SECURITIESANDEXCHANGECOMMISSIONd18rn0p25nwr6d.cloudfront.net/CIK-0001095052/... · Certificate 11...

UNITEDSTATESSECURITIESANDEXCHANGECOMMISSION

Washington,D.C.20549

FORM6-K

ReportofForeignPrivateIssuerPursuanttoRule13a-16or15d-16

undertheSecuritiesExchangeActof1934

Forthemonthof:May,2018

Commissionfilenumber:001-33562

PlatinumGroupMetalsLtd.

Suite788—550BurrardStreet,VancouverBC,V6C2B5,CANADAAddressofPrincipalExecutiveOffice

Indicatebycheckmarkwhethertheregistrantfilesorwillfileannualreportsundercover:

Form20-FxForm40-Fo

IndicatebycheckmarkiftheregistrantissubmittingtheForm6-KinpaperaspermittedbyRegulationS-TRule101(b)(1):oIndicatebycheckmarkiftheregistrantissubmittingtheForm6-KinpaperaspermittedbyRegulationS-TRule101(b)(7):o

SIGNATURE

PursuanttotherequirementsoftheSecuritiesExchangeActof1934,theregistranthasdulycausedthisreporttobesignedonitsbehalfbytheundersigned,thereuntodulyauthorized.

Date:May15,2018

/s/FrankHallamFRANKHALLAMCHIEFFINANCIALOFFICER

EXHIBITINDEX

EXHIBIT99.1INCLUDEDWITHTHISREPORTISHEREBYINCORPORATEDBYREFERENCEASANEXHIBITTOTHEREGISTRANT’SREGISTRATIONSTATEMENTONFORMF-10(FILENO.333-213985),ANDTOBEAPARTTHEREOFFROMTHEDATEONWHICHTHISREPORTISSUBMITTED,TOTHEEXTENTNOTSUPERSEDEDBYDOCUMENTSORREPORTSSUBSEQUENTLYFILEDORFURNISHED.Exhibit

Description99.1

WarrantIndenturedatedMay15,2018

Exhibit99.1

ExecutionVersion

PLATINUMGROUPMETALSLTD.

astheCorporation

COMPUTERSHARETRUSTCOMPANYOFCANADA

astheWarrantAgent

WARRANTINDENTURE

ProvidingfortheIssueofWarrants

DatedasofMay15,2018

TABLEOFCONTENTS

PageNo.

ARTICLE1INTERPRETATION

Section1.1 Definitions 2Section1.2 GenderandNumber 6Section1.3 Headings,Etc. 6Section1.4 DaynotaBusinessDay 6Section1.5 TimeoftheEssence 7Section1.6 MonetaryReferences 7Section1.7 ApplicableLaw 7

ARTICLE2ISSUEOFWARRANTS

Section2.1 CreationandIssueofWarrants 7Section2.2 TermsofWarrants 7Section2.3 WarrantholdernotaShareholder 8Section2.4 WarrantstoRankPariPassu 8Section2.5 FormofWarrants,CertificatedWarrants 8Section2.6 BookEntryOnlyWarrants 8Section2.7 WarrantCertificate 11Section2.8 RegisterofWarrants 13Section2.9 IssueinSubstitutionforWarrantCertificatesLost,etc. 14Section2.10 ExchangeofWarrantCertificates 15Section2.11 TransferandOwnershipofWarrants 15Section2.12 CancellationofSurrenderedWarrants 16

ARTICLE3EXERCISEOFWARRANTS

Section3.1 RightofExercise 16Section3.2 WarrantExercise 16Section3.3 CashlessExercise 19Section3.4 TransferFeesandTaxes 20Section3.5 WarrantAgency 20Section3.6 EffectofExerciseofWarrants 21Section3.7 PartialExerciseofWarrants;Fractions 21Section3.8 ExpirationofWarrants 22Section3.9 AccountingandRecording 22Section3.10 SecuritiesRestrictions 22Section3.11 U.S.SecuritiesLawMatters 24

TABLEOFCONTENTS

(continued)

PageNo.

ARTICLE4ADJUSTMENTOFNUMBEROFCOMMONSHARES

ANDEXERCISEPRICE Section4.1 AdjustmentofNumberofCommonSharesandExercisePrice 26Section4.2 EntitlementtoCommonSharesonExerciseofWarrant 31Section4.3 NoAdjustmentforCertainTransactions 31Section4.4 DeterminationbyIndependentFirm 31Section4.5 ProceedingsPriortoanyActionRequiringAdjustment 31Section4.6 CertificateofAdjustment 32Section4.7 NoticeofSpecialMatters 32Section4.8 NoActionafterNotice 32Section4.9 OtherAction 33Section4.10 ProtectionofWarrantAgent 33Section4.11 ParticipationbyWarrantholder 33Section4.12 RegulatoryApprovalofAdjustments 34

ARTICLE5RIGHTSOFTHECORPORATIONANDCOVENANTS

Section5.1 OptionalPurchasesbytheCorporation 34Section5.2 GeneralCovenants 34Section5.3 WarrantAgent’sRemunerationandExpenses 35Section5.4 PerformanceofCovenantsbyWarrantAgent 36Section5.5 EnforceabilityofWarrants 36

ARTICLE6ENFORCEMENT

Section6.1 SuitsbyRegisteredWarrantholders 36Section6.2 SuitsbytheCorporation 37Section6.3 ImmunityofShareholders,etc. 37Section6.4 WaiverofDefault 37

ARTICLE7MEETINGSOFREGISTEREDWARRANTHOLDERS

Section7.1 RighttoConveneMeetings 38Section7.2 Notice 38Section7.3 Chairman 38Section7.4 Quorum 39Section7.5 PowertoAdjourn 39

TABLEOFCONTENTS

(continued)

PageNo. Section7.6 ShowofHands 39Section7.7 PollandVoting 39Section7.8 Regulations 40Section7.9 CorporationandWarrantAgentMaybeRepresented 40Section7.10 PowersExercisablebyExtraordinaryResolution 40Section7.11 MeaningofExtraordinaryResolution 42Section7.12 PowersCumulative 43Section7.13 Minutes 43Section7.14 InstrumentsinWriting 43Section7.15 BindingEffectofResolutions 43Section7.16 HoldingsbyCorporationDisregarded 44

ARTICLE8SUPPLEMENTALINDENTURES

Section8.1 ProvisionforSupplementalIndenturesforCertainPurposes 44Section8.2 SuccessorEntities 45

ARTICLE9CONCERNINGTHEWARRANTAGENT

Section9.1 TrustIndentureLegislation 46Section9.2 RightsandDutiesofWarrantAgent 46Section9.3 Evidence,ExpertsandAdvisers 47Section9.4 Documents,Monies,etc.HeldbyWarrantAgent 48Section9.5 ActionsbyWarrantAgenttoProtectInterest 48Section9.6 WarrantAgentNotRequiredtoGiveSecurity 48Section9.7 ProtectionofWarrantAgent 48Section9.8 ReplacementofWarrantAgent;SuccessorbyMerger 50Section9.9 ConflictofInterest 51Section9.10 AcceptanceofAgency 51Section9.11 WarrantAgentNottobeAppointedReceiver 51Section9.12 WarrantAgentNotRequiredtoGiveNoticeofDefault 52Section9.13 Anti-MoneyLaundering 52Section9.14 CompliancewithPrivacyCode 53Section9.15 SecuritiesExchangeCommissionCertification 53

ARTICLE10GENERAL

Section10.1 NoticetotheCorporationandtheWarrantAgent 54

TABLEOFCONTENTS

(continued)

PageNo. Section10.2 NoticetoRegisteredWarrantholders 55Section10.3 OwnershipofWarrants 55Section10.4 Counterparts 56Section10.5 SatisfactionandDischargeofIndenture 56Section10.6 ProvisionsofIndentureandWarrantsfortheSoleBenefitofPartiesandRegisteredWarrantholders 57Section10.7 CommonSharesorWarrantsOwnedbytheCorporationoritsSubsidiaries-CertificatetobeProvided 57Section10.8 Severability 57Section10.9 ForceMajeure 57Section10.10 Assignment,SuccessorsandAssigns 58Section10.11 RightsofRescissionandWithdrawalforHolders 58

SCHEDULESSCHEDULE“A”-FORMOFWARRANTCERTIFICATESCHEDULE“B”-EXERCISEFORM

WARRANTINDENTURE

THISWARRANTINDENTUREisdatedasofMay15,2018.

BETWEEN:

PLATINUMGROUPMETALSLTD.,acorporationexistingunderthelawsoftheProvinceofBritishColumbia(the“Corporation”)

COMPUTERSHARETRUSTCOMPANYOFCANADA,atrustcompanyexistingunderthelawsofCanadaandauthorizedtocarryonbusinessinallprovincesofCanada(the“WarrantAgent”)

WHEREAStheCorporationisproposingtoissueupto131,100,000Warrants(ashereinafterdefined)pursuanttothisIndenture;

ANDWHEREASpursuanttothisIndenture,eachWarrantshall,subjecttoadjustment,entitletheholderthereoftoacquireone(1)CommonShare(ashereinafterdefined)uponpaymentoftheExercisePrice(ashereinafterdefined)uponthetermsandconditionshereinsetforth;

ANDWHEREASallactsanddeedsnecessaryhavebeendoneandperformedtomaketheWarrants,whencreatedandissuedasprovidedinthisIndenture,legal,validandbindingupontheCorporationwiththebenefitsandsubjecttothetermsofthisIndenture;

ANDWHEREAStheforegoingrecitalsaremadeasrepresentationsandstatementsoffactbytheCorporationandnotbytheWarrantAgent;

NOWTHEREFORE,inconsiderationofthepremisesandmutualcovenantshereinaftercontainedandothergoodandvaluableconsideration,thereceiptandsufficiencyofwhichisherebyacknowledged,theCorporationherebyappointstheWarrantAgentaswarrantagenttoholdtherights,interestsandbenefitscontainedhereinforandonbehalfofthosepersonswhofromtimetotimebecometheholdersofWarrantsissuedpursuanttothisIndentureandthepartiesheretoagreeasfollows:

ARTICLE1

INTERPRETATIONSection1.1Definitions.

InthisIndenture,includingtherecitalsandscheduleshereto,andinallindenturessupplementalhereto:“AdjustmentPeriod”meanstheperiodfromtheEffectiveDateuptoandincludingtheExpiryTime;“ApplicableLegislation”meansanystatuteofCanadaoraprovincethereof,andtheregulationsunderanysuchnamedorotherstatute,relatingtowarrantindenturesortotherights,dutiesandobligationsofwarrantagentsunderwarrantindentures,totheextentthatsuchprovisionsareatthetimeinforceandapplicabletothisIndenture;“ApplicableSecuritiesLaws”meanstheapplicablesecuritieslawsandregulationsofeachoftheprovincesandterritoriesofCanada,andtheapplicablefederalandstatesecuritieslawsandregulationsoftheUnitedStates,togetherwithallrelatedrules,policies,noticesandordersofapplicableregulatoryauthorities;“Auditors”meansafirmofprofessionalaccountantsdulyappointedasauditorsoftheCorporation,fromtimetotime;“Authenticated”means(a)withrespecttotheissuanceofaWarrantCertificate,onewhichhasbeendulysignedbytheCorporationandauthenticatedbysignatureofanauthorizedofficeroftheWarrantAgent,(b)withrespecttotheissuanceofanUncertificatedWarrant,oneinrespectofwhichtheWarrantAgenthascompletedallInternalProceduressuchthattheparticularsofsuchUncertificatedWarrantasrequiredbySection2.7areenteredintheregisterofholdersofWarrants,“Authenticate”,“Authenticating”and“Authentication”havetheappropriatecorrelativemeanings;“BookEntryOnlyParticipants”meansinstitutionsthatparticipatedirectlyorindirectlyintheDepository’sbookentryregistrationsystemfortheWarrants;“BookEntryOnlyWarrants”meansWarrantsthataretobeheldonlybyoronbehalfoftheDepository;“BusinessDay”meansanydayotherthanSaturday,Sundayorastatutoryorcivicholiday,oranyotherdayonwhichbanksarenotopenforbusinessintheCityofVancouver,ProvinceofBritishColumbiaandshallbeadayonwhichtheTorontoStockExchangeisopenfortrading;

“CDSGlobalWarrants”meansWarrantsrepresentingalloraportionoftheaggregatenumberofWarrantsissuedinthenameoftheDepositoryrepresentedbyanUncertificatedWarrant,orifrequestedbytheDepositoryortheCorporation,byaWarrantCertificate;“CertificatedWarrant”meansaWarrantevidencedbyawritingorwritingssubstantiallyintheformofSchedule“A”,attachedhereto;“CommonShareReorganization”hasthemeaningsetforthinSection4.1(a);“CommonShares”means,subjecttoArticle4,fullypaidandnon-assessablecommonsharesoftheCorporationaspresentlyconstituted;“Confirmation”hasthemeaningsetforthinSection3.2(1);“Corporation”meansPlatinumGroupMetalsLtd.;“Counsel”meansabarristerand/orsolicitororafirmofbarristersand/orsolicitorsretainedbytheWarrantAgentorretainedbytheCorporation,whichmayormaynotbecounselfortheCorporation;“CurrentMarketPrice”oftheCommonSharesatanydatemeansthevolumeweightedaverageofthetradingpriceperCommonShareforsuchCommonSharesforeachdaytherewasaclosingpriceforthetwenty(20)consecutiveTradingDaysendingfive(5)dayspriortosuchdateontheTorontoStockExchangeorifonsuchdatetheCommonSharesarenotlistedontheTorontoStockExchange,onsuchstockexchangeuponwhichsuchCommonSharesarelistedandasselectedbythedirectors,or,ifsuchCommonSharesarenotlistedonanystockexchangethenonsuchover-the-countermarketasmaybeselectedforsuchpurposebythedirectorsoftheCorporation(providedthat,ifsuchtradingpriceisinacurrencyotherthanUnitedStatesdollars,thevolumeweightedaveragepriceinsuchcurrencywillbeconvertedintoUnitedStatesdollarsusingtheapplicabledailyexchangerate(s)publishedbytheBankofCanadaonthelastTradingDayduringtheapplicablemeasurementperiodor,ifnosuchratewaspublishedonsuchdate,thenextprecedingdailyexchangerate(s)publishedbytheBankofCanada;andprovided,further,thatiftheBankofCanadanolongerpublishessuchrates,thevolumeweightedaveragepricewillbeconvertedintoUnitedStatesdollarsusingthethenapplicableexchangerateasdeterminedbythedirectorsoftheCorporation);“Depository”meansCDSClearingandDepositoryServicesInc.orsuchotherpersonasisdesignatedinwritingbytheCorporationtoactasdepositoryinrespectoftheWarrants;“Dividends”meansanydividendspaidbytheCorporation;

“EffectiveDate”meansthedateofthisIndenture;“ExchangeRate”meansthenumberofCommonSharessubjecttotherightofpurchaseundereachWarrant;“ExerciseDate”means,inrelationtoaWarrant,theBusinessDayonwhichsuchWarrantisvalidlyexercisedordeemedtobevalidlyexercisedinaccordancewithArticle3hereof;“ExerciseNotice”hasthemeaningsetforthinSection3.2(1);“ExercisePrice”atanytimemeansthepriceatwhichawholeCommonSharemaybepurchasedbytheexerciseofWarrants,whichisinitiallyUS$0.17perCommonShare,payableinimmediatelyavailableUnitedStatesfunds,subjecttoadjustmentinaccordancewiththeprovisionsofthisIndenture;“ExpiryDate”meansNovember15,2019;“ExpiryTime”means4:00p.m.(Vancouvertime)ontheExpiryDate;“ExtraordinaryResolution”hasthemeaningsetforthinSection7.11(1);“FinalExerciseNotice”hasthemeaningsetforthinSection3.3;“InternalProcedures”meansinrespectofthemakingofanyoneormoreentriesto,changesinordeletionsofanyoneormoreentriesintheregisteratanytime(includingwithoutlimitation,originalissuanceorregistrationoftransferofownership)theminimumnumberoftheWarrantAgent’sinternalprocedurescustomaryatsuchtimefortheentry,changeordeletionmadetobecompleteundertheoperatingproceduresfollowedatthetimebytheWarrantAgent,itbeingunderstoodthatneitherpreparationandissuanceshallconstitutepartofsuchproceduresforanypurposeofthisdefinition;“IssueDate”meansMay15,2018;“OriginalPurchaser”meansaholderofWarrantswhopurchasedsuchWarrantsintheCompany’spublicofferingoftheunitsofwhichtheWarrantsformedapart,includingeachRegisteredWarrantholder,butexcludingtheDepository;“person”meansanindividual,bodycorporate,partnership,trust,warrantagent,executor,administrator,legalrepresentativeoranyunincorporatedorganization;“register”meanstheonesetofrecordsandaccountsmaintainedbytheWarrantAgentpursuanttoSection2.8;

“RegisteredWarrantholders”meansthepersonswhoareregisteredownersofWarrantsassuchnamesappearontheregister,andforgreatercertainty,shallincludetheDepositoryaswellastheholdersofUncertificatedWarrantsappearingontheregisteroftheWarrantAgent;“RegistrationStatement”meansashelfregistrationstatementfiledwiththeSECundertheU.S.SecuritiesActregisteringtheCommonSharesissuableuponexerciseoftheWarrants;“RightsOffering”hasthemeaningsetforthinSection4.1(b);“SEC”meanstheUnitedStatesSecuritiesandExchangeCommission;“Shareholders”meansholdersofCommonShares;“TaxAct”meanstheIncomeTaxAct(Canada)andtheregulationsthereunder;“thisWarrantIndenture”,“thisIndenture”,“hereto”“herein”,“hereby”,“hereof”andsimilarexpressionsmeanandrefertothisIndentureandanyindenture,deedorinstrumentsupplementalhereto;andtheexpressions“Article”,“Section”,“subsection”and“paragraph”followedbyanumber,letterorbothmeanandrefertothespecifiedarticle,section,subsectionorparagraphofthisIndenture;“TradingDay”means,withrespecttotheTorontoStockExchange,adayonwhichsuchexchangeisopenforthetransactionofbusinessandwithrespecttoanotherexchangeoranover-the-countermarketmeansadayonwhichsuchexchangeormarketisopenforthetransactionofbusiness;“UncertificatedWarrant”meansanyWarrantwhichisnotaCertificatedWarrant;“UnitedStates”or“U.S.”meanstheUnitedStatesofAmerica,itsterritoriesandpossessions,anystateoftheUnitedStates,andtheDistrictofColumbia;“U.S.ExchangeAct”meanstheUnitedStatesSecuritiesExchangeActof1934,asamended;“U.S.SecuritiesAct”meanstheUnitedStatesSecuritiesActof1933,asamended;“Warrants”meanstheCommonSharepurchasewarrantscreatedbyandauthorizedbyandissuableunderthisIndenture,tobeissuedandcountersignedhereunderasaCertificatedWarrantand/orUncertificatedWarrantheldthroughthebookentryregistrationsystemonanocertificateissuedbasis,entitlingtheholderorholdersthereoftopurchaseupto131,100,000CommonShares(subjecttoadjustmentashereinprovided)attheExercisePricepriortotheExpiryTime;

“WarrantAgency”meanstheprincipalofficeoftheWarrantAgentintheCityofVancouver,orsuchotherplaceasmaybedesignatedinaccordancewithSection3.5;“WarrantAgent”meansComputershareTrustCompanyofCanada,initscapacityaswarrantagentoftheWarrants,oritssuccessorsfromtimetotime;“WarrantCertificate”meansacertificate,substantiallyintheformsetforthinSchedule“A”hereto,toevidencethoseWarrantsthatwillbeevidencedbyacertificate;“Warrantholders”,or“holders”withoutreferencetoWarrants,meansthewarrantholdersasandinrespectofWarrantsregisteredinthenameoftheDepositoryandincludesownersofWarrantswhobeneficiallyholdsecuritiesentitlementsinrespectoftheWarrantsthroughaBookEntryOnlyParticipantormeans,ataparticulartime,thepersonsenteredintheregisterhereinaftermentionedasholdersofWarrantsoutstandingatsuchtime;“Warrantholders’Request”meansaninstrumentsignedinoneormorecounterpartsbyRegisteredWarrantholdersentitledtoacquireintheaggregatenotlessthan50%oftheaggregatenumberofCommonShareswhichcouldbeacquiredpursuanttoallWarrantsthenunexercisedandoutstanding,requestingtheWarrantAgenttotakesomeactionorproceedingspecifiedtherein;and“writtenorderoftheCorporation”,“writtenrequestoftheCorporation”,“writtenconsentofthe“Corporation”and“certificateoftheCorporation”mean,respectively,awrittenorder,request,consentandcertificatesignedinthenameoftheCorporationbyanytwodulyauthorizedsignatoriesoftheCorporationandmayconsistofoneormoreinstrumentssoexecuted.Section1.2GenderandNumber.

Wordsimportingthesingularnumberormasculinegendershallincludethepluralnumberorthefeminineorneutergenders,andviceversa.Section1.3Headings,Etc.

ThedivisionofthisIndentureintoArticlesandSections,theprovisionofaTableofContentsandtheinsertionofheadingsareforconvenienceofreferenceonlyandshallnotaffecttheconstructionorinterpretationofthisIndentureoroftheWarrants.Section1.4DaynotaBusinessDay.

IfanydayonorbeforewhichanyactionornoticeisrequiredtobetakenorgivenhereunderisnotaBusinessDay,thensuchactionornoticeshallberequired

tobetakenorgivenonorbeforetherequisitetimeonthenextsucceedingdaythatisaBusinessDay.Section1.5TimeoftheEssence.

TimeshallbeoftheessenceofthisIndenture.Section1.6MonetaryReferences.

Wheneveranyamountsofmoneyarereferredtoherein,suchamountsshallbedeemedtobeinlawfulmoneyoftheUnitedStatesofAmericaunlessotherwiseexpressed.Section1.7ApplicableLaw.

ThisIndenture,theWarrants,theWarrantCertificates(includingalldocumentsrelatingthereto,whichbycommonaccordhavebeenandwillbedraftedinEnglish)shallbeconstruedinaccordancewiththelawsoftheProvinceofBritishColumbiaandthefederallawsofCanadaapplicablethereinandshallbetreatedinallrespectsasBritishColumbiacontracts.Eachofthepartieshereto,whichshallincludetheWarrantholders,irrevocablyattornstotheexclusivejurisdictionofthecourtsoftheProvinceofBritishColumbiawithrespecttoallmattersarisingoutofthisIndentureandthetransactionscontemplatedherein.

ARTICLE2ISSUEOFWARRANTS

Section2.1CreationandIssueofWarrants.

Amaximumof131,100,000Warrants(subjecttoadjustmentashereinprovided)areherebycreatedandauthorizedtobeissuedinaccordancewiththetermsandconditionshereof.BywrittenorderoftheCorporation,theWarrantAgentshalldeliverWarrantCertificatestoRegisteredWarrantholdersandrecordthenameoftheRegisteredWarrantholdersontheWarrantregister.RegistrationofinterestsinWarrantsheldbytheDepositorymaybeevidencedbyapositionappearingontheregisterforWarrantsoftheWarrantAgentforanamountrepresentingtheaggregatenumberofsuchWarrantsoutstandingfromtimetotime.Section2.2TermsofWarrants.(1)SubjecttotheapplicableconditionsforexercisesetoutinArticle3havingbeensatisfiedandsubjecttoadjustmentinaccordanceherewith,each

WarrantshallentitleeachWarrantholderthereof,uponexerciseatanytimeaftertheIssueDateandpriortotheExpiryTime,toacquireone(1)CommonShareuponpaymentoftheExercisePrice.

(2)NofractionalWarrantsshallbeissuedorotherwiseprovidedforhereunderandWarrantsmayonlybeexercisedinasufficientnumbertoacquirewhole

numbersofCommonShares.(3)EachWarrantshallentitletheholderthereoftosuchotherrightsandprivilegesasaresetforthinthisIndenture.

(4)ThenumberofCommonShareswhichmaybepurchasedpursuanttotheWarrantsandtheExercisePricethereforshallbeadjustedupontheeventsand

inthemannerspecifiedinSection4.1.Section2.3WarrantholdernotaShareholder.

Exceptasmaybespecificallyprovidedherein,nothinginthisIndentureorintheholdingofaWarrantCertificate,entitlementtoaWarrantorotherwise,shall,initself,conferorbeconstruedasconferringuponaWarrantholderanyrightorinterestwhatsoeverasaShareholder,including,butnotlimitedto,therighttovoteat,toreceivenoticeof,ortoattend,meetingsofShareholdersoranyotherproceedingsoftheCorporation,ortherighttoDividendsandotherallocations.Section2.4WarrantstoRankPariPassu.

AllWarrantsshallrankequallyandwithoutpreferenceovereachother,whatevermaybetheactualdateofissuethereof.Section2.5FormofWarrants,CertificatedWarrants.

TheWarrantsmaybeissuedinbothcertificatedanduncertificatedform.AllWarrantsissuedincertificatedformshallbeevidencedbyaWarrantCertificate(includingallreplacementsissuedinaccordancewiththisIndenture),substantiallyintheformsetoutinSchedule“A”hereto,whichshallbedatedasoftheIssueDate,shallbearsuchdistinguishinglettersandnumbersastheCorporationmay,withtheapprovaloftheWarrantAgent,prescribe,andshallbeissuableinanydenominationexcludingfractions.AllWarrantsissuedtotheDepositorymaybeineitheracertificatedoruncertificatedform,suchuncertificatedformbeingevidencedbyabookpositionontheregisterofWarrantholderstobemaintainedbytheWarrantAgentinaccordancewithSection2.6.Section2.6BookEntryOnlyWarrants.(1)ReregistrationofbeneficialinterestsinandtransfersofWarrantsheldbytheDepositoryshallbemadeonlythroughthebookentryregistrationsystem

andnoWarrantCertificatesshallbeissuedinrespectofsuchWarrantsexceptwherephysicalcertificatesevidencingownershipinsuchsecurities

arerequiredorassetouthereinorasmayberequestedbytheDepository,asdeterminedbytheCorporation,fromtimetotime.ExceptasprovidedinthisSection2.6,ownersofbeneficialinterestsinanyCDSGlobalWarrantsshallnotbeentitledtohaveWarrantsregisteredintheirnamesandshallnotreceiveorbeentitledtoreceiveWarrantsindefinitiveformortohavetheirnamesappearintheregisterreferredtoinSection2.8herein.

(2)NotwithstandinganyotherprovisioninthisIndenture,noCDSGlobalWarrantsmaybeexchangedinwholeorinpartforWarrantsregistered,andno

transferofanyCDSGlobalWarrantsinwholeorinpartmayberegistered,inthenameofanypersonotherthantheDepositoryforsuchCDSGlobalWarrantsoranomineethereofunless:

(a)theDepositorynotifiestheCorporationthatitisunwillingorunabletocontinuetoactasdepositoryinconnectionwiththeBookEntryOnly

WarrantsandtheCorporationisunabletolocateaqualifiedsuccessor;

(b)theCorporationdeterminesthattheDepositoryisnolongerwilling,ableorqualifiedtodischargeproperlyitsresponsibilitiesasholderoftheCDSGlobalWarrantsandtheCorporationisunabletolocateaqualifiedsuccessor;

(c)theDepositoryceasestobeaclearingagencyorotherwiseceasestobeeligibletobeadepositoryandtheCorporationisunabletolocatea

qualifiedsuccessor;

(d)theCorporationdeterminesthattheWarrantsshallnolongerbeheldasBookEntryOnlyWarrantsthroughtheDepository;

(e)suchrightisrequiredbyapplicablelaw,asdeterminedbytheCorporationandtheCorporation’sCounsel;or

(f)suchregistrationiseffectedinaccordancewiththeinternalproceduresoftheDepositoryandtheWarrantAgent,

followingwhich,WarrantsforthoseholdersrequestingthesameshallberegisteredandissuedtothebeneficialownersofsuchWarrantsortheirnomineesasdirectedbytheholder.TheCorporationshallprovideanOfficer’sCertificategivingnoticetotheWarrantAgentoftheoccurrenceofanyeventoutlinedinthisSection2.6(2)(a)—(f).

(3)SubjecttotheprovisionsofthisSection2.6,anyexchangeofCDSGlobalWarrantsforWarrantswhicharenotCDSGlobalWarrantsmaybemadein

wholeorinpartinaccordancewiththeprovisionsofSection2.11,mutatismutandis.AllsuchWarrantsissuedinexchangeforaCDSGlobalWarrantoranyportionthereofshallberegisteredinsuchnamesastheDepositoryforsuchCDSGlobalWarrantsshalldirectandshallbeentitledtothesamebenefitsandsubjecttothesametermsandconditions(exceptinsofarastheyrelatespecificallytoCDSGlobalWarrants)astheCDSGlobalWarrantsorportionthereofsurrendereduponsuchexchange.

(4)EveryWarrantthatisAuthenticateduponregistrationortransferofaCDSGlobalWarrant,orinexchangefororinlieuofaCDSGlobalWarrantor

anyportionthereof,whetherpursuanttothisSection2.6,orotherwise,shallbeAuthenticatedintheformof,andshallbe,aCDSGlobalWarrant,unlesssuchWarrantisregisteredinthenameofapersonotherthantheDepositoryforsuchCDSGlobalWarrantoranomineethereof.

(5)NotwithstandinganythingtothecontraryinthisIndenture,subjecttoapplicablelaw,theCDSGlobalWarrantwillbeissuedasanUncertificated

Warrant,unlessotherwiserequestedinwritingbytheDepositoryortheCorporation.(6)TherightsofbeneficialownersofWarrantswhoholdsecuritiesentitlementsinrespectoftheWarrantsthroughthebookentryregistrationsystemshall

belimitedtothoseestablishedbyapplicablelawandagreementsbetweentheDepositoryandtheBookEntryOnlyParticipantsandbetweensuchBookEntryOnlyParticipantsandthebeneficialownersofWarrantswhoholdsecuritiesentitlementsinrespectoftheWarrantsthroughthebookentryregistrationsystem,andsuchrightsmustbeexercisedthroughaBookEntryOnlyParticipantinaccordancewiththerulesandproceduresoftheDepository.

(7)Notwithstandinganythinghereintothecontrary,neithertheCorporationnortheWarrantAgentnoranyagentthereofshallhaveanyresponsibilityor

liabilityfor:

(a)theelectronicrecordsmaintainedbytheDepositoryrelatingtoanyownershipinterestsoranyotherinterestsintheWarrantsorthedepositorysystemmaintainedbytheDepository,orpaymentsmadeonaccountofanyownershipinterestoranyotherinterestofanypersoninanyWarrantrepresentedbyanelectronicpositioninthebookentryregistrationsystem(otherthantheDepositoryoritsnominee);

(b)maintaining,supervisingorreviewinganyrecordsoftheDepositoryoranyBookEntryOnlyParticipantrelatingtoanysuchinterest;or

(c)anyadviceorrepresentationmadeorgivenbytheDepositoryorthosecontainedhereinthatrelatetotherulesandregulationsoftheDepository

oranyactiontobetakenbytheDepositoryonitsowndirectionoratthedirectionofanyBookEntryOnlyParticipant.(8)TheCorporationmayterminatetheapplicationofthisSection2.6initssolediscretioninwhichcaseallWarrantsshallbeevidencedbyWarrant

CertificatesregisteredinthenameofaPersonotherthantheDepository.Section2.7WarrantCertificate.(1)ForWarrantsissuedincertificatedform,theformofcertificaterepresentingWarrantsshallbesubstantiallyassetoutinSchedule“A”heretoorsuch

otherformasisauthorizedfromtimetotimebytheWarrantAgentandtheCorporation.EachWarrantCertificateshallbeAuthenticatedonbehalfoftheWarrantAgent.EachWarrantCertificateshallbesignedbyanyonedulyauthorizedsignatoryoftheCorporationwhosesignatureshallappearontheWarrantCertificateandmaybeprinted,lithographedorotherwisemechanicallyreproducedthereonand,insuchevent,certificatessosignedareasvalidandbindingupontheCorporationasifithadbeensignedmanually.AnyWarrantCertificatewhichhasasignatureashereinbeforeprovidedshallbevalidnotwithstandingthatthepersonwhosesignatureisprinted,lithographedormechanicallyreproducednolongerholdsofficeatthedateofissuanceofsuchcertificate.TheWarrantCertificatesmaybeengraved,printedorlithographed,orpartlyinoneformandpartlyinanother,astheWarrantAgentmaydetermine.

(2)TheWarrantAgentshallAuthenticateUncertificatedWarrants(whetheruponoriginalissuance,exchange,registrationoftransfer,partialpayment,or

otherwise)bycompletingitsInternalProceduresandtheCorporationshall,andherebyacknowledgesthatitshall,thereuponbedeemedtohavedulyandvalidlyissuedsuchUncertificatedWarrantsunderthisIndenture.SuchAuthenticationshallbeconclusiveevidencethatsuchUncertificatedWarranthasbeendulyissuedhereunderandthattheholderorholdersareentitledtothebenefitsofthisIndenture.TheregistershallbefinalandconclusiveevidenceastoallmattersrelatingtoUncertificatedWarrantswithrespecttowhichthisIndenturerequirestheWarrantAgenttomaintainrecordsoraccounts.Incaseofdifferencesbetweentheregisteratanytimeandanyothertimetheregisteratthelatertimeshallbecontrolling,absentmanifesterrorandsuchUncertificatedWarrantsarebindingontheCorporation.

(3)AnyWarrantCertificatevalidlyissuedinaccordancewiththetermsofthisIndentureineffectatthetimeofissueofsuchWarrantCertificateshall,

subjecttothetermsofthisIndentureandapplicablelaw,validlyentitletheholdertoacquireCommonShares,notwithstandingthattheformofsuchWarrantCertificatemaynotbeintheformcurrentlyrequiredbythisIndenture.

(4)NoWarrantshallbeconsideredissuedandshallbevalidorobligatoryorshallentitletheholderthereoftothebenefitsofthisIndenture,untilithas

beenAuthenticatedbytheWarrantAgent.AuthenticationbytheWarrantAgent,includingbywayofentryontheregister,shallnotbeconstruedasarepresentationorwarrantybytheWarrantAgentastothevalidityofthisIndentureorofsuchWarrantCertificatesorUncertificatedWarrants(exceptthedueAuthenticationthereof)orastotheperformancebytheCorporationofitsobligationsunderthisIndentureandtheWarrantAgentshallinnorespectbeliableoranswerablefortheusemadeoftheWarrantsoranyofthemoroftheconsiderationthereof.AuthenticationbytheWarrantAgentshallbeconclusiveevidenceasagainsttheCorporationthattheWarrantssoAuthenticatedhavebeendulyissuedhereunderandthattheholderthereofisentitledtothebenefitsofthisIndenture.

(5)NoCertificatedWarrantshallbeconsideredissuedandAuthenticatedor,ifAuthenticated,shallbeobligatoryorshallentitletheholderthereoftothe

benefitsofthisIndenture,untilithasbeenAuthenticatedbysignaturebyoronbehalfoftheWarrantAgentsubstantiallyintheformoftheWarrantCertificatesetoutinSchedule“A”hereto.SuchAuthenticationonanysuchCertificatedWarrantshallbeconclusiveevidencethatsuchCertificatedWarrantisdulyAuthenticatedandisvalidandabindingobligationoftheCorporationandthattheholderisentitledtothebenefitsofthisIndenture.

(6)NoUncertificatedWarrantshallbeconsideredissuedandshallbeobligatoryorshallentitletheholderthereoftothebenefitsofthisIndenture,untilit

hasbeenAuthenticatedbyentryontheregisteroftheparticularsoftheUncertificatedWarrant.SuchentryontheregisteroftheparticularsofanUncertificatedWarrantshallbeconclusiveevidencethatsuchUncertificatedWarrantisavalidandbindingobligationoftheCorporationandthattheholderisentitledtothebenefitsofthisIndenture.

(7)TheAuthenticationbytheWarrantAgentofanyWarrantswhetherbywayofentryontheregisterorotherwiseshallnotbeconstruedasa

representationorwarrantybytheWarrantAgentastothevalidityoftheIndentureorsuchWarrants(exceptthedueAuthenticationthereof)orastotheperformancebytheCorporationofitsobligationsunderthisIndenture

andtheWarrantAgentshallinnorespectbeliableoranswerablefortheusemadeoftheWarrantsoranyofthemortheproceedsthereof.

Section2.8RegisterofWarrants(1)TheWarrantAgentshallmaintainrecordsandaccountsconcerningtheWarrants,whethercertificatedoruncertificated,whichshallcontainthe

informationcalledforbelowwithrespecttoeachWarrant,togetherwithsuchotherinformationasmayberequiredbylaworastheWarrantAgentmayelecttorecord.AllsuchinformationshallbekeptinonesetofaccountsandrecordswhichtheWarrantAgentshalldesignate(insuchmannerasshallpermitittobesoidentifiedassuchbyanunaffiliatedparty)astheregisteroftheholdersofWarrants.TheinformationtobeenteredforeachaccountintheregisterofWarrantsatanytimeshallinclude(withoutlimitation):

(a)thenameandaddressoftheholderoftheWarrants,thedateofAuthenticationthereofandthenumberofWarrants;

(b)whethersuchWarrantisaCertificatedWarrantoranUncertificatedWarrantand,ifaWarrantCertificate,theuniquenumberorcodeassigned

toandimprintedthereuponand,ifanUncertificatedWarrant,theuniquenumberorcodeassignedtheretoifany;

(c)whethersuchWarranthasbeencancelled;and

(d)aregisteroftransfersinwhichalltransfersofWarrantsandthedateandotherparticularsofeachtransfershallbeentered.

TheregistershallbeavailableforinspectionbytheCorporationoranyWarrantholderduringtheWarrantAgent’sregularbusinesshoursonaBusinessDayanduponpaymenttotheWarrantAgentofitsreasonablefees.AnyWarrantholderexercisingsuchrightofinspectionshallfirstprovideanaffidavitinformsatisfactorytotheCorporationandtheWarrantAgentstatingthenameandaddressoftheWarrantholderandagreeingnottousetheinformationthereinexceptinconnectionwithanefforttocallameetingofWarrantholdersortoinfluencethevotingofWarrantholdersatanymeetingofWarrantholders.

(2)OnceanUncertificatedWarranthasbeenAuthenticated,theinformationsetforthintheregisterwithrespecttheretoatthetimeofAuthenticationmay

bealtered,modified,amended,supplementedorotherwisechangedonlytoreflectexerciseorproperinstructionstotheWarrantAgentfromtheholderasprovidedherein,exceptthattheWarrantAgentmayactunilaterallyto

makepurelyadministrativechangesinternaltotheWarrantAgentandchangestocorrecterrors.EachpersonwhobecomesaholderofanUncertificatedWarrantbyhis,heroritsacquisitionthereofshallbedeemedtohaveirrevocably(i)consentedtotheforegoingauthorityoftheWarrantAgenttomakesucherrorcorrectionsand(ii)agreedtopaytotheWarrantAgent,promptlyuponwrittendemand,thefullamountofalllossandexpense(includingwithoutlimitationreasonablelegalfeesoftheCorporationandtheWarrantAgentplusinterest,atanappropriatethenprevailingrateofinteresttotheWarrantAgent),sustainedbytheCorporationortheWarrantAgentasaproximateresultofsucherrorifbutonlyifandonlytotheextentthatsuchpresentorformerholderrealizedanybenefitasaresultofsucherrorandcouldreasonablyhaveprevented,forestalledorminimizedsuchlossandexpensebypromptreportingoftheerrororavoidanceofacceptingbenefitsthereofwhetherornotsucherrorisorshouldhavebeentimelydetectedandcorrectedbytheWarrantAgent;provided,thatnopersonwhoisabonafidepurchasershallhaveanysuchobligationtotheCorporationortotheWarrantAgent.

Section2.9IssueinSubstitutionforWarrantCertificatesLost,etc.(1)IfanyWarrantCertificatebecomesmutilatedorislost,destroyedorstolen,theCorporation,subjecttoapplicablelaw,shallissueandthereuponthe

WarrantAgentshallcertifyanddeliver,anewWarrantCertificateofliketenor,andbearingthesamelegend,ifapplicable,astheonemutilated,lost,destroyedorstoleninexchangeforandinplaceofanduponcancellationofsuchmutilatedWarrantCertificate,orinlieuofandinsubstitutionforsuchlost,destroyedorstolenWarrantCertificate,andthesubstitutedWarrantCertificateshallbeinaformapprovedbytheWarrantAgentandtheWarrantsevidencedtherebyshallbeentitledtothebenefitshereofandshallrankequallyinaccordancewithitstermswithallotherWarrantsissuedortobeissuedhereunder.

(2)TheapplicantfortheissueofanewWarrantCertificatepursuanttothisSection2.9shallbearthecostoftheissuethereofandincaseofloss,destruction

ortheftshall,asaconditionprecedenttotheissuancethereof,furnishtotheCorporationandtotheWarrantAgentsuchevidenceofownershipandoftheloss,destructionortheftoftheWarrantCertificatesolost,destroyedorstolenasshallbesatisfactorytotheCorporationandtotheWarrantAgent,intheirsolediscretion,andsuchapplicantshallalsoberequiredtofurnishanindemnityandsuretybondinamountandformsatisfactorytotheCorporationandtheWarrantAgent,intheirsolediscretion,andshallpaythereasonablechargesoftheCorporationandtheWarrantAgentinconnectiontherewith.

Section2.10ExchangeofWarrantCertificates.(1)AnyoneormoreWarrantCertificatesrepresentinganynumberofWarrantsmay,uponcompliancewiththereasonablerequirementsoftheWarrant

Agent(includingcompliancewithapplicablesecuritieslegislation),beexchangedforoneormoreotherWarrantCertificatesrepresentingthesameaggregatenumberofWarrants,andbearingthesamelegend,ifapplicable,asrepresentedbytheWarrantCertificateorWarrantCertificatessoexchanged.

(2)WarrantCertificatesmaybeexchangedonlyattheWarrantAgencyoratanyotherplacethatisdesignatedbytheCorporationwiththeapprovalofthe

WarrantAgent.AnyWarrantCertificatefromtheholder(orsuchotherinstructions,informsatisfactorytotheWarrantAgent),tenderedforexchangeshallbesurrenderedtotheWarrantAgencyandcancelledbytheWarrantAgent.

Section2.11TransferandOwnershipofWarrants.(1)TheWarrantsmayonlybetransferredontheregisterkeptbytheWarrantAgentattheWarrantAgencybytheholderoritslegalrepresentativesorits

attorneydulyappointedbyaninstrumentinwritinginformandexecutionsatisfactorytotheWarrantAgentonlyupon(a)inthecaseofaWarrantCertificate,surrenderingtotheWarrantAgentattheWarrantAgencytheWarrantCertificatesrepresentingtheWarrantstobetransferredtogetherwithadulyexecutedtransferformassetforthinSchedule“A”and(b)inthecaseofBookEntryOnlyWarrants,inaccordancewithproceduresprescribedbytheDepositoryunderthebookentryregistrationsystem,and(c)uponcompliancewith:

(i)theconditionsherein;

(ii)suchreasonablerequirementsastheWarrantAgentmayprescribe;and

(iii)allapplicablesecuritieslegislationandrequirementsofregulatoryauthorities;

andsuchtransfershallbedulynotedinsuchregisterbytheWarrantAgent.Uponcompliancewithsuchrequirements,theWarrantAgentshallissuetothetransfereeofaCertificatedWarrant,aWarrantCertificate,ortheWarrantAgentshallAuthenticateanddeliveraWarrantCertificateuponrequestthatpartoftheCDSGlobalWarrantbecertificated.TransferswithinthesystemsoftheDepositoryarenottheresponsibilityoftheWarrantAgentandwillnotbenotedontheregistermaintainedbytheWarrantAgentandWarrantsthat

areheldasBookEntryOnlyWarrantsshallbetransferredandrecordedthroughtherelevantBookEntryOnlyParticipantinaccordancewiththebookentryregistrationsystemastheentitlementholderinrespectofsuchWarrants.

(2)SubjecttotheprovisionsofthisIndenture,ApplicableLegislationandapplicablelaw,theWarrantholdershallbeentitledtotherightsandprivileges

attachingtotheWarrants,andtheissueofCommonSharesbytheCorporationupontheexerciseofWarrantsinaccordancewiththetermsandconditionshereincontainedshalldischargeallresponsibilitiesoftheCorporationandtheWarrantAgentwithrespecttosuchWarrantsandneithertheCorporationnortheWarrantAgentshallbeboundtoinquireintothetitleofanysuchholder.

Section2.12CancellationofSurrenderedWarrants.

AllWarrantCertificatessurrenderedpursuanttoArticle3shallbecancelledbytheWarrantAgentanduponsuchcircumstancesallsuchUncertificatedWarrantsshallbedeemedcancelledandsonotedontheregisterbytheWarrantAgent.UponrequestbytheCorporation,theWarrantAgentshallfurnishtotheCorporationacancellationcertificateidentifyingtheWarrantCertificatessocancelled,thenumberofWarrantsevidencedthereby,thenumberofCommonShares,ifany,issuedpursuanttosuchWarrantsandthedetailsofanyWarrantCertificatesissuedinsubstitutionorexchangeforsuchWarrantCertificatescancelled.

ARTICLE3EXERCISEOFWARRANTS

Section3.1RightofExercise.

Subjecttotheprovisionshereof,eachRegisteredWarrantholdermayexercisetherightconferredonsuchholdertosubscribeforandpurchaseone(1)CommonShareforeachWarrantaftertheIssueDateandpriortotheExpiryTimeandinaccordancewiththeconditionsherein.Section3.2WarrantExercise.(1)RegisteredWarrantholdersofWarrantCertificateswhowishtoexercisetheWarrantsheldbytheminordertoacquireCommonSharesmustcomplete

theexerciseform(the“ExerciseNotice”)attachedtotheWarrantCertificate(s)whichformisattachedheretoasSchedule“B”,whichmaybeamendedbytheCorporationwiththeconsentoftheWarrantAgent,ifsuchamendmentdoesnot,inthereasonableopinionoftheCorporationandthe

WarrantAgent,whichmaybebasedontheadviceofCounsel,materiallyandadverselyaffecttherights,entitlementsandinterestsoftheWarrantholders,anddeliversuchcertificate(s),theexecutedExerciseNoticeandacertifiedcheque,bankdraftormoneyorderpayabletoortotheorderoftheCorporationfortheaggregateExercisePricetotheWarrantAgentattheWarrantAgency.TheWarrantsrepresentedbyaWarrantCertificateshallbedeemedtobesurrendereduponpersonaldeliveryofsuchcertificate,ExerciseNoticeandaggregateExercisePriceor,ifsuchdocumentsaresentbymailorothermeansoftransmission,uponactualreceiptthereofbytheWarrantAgentattheofficereferredtoabove.

AbeneficialholderofUncertificatedWarrantsevidencedbyasecurityentitlementinrespectofWarrantsinthebookentryregistrationsystemwhodesirestoexercisehisorherWarrantsmustdosobycausingaBookEntryOnlyParticipanttodelivertotheDepositoryonbehalfoftheentitlementholder,noticeoftheowner’sintentiontoexerciseWarrantsinamanneracceptabletotheDepository.ForthwithuponreceiptbytheDepositoryofsuchnotice,aswellaspaymentfortheaggregateExercisePrice,theDepositoryshalldelivertotheWarrantAgentconfirmationofitsintentiontoexerciseWarrants(“Confirmation”)inamanneracceptabletotheWarrantAgent,includingbyelectronicmeansthroughthebookentryregistrationsystem.

(2)PaymentrepresentingtheaggregateExercisePricemustbeprovidedtotheappropriateofficeoftheBookEntryOnlyParticipantinamanneracceptable

toit.AnoticeinformacceptabletotheBookEntryOnlyParticipantandpaymentfromsuchbeneficialholdershouldbeprovidedtotheBookEntryOnlyParticipantsufficientlyinadvancesoastopermittheBookEntryOnlyParticipanttodelivernoticeandpaymenttotheDepositoryandfortheDepositoryinturntodelivernoticeandpaymenttotheWarrantAgentpriortotheExpiryTime.TheDepositorywillinitiatetheexercisebywayoftheConfirmationandforwardtheaggregateExercisePriceelectronicallytotheWarrantAgentandtheWarrantAgentwillexecutetheexercisebyissuingtotheDepositorythroughthebookentryregistrationsystemtheCommonSharestowhichtheexercisingWarrantholderisentitledpursuanttotheexercise.AnyexpenseassociatedwiththeexerciseprocesswillbefortheaccountoftheentitlementholderexercisingtheWarrantsand/ortheBookEntryOnlyParticipantexercisingtheWarrantsonitsbehalf.

(3)BycausingaBookEntryOnlyParticipanttodelivernoticetotheDepository,aWarrantholdershallbedeemedtohaveirrevocablysurrenderedhisorher

WarrantssoexercisedandappointedsuchBookEntryOnlyParticipanttoactashisorherexclusivesettlementagentwithrespecttotheexerciseofthe

WarrantsandthereceiptofCommonSharesinconnectionwiththeobligationsarisingfromsuchexercise.

(4)AnynoticewhichtheDepositorydeterminestobeincomplete,notinproperformornotdulyexecutedshallforallpurposesbevoidandofnoeffectand

theexercisetowhichitrelatesshallbeconsideredforallpurposesnottohavebeenexercisedthereby.AfailurebyaBookEntryOnlyParticipanttoexerciseortogiveeffecttothesettlementthereofinaccordancewiththeWarrantholder’sinstructionswillnotgiverisetoanyobligationsorliabilityonthepartoftheCorporationorWarrantAgenttotheBookEntryOnlyParticipantortheWarrantholder.

(5)AnyexerciseformorExerciseNoticereferredtointhisSection3.2shallbesignedbytheRegisteredWarrantholder,oritsexecutorsoradministratorsor

otherlegalrepresentativesoranattorneyoftheRegisteredWarrantholder,dulyappointedbyaninstrumentinwritingsatisfactorytotheWarrantAgentbutsuchexerciseformorExerciseNoticeneednotbeexecutedbytheDepository.

(6)AnyexercisereferredtointhisSection3.2shallrequirethattheentireExercisePriceforCommonSharessubscribedmustbepaidatthetimeof

subscriptionandsuchExercisePriceandoriginalExerciseNoticeexecutedbytheRegisteredWarrantholderortheConfirmationfromtheDepositorymustbereceivedbytheWarrantAgentpriortotheExpiryTime.

(7)IftheformofExerciseNoticesetforthintheWarrantCertificateshallhavebeenamended,theCorporationshallcausetheamendedExerciseNoticeto

beforwardedtoallRegisteredWarrantholders.(8)ExerciseNoticesandConfirmationsmustbedeliveredtotheWarrantAgentatanytimeduringtheWarrantAgent’sactualbusinesshoursonany

BusinessDaypriortotheExpiryTime.AnyExerciseNoticeorConfirmationsreceivedbytheWarrantAgentafterbusinesshoursonanyBusinessDayotherthantheExpiryDatewillbedeemedtohavebeenreceivedbytheWarrantAgentonthenextfollowingBusinessDay.

(9)AnyWarrantwithrespecttowhichaConfirmationisnotreceivedbytheWarrantAgentbeforetheExpiryTimeshallbedeemedtohaveexpiredand

becomevoidandallrightswithrespecttosuchWarrantsshallterminateandbecancelled.(10)TheWarrantAgentwillnotifytheCorporationeachtimeaphysicalcertificateforWarrantsispresentedforexercisebyaWarrantholderinorderthatthe

CorporationmaymakereasonableinquiryofanysuchWarrantholder,where

suchWarrantholderisknowntotheCorporationtobeaholderofmorethan15%oftheissuedandoutstandingCommonSharesatthetimeofsuchexercise,todeterminewhethersuchexercisewould,tothebestoftheCorporation’sknowledge,resultintheWarrantholderoranyofitsAttributionParties(asdefinedbelow)beneficiallyowningCommonSharesinexcessoftheBeneficialOwnershipLimitation(asdefinedbelow)contrarytoSection3.10.

Section3.3CashlessExercise

If,atanytimefollowingtheinitialeffectivenessofaRegistrationStatementandpriortotheExpiryTime,theCorporationdeterminesthatnoRegistrationStatementfiledwiththeSECiseffective,ortheuseofanysuchRegistrationStatementissuspended,theCorporationshallpromptlyprovidewrittennoticeofsuchdeterminationtotheWarrantAgent.Uponreceiptofsuchnotice,theWarrantAgentshallprovideacopythereoftoeachRegisteredWarrantholder,andconfirminwritingthatthethenoutstandingWarrantsmay,untiltheearlierof(x)aRegistrationStatementbecomingeffectiveorceasingtobesuspendedandanyprospectussupplementnecessarytheretohavingbeenfiled,or(y)theExpiryTime,iftheCurrentMarketPriceexceedstheExercisePrice,alsobeexercisedbymeansofa“cashlessexercise”inwhichtheWarrantholdershallbeentitledtosurrenderaWarranttotheCorporationinexchangefortheissuance(followingthedueexerciseofWarrantspursuanttoSection3.2)ofthenumberofCommonSharesequaltothequotientobtainedbydividing[(A-B)(X)]by(A),where:

(i)A=theCurrentMarketPriceonthetradingdayimmediatelyprecedingthedateofthereceiptbytheWarrantAgentofthenoticeofexercise;

(ii)B=theExercisePriceperCommonShareofsuchWarrant,asadjusted;and

(iii)X=thenumberofCommonSharesthatwouldotherwisebeissuableuponexerciseofsuchWarrantinaccordancewithitstermsby

meansofacashexerciseratherthanacashlessexercise.

TheissuepriceforeachsuchCommonSharetobeissuedpursuanttothecashlessexerciseofaWarrantwillbeequalto(B),asdefinedabove,andthetotalissuepricefortheaggregatenumberofCommonSharesissuedpursuanttothecashlessexerciseofaWarrantwillbepaidandsatisfiedinfullbythesurrendertotheCorporationofsuchWarrant.

Inaddition,iftheCorporationdeterminesatanytimepriortotheExpiryDatethatU.S.statesecuritieslawsarenotpreemptedwithrespecttoexercisesof

theWarrants,theCorporationmaybywrittennoticetotheWarrantAgentelecttopermitexercisesofWarrantsthataresubjecttothelawsofoneormoreU.S.jurisdictionstobeexercisedona“cashlessexercise”basis,pursuanttothecashlessexerciseformulasetforthabove.Uponthereceiptofsuchnotice,theWarrantAgentshallprovideacopythereoftoeachRegisteredWarrantholder,andconfirmtheCorporation’sdeterminationinwriting.

TheCorporationshalldelivertotheWarrantAgent,anofficer’scertificatesettingouttheparticularsoftheWarrantstobeexercisedandthenameandaddressoftheWarrantholder,thenumberofCommonSharestobeissued,andsettingoutthebasisofthecalculationspursuanttothisSection3.3(the“FinalExerciseNotice”).Section3.4TransferFeesandTaxes.

IfanyoftheCommonSharessubscribedforaretobeissuedtoapersonorpersonsotherthantheRegisteredWarrantholder,theRegisteredWarrantholdershallexecutetheformoftransferassetforthinSchedule“A”andwillcomplywithsuchreasonablerequirementsastheWarrantAgentmaystipulateandwillpaytotheCorporationortheWarrantAgentonbehalfoftheCorporation,allapplicabletransferorsimilartaxesandtheCorporationwillnotberequiredtoissueordelivercertificatesevidencingCommonSharesunlessoruntilsuchWarrantholdershallhavepaidtotheCorporationortheWarrantAgentonbehalfoftheCorporation,theamountofsuchtaxorshallhaveestablishedtothesatisfactionoftheCorporationandtheWarrantAgentthatsuchtaxhasbeenpaidorthatnotaxisdue.Section3.5WarrantAgency.

Tofacilitatetheexchange,transferorexerciseofWarrantsandcompliancewithsuchothertermsandconditionshereofasmayberequired,theCorporationhasappointedtheWarrantAgency,astheagencyatwhichWarrantsmaybesurrenderedforexchangeortransferoratwhichWarrantsmaybeexercisedandtheWarrantAgenthasacceptedsuchappointment.TheCorporationmayfromtimetotimedesignatealternateoradditionalplacesastheWarrantAgency(subjecttotheWarrantAgent’spriorapproval)andwillgivenoticetotheWarrantAgentofanyproposedchangeoftheWarrantAgency.Branchregistersshallalsobekeptatsuchotherplaceorplaces,ifany,astheCorporation,withtheapprovaloftheWarrantAgent,maydesignate.TheWarrantAgentwillfromtimetotimewhenrequestedtodosobytheCorporationoranyRegisteredWarrantholder,uponpaymentoftheWarrantAgent’sreasonablecharges,furnishalistofthenamesandaddressesof

RegisteredWarrantholdersshowingthenumberofWarrantsheldbyeachsuchRegisteredWarrantholder.Section3.6EffectofExerciseofWarrants.(1)UpontheexerciseofWarrantspursuanttoandincompliancewithSection3.2andSection3.3andsubjecttoSection3.4,theCommonSharestobe

issuedpursuanttotheWarrantsexercisedshallbedeemedtohavebeenissuedandthepersonorpersonstowhomsuchCommonSharesaretobeissuedshallbedeemedtohavebecometheholderorholdersofsuchCommonShareswithinthreeBusinessDaysoftheExerciseDateunlesstheregistershallbeclosedonsuchdate,inwhichcasetheCommonSharessubscribedforshallbedeemedtohavebeenissuedandsuchpersonorpersonsdeemedtohavebecometheholderorholdersofrecordofsuchCommonShares,onthedateonwhichsuchregisterisreopened.ItisherebyunderstoodthatinorderforpersonstowhomCommonSharesaretobeissuedtobecomeholdersofCommonSharesonrecordontheExerciseDate,beneficialholdersmustcommencetheexerciseprocesssufficientlyinadvancesothattheWarrantAgentisinreceiptofallitemsofexerciseatleastoneBusinessDaypriortosuchExerciseDate.

(2)WithinthreeBusinessDaysaftertheExerciseDatewithrespecttoaWarrant,theWarrantAgentshallusecommerciallyreasonableeffortstocausetobe

deliveredormailedtothepersonorpersonsinwhosenameornamestheWarrantisregisteredor,ifsospecifiedinwritingbytheholder,causetobedeliveredtosuchpersonorpersonsattheWarrantAgencywheretheWarrantCertificatewassurrendered,acertificateorcertificatesfortheappropriatenumberofCommonSharessubscribedfor,oranyotherappropriateevidenceoftheissuanceofCommonSharestosuchpersonorpersonsinrespectofCommonSharesissuedunderthebookentryregistrationsystem.

Section3.7PartialExerciseofWarrants;Fractions.(1)TheholderofanyWarrantsmayexercisehisrighttoacquireanumberofwholeCommonShareslessthantheaggregatenumberwhichtheholderis

entitledtoacquire.IntheeventofanyexerciseofanumberofWarrantslessthanthenumberwhichtheholderisentitledtoexercise,theholderofWarrantsuponsuchexerciseshall,inaddition,beentitledtoreceive,withoutchargetherefor,anewWarrantCertificate(s),bearingthesamelegend,ifapplicable,orotherappropriateevidenceofWarrants,inrespectofthebalanceoftheWarrantsheldbysuchholderandwhichwerenotthenexercised.

(2)NotwithstandinganythinghereincontainedincludinganyadjustmentprovidedforinSection4.1,theCorporationshallnotberequired,upontheexercise

ofanyWarrants,toissuefractionsofCommonShares.WarrantsmayonlybeexercisedinasufficientnumbertoacquirewholenumbersofCommonShares.

Section3.8ExpirationofWarrants.

ImmediatelyaftertheExpiryTime,allrightsunderanyWarrantinrespectofwhichtherightofacquisitionprovidedforhereinshallnothavebeenexercisedshallceaseandterminateandeachWarrantshallbevoidandofnofurtherforceoreffect.Section3.9AccountingandRecording.(1)TheWarrantAgentshallpromptlyaccounttotheCorporationwithrespecttoWarrantsexercised,andshallpromptlyforwardtotheCorporation(orinto

anaccountoraccountsoftheCorporationwiththebankortrustcompanydesignatedbytheCorporationforthatpurpose),allmoniesreceivedbytheWarrantAgentonthesubscriptionofCommonSharesthroughtheexerciseofWarrants.Allsuchmoniesandanysecuritiesorotherinstruments,fromtimetotimereceivedbytheWarrantAgent,shallbereceivedintrustfor,andshallbesegregatedandkeptapartbytheWarrantAgent,theWarrantholdersandtheCorporationastheirinterestsmayappear

(2)TheWarrantAgentshallrecordtheparticularsofWarrantsexercised,whichparticularsshallincludethenamesandaddressesofthepersonswhobecome

holdersofCommonSharesonexerciseandtheExerciseDate,inrespectthereof.TheWarrantAgentshallprovidesuchparticularsinwritingtotheCorporationwithinfiveBusinessDaysofanyrequestbytheCorporationtherefor.

Section3.10SecuritiesRestrictions.

Notwithstandinganythinghereincontained,noCommonShareswillbeissuedpursuanttotheexerciseofanyWarrantiftheissuanceofsuchCommonShareswouldconstituteaviolationofthesecuritieslawsofanyapplicablejurisdiction,and,withoutlimitingthegeneralityoftheforegoing,theCorporationwilllegendthecertificatesrepresentingtheCommonSharesissuableuponexerciseofanyWarrantif,intheopinionofcounseltotheCorporation,suchlegendisnecessaryinordertoavoidaviolationofanysecuritieslawsofanyapplicablejurisdictionortocomplywiththerequirementsofanystockexchangeonwhichtheCommonSharesarelisted;providedthatif,atanytime,intheopinionofoutsidecounseltotheCorporation,actingreasonably,suchlegendsarenolongernecessaryinordertoavoidaviolationofanysuchlaws,ortheholderofanysuchlegended

certificate,athisexpense,providestheCorporationwithevidencesatisfactoryinformandsubstancetotheCorporation(whichmayincludeanopinionofcounselofrecognizedstandingsatisfactorytotheCorporation)totheeffectthatsuchholderisentitledtosellorotherwisetransfersuchsecuritiesinatransactioninwhichsuchlegendsarenotrequired,suchlegendedcertificatesmaythereafterbesurrenderedtotheCorporationinexchangeforacertificatethatdoesnotbearsuchlegends.

TheWarrantAgentshallbeentitledtoassumethattheCommonSharesmaybeissuedpursuanttotheexerciseofanyWarrantwithoutviolatinganyApplicableSecuritiesLawsandwithoutlegendingthecertificaterepresentingtheCommonSharesunlesstheWarrantAgenthasreceivednoticeinwritingfromtheCorporationstatingotherwiseandsettingforththerestrictionsontheexerciseoftheWarrantsandanylegendthecertificatesrepresentingtheCommonSharesshouldbear.

Notwithstandinganythingtothecontraryherein,aWarrantholderthatisanOriginalPurchasershallnothavetherighttoexerciseanyportionofaWarrant,pursuanttoArticle3orotherwise,totheextentthat,aftergivingeffecttosuchissuanceafterexerciseassetforthontheapplicableExerciseNotice,theWarrantholder(togetherwiththeWarrantholder’saffiliates,andanyotherpersonsactingasagrouptogetherwiththeWarrantholderoranyoftheWarrantholder’saffiliates(suchpersons,“AttributionParties”)),wouldbeneficiallyowninexcessoftheBeneficialOwnershipLimitation(asdefinedbelow).Forpurposesoftheforegoingsentence,thenumberofCommonSharesbeneficiallyownedbytheWarrantholderanditsAttributionPartiesshallincludethenumberofCommonSharesissuableuponexerciseofaWarrantwithrespecttowhichsuchdeterminationisbeingmade,butshallexcludethenumberofCommonSharesthatwouldbeissuableupon(i)exerciseoftheremaining,non-exercisedportionofaWarrantbeneficiallyownedbytheWarrantholderoranyofitsAttributionParties,and(ii)exerciseorconversionoftheunexercisedorunconvertedportionofanyothersecuritiesoftheCorporation,subjecttoalimitationonconversionorexerciseanalogoustothelimitationcontainedherein,beneficiallyownedbytheWarrantholderoranyofitsAttributionParties.Exceptassetforthintheprecedingsentence,forpurposesofthisSection3.10,beneficialownershipshallbecalculatedinaccordancewithSection13(d)oftheU.S.ExchangeActandtherulesandregulationspromulgatedthereunder,itbeingacknowledgedbytheWarrantholderthatneithertheWarrantAgentnortheCorporationisrepresentingtotheWarrantholderthatsuchcalculationisincompliancewithSection13(d)oftheU.S.ExchangeActandtheWarrantholderfurtheracknowledgesthatitissolelyresponsibleforanyschedulesrequiredtobefiledinaccordancetherewith.TotheextentthatthelimitationcontainedinthisSection3.10applies,thedeterminationofwhetheraWarrantisexercisable(inrelationtoothersecuritiesownedbytheWarrantholdertogetherwithanyAttributionParties)andofwhichportionofa

WarrantisexercisableshallbeinthesolediscretionandatthesoleresponsibilityoftheWarrantholder,andthesubmissionofanExerciseNoticeshallbedeemedtobetheWarrantholder’sdeterminationofwhetheraWarrantisexercisable(inrelationtoothersecuritiesownedbytheWarrantholdertogetherwithanyAttributionParties)andofwhichportionofaWarrantisexercisable,ineachcasesubjecttotheBeneficialOwnershipLimitationandneithertheCorporation,excepttotheextentrequiredinSection3.2(10)above,northeWarrantAgentshallhaveanyobligationtoverifyorconfirmtheaccuracyofsuchdetermination.Inaddition,adeterminationastoanygroupstatusascontemplatedaboveshallbedeterminedinaccordancewithSection13(d)oftheU.S.ExchangeActandtherulesandregulationspromulgatedthereunder.ForpurposesofthisSection3.10indeterminingthenumberofoutstandingCommonShares,aWarrantholdermayrelyonthenumberofoutstandingCommonSharesasreflectedin(A)theCorporation’smostrecentperiodicorannualreportfiledwiththeSECoronSEDAR,asthecasemaybe,(B)amorerecentpublicannouncementbytheCorporation,or(C)amorerecentwrittennoticebytheCorporationortheCorporation’stransferagentsettingforththenumberofCommonSharesoutstanding.UponthewrittenororalrequestofaWarrantholder,theCorporationshall,withintwoTradingDays,confirmorallyandinwritingtotheWarrantholderthenumberofCommonSharesthenoutstanding.Inanycase,thenumberofoutstandingCommonSharesshallbedeterminedaftergivingeffecttotheconversionorexerciseofsecuritiesoftheCorporation,includingtheWarrantbeingexercised,bytheWarrantholderoritsAttributionPartiessincethedateasofwhichsuchnumberofoutstandingCommonShareswasreported.The“BeneficialOwnershipLimitation”shallbe19.9%ofthenumberofCommonSharesoutstandingimmediatelyaftergivingeffecttotheissuanceofCommonSharesissuableuponexerciseoftheWarrantinquestion.Section3.11U.S.SecuritiesLawMatters.(1)InconnectionwithanyexerciseofWarrants,ifitisrequiredbylaw,theCorporationshallcausetobedeliveredtoanypersoninwhosenamethe

CommonSharesissuableuponexerciseoftheWarrantsaretobeissuedaprospectusthatcomplieswiththeU.S.SecuritiesActandthatisapartofaRegistrationStatement.ForsolongasanyWarrantsremainoutstanding,theCorporationshallusecommerciallyreasonableeffortsto(i)keepaRegistrationStatementcontinuouslyeffective,and(ii)avoidtheissuanceof,or,ifissued,obtainthewithdrawalofanyorderenjoiningorsuspendingtheuseoreffectivenessofaRegistrationStatementorrelatedprospectusortheliftingofanysuspensionofthequalification(orexemptionfromqualification)ofanyoftheWarrantsforsaleundertheU.S.SecuritiesAct,attheearliestpracticablemoment.AllexpensesincidentaltotheCorporation’sperformanceoforcompliancewiththeforegoingprovisionswillbebornebytheCorporation,including,withoutlimitation:(i)allregistrationandfiling

feesandexpenses;(ii)allfeesandexpensesofcompliancewithfederalsecuritiesandstateBlueSkysecuritieslaws;(iii)allfeesanddisbursementsofcounselfortheCorporation,independentcertifiedpublicaccountantsoftheCorporationandtechnicalexpertsretainedbytheCorporationwhoseconsentisrequiredtobeprovidedwithrespecttoanyRegistrationStatement.

(2)NotwithstandinganyprovisionofthisIndenturetothecontrary,unlessaRegistrationStatementshallbeeffectiveundertheU.S.SecuritiesAct,any

prospectussupplementnecessarytheretoshallhavebeenfiledwiththeSECandstatesecuritieslawsarepreempted,theWarrantsmayonlybeexercisedbypersonswhoestablishtothereasonablesatisfactionoftheCorporationandtheWarrantAgent(whichmayincludeprovidinganopinionofcounselofrecognizedstandingsatisfactorytotheCorporation)thattheissuanceoftheCommonSharespursuanttotheexerciseoftheWarrantscanbecompletedpursuanttoandinaccordancewithanexemptionorexclusionfromtheregistrationrequirementsoftheU.S.SecuritiesActandallapplicablestatesecuritieslaws.

(3)IfanypersonshallfailtoestablishtothesatisfactionoftheCorporationorWarrantAgenttheconditionsdescribedinSection3.11(2),theholderofthe

applicableWarrantshallbenotifiedbytheWarrantAgentwithintwoBusinessDaysthattheevidenceprovidedhasbeendeemedinsufficienttopermittheexerciseofsuchWarrantandprovidingadescriptionofthenatureofsuchdeficiency.InthecasewheretheCorporationisnotsatisfiedwiththeprovidedevidence,itshallfurnishtotheWarrantAgenteither(i)theformofpropernoticetobedeliveredtoestablishtherequiredevidenceor(ii)adescriptionofthedeficiency.UntilsuchtimeastheCorporationorWarrantAgent,asthecasemaybe,actingreasonably,issatisfiedwiththeevidenceprovided,theholderoftheWarrantshallnotbepermittedtoexercisetheWarrant.

(4)TheCorporationwillnotifytheWarrantAgentwhenaRegistrationStatementbecomeseffectiveundertheU.S.SecuritiesActand,exceptinthecaseofa

RegistrationStatementbecomingeffectiveonorpriortoEffectiveDate,theWarrantAgentwillnotifytheRegisteredWarrantholdersasrequired.Thereafter,theWarrantAgentmayassumethataRegistrationStatementremainseffectiveuntilotherwisenotifiedinwritingbytheCorporationthatsuchRegistrationStatementisnolongereffective.TheCorporationshallatalltimesbeobligatedtoprovidepromptnoticetotheWarrantAgentregardinganychangeintheeffectivenessofaRegistrationStatement.

ARTICLE4

ADJUSTMENTOFNUMBEROFCOMMONSHARESANDEXERCISEPRICE

Section4.1AdjustmentofNumberofCommonSharesandExercisePrice.

ThesubscriptionrightsineffectundertheWarrantsforCommonSharesissuableupontheexerciseoftheWarrantsshallbesubjecttoadjustmentfromtimetotimeasfollows:

(a)if,atanytimeduringtheAdjustmentPeriod,theCorporationshall:

(i)subdivide,re-divideorchangeitsoutstandingCommonSharesintoagreaternumberofCommonShares;

(ii)reduce,combineorconsolidateitsoutstandingCommonSharesintoalessernumberofCommonShares;or

(iii)issueCommonSharesorsecuritiesexchangeablefor,orconvertibleinto,CommonSharestoallorsubstantiallyalloftheholdersofCommonSharesbywayofstockdividendorotherdistribution(otherthanadistributionofCommonSharesupontheexerciseofWarrantsoranyoutstandingoptions);

(anyofsucheventsinSection4.1(a)(i),(ii)or(iii)beingcalleda“CommonShareReorganization”)thentheExercisePriceshallbeadjustedasoftheeffectivedateorrecorddateofsucheventsothatitshallequaltheamountdeterminedbymultiplyingtheExercisePriceineffectimmediatelypriortosucheffectivedateorrecorddatebyafraction,thenumeratorofwhichshallbethenumberofCommonSharesoutstandingonsucheffectivedateorrecorddatebeforegivingeffecttosuchCommonShareReorganizationandthedenominatorofwhichshallbethenumberofCommonSharesoutstandingasoftheeffectivedateorrecorddateaftergivingeffecttosuchCommonShareReorganization(including,inthecasewheresecuritiesexchangeablefororconvertibleintoCommonSharesaredistributed,thenumberofCommonSharethatwouldhavebeenoutstandinghadsuchsecuritiesbeenexchangedfororconvertedintoCommonSharesonsuchrecorddateoreffectivedate).SuchadjustmentshallbemadesuccessivelywheneveranyeventreferredtointhisSection4.1(a)shalloccur.UponanyadjustmentoftheExercisePricepursuanttoSection4.1(a),theExchangeRateshallbecontemporaneouslyadjustedbymultiplyingthenumberofCommonSharestheretoforeobtainableontheexercisethereofbyafractionofwhichthenumeratorshallbetheExercisePrice

ineffectimmediatelypriortosuchadjustmentandthedenominatorshallbetheExercisePriceresultingfromsuchadjustment;

(b)ifandwheneveratanytimeduringtheAdjustmentPeriod,theCorporationshallfixarecorddatefortheissuanceofrights,optionsorwarrants

toallorsubstantiallyalltheholdersofitsoutstandingCommonSharesentitlingthem,foraperiodexpiringnotmorethan45daysaftersuchrecorddate,tosubscribefororpurchaseCommonShares(orsecuritiesconvertibleorexchangeableintoCommonShares)atapriceperCommonShare(orhavingaconversionorexchangepriceperCommonShare)lessthan95%oftheCurrentMarketPriceonsuchrecorddate(a“RightsOffering”),theExercisePriceshallbeadjustedimmediatelyaftersuchrecorddatesothatitshallequaltheamountdeterminedbymultiplyingtheExercisePriceineffectonsuchrecorddatebyafraction,ofwhichthenumeratorshallbethetotalnumberofCommonSharesoutstandingonsuchrecorddateplusanumberofCommonSharesequaltothenumberarrivedatbydividingtheaggregatepriceofthetotalnumberofadditionalCommonSharesofferedforsubscriptionorpurchase(ortheaggregateconversionorexchangepriceoftheconvertibleorexchangeablesecuritiessooffered)bytheCurrentMarketPrice,andofwhichthedenominatorshallbethetotalnumberofCommonSharesoutstandingonsuchrecorddateplusthetotalnumberofadditionalCommonSharesofferedforsubscriptionorpurchaseorintowhichtheconvertibleorexchangeablesecuritiessoofferedareconvertibleorexchangeable;anyCommonSharesownedbyorheldfortheaccountoftheCorporationshallbedeemednottobeoutstandingforthepurposeofanysuchcomputation;suchadjustmentshallbemadesuccessivelywheneversucharecorddateisfixed;totheextentthatnosuchrightsorwarrantsareexercisedpriortotheexpirationthereof,theExercisePriceshallbereadjustedtotheExercisePricewhichwouldthenbeineffectifsuchrecorddatehadnotbeenfixedor,ifanysuchrightsorwarrantsareexercised,totheExercisePricewhichwouldthenbeineffectbaseduponthenumberofCommonShares(orsecuritiesconvertibleorexchangeableintoCommonShares)actuallyissuedupontheexerciseofsuchrightsorwarrants,asthecasemaybe.Suchadjustmentwillbemadesuccessivelywheneversucharecorddateisfixed,providedthatiftwoormoresuchrecorddatesorrecorddatesreferredtointhisSection4.1(b)arefixedwithinaperiodof25TradingDays,suchadjustmentwillbemadesuccessivelyasifeachofsuchrecorddatesoccurredontheearliestofsuchrecorddates;

(c)ifandwheneveratanytimeduringtheAdjustmentPeriodtheCorporationshallfixarecorddateforthemakingofadistributiontoallor

substantiallyalltheholdersofitsoutstandingCommonSharesof(i)securitiesofanyclass,whetheroftheCorporationoranyothertrust(otherthanCommonShares),(ii)rights,optionsorwarrantstosubscribefororpurchaseCommonShares(orothersecuritiesconvertibleintoorexchangeableforCommonShares),otherthanpursuanttoaRightsOffering;(iii)evidencesofitsindebtednessor(iv)anypropertyorotherassetsthen,ineachsuchcase,theExercisePriceshallbeadjustedimmediatelyaftersuchrecorddatesothatitshallequalthepricedeterminedbymultiplyingtheExercisePriceineffectonsuchrecorddatebyafraction,ofwhichthenumeratorshallbethetotalnumberofCommonSharesoutstandingonsuchrecorddatemultipliedbytheCurrentMarketPriceonsuchrecorddate,lesstheexcess,ifany,ofthefairmarketvalueonsuchrecorddate,asdeterminedbytheCorporation(subjecttoTorontoStockExchangeapproval),ofsuchsecuritiesorotherassetssoissuedordistributedoverthefairmarketvalueofanyconsiderationreceivedthereforbytheCorporationfromtheholdersoftheCommonShares,andofwhichthedenominatorshallbethetotalnumberofCommonSharesoutstandingonsuchrecorddatemultipliedbytheCurrentMarketPrice;andCommonSharesownedbyorheldfortheaccountoftheCorporationshallbedeemednottobeoutstandingforthepurposeofanysuchcomputation;suchadjustmentshallbemadesuccessivelywheneversucharecorddateisfixed;totheextentthatsuchdistributionisnotsomade,theExercisePriceshallbereadjustedtotheExercisePricewhichwouldthenbeineffectifsuchrecorddatehadnotbeenfixed;

(d)ifandwheneveratanytimeduringtheAdjustmentPeriod,thereisareclassificationoftheCommonSharesoracapitalreorganizationofthe

CorporationotherthanasdescribedinSection4.1(a)oraconsolidation,amalgamation,arrangementormergeroftheCorporationwithorintoanyotherbodycorporate,trust,partnershiporotherentity(otherthanconsolidations,amalgamations,plansofarrangementormergerswhichdonotresultinanyreclassificationoftheCommonSharesorachangeoftheCommonSharesintoothersecurities),orasaleorconveyanceofthepropertyandassetsoftheCorporationasanentiretyorsubstantiallyasanentiretytoanyotherbodycorporate,trust,partnershiporotherentity,anyRegisteredWarrantholderwhohasnotexerciseditsrightofacquisitionpriortotheeffectivedateofsuchreclassification,capitalreorganization,consolidation,amalgamation,arrangementormerger,saleor

conveyance,upontheexerciseofsuchrightthereafter,shallbeentitledtoreceiveuponpaymentoftheExercisePriceandshallaccept,inlieuofthenumberofCommonSharesthatpriortosucheffectivedatetheRegisteredWarrantholderwouldhavebeenentitledtoreceive,thenumberofsharesorothersecuritiesorpropertyoftheCorporationorofthebodycorporate,trust,partnershiporotherentityresultingfromsuchmerger,amalgamationorconsolidation,ortowhichsuchsaleorconveyancemaybemade,asthecasemaybe,thatsuchRegisteredWarrantholderwouldhavebeenentitledtoreceiveonsuchreclassification,capitalreorganization,consolidation,amalgamation,arrangementormerger,saleorconveyance,if,ontheeffectivedatethereof,asthecasemaybe,theRegisteredWarrantholderhadbeentheregisteredholderofthenumberofCommonSharestowhichpriortosucheffectivedateitwasentitledtoacquireupontheexerciseoftheWarrants.IfdeterminedappropriatebytheWarrantAgent,relyingonadviceofCounsel,togiveeffecttoortoevidencetheprovisionsofthisSection4.1(d),theCorporation,itssuccessor,orsuchpurchasingbodycorporate,partnership,trustorotherentity,asthecasemaybe,shall,priortoorcontemporaneouslywithanysuchreclassification,capitalreorganization,consolidation,amalgamation,arrangement,merger,saleorconveyance,enterintoanindenturewhichshallprovide,totheextentpossible,fortheapplicationoftheprovisionssetforthinthisIndenturewithrespecttotherightsandintereststhereafteroftheRegisteredWarrantholderstotheendthattheprovisionssetforthinthisIndentureshallthereaftercorrespondinglybemadeapplicable,asnearlyasmayreasonablybe,withrespecttoanyshares,othersecuritiesorpropertytowhichaRegisteredWarrantholderisentitledontheexerciseofitsacquisitionrightsthereafter.AnyindentureenteredintobetweentheCorporationandtheWarrantAgentpursuanttotheprovisionsofthisSection4.1(d)shallbeasupplementalindentureenteredintopursuanttotheprovisionsofArticle8hereof.AnyindentureenteredintobetweentheCorporation,anysuccessortotheCorporationorsuchpurchasingbodycorporate,partnership,trustorotherentityandtheWarrantAgentshallprovideforadjustmentswhichshallbeasnearlyequivalentasmaybepracticabletotheadjustmentsprovidedinthisSection4.1andwhichshallapplytosuccessivereclassifications,capitalreorganizations,amalgamations,consolidations,mergers,salesorconveyances;

(e)inanycaseinwhichthisSection4.1shallrequirethatanadjustmentshallbecomeeffectiveimmediatelyafterarecorddateforaneventreferred

toherein,theCorporationmaydefer,untiltheoccurrenceofsuchevent,issuingtotheRegisteredWarrantholderofanyWarrant

exercisedaftertherecorddateandpriortocompletionofsucheventtheadditionalCommonSharesissuablebyreasonoftheadjustmentrequiredbysucheventbeforegivingeffecttosuchadjustment;provided,however,thattheCorporationshalldelivertosuchRegisteredWarrantholderanappropriateinstrumentevidencingsuchRegisteredWarrantholder’srighttoreceivesuchadditionalCommonSharesupontheoccurrenceoftheeventrequiringsuchadjustmentandtherighttoreceiveanydistributionsmadeonsuchadditionalCommonSharesdeclaredinfavourofholdersofrecordofCommonSharesonandaftertherelevantdateofexerciseorsuchlaterdateassuchRegisteredWarrantholderwould,butfortheprovisionsofthisSection4.1(e),havebecometheholderofrecordofsuchadditionalCommonSharespursuanttoSection4.1;

(f)inanycaseinwhichSection4.1(a)(iii),Section4.1(b)orSection4.1(c)requirethatanadjustmentbemadetotheExercisePrice,nosuch

adjustmentshallbemadeiftheRegisteredWarrantholdersoftheoutstandingWarrantsreceive,subjecttoanyrequiredstockexchangeorregulatoryapproval,therightsorwarrantsreferredtoinSection4.1(a)(iii),Section4.1(b)ortheshares,rights,options,warrants,evidencesofindebtednessorassetsreferredtoinSection4.1(c),asthecasemaybe,insuchkindandnumberastheywouldhavereceivediftheyhadbeenholdersofCommonSharesontheapplicablerecorddateoreffectivedate,asthecasemaybe,byvirtueoftheiroutstandingWarranthavingthenbeenexercisedintoCommonSharesattheExercisePriceineffectontheapplicablerecorddateoreffectivedate,asthecasemaybe;

(g)theadjustmentsprovidedforinthisSection4.1arecumulative,andshall,inthecaseofadjustmentstotheExercisePricebecomputedtothe

nearestwholecentandshallapplytosuccessivesubdivisions,re-divisions,reductions,combinations,consolidations,distributions,issuesorothereventsresultinginanyadjustmentundertheprovisionsofthisSection4.1,providedthat,notwithstandinganyotherprovisionofthisSection,noadjustmentoftheExercisePriceshallberequiredunlesssuchadjustmentwouldrequireanincreaseordecreaseofatleast1%intheExercisePricethenineffect;provided,however,thatanyadjustmentswhichbyreasonofthisSection4.1(g)arenotrequiredtobemadeshallbecarriedforwardandtakenintoaccountinanysubsequentadjustment;and

(h)afteranyadjustmentpursuanttothisSection4.1,theterm“CommonShares”whereusedinthisIndentureshallbeinterpretedtomean

securitiesofanyclassorclasseswhich,asaresultofsuchadjustmentandallprioradjustmentspursuanttothisSection4.1,theRegisteredWarrantholderisentitledtoreceiveupontheexerciseofhisWarrant,andthenumberofCommonSharesindicatedbyanyexercisemadepursuanttoaWarrantshallbeinterpretedtomeanthenumberofCommonSharesorotherpropertyorsecuritiesaRegisteredWarrantholderisentitledtoreceive,asaresultofsuchadjustmentandallprioradjustmentspursuanttothisSection4.1,uponthefullexerciseofaWarrant.

Section4.2EntitlementtoCommonSharesonExerciseofWarrant.

AllCommonSharesorsharesofanyclassorothersecurities,whichaRegisteredWarrantholderisatthetimeinquestionentitledtoreceiveontheexerciseofitsWarrant,whetherornotasaresultofadjustmentsmadepursuanttothisArticle4,shall,forthepurposesoftheinterpretationofthisIndenture,bedeemedtobeCommonShareswhichsuchRegisteredWarrantholderisentitledtoacquirepursuanttosuchWarrant.Section4.3NoAdjustmentforCertainTransactions.

NotwithstandinganythinginthisArticle4,noadjustmentshallbemadeintheacquisitionrightsattachedtotheWarrantsiftheissueofCommonSharesisbeingmadepursuanttothisIndentureorinconnectionwith(a)anyshareincentiveplanorrestrictedshareplanorsharepurchaseplaninforcefromtimetotimefordirectors,officers,employees,consultantsorotherserviceprovidersoftheCorporation;or(b)thesatisfactionofexistinginstrumentsissuedatthedatehereof.Section4.4DeterminationbyIndependentFirm.

IntheeventofanyquestionarisingwithrespecttotheadjustmentsprovidedforinthisArticle4suchquestionshallbeconclusivelydeterminedbyanindependentfirmofcharteredaccountantsotherthantheAuditors,whoshallhaveaccesstoallnecessaryrecordsoftheCorporation,andsuchdeterminationshallbebindingupontheCorporation,theWarrantAgent,allholdersandallotherpersonsinterestedtherein.Section4.5ProceedingsPriortoanyActionRequiringAdjustment.

AsaconditionprecedenttothetakingofanyactionwhichwouldrequireanadjustmentinanyoftheacquisitionrightspursuanttoanyoftheWarrants,includingthenumberofCommonShareswhicharetobereceivedupontheexercisethereof,theCorporationshalltakeanyactionwhichmay,intheopinionofCounsel,benecessaryinorderthattheCorporationhasunissuedandreservedinits

authorizedcapitalandmayvalidlyandlegallyissueasfullypaidandnon-assessablealltheCommonShareswhichtheholdersofsuchWarrantsareentitledtoreceiveonthefullexercisethereofinaccordancewiththeprovisionshereof.Section4.6CertificateofAdjustment.

TheCorporationshallfromtimetotimeimmediatelyaftertheoccurrenceofanyeventwhichrequiresanadjustmentorreadjustmentasprovidedinSection4.1,deliveracertificateoftheCorporationtotheWarrantAgentspecifyingthenatureoftheeventrequiringthesameandtheamountoftheadjustmentorreadjustmentnecessitatedtherebyandsettingforthinreasonabledetailthemethodofcalculationandthefactsuponwhichsuchcalculationisbased,whichcertificateshallbesupportedbyacertificateoftheCorporation’sAuditorsverifyingsuchcalculation.TheWarrantAgentshallrely,andshallbeprotectedinsodoing,uponthecertificateoftheCorporationoroftheCorporation’sAuditorandanyotherdocumentfiledbytheCorporationpursuanttothisArticle4forallpurposes.Section4.7NoticeofSpecialMatters.

TheCorporationcovenantswiththeWarrantAgentthat,solongasanyWarrantremainsoutstanding,itwillgivenoticetotheWarrantAgentandtotheRegisteredWarrantholdersofitsintentiontofixarecorddatethatispriortotheExpiryDateforanymatterforwhichanadjustmentmayberequiredpursuanttoSection4.1.Suchnoticeshallspecifytheparticularsofsucheventandtherecorddateforsuchevent,providedthattheCorporationshallonlyberequiredtospecifyinthenoticesuchparticularsoftheeventasshallhavebeenfixedanddeterminedonthedateonwhichthenoticeisgiven.Thenoticeshallbegivenineachcasenotlessthan14dayspriortosuchapplicablerecorddate.Ifnoticehasbeengivenandtheadjustmentisnotthendeterminable,theCorporationshallpromptly,aftertheadjustmentisdeterminable,filewiththeWarrantAgentacomputationoftheadjustmentandgivenoticetotheRegisteredWarrantholdersofsuchadjustmentcomputation.Section4.8NoActionafterNotice.

TheCorporationcovenantswiththeWarrantAgentthatitwillnotcloseitstransferbooksortakeanyothercorporateactionwhichmightdeprivetheRegisteredWarrantholderoftheopportunitytoexerciseitsrightofacquisitionpursuanttheretoduringtheperiodof14daysafterthegivingofthecertificateornoticessetforthinSection4.6andSection4.7.

Section4.9OtherAction.

IftheCorporation,afterthedatehereof,shalltakeanyactionaffectingtheCommonSharesotherthananactiondescribedinSection4.1,whichinthereasonableopinionofthedirectorsoftheCorporationwouldmateriallyaffecttherightsofRegisteredWarrantholders,theExercisePriceand/orExchangeRate,thenumberofCommonShareswhichmaybeacquireduponexerciseoftheWarrantsshallbeadjustedinsuchmannerandatsuchtime,byactionofthedirectors,actingreasonablyandingoodfaith,intheirsolediscretionastheymaydeterminetobeequitabletotheRegisteredWarrantholdersinthecircumstances,providedthatnosuchadjustmentwillbemadeunlessanyrequisitepriorapprovalofanystockexchangeonwhichtheCommonSharesarelistedfortradinghasbeenobtained.Section4.10ProtectionofWarrantAgent.

TheWarrantAgentshallnot:

(a)atanytimebeunderanydutyorresponsibilitytoanyRegisteredWarrantholdertodeterminewhetheranyfactsexistwhichmayrequireanyadjustmentcontemplatedbySection4.1,orwithrespecttothenatureorextentofanysuchadjustmentwhenmade,orwithrespecttothemethodemployedinmakingthesame;

(b)beaccountablewithrespecttothevalidityorvalue(orthekindoramount)ofanyCommonSharesorofanyothersecuritiesorpropertywhich

mayatanytimebeissuedordeliveredupontheexerciseoftherightsattachingtoanyWarrant;

(c)beresponsibleforanyfailureoftheCorporationtoissue,transferordeliverCommonSharesorcertificatesforthesameuponthesurrenderofanyWarrantsforthepurposeoftheexerciseofsuchrightsortocomplywithanyofthecovenantscontainedinthisArticle;and

(d)incuranyliabilityorbeinanywayresponsiblefortheconsequencesofanybreachonthepartoftheCorporationofanyoftherepresentations,

warrantiesorcovenantshereincontainedorofanyactsofthedirectors,officers,employees,agentsorservantsoftheCorporation.Section4.11ParticipationbyWarrantholder.

NoadjustmentsshallbemadepursuanttothisArticle4iftheRegisteredWarrantholdersareentitledtoparticipateinanyeventdescribedinthisArticle4onthesameterms,mutatismutandis,asiftheRegisteredWarrantholdershadexercisedtheirWarrantspriorto,orontheeffectivedateorrecorddateof,suchevent.

Section4.12RegulatoryApprovalofAdjustments.

Notwithstandingtheforegoing,anyadjustmenttotheExercisePriceand/orExchangeRateshallbesubjecttothepriorwrittenconsentoftheTorontoStockExchange.

ARTICLE5RIGHTSOFTHECORPORATIONANDCOVENANTS

Section5.1OptionalPurchasesbytheCorporation.

Subjecttocompliancewithapplicablesecuritieslegislationandapprovalofapplicableregulatoryauthorities,ifany,theCorporationmayfromtimetotimepurchasebyprivatecontractorotherwiseanyoftheWarrants.Anysuchpurchaseshallbemadeatthelowestpriceorpricesatwhich,intheopinionofthedirectors,suchWarrantsarethenobtainable,plusreasonablecostsofpurchase,andmaybemadeinsuchmanner,fromsuchpersonsandonsuchothertermsastheCorporation,initssolediscretion,maydetermine.InthecaseofCertificatedWarrants,WarrantCertificatesrepresentingtheWarrantspurchasedpursuanttothisSection5.1shallforthwithbedeliveredtoandcancelledbytheWarrantAgentandreflectedaccordinglyontheregisterofWarrants.InthecaseofUncertificatedWarrants,theWarrantspurchasedpursuanttothisSection5.1shallbereflectedaccordinglyontheregisterofWarrantsandinaccordancewithproceduresprescribedbytheDepositoryunderthebookentryregistrationsystem.NoWarrantsshallbeissuedinreplacementthereof.Section5.2GeneralCovenants.

TheCorporationcovenantswiththeWarrantAgentthatsolongasanyWarrantsremainoutstanding:

(a)itwillreserveandkeepavailableasufficientnumberofCommonSharesforthepurposeofenablingittosatisfyitsobligationstoissueCommonSharesupontheexerciseoftheWarrants;

(b)itwillcausetheCommonSharesfromtimetotimeacquiredpursuanttotheexerciseoftheWarrantstobedulyissuedanddeliveredin

accordancewiththeWarrantsandthetermshereof;

(c)allCommonShareswhichshallbeissueduponexerciseoftherighttoacquireprovidedforhereinshallbefullypaidandnon-assessable;

(d)itwillusecommerciallyreasonableeffortstomaintainitsexistence;providedthatthisclauseshallnotbeconstruedaslimitingor

restrictingtheCorporationfromagreeingtoaconsolidation,amalgamation,arrangement,takeoverbidormergereveniftheconsiderationbeingofferedarenotsecuritiesthataresolistedandpostedfortrading;

(e)itwillusecommerciallyreasonableeffortstoensurethatallCommonSharesoutstandingorissuablefromtimetotime(includingwithout

limitationtheCommonSharesissuableontheexerciseoftheWarrants)continuetobeorarelistedandpostedfortradingontheTorontoStockExchange(orsuchotherCanadianstockexchangeacceptabletotheCorporation)andtheNYSEAmericanLLC(orsuchotherUnitedStatesstockexchangeacceptabletotheCorporation)andallWarrantsoutstandingorissuablefromtimetotimecontinuetobeorarelistedandpostedfortradingontheTorontoStockExchange(orsuchotherCanadianstockexchangeacceptabletotheCorporation),providedthatthisclauseshallnotbeconstruedaslimitingorrestrictingtheCorporationfromcompletingaconsolidation,amalgamation,arrangement,takeoverbidormergerthatwouldresultintheCommonSharesceasingtobelistedandpostedfortradingonsuchexchanges,solongastheholdersoftheCommonShareshaveapprovedthetransactioninaccordancewiththerequirementsofapplicablecorporateandsecuritieslawsandthepoliciesofsuchexchangesortheholdersofCommonSharesreceivesecuritiesofanentitywhichislistedonastockexchangeinCanadaortheUnitedStates,orcash;

(f)itwillmakeallrequisitefilingsunderapplicableCanadiansecuritieslegislationincludingthosenecessarytoremainareportingissuernotin

defaultineachoftheprovincesandotherCanadianjurisdictionswhereitisorbecomesareportingissuer;

(g)generally,itwillwellandtrulyperformandcarryoutalloftheactsorthingstobedonebyitasprovidedinthisIndenture;and

(h)theCorporationwillpromptlynotifytheWarrantAgentandtheWarrantholdersinwritingofanydefaultunderthetermsofthisWarrantIndenturewhichremainsunrectifiedformorethanfivedaysfollowingitsoccurrence.

Section5.3WarrantAgent’sRemunerationandExpenses.

TheCorporationcovenantsthatitwillpaytotheWarrantAgentfromtimetotimereasonableremunerationforitsserviceshereunderandwillpayorreimbursetheWarrantAgentuponitsrequestforallreasonableexpenses,disbursementsand

advancesincurredormadebytheWarrantAgentintheadministrationorexecutionofthetrustsherebycreated(includingthereasonablecompensationandthedisbursementsofitsCounselandallotheradvisersandassistantsnotregularlyinitsemploy)bothbeforeanydefaulthereunderandthereafteruntilalldutiesoftheWarrantAgenthereundershallbefinallyandfullyperformed.Anyamountowinghereunderandremainingunpaidafter30daysfromtheinvoicedatewillbearinterestatthethencurrentratechargedbytheWarrantAgentagainstunpaidinvoicesandshallbepayableupondemand.ThisSectionshallsurvivetheresignationorremovaloftheWarrantAgentand/ortheterminationofthisIndenture.Section5.4PerformanceofCovenantsbyWarrantAgent.

IftheCorporationshallfailtoperformanyofitscovenantscontainedinthisIndenture,theWarrantAgentmaynotifytheRegisteredWarrantholdersofsuchfailureonthepartoftheCorporationandmayitselfperformanyofthecovenantscapableofbeingperformedbyitbut,subjecttoSection9.2,shallbeundernoobligationtoperformsaidcovenantsortonotifytheRegisteredWarrantholdersofsuchperformancebyit.AllsumsexpendedoradvancedbytheWarrantAgentinsodoingshallberepayableasprovidedinSection5.3.Nosuchperformance,expenditureoradvancebytheWarrantAgentshallrelievetheCorporationofanydefaulthereunderorofitscontinuingobligationsunderthecovenantshereincontained.Section5.5EnforceabilityofWarrants.

TheCorporationcovenantsandagreesthatitisdulyauthorizedtocreateandissuetheWarrantstobeissuedhereunderandthattheWarrants,whenissuedandAuthenticatedashereinprovided,willbevalidandenforceableagainsttheCorporationinaccordancewiththeprovisionshereofandthetermshereofandthat,subjecttotheprovisionsofthisIndenture,theCorporationwillcausetheCommonSharesfromtimetotimeacquireduponexerciseofWarrantsissuedunderthisIndenturetobedulyissuedanddeliveredinaccordancewiththetermsofthisIndenture.

ARTICLE6ENFORCEMENT

Section6.1SuitsbyRegisteredWarrantholders.

AlloranyoftherightsconferreduponanyRegisteredWarrantholderbyanyofthetermsofthisIndenturemaybeenforcedbytheRegisteredWarrantholderbyappropriateproceedingsbutwithoutprejudicetotherightwhichisherebyconferredupontheWarrantAgenttoproceedinitsownnametoenforceeachand

alloftheprovisionshereincontainedforthebenefitoftheRegisteredWarrantholders.Section6.2SuitsbytheCorporation.

TheCorporationshallhavetherighttoenforcefullpaymentoftheExercisePriceofallCommonSharesissuedbytheWarrantAgenttoaRegisteredWarrantholderhereunderandshallbeentitledtodemandsuchpaymentfromtheRegisteredWarrantholderoralternativelytoinstructtheWarrantAgenttocancelthesharecertificatesandamendthesecuritiesregisteraccordingly.Section6.3ImmunityofShareholders,etc.

TheWarrantAgentandtheWarrantholdersherebywaiveandreleaseanyright,causeofactionorremedynoworhereafterexistinginanyjurisdictionagainstanyincorporatororanypast,presentorfutureshareholder,trustee,employeeoragentoftheCorporationoranysuccessorCorporationonanycovenant,agreement,representationorwarrantybytheCorporationherein.Section6.4WaiverofDefault.

Uponthehappeningofanydefaulthereunder:

(a)theRegisteredWarrantholdersofnotlessthan51%oftheWarrantsthenoutstandingshallhavepower(inadditiontothepowersexercisablebyExtraordinaryResolution)byrequisitioninwritingtoinstructtheWarrantAgenttowaiveanydefaulthereunderandtheWarrantAgentshallthereuponwaivethedefaultuponsuchtermsandconditionsasshallbeprescribedinsuchrequisition;or

(b)theWarrantAgentshallhavepowertowaiveanydefaulthereunderuponsuchtermsandconditionsastheWarrantAgentmaydeemadvisable,

ontheadviceofCounsel,if,intheWarrantAgent’sopinion,basedontheadviceofCounsel,thesameshallhavebeencuredoradequateprovisionmadetherefor;

providedthatnodelayoromissionoftheWarrantAgentoroftheRegisteredWarrantholderstoexerciseanyrightorpoweraccruinguponanydefault

shallimpairanysuchrightorpowerorshallbeconstruedtobeawaiverofanysuchdefaultoracquiescencethereinandprovidedfurtherthatnoactoromissioneitheroftheWarrantAgentoroftheRegisteredWarrantholdersinthepremisesshallextendtoorbetakeninanymannerwhatsoevertoaffectanysubsequentdefaulthereunderoftherightsresultingtherefrom.

ARTICLE7

MEETINGSOFREGISTEREDWARRANTHOLDERSSection7.1RighttoConveneMeetings.

TheWarrantAgentmayatanytimeandfromtimetotime,andshallonreceiptofawrittenrequestoftheCorporationorofaWarrantholders’RequestanduponbeingindemnifiedandfundedtoitsreasonablesatisfactionbytheCorporationorbytheRegisteredWarrantholderssigningsuchWarrantholders’Requestagainstthecostswhichmaybeincurredinconnectionwiththecallingandholdingofsuchmeeting,conveneameetingoftheRegisteredWarrantholders.IftheWarrantAgentfailstosocallameetingwithinsevendaysafterreceiptofsuchwrittenrequestoftheCorporationorsuchWarrantholders’Requestandtheindemnityandfundinggivenasaforesaid,theCorporationorsuchRegisteredWarrantholders,asthecasemaybe,mayconvenesuchmeeting.EverysuchmeetingshallbeheldintheCityofVancouver,intheProvinceofBritishColumbia,oratsuchotherplaceasmaybeapprovedordeterminedbytheWarrantAgent.Section7.2Notice.

Atleast21days’priorwrittennoticeofanymeetingofRegisteredWarrantholdersshallbegiventotheRegisteredWarrantholdersinthemannerprovidedforinSection10.2andacopyofsuchnoticeshallbesentbymailtotheWarrantAgent(unlessthemeetinghasbeencalledbytheWarrantAgent)andtotheCorporation(unlessthemeetinghasbeencalledbytheCorporation).Suchnoticeshallstatethetimewhenandtheplacewherethemeetingistobeheld,shallstatebrieflythegeneralnatureofthebusinesstobetransactedthereatandshallcontainsuchinformationasisreasonablynecessarytoenabletheRegisteredWarrantholderstomakeareasoneddecisiononthematter,butitshallnotbenecessaryforanysuchnoticetosetoutthetermsofanyresolutiontobeproposedoranyoftheprovisionsofthisSection7.2.Section7.3Chairman.

Anindividual(whoneednotbeaRegisteredWarrantholder)designatedinwritingbytheWarrantAgentshallbechairmanofthemeetingandifnoindividualissodesignated,oriftheindividualsodesignatedisnotpresentwithinfifteenminutesfromthetimefixedfortheholdingofthemeeting,theRegisteredWarrantholderspresentinpersonorbyproxyshallchooseanindividualpresenttobechairman.

Section7.4Quorum.

SubjecttotheprovisionsofSection7.11,atanymeetingoftheRegisteredWarrantholdersaquorumshallconsistofRegisteredWarrantholder(s)presentinpersonorbyproxyandentitledtopurchaseatleast25%oftheaggregatenumberofCommonShareswhichcouldbeacquiredpursuanttoallthethenoutstandingWarrants.IfaquorumoftheRegisteredWarrantholdersshallnotbepresentwithinthirtyminutesfromthetimefixedforholdinganymeeting,themeeting,ifsummonedbyRegisteredWarrantholdersoronaWarrantholders’Request,shallbedissolved;butinanyothercasethemeetingshallbeadjournedtothesamedayinthenextweek(unlesssuchdayisnotaBusinessDay,inwhichcaseitshallbeadjournedtothenextfollowingBusinessDay)atthesametimeandplaceandnonoticeoftheadjournmentneedbegiven.Anybusinessmaybebroughtbeforeordealtwithatanadjournedmeetingwhichmighthavebeendealtwithattheoriginalmeetinginaccordancewiththenoticecallingthesame.Nobusinessshallbetransactedatanymeetingunlessaquorumbepresentatthecommencementofbusiness.AttheadjournedmeetingtheRegisteredWarrantholderspresentinpersonorbyproxyshallformaquorumandmaytransactthebusinessforwhichthemeetingwasoriginallyconvened,notwithstandingthattheymaynotbeentitledtoacquireatleast25%oftheaggregatenumberofCommonShareswhichmaybeacquiredpursuanttoallthenoutstandingWarrants.Section7.5PowertoAdjourn.

ThechairmanofanymeetingatwhichaquorumoftheRegisteredWarrantholdersispresentmay,withtheconsentofthemeeting,adjournanysuchmeeting,andnonoticeofsuchadjournmentneedbegivenexceptsuchnotice,ifany,asthemeetingmayprescribe.Section7.6ShowofHands.

EveryquestionsubmittedtoameetingshallbedecidedinthefirstplacebyamajorityofthevotesgivenonashowofhandsexceptthatvotesonanExtraordinaryResolutionshallbegiveninthemannerhereinafterprovided.Atanysuchmeeting,unlessapollisdulydemandedashereinprovided,adeclarationbythechairmanthataresolutionhasbeencarriedorcarriedunanimouslyorbyaparticularmajorityorlostornotcarriedbyaparticularmajorityshallbeconclusiveevidenceofthefact.Section7.7PollandVoting.(1)OneveryExtraordinaryResolution,andonanyotherquestionsubmittedtoameetingandafteravotebyshowofhandswhendemandedbythechairman

orbyoneormoreoftheRegisteredWarrantholdersactinginpersonorby

proxyandentitledtoacquireintheaggregateatleast5%oftheaggregatenumberofCommonShareswhichcouldbeacquiredpursuanttoalltheWarrantsthenoutstanding,apollshallbetakeninsuchmannerasthechairmanshalldirect.QuestionsotherthanthoserequiredtobedeterminedbyExtraordinaryResolutionshallbedecidedbyamajorityofthevotescastonthepoll.

(2)Onashowofhands,everypersonwhoispresentandentitledtovote,whetherasaRegisteredWarrantholderorasproxyforoneormoreabsent

RegisteredWarrantholders,orboth,shallhaveonevote.Onapoll,eachRegisteredWarrantholderpresentinpersonorrepresentedbyaproxydulyappointedbyinstrumentinwritingshallbeentitledtoonevoteinrespectofeachWarrantthenheldorrepresentedbyit.AproxyneednotbeaRegisteredWarrantholder.Thechairmanofanymeetingshallbeentitled,bothonashowofhandsandonapoll,tovoteinrespectoftheWarrants,ifany,heldorrepresentedbyhim.

Section7.8Regulations.(1)TheWarrantAgent,ortheCorporationwiththeapprovaloftheWarrantAgent,mayfromtimetotimemakeandfromtimetotimevarysuchregulations

asitshallthinkfitforthesettingoftherecorddateforameetingforthepurposeofdeterminingRegisteredWarrantholdersentitledtoreceivenoticeofandtovoteatthemeeting.

(2)Anyregulationssomadeshallbebindingandeffectiveandthevotesgiveninaccordancetherewithshallbevalidandshallbecounted.Saveassuch

regulationsmayprovide,theonlypersonswhoshallberecognizedatanymeetingasaRegisteredWarrantholder,orbeentitledtovoteorbepresentatthemeetinginrespectthereof(subjecttoSection7.9),shallbeRegisteredWarrantholdersorproxiesofRegisteredWarrantholders.

Section7.9CorporationandWarrantAgentMaybeRepresented.

TheCorporationandtheWarrantAgent,bytheirrespectivedirectors,officers,agents,andemployeesandtheCounselfortheCorporationandfortheWarrantAgentmayattendanymeetingoftheRegisteredWarrantholders.Section7.10PowersExercisablebyExtraordinaryResolution.

InadditiontoallotherpowersconferreduponthembyanyotherprovisionsofthisIndentureorbylaw,theRegisteredWarrantholdersatameetingshall,subjecttotheprovisionsofSection7.11,havethepowerexercisablefromtimetotimebyExtraordinaryResolution:

(a)toagreetoanymodification,abrogation,alteration,compromiseorarrangementoftherightsofRegisteredWarrantholdersortheWarrantAgent

initscapacityaswarrantagenthereunder(subjecttotheWarrantAgent’spriorconsent,actingreasonably)oronbehalfoftheRegisteredWarrantholdersagainsttheCorporationwhethersuchrightsariseunderthisIndentureorotherwise;

(b)toamend,alterorrepealanyExtraordinaryResolutionpreviouslypassedorsanctionedbytheRegisteredWarrantholders;

(c)todirectortoauthorizetheWarrantAgent,subjecttoSection9.2(2)hereof,toenforceanyofthecovenantsonthepartoftheCorporation

containedinthisIndentureortoenforceanyoftherightsoftheRegisteredWarrantholdersinanymannerspecifiedinsuchExtraordinaryResolutionortorefrainfromenforcinganysuchcovenantorright;

(d)towaive,andtodirecttheWarrantAgenttowaive,anydefaultonthepartoftheCorporationincomplyingwithanyprovisionsofthisIndenture

eitherunconditionallyoruponanyconditionsspecifiedinsuchExtraordinaryResolution;

(e)torestrainanyRegisteredWarrantholderfromtakingorinstitutinganysuit,actionorproceedingagainsttheCorporationfortheenforcementofanyofthecovenantsonthepartoftheCorporationinthisIndentureortoenforceanyoftherightsoftheRegisteredWarrantholders;

(f)todirectanyRegisteredWarrantholderwho,assuch,hasbroughtanysuit,actionorproceedingtostayortodiscontinueorotherwisetodeal

withthesameuponpaymentofthecosts,chargesandexpensesreasonablyandproperlyincurredbysuchRegisteredWarrantholderinconnectiontherewith;

(g)toassenttoanychangeinoromissionfromtheprovisionscontainedinthisIndentureoranyancillaryorsupplementalinstrumentwhichmaybe

agreedtobytheCorporation,andtoauthorizetheWarrantAgenttoconcurinandexecuteanyancillaryorsupplementalindentureembodyingthechangeoromission;

(h)withtheconsentoftheCorporation,suchconsentnottobeunreasonablywithheld,toremovetheWarrantAgentoritssuccessorinofficeandto

appointanewwarrantagentorwarrantagentstotaketheplaceoftheWarrantAgentsoremoved;and

(i)toassenttoanycompromiseorarrangementwithanycreditororcreditorsoranyclassorclassesofcreditors,whethersecuredorotherwise,and

withholdersofanysharesorothersecuritiesoftheCorporation.Section7.11MeaningofExtraordinaryResolution.(1)Theexpression“ExtraordinaryResolution”whenusedinthisIndenturemeans,subjectashereinafterprovidedinthisSection7.11andin

Section7.14,aresolutionproposedatameetingofRegisteredWarrantholdersdulyconvenedforthatpurposeandheldinaccordancewiththeprovisionsofthisArticle7atwhichtherearepresentinpersonorbyproxyRegisteredWarrantholdersentitledtoacquireintheaggregateatleast25%oftheaggregatenumberofCommonSharesthatcouldbeacquiredpursuanttoalltheWarrantsthenoutstandingandpassedbytheaffirmativevotesofRegisteredWarrantholdersentitledtoacquirenotlessthan66 / %oftheaggregatenumberofCommonSharesthatcouldbeacquiredpursuanttoalltheWarrantsthenoutstandingatthemeetingandvotedonthepolluponsuchresolution.

(2)If,atthemeetingatwhichanExtraordinaryResolutionistobeconsidered,RegisteredWarrantholdersentitledtoacquireatleast25%oftheaggregate

numberofCommonSharesthatcouldbeacquiredpursuanttoalltheWarrantsthenoutstandingarenotpresentinpersonorbyproxywithin30minutesafterthetimeappointedforthemeeting,thenthemeeting,ifconvenedbyRegisteredWarrantholdersoronaWarrantholders’Request,shallbedissolved;butinanyothercaseitshallstandadjournedtosuchday,beingnotlessthan15ormorethan60dayslater,andtosuchplaceandtimeasmaybeappointedbythechairman.Notlessthan14days’priornoticeshallbegivenofthetimeandplaceofsuchadjournedmeetinginthemannerprovidedforinSection10.2.SuchnoticeshallstatethatattheadjournedmeetingtheRegisteredWarrantholderspresentinpersonorbyproxyshallformaquorumbutitshallnotbenecessarytosetforththepurposesforwhichthemeetingwasoriginallycalledoranyotherparticulars.AttheadjournedmeetingtheRegisteredWarrantholderspresentinpersonorbyproxyshallformaquorumandmaytransactthebusinessforwhichthemeetingwasoriginallyconvenedandaresolutionproposedatsuchadjournedmeetingandpassedbytherequisitevoteasprovidedinSection7.11(1)shallbeanExtraordinaryResolutionwithinthemeaningofthisIndenturenotwithstandingthatRegisteredWarrantholdersentitledtoacquireatleast25%oftheaggregatenumberofCommonShareswhichmaybeacquiredpursuanttoallthethenoutstandingWarrantsarenotpresentinpersonorbyproxyatsuchadjournedmeeting.

(3)SubjecttoSection7.14,votesonanExtraordinaryResolutionshallalwaysbegivenonapollandnodemandforapollonanExtraordinaryResolution

shallbenecessary.Section7.12PowersCumulative.

AnyoneormoreofthepowersoranycombinationofthepowersinthisIndenturestatedtobeexercisablebytheRegisteredWarrantholdersbyExtraordinaryResolutionorotherwisemaybeexercisedfromtimetotimeandtheexerciseofanyoneormoreofsuchpowersoranycombinationofpowersfromtimetotimeshallnotbedeemedtoexhausttherightoftheRegisteredWarrantholderstoexercisesuchpowerorpowersorcombinationofpowersthenorthereafterfromtimetotime.Section7.13Minutes.

MinutesofallresolutionsandproceedingsateverymeetingofRegisteredWarrantholdersshallbemadeanddulyenteredinbookstobeprovidedfromtimetotimeforthatpurposebytheWarrantAgentattheexpenseoftheCorporation,andanysuchminutesasaforesaid,ifsignedbythechairmanorthesecretaryofthemeetingatwhichsuchresolutionswerepassedorproceedingshadshallbeprimafacieevidenceofthemattersthereinstatedand,untilthecontraryisproved,everysuchmeetinginrespectoftheproceedingsofwhichminutesshallhavebeenmadeshallbedeemedtohavebeendulyconvenedandheld,andallresolutionspassedthereatorproceedingstakenshallbedeemedtohavebeendulypassedandtaken.Section7.14InstrumentsinWriting.

AllactionswhichmaybetakenandallpowersthatmaybeexercisedbytheRegisteredWarrantholdersatameetingheldasprovidedinthisArticle7mayalsobetakenandexercisedbyRegisteredWarrantholdersholdingnotlessthan66 / %oftheaggregatenumberofallofthethenoutstandingWarrantsbyaninstrumentinwritingsignedinoneormorecounterpartsbysuchRegisteredWarrantholdersinpersonorbyattorneydulyappointedinwriting,andtheexpression“ExtraordinaryResolution”whenusedinthisIndentureshallincludeaninstrumentsosigned.Section7.15BindingEffectofResolutions.

EveryresolutionandeveryExtraordinaryResolutionpassedinaccordancewiththeprovisionsofthisArticle7atameetingofRegisteredWarrantholdersshallbebindinguponalltheWarrantholders,whetherpresentatorabsentfromsuchmeeting,andeveryinstrumentinwritingsignedbyRegisteredWarrantholdersinaccordancewithSection7.14shallbebindinguponalltheWarrantholders,whethersignatoriestheretoornot,andeachandeveryWarrantholderandtheWarrant

Agent(subjecttotheprovisionsforindemnityhereincontained)shallbeboundtogiveeffectaccordinglytoeverysuchresolutionandinstrumentinwriting.Section7.16HoldingsbyCorporationDisregarded.

IndeterminingwhetherRegisteredWarrantholdersholdingWarrantsevidencingtheentitlementtoacquiretherequirednumberofCommonSharesarepresentatameetingofRegisteredWarrantholdersforthepurposeofdeterminingaquorumorhaveconcurredinanyconsent,waiver,ExtraordinaryResolution,Warrantholders’RequestorotheractionunderthisIndenture,WarrantsownedlegallyorbeneficiallybytheCorporationshallbedisregardedinaccordancewiththeprovisionsofSection10.7.

ARTICLE8SUPPLEMENTALINDENTURES

Section8.1ProvisionforSupplementalIndenturesforCertainPurposes.

Subjecttoregulatoryapproval,fromtimetotime,theCorporation(whenauthorizedbyactionofthedirectors)andtheWarrantAgentmay,subjecttotheprovisionshereofandtheyshall,whensodirectedinaccordancewiththeprovisionshereof,executeanddeliverbytheirproperofficers,indenturesorinstrumentssupplementalhereto,whichthereaftershallformparthereof,foranyoneormoreorallofthefollowingpurposes:

(a)settingforthanyadjustmentsresultingfromtheapplicationoftheprovisionsofArticle4;

(b)addingtotheprovisionshereofsuchadditionalcovenantsandenforcementprovisionsas,intheopinionofCounsel,arenecessaryoradvisableinthepremises,providedthatthesamearenotintheopinionoftheWarrantAgent,relyingontheadviceofCounsel,prejudicialtotheinterestsoftheRegisteredWarrantholders;

(c)givingeffecttoanyExtraordinaryResolutionpassedasprovidedinSection7.11;

(d)makingsuchprovisionsnotinconsistentwiththisIndentureasmaybenecessaryordesirablewithrespecttomattersorquestionsarising

hereunderorforthepurposeofobtainingalistingorquotationoftheWarrantsonanystockexchange,providedthatsuchprovisionsarenot,intheopinionoftheWarrantAgent,relyingontheadviceofCounsel,prejudicialtotheinterestsoftheRegisteredWarrantholders;

(e)addingtooralteringtheprovisionshereofinrespectofthetransferofWarrants,makingprovisionfortheexchangeofWarrants,andmaking

anymodificationintheformoftheWarrantCertificateswhichdoesnotaffectthesubstancethereof;

(f)modifyinganyoftheprovisionsofthisIndenture,includingrelievingtheCorporationfromanyoftheobligations,conditionsorrestrictionshereincontained,providedthatsuchmodificationorreliefshallbeorbecomeoperativeoreffectiveonlyif,intheopinionoftheWarrantAgent,relyingontheadviceofCounsel,suchmodificationorreliefinnowayprejudicesanyoftherightsoftheRegisteredWarrantholdersoroftheWarrantAgent,andprovidedfurtherthattheWarrantAgentmayinitssolediscretiondeclinetoenterintoanysuchsupplementalindenturewhichinitsopinionmaynotaffordadequateprotectiontotheWarrantAgentwhenthesameshallbecomeoperative;

(g)providingfortheissuanceofadditionalWarrantshereunder,includingWarrantsinexcessofthenumbersetoutinSection2.1andany

consequentialamendmentsheretoasmayberequiredbytheWarrantAgentrelyingontheadviceofCounsel;and

(h)foranyotherpurposenotinconsistentwiththetermsofthisIndenture,includingthecorrectionorrectificationofanyambiguities,defectiveorinconsistentprovisions,errors,mistakesoromissionsherein,providedthatintheopinionoftheWarrantAgent,relyingontheadviceofCounsel,therightsoftheWarrantAgentandoftheRegisteredWarrantholdersareinnowayprejudicedthereby.

Section8.2SuccessorEntities.

Inthecaseoftheconsolidation,amalgamation,arrangement,mergerortransferoftheundertakingorassetsoftheCorporationasanentiretyorsubstantiallyasanentiretytoorwithanotherentity(“successorentity”),thesuccessorentityresultingfromsuchconsolidation,amalgamation,arrangement,mergerortransfer(ifnottheCorporation)shallexpresslyassume,bysupplementalindenturesatisfactoryinformtotheWarrantAgentandexecutedanddeliveredtotheWarrantAgent,thedueandpunctualperformanceandobservanceofeachandeverycovenantandconditionofthisIndenturetobeperformedandobservedbytheCorporation.

ARTICLE9

CONCERNINGTHEWARRANTAGENTSection9.1TrustIndentureLegislation.(1)IfandtotheextentthatanyprovisionofthisIndenturelimits,qualifiesorconflictswithamandatoryrequirementofApplicableLegislation,such

mandatoryrequirementshallprevail.(2)TheCorporationandtheWarrantAgentagreethateachwill,atalltimesinrelationtothisIndentureandanyactiontobetakenhereunder,observeand

complywithandbeentitledtothebenefitsofApplicableLegislation.Section9.2RightsandDutiesofWarrantAgent.(1)IntheexerciseoftherightsanddutiesprescribedorconferredbythetermsofthisIndenture,theWarrantAgentshallexercisethatdegreeofcare,

diligenceandskillthatareasonablyprudentwarrantagentwouldexerciseincomparablecircumstances.NoprovisionofthisIndentureshallbeconstruedtorelievetheWarrantAgentfromliabilityforitsowngrossnegligentaction,wilfulmisconduct,badfaithorfraudunderthisIndenture.

(2)TheobligationoftheWarrantAgenttocommenceorcontinueanyact,actionorproceedingforthepurposeofenforcinganyrightsoftheWarrantAgent

ortheRegisteredWarrantholdershereundershallbeconditionalupontheRegisteredWarrantholdersfurnishing,whenrequiredbynoticebytheWarrantAgent,sufficientfundstocommenceortocontinuesuchact,actionorproceedingandanindemnityreasonablysatisfactorytotheWarrantAgenttoprotectandtoholdharmlesstheWarrantAgentanditsofficers,directors,employeesandagents,againstthecosts,chargesandexpensesandliabilitiestobeincurredtherebyandanylossanddamageitmaysufferbyreasonthereof.NoneoftheprovisionscontainedinthisIndentureshallrequiretheWarrantAgenttoexpendortoriskitsownfundsorotherwisetoincurfinancialliabilityintheperformanceofanyofitsdutiesorintheexerciseofanyofitsrightsorpowersunlessindemnifiedandfundedasaforesaid.

(3)TheWarrantAgentmay,beforecommencingoratanytimeduringthecontinuanceofanysuchact,actionorproceeding,requiretheRegistered

Warrantholders,atwhoseinstanceitisactingtodepositwiththeWarrantAgenttheWarrantsCertificatesheldbythem,forwhichWarrantstheWarrantAgentshallissuereceipts.

(4)EveryprovisionofthisIndenturethatbyitstermsrelievestheWarrantAgentofliabilityorentitlesittorelyuponanyevidencesubmittedtoitissubject

totheprovisionsofApplicableLegislation.Section9.3Evidence,ExpertsandAdvisers.(1)Inadditiontothereports,certificates,opinionsandotherevidencerequiredbythisIndenture,theCorporationshallfurnishtotheWarrantAgentsuch

additionalevidenceofcompliancewithanyprovisionhereof,andinsuchform,asmaybeprescribedbyApplicableLegislationorastheWarrantAgentmayreasonablyrequirebywrittennoticetotheCorporation.

(2)Intheexerciseofitsrightsanddutieshereunder,theWarrantAgentmay,ifitisactingingoodfaith,relyastothetruthofthestatementsandthe

accuracyoftheopinionsexpressedinstatutorydeclarations,opinions,reports,writtenrequests,consents,orordersoftheCorporation,certificatesoftheCorporationorotherevidencefurnishedtotheWarrantAgentpursuanttoarequestoftheWarrantAgent,providedthatsuchevidencecomplieswithApplicableLegislationandthattheWarrantAgentcomplieswithApplicableLegislationandthattheWarrantAgentexaminesthesameanddeterminesthatsuchevidencecomplieswiththeapplicablerequirementsofthisIndenture.

(3)WheneveritisprovidedinthisIndentureorunderApplicableLegislationthattheCorporationshalldepositwiththeWarrantAgentresolutions,

certificates,reports,opinions,requests,ordersorotherdocuments,itisintendedthatthetruth,accuracyandgoodfaithontheeffectivedatethereofandthefactsandopinionsstatedinallsuchdocumentssodepositedshall,ineachandeverysuchcase,beconditionsprecedenttotherightoftheCorporationtohavetheWarrantAgenttaketheactiontobebasedthereon.

(4)TheWarrantAgentmayemployorretainsuchCounsel,accountants,appraisersorotherexpertsoradvisersasitmayreasonablyrequireforthepurpose

ofdischargingitsdutieshereunderandmaypayreasonableremunerationforallservicessoperformedbyanyofthem,withouttaxationofcostsofanyCounsel,andshallnotberesponsibleforanymisconductornegligenceonthepartofanysuchexpertsoradviserswhohavebeenappointedwithduecarebytheWarrantAgent.

(5)TheWarrantAgentmayactandrelyandshallbeprotectedinactingandrelyingingoodfaithontheopinionoradviceoforinformationobtainedfrom

anyCounsel,accountant,appraiser,engineerorotherexpertoradviser,whetherretainedoremployedbytheCorporationorbytheWarrantAgent,inrelationtoanymatterarisingintheadministrationoftheagencyhereof.

Section9.4Documents,Monies,etc.HeldbyWarrantAgent.

UntilreleasedinaccordancewiththisIndenture,anyfundsreceivedhereundershallbekeptinsegregatedrecordsoftheWarrantAgentandtheWarrantAgentshallplacethefundsinsegregatedtrustaccountsoftheWarrantAgentatoneormoreoftheCanadianCharteredBankslistedinSchedule1oftheBankAct(Canada)(“ApprovedBank”).AllamountsheldbytheWarrantAgentpursuanttothisAgreementshallbeheldbytheWarrantAgentfortheCorporationandthedeliveryofthefundstotheWarrantAgentshallnotgiverisetoadebtor-creditororothersimilarrelationship.TheamountsheldbytheWarrantAgentpursuanttothisAgreementareatthesoleriskoftheCorporationand,withoutlimitingthegeneralityoftheforegoing,theWarrantAgentshallhavenoresponsibilityorliabilityforanydiminutionofthefundsthatmayresultfromanydepositmadewithanApprovedBankpursuanttothissection,includinganylossesresultingfromadefaultbytheApprovedBankorothercreditlosses(whetherornotresultingfromsuchadefault).ThepartiesheretoacknowledgeandagreethattheWarrantAgentwillhaveactedprudentlyindepositingthefundsatanyApprovedBank,andthattheWarrantAgentisnotrequiredtomakeanyfurtherinquiriesinrespectofanysuchApprovedBank.TheWarrantAgentmayholdcashbalancesconstitutingpartorallofsuchmoniesandneednotinvestthesame.TheWarrantAgentshallnotbeliabletoaccountforanyprofittoanypartiestothisIndentureortoanyotherpersonorentity.Section9.5ActionsbyWarrantAgenttoProtectInterest.

TheWarrantAgentshallhavepowertoinstituteandtomaintainsuchactionsandproceedingsasitmayconsidernecessaryorexpedienttopreserve,protectorenforceitsinterestsandtheinterestsoftheRegisteredWarrantholders.Section9.6WarrantAgentNotRequiredtoGiveSecurity.

TheWarrantAgentshallnotberequiredtogiveanybondorsecurityinrespectoftheexecutionoftheagencyandpowersofthisIndentureorotherwiseinrespectofthepremises.Section9.7ProtectionofWarrantAgent.

BywayofsupplementtotheprovisionsofanylawforthetimebeingrelatingtotheWarrantAgentitisexpresslydeclaredandagreedasfollows:

(a)theWarrantAgentshallnotbeliablefororbyreasonofanystatementsoffactorrecitalsinthisIndentureorintheWarrantCertificates(exceptintheauthenticationoftheWarrantAgentontheWarrantCertificates)orberequiredtoverifythesame,butallsuch

statementsorrecitalsareandshallbedeemedtobemadebytheCorporation;

(b)nothinghereincontainedshallimposeanyobligationontheWarrantAgenttoseetoortorequireevidenceoftheregistrationorfiling(or

renewalthereof)ofthisIndentureoranyinstrumentancillaryorsupplementalhereto;

(c)theWarrantAgentshallnotbeboundtogivenoticetoanypersonorpersonsoftheexecutionhereof;

(d)theWarrantAgentshallnotincuranyliabilityorresponsibilitywhateverorbeinanywayresponsiblefortheconsequenceofanybreachonthepartoftheCorporationofanyofitscovenantshereincontainedorofanyactsofanydirectors,officers,employees,agentsorservantsoftheCorporation;

(e)theCorporationherebyindemnifiesandagreestoholdharmlesstheWarrantAgent,itsaffiliates,theirofficers,directors,employees,agents,

successorsandassigns(the“IndemnifiedParties”)fromandagainstanyandallliabilitieswhatsoever,losses,damages,penalties,claims,demands,actions,suits,proceedings,costs,charges,assessments,judgments,expensesanddisbursements,includingreasonablelegalfeesanddisbursementsofwhateverkindandnaturewhichmayatanytimebeimposedonorincurredbyorassertedagainsttheIndemnifiedParties,oranyofthem,whetheratlaworinequity,inanywaycausedbyorarising,directlyorindirectly,inrespectofanyact,deed,matterorthingwhatsoevermade,done,acquiescedinoromittedinoraboutorinrelationtotheexecutionoftheIndemnifiedParties’duties,oranyotherservicesthattheIndemnifiedPartiesmayprovideinconnectionwithorinanywayrelatingtothisIndenture.TheCorporationagreesthatitsliabilityhereundershallbeabsoluteandunconditionalregardlessofthecorrectnessofanyrepresentationsofanythirdpartiesandregardlessofanyliabilityofthirdpartiestotheIndemnifiedParties,andshallaccrueandbecomeenforceablewithoutpriordemandoranyotherprecedentactionorproceeding;providedthattheCorporationshallnotberequiredtoindemnifytheIndemnifiedPartiesintheeventofthegrossnegligenceorwilfulmisconductoftheWarrantAgent,andthisprovisionshallsurvivetheresignationorremovaloftheWarrantAgentortheterminationordischargeofthisIndenture;and

(f)(notwithstandingtheforegoingoranyotherprovisionofthisIndenture,anyliabilityoftheWarrantAgentshallbelimited,intheaggregate,to

theamountofannualretainerfeespaidbytheCorporationtotheWarrantAgentunderthisIndentureinthetwelve(12)monthsimmediatelypriortotheWarrantAgentreceivingthefirstnoticeoftheclaim.NotwithstandinganyotherprovisionofthisIndenture,andwhethersuchlossesordamagesareforeseeableorunforeseeable,theWarrantAgentshallnotbeliableunderanycircumstanceswhatsoeverforany(a)breachbyanyotherpartyofsecuritieslaworotherruleofanysecuritiesregulatoryauthority,(b)lostprofitsor(c)special,indirect,incidental,consequential,exemplary,aggravatedorpunitivelossesordamages.

Section9.8ReplacementofWarrantAgent;SuccessorbyMerger.(1)TheWarrantAgentmayresignitsagencyandbedischargedfromallfurtherdutiesandliabilitieshereunder,subjecttothisSection9.8,bygivingtothe

Corporationnotlessthan60days’priornoticeinwritingorsuchshorterpriornoticeastheCorporationmayacceptassufficient.TheRegisteredWarrantholdersbyExtraordinaryResolutionshallhavepoweratanytimetoremovetheexistingWarrantAgentandtoappointanewwarrantagent.IntheeventoftheWarrantAgentresigningorbeingremovedasaforesaidorbeingdissolved,becomingbankrupt,goingintoliquidationorotherwisebecomingincapableofactinghereunder,theCorporationshallforthwithappointanewwarrantagentunlessanewwarrantagenthasalreadybeenappointedbytheRegisteredWarrantholders;failingsuchappointmentbytheCorporation,theretiringWarrantAgentoranyRegisteredWarrantholdermayapplytoajudgeoftheSupremeCourtoftheProvinceofBritishColumbiaonsuchnoticeassuchjudgemaydirect,fortheappointmentofanewwarrantagent;butanynewwarrantagentsoappointedbytheCorporationorbytheCourtshallbesubjecttoremovalasaforesaidbytheRegisteredWarrantholders.AnynewwarrantagentappointedunderanyprovisionofthisSection9.8shallbeanentityauthorizedtocarryonthebusinessofatrustcompanyintheProvinceofBritishColumbiaand,ifrequiredbytheApplicableLegislationforanyotherprovinces,insuchotherprovinces.Onanysuchappointmentthenewwarrantagentshallbevestedwiththesamepowers,rights,dutiesandresponsibilitiesasifithadbeenoriginallynamedhereinasWarrantAgenthereunder.

(2)Upontheappointmentofasuccessorwarrantagent,theCorporationshallpromptlynotifytheRegisteredWarrantholdersthereofinthemannerprovided

forinSection10.2.

(3)AnyWarrantCertificatesAuthenticatedbutnotdeliveredbyapredecessorWarrantAgentmaybeAuthenticatedbythesuccessorWarrantAgentinthe

nameofthepredecessororsuccessorWarrantAgent.(4)AnycorporationintowhichtheWarrantAgentmaybemergedorconsolidatedoramalgamated,oranycorporationresultingtherefromtowhichthe

WarrantAgentshallbeaparty,oranycorporationsucceedingtosubstantiallythecorporatetrustbusinessoftheWarrantAgentshallbethesuccessortotheWarrantAgenthereunderwithoutanyfurtheractonitspartoranyofthepartieshereto,providedthatsuchcorporationwouldbeeligibleforappointmentassuccessorWarrantAgentunderSection9.8(1).

Section9.9ConflictofInterest.(1)TheWarrantAgentrepresentstotheCorporationthatatthetimeofexecutionanddeliveryhereofnomaterialconflictofinterestexistsbetweenitsroleas

aWarrantAgenthereunderanditsroleinanyothercapacityandagreesthatintheeventofamaterialconflictofinterestarisinghereafteritwill,within90daysafterascertainingthatithassuchmaterialconflictofinterest,eithereliminatethesameorassignitsagencyhereundertoasuccessorWarrantAgentapprovedbytheCorporationandmeetingtherequirementssetforthinSection9.8(1).NotwithstandingtheforegoingprovisionsofthisSection9.9(1),ifanysuchmaterialconflictofinterestexistsorhereaftershallexist,thevalidityandenforceabilityofthisIndentureandtheWarrantCertificateshallnotbeaffectedinanymannerwhatsoeverbyreasonthereof.

(2)SubjecttoSection9.9(1),theWarrantAgent,initspersonaloranyothercapacity,maybuy,lenduponanddealinsecuritiesoftheCorporationand

generallymaycontractandenterintofinancialtransactionswiththeCorporationwithoutbeingliabletoaccountforanyprofitmadethereby.Section9.10AcceptanceofAgency.

TheWarrantAgentherebyacceptstheagencyinthisIndenturedeclaredandprovidedforandagreestoperformthesameuponthetermsandconditionshereinsetforth.Section9.11WarrantAgentNottobeAppointedReceiver.

TheWarrantAgentandanypersonrelatedtotheWarrantAgentshallnotbeappointedareceiver,areceiverandmanagerorliquidatorofalloranypartoftheassetsorundertakingoftheCorporation.

Section9.12WarrantAgentNotRequiredtoGiveNoticeofDefault.

TheWarrantAgentshallnotbeboundtogiveanynoticeordoortakeanyact,actionorproceedingbyvirtueofthepowersconferredonitherebyunlessanduntilitshallhavebeenrequiredsotodounderthetermshereof;norshalltheWarrantAgentberequiredtotakenoticeofanydefaulthereunder,unlessanduntilnotifiedinwritingofsuchdefault,whichnoticeshalldistinctlyspecifythedefaultdesiredtobebroughttotheattentionoftheWarrantAgentandintheabsenceofanysuchnoticetheWarrantAgentmayforallpurposesofthisIndentureconclusivelyassumethatnodefaulthasbeenmadeintheobservanceorperformanceofanyoftherepresentations,warranties,covenants,agreementsorconditionscontainedherein.AnysuchnoticeshallinnowaylimitanydiscretionhereingiventotheWarrantAgenttodeterminewhetherornottheWarrantAgentshalltakeactionwithrespecttoanydefault.Section9.13Anti-MoneyLaundering.(1)EachpartytothisIndentureotherthantheWarrantAgentherebyrepresentstotheWarrantAgentthatanyaccounttobeopenedby,orinteresttobeheld

bytheWarrantAgentinconnectionwiththisIndenture,forortothecreditofsuchparty,either(i)isnotintendedtobeusedbyoronbehalfofanythirdparty;or(ii)isintendedtobeusedbyoronbehalfofathirdparty,inwhichcasesuchpartyheretoagreestocompleteandexecuteforthwithadeclarationintheWarrantAgent’sprescribedformastotheparticularsofsuchthirdparty.

(2)TheWarrantAgentshallretaintherightnottoactandshallnotbeliableforrefusingtoactif,duetoalackofinformationorforanyotherreason

whatsoever,theWarrantAgent,initssolejudgment,determinesthatsuchactmightcauseittobeinnon-compliancewithanyapplicableanti-moneylaundering,anti-terroristoreconomicsanctionslegislation,regulationorguideline.Further,shouldtheWarrantAgent,initssolejudgment,determineatanytimethatitsactingunderthisIndenturehasresultedinitsbeinginnon-compliancewithanyapplicableanti-moneylaundering,anti-terroristoreconomicsanctionslegislation,regulationorguideline,thenitshallhavetherighttoresignonten(10)dayswrittennoticetotheotherpartiestothisIndenture,provided(i)thattheWarrantAgent’swrittennoticeshalldescribethecircumstancesofsuchnon-compliance;and(ii)thatifsuchcircumstancesarerectifiedtotheWarrantAgent’ssatisfactionwithinsuchten(10)dayperiod,thensuchresignationshallnotbeeffective.

Section9.14CompliancewithPrivacyCode.

TheCorporationacknowledgesthattheWarrantAgentmay,inthecourseofprovidingserviceshereunder,collectorreceivefinancialandotherpersonalinformationaboutsuchpartiesand/ortheirrepresentatives,asindividuals,oraboutotherindividualsrelatedtothesubjectmatterhereof,andusesuchinformationforthefollowingpurposes:

(a)toprovidetheservicesrequiredunderthisIndentureandotherservicesthatmayberequestedfromtimetotime;

(b)tohelptheWarrantAgentmanageitsservicingrelationshipswithsuchindividuals;

(c)tomeettheWarrantAgent’slegalandregulatoryrequirements;and

(d)ifSocialInsuranceNumbersarecollectedbytheWarrantAgent,toperformtaxreportingandtoassistinverificationofanindividual’sidentityforsecuritypurposes.

TheCorporationacknowledgesandagreesthattheWarrantAgentmayreceive,collect,useanddisclosepersonalinformationprovidedtoitoracquired

byitinthecourseofitsactingasagenthereunderforthepurposesdescribedaboveand,generally,inthemannerandonthetermsdescribedinitsPrivacyCode,whichtheWarrantAgentshallmakeavailableonitswebsite,www.computershare.com,oruponrequest,includingrevisionsthereto.Further,theCorporationagreesthatitshallnotprovideorcausetobeprovidedtotheWarrantAgentanypersonalinformationrelatingtoanindividualwhoisnotapartytothisIndentureunlesstheCorporationhasassureditselfthatsuchindividualunderstandsandhasconsentedtotheaforementionedusesanddisclosures.TheWarrantAgentmaytransferpersonalinformationtoothercompaniesinoroutsideofCanadathatprovidedataprocessingandstorageorothersupportinordertofacilitatetheservicesitprovides.Section9.15SecuritiesExchangeCommissionCertification.

TheCorporationconfirmsthatithaseither(i)aclassofsecuritiesregisteredpursuanttoSection12oftheU.S.ExchangeAct;or(ii)areportingobligationpursuanttoSection15(d)oftheU.S.ExchangeAct,andhasprovidedtheWarrantAgentwithanOfficers’Certificate(inaformprovidedbytheWarrantAgentcertifyingsuchreportingobligationandotherinformationasrequestedbytheWarrantAgent).TheCorporationcovenantsthatintheeventthatanysuchregistrationorreportingobligationshallbeterminatedbytheCorporationinaccordancewiththeU.S.ExchangeAct,theCorporationshallpromptlynotifytheWarrantAgentofsuchterminationandsuchotherinformationastheWarrant

Agentmayrequireatthetime.TheCorporationacknowledgesthattheWarrantAgentisrelyingupontheforegoingrepresentationandcovenantsinordertomeetcertainSECobligationswithrespecttothoseclientswhoarefilingwiththeSEC.

ARTICLE10GENERAL

Section10.1NoticetotheCorporationandtheWarrantAgent.(1)Unlesshereinotherwiseexpresslyprovided,anynoticetobegivenhereundertotheCorporationortheWarrantAgentshallbedeemedtobevalidly

givenifdelivered,sentbyregisteredletter,email,postageprepaidoriffaxed:

(a)IftotheCorporation:

PlatinumGroupMetalsLtd.788–550BurrardStreetVancouver,BCV6C2B5

Attention:FrankHallam,ChiefFinancialOfficer

Facsimilenumber:604-484-4710

(b)IftotheWarrantAgent:

ComputershareTrustCompanyofCanada3 Floor,510BurrardStreetVancouver,BCV6C3B9

Attention:GeneralManager,CorporateTrust

Email:corporatetrust.vancouver@computershare.com

andanysuchnoticedeliveredinaccordancewiththeforegoingshallbedeemedtohavebeenreceivedandgivenonthedateofdeliveryor,ifmailed,on

thefifthBusinessDayfollowingthedateofmailingsuchnoticeor,iffaxed,onthenextBusinessDayfollowingthedateoftransmission.(2)TheCorporationortheWarrantAgent,asthecasemaybe,mayfromtimetotimenotifytheotherinthemannerprovidedinSection10.1(1)ofachange

ofaddresswhich,fromtheeffectivedateofsuchnoticeanduntilchangedbylikenotice,shallbetheaddressoftheCorporationortheWarrantAgent,asthecasemaybe,forallpurposesofthisIndenture.

(3)If,byreasonofastrike,lockoutorotherworkstoppage,actualorthreatened,involvingpostalemployees,anynoticetobegiventotheWarrantAgentor

totheCorporationhereundercouldreasonablybeconsideredunlikelytoreachitsdestination,suchnoticeshallbevalidandeffectiveonlyifitisdeliveredtothenamedofficerofthepartytowhichitisaddressed,asprovidedinSection10.1(1),orgivenbyfacsimileorothermeansofprepaid,transmittedandrecordedcommunication.

Section10.2NoticetoRegisteredWarrantholders.(1)Unlessotherwiseprovidedherein,noticetotheRegisteredWarrantholdersundertheprovisionsofthisIndentureshallbevalidandeffectiveifdelivered

orsentbyordinaryprepaidpostaddressedtosuchholdersattheirpostofficeaddressesappearingontheregisterhereinbeforementionedandshallbedeemedtohavebeeneffectivelyreceivedandgivenonthedateofdeliveryor,ifmailed,onthethirdBusinessDayfollowingthedateofmailingsuchnotice.IntheeventthatWarrantsareheldinthenameoftheDepository,acopyofsuchnoticeshallalsobesentbyelectroniccommunicationtotheDepositoryandshallbedeemedreceivedandgivenonthedayitissosent.

(2)If,byreasonofastrike,lockoutorotherworkstoppage,actualorthreatened,involvingpostalemployees,anynoticetobegiventotheRegistered

Warrantholdershereundercouldreasonablybeconsideredunlikelytoreachitsdestination,suchnoticeshallbevalidandeffectiveonlyifitisdeliveredtosuchRegisteredWarrantholderstotheaddressforsuchRegisteredWarrantholderscontainedintheregistermaintainedbytheWarrantAgentorsuchnoticemaybegiven,attheCorporation’sexpense,bymeansofpublicationintheGlobeandMail,NationalEdition,oranyotherEnglishlanguagedailynewspaperornewspapersofgeneralcirculationinCanada,ineachtwosuccessiveweeks,thefirstsuchnoticetobepublishedwithinfivebusinessdaysofsuchevent,andanysonoticepublishedshallbedeemedtohavebeenreceivedandgivenonthelatestdatethepublicationtakesplace.

Section10.3OwnershipofWarrants.

TheCorporationandtheWarrantAgentmaydeemandtreattheRegisteredWarrantholdersastheabsoluteownersthereofforallpurposes,andtheCorporationandtheWarrantAgentshallnotbeaffectedbyanynoticeorknowledgetothecontraryexceptwheretheCorporationortheWarrantAgentisrequiredtotakenoticebystatuteorbyorderofacourtofcompetentjurisdiction.ThereceiptofanysuchRegisteredWarrantholderoftheCommonShareswhichmaybeacquiredpursuanttheretoshallbeagooddischargetotheCorporationandtheWarrantAgentforthesameandneithertheCorporationnortheWarrantAgentshallbe

boundtoinquireintothetitleofanysuchholderexceptwheretheCorporationortheWarrantAgentisrequiredtotakenoticebystatuteorbyorderofacourtofcompetentjurisdiction.Section10.4Counterparts.

ThisIndenturemaybeexecutedinseveralcounterparts,eachofwhichwhensoexecutedshallbedeemedtobeanoriginalandsuchcounterpartstogethershallconstituteoneandthesameinstrumentandnotwithstandingtheirdateofexecutiontheyshallbedeemedtobedatedasofthedatehereof.DeliveryofanexecutedcopyoftheIndenturebyelectronicfacsimiletransmissionorothermeansofelectroniccommunicationcapableofproducingaprintedcopywillbedeemedtobeexecutionanddeliveryofthisIndentureasofthedatehereof.Section10.5SatisfactionandDischargeofIndenture.

Upontheearlierof:

(a)thedatebywhichthereshallhavebeendeliveredtotheWarrantAgentforexerciseorcancellationallWarrantstheretoforeAuthenticatedhereunder,inthecaseofCertificatedWarrants(orsuchotherinstructions,inaformsatisfactorytotheWarrantAgent),inthecaseofUncertificatedWarrants,orbywayofstandardprocessingthroughthebookentryonlysysteminthecaseofaCDSGlobalWarrant;and

(b)theExpiryTime;

andifallcertificatesorotherentryontheregisterrepresentingCommonSharesrequiredtobeissuedincompliancewiththeprovisionshereofhavebeen

issuedanddeliveredhereunderortotheWarrantAgentinaccordancewithsuchprovisions,thisIndentureshallceasetobeoffurthereffectandtheWarrantAgent,ondemandofandatthecostandexpenseoftheCorporationandupondeliverytotheWarrantAgentofacertificateoftheCorporationstatingthatallconditionsprecedenttothesatisfactionanddischargeofthisIndenturehavebeencompliedwith,shallexecuteproperinstrumentsacknowledgingsatisfactionofanddischargingthisIndenture.Notwithstandingtheforegoing,theindemnitiesprovidedtotheWarrantAgentbytheCorporationhereundershallremaininfullforceandeffectandsurvivetheterminationofthisIndenture.

Section10.6ProvisionsofIndentureandWarrantsfortheSoleBenefitofPartiesandRegisteredWarrantholders.

NothinginthisIndentureorintheWarrants,expressedorimplied,shallgiveorbeconstruedtogivetoanypersonotherthanthepartiesheretoandtheRegisteredWarrantholders,asthecasemaybe,anylegalorequitableright,remedyorclaimunderthisIndenture,orunderanycovenantorprovisionhereinorthereincontained,allsuchcovenantsandprovisionsbeingforthesolebenefitofthepartiesheretoandtheRegisteredWarrantholders.Section10.7CommonSharesorWarrantsOwnedbytheCorporationoritsSubsidiaries-CertificatetobeProvided.

ForthepurposeofdisregardinganyWarrantsownedlegallyorbeneficiallybytheCorporationinSection7.16,theCorporationshallprovidetotheWarrantAgent,fromtimetotime,acertificateoftheCorporationsettingforthasatthedateofsuchcertificate:

(a)thenames(otherthanthenameoftheCorporation)oftheRegisteredWarrantholderswhich,totheknowledgeoftheCorporation,areownedbyorheldfortheaccountoftheCorporation;and

(b)thenumberofWarrantsownedlegallyorbeneficiallybytheCorporation;

andtheWarrantAgent,inmakingthecomputationsinSection7.16,shallbeentitledtorelyonsuchcertificatewithoutanyadditionalevidence.

Section10.8Severability.

If,inanyjurisdiction,anyprovisionofthisIndentureoritsapplicationtoanypartyorcircumstanceisrestricted,prohibitedorunenforceable,suchprovisionwill,astosuchjurisdiction,beineffectiveonlytotheextentofsuchrestriction,prohibitionorunenforceabilitywithoutinvalidatingtheremainingprovisionsofthisIndentureandwithoutaffectingthevalidityorenforceabilityofsuchprovisioninanyotherjurisdictionorwithoutaffectingitsapplicationtootherpartiesorcircumstances.Section10.9ForceMajeure.

Nopartyshallbeliabletotheother,orheldinbreachofthisIndenture,ifprevented,hindered,ordelayedintheperformanceorobservanceofanyprovisioncontainedhereinbyreasonofactofGod,riots,terrorism,actsofwar,epidemics,governmentalactionorjudicialorder,earthquakes,oranyothersimilarcauses(including,butnotlimitedto,mechanical,electronicorcommunication

interruptions,disruptionsorfailures).PerformancetimesunderthisIndentureshallbeextendedforaperiodoftimeequivalenttothetimelostbecauseofanydelaythatisexcusableunderthisSection.Section10.10Assignment,SuccessorsandAssigns.

NeitherofthepartiesheretomayassignitsrightsorinterestunderthisIndenture,exceptasprovidedinSection9.8inthecaseoftheWarrantAgent,orasprovidedinSection8.2inthecaseoftheCorporation.Subjectthereto,thisIndentureshallenuretothebenefitofandbebindinguponthepartiesheretoandtheirrespectivesuccessorsandpermittedassigns.Section10.11RightsofRescissionandWithdrawalforHolders.

ShouldaholderofWarrantsexerciseanylegal,statutory,contractualorotherrightofwithdrawalorrescissionthatmaybeavailabletoit,andtheholder’sfundswhichwerepaidonexercisehavealreadybeenreleasedtotheCorporationbytheWarrantAgent,theWarrantAgentshallnotberesponsibleforensuringtheexerciseiscancelledandarefundispaidbacktotheholder.Insuchcases,theholdershallseekarefunddirectlyfromtheCorporationandsubsequently,theCorporation,uponsurrendertotheCorporationortheWarrantAgentofanyunderlyingsharesthatmayhavebeenissued,orsuchotherprocedureasagreedtobythepartieshereto,shallinstructtheWarrantAgentinwriting,tocanceltheexercisetransactionandanysuchunderlyingsharesontheregister,whichmayhavealreadybeenissuedupontheWarrantexercise.IntheeventthatanypaymentisreceivedfromtheCorporationbyvirtueoftheholderbeingashareholderforsuchWarrantsthatweresubsequentlyrescinded,suchpaymentmustbereturnedtotheCorporationbysuchholder.TheWarrantAgentshallnotbeunderanydutyorobligationtotakeanystepstoensureorenforcethatthefundsarereturnedpursuanttothisSection,norshalltheWarrantAgentbeinanyotherwayresponsibleintheeventthatanypaymentisnotdeliveredorreceivedpursuanttothisSection.Notwithstandingtheforegoing,intheeventthattheCorporationprovidestherefundtotheWarrantAgentfordistributiontotheholder,theWarrantAgentshallreturnsuchfundstotheholderassoonasreasonablypracticable,andinsodoing,theWarrantAgentshallincurnoliabilitywithrespecttothedeliveryornon-deliveryofanysuchfunds.

[Signature page follows]

INWITNESSWHEREOFthepartiesheretohaveexecutedthisIndentureunderthehandsoftheirproperofficersinthatbehalfasofthedatefirst

writtenabove.PLATINUMGROUPMETALSLTD.

By: /s/FrankR.Hallam

Name:FrankR.Hallam

Title:CFO

By: /s/JillDunn

Name:JillDunn

Title:Manager,CorporateTrust

By: /s/AlexaKwan

Name:AlexaKwan

Title:AssociateTrustOfficer

SCHEDULE“A”

FORMOFWARRANT

WARRANT

ToacquireCommonSharesof

PLATINUMGROUPMETALSLTD.

(existingpursuanttothelawsoftheProvinceofBritishColumbia)

WarrantCertificateNo.

CertificateforWarrants,eachentitlingtheholdertoacquireone(1)CommonShare(subjecttoadjustmentasprovidedforintheWarrantIndenture(asdefinedbelow)CUSIP72765Q155/ISINCA72765Q1550

THISISTOCERTIFYTHAT,forvaluereceived,(the“Warrantholder”)istheregisteredholderofthenumberofcommonsharepurchasewarrants(the“Warrants”)ofPlatinumGroupMetalsLtd.(the“Corporation”)specifiedabove,andisentitled,onexerciseoftheseWarrantsuponandsubjecttothetermsandconditionssetforthhereinandintheWarrantIndenture,topurchaseatanytimebefore4:00p.m.(Vancouvertime)(the“ExpiryTime”)onNovember15,2019(the“ExpiryDate”),onefullypaidandnon-assessablecommonsharewithoutparvalueinthecapitaloftheCorporationasconstitutedonthedatehereof(a“CommonShare”)foreachWarrantsubjecttoadjustmentinaccordancewiththetermsoftheWarrantIndenture.TherighttopurchaseCommonSharesmayonlybeexercisedbytheWarrantholderwithinthetimesetforthaboveby:(a)dulycompletingandexecutingtheexerciseform(the“ExerciseForm”)attachedhereto;and(b)surrenderingthiswarrantcertificate(the“WarrantCertificate”),withtheExerciseFormtotheWarrantAgentattheprincipalofficeoftheWarrant

Agent,inthecityofVancouver,togetherwithacertifiedcheque,bankdraftormoney

orderinthelawfulmoneyoftheUnitedStatesofAmericapayabletoortotheorderoftheCorporationinanamountequaltothepurchasepriceoftheCommonSharessosubscribedfor.

ThesurrenderofthisWarrantCertificate,thedulycompletedExerciseFormandpaymentasprovidedabovewillbedeemedtohavebeeneffectedonlyonpersonaldeliverythereofto,orifsentbymailorothermeansoftransmissiononactualreceiptthereofby,theWarrantAgentatitsprincipalofficeassetoutabove.SubjecttoadjustmentthereofintheeventsandinthemannersetforthintheWarrantIndenturehereinafterreferredto,theexercisepricepayableforeachCommonShareupontheexerciseofWarrantsshallbeUS$0.17perCommonShare(the“ExercisePrice”).CertificatesfortheCommonSharessubscribedforwillbemailedtothepersonsspecifiedintheExerciseFormattheirrespectiveaddressesspecifiedthereinor,ifsospecifiedintheExerciseForm,deliveredtosuchpersonsattheofficewherethisWarrantCertificateissurrendered.IffewerCommonSharesarepurchasedthanthenumberthatcanbepurchasedpursuanttothisWarrantCertificate,theholderhereofwillbeentitledtoreceivewithoutchargeanewWarrantCertificateinrespectofthebalanceoftheCommonSharesnotsopurchased.NofractionalCommonShareswillbeissueduponexerciseofanyWarrant.ThisWarrantCertificateevidencesWarrantsoftheCorporationissuedorissuableundertheprovisionsofawarrantindenture(whichindenturetogetherwithallotherinstrumentssupplementalorancillarytheretoishereinreferredtoasthe“WarrantIndenture”)datedasofMay15,2018betweentheCorporationandComputershareTrustCompanyofCanada,asWarrantAgent,towhichWarrantIndenturereferenceisherebymadeforparticularsoftherightsoftheholdersofWarrants,theCorporationandtheWarrantAgentinrespectthereofandthetermsandconditionsonwhichtheWarrantsareissuedandheld,alltothesameeffectasiftheprovisionsoftheWarrantIndenturewerehereinsetforth,toallofwhichtheholder,byacceptancehereof,assents.TheCorporationwillfurnishtotheholder,onrequestandwithoutcharge,acopyoftheWarrantIndenture.OnpresentationattheprincipalofficeoftheWarrantAgentassetoutabove,subjecttotheprovisionsoftheWarrantIndentureandoncompliancewiththereasonablerequirementsoftheWarrantAgent,oneormoreWarrantCertificatesmaybeexchangedforoneormoreWarrantCertificatesentitlingtheholderthereoftopurchaseintheaggregateanequalnumberofCommonSharesasarepurchasableundertheWarrantCertificate(s)soexchanged.TheWarrantIndenturecontainsprovisionsfortheadjustmentoftheExercisePricepayableforeachCommonShareupontheexerciseofWarrantsandthenumberof

CommonSharesissuableupontheexerciseofWarrantsintheeventsandinthemannersetforththerein.TheWarrantIndenturealsocontainsprovisionsmakingbindingonallholdersofWarrantsoutstandingthereunderresolutionspassedatmeetingsofholdersofWarrantsheldinaccordancewiththeprovisionsoftheWarrantIndentureandinstrumentsinwritingsignedbyWarrantholdersofWarrantsentitledtopurchaseaspecificmajorityoftheCommonSharesthatcanbepurchasedpursuanttosuchWarrants.PursuanttoSection3.3oftheWarrantIndenture,ifatanytimefollowingtheinitialeffectivenessofashelfregistrationstatementfiledwiththeUnitedStatesSecuritiesandExchangeCommissionundertheU.S.SecuritiesActof1933,asamended,registeringtheCommonSharesissuableuponexerciseoftheWarrants(a“RegistrationStatement”)andpriortotheExpiryTime,theCorporationdeterminesthatnoRegistrationStatementfiledwiththeUnitedStatesSecuritiesandExchangeCommissioniseffective,ortheuseofanysuchRegistrationStatementissuspended,theCorporationshallpromptlyprovidewrittennoticeofsuchdeterminationtotheWarrantAgent.Uponreceiptofsuchnotice,theWarrantAgentshallprovideacopythereoftoeachWarrantholder,andconfirminwritingthatthethenoutstandingWarrantsmay,untiltheearlierof(x)aRegistrationStatementbecomingeffectiveorceasingtobesuspendedandanyprospectussupplementnecessarytheretohavingbeenfiled,or(y)theExpiryTime,iftheCurrentMarketPriceexceedstheExercisePrice,alsobeexercisedbymeansofa“cashlessexercise”inwhichtheWarrantholdershallbeentitledtosurrenderaWarranttotheCorporationinexchangefortheissuanceofthenumberofCommonSharesequaltothequotientobtainedbydividing[(A-B)(X)]by(A),where:(a)(A)equalstheCurrentMarketPriceonthetradingdayimmediatelyprecedingthedateofthereceiptbytheWarrantAgentofthenoticeofexercise;(b)(B)equalstheExercisePriceperCommonShareofsuchWarrant,asadjusted;and(c)(X)equalsthenumberofCommonSharesthatwouldotherwisebeissuableuponexerciseofsuchWarrantinaccordancewithitstermsbymeansofacashexerciseratherthanacashlessexercise.TheissuepriceforeachsuchCommonSharetobeissuedpursuanttothecashlessexerciseofaWarrantwillbeequalto(B),asdefinedabove,andthetotalissuepricefortheaggregatenumberofCommonSharesissuedpursuanttothecashlessexerciseofaWarrantwillbepaidandsatisfiedinfullbythesurrendertotheCorporationofsuchWarrant.Inaddition,iftheCorporationdeterminesatanytimepriortotheExpiryDatethatU.S.statesecuritieslawsarenotpreemptedwithrespecttoexercisesoftheWarrants,theCorporationmaybywrittennoticetotheWarrantAgentelecttopermitexercisesofWarrantsthataresubjecttothelawsofoneormoreU.S.jurisdictionstobeexercisedona“cashlessexercise”basis,pursuanttothecashlessexerciseformulasetforthabove.

Uponthereceiptofsuchnotice,theWarrantAgentshallprovideacopythereoftoeachRegisteredWarrantholder,andconfirmtheCorporation’sdeterminationinwriting.NothingcontainedinthisWarrantCertificate,theWarrantIndentureorelsewhereshallbeconstruedasconferringupontheholderhereofanyrightorinterestwhatsoeverasaholderofCommonSharesoranyotherrightorinterestexceptashereinandintheWarrantIndentureexpresslyprovided.IntheeventofanydiscrepancybetweenanythingcontainedinthisWarrantCertificateandthetermsandconditionsoftheWarrantIndenture,thetermsandconditionsoftheWarrantIndentureshallgovern.WarrantsmayonlybetransferredincompliancewiththeconditionsoftheWarrantIndentureontheregistertobekeptbytheWarrantAgentinVancouver,orsuchotherregistrarastheCorporation,withtheapprovaloftheWarrantAgent,mayappointatsuchotherplaceorplaces,ifany,asmaybedesignated,uponsurrenderofthisWarrantCertificatetotheWarrantAgentorotherregistraraccompaniedbyawritteninstrumentoftransferinformandexecutionsatisfactorytotheWarrantAgentorotherregistraranduponcompliancewiththeconditionsprescribedintheWarrantIndentureandwithsuchreasonablerequirementsastheWarrantAgentorotherregistrarmayprescribeanduponthetransferbeingdulynotedthereonbytheWarrantAgentorotherregistrar.Timeisoftheessencehereof.ThisWarrantCertificatewillnotbevalidforanypurposeuntilithasbeencountersignedbyoronbehalfoftheWarrantAgentfromtimetotimeundertheWarrantIndenture.ThepartiesheretohavedeclaredthattheyhaverequiredthatthesepresentsandallotherdocumentsrelatedheretobeintheEnglishlanguage.Lespartiesauxprésentesdéclarentqu’ellesontexigéquelaprésenteconvention,demêmequetouslesdocumentss’yrapportant,soientrédigésenanglais.

AnycapitalizedterminthisWarrantCertificatethatisnototherwisedefinedherein,shallhavethemeaningascribedtheretointheWarrantIndenture.

INWITNESSWHEREOFtheCorporationhascausedthisWarrantCertificatetobedulyexecutedasof,2018.PLATINUMGROUPMETALSLTD.

AuthorizedSignatory

CountersignedandRegisteredby:

AuthorizedSignatory

FORMOFTRANSFER

To:ComputershareTrustCompanyofCanadaFORVALUERECEIVEDtheundersignedherebysells,assignsandtransfersto(printnameandaddress)theWarrantsrepresentedbythisWarrantCertificateandherebyirrevocablyconstitutesandappointsasitsattorneywithfullpowerofsubstitutiontotransferthesaidsecuritiesontheappropriateregisteroftheWarrantAgent.DATEDthisdayof,20.

SPACEFORGUARANTEESOFSIGNATURES(BELOW)

) SignatureofTransferor

Guarantor’sSignature/Stamp

) NameofTransferor

REASONFORTRANSFER—ForUSResidentsonly(wheretheindividual(s)orcorporationreceivingthesecuritiesisaUSresident).Pleaseselectonlyone(seeinstructionsbelow).

oGift oEstate oPrivateSale oOther(ornochangeinownership)

DateofEvent(Dateofgift,deathorsale): ValueperWarrantonthedateofevent: // $oCADORoUSDCERTAINREQUIREMENTSRELATINGTOTRANSFERS—READCAREFULLYThesignature(s)ofthetransferor(s)mustcorrespondwiththename(s)aswrittenuponthefaceofthiscertificate(s),ineveryparticular,withoutalterationorenlargement,oranychangewhatsoever.Allsecurityholdersoralegallyauthorizedrepresentativemustsignthisform.Thesignature(s)onthisformmustbeguaranteedinaccordancewiththetransferagent’sthencurrentguidelinesandrequirementsatthetimeoftransfer.Notarizedorwitnessedsignaturesarenotacceptableasguaranteedsignatures.Asat

thetimeofclosing,youmaychooseoneofthefollowingmethods(althoughsubjecttochangeinaccordancewithindustrypracticeandstandards):

·CanadaandtheUSA:AMedallionSignatureGuaranteeobtainedfromamemberofanacceptableMedallionSignatureGuaranteeProgram(STAMP,SEMP,NYSE,MSP).Manycommercialbanks,savingsbanks,creditunions,andallbrokerdealersparticipateinaMedallionSignatureGuaranteeProgram.TheGuarantormustaffixastampbearingtheactualwords“MedallionGuaranteed”,withthecorrectprefixcoveringthefacevalueofthecertificate.

·Canada:ASignatureGuaranteeobtainedfromanauthorizedofficeroftheRoyalBankofCanada,ScotiaBankorTDCanadaTrust.TheGuarantor

mustaffixastampbearingtheactualwords“SignatureGuaranteed”,signandprinttheirfullnameandalphanumericsigningnumber.SignatureGuaranteesarenotacceptedfromTreasuryBranches,CreditUnionsorCaissePopulairesunlesstheyaremembersofaMedallionSignatureGuaranteeProgram.Forcorporateholders,corporatesigningresolutions,includingcertificateofincumbency,arealsorequiredtoaccompanythetransfer,unlessthereisa“Signature&AuthoritytoSignGuarantee”Stampaffixedtothetransfer(asopposedtoa“SignatureGuaranteed”Stamp)obtainedfromanauthorizedofficeroftheRoyalBankofCanada,ScotiaBankorTDCanadaTrustoraMedallionSignatureGuaranteewiththecorrectprefixcoveringthefacevalueofthecertificate.

·OutsideNorthAmerica:ForholderslocatedoutsideNorthAmerica,presentthecertificates(s)and/ordocument(s)thatrequireaguaranteetoalocal

financialinstitutionthathasacorrespondingCanadianorAmericanaffiliatewhichisamemberofanacceptableMedallionSignatureGuaranteeProgram.Thecorrespondingaffiliatewillarrangeforthesignaturetobeover-guaranteed.

Thesignature(s)ofthetransferor(s)mustcorrespondwiththename(s)aswrittenuponthefaceofthiscertificate(s),ineveryparticular,withoutalterationorenlargement,oranychangewhatsoever.Thesignature(s)onthisformmustbeguaranteedbyanauthorizedofficerofRoyalBankofCanada,ScotiaBankorTDCanadaTrustwhosesamplesignature(s)areonfilewiththetransferagent,orbyamemberofanacceptableMedallionSignatureGuaranteeProgram(STAMP,SEMP,NYSE,MSP).Notarizedorwitnessedsignaturesarenotacceptableasguaranteedsignatures.TheGuarantormustaffixastampbearingtheactualwords:“SIGNATUREGUARANTEED”,“MEDALLIONGUARANTEED”OR“SIGNATURE&AUTHORITYTOSIGNGUARANTEE”,allinaccordancewiththetransferagent’sthencurrentguidelinesandrequirementsatthetimeoftransfer.Forcorporateholders,corporatesigningresolutions,includingcertificateofincumbency,willalsoberequiredtoaccompanythe

transferunlessthereisa“SIGNATURE&AUTHORITYTOSIGNGUARANTEE”StampaffixedtotheFormofTransferobtainedfromanauthorizedofficeroftheRoyalBankofCanada,ScotiaBankorTDCanadaTrustora“MEDALLIONGUARANTEED”StampaffixedtotheFormofTransfer,withthecorrectprefixcoveringthefacevalueofthecertificate.REASONFORTRANSFER—FORUSRESIDENTSONLYConsistentwithUSIRSregulations,ComputershareisrequiredtorequestcostbasisinformationfromUSsecurityholders.Pleaseindicatethereasonforrequestingthetransferaswellasthedateofeventrelatingtothereason.Theeventdateisnotthedayinwhichthetransferisfinalized,butratherthedateoftheeventwhichledtothetransferrequest(i.e.dateofgift,dateofdeathofthesecurityholder,orthedatetheprivatesaletookplace).

SCHEDULE“B”

EXERCISEFORM

TO: PlatinumGroupMetalsLtd. ANDTO: ComputershareTrustCompanyofCanada

3 Floor,510BurrardStreetVancouver,BCV6C2B9

TheundersignedholderoftheWarrantsevidencedbythisWarrantCertificateherebyexercisestherighttoacquire:[Pleasecomplete(a)or(b)below.]

(a)CommonSharesofPlatinumGroupMetalsLtd.pursuanttotherightofsuchholdertobeissued,andherebysubscribesfor,theCommon

SharesthatareissuablepursuanttotheexerciseofsuchWarrantsonthetermsspecifiedinsuchWarrantCertificateandintheIndentureforanaggregateexercisepriceof;or

(b)CommonSharesofPlatinumGroupMetalsLtd.,ifpermittedpursuanttoSection3.3oftheWarrantIndenture,bymeansofa“cashlessexercise”inwhichtheWarrantholdershallbeentitledtoreceiveacertificateforthenumberofCommonSharesequaltothequotientobtainedbydividing[(A-B)(X)]by(A),where(i)(A)equalstheCurrentMarketPriceonthetradingdayimmediatelyprecedingthedateofthereceiptbytheWarrantAgentofthenoticeofexercise;(ii)(B)equalstheExercisePriceperCommonShareofeachWarrant,asadjusted;and(iii)(X)equalsthenumberofCommonSharesthatwouldotherwisebeissuableuponexerciseoftheWarrantsinaccordancewiththeirtermsbymeansofacashexerciseratherthanacashlessexercise,andtheundersignedherebyagreesthattheissuepriceforeachsuchCommonSharepursuanttothiscashlessexerciseofsuchWarrantsisequalto(B),asdefinedabove,andtheundersignedherebysurrendersallsuchWarrantstoPlatinumGroupMetalsLtd.infullpaymentandsatisfactionofthetotalissuepriceforsuchCommonSharespursuanttothiscashlessexerciseofsuchWarrants.

TheundersignedherebyacknowledgesthattheundersignedisawarethattheCommonSharesreceivedonexercisemaybesubjecttorestrictionsonresaleunderapplicablesecuritieslegislation.

AnycapitalizedterminthisWarrantCertificatethatisnototherwisedefinedherein,shallhavethemeaningascribedtheretointheWarrantIndenture.

TheundersignedherebyirrevocablydirectsthatthesaidCommonSharesbeissued,registeredanddeliveredasfollows:

Name(s)inFullandSocialInsuranceNumber(s)(ifapplicable)

Address(es)

NumberofCommonShares

PleaseprintfullnameinwhichcertificatesrepresentingtheCommonSharesaretobeissued.IfanyCommonSharesaretobeissuedtoapersonorpersonsotherthantheregisteredholder,theregisteredholdermustpaytotheWarrantAgentalleligibletransfertaxesorothergovernmentcharges,ifany,andtheFormofTransfermustbedulyexecuted.

Oncecompletedandexecuted,thisExerciseFormmustbemailedordeliveredtoComputershareTrustCompanyofCanada,c/oGeneralManager,CorporateTrust.DATEDthisdayof,20.

Witness

) (SignatureofWarrantholder,tobethesameasappearsonthefaceofthisWarrantCertificate)

) NameofRegisteredWarrantholder

oPleasecheckifthecertificatesrepresentingtheCommonSharesaretobedeliveredattheofficewherethisWarrantCertificateissurrendered,failingwhichsuchcertificateswillbemailedtotheaddresssetoutabove.CertificateswillbedeliveredormailedassoonaspracticableafterthesurrenderofthisWarrantCertificatetotheWarrantAgent.

SECURITIESANDEXCHANGECOMMISSIONd18rn0p25nwr6d.cloudfront.net/CIK-0001095052/... · Certificate 11...

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