, or otherwise relating to the manufacture, processing, distribution,
use, treatment, storage, disposal, transport or handling of Hazardous Materials, as well as all authorizations, codes, decrees,
demands, or demand letters, injunctions, judgments, licenses, notices or notice letters, orders, permits, plans or regulations,
issued, entered, promulgated or approved thereunder (“Environmental Laws”); (ii) have received all permits
licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses; and (iii) are
in compliance with all terms and conditions of any such permit, license or approval where in each clause (i), (ii) and (iii),
the failure to so comply could be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(t)            Regulatory
Permits. The Company and the Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal,
state, local or foreign regulatory authorities necessary to conduct their respective businesses as currently conducted and as described
in the SEC Reports, except where the failure to possess such permits could not reasonably be expected to result in a Material Adverse
Effect (“Material Permits”), and neither the Company nor any Subsidiary has received any notice of proceedings
relating to the revocation or modification of any Material Permit.

 

    19 

     

    

 

(u)            Title
to Assets. Except as disclosed in the Registration Statement, the Base Prospectus, any Prospectus Supplement or the Prospectus,
the Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them that is material
to the business of the Company and the Subsidiaries and good and marketable title in all personal property owned by them that is
material to the business of the Company and the Subsidiaries, in each case free and clear of all Liens, except for (i) Liens
as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made
of such property by the Company and the Subsidiaries and (ii) Liens for the payment of federal, state or other taxes, for
which appropriate reserves have been made therefor in accordance with GAAP and, the payment of which is neither delinquent nor
subject to penalties. Any real property and facilities held under lease by the Company and the Subsidiaries are held by them under
valid, subsisting and enforceable leases with which the Company and the Subsidiaries are in compliance, except where such non-compliance
would not reasonably be expected to have a Material Adverse Effect.

 

(v)            Intellectual
Property. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark
applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights
and similar rights necessary or required for use in connection with their respective businesses as described in the Registration
Statement, the Base Prospectus, any Prospectus Supplement or the Prospectus and which the failure to so have could have a Material
Adverse Effect (collectively, the “Intellectual Property Rights”). None of, and neither the Company nor any
Subsidiary has received a notice (written or otherwise) that any of, the Intellectual Property Rights has expired, terminated or
been abandoned, or is expected to expire or terminate or be abandoned, within two (2) years from the date of this Agreement.
Neither the Company nor any Subsidiary has received, since the date of the latest audited financial statements included within
the SEC Reports, a written notice of a claim or otherwise has any knowledge that the Intellectual Property Rights violate or infringe
upon the rights of any Person, except as could not have or reasonably be expected to not have a Material Adverse Effect. To the
knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by another
Person of any of the Intellectual Property Rights. The Company and its Subsidiaries have taken reasonable security measures to
protect the secrecy, confidentiality and value of all of their intellectual properties, except where failure to do so could not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(w)           Insurance.
The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and
in such amounts as are prudent and customary for companies of similar size as the Company in the businesses in which the Company
and the Subsidiaries are engaged, including, but not limited to, directors and officers insurance coverage. To the knowledge of
the Company, such insurance contracts and policies are accurate and complete. Neither the Company nor any Subsidiary has any reason
to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar
coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.

 

(x)            Affiliate
Transactions. Except as set forth in the Registration Statement, the Base Prospectus, any Prospectus Supplement or the Prospectus,
none of the officers or directors of the Company or any Subsidiary and, to the knowledge of the Company, none of the employees
of the Company or any Subsidiary is presently a party to any transaction with the Company or any Subsidiary (other than for services
as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services
to or by, providing for rental of real or personal property to or from, providing for the borrowing of money from or lending of
money to or otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the Company,
any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee,
stockholder, member or partner, in each case in excess of $120,000 other than for (i) payment of salary or consulting fees
for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii) other employee benefits,
including stock option agreements under any stock option plan of the Company.

 

    20 

     

    

 

 

(y)          Sarbanes
Oxley Compliance. The Company and the Subsidiaries are in material compliance with any and all applicable requirements of
the Sarbanes-Oxley Act of 2002 that are effective as of the date hereof, and any and all applicable rules and regulations
promulgated by the Commission thereunder that are effective as of the date hereof. The Company and the Subsidiaries maintain a
system of internal accounting controls sufficient to provide reasonable assurance that: (i) transactions are executed in
accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit
preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets
is permitted only in accordance with management’s general or specific authorization, and (iv) the recorded accountability
for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.
The Company and the Subsidiaries have established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) for the Company and the Subsidiaries and designed such disclosure controls and procedures to ensure that information
required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized
and reported, within the time periods specified in the Commission’s rules and forms. The Company’s certifying
officers have evaluated the effectiveness of the disclosure controls and procedures of the Company and the Subsidiaries as of
the end of the period covered by the most recently filed periodic report under the Exchange Act (such date, the “Evaluation
Date”). The Company presented in its most recently filed periodic report under the Exchange Act the conclusions of the
certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation
Date. Since the Evaluation Date, there have been no changes in the internal control over financial reporting (as such term is
defined in the Exchange Act) of the Company and its Subsidiaries that have materially affected, or is reasonably likely to materially
affect, the internal control over financial reporting of the Company and its Subsidiaries.

 

    	 	21	 

     

    

 

(z)           Certain
Fees. Other than payments to be made to the Manager, no brokerage or finder’s fees or commissions are or will be payable
by the Company or any Subsidiary to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank
or other Person with respect to the transactions contemplated by this Agreement. The Manager shall have no obligation with respect
to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that
may be due in connection with the transactions contemplated by this Agreement.

 

(aa)         No
Other Sales Agency Agreement. The Company has not entered into any other sales agency agreements or other similar arrangements
with any agent or any other representative in respect of at the market offerings of the Shares.

 

(bb)        [RESERVED]

 

(cc)         Listing
and Maintenance Requirements. The Common Shares are listed on the Trading Market and the issuance of the Shares as contemplated
by this Agreement does not contravene the rules and regulations of the Trading Market or the Toronto Stock Exchange. The
Common Shares are registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and the Company has taken
no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Common Shares
under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such registration.
The Company has not, in the 12 months preceding the date hereof, received notice from any Trading Market on which the Common Shares
are or have been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements
of such Trading Market. The Company is, and has no reason to believe that it will not in the foreseeable future continue to be,
in compliance with all such listing and maintenance requirements. The Common Shares are currently eligible for electronic transfer
through the Depository Trust Company or another established clearing corporation and the Company is current in payment of the
fees to the Depository Trust Company (or such other established clearing corporation) in connection with such electronic transfer.

 

(dd)        Application
of Takeover Protections. The Company and the Board have taken all necessary action, if any, in order to render inapplicable
any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other
similar anti-takeover provision under the Company’s certificate of incorporation (or similar charter documents) or the laws
of its jurisdiction of incorporation that is or could become applicable to the purchasers of the Shares.

 

    	 	22	 

     

    

 

(ee)         Solvency.
Based on the consolidated financial condition of the Company as of the date hereof, (i) the fair saleable value of the Company’s
assets exceeds the amount that will be required to be paid on or in respect of the Company’s existing debts and other liabilities
(including known contingent liabilities) as they mature, (ii) the Company’s assets do not constitute unreasonably small
capital to carry on its business as now conducted and as proposed to be conducted including its capital needs taking into account
the particular capital requirements of the business conducted by the Company, consolidated and projected capital requirements
and capital availability thereof, and (iii) the current cash flow of the Company, together with the proceeds the Company
would receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, would be sufficient
to pay all amounts on or in respect of its liabilities when such amounts are required to be paid. Within one year of the date
hereof, the Company does not intend to incur debts beyond its ability to pay such debts as they mature (taking into account the
timing and amounts of cash to be payable on or in respect of its debt). The Company has no knowledge of any facts or circumstances
which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any
jurisdiction within one year from the date hereof. The SEC Reports sets forth as of the date hereof all outstanding secured and
unsecured Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. For the purposes
of this Agreement, “Indebtedness” means (x) any liabilities for borrowed money or amounts owed in excess
of $100,000 (other than accrued liabilities and trade accounts payable incurred in the ordinary course of business), (y) all
guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same are or
should be reflected in the Company’s consolidated balance sheet (or the notes thereto), except guaranties by endorsement
of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (z) the
present value of any lease payments in excess of $100,000 due under leases required to be capitalized in accordance with GAAP.
Neither the Company nor any Subsidiary is in default with respect to any Indebtedness.

 

(ff)          Tax
Status. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a
Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and
local income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which
it is subject and have paid or accrued all taxes shown as due thereon, and the Company has no knowledge of a tax deficiency which
has been asserted or threatened against it, (ii) has paid all taxes and other governmental assessments and charges that are
material in amount, shown or determined to be due on such returns, reports and declarations and (iii) has set aside on its
books provision reasonably adequate for the payment of all material taxes for periods subsequent to the periods to which such
returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority
of any jurisdiction, and the officers of the Company or of any Subsidiary know of no basis for any such claim.

 

    	 	23	 

     

    

 

(gg)        Foreign
Corrupt Practices. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any agent
or other person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for unlawful
contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made
any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties
or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary
(or made by any person acting on its behalf of which the Company is aware) which is in violation of law, or (iv) violated
in any material respect any provision of the Foreign Corrupt Practices Act of 1977, as amended.

 

(hh)        Accountants.
The Company’s accounting firm is set forth in the SEC Reports. To the knowledge and belief of the Company, such accounting
firm (i) is a registered public accounting firm as required by the Exchange Act and (ii) shall express its opinion with
respect to the financial statements to be included in the Company’s Annual Report for the fiscal year ending May 31,
2021.

 

(ii)           Regulation
M Compliance.  The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or
indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the
Company to facilitate the sale or resale of any of the Shares, (ii) sold, bid for, purchased, or, paid any compensation for
soliciting purchases of, any of the Shares, or (iii) paid or agreed to pay to any Person any compensation for soliciting
another to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation
paid to the Manager in connection with the Shares.

 

(jj)          [RESERVED]

 

(kk)         Stock
Option Plans. Each stock option granted by the Company under the Company’s stock option plan was granted (i) in
accordance with the terms of the Company’s stock option plan and (ii) with an exercise price at least equal to the
fair market value of the Common Shares on the date such stock option would be considered granted under GAAP and applicable law.
No stock option granted under the Company’s stock option plan has been backdated. The Company has not knowingly granted,
and there is no and has been no Company policy or practice to knowingly grant, stock options prior to, or otherwise knowingly
coordinate the grant of stock options with, the release or other public announcement of material information regarding the Company
or its Subsidiaries or their financial results or prospects.

 

(ll)          Office
of Foreign Assets Control. Neither the Company nor any Subsidiary nor, to the Company's knowledge, any director, officer,
agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office
of Foreign Assets Control of the U.S. Treasury Department (“OFAC”).

 

    	 	24	 

     

    

 

(mm)       [RESERVED]

 

(nn)        Bank
Holding Company Act. Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding Company
Act of 1956, as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve System
(the “Federal Reserve”). Neither the Company nor any of its Subsidiaries or Affiliates owns or controls, directly
or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent or
more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither
the Company nor any of its Subsidiaries or Affiliates exercises a controlling influence over the management or policies of a bank
or any entity that is subject to the BHCA and to regulation by the Federal Reserve.

 

(oo)        Money
Laundering. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with
applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970,
as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the “Money
Laundering Laws”), and no Action or Proceeding by or before any court or governmental agency, authority or body or any
arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of
the Company or any Subsidiary, threatened.

 

(pp)        FINRA
Member Shareholders. There are no affiliations with any FINRA member firm among the Company’s officers, directors or,
to the knowledge of the Company, any five percent (5%) or greater stockholder of the Company, except as set forth in the Registration
Statement, the Base Prospectus, any Prospectus Supplement or the Prospectus.

 

4.             Agreements.
The Company agrees with the Manager that:

 

(a)           Right
to Review Amendments and Supplements to Registration Statement and Prospectus. During any period when the delivery of a prospectus
relating to the Shares is required (including in circumstances where such requirement may be satisfied pursuant to Rule 172,
173 or any similar rule) to be delivered under the Act in connection with the offering or the sale of Shares, the Company will
not file any amendment to the Registration Statement or supplement (including any Prospectus Supplement) to the Base Prospectus
unless the Company has furnished to the Manager a copy for its review prior to filing and will not file any such proposed amendment
or supplement to which the Manager reasonably objects. The Company has properly completed the Prospectus, in a form approved by
the Manager, and filed such Prospectus, as amended at the Execution Time, with the Commission pursuant to the applicable paragraph
of Rule 424(b) by the Execution Time and will cause any Prospectus Supplement to the Prospectus to be properly completed,
in a form approved by the Manager, and will file such Prospectus Supplement with the Commission pursuant to the applicable paragraph
of Rule 424(b) within the time period prescribed thereby and will provide evidence reasonably satisfactory to the Manager
of such timely filing. The Company will promptly advise the Manager (i) when the Prospectus, and any Prospectus Supplement
thereto, shall have been filed (if required) with the Commission pursuant to Rule 424(b), (ii) when, during any period
when the delivery of a prospectus (whether physically or through compliance with Rule 172, 173 or any similar rule) is required
under the Act in connection with the offering or sale of the Shares, any amendment to the Registration Statement shall have been
filed or become effective (other than any annual report of the Company filed pursuant to Section 13(a) or 15(d) of
the Exchange Act), (iii) of any request by the Commission or its staff for any amendment of the Registration Statement, or
for any supplement to the Prospectus or for any additional information, (iv) of the issuance by the Commission of any stop
order suspending the effectiveness of the Registration Statement or of any notice objecting to its use or the institution or threatening
of any proceeding for that purpose and (v) of the receipt by the Company of any notification with respect to the suspension
of the qualification of the Shares for sale in any jurisdiction or the institution or threatening of any proceeding for such purpose.
The Company will use its best efforts to prevent the issuance of any such stop order or the occurrence of any such suspension
or objection to the use of the Registration Statement and, upon such issuance, occurrence or notice of objection, to obtain as
soon as possible the withdrawal of such stop order or relief from such occurrence or objection, including, if necessary, by filing
an amendment to the Registration Statement or a new registration statement and using its best efforts to have such amendment or
new registration statement declared effective as soon as practicable.

 

    	 	25	 

     

    

 

(b)          Subsequent
Events. If, at any time on or after an Applicable Time but prior to the related Settlement Date, any event occurs as a result
of which the Registration Statement or Prospectus would include any untrue statement of a material fact or omit to state any material
fact necessary to make the statements therein in the light of the circumstances under which they were made or the circumstances
then prevailing not misleading, the Company will (i) notify promptly the Manager so that any use of the Registration Statement
or Prospectus may cease until such are amended or supplemented; (ii) amend or supplement the Registration Statement or Prospectus
to correct such statement or omission; and (iii) supply any amendment or supplement to the Manager in such quantities as
the Manager may reasonably request.

 

(c)           Notification
of Subsequent Filings. During any period when the delivery of a prospectus relating to the Shares is required (including in
circumstances where such requirement may be satisfied pursuant to Rule 172, 173 or any similar rule) to be delivered under
the Act, any event occurs as a result of which the Prospectus as then supplemented would include any untrue statement of a material
fact or omit to state any material fact necessary to make the statements therein in the light of the circumstances under which
they were made not misleading, or if it shall be necessary to amend the Registration Statement, file a new registration statement
or supplement the Prospectus to comply with the Act or the Exchange Act or the respective rules and regulations thereunder,
including in connection with use or delivery of the Prospectus, the Company promptly will (i) notify the Manager of any such
event, (ii) subject to Section 4(a), prepare and file with the Commission an amendment or supplement or new registration
statement which will correct such statement or omission or effect such compliance, (iii) use its best efforts to have any
amendment to the Registration Statement or new registration statement declared effective as soon as practicable in order to avoid
any disruption in use of the Prospectus and (iv) supply any supplemented Prospectus to the Manager in such quantities as
the Manager may reasonably request.

 

    	 	26	 

     

    

 

(d)          Earnings
Statements. As soon as practicable, the Company will make generally available to its security holders and to the Manager an
earnings statement or statements of the Company and its Subsidiaries which will satisfy the provisions of Section 11(a) of
the Act and Rule 158.

 

(e)           Delivery
of Registration Statement. Upon the request of the Manager, the Company will furnish to the Manager and counsel for the Manager,
without charge, signed copies of the Registration Statement (including exhibits thereto) and, so long as delivery of a prospectus
by the Manager or dealer may be required by the Act (including in circumstances where such requirement may be satisfied pursuant
to Rule 172, 173 or any similar rule), as many copies of the Prospectus and each Issuer Free Writing Prospectus and any supplement
thereto as the Manager may reasonably request. The Company will pay the expenses of printing or other production of all documents
relating to the offering.

 

(f)           Qualification
of Shares. The Company will arrange, if necessary, for the qualification of the Shares for sale under the laws of such jurisdictions
in the United States as the Manager may designate and will maintain such qualifications in effect so long as required for the
distribution of the Shares; provided that in no event shall the Company be obligated to qualify to do business in any jurisdiction
where it is not now so qualified or to take any action that would subject it to service of process in suits, other than those
arising out of the offering or sale of the Shares, in any jurisdiction where it is not now so subject.

 

(g)          Free
Writing Prospectus. The Company agrees that, unless it has or shall have obtained the prior written consent of the Manager,
and the Manager agrees with the Company that, unless it has or shall have obtained, as the case may be, the prior written consent
of the Company, it has not made and will not make any offer relating to the Shares that would constitute an Issuer Free Writing
Prospectus or that would otherwise constitute a “free writing prospectus” (as defined in Rule 405) required to
be filed by the Company with the Commission or retained by the Company under Rule 433. Any such free writing prospectus consented
to by the Manager or the Company is hereinafter referred to as a “Permitted Free Writing Prospectus.” The Company
agrees that (i) it has treated and will treat, as the case may be, each Permitted Free Writing Prospectus as an Issuer Free
Writing Prospectus and (ii) it has complied and will comply, as the case may be, with the requirements of Rules 164
and 433 applicable to any Permitted Free Writing Prospectus, including in respect of timely filing with the Commission, legending
and record keeping.

 

    	 	27	 

     

    

 

(h)            Subsequent
Equity Issuances. The Company shall not deliver any Sales Notice hereunder (and any Sales Notice previously delivered shall
not apply during such three Business Days) for at least three (3) Business Days prior to any date on which the Company or
any Subsidiary offers, sells, issues, contracts to sell, contracts to issue or otherwise disposes of, directly or indirectly,
any other Common Shares or any Common Share Equivalents (other than the Shares), subject to Manager’s right to waive this
obligation, provided that, without compliance with the foregoing obligation, the Company may issue and sell Common Shares pursuant
to any employee equity plan, stock ownership plan or dividend reinvestment plan of the Company in effect at the Execution Time
and the Company may issue Common Shares issuable upon the conversion or exercise of Common Share Equivalents outstanding at the
Execution Time.

 

(i)            Market
Manipulation. Until the termination of this Agreement, the Company will not take, directly or indirectly, any action designed
to or that would constitute or that might reasonably be expected to cause or result in, under the Exchange Act or otherwise, stabilization
or manipulation in violation of the Act, Exchange Act or the rules and regulations thereunder of the price of any security
of the Company to facilitate the sale or resale of the Shares or otherwise violate any provision of Regulation M under the Exchange
Act.

 

(j)            Notification
of Incorrect Certificate. The Company will, at any time during the term of this Agreement, as supplemented from time to time,
advise the Manager immediately after it shall have received notice or obtained knowledge thereof, of any information or fact that
would alter or affect any opinion, certificate, letter and other document provided to the Manager pursuant to Section 6 herein.

 

(k)            Certification
of Accuracy of Disclosure. Upon commencement of the offering of the Shares under this Agreement (and upon the recommencement
of the offering of the Shares under this Agreement following the termination of a suspension of sales hereunder lasting more than
30 Trading Days), and each time that (i) the Registration Statement or Prospectus shall be amended or supplemented, other
than by means of Incorporated Documents, (ii) the Company files its Annual Report on Form 10-K under the Exchange Act,
(iii) the Company files its quarterly reports on Form 10-Q under the Exchange Act, (iv) the Company files a Current
Report on Form 8-K containing amended financial information (other than information that is furnished and not filed), if
the Manager reasonably determines that the information in such Form 8-K is material, or (v) the Shares are delivered
to the Manager as principal at the Time of Delivery pursuant to a Terms Agreement (such commencement or recommencement date and
each such date referred to in (i), (ii), (iii), (iv) and (v) above, a “Representation Date”), unless
waived by the Manager, the Company shall furnish or cause to be furnished to the Manager forthwith a certificate dated and delivered
on the Representation Date, in form reasonably satisfactory to the Manager to the effect that the statements contained in the
certificate referred to in Section 6 of this Agreement which were last furnished to the Manager are true and correct at the
Representation Date, as though made at and as of such date (except that such statements shall be deemed to relate to the Registration
Statement and the Prospectus as amended and supplemented to such date) or, in lieu of such certificate, a certificate of the same
tenor as the certificate referred to in said Section 6, modified as necessary to relate to the Registration Statement and
the Prospectus as amended and supplemented to the date of delivery of such certificate.

 

    	 	28	 

     

    

 

(l)            Bring
Down Opinions; Negative Assurance. Within three (3) Trading Days after each Representation Date, unless waived by the
Manager, the Company shall furnish or cause to be furnished forthwith to the Manager and to counsel to the Manager a written opinion
of United States counsel to the Company and Canadian counsel to the Company (collectively, “Company Counsel”)
addressed to the Manager and dated and delivered on such Representation Date, in form and substance reasonably satisfactory to
the Manager, including a negative assurance representation from United States counsel to the Company. The requirement to furnish
or cause to be furnished an opinion (but not with respect to a negative assurance representation) under this Section 4(l) shall
be waived for any Representation Date other than a Representation Date on which a material amendment to the Registration Statement
or Prospectus is made or the Company files its Annual Report on Form 10-K or a material amendment thereto under the Exchange
Act, unless the Manager reasonably requests such deliverable required this Section 4(l) in connection with a Representation
Date, upon which request such deliverable shall be deliverable hereunder.

 

(m)          Auditor
Bring Down “Comfort” Letter. Within three (3) Trading Days after each Representation Date, unless waived
by the Manager, the Company shall cause (1) the Company’s auditors (the “Accountants”), or other
independent accountants satisfactory to the Manager forthwith to furnish the Manager a letter, and (2) the Chief Financial
Officer of the Company forthwith to furnish the Manager a certificate, in each case dated on such Representation Date, in form
satisfactory to the Manager, of the same tenor as the letters and certificate referred to in Section 6 of this Agreement
but modified to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letters
and certificate. The requirement to furnish or cause to be furnished a “comfort” letter under this Section 4(m) shall
be waived for any Representation Date other than a Representation Date on which a material amendment to the Registration Statement
or Prospectus is made or the Company files its Annual Report on Form 10-K or a material amendment thereto under the Exchange
Act, unless the Manager reasonably requests the deliverables required by this Section 4(m) in connection with a Representation
Date, upon which request such deliverable shall be deliverable hereunder.

 

    	 	29	 

     

    

 

(n)          Due
Diligence Session. Upon commencement of the offering of the Shares under this Agreement (and upon the recommencement of the
offering of the Shares under this Agreement following the termination of a suspension of sales hereunder lasting more than 30
Trading Days), and at each Representation Date, the Company will conduct a due diligence session, in form and substance, reasonably
satisfactory to the Manager, which shall include representatives of management and Accountants. The Company shall cooperate timely
with any reasonable due diligence request from or review conducted by the Manager or its agents from time to time in connection
with the transactions contemplated by this Agreement, including, without limitation, providing information and available documents
and access to appropriate corporate officers and the Company’s agents during regular business hours, and timely furnishing
or causing to be furnished such certificates, letters and opinions from the Company, its officers and its agents, as the Manager
may reasonably request. The Company shall reimburse the Manager for Manager’s counsel’s fees in each such due diligence
update session, up to a maximum of $2,500 per update, plus any incidental expense incurred by the Manager in connection therewith.

 

(o)          Acknowledgment
of Trading. The Company consents, to the extent permitted under applicable laws, to the Manager trading in the Common Shares
for the Manager’s own account and for the account of its clients at the same time as sales of the Shares occur pursuant
to this Agreement or pursuant to a Terms Agreement. For purposes of clarity, by providing such consent in this Section 4(o),
the Company shall not incur liability resulting from the trading activity of the Manager or its clients.

 

(p)          Disclosure
of Shares Sold. The Company will disclose in its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q,
as applicable, the number of Shares sold through the Manager under this Agreement, the Net Proceeds to the Company and the compensation
paid by the Company with respect to sales of Shares pursuant to this Agreement during the relevant quarter; and, if required by
any subsequent change in Commission policy or request, more frequently by means of a Current Report on Form 8-K or a further
Prospectus Supplement.

 

    	 	30	 

     

    

 

 

(q)           Rescission
Right. If to the knowledge of the Company, the conditions set forth in Section 6 shall not have been satisfied as of the
applicable Settlement Date, the Company will offer to any person who has agreed to purchase Shares from the Company as the result
of an offer to purchase solicited by the Manager the right to refuse to purchase and pay for such Shares.

 

(r)            Bring
Down of Representations and Warranties. Each acceptance by the Company of an offer to purchase the Shares hereunder, and each
execution and delivery by the Company of a Terms Agreement, shall be deemed to be an affirmation to the Manager that the representations
and warranties of the Company contained in or made pursuant to this Agreement are true and correct as of the date of such acceptance
or of such Terms Agreement as though made at and as of such date, and an undertaking that such representations and warranties will
be true and correct as of the Settlement Date for the Shares relating to such acceptance or as of the Time of Delivery relating
to such sale, as the case may be, as though made at and as of such date (except that such representations and warranties shall
be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented relating to such Shares).

 

(s)           Reservation
of Shares. The Company shall ensure that there are at all times sufficient Common Shares to provide for the issuance, free
of any preemptive rights, out of its authorized but unissued Common Shares or Common Shares held in treasury, of the maximum aggregate
number of Shares authorized for issuance by the Board pursuant to the terms of this Agreement. The Company will use its commercially
reasonable efforts to cause the Shares to be listed for trading on the Trading Market and the Toronto Stock Exchange and to maintain
such listing.

 

(t)           Obligation
Under Exchange Act. During any period when the delivery of a prospectus relating to the Shares is required (including in circumstances
where such requirement may be satisfied pursuant to Rule 172, 173 or any similar rule) to be delivered under the Act, the
Company will file all documents required to be filed with the Commission pursuant to the Exchange Act within the time periods required
by the Exchange Act and the rules and regulations thereunder.

 

(u)          DTC
Facility. The Company shall cooperate with Manager and use its reasonable efforts to permit the Shares to be eligible for clearance
and settlement through the facilities of DTC.

 

(v)          Use
of Proceeds. The Company will apply the Net Proceeds from the sale of the Shares in the manner set forth in the Prospectus.

 

(w)          Filing
of Prospectus Supplement. If any sales are made pursuant to this Agreement which are not made in “at the market”
offerings as defined in Rule 415, including, without limitation, any Placement pursuant to a Terms Agreement, the Company
shall file a Prospectus Supplement describing the terms of such transaction, the amount of Shares sold, the price thereof, the
Manager’s compensation, and such other information as may be required pursuant to Rule 424 and Rule 430B, as applicable,
within the time required by Rule 424.

 

    31 

     

    

 

(x)           Additional
Registration Statement. To the extent that the Registration Statement is not available for the sales of the Shares as contemplated
by this Agreement, the Company shall file a new registration statement with respect to any additional Common Shares necessary to
complete such sales of the Shares and shall cause such registration statement to become effective as promptly as practicable. After
the effectiveness of any such registration statement, all references to “Registration Statement” included in
this Agreement shall be deemed to include such new registration statement, including all documents incorporated by reference therein
pursuant to Item 12 of Form S-3, and all references to “Base Prospectus” included in this Agreement
shall be deemed to include the final form of prospectus, including all documents incorporated therein by reference, included in
any such registration statement at the time such registration statement became effective.

 

5.            Payment
of Expenses. The Company agrees to pay the costs and expenses incident to the performance of its obligations under this Agreement,
whether or not the transactions contemplated hereby are consummated, including without limitation: (i) the preparation, printing
or reproduction and filing with the Commission of the Registration Statement (including financial statements and exhibits thereto),
the Prospectus and each Issuer Free Writing Prospectus, and each amendment or supplement to any of them; (ii) the printing
(or reproduction) and delivery (including postage, air freight charges and charges for counting and packaging) of such copies of
the Registration Statement, the Prospectus, and each Issuer Free Writing Prospectus, and all amendments or supplements to any of
them, as may, in each case, be reasonably requested for use in connection with the offering and sale of the Shares; (iii) the
preparation, printing, authentication, issuance and delivery of certificates for the Shares, including any stamp or transfer taxes
in connection with the original issuance and sale of the Shares; (iv) the printing (or reproduction) and delivery of this
Agreement, any blue sky memorandum and all other agreements or documents printed (or reproduced) and delivered in connection with
the offering of the Shares; (v) the registration of the Shares under the Exchange Act, if applicable, and the listing of the
Shares on the Trading Market; (vi) any registration or qualification of the Shares for offer and sale under the securities
or blue sky laws of the several states (including filing fees and the reasonable fees and expenses of counsel for the Manager relating
to such registration and qualification); (vii) the transportation and other expenses incurred by or on behalf of Company representatives
in connection with presentations to prospective purchasers of the Shares; (viii) the fees and expenses of the Company’s
accountants and the fees and expenses of counsel (including local and special counsel) for the Company; (ix) the filing fee
under FINRA Rule 5110; (x) the reasonable fees and expenses of the Manager’s counsel, not to exceed $50,000 (excluding
any periodic due diligence fees provided for under Section 4(n)), which shall be paid at the Execution Time;; and (xi) all
other costs and expenses incident to the performance by the Company of its obligations hereunder.

 

    32 

     

    

 

6.            Conditions
to the Obligations of the Manager. The obligations of the Manager under this Agreement and any Terms Agreement shall be subject
to (i) the accuracy of the representations and warranties on the part of the Company contained herein as of the Execution
Time, each Representation Date, and as of each Applicable Time, Settlement Date and Time of Delivery, (ii) the performance
by the Company of its obligations hereunder and (iii) the following additional conditions:

 

(a)            Filing
of Prospectus Supplement. The Prospectus, and any supplement thereto, required by Rule 424 to be filed with the Commission
have been filed in the manner and within the time period required by Rule 424(b) with respect to any sale of Shares;
each Prospectus Supplement shall have been filed in the manner required by Rule 424(b) within the time period required
hereunder and under the Act; any other material required to be filed by the Company pursuant to Rule 433(d) under the
Act, shall have been filed with the Commission within the applicable time periods prescribed for such filings by Rule 433;
and no stop order suspending the effectiveness of the Registration Statement or any notice objecting to its use shall have been
issued and no proceedings for that purpose shall have been instituted or threatened.

 

(b)            Delivery
of Opinion. The Company shall have caused the Company Counsel to furnish to the Manager its opinion and negative assurance
statement, dated as of such date and addressed to the Manager in form and substance acceptable to the Manager.

 

(c)            Delivery
of Officer’s Certificate. The Company shall have furnished or caused to be furnished to the Manager a certificate of
the Company signed by the Chief Executive Officer or the President and the principal financial or accounting officer of the Company,
dated as of such date, to the effect that the signers of such certificate have carefully examined the Registration Statement, the
Prospectus, any Prospectus Supplement and any documents incorporated by reference therein and any supplements or amendments thereto
and this Agreement and that:

 

(i)            the
representations and warranties of the Company in this Agreement are true and correct on and as of such date with the same effect
as if made on such date and the Company has complied with all the agreements and satisfied all the conditions on its part to be
performed or satisfied at or prior to such date;

 

(ii)            no
stop order suspending the effectiveness of the Registration Statement or any notice objecting to its use has been issued and no
proceedings for that purpose have been instituted or, to the Company’s knowledge, threatened; and

 

    33 

     

    

(iii)           since
the date of the most recent financial statements included in the Registration Statement, the Prospectus and the Incorporated Documents,
there has been no Material Adverse Effect on the condition (financial or otherwise), earnings, business or properties of the Company
and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business, except as
set forth in or contemplated in the Registration Statement and the Prospectus.

 

(d)            Delivery
of Accountants’ “Comfort” Letter. The Company shall have requested and caused the Accountants to have furnished
to the Manager letters (which may refer to letters previously delivered to the Manager), dated as of such date, in form and substance
satisfactory to the Manager, confirming that they are independent accountants within the meaning of the Act and the Exchange Act
and the respective applicable rules and regulations adopted by the Commission thereunder and that they have performed a review
of any unaudited interim financial information of the Company included or incorporated by reference in the Registration Statement
and the Prospectus and provide customary “comfort” as to such review in form and substance satisfactory to the Manager.

 

(e)            No
Material Adverse Event. Since the respective dates as of which information is disclosed in the Registration Statement, the
Prospectus and the Incorporated Documents, except as otherwise stated therein, there shall not have been (i) any change or
decrease in previously reported results specified in the letter or letters referred to in paragraph (d) of this Section 6
or (ii) any change, or any development involving a prospective change, in or affecting the condition (financial or otherwise),
earnings, business or properties of the Company and its subsidiaries taken as a whole, whether or not arising from transactions
in the ordinary course of business, except as set forth in or contemplated in the Registration Statement, the Prospectus and the
Incorporated Documents (exclusive of any amendment or supplement thereto) the effect of which, in any case referred to in clause (i) or
(ii) above, is, in the sole judgment of the Manager, so material and adverse as to make it impractical or inadvisable to proceed
with the offering or delivery of the Shares as contemplated by the Registration Statement (exclusive of any amendment thereof),
the Incorporated Documents and the Prospectus (exclusive of any amendment or supplement thereto).

 

(f)            Payment
of All Fees. The Company shall have paid the required Commission filing fees relating to the Shares within the time period
required by Rule 456(b)(1)(i) of the Act without regard to the proviso therein and otherwise in accordance with Rules 456(b) and
457(r) of the Act and, if applicable, shall have updated the “Calculation of Registration Fee” table in accordance
with Rule 456(b)(1)(ii) either in a post-effective amendment to the Registration Statement or on the cover page of
a prospectus filed pursuant to Rule 424(b).

 

    34 

     

    

 

(g)            No
FINRA Objections. FINRA shall not have raised any objection with respect to the fairness and reasonableness of the terms and
arrangements under this Agreement.

 

(h)            Shares
Listed on Trading Market. The Shares shall have been listed and admitted and authorized for trading on the Trading Market and
the Toronto Stock Exchange, and satisfactory evidence of such actions shall have been provided to the Manager.

 

(i)             Other
Assurances. Prior to each Settlement Date and Time of Delivery, as applicable, the Company shall have furnished to the Manager
such further information, certificates and documents as the Manager may reasonably request.

 

If any of the conditions
specified in this Section 6 shall not have been fulfilled when and as provided in this Agreement, or if any of the opinions
and certificates mentioned above or elsewhere in this Agreement shall not be reasonably satisfactory in form and substance to the
Manager and counsel for the Manager, this Agreement and all obligations of the Manager hereunder may be canceled at, or at any
time prior to, any Settlement Date or Time of Delivery, as applicable, by the Manager. Notice of such cancellation shall be given
to the Company in writing or by telephone or facsimile confirmed in writing.

 

The documents required
to be delivered by this Section 6 shall be delivered at the office of Ellenoff Grossman & Schole LLP, counsel for
the Manager, at 1345 Avenue of the Americas, New York, New York 10105, email: capmkts@egsllp.com, on each such date as provided
in this Agreement.

 

7.            Indemnification
and Contribution.

 

(a)            Indemnification
by Company. The Company agrees to indemnify and hold harmless the Manager, the directors, officers, employees and agents of
the Manager and each person who controls the Manager within the meaning of either the Act or the Exchange Act against any and all
losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the Act, the Exchange
Act or other Federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages
or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement
of a material fact contained in the Registration Statement for the registration of the Shares as originally filed or in any amendment
thereof, or in the Base Prospectus, any Prospectus Supplement, the Prospectus, any Issuer Free Writing Prospectus, or in any amendment
thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not misleading or result from or relate to any breach
of any of the representations, warranties, covenants or agreements made by the Company in this Agreement, and agrees to reimburse
each such indemnified party for any legal or other expenses reasonably incurred by them in connection with investigating or defending
any such loss, claim, damage, liability or action; provided, however, that the Company will not be liable in any
such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement
or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information
furnished to the Company by the Manager specifically for inclusion therein. This indemnity agreement will be in addition to any
liability that the Company may otherwise have.

 

    35 

     

    

 

(b)            Indemnification
by Manager. The Manager agrees to indemnify and hold harmless the Company, each of its directors, each of its officers who
signs the Registration Statement, and each person who controls the Company within the meaning of either the Act or the Exchange
Act, to the same extent as the foregoing indemnity from the Company to the Manager, but only with reference to written information
relating to the Manager furnished to the Company by the Manager specifically for inclusion in the documents referred to in the
foregoing indemnity; provided, however, that in no case shall the Manager be responsible for any amount in excess
of the Broker Fee applicable to the Shares and paid hereunder. This indemnity agreement will be in addition to any liability which
the Manager may otherwise have.

 

(c)            Indemnification
Procedures. Promptly after receipt by an indemnified party under this Section 7 of notice of the commencement of any action,
such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 7,
notify the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party (i) will
not relieve it from liability under paragraph (a) or (b) above unless and to the extent it did not otherwise
learn of such action and such failure results in the forfeiture by the indemnifying party of substantial rights and defenses and
(ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification
obligation provided in paragraph (a) or (b) above. The indemnifying party shall be entitled to appoint counsel of
the indemnifying party’s choice at the indemnifying party’s expense to represent the indemnified party in any action
for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and
expenses of any separate counsel retained by the indemnified party or parties except as set forth below); provided, however,
that such counsel shall be reasonably satisfactory to the indemnified party. Notwithstanding the indemnifying party’s election
to appoint counsel to represent the indemnified party in an action, the indemnified party shall have the right to employ separate
counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate
counsel if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel
with a conflict of interest, (ii) the actual or potential defendants in, or targets of, any such action include both the indemnified
party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available
to it and/or other indemnified parties which are different from or additional to those available to the indemnifying party, (iii) the
indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified
party within a reasonable time after notice of the institution of such action or (iv) the indemnifying party shall authorize
the indemnified party to employ separate counsel at the expense of the indemnifying party. An indemnifying party will not, without
the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect
to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought
hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement,
compromise or consent includes an unconditional release of each indemnified party from all liability arising out of such claim,
action, suit or proceeding.

 

    36 

     

    

 

(d)            Contribution.
In the event that the indemnity provided in paragraph (a), (b) or (c) of this Section 7 is unavailable to or
insufficient to hold harmless an indemnified party for any reason, the Company and the Manager agree to contribute to the aggregate
losses, claims, damages and liabilities (including legal or other expenses reasonably incurred in connection with investigating
or defending the same) (collectively “Losses”) to which the Company and the Manager may be subject in such proportion
as is appropriate to reflect the relative benefits received by the Company on the one hand and by the Manager on the other from
the offering of the Shares; provided, however, that in no case shall the Manager be responsible for any amount in
excess of the Broker Fee applicable to the Shares and paid hereunder. If the allocation provided by the immediately preceding sentence
is unavailable for any reason, the Company and the Manager severally shall contribute in such proportion as is appropriate to reflect
not only such relative benefits but also the relative fault of the Company on the one hand and of the Manager on the other in connection
with the statements or omissions which resulted in such Losses as well as any other relevant equitable considerations. Benefits
received by the Company shall be deemed to be equal to the total net proceeds from the offering (before deducting expenses) received
by it, and benefits received by the Manager shall be deemed to be equal to the Broker Fee applicable to the Shares and paid hereunder
as determined by this Agreement. Relative fault shall be determined by reference to, among other things, whether any untrue or
any alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
provided by the Company on the one hand or the Manager on the other, the intent of the parties and their relative knowledge, access
to information and opportunity to correct or prevent such untrue statement or omission. The Company and the Manager agree that
it would not be just and equitable if contribution were determined by pro rata allocation or any other method of allocation which
does not take account of the equitable considerations referred to above. Notwithstanding the provisions of this paragraph (d),
no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 7, each
person who controls the Manager within the meaning of either the Act or the Exchange Act and each director, officer, employee and
agent of the Manager shall have the same rights to contribution as the Manager, and each person who controls the Company within
the meaning of either the Act or the Exchange Act, each officer of the Company who shall have signed the Registration Statement
and each director of the Company shall have the same rights to contribution as the Company, subject in each case to the applicable
terms and conditions of this paragraph (d).

 

    37 

     

    

 

8.            Termination.

 

(a)            The
Company shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement
relating to the solicitation of offers to purchase the Shares in its sole discretion at any time upon ten (10) Business Days’
prior written notice. Any such termination shall be without liability of any party to any other party except that (i) with
respect to any pending sale, through the Manager for the Company, the obligations of the Company, including in respect of compensation
of the Manager, shall remain in full force and effect notwithstanding the termination and (ii) the provisions of Sections 5,
6, 7, 8, 9, 10, 12, and 14 of this Agreement shall remain in full force and effect notwithstanding such termination.

 

(b)            The
Manager shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement
relating to the solicitation of offers to purchase the Shares in its sole discretion at any time. Any such termination shall be
without liability of any party to any other party except that the provisions of Sections 5, 6, 7, 8, 9, 10, 12, and 14 of
this Agreement shall remain in full force and effect notwithstanding such termination.

 

(c)            This
Agreement shall remain in full force and effect until such date that this Agreement is terminated pursuant to Sections 8(a) or
(b) above or otherwise by mutual agreement of the parties, provided that any such termination by mutual agreement shall in
all cases be deemed to provide that Sections 5, 6, 7, 8, 9, 10, 12, and 14 shall remain in full force and effect.

 

(d)           Any
termination of this Agreement shall be effective on the date specified in such notice of termination, provided that such termination
shall not be effective until the close of business on the date of receipt of such notice by the Manager or the Company, as the
case may be. If such termination shall occur prior to the Settlement Date or Time of Delivery for any sale of the Shares, such
sale of the Shares shall settle in accordance with the provisions of Section 2(b) of this Agreement.

 

    38 

     

    

 

(e)            In
the case of any purchase of Shares by the Manager pursuant to a Terms Agreement, the obligations of the Manager pursuant to such
Terms Agreement shall be subject to termination, in the absolute discretion of the Manager, by prompt oral notice given to the
Company prior to the Time of Delivery relating to such Shares, if any, and confirmed promptly by facsimile or electronic mail,
if since the time of execution of the Terms Agreement and prior to such delivery and payment, (i) trading in the Common Shares
shall have been suspended by the Commission or the Trading Market or trading in securities generally on the Trading Market shall
have been suspended or limited or minimum prices shall have been established on such exchange, (ii) a banking moratorium shall
have been declared either by Federal or New York State authorities or (iii) there shall have occurred any outbreak or escalation
of hostilities, declaration by the United States of a national emergency or war, or other calamity or crisis the effect of which
on financial markets is such as to make it, in the sole judgment of the Manager, impractical or inadvisable to proceed with the
offering or delivery of the Shares as contemplated by the Prospectus (exclusive of any amendment or supplement thereto).

 

9.            Representations
and Indemnities to Survive. The respective agreements, representations, warranties, indemnities and other statements of the
Company or its officers and of the Manager set forth in or made pursuant to this Agreement will remain in full force and effect,
regardless of any investigation made by the Manager or the Company or any of the officers, directors, employees, agents or controlling
persons referred to in Section 7, and will survive delivery of and payment for the Shares.

 

10.          Notices.
All communications hereunder will be in writing and effective only on receipt, and will be mailed, delivered, e-mailed or facsimiled
to the addresses of the Company and the Manager, respectively, set forth on the signature page hereto.

 

11.          Successors.
This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and the officers,
directors, employees, agents and controlling persons referred to in Section 7, and no other person will have any right or
obligation hereunder.

 

12.          No
Fiduciary Duty. The Company hereby acknowledges that (a) the purchase and sale of the Shares pursuant to this Agreement
is an arm’s-length commercial transaction between the Company, on the one hand, and the Manager and any affiliate through
which it may be acting, on the other, (b) the Manager is acting solely as sales agent and/or principal in connection with
the purchase and sale of the Company’s securities and not as a fiduciary of the Company and (c) the Company’s
engagement of the Manager in connection with the offering and the process leading up to the offering is as independent contractors
and not in any other capacity. Furthermore, the Company agrees that it is solely responsible for making its own judgments in connection
with the offering (irrespective of whether the Manager has advised or is currently advising the Company on related or other matters).
The Company agrees that it will not claim that the Manager has rendered advisory services of any nature or respect, or owe an agency,
fiduciary or similar duty to the Company, in connection with such transaction or the process leading thereto.

 

    39 

     

    

 

13.          Integration.
This Agreement and any Terms Agreement supersede all prior agreements and understandings (whether written or oral) between the
Company and the Manager with respect to the subject matter hereof.

 

14.          Amendments;
Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed,
in the case of an amendment, by the Company and the Manager. No waiver of any default with respect to any provision, condition
or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default
or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any
right hereunder in any manner impair the exercise of any such right.

 

15.          Applicable
Law. This Agreement and any Terms Agreement will be governed by and construed in accordance with the laws of the State of New
York applicable to contracts made and to be performed within the State of New York. Each of the Company and the Manager: (i) agrees
that any legal suit, action or proceeding arising out of or relating to this Agreement shall be instituted exclusively in New York
Supreme Court, County of New York, or in the United States District Court for the Southern District of New York, (ii) waives
any objection which it may have or hereafter to the venue of any such suit, action or proceeding, and (iii) irrevocably consents
to the jurisdiction of the New York Supreme Court, County of New York, and the United States District Court for the Southern District
of New York in any such suit, action or proceeding. Each of the Company and the Manager further agrees to accept and acknowledge
service of any and all process which may be served in any such suit, action or proceeding in the New York Supreme Court, County
of New York, or in the United States District Court for the Southern District of New York and agrees that service of process upon
the Company mailed by certified mail to the Company’s address shall be deemed in every respect effective service of process
upon the Company, in any such suit, action or proceeding, and service of process upon the Manager mailed by certified mail to the
Manager’s address shall be deemed in every respect effective service process upon the Manager, in any such suit, action or
proceeding. If either party shall commence an action or proceeding to enforce any provision of this Agreement, then the prevailing
party in such action or proceeding shall be reimbursed by the other party for its reasonable attorney’s fees and other costs
and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

 

    40 

     

    

 

16.         Waiver
of Jury Trial. The Company hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right
to trial by jury in any legal proceeding arising out of or relating to this Agreement, any Terms Agreement or the transactions
contemplated hereby or thereby.

 

17.          Counterparts.
This Agreement and any Terms Agreement may be signed in one or more counterparts, each of which shall constitute an original and
all of which together shall constitute one and the same agreement, which may be delivered by facsimile or in .pdf file via e-mail.

 

***************************

 

    41 

     

    

 

 

18.            Headings.
The section headings used in this Agreement and any Terms Agreement are for convenience only and shall not affect the construction
hereof.

 

If the foregoing is
in accordance with your understanding of our agreement, please sign and return to us the enclosed duplicate hereof, whereupon this
letter and your acceptance shall represent a binding agreement among the Company and the Manager.

 

Very truly yours,

 

corvus gold inc.

 

By:__/s/ Jeffrey A. Pontius______________________

Name: Jeffrey A. Pontius

Title: President and CEO

 

Address for Notice:

1750-700 West Pender Street

Vancouver, British Columbia V6C 1G8 Canada

Attention: ______________

E-mail: ________________

 

The foregoing Agreement is hereby confirmed and accepted as
of the date first written above.

 

H.C. WAINWRIGHT & CO., LLC

 

	
         

        By:___/s/ Edward D. Silvera_____________________

        Name: Edward D. Silvera

        Title: Chief Operating Officer

         

 

Address for Notice:

430 Park Avenue

New York, New York 10022

Attention: Chief Executive Officer

E-mail: notices@hcwco.com

    42

     

    

 

Form of Terms Agreement

ANNEX I

corvus
gold inc.

TERMS AGREEMENT

 

Dear Sirs:

 

Corvus Gold
Inc. (the “Company”) proposes, subject to the terms and conditions stated herein and in the At The Market Offering
Agreement, dated January 29, 2021 (the “At The Market Offering Agreement”), between the Company and H.C.
Wainwright & Co., LLC (“Manager”), to issue and sell to Manager the securities specified in the Schedule I
hereto (the “Purchased Shares”).

 

Each of the
provisions of the At The Market Offering Agreement not specifically related to the solicitation by the Manager, as agent of the
Company, of offers to purchase securities is incorporated herein by reference in its entirety, and shall be deemed to be part of
this Terms Agreement to the same extent as if such provisions had been set forth in full herein. Each of the representations and
warranties set forth therein shall be deemed to have been made at and as of the date of this Terms Agreement and the Time of Delivery,
except that each representation and warranty in Section 3 of the At The Market Offering Agreement which makes reference to
the Prospectus (as therein defined) shall be deemed to be a representation and warranty as of the date of the At The Market Offering
Agreement in relation to the Prospectus, and also a representation and warranty as of the date of this Terms Agreement and the
Time of Delivery in relation to the Prospectus as amended and supplemented to relate to the Purchased Shares.

 

An amendment
to the Registration Statement (as defined in the At The Market Offering Agreement), or a supplement to the Prospectus, as the case
may be, relating to the Purchased Shares, in the form heretofore delivered to the Manager is now proposed to be filed with the
Securities and Exchange Commission.

 

Subject to
the terms and conditions set forth herein and in the At The Market Offering Agreement which are incorporated herein by reference,
the Company agrees to issue and sell to the Manager and the latter agrees to purchase from the Company the number of shares of
the Purchased Shares at the time and place and at the purchase price set forth in the Schedule I hereto.

    43

     

    

 

If the foregoing is
in accordance with your understanding, please sign and return to us a counterpart hereof, whereupon this Terms Agreement, including
those provisions of the At The Market Offering Agreement incorporated herein by reference, shall constitute a binding agreement
between the Manager and the Company.

 

 

	 	 	 	 	 
	
        corvus gold inc.

         
	 	 
	
         

        By:__________________________________________

        Name:

        Title:

         

 

ACCEPTED as of the date first written above.

 

	 	 	 	 	 
	
        H.C. WAINWRIGHT & CO., LLC

         
	 	 

 

By:__________________________________________

Name:

Title:

    44

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