<SEC-DOCUMENT>0001062993-23-010289.txt : 20230505
<SEC-HEADER>0001062993-23-010289.hdr.sgml : 20230505
<ACCEPTANCE-DATETIME>20230505114717
ACCESSION NUMBER:		0001062993-23-010289
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20230317
FILED AS OF DATE:		20230505
DATE AS OF CHANGE:		20230505

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Osisko Development Corp.
		CENTRAL INDEX KEY:			0001431852
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			Z4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41369
		FILM NUMBER:		23892172

	BUSINESS ADDRESS:	
		STREET 1:		1100 AVENUE DES CANADIENS-DE-MONTREAL
		STREET 2:		SUITE 300
		CITY:			MONTREAL
		STATE:			A8
		ZIP:			H3B 2S2
		BUSINESS PHONE:		514 940-0685

	MAIL ADDRESS:	
		STREET 1:		1100 AVENUE DES CANADIENS-DE-MONTREAL
		STREET 2:		SUITE 300
		CITY:			MONTREAL
		STATE:			A8
		ZIP:			H3B 2S2

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ringbolt Ventures Ltd.
		DATE OF NAME CHANGE:	20080408
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html>

<head>
    <title>Osisko Development Corp.: Form 6-K - Filed by newsfilecorp.com</title>
</head>

<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="margin-bottom: 0pt; text-align: center;"><font style="font-size: 18pt;"><b>UNITED STATES</b></font></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-size: 18pt;"><b>SECURITIES AND EXCHANGE COMMISSION</b></font></p>
    <p style="margin-top: 0pt; text-align: center;">Washington, D.C. 20549</p>
    <p style="text-align: center;"><font style="font-size: 18pt;"><b>FORM 6-K</b></font></p>
    <p style="margin-bottom: 0pt; text-align: center;"><b>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</b></p>
    <p style="text-align: center;">For the month of <u><b>May, 2023</b></u>.</p>
    <p style="text-align: center;">Commission File Number: <u><b>001-41369</b></u></p>
    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 18pt;"><u><b>Osisko Development Corp.</b></u></font></p>
    <p style="text-align: center; margin-top: 0pt;">(Translation of registrant's name into English)</p>
    <p style="text-align: center; margin-bottom: 0pt;"><u><b>1100 Avenue des Canadiens-de-Montr&#233;al, Suite 300, Montr&#233;al, Quebec H3B 2S2</b></u></p>
    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">(Address of principal executive offices)</p>
    <p style="text-align: justify;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</p>
    <p style="text-align: center;">Form 20-F &#9744;&#160; &#160; Form 40-F &#9746;</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_2"></a>
    <p style="text-align: center;"><b>EXHIBIT INDEX</b></p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 12%; white-space: nowrap; vertical-align: bottom; border-bottom: 0.75pt solid #000000;"><b>Exhibit<br>Number</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 2%; white-space: nowrap; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; white-space: nowrap; vertical-align: bottom; border-bottom: 0.75pt solid #000000;"><b>Description</b></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 12%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 2%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 12%; background-color: #eeeeee;"><a href="exhibit99-1.htm">99.1</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 2%; background-color: #eeeeee;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #eeeeee;"><a href="exhibit99-1.htm">Second Supplemental Warrant Indenture between Osisko Development Corp. and TSX Trust Company dated as of March 17, 2023</a></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 12%;"><a href="exhibit99-2.htm">99.2</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 2%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;"><a href="exhibit99-2.htm">Supplemental Warrant Indenture between Osisko Development Corp. and TSX Trust Company dated as of March 17, 2023</a></td>
        </tr>
    </table>
    <br>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_3"></a>
    <p style="margin-left: 180pt; text-indent: -180pt; text-align: center;"><b>SIGNATURES</b></p>
    <p style="text-indent: 36pt; text-align: justify;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">
                <p>&#160;</p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt;" colspan="2">
                <p><b>OSISKO DEVELOPMENT CORP.</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;" colspan="2">
                <p>(Registrant)</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 2%;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 48%;">
                <p>&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 2%;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 48%;">
                <p>&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">
                <p>Date: May 5, 2023</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 2%; padding-right: 5.4pt;">
                <p>By:</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 48%; border-bottom: 0.75pt solid #000000;">
                <p>/s/ Alexander Dann</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 2%;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 48%;">
                <p>Name: Alexander Dann</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 2%;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 48%;">
                <p>Title: Chief Financial Officer and VP Finance</p>
            </td>
        </tr>
    </table>
    <br>
    <hr width="100%" size="5" color="black" noshade="noshade">
</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>

<head>
    <title>Osisko Development Corp.: Exhibit 99.1 - Filed by newsfilecorp.com</title>
</head>

<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="text-align: center;"><b>OSISKO DEVELOPMENT CORP.</b></p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;">- and -</p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;"><b>TSX TRUST COMPANY</b></p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;"><b>SECOND SUPPLEMENTAL WARRANT INDENTURE</b></p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;">Dated as of March 17, 2023</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_2"></a>
    <p style="text-align: justify;"><b>THIS SUPPLEMENTAL WARRANT INDENTURE is dated the 17</b><sup><b>th </b></sup><b>day of March, 2023.</b></p>
    <p style="text-align: justify;"><b>BETWEEN:</b></p>
    <p style="text-align: justify; margin-left: 72pt; margin-right: 72pt;"><b>OSISKO DEVELOPMENT CORP.</b>, a corporation existing under laws of Canada (hereinafter called the "<b>Corporation</b>")</p>
    <p style="margin-left: 72pt; margin-right: 72pt; text-align: center;">- and -</p>
    <p style="margin-left: 72pt; margin-right: 72pt; text-align: justify;"><b>TSX TRUST COMPANY</b>, a trust company existing under the laws of Canada (hereinafter called the "<b>Warrant Agent</b>")</p>
    <p style="text-align: justify;"><b>WHEREAS:</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">A.<font style="width: 25.5pt; display: inline-block;">&#160;</font>the Corporation previously issued an aggregate of 34,093,768 subscription receipts of the Corporation (the "<b>Subscription Receipts</b>") at an issue price of US$3.50 per Subscription Receipt in three tranches which closed on March 4, 2022, March 29, 2022 and April 21, 2022 (collectively, the "<b>Non-Brokered Placement</b>");</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">B.<font style="width: 26.25pt; display: inline-block;">&#160;</font>in connection with the Non-Brokered Placement, the Corporation and the Warrant Agent entered into a warrant indenture dated as of March 4, 2022, as supplemented on March 29, 2022 (the "<b>Indenture</b>"), a copy of which is attached hereto as Schedule "A";</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">C.<font style="width: 26.25pt; display: inline-block;">&#160;</font>on May 3, 2022 and prior to the Escrow Release Time (as defined in the Indenture) of the Subscription Receipts, the Corporation completed a consolidation of its issued and outstanding common shares on the basis of 3 pre-consolidation common share for 1 post-consolidation common share (the "<b>Consolidation</b>");</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">D.<font style="width: 25.5pt; display: inline-block;">&#160;</font>prior to the Consolidation, each issued Subscription Receipt issued pursuant to the Non-Brokered Placement entitled the holder thereof to receive, at the Escrow Release Time (as defined in the Indenture), and without any further action or payment on the part of the holder thereof, one unit comprised of one pre-consolidation common share of the Corporation (each, a "<b>Pre- Consolidation Share</b>") and one pre-consolidation common Share purchase warrant of the Corporation (each, a "<b>Pre-Consolidation Warrant</b>"), subject to adjustments in certain events, with each Pre-Consolidation Warrant entitling the holder thereof to purchase, subject to adjustments in certain events, one Pre-Consolidation Share at the exercise price of US$6.00 per Pre-Consolidation Share for a period of 60 months following the date of issue of the Warrants;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">E.<font style="width: 26.25pt; display: inline-block;">&#160;</font>subsequent to the Consolidation and on May 27, 2022 (being the Escrow Release Time), every three outstanding Subscription Receipts automatically converted into one post-consolidation common share of the Corporation (the "<b>Common Share</b>") and one post-consolidation warrant (each, a "<b>Warrant</b>"), with each Warrant entitling the holder thereof to purchase, subject to adjustments in accordance with the terms of the Indenture, one Common Share at an exercise price of US$18.00 per Common Share until May 27, 2027;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">F.<font style="width: 27pt; display: inline-block;">&#160;</font>the Corporation wishes to amend the exercise price of the Warrants in favour of the Warrantholders (as defined in the Indenture) by reducing the exercise price of the Warrants from US$18.00 to US$10.70 per Warrant Share (on a post-Consolidation basis) (the "<b>Exercise Price Amendment</b>");</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_3"></a>
    <div id="header_page_3">
        <p style="text-align: center;">- 2 -</p>
    </div>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">G.<font style="width: 25.5pt; display: inline-block;">&#160;</font>pursuant to section 8.1(a) and 8.1(f) of the Indenture, the Corporation wishes to enter into this supplemental indenture (the "<b>Supplemental Indenture</b>") to:</p>
    <p style="text-align: justify; margin-left: 43.5pt;">(i)<font style="width: 20pt; display: inline-block;">&#160;</font>set forth the adjustments in respect of the Consolidation; and</p>
    <p style="text-align: justify; text-indent: -31.5pt; margin-left: 72pt;">(ii)<font style="width: 20pt; display: inline-block;">&#160;</font>set forth the Exercise Price Amendment, which amendment is in favour of the Warrantholders and does not prejudice any of the rights of the Warrantholders or the Warrant Agent under the Indenture;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">H.<font style="width: 25.5pt; display: inline-block;">&#160;</font>the Corporation has duly authorized the execution and delivery of this Supplemental Indenture and all things necessary to make this Supplemental Indenture a valid and binding agreement of the Corporation in accordance with its terms, have been done;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">I.<font style="width: 29.25pt; display: inline-block;">&#160;</font>the foregoing recitals are made as representations and statements of fact by the Corporation and not by the Warrant Agent.</p>
    <p style="text-align: justify;"><b>NOW THEREFORE </b>the parties agree as follows:</p>
    <p style="text-align: justify;"><b>1.</b><font style="width: 27.75pt; display: inline-block;">&#160;</font><b><u>Definitions</u></b></p>
    <p style="text-align: justify;">All capitalized terms used but not defined in this Supplemental Indenture have the meanings ascribed to such terms in the Indenture.</p>
    <p style="text-align: justify;"><b>2.</b><font style="width: 27.75pt; display: inline-block;">&#160;</font><b><u>Amendment to Indenture</u></b></p>
    <p style="text-align: justify;">The Indenture is hereby amended as follows:</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(a)<font style="width: 24pt; display: inline-block;">&#160;</font>Reference to "34,357,143" on the cover page of the Indenture is hereby deleted and replaced with "11,363,933";</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(b)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Reference to "34,357,143" in the fifth recital of the Indenture is hereby deleted and replaced with "11,363,933"; and</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(c)<font style="width: 24pt; display: inline-block;">&#160;</font>Each reference to "34,357,143" in Section 2.1(1) of the Indenture is hereby deleted and replaced with "11,363,933".</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(d)<font style="width: 23.25pt; display: inline-block;">&#160;</font>The definition of "Common Share Recapitalization" in Section 1.1 of the Indenture shall be deleted and replaced with the following:</p>
    <p style="text-align: justify; margin-left: 72pt;">""<b>Common Share Recapitalization</b>" has the meaning set forth in Section 4.1(a);"</p>
    <p style="text-align: justify; margin-left: 36pt;">(e)<font style="width: 24pt; display: inline-block;">&#160;</font>The definition of "Consolidation" in Section 1.1 of the Indenture shall be deleted.</p>
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    <p style="text-align: justify; margin-left: 72pt;">""<b>Exercise Price</b>" means US$10.70 per Common Share (subject to adjustment in accordance with the provisions of Article 4);"</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(g)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Any references to "US$6.00" in the Indenture, including all schedules thereto, will be deemed to refer to "US$10.70".</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_4"></a>
    <div id="header_page_4">
        <p style="text-align: center;">- 3 -</p>
    </div>
    <p style="text-align: justify;"><b>3.</b><font style="width: 27.75pt; display: inline-block;">&#160;</font><b><u>Effect of Amendments</u></b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(a)<font style="width: 24pt; display: inline-block;">&#160;</font>The Warrants issued and outstanding shall be deemed to include the amendments as set forth herein, without any further action of the Warrantholders or surrender or exchange of their Warrant Certificate(s) or DRS Advice(s), as applicable.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(b)<font style="width: 23.25pt; display: inline-block;">&#160;</font>The parties confirm that the Indenture, as amended by this Supplemental Indenture, remains in full force and effect. From the date hereof, the Indenture and this Supplemental Indenture shall be read together to the extent reasonably possible as though all of the terms of both documents were contained in one instrument.</p>
    <p style="text-align: justify;"><b>4.</b><font style="width: 27.75pt; display: inline-block;">&#160;</font><b><u>Applicable Law</u></b></p>
    <p style="text-align: justify;">The Indenture, as amended and supplemented by this Supplemental Indenture, the Warrants, as amended pursuant to the terms hereof, and all Warrant Certificate(s) or DRS Advice(s), as amended pursuant to the terms hereof, (including all documents relating thereto, which by common accord have been and will be drafted in English) shall be construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein and shall be treated in all respects as Ontario contracts. Each of the parties hereto, which shall include the Warrantholders, irrevocably attorns to the exclusive jurisdiction of the courts of the Province of Ontario with respect to all matters arising out of this Indenture and the transactions contemplated herein.</p>
    <p style="text-align: justify;"><b>5.</b><font style="width: 27.75pt; display: inline-block;">&#160;</font><b><u>Counterparts</u></b></p>
    <p style="text-align: justify;">This Supplemental Indenture may be executed in several counterparts each of which so executed shall be deemed to be an original and such counterparts together shall constitute one and the same instrument. Delivery of an executed copy of the Supplemental Indenture by electronic facsimile transmission or other means of electronic communication capable of producing a printed copy will be deemed to be execution and delivery of a facsimile or PDF copy of this Supplemental Indenture and acceptance by each such party of any such facsimile or PDF copy shall be legally effective to create a valid and binding agreement as of the date hereof.</p>
    <p style="text-align: center;"><b><i>[Remainder of page left intentionally blank. Signature page follows.]</i></b></p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_5"></a>
    <div id="header_page_5">
        <p style="text-align: center;">- 4 -</p>
    </div>
    <p style="text-align: justify;"><b>IN WITNESS WHEREOF </b>the parties have executed this Indenture as of the day and year first above written.</p>
    <table style="width: 100%; font-size: 10pt; border-collapse: collapse; margin-left: auto; margin-right: auto;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 50%; vertical-align: bottom;">&#160;</td>
            <td style="width: 50%; vertical-align: bottom;" colspan="2"><b>OSISKO DEVELOPMENT CORP.</b></td>
        </tr>
        <tr>
            <td style="width: 50%; vertical-align: bottom;">&#160;</td>
            <td style="width: 5%; vertical-align: bottom;">&#160;</td>
            <td style="width: 45%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="width: 50%; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; width: 5%;">By:</td>
            <td style="border-bottom: 1px solid #000000; width: 45%; vertical-align: bottom; text-align: left; padding-left: 13.5pt;"><i>(signed) "Alexander Dann"</i></td>
        </tr>
        <tr>
            <td style="width: 50%; vertical-align: bottom;">&#160;</td>
            <td style="width: 5%; vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="width: 45%; vertical-align: bottom; text-align: left; padding-left: 5.25pt;">Name:<font style="display: inline-block; width: 10pt;">&#160;</font>Alexander Dann</td>
        </tr>
        <tr>
            <td style="width: 50%; vertical-align: bottom;">&#160;</td>
            <td style="width: 5%; vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="width: 45%; vertical-align: bottom; text-align: left; padding-left: 5.25pt;">Title:<font style="display: inline-block; width: 15.5pt;">&#160;</font>Chief Financial Officer</td>
        </tr>
        <tr>
            <td style="width: 50%; vertical-align: bottom;">&#160;</td>
            <td style="width: 5%; vertical-align: bottom;">&#160;</td>
            <td style="width: 45%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="width: 50%; vertical-align: bottom;">&#160;</td>
            <td style="width: 5%; vertical-align: bottom; text-align: left;">By:</td>
            <td style="border-bottom: 1px solid #000000; width: 45%; vertical-align: bottom; text-align: left; padding-left: 13.5pt;"><i>(signed) "Laurence Farmer"</i></td>
        </tr>
        <tr>
            <td style="width: 50%; vertical-align: bottom;">&#160;</td>
            <td style="width: 5%; vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="width: 45%; vertical-align: bottom; text-align: left; padding-left: 5.25pt;">Name:<font style="display: inline-block; width: 10pt;">&#160;</font>Laurence Farmer</td>
        </tr>
        <tr>
            <td style="width: 50%; vertical-align: bottom;">&#160;</td>
            <td style="width: 5%; vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="width: 45%; vertical-align: bottom; text-align: left; padding-left: 5.25pt;">Title:<font style="display: inline-block; width: 15.5pt;">&#160;</font>General Counsel and Vice President, Strategic Development</td>
        </tr>
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    <p style="text-align: center;"><i>[Signature Page to Supplemental Warrant Indenture]</i></p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_6"></a>
    <p style="margin-bottom: 0pt; text-align: center;"><b>SCHEDULE "A"</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b><u>WARRANT INDENTURE</u></b></p>
    <p style="text-align: justify;">See attached.</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_7"></a>
    <p style="text-align: center;"><b>OSISKO DEVELOPMENT CORP.</b></p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;">- and -</p>
    <p style="text-align: center;">&#160;</p>
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    <p style="text-align: center;">&#160;</p>
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    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;">Dated as of March 29, 2022</p>
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    <p style="text-align: justify;"><b>THIS SUPPLEMENTAL WARRANT INDENTURE is dated the 29</b><sup><b>th </b></sup><b>day of March, 2022.</b></p>
    <p style="text-align: justify;"><b>BETWEEN:</b></p>
    <p style="text-align: justify; margin-left: 72pt; margin-right: 72pt;"><b>OSISKO DEVELOPMENT CORP.</b>, a corporation existing under laws of Canada (hereinafter called the "<b>Corporation</b>")</p>
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    <p style="text-align: justify; margin-left: 72pt; margin-right: 72pt;"><b>TSX TRUST COMPANY</b>, a trust company existing under the laws of Canada (hereinafter called the "<b>Warrant Agent</b>")</p>
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    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">A.<font style="width: 25.5pt; display: inline-block;">&#160;</font>the Corporation previously approved a non-brokered private placement of up to 31,500,000 subscription receipts of the Corporation (the "<b>Subscription Receipts</b>") at an issue price of US3.50 per Subscription Receipt (the "<b>Non-Brokered Placement</b>");</p>
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    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">C.<font style="width: 26.25pt; display: inline-block;">&#160;</font>in connection with the Non-Brokered Placement, the Corporation and the Warrant Agent entered into a warrant indenture dated as of March 4, 2022 (the "<b>Indenture</b>"), a copy of which is attached hereto as Schedule "A", pursuant to which the Corporation was authorized to issue up to 31,500,000 Warrants;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">D.<font style="width: 25.5pt; display: inline-block;">&#160;</font>to accommodate additional interest for the Subscription Receipts, the Corporation has increased the size of the Non-Brokered Placement by an additional 2,857,143 Subscription Receipts, bringing the total number of Subscription Receipts issuable under the Non-Brokered Placement to 34,357,143 Subscription Receipts;</p>
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    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_9"></a>
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    <p style="text-align: justify;"><b>NOW THEREFORE </b>the parties agree as follows:</p>
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    <p style="text-align: justify;">All capitalized terms used but not defined in this Supplemental Indenture have the meanings ascribed to such terms in the Indenture.</p>
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    <p style="text-align: justify;">The Indenture, as amended and supplemented by this Supplemental Indenture, the Warrants, as amended pursuant to the terms hereof, and all Warrant Certificate(s) or DRS Advice(s), as amended pursuant to the terms hereof, (including all documents relating thereto, which by common accord have been and will be drafted in English) shall be construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein and shall be treated in all respects as Ontario contracts. Each of the parties hereto, which shall include the Warrantholders, irrevocably attorns to the exclusive jurisdiction of the courts of the Province of Ontario with respect to all matters arising out of this Indenture and the transactions contemplated herein.</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_10"></a>
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    <p style="text-align: justify;">This Supplemental Indenture may be executed in several counterparts each of which so executed shall be deemed to be an original and such counterparts together shall constitute one and the same instrument. Delivery of an executed copy of the Supplemental Indenture by electronic facsimile transmission or other means of electronic communication capable of producing a printed copy will be deemed to be execution and delivery of a facsimile or PDF copy of this Supplemental Indenture and acceptance by each such party of any such facsimile or PDF copy shall be legally effective to create a valid and binding agreement as of the date hereof.</p>
    <p style="text-align: center;"><b><i>[Remainder of page left intentionally blank. Signature page follows.]</i></b></p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_11"></a>
    <p style="text-align: justify;"><b>IN WITNESS WHEREOF </b>the parties have executed this Indenture as of the day and year first above written.</p>
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    <p style="text-align: center;"><i>[Signature Page to Supplemental Warrant Indenture]</i></p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_12"></a>
    <p style="margin-bottom: 0pt; text-align: center;"><b>SCHEDULE "A"</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b><u>WARRANT INDENTURE</u></b></p>
    <p style="text-align: justify;">See attached.</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_13"></a>
    <p style="text-align: justify;"><b>NON-BROKERED OFFERING</b></p>
    <p style="text-align: center;"><b>OSISKO DEVELOPMENT CORP.</b></p>
    <p style="text-align: center;">as the Corporation</p>
    <p style="text-align: center;">- and -</p>
    <p style="text-align: center;"><b>TSX TRUST COMPANY</b></p>
    <p style="text-align: center;">as the Warrant Agent</p>
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                <p>&#160;</p>
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                <p style="text-align: center;">Dated as of March 4, 2022</p>
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            </td>
        </tr>
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    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_14"></a><br>
    <p style="text-align: center;"><b>TABLE OF CONTENTS</b></p>
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            <td style="width: 13%; vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;">&#160;</td>
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        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;">&#160;</td>
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        <tr>
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            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_18"><b>2</b></a></td>
        </tr>
        <tr>
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            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_18">Definitions</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_18">2</a></td>
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        <tr>
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            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_22">Gender and Number</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_22">6</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_22">1.3</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_22">Construction</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_22">6</a></td>
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        <tr>
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            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_23">Day not a Business Day</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_23">7</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_23">1.5</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_23">Time of the Essence</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_23">7</a></td>
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            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_23">1.6</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_23">Monetary References</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_23">7</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_23">1.7</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_23">Applicable Law</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_23">7</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;">&#160;</td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9pt; background-color: #eeeeee;">&#160;</td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;">&#160;</td>
        </tr>
        <tr>
            <td style="width: 94%; vertical-align: bottom; text-align: left;" colspan="2"><a href="#page_23"><b>ARTICLE 2 ISSUE OF WARRANTS</b></a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_23"><b>7</b></a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_23">2.1</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_23">Creation and Issue of Warrants</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_23">7</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_24">2.2</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_24">Terms of Warrants</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_24">8</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_24">2.3</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_24">Warrantholder not a Shareholder</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_24">8</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_24">2.4</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_24">Not Registered in the United States</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_24">8</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_25">2.5</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_25">Warrants to Rank Pari Passu</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_25">9</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_25">2.6</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_25">Form of Warrants, Certificated Warrants</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_25">9</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_27">2.7</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_27">Book Entry Only Warrants</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_27">11</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_29">2.8</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_29">Authentication</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_29">13</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_30">2.9</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_30">Register of Warrants</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_30">14</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_31">2.10</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_31">Issue in Substitution for Warrant Certificates Lost, etc.</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_31">15</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_31">2.11</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_31">Exchange of Warrant Certificates</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_31">15</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_31">2.12</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_31">Transfer and Ownership of Warrants</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_31">15</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_32">2.13</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_32">Cancellation of Surrendered Warrants</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_32">16</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;">&#160;</td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9pt;">&#160;</td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="width: 94%; vertical-align: bottom; text-align: left; background-color: #eeeeee;" colspan="2"><a href="#page_32"><b>ARTICLE 3 EXERCISE OF WARRANTS</b></a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_32"><b>16</b></a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_32">3.1</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_32">Right of Exercise</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_32">16</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_32">3.2</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_32">Warrant Exercise</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_32">16</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_34">3.3</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_34">Prohibition on Exercise by Persons in the United States and U.S. Persons</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_34">18</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_36">3.4</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_36">Transfer Fees and Taxes</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_36">20</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_36">3.5</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_36">Warrant Agency</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_36">20</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_36">3.6</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_36">Effect of Exercise of Warrants</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_36">20</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_37">3.7</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_37">Partial Exercise of Warrants; Fractions</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_37">21</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_37">3.8</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_37">Expiration of Warrants</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_37">21</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_37">3.9</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_37">Accounting and Recording</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_37">21</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_38">3.10</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_38">Securities Restrictions</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_38">22</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;">&#160;</td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9pt;">&#160;</td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="width: 94%; vertical-align: bottom; text-align: left; background-color: #eeeeee;" colspan="2"><a href="#page_38"><b>ARTICLE 4 ADJUSTMENT OF NUMBER OF COMMON SHARES AND EXERCISE PRICE</b></a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_38"><b>22</b></a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_38">4.1</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_38">Adjustment of Number of Common Shares and Exercise Price</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_38">22</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_42">4.2</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_42">Entitlement to Common Shares on Exercise of Warrant</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_42">26</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_42">4.3</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_42">No Adjustment for Certain Transactions</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_42">26</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_43">4.4</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_43">Determination by Independent Firm</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_43">27</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_43">4.5</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_43">Proceedings Prior to any Action Requiring Adjustment</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_43">27</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_43">4.6</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_43">Certificate of Adjustment</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_43">27</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_43">4.7</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_43">Notice of Special Matters</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_43">27</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_43">4.8</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_43">No Action after Notice</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_43">27</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_44">4.9</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_44">Other Action</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_44">28</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_44">4.10</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_44">Protection of Warrant Agent</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_44">28</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_44">4.11</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_44">Participation by Warrantholder</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_44">28</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_44">4.12</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_44">Regulatory Approval of Adjustments</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_44">28</a></td>
        </tr>
    </table>
    <br>
    <div id="footer_page_14">
        <p style="text-align: center;">- i -</p>
    </div>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_15"></a><br>
    <p style="text-align: center;"><b>TABLE OF CONTENTS<br></b>(continued)<b><br></b></p>
    <table style="width: 100%; font-size: 10pt; border-collapse: collapse; margin-left: auto; margin-right: auto;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><b>Page</b></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="width: 94%; vertical-align: bottom; text-align: justify; background-color: #eeeeee;" colspan="2"><a href="#page_45"><b>ARTICLE 5 RIGHTS OF THE CORPORATION AND COVENANTS</b></a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_45"><b>29</b></a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_45">5.1</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: justify;"><a href="#page_45">Optional Purchases by the Corporation</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_45">29</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_45">5.2</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: justify; background-color: #eeeeee;"><a href="#page_45">General Covenants</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_45">29</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_46">5.3</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: justify;"><a href="#page_46">Warrant Agent's Remuneration and Expenses</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_46">30</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_46">5.4</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: justify; background-color: #eeeeee;"><a href="#page_46">Performance of Covenants by Warrant Agent</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_46">30</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_46">5.5</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: justify;"><a href="#page_46">Enforceability of Warrants</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_46">30</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;">&#160;</td>
            <td style="width: 81%; vertical-align: bottom; text-align: justify; background-color: #eeeeee;">&#160;</td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;">&#160;</td>
        </tr>
        <tr>
            <td style="width: 94%; vertical-align: bottom; text-align: left;" colspan="2"><a href="#page_47"><b>ARTICLE 6 ENFORCEMENT</b></a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_47"><b>31</b></a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_47">6.1</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_47">Suits by Warrantholders</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_47">31</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_47">6.2</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_47">Suits by the Corporation</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_47">31</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_47">6.3</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_47">Immunity of Shareholders, etc.</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_47">31</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_47">6.4</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_47">Waiver of Default</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_47">31</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;">&#160;</td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;">&#160;</td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;">&#160;</td>
        </tr>
        <tr>
            <td style="width: 94%; vertical-align: bottom; text-align: left;" colspan="2"><a href="#page_48"><b>ARTICLE 7 MEETINGS OF REGISTERED WARRANTHOLDERS</b></a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_48"><b>32</b></a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_48">7.1</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_48">Right to Convene Meetings</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_48">32</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_48">7.2</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_48">Notice</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_48">32</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_48">7.3</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_48">Chair</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_48">32</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_48">7.4</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_48">Quorum</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_48">32</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_49">7.5</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_49">Power to Adjourn</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_49">33</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_49">7.6</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_49">Show of Hands</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_49">33</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_49">7.7</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_49">Poll and Voting</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_49">33</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_49">7.8</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_49">Regulations<br></a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_49">33</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_49">7.9</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_49">Corporation and Warrant Agent May be Represented</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_49">33</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_50">7.10</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_50">Powers Exercisable by Extraordinary Resolution</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_50">34</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_51">7.11</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_51">Meaning of Extraordinary Resolution</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_51">35</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_51">7.12</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_51">Powers Cumulative</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_51">35</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_51">7.13</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_51">Minutes</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_51">35</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_52">7.14</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_52">Instruments in Writing</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_52">36</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_52">7.15</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_52">Binding Effect of Resolutions</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_52">36</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_52">7.16</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_52">Evidence of Warrantholders</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_52">36</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_52">7.17</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_52">Holdings by Corporation Disregarded</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_52">36</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;">&#160;</td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="width: 94%; vertical-align: bottom; text-align: left; background-color: #eeeeee;" colspan="2"><a href="#page_53"><b>ARTICLE 8 SUPPLEMENTAL INDENTURES</b></a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_53"><b>37</b></a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_53">8.1</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: justify;"><a href="#page_53">Provision for Supplemental Indentures for Certain Purposes</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_53">37</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_54">8.2</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: justify; background-color: #eeeeee;"><a href="#page_54">Successor Entities</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_54">38</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;">&#160;</td>
            <td style="width: 81%; vertical-align: bottom; text-align: justify;">&#160;</td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="width: 94%; vertical-align: bottom; text-align: left; background-color: #eeeeee;" colspan="2"><a href="#page_54"><b>ARTICLE 9 CONCERNING THE WARRANT AGENT</b></a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_54"><b>38</b></a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_54">9.1</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_54">Warrant Indenture Legislation</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_54">38</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_54">9.2</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_54">Rights and Duties of Warrant Agent</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_54">38</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_55">9.3</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_55">Evidence, Experts and Advisers</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_55">39</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_56">9.4</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_56">Documents, Monies, etc. Held by Warrant Agent <br></a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_56">40</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_56">9.5</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_56">Actions by Warrant Agent to Protect Interest</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_56">40</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_56">9.6</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_56">Warrant Agent Not Required to Give Security</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_56">40</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_56">9.7</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_56">Protection of Warrant Agent</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_56">40</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_58">9.8</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_58">Replacement of Warrant Agent; Successor by Merger</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_58">42</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_58">9.9</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_58">Conflict of Interest</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_58">42</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_59">9.10</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_59">Acceptance of Agency</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_59">43</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_59">9.11</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_59">Warrant Agent Not to be Appointed Receiver</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_59">43</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_59">9.12</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_59">Warrant Agent Not Required to Give Notice of Default</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_59">43</a></td>
        </tr>
    </table>
    <br>
    <div id="footer_page_15">
        <p style="text-align: center;">- ii -</p>
    </div>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_16"></a><br>
    <p style="text-align: center;"><b>TABLE OF CONTENTS</b><br>(continued)</p>
    <table style="width: 100%; font-size: 10pt; border-collapse: collapse; margin-left: auto; margin-right: auto;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><b>Page</b></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="width: 5%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_59">9.13</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_59">Anti-Money Laundering</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_59">43</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_59">9.14</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_59">Compliance with Privacy Code</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_59">43</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_60">9.15</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_60">Securities Exchange Commission Certification</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_60">44</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="width: 5%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="width: 94%; vertical-align: bottom; text-align: left; background-color: #eeeeee;" colspan="2"><a href="#page_60"><b>ARTICLE 10 GENERAL</b></a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_60"><b>44</b></a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_60">10.1</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_60">Notice to the Corporation and Warrant Agent </a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_60">44</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_61">10.2</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_61">Notice to Warrantholders</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_61">45</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_62">10.3</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_62">Ownership of Warrants</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_62">46</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_62">10.4</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_62">Counterparts</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_62">46</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_62">10.5</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;"><a href="#page_62">Satisfaction and Discharge of Indenture</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_62">46</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_63">10.6</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_63">Provisions of Indenture and Warrants for the Sole Benefit of Parties and Warrantholders</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_63">47</a></td>
        </tr>
        <tr>
            <td style="width: 14%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_63">10.7</a></td>
            <td style="width: 83%; vertical-align: bottom; text-align: left;"><a href="#page_63">Common Shares or Warrants Owned by the Corporation or its Subsidiaries - Certificate to be Provided</a></td>
            <td style="width: 2%; vertical-align: bottom; text-align: right;"><a href="#page_63">47</a></td>
        </tr>
        <tr>
            <td style="width: 14%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_63">10.8</a></td>
            <td style="width: 83%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_63">Severability</a></td>
            <td style="width: 2%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_63">47</a></td>
        </tr>
        <tr>
            <td style="width: 14%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_63">10.9</a></td>
            <td style="width: 83%; vertical-align: bottom; text-align: left;"><a href="#page_63">Force Majeure</a></td>
            <td style="width: 2%; vertical-align: bottom; text-align: right;"><a href="#page_63">47</a></td>
        </tr>
        <tr>
            <td style="width: 14%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_64">10.10</a></td>
            <td style="width: 83%; vertical-align: bottom; text-align: left; background-color: #eeeeee;"><a href="#page_64">Assignment, Successors and Assigns</a></td>
            <td style="width: 2%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_64">48</a></td>
        </tr>
        <tr>
            <td style="width: 14%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_64">10.11</a></td>
            <td style="width: 83%; vertical-align: bottom; text-align: left;"><a href="#page_64">Rights of Rescission and Withdrawal for Holders</a></td>
            <td style="width: 2%; vertical-align: bottom; text-align: right;"><a href="#page_64">48</a></td>
        </tr>
        <tr>
            <td style="width: 14%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;">&#160;</td>
            <td style="width: 83%; vertical-align: bottom; text-align: left; padding-left: 6.75pt; background-color: #eeeeee;">&#160;</td>
            <td style="width: 2%; vertical-align: bottom; text-align: right; background-color: #eeeeee;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left;" colspan="2"><a href="#page_66"><b>SCHEDULE "A" FORM OF WARRANT</b></a></td>
            <td style="width: 2%; vertical-align: bottom; text-align: right;"><a href="#page_66"><b>A-1</b></a></td>
        </tr>
        <tr>
            <td style="width: 97%; vertical-align: bottom; text-align: left; background-color: #eeeeee;" colspan="2">&#160;</td>
            <td style="width: 2%; vertical-align: bottom; text-align: right; background-color: #eeeeee;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left;" colspan="2"><a href="#page_75"><b>SCHEDULE "B" EXERCISE FORM</b></a></td>
            <td style="width: 2%; vertical-align: bottom; text-align: right;"><a href="#page_75"><b>B-1</b></a></td>
        </tr>
        <tr>
            <td style="width: 97%; vertical-align: bottom; text-align: left; background-color: #eeeeee;" colspan="2">&#160;</td>
            <td style="width: 2%; vertical-align: bottom; text-align: right; background-color: #eeeeee;">&#160;</td>
        </tr>
        <tr>
            <td style="width: 97%; vertical-align: bottom; text-align: left;" colspan="2"><a href="#page_79"><b>SCHEDULE "C" FORM OF DECLARATION FOR REMOVAL OF LEGEND</b></a></td>
            <td style="width: 2%; vertical-align: bottom; text-align: right;"><a href="#page_79"><b>C-1</b></a></td>
        </tr>
    </table>
    <br>
    <div id="footer_page_16">
        <p style="text-align: center;">- iii -</p>
    </div>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_17"></a>
    <p style="text-align: center;"><b>WARRANT INDENTURE</b></p>
    <p style="text-align: justify;"><b>THIS WARRANT INDENTURE </b>is dated as of March 4, 2022.</p>
    <p style="text-align: justify;"><b>AMONG :</b></p>
    <p style="text-align: justify; margin-left: 72pt; margin-right: 72pt;"><b>OSISKO DEVELOPMENT CORP.</b>, a corporation existing under the federal laws of Canada (the "<b>Corporation</b>")</p>
    <p style="text-align: justify; margin-left: 72pt; margin-right: 72pt;">- and -</p>
    <p style="text-align: justify; margin-left: 72pt; margin-right: 72pt;"><b>TSX TRUST COMPANY</b>, a trust company existing under the federal laws of Canada (the "<b>Warrant Agent</b>")</p>
    <p style="text-align: justify;"><b>WHEREAS </b>the Corporation is authorized to issue an unlimited number of Common Shares (as defined herein);</p>
    <p style="text-align: justify;"><b>AND WHEREAS </b>the Corporation proposes to issue and sell up to 31,500,000 Subscription Receipts (as defined herein), at a price of US$3.50 per Subscription Receipt on a non-brokered private placement basis (the "<b>Offering</b>");</p>
    <p style="text-align: justify;"><b>AND WHEREAS </b>the Corporation has entered into a subscription receipt agreement dated March 4, 2022 among the Corporation and TSX Trust Company, as the subscription receipt agent (the "<b>Subscription Receipt Agreement</b>");</p>
    <p style="text-align: justify;"><b>AND WHEREAS </b>each Subscription Receipt will entitle the holder thereof to receive, at the Escrow Release Time (as defined herein), and without any further action or payment on the part of the holder thereof, one Unit comprised of one Common Share and one Common Share purchase warrant of the Corporation (each, a "<b>Warrant</b>"), subject to adjustments as provided for in the Subscription Receipt Agreement, with each Warrant entitling the holder thereof to purchase, subject to adjustments in certain events, one Common Share at the Exercise Price (as defined herein) and upon the terms and conditions hereinafter set forth;</p>
    <p style="text-align: justify;"><b>AND WHEREAS </b>in accordance with the foregoing, the Corporation is proposing to issue an aggregate of up to 31,500,000 Warrants (as defined herein) pursuant to this Warrant Indenture (as defined herein);</p>
    <p style="text-align: justify;"><b>AND WHEREAS </b>the Corporation is authorized under the laws applicable to it to create and issue the Warrants as hereinafter provided;</p>
    <p style="text-align: justify;"><b>AND WHEREAS </b>all acts and deeds necessary have been done and performed to make the Warrants, when created and issued as provided in this Indenture, legal, valid and binding upon the Corporation with the benefits of and subject to the terms of this Indenture;</p>
    <p style="text-align: justify;"><b>AND WHEREAS </b>the foregoing recitals are made as representations and statements of fact by the Corporation and not by the Warrant Agent;</p>
    <p style="text-align: justify;"><b>NOW THEREFORE</b>, in consideration of the premises and mutual covenants hereinafter contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Corporation hereby appoints the Warrant Agent as warrant agent to hold the rights, interests and benefits contained herein for and on behalf of those persons who from time to time become the holders of Warrants issued pursuant to this Indenture and the parties hereto agree as follows:</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_18"></a>
    <div id="header_page_18">
        <p style="text-align: center;">- 2 -</p>
    </div>
    <p style="margin-bottom: 0pt; text-align: center;"><b>ARTICLE 1</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>INTERPRETATION</b></p>
    <p style="text-align: justify;"><b>1.1</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Definitions</b></p>
    <p style="text-align: justify;">In this Indenture, including the recitals and schedules hereto, and in all indentures supplemental hereto:</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Applicable Legislation</b>" means any statute of Canada or a province thereof, and the regulations under any such named or other statute, relating to warrant indentures or to the rights, duties and obligations of warrant agents under warrant indentures, to the extent that such provisions are at the time in force and applicable to this Indenture;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Applicable Securities Laws</b>" means the applicable securities laws and regulations of each of the provinces and territories of Canada, and the applicable federal and state securities laws and regulations of the United States, together with all related rules, policies, notices and orders of applicable regulatory authorities;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Approved Bank</b>" has the meaning set forth in Section 9.4;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Auditors</b>" means a firm of professional accountants duly appointed as auditors of the Corporation, from time to time;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Authenticated</b>" means (a) with respect to the issuance of a Warrant Certificate, one which has been duly signed by the Corporation or on which the signatures of the Corporation have been electronic, printed, lithographed or otherwise mechanically reproduced and authenticated by manual signature of an authorized officer of the Warrant Agent, and (b) with respect to the issuance of an Uncertificated Warrant, one in respect of which the Warrant Agent has completed all Internal Procedures such that the particulars of such Uncertificated Warrant as required by Section 2.8 are entered in the Register of holders of Warrants, "<b>Authenticate</b>", "<b>Authenticating</b>" and "<b>Authentication</b>" have the appropriate correlative meanings;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Book Based System</b>" means the electronic system for clearing, depository and entitlement services operated by CDS;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Book Entry Only Participants</b>" means institutions that participate directly or indirectly in the Depository's Book Based System for the Warrants;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Book Entry Only Warrants</b>" means Warrants that are to be held only by or on behalf of the Depository on the Book Based System;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Business Day</b>" means any day other than Saturday, Sunday or a statutory or civic holiday, or any other day on which banks are not open for business in the City of Toronto, Ontario, and shall be a day on which the Exchange is open for trading;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Capital Reorganization</b>" has the meaning set forth in Section 4.1(d);</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_19"></a>
    <div id="header_page_19">
        <p style="text-align: center;">- 3 -</p>
    </div>
    <p style="text-align: justify; margin-left: 36pt;">"<b>CDS Global Warrants</b>" means Warrants representing all or a portion of the aggregate number of Warrants issued in the name of the Depository represented by an Uncertificated Warrant, or if requested by the Depository or the Corporation, by a Warrant Certificate;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Certificated Warrant</b>" means a Warrant evidenced by a writing or writings substantially in the form of Schedule "A", attached hereto;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Common Share Recapitalization</b>" has the meaning set forth in Section 4.1(a), and, for greater certainty, shall include the Consolidation;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Common Shares</b>" means the common shares in the capital of the Corporation;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Confirmation</b>" has the meaning set forth in Section 3.2(1);</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Consolidation</b>" has the meaning set forth in the Subscription Receipt Agreement;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Corporation</b>" means Osisko Development Corp., a corporation existing under the federal laws of Canada;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Counsel</b>" means a barrister and/or solicitor or a firm of barristers and/or solicitors, who may be counsel for the Corporation, acceptable to the Warrant Agent;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Current Market Price</b>" of the Common Shares at any date means the volume weighted average of the trading price per share for such Common Shares for each day there was a closing price for the twenty (20) consecutive Trading Days ending five (5) days prior to such date on the Exchange or any stock exchange on which the Common Shares are listed for trading, or, if the Common Shares are not traded on any stock exchange, such over-the-counter market as may be selected for such purpose by the board of directors of the Corporation or, if the Common Shares are not traded on any such market, as determined by the Directors, acting reasonably;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Depository</b>" means CDS Clearing and Depository Services Inc., or its successor;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Documents</b>" has the meaning set forth in Section 9.3;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>DRS</b>" means the Direct Registration System maintained by the Warrant Agent, in the case of the Warrants, or the Corporation's Transfer Agent, in the case of the Common Shares;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>DRS Advice</b>" means the notification produced by the DRS system evidencing ownership of the Warrants or Common Shares, as the case may be;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Effective Date</b>" means the date of issue of the Warrants, which shall for greater certainty be the date the Warrants are issued upon the conversion of the Subscription Receipts, in accordance with Section 2.1(2));</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Escrow Release Conditions</b>" has the meaning set forth in the Subscription Receipt Agreement;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Escrow Release Time</b>" has the meaning set forth in the Subscription Receipt Agreement;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Exchange</b>" means the TSX Venture Exchange;</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_20"></a>
    <div id="header_page_20">
        <p style="text-align: center;">- 4 -</p>
    </div>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Exchange Rate</b>" means, at any time, the number of Common Shares subject to the right of purchase under each Warrant at such time, which, as of the Effective Date, shall be one (1) Common Share (subject to adjustment in accordance with the provisions of Article 4);</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Exercise Date</b>" means, in relation to a Warrant, the Business Day on which such Warrant is validly exercised or deemed to be validly exercised in accordance with Article 3 hereof;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Exercise Notice</b>" has the meaning set forth in Section 3.2(1);</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Exercise Price</b>" means, at any time, the price at which a whole Common Share may be purchased upon the exercise of a Warrant at such time, which, as of the Effective Date, shall be US$6.00 per Common Share (subject to adjustment in accordance with the provisions of Article 4);</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Expiry Date</b>" means five years from the date of issue of the Warrants;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Expiry Time</b>" means 5:00 p.m. (Toronto time) on the Expiry Date;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Extraordinary Resolution</b>" has the meaning set forth in Section 7.11;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>holder</b>" means, unless the context requires otherwise, a Warrantholder;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Indemnified Parties</b>" has the meaning set forth in Section 9.7;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Internal Procedures</b>" means in respect of the making of any one or more entries to, changes in or deletions of any one or more entries in the Register at any time (including without limitation, original issuance or registration of transfer of ownership) the minimum number of the Warrant Agent's internal procedures customary at such time for the entry, change or deletion made to be complete under the operating procedures followed at the time by the Warrant Agent;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Offering</b>" has the meaning ascribed thereto in the recitals hereto;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>person</b>" means an individual, body corporate, partnership, limited liability company, trust, warrant agent, executor, administrator, legal representative or any unincorporated organization;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>QIB Purchaser</b>" means a Qualified Institutional Buyer who first purchased Subscription Receipts on the date of original issuance of the Subscription Receipts, and who, in connection with such purchase, executed a U.S. Subscription Agreement;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Qualified Institutional Buyer</b>" means a qualified institutional buyer as that term is defined in Rule 144A under the U.S. Securities Act;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Register</b>" means the one set of records and accounts maintained by the Warrant Agent and designated as the Register of the holders of Warrants in accordance with Section 2.9;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>register</b>" means, unless the context requires otherwise, to record in the Register;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>registered</b>" means, unless the context requires otherwise, as recorded in the Register;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Regulation D</b>" means Regulation D adopted by the United States Securities and Exchange Commission under the U.S. Securities Act</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_21"></a>
    <div id="header_page_21">
        <p style="text-align: center;">- 5 -</p>
    </div>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Regulation S</b>" means Regulation S adopted by the United States Securities and Exchange Commission under the U.S. Securities Act;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Rights Offering</b>" has the meaning set forth in Section 4.1(b);</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Rights Offering Exercise Period</b>" has the meaning set forth in Section 4.1(b);</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>SEC</b>" has the meaning set forth in Section 9.15;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Shareholder</b>" means a holder of shares of the Corporation;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Subscription Receipt Agreement</b>" has the meaning ascribed thereto in the recitals hereto;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Subscription Receipts</b>" means the subscription receipts created and issued pursuant to the Subscription Receipt Agreement;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Tax Act</b>" means the <i>Income Tax Act </i>(Canada) and the regulations thereunder;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Termination Date</b>" has the meaning set forth in the Subscription Receipt Agreement;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Trading Day</b>" means a day on which a stock exchange on which the Common Shares are listed and which forms the primary trading market for such shares is open for trading, and if the Common Shares are not listed on a stock exchange, a day on which an over-the-counter market where such shares are traded is open for business;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Transfer Agent</b>" means TSX Trust Company, in its capacity as transfer agent of the Common Shares, or its successors from time to time;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Uncertificated Warrant</b>" means any Warrant which is not a Certificated Warrant, including DRS Advices;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Unit</b>" means units of the Corporation, with each Unit comprised of one Common Share and one Warrant;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>United States</b>" or "<b>U.S.</b>" means the United States of America, its territories and possessions, any state of the United States, and the District of Columbia;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>U.S. Accredited Investor</b>" has the meaning set forth in Section 3.3(2)(b);</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>U.S. Common Share Legend</b>" has the meaning set forth in Section 3.3(3);</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>U.S. Person</b>" means a U.S. person as that term is defined in Rule 902(k) of Regulation S;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>U.S. Purchaser</b>" means a U.S. Person, a person in the United States or a person purchasing Subscription Receipts for the account or benefit of a U.S. Person or a person in the United States that originally purchased Subscription Receipts from the Corporation;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>U.S. Securities Act</b>" means the United States <i>Securities Act of 1933</i>, as amended;</p>
    <p style="text-align: justify; margin-left: 36pt;"><i>"<b>U.S. Securities Exchange Act</b>" means the United States Securities and Exchange Act of 1934, as amended;</i></p>
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    <div id="header_page_22">
        <p style="text-align: center;">- 6 -</p>
    </div>
    <p style="text-align: justify; margin-left: 36pt;">"<b>U.S. Subscription Agreement</b>" means a subscription agreement delivered to and executed by QIB Purchasers of the Subscription Receipts in the United States or that are U.S. Persons;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>U.S. Warrant Certificates</b>" means certificates representing Warrants issued to U.S. Purchasers; "<b>U.S. Warrant Legend</b>" has the meaning set forth in Section 2.6(4);</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Warrant Agency</b>" means the principal office of the Warrant Agent in the City of Toronto, or such other place as may be designated in accordance with Section 3.5;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Warrant Agent</b>" means the TSX Trust Company, in its capacity as warrant agent of the Warrants, or its successors from time to time;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Warrant Certificate</b>" means a certificate, substantially in the form set forth in Schedule "A" hereto, to evidence those Warrants that will be evidenced by a certificate;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Warrantholders</b>" means the persons who are registered owners of Warrants as such names appear on the Register, and for greater certainty, shall include the Depository as well as the holders of Uncertificated Warrants appearing on the Register of the Warrant Agent;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Warrantholders' Request</b>" means an instrument signed in one or more counterparts by Warrantholders holding in the aggregate not less than 50% of the aggregate number of Warrants then unexercised and outstanding, requesting the Warrant Agent to take some action or proceeding specified therein;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Warrants</b>" has the meaning ascribed thereto in the recitals hereto; and</p>
    <p style="text-align: justify; margin-left: 36pt;"><b>"written order", "written request", "written consent" or "certificate" of the Corporation, mean, a written order, written request, written consent or certificate signed in the name of the Corporation, by any one duly authorized signatory of the Corporation, and may consist of one or more instruments so executed.</b></p>
    <p style="text-align: justify;"><b>1.2</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Gender and Number</b></p>
    <p style="text-align: justify;">Words importing the singular number or masculine gender shall include the plural number or the feminine or neuter genders, and vice versa.</p>
    <p style="text-align: justify;"><b>1.3</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Construction</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;"><b>(1)</b><font style="width: 23.25pt; display: inline-block;">&#160;</font><b>The terms "this Warrant Indenture", "this Indenture", "hereto", "herein", "hereby", "hereof" and similar expressions mean and refer to this warrant indenture and any indenture, deed or instrument supplemental hereto.</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 23.25pt; display: inline-block;">&#160;</font>The expressions "<b>Article</b>" and "<b>Section</b>" followed by a number, letter or both mean and refer to the specified article or section of this Indenture.</p>
    <p style="text-align: justify; margin-bottom: 0pt; text-indent: -36pt; margin-left: 36pt;">(3)<font style="width: 23.25pt; display: inline-block;">&#160;</font>The division of this Indenture into Articles and Sections, the provision of a Table of Contents and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Indenture or of the Warrants.</p>
    <p style="text-align: justify; margin-top: 0pt;">&#160;</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_23"></a>
    <div id="header_page_23">
        <p style="text-align: center;">- 7 -</p>
    </div>
    <p style="text-align: justify;"><b>1.4</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Day not a Business Day</b></p>
    <p style="text-align: justify;">If any day on or before which any action or notice is required to be taken or given hereunder is not a Business Day, then such action or notice shall be required to be taken or given on or before the requisite time on the next succeeding day that is a Business Day.</p>
    <p style="text-align: justify;"><b>1.5</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Time of the Essence</b></p>
    <p style="text-align: justify;">Time shall be of the essence in this Indenture and each Warrant.</p>
    <p style="text-align: justify;"><b>1.6</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Monetary References</b></p>
    <p style="text-align: justify;">Whenever any amounts of money are referred to herein, such amounts shall be deemed to be in lawful money of Canada unless otherwise expressed.</p>
    <p style="text-align: justify;"><b>1.7</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Applicable Law</b></p>
    <p style="text-align: justify;">This Indenture, the Warrants, the Warrant Certificates and DRS Advices (including all documents relating thereto, which by common accord have been and will be drafted in English) shall be construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein and shall be treated in all respects as Ontario contracts. Each of the parties hereto, which shall include the Warrantholders, irrevocably attorns to the exclusive jurisdiction of the courts of the Province of Ontario with respect to all matters arising out of this Indenture and the transactions contemplated herein.</p>
    <p style="margin-bottom: 0pt; text-align: center;"><b>ARTICLE 2</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>ISSUE OF WARRANTS</b></p>
    <p style="text-align: justify;"><b>2.1</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Creation and Issue of Warrants</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 23.25pt; display: inline-block;">&#160;</font>The Warrants authorized to be issued hereunder are limited in respect of the aggregate number of Common Shares which can be subscribed for and purchased pursuant thereto, and Warrants may be issued only upon and subject to the terms and conditions hereinafter set forth. The Corporation is hereby authorized to create and issue, upon receipt of the applicable consideration therefor up to 31,500,000 Warrants, entitling the holders thereof to subscribe for and purchase an aggregate of 31,500,000 Common Shares together with such additional indeterminate number of Common Shares as may be required to be issued pursuant to any adjustment required to be made by the provisions of Article 4 hereof, and such Warrants are hereby authorized to be issued.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Upon the delivery of the Corporation to the Warrant Agent of a written order from the Corporation (i) confirming that the Escrow Release Conditions have been satisfied, that the Subscription Receipts have been converted into Common Shares and Warrants in accordance with the Subscription Receipt Agreement, and (ii) directing the Warrant Agent to forthwith issue the Warrants to the former holders of Subscription Receipts, the Warrant Agent shall forthwith record the name of the Warrantholders on the Register as holders of Warrants, and the Warrants shall thereupon be deemed to have been created and issued. Provided that the Escrow Release Conditions are satisfied prior to the Termination Date, upon issuance thereof, the holders of the Warrants will be able to participate as securityholders of the Corporation.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(3)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Registration of interests in the Warrants held by the Depository may be evidenced by a position appearing on the Register for an amount representing the aggregate number of such Warrants outstanding from time to time.</p>
    <p style="text-align: justify; margin-top: 0pt;">&#160;</p>
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    <p style="text-align: justify;"><b>2.2</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Terms of Warrants</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Subject to the applicable conditions for exercise set out in Article 3 having been satisfied and subject to adjustment in accordance herewith, each Warrant shall entitle the holder thereof, upon exercise at any time after the Effective Date and prior to the Expiry Time, to acquire that number of Common Shares equal to the Exchange Rate, upon payment of the Exercise Price as provided herein.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 23.25pt; display: inline-block;">&#160;</font>No fractional Warrants shall be issued or otherwise provided for hereunder and Warrants may only be exercised in a sufficient number to acquire whole numbers of Common Shares. If the aggregate number of Warrants to be issued to a person includes a fractional Warrant, the number of Warrants to be issued to such person shall be rounded down to the nearest whole number and no consideration shall be paid for any such fractional Warrant.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(3)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Each Warrant shall entitle the holder thereof to such other rights and privileges as are set forth in this Indenture.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(4)<font style="width: 23.25pt; display: inline-block;">&#160;</font>The number of Common Shares which may be purchased pursuant to the Warrants and the Exercise Price therefor shall be adjusted upon the events and in the manner specified in Article 4.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(5)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Neither the Corporation nor the Warrant Agent shall have any obligation to deliver Common Shares upon the exercise of any Warrant if the person to whom such shares are to be delivered is a resident of a country or political subdivision thereof in which the Common Shares may not lawfully be issued pursuant to applicable securities legislation. The Corporation shall require any person to provide proof of an applicable exemption from such securities legislation to the Corporation and Warrant Agent before any Common Shares are delivered pursuant to the exercise of any Warrant. For greater certainty, the Warrant Agent shall be entitled to assume that the issuance and delivery of Common Shares pursuant to any Warrant exercise is lawful unless otherwise directed in writing by the Corporation.</p>
    <p style="text-align: justify;"><b>2.3</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Warrantholder not a Shareholder</b></p>
    <p style="text-align: justify;">Except as may be specifically provided herein, nothing in this Indenture, or in the holding of a Warrant Certificate or entitlement to a Warrant or otherwise, shall, in itself, confer or be construed as conferring upon a Warrantholder any right or interest whatsoever as a Shareholder, including, but not limited to, the right to vote at, to receive notice of, or to attend, meetings of Shareholders or any other proceedings of the Corporation, or the right to dividends or other distributions or allocations on the Common Shares.</p>
    <p style="text-align: justify;"><b>2.4</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Not Registered in the United States</b></p>
    <p style="text-align: justify;">The parties hereto acknowledge that the Warrants and the Common Shares issuable upon exercise thereof have not been and will not be registered under the U.S. Securities Act or the securities laws of any state of the United States, and are being issued in the United States or to or for the account or benefit of U.S Persons in reliance on exemptions from the registration requirements of the U.S. Securities Act and similar exemptions under applicable state securities laws.</p>
    <p style="text-align: justify;">A U.S. Purchaser who is a Qualified Institutional Buyer may only offer, sell, or otherwise transfer Warrants and Common Shares issuable upon exercise thereof: (a) to the Corporation or (b) outside the United States, in accordance with Rule 904 of Regulation S under the U.S. Securities Act and in compliance with applicable local laws and regulations.</p>
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    <p style="text-align: justify;">A U.S. Purchaser who is a U.S. Accredited Investor but not a Qualified Institutional Buyer may only offer, sell, or otherwise transfer Warrants and the Common Shares issuable upon exercise thereof: (a) to the Corporation or (b) outside the United States, in accordance with Rule 904 of Regulation S under the U.S. Securities Act and in compliance with applicable local laws and regulations, (c) pursuant to the exemptions from registration under the U.S. Securities Act provided by (1) Rule 144, if available, or (2) Rule 144A thereunder, if available, and in compliance with applicable state securities laws or (d) in another transaction that does not require registration under the U.S. Securities Act or any applicable state securities laws, provided that in the case of transfers pursuant to (c)(1) or (d) above, a legal opinion in form and substance reasonably satisfactory to the Corporation must first be provided to the Corporation's transfer agent.</p>
    <p style="text-align: justify;"><b>2.5</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Warrants to Rank Pari Passu</b></p>
    <p style="text-align: justify;">All Warrants shall rank equally and without preference over each other, whatever may be the actual date of issue thereof.</p>
    <p style="text-align: justify;"><b>2.6</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Form of Warrants, Certificated Warrants</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 23.25pt; display: inline-block;">&#160;</font>The Warrants as well as all certificates, DRS Advices or written notices issued in exchange for or in substitution of such Warrants or written notices, and each Common Share issued upon the exercise of such Warrants, shall bear or deemed to bear the following legend:</p>
    <p style="text-align: justify; margin-left: 72pt; margin-right: 72pt;">"UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [<b>INSERT A DATE THAT IS 4 MONTHS AND A DAY AFTER THE DISTRIBUTION</b>]."</p>
    <p style="text-align: justify; margin-left: 36pt;">and if applicable, the additional legend as follows:</p>
    <p style="text-align: justify; margin-left: 72pt; margin-right: 72pt;">"UNLESS THE CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. ("CDS") TO OSISKO DEVELOPMENT CORP. (THE "CORPORATION") OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS &amp; CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE HOLDER HEREOF, CDS &amp; CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE."</p>
    <p style="text-align: justify; margin-bottom: 0pt; margin-left: 72pt; margin-right: 72pt;">"THIS WARRANT MAY NOT BE EXERCISED UNLESS THE SHARES ISSUABLE UPON EXERCISE MAY BE ISSUED PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LEGISLATION OR THE SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT."</p>
    <p style="text-align: justify; margin-top: 0pt;">&#160;</p>
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    <p style="text-align: justify; margin-left: 36pt;">and if applicable under the policies of the Exchange, the additional legend as follows:</p>
    <p style="text-align: justify; margin-left: 72pt; margin-right: 72pt;">"WITHOUT PRIOR WRITTEN APPROVAL OF THE TSX VENTURE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES ISSUABLE UPON EXERCISE THEREOF MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TSX VENTURE EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF CANADIAN RESIDENT UNTIL [<b>INSERT A DATE THAT IS 4 MONTHS AND A DAY AFTER THE DISTRIBUTION</b>]."</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 23.25pt; display: inline-block;">&#160;</font>The Warrant Agent shall be entitled to request any other documents that it may reasonably require in accordance with its Internal Procedures for the removal of the legends set forth above.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(3)<font style="width: 23.25pt; display: inline-block;">&#160;</font>The Warrants may be issued in both certificated and uncertificated form or DRS Advices. All Warrants issued in certificated form shall be evidenced by a Warrant Certificate (including all replacements issued in accordance with this Indenture), substantially in the form set out in Schedule "A" hereto, which shall be dated as of the Effective Date, shall bear such distinguishing letters and numbers as the Corporation may, with the approval of the Warrant Agent, prescribe, and shall be issuable in any denomination excluding fractions. Warrants issued in an uncertificated form may be evidenced by a DRS Advice. All Warrants issued to the Depository may be in either a certificated or uncertificated form, such uncertificated form being evidenced by a book position on the Register to be maintained by the Warrant Agent in accordance with Section 2.9.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(4)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Each U.S. Warrant Certificate originally issued to a U.S. Purchaser who is a U.S. Accredited Investor but not a Qualified Institutional Buyer and is represented by definitive certificates, and any certificates issued in exchange therefor or in substitution thereof, shall bear the following legend (the "<b>U.S. Warrant Legend</b>") until the same is no longer required under the U.S. Securities Act or applicable state securities laws:</p>
    <p style="text-align: justify; margin-left: 72pt;"><b>"THIS WARRANT AND THE SECURITIES DELIVERABLE UPON EXERCISE HEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF OSISKO DEVELOPMENT CORP. (THE "CORPORATION") THAT THIS WARRANT MAY NOT BE EXERCISED IN THE UNITED STATES UNLESS THIS WARRANT AND SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. THIS WARRANT MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES, IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS, (C) PURSUANT TO THE EXEMPTIONS FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY (1) RULE 144, IF AVAILABLE, OR (2) RULE 144A THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH APPLICABLE </b><b>STATE SECURITIES LAWS, OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C)(1) OR (D) ABOVE, A LEGAL OPINION IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE CORPORATION MUST FIRST BE PROVIDED TO THE CORPORATION'S TRANSFER AGENT.</b></p>
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    <p style="text-align: justify; margin-left: 72pt;"><b>DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA."</b></p>
    <p style="text-align: justify; margin-left: 36pt;">provided, that if any Warrants are being sold outside the United States in accordance with Rule 904 of Regulation S under the U.S. Securities Act and if the Corporation is a "foreign issuer" within the meaning of Regulation S under the U.S. Securities Act at the time of sale, the U.S. Warrant Legend may be removed by providing a declaration to the Warrant Agent in the form attached hereto as Schedule "C", or such form as the Corporation may from time to time prescribe, together with any other evidence, which may include an opinion of counsel of recognized standing reasonably satisfactory to the Corporation, to the effect that the legend is no longer required under applicable requirements of the U.S. Securities Act.</p>
    <p style="text-align: justify;"><b>2.7</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Book Entry Only Warrants</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Reregistration of beneficial interests in and transfers of Warrants held by the Depository shall be made only through the book entry registration system and no Warrant Certificates shall be issued in respect of such Warrants except where physical certificates evidencing ownership in such securities are required or as set out herein or as may be requested by the Depository, as determined by the Corporation, from time to time. Except as provided in this Section 2.7, owners of beneficial interests in any CDS Global Warrants shall not be entitled to have Warrants registered in their names and shall not receive or be entitled to receive Warrants in definitive form or to have their names appear in the Register.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Notwithstanding any other provision in this Indenture, no CDS Global Warrants may be exchanged in whole or in part for Warrants registered, and no transfer of any CDS Global Warrants in whole or in part may be registered, in the name of any person other than the Depository for such CDS Global Warrants or a nominee thereof unless:</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(a)<font style="width: 24pt; display: inline-block;">&#160;</font>the Depository notifies the Corporation that it is unwilling or unable to continue to act as depository in connection with the Book Entry Only Warrants and the Corporation is unable to locate a qualified successor;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(b)<font style="width: 23.25pt; display: inline-block;">&#160;</font>the Corporation determines that the Depository is no longer willing, able or qualified to discharge properly its responsibilities as holder of the CDS Global Warrants and the Corporation is unable to locate a qualified successor;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(c)<font style="width: 24pt; display: inline-block;">&#160;</font>the Depository ceases to be a clearing agency or otherwise ceases to be eligible to be a depository and the Corporation is unable to locate a qualified successor;</p>
    <p style="text-align: justify; margin-bottom: 0pt; text-indent: -36pt; margin-left: 72pt;">(d)<font style="width: 23.25pt; display: inline-block;">&#160;</font>the Corporation determines that the Warrants shall no longer be held as Book Entry Only Warrants through the Depository;</p>
    <p style="text-align: justify; margin-top: 0pt;">&#160;</p>
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    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(e)<font style="width: 24pt; display: inline-block;">&#160;</font>such right is required by Applicable Legislation as determined by the Corporation and the Corporation's Counsel;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(f)<font style="width: 25.25pt; display: inline-block;">&#160;</font>the Warrant is to be Authenticated to or for the account or benefit of a person in the United States or a U.S. Person who is not a Qualified Institutional Buyer; or</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(g)<font style="width: 23.25pt; display: inline-block;">&#160;</font>such registration is effected in accordance with the internal procedures of the Depository and the Warrant Agent,</p>
    <p style="text-align: justify; margin-left: 36pt;">following which, Warrants for those holders requesting the same shall be registered and issued to the beneficial owners of such Warrants or their nominees as directed by the holder. The Corporation shall provide a certificate of the Corporation giving notice to the Warrant Agent of the occurrence of any event outlined in clauses (a) to (f) of this Section 2.7(2).</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(3)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Subject to the provisions of this Section 2.7, any exchange of CDS Global Warrants for Warrants which are not CDS Global Warrants may be made in whole or in part in accordance with the provisions of Section 2.12, <i>mutatis mutandis</i>. All such Warrants issued in exchange for a CDS Global Warrant or any portion thereof shall be registered in such names as the Depository for such CDS Global Warrants shall direct and shall be entitled to the same benefits and subject to the same terms and conditions (except insofar as they relate specifically to CDS Global Warrants) as the CDS Global Warrants or portion thereof surrendered upon such exchange.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(4)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Every Warrant that is Authenticated upon registration or transfer of a CDS Global Warrant, or in exchange for or in lieu of a CDS Global Warrant or any portion thereof, whether pursuant to this Section 2.7, or otherwise, shall be Authenticated in the form of, and shall be, a CDS Global Warrant, unless such Warrant is registered in the name of a person other than the Depository for such CDS Global Warrant or a nominee thereof.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(5)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Notwithstanding anything to the contrary in this Indenture, subject to Applicable Legislation, the CDS Global Warrant will be issued as an Uncertificated Warrant, unless otherwise requested in writing by the Depository or the Corporation.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(6)<font style="width: 23.25pt; display: inline-block;">&#160;</font>The rights of beneficial owners of Warrants who hold securities entitlements in respect of the Warrants through the book entry registration system shall be limited to those established by Applicable Legislation and agreements between the Depository and the Book Entry Only Participants and between such Book Entry Only Participants and the beneficial owners of Warrants who hold securities entitlements in respect of the Warrants through the book entry registration system, and such rights must be exercised through a Book Entry Only Participant in accordance with the rules and procedures of the Depository.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(7)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Notwithstanding anything herein to the contrary, neither the Corporation nor the Warrant Agent nor any agent thereof shall have any responsibility or liability for:</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(a)<font style="width: 24pt; display: inline-block;">&#160;</font>the electronic records maintained by the Depository relating to any ownership interests or any other interests in the Warrants or the depository system maintained by the Depository, or payments made on account of any ownership interest or any other interest of any person in any Warrant represented by an electronic position in the book entry registration system (other than the Depository or its nominee);</p>
    <p style="text-align: justify; margin-bottom: 0pt; text-indent: -36pt; margin-left: 72pt;">(b)<font style="width: 23.25pt; display: inline-block;">&#160;</font>maintaining, supervising or reviewing any records of the Depository or any Book Entry Only Participant relating to any such interest; or</p>
    <p style="text-align: justify; margin-top: 0pt;">&#160;</p>
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    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(c)<font style="width: 24pt; display: inline-block;">&#160;</font>any advice or representation made or given by the Depository or those contained herein that relate to the rules and regulations of the Depository or any action to be taken by the Depository on its own direction or at the direction of any Book Entry Only Participant.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(8)<font style="width: 23.25pt; display: inline-block;">&#160;</font>The Corporation may terminate the application of this Section 2.7 in its sole discretion in which case all Warrants shall be evidenced by Warrant Certificates registered in the name of a person other than the Depository.</p>
    <p style="text-align: justify;"><b>2.8</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Authentication</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 23.25pt; display: inline-block;">&#160;</font>For Warrants issued in certificated form, the form of certificate representing Warrants shall be substantially as set out in Schedule "A" hereto or such other form as is authorized from time to time by the Corporation. Each Warrant Certificate shall be Authenticated on behalf of the Warrant Agent. Each Warrant Certificate shall be signed by any one duly authorized signatory of the Corporation; whose signature shall appear on the Warrant Certificate and may be electronic, printed, lithographed or otherwise mechanically reproduced thereon and, in such event, certificates so signed are as valid and binding upon the Corporation as if it had been signed manually. Any Warrant Certificate which has a signature as hereinbefore provided shall be valid notwithstanding that the person whose signature is electronic, printed, lithographed or mechanically reproduced no longer holds office at the date of issuance of such certificate. The Warrant Certificates may be engraved, printed or lithographed, or partly in one form and partly in another, as the Corporation may determine.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 23.25pt; display: inline-block;">&#160;</font>The Warrant Agent shall Authenticate Uncertificated Warrants (whether upon original issuance, exchange, registration of transfer, partial payment, or otherwise) by completing its Internal Procedures and the Corporation shall, and hereby acknowledges that it shall, thereupon be deemed to have duly and validly issued such Uncertificated Warrants under this Indenture. Such Authentication shall be conclusive evidence that such Uncertificated Warrant has been duly issued hereunder and that the holder or holders are entitled to the benefits of this Indenture, and such Authenticated Uncertificated Warrants shall be binding on the Corporation. The Register shall be final and conclusive evidence as to all matters relating to Uncertificated Warrants with respect to which this Indenture requires the Warrant Agent to maintain records or accounts. In case of differences between the Register at any time and any later time, the Register at the later time shall be controlling, absent manifest error.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(3)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Any Warrant Certificate validly issued in accordance with the terms of this Indenture in effect at the time of issue of such Warrant Certificate shall, subject to the terms of this Indenture and Applicable Legislation, validly entitle the holder to acquire Common Shares, notwithstanding that the form of such Warrant Certificate may not be in the form currently required by this Indenture.</p>
    <p style="text-align: justify; margin-bottom: 0pt; text-indent: -36pt; margin-left: 36pt;">(4)<font style="width: 23.25pt; display: inline-block;">&#160;</font>No Warrant shall be considered issued and shall be valid or obligatory or shall entitle the holder thereof to the benefits of this Indenture, until it has been Authenticated by the Warrant Agent. Authentication by the Warrant Agent, including by way of entry on the Register, shall not be construed as a representation or warranty by the Warrant Agent as to the validity of this Indenture or of such Warrant Certificates or Uncertificated Warrants (except the due Authentication thereof) or as to the performance by the Corporation of its obligations under this Indenture and the Warrant Agent shall in no respect be liable or answerable for the use made of the Warrants or any of them or of the consideration thereof. Authentication by the Warrant Agent shall be conclusive evidence as against the Corporation that the Warrants so Authenticated have been duly issued hereunder and that the holder thereof is entitled to the benefits of this Indenture.</p>
    <p style="text-align: justify; margin-top: 0pt;">&#160;</p>
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    </div>
    <p style="text-align: justify;"><b>2.9</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Register of Warrants</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 23.25pt; display: inline-block;">&#160;</font>The Warrant Agent shall maintain records and accounts concerning the Warrants, whether certificated or uncertificated, which shall contain the information called for below with respect to each Warrant, together with such other information as may be required by law or as the Warrant Agent may elect to record. All such information shall be kept in one set of accounts and records which the Warrant Agent shall designate (in such manner as shall permit it to be so identified as such by an unaffiliated party) as the Register of the holders of Warrants. The information to be entered for each account in the Register at any time shall include (without limitation):</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(a)<font style="width: 24pt; display: inline-block;">&#160;</font>the names and addresses of the holders of the Warrants, the date of Authentication thereof and the number of Warrants;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(b)<font style="width: 23.25pt; display: inline-block;">&#160;</font>whether such Warrant is a Certificated Warrant or an Uncertificated Warrant and, if a Warrant Certificate, the unique number or code assigned to and imprinted thereupon and, if an Uncertificated Warrant, the unique number or code assigned thereto if any;</p>
    <p style="text-align: justify; margin-left: 36pt;">(c)<font style="width: 24pt; display: inline-block;">&#160;</font>whether such Warrant has been cancelled; and</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(d)<font style="width: 23.25pt; display: inline-block;">&#160;</font>a register of transfers in which all transfers of Warrants and the date and other particulars of each transfer shall be entered.</p>
    <p style="text-align: justify; margin-left: 36pt;">The Register shall be available for inspection by the Corporation or any Warrantholder during the Warrant Agent's regular business hours on a Business Day and upon payment to the Warrant Agent of its reasonable fees. Any Warrantholder exercising such right of inspection shall first provide an affidavit in form satisfactory to the Corporation and the Warrant Agent stating the name and address of the Warrantholder and agreeing not to use the information therein except in connection with an effort to call a meeting of Warrantholders or to influence the voting of Warrantholders at any meeting of Warrantholders.</p>
    <p style="text-align: justify; margin-bottom: 0pt; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Once an Uncertificated Warrant has been Authenticated, the information set forth in the Register with respect thereto at the time of Authentication may be altered, modified, amended, supplemented or otherwise changed only to reflect exercise or proper instructions to the Warrant Agent from the holder as provided herein, except that the Warrant Agent may act unilaterally to make purely administrative changes internal to the Warrant Agent and changes to correct errors. Each person who becomes a holder of an Uncertificated Warrant, by his, her or its acquisition thereof shall be deemed to have irrevocably (i) consented to the foregoing authority of the Warrant Agent to make such minor error corrections and (ii) agreed to pay to the Warrant Agent, promptly upon written demand, the full amount of all loss and expense (including without limitation reasonable legal fees of the Corporation and the Warrant Agent plus interest, at an appropriate then prevailing rate of interest to the Warrant Agent), sustained by the Corporation or the Warrant Agent as a proximate result of such error if but only if and only to the extent that such present or former holder realized any benefit as a result of such error and could reasonably have prevented, forestalled or minimized such loss and expense by prompt reporting of the error or avoidance of accepting benefits thereof whether or not such error is or should have been timely detected and corrected by the Warrant Agent; provided, that no person who is a bona fide purchaser shall have any such obligation to the Corporation or to the Warrant Agent.</p>
    <p style="text-align: justify; margin-top: 0pt;">&#160;</p>
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    <p style="text-align: justify;"><b>2.10</b><font style="width: 18pt; display: inline-block;">&#160;</font><b>Issue in Substitution for Warrant Certificates Lost, etc.</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 23.25pt; display: inline-block;">&#160;</font>If any Warrant Certificate becomes mutilated or is lost, destroyed or stolen, the Corporation, subject to Applicable Legislation, shall issue and thereupon the Warrant Agent shall certify and deliver, a new Warrant Certificate of like tenor, and bearing the same legend, if applicable, as the one mutilated, lost, destroyed or stolen in exchange for and in place of and upon cancellation of such mutilated Warrant Certificate, or in lieu of and in substitution for such lost, destroyed or stolen Warrant Certificate, and the substituted Warrant Certificate shall be in a form approved by the Warrant Agent and the Corporation and the Warrants evidenced thereby shall be entitled to the benefits hereof and shall rank equally in accordance with its terms with all other Warrants issued or to be issued hereunder.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 23.25pt; display: inline-block;">&#160;</font>The applicant for the issue of a new Warrant Certificate pursuant to this Section 2.10 shall bear the cost of the issue thereof and in case of loss, destruction or theft shall, as a condition precedent to the issuance thereof, furnish to the Corporation and to the Warrant Agent such evidence of ownership and of the loss, destruction or theft of the Warrant Certificate so lost, destroyed or stolen as shall be satisfactory to the Corporation and to the Warrant Agent, in their sole discretion, and such applicant shall also be required to furnish an indemnity and surety bond in amount and form satisfactory to the Corporation and the Warrant Agent, in their sole discretion, and shall pay the reasonable charges of the Corporation and the Warrant Agent in connection therewith.</p>
    <p style="text-align: justify;"><b>2.11</b><font style="width: 18pt; display: inline-block;">&#160;</font><b>Exchange of Warrant Certificates</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Any one or more Warrant Certificates representing any number of Warrants may, upon compliance with the reasonable requirements of the Warrant Agent (including compliance with applicable securities legislation), be exchanged for one or more other Warrant Certificates representing the same aggregate number of Warrants, and bearing the same legend, if applicable, as represented by the Warrant Certificate or Warrant Certificates so exchanged.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Warrant Certificates may be exchanged only at the Warrant Agency or at any other place that is designated by the Corporation with the approval of the Warrant Agent. Any Warrant Certificate from the holder (or such other instructions, in form satisfactory to the Warrant Agent), tendered for exchange shall be surrendered to the Warrant Agency and cancelled by the Warrant Agent.</p>
    <p style="text-align: justify;"><b>2.12</b><font style="width: 18pt; display: inline-block;">&#160;</font><b>Transfer and Ownership of Warrants</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 23.25pt; display: inline-block;">&#160;</font>The Warrants may only be transferred on the Register kept by the Warrant Agent at the Warrant Agency by the holder or its legal representatives or its attorney duly appointed by an instrument in writing in form and execution satisfactory to the Warrant Agent only upon (a) in the case of a Warrant Certificate, surrendering to the Warrant Agent at the Warrant Agency the Warrant Certificate representing the Warrants to be transferred together with a duly executed transfer form as set forth in Schedule "A", (b) in the case of Book Entry Only Warrants, in accordance with procedures prescribed by the Depository under the book entry registration system, (c) in the case of DRS Advices, surrendering to the Warrant Agent at the Warrant Agency, DRS Advices representing the Warrants to be transferred together with a duly executed form of transfer as set forth in Schedule "A" and (d) upon compliance with:</p>
    <p style="text-align: justify; margin-left: 72pt;">(i)<font style="width: 25pt; display: inline-block;">&#160;</font>the conditions herein;</p>
    <p style="text-align: justify; margin-bottom: 0pt; margin-left: 72pt;">(ii)<font style="width: 22.5pt; display: inline-block;">&#160;</font>such reasonable requirements as the Warrant Agent may prescribe; and</p>
    <p style="text-align: justify; margin-top: 0pt;">&#160;</p>
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    <p style="text-align: justify; margin-left: 72pt;">(iii)<font style="width: 19.5pt; display: inline-block;">&#160;</font>all applicable securities legislation and requirements of regulatory authorities;</p>
    <p style="text-align: justify; margin-left: 36pt;">and, in the case of a Warrant Certificate, such transfer shall be duly noted in such Register by the Warrant Agent. Upon compliance with such requirements, the Warrant Agent shall issue to the transferee of a Certificated Warrant, a Warrant Certificate, to the transferee of a DRS Advice, a DRS Advice, or the Warrant Agent shall Authenticate and deliver a Warrant Certificate upon request that part of the CDS Global Warrant be certificated. Transfers within the systems of the Depository are not the responsibility of the Warrant Agent and will not be noted on the Register maintained by the Warrant Agent and Warrants that are held as Book Entry Only Warrants shall be transferred and recorded through the relevant Book Entry Only Participant in accordance with the book entry registration system as the entitlement holder in respect of such Warrants.</p>
    <p style="text-align: justify; margin-left: 36pt;">No duty shall rest with the Warrant Agent to determine compliance of the transferor or transferee with Applicable Securities Laws. The Warrant Agent shall be entitled to assume that all transfers are legal and proper.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Subject to the provisions of this Indenture and Applicable Legislation, the Warrantholder shall be entitled to the rights and privileges attaching to the Warrants, and the issue of Common Shares by the Corporation upon the exercise of Warrants in accordance with the terms and conditions herein contained shall discharge all responsibilities of the Corporation and the Warrant Agent with respect to such Warrants and neither the Corporation nor the Warrant Agent shall be bound to inquire into the title of any such holder.</p>
    <p style="text-align: justify;"><b>2.13</b><font style="width: 17.5pt; display: inline-block;">&#160;</font><b>Cancellation of Surrendered Warrants</b></p>
    <p style="text-align: justify;">All Warrant Certificates surrendered pursuant to Section 2.10, Section 2.11, Section 2.12, Article 3 or Section 5.1 shall be cancelled by the Warrant Agent and upon such circumstances all such Uncertificated Warrants shall be deemed cancelled and so noted on the Register by the Warrant Agent. Upon written request by the Corporation, the Warrant Agent shall furnish to the Corporation a cancellation certificate identifying the Warrant Certificates so cancelled, the number of Warrants evidenced thereby, the number of Common Shares, if any, issued pursuant to such Warrants and the details of any Warrant Certificates issued in substitution or exchange for such Warrant Certificates cancelled.</p>
    <p style="margin-bottom: 0pt; text-align: center;"><b>ARTICLE 3</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>EXERCISE OF WARRANTS</b></p>
    <p style="text-align: justify;"><b>3.1</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Right of Exercise</b></p>
    <p style="text-align: justify;">Subject to the provisions hereof, each Warrant shall entitle the holder, from the Effective Date and prior to the Expiry Time, to subscribe for and purchase that number of Common Shares equal to the Exchange Rate, at a price per share equal to the Exercise Price, all in accordance with the terms hereof and the conditions herein.</p>
    <p style="text-align: justify;"><b>3.2</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Warrant Exercise</b></p>
    <p style="text-align: justify; margin-bottom: 0pt; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Warrantholders of Warrant Certificates or DRS Advice who wish to exercise the Warrants held by them in order to acquire Common Shares must complete the exercise form (the "<b>Exercise Notice</b>") attached to the Warrant Certificate(s) which form is attached hereto as Schedule "B", which may be amended by the Corporation with the consent of the Warrant Agent, if such amendment does not, in the reasonable opinion of the Corporation and the Warrant Agent, which may be based on the advice of Counsel, materially and adversely affect the rights, entitlements and interests of the Warrantholders, and deliver such certificate(s) or DRS Advice, the executed Exercise Notice and a certified cheque, bank draft, wire transfer or money order payable to or to the order of the Corporation for the aggregate Exercise Price to the Warrant Agent at the Warrant Agency. The Warrants represented by a Warrant Certificate or evidenced by a DRS Advice shall be deemed to be surrendered upon personal delivery of such certificate or DRS Advice, Exercise Notice and aggregate Exercise Price or, if such documents are sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent at the office referred to above.</p>
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    <p style="text-align: justify; margin-left: 36pt;">A beneficial holder of Uncertificated Warrants evidenced by a security entitlement in respect of Warrants in the book entry registration system who desires to exercise his or her Warrants must do so by causing a Book Entry Only Participant to deliver to the Depository on behalf of the entitlement holder, notice of the owner's intention to exercise Warrants in a manner acceptable to the Depository. Forthwith upon receipt by the Depository of such notice, as well as payment for the aggregate Exercise Price, the Depository shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (a "<b>Confirmation</b>") in a manner acceptable to the Warrant Agent, including by electronic means through a book based registration system, including CDSX. An electronic exercise of the Warrants initiated by the Book Entry Only Participant through a Book Based System, including CDSX, shall constitute a representation to both the Corporation and the Warrant Agent that the beneficial owner at the time of exercise of such Warrants (I) (a) is not in the United States; (b) is not a U.S. Person and is not exercising such Warrants on behalf of a U.S. Person or a person in the United States; (c) was not offered and did not acquire the Warrants in the United States; and (d) did not execute or deliver the notice of the owner's intention to exercise such Warrants in the United States or (II) is a QIB Purchaser, and the representations, warranties and covenants made by such QIB Purchaser in the Qualified Institutional Buyer Letter attached as Schedule C to the U.S. Subscription Agreement remain true and correct at the time of exercise. If the Book Entry Only Participant is not able to make or deliver the foregoing representation by initiating the electronic exercise of the Warrants, then such Warrants shall be required to be withdrawn from the Book Based System by the Book Entry Only Participant and an individually registered Warrant Certificate shall be issued by the Warrant Agent to such beneficial owner or Book Entry Only Participant and the exercise procedures set forth in Section 3.2(1) shall be followed (and provided, for greater certainty, that the foregoing does not apply, in the case of a QIB Purchaser who complies with Section 3.3(2)).</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Subject to Section 3.3(2) below, the Warrants may not be exercised by or on behalf of a person in the United States or a U.S. Person.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(3)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Payment representing the aggregate Exercise Price must be provided to the appropriate office of the Book Entry Only Participant in a manner acceptable to it. A notice in form acceptable to the Book Entry Only Participant and payment from such beneficial holder should be provided to the Book Entry Only Participant sufficiently in advance so as to permit the Book Entry Only Participant to deliver notice and payment to the Depository and for the Depository in turn to deliver notice and payment to the Warrant Agent prior to the Expiry Time. The Depository will initiate the exercise by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by causing the issuance to the Depository through the book entry registration system of the Common Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the Book Entry Only Participant exercising the Warrants on its behalf.</p>
    <p style="text-align: justify; margin-bottom: 0pt; text-indent: -36pt; margin-left: 36pt;">(4)<font style="width: 23.25pt; display: inline-block;">&#160;</font>By causing a Book Entry Only Participant to deliver notice to the Depository, a beneficial holder shall be deemed to have irrevocably surrendered his, her or its Warrants so exercised and appointed such Book Entry Only Participant to act as his, her or its exclusive settlement agent with respect to the exercise of the Warrants and the receipt of Common Shares in connection with the obligations arising from such exercise.</p>
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    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(5)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Any notice which the Depository determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a Book Entry Only Participant to exercise or to give effect to the settlement thereof in accordance with the beneficial holder's instructions will not give rise to any obligations or liability on the part of the Corporation or Warrant Agent to the Book Entry Only Participant or the Warrantholder.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(6)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Any exercise form or Exercise Notice referred to in this Section 3.2 shall be signed by the registered Warrantholder, or its executors or administrators or other legal representatives or an attorney of the registered Warrantholder, duly appointed by an instrument in writing satisfactory to the Warrant Agent but such exercise form or Exercise Notice need not be executed by the Depository.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(7)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Any exercise referred to in this Section 3.2 shall require that the entire Exercise Price for Common Shares subscribed must be paid at the time of subscription and such Exercise Price and original Exercise Notice executed by the registered Warrantholder or the Confirmation from the Depository must be received by the Warrant Agent prior to the Expiry Time.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(8)<font style="width: 23.25pt; display: inline-block;">&#160;</font>If the form of Exercise Notice set forth in the Warrant Certificate shall have been amended, the Corporation shall cause the amended Exercise Notice to be forwarded to all Warrantholders.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(9)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Exercise Notices and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent's actual business hours on any Business Day prior to the Expiry Time. Any Exercise Notice or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(10)<font style="width: 18.75pt; display: inline-block;">&#160;</font>Any Warrant with respect to which a Confirmation or valid exercise is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelled.</p>
    <p style="text-align: justify;"><b>3.3</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Prohibition on Exercise by Persons in the United States and U.S. Persons</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Subject to Section 3.3(2) below, (i) Warrants may not be exercised within the United States or by or on behalf of any person in the United States or U.S. Person; and (ii) no Common Shares issued upon exercise of Warrants may be delivered to any address in the United States unless such securities are registered under the U.S. Securities Act and the securities laws of all applicable states of the United States.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Notwithstanding Section 3.2(2) or Section 3.3(1), (i) Warrants may be exercised in the United States or by or on behalf of a person in the United States or U.S. Person, and (ii) Common Shares issued upon exercise of any such Warrants may be delivered to an address in the United States, provided that:</p>
    <p style="text-align: justify; margin-bottom: 0pt; text-indent: -36pt; margin-left: 72pt;">(a)<font style="width: 24pt; display: inline-block;">&#160;</font>the person exercising the Warrants is a QIB Purchaser with respect to those Warrants that originally executed a U.S. Subscription Agreement and the representations, warranties and covenants made by such QIB Purchaser in the Qualified Institutional Buyer Letter attached as Schedule C to the U.S. Subscription Agreement remain true and correct at the time of exercise and any exercise of Warrants without the delivery of an opinion of counsel or other evidence shall be deemed a representation and warranty to the Corporation to that effect or has provided an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Corporation that the exercise of the Warrants and the issuance of the Common Shares are exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws. Any certificates representing Common Shares issued to a Qualified Institutional Buyer shall not bear any legend for purposes of the U.S. Securities Act, or</p>
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    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(b)<font style="width: 23.25pt; display: inline-block;">&#160;</font>the person exercising the Warrants (i) has executed and delivered to the Warrant Agent a subscription form as attached to the Warrant Certificate and that such person is an "accredited investor" (that satisfies the criteria set forth in Rule 501(a) of Regulation D under the U.S. Securities Act) (a "<b>U.S. Accredited Investor</b>") exercising the Warrants for its own account or the account of a U.S. Accredited Investor over which it exercises sole investment discretion, (ii) understands that the Common Shares have not been registered under the U.S. Securities Act or the securities laws of any state of the United States, (iii) has provided such documentation as the Corporation may reasonably require to meet the requirements of the U.S. Securities Act and (iv) agrees to the restrictions on transfer and resale more fully described in this Indenture. Any certificates representing Common Shares issued to a U.S. Accredited Investor that is not a Qualified Institutional Buyer pursuant to this Section 3.3(2)(b) shall bear the U.S. Common Share Legend until such time as the U.S. Common Share Legend is no longer required under applicable requirements of the U.S. Securities Act or applicable state securities laws.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(3)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Common Shares issued upon the exercise of Warrants by a U.S. Accredited Investor that is not a Qualified Institutional Buyer shall be represented by definitive certificates and shall bear the following legend (the "<b>U.S. Common Share Legend</b>") until such time as the same is no longer required under applicable requirements of the U.S. Securities Act or applicable state securities laws:</p>
    <p style="text-align: justify; margin-bottom: 0pt; margin-left: 72pt;"><b>"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF OSISKO DEVELOPMENT CORP. (THE "CORPORATION") THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES, IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS, </b><b>(C) </b><b>PURSUANT TO THE EXEMPTIONS FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY (1) RULE 144, IF AVAILABLE, OR (2) RULE 144A THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C)(1) OR (D) ABOVE, A LEGAL OPINION IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE CORPORATION MUST FIRST BE PROVIDED TO THE CORPORATION'S TRANSFER AGENT.</b></p>
    <p style="text-align: justify; margin-top: 0pt;">&#160;</p>
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    <p style="text-align: justify; margin-left: 222pt;">- 20 -</p>
    <p style="text-align: justify; margin-left: 72pt;"><b>DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA."</b></p>
    <p style="text-align: justify; margin-left: 36pt;">provided that: (i) if any such Common Shares are being sold outside the United States in accordance with Rule 904 of Regulation S under the U.S. Securities Act, the U.S. Common Share Legend may be removed by providing a declaration to the registrar and Transfer Agent in the form attached hereto as Schedule "C", or such form as the Corporation may from time to time prescribe, together with together with any other evidence, which may include an opinion of counsel of recognized standing reasonably satisfactory to the Corporation, to the effect that the legend is no longer required under applicable requirements of the U.S. Securities Act; and (ii) if any such Common Shares are being sold pursuant to Rule 144 under the U.S. Securities Act, the U.S. Common Share Legend may be removed by delivery to the Corporation and Transfer Agent of an opinion of counsel of recognized standing reasonably satisfactory to the Corporation to the effect that the U.S. Common Share Legend is no longer required under applicable requirements of the U.S. Securities Act.</p>
    <p style="text-align: justify;"><b>3.4</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Transfer Fees and Taxes</b></p>
    <p style="text-align: justify;">If any of the Common Shares subscribed for are to be issued to a person or persons other than the registered Warrantholder, the registered Warrantholder shall execute the form of transfer as set forth in Schedule "A" and will comply with such reasonable requirements as the Warrant Agent may stipulate and will pay to the Corporation, or the Warrant Agent on behalf of the Corporation, all applicable transfer or similar taxes and the Corporation will not be required to issue or deliver certificates or DRS Advices evidencing Common Shares unless or until such Warrantholder shall have paid to the Corporation or the Warrant Agent on behalf of the Corporation, the amount of such tax or shall have established to the satisfaction of the Corporation and the Warrant Agent that such tax has been paid or that no tax is due.</p>
    <p style="text-align: justify;"><b>3.5</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Warrant Agency</b></p>
    <p style="text-align: justify;">To facilitate the exchange, transfer or exercise of Warrants and compliance with such other terms and conditions hereof as may be required, the Corporation has appointed the Warrant Agency as the agency at which Warrants may be surrendered for exchange or transfer or at which Warrants may be exercised and the Warrant Agent has accepted such appointment. The Corporation may from time to time designate alternate or additional places as the Warrant Agency (subject to the Warrant Agent's prior approval) and will give notice to the Warrant Agent of any proposed change of the Warrant Agency. Branch registers shall also be kept at such other place or places, if any, as the Corporation, with the approval of the Warrant Agent, may designate. The Warrant Agent will from time to time when requested to do so by the Corporation or any registered Warrantholder, upon payment of the Warrant Agent's reasonable charges, furnish a list of the names and addresses of Warrantholders showing the number of Warrants held by each such registered Warrantholder.</p>
    <p style="text-align: justify;"><b>3.6</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Effect of Exercise of Warrants</b></p>
    <p style="text-align: justify; margin-bottom: 0pt; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Upon the exercise of Warrants pursuant to and in compliance with Section 3.2 and subject to Section 3.3, the Common Shares to be issued pursuant to the Warrants exercised shall be deemed to have been issued and the person or persons to whom such Common Shares are to be issued shall be deemed to have become the holder or holders of such Common Shares on the Exercise Date unless the Register shall be closed on such date, in which case the Common Shares subscribed for shall be deemed to have been issued, and such person or persons deemed to have become the holder or holders of record of such Common Shares, on the date on which such Register is reopened.</p>
    <p style="text-align: justify; margin-top: 0pt;">&#160;</p>
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    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Within five Business Days after the Exercise Date with respect to a Warrant, the Warrant Agent shall use commercially reasonable efforts to cause to be delivered or mailed to the person or persons in whose name or names the Warrant is registered or, if so specified in writing by the holder, cause to be delivered to such person or persons at the Warrant Agency where the Warrant Certificate was surrendered, a certificate or certificates or DRS Advices for the appropriate number of Common Shares subscribed for, or any other appropriate evidence of the issuance of Common Shares to such person or persons in respect of Common Shares issued under the book entry registration system or direct registration system.</p>
    <p style="text-align: justify;"><b>3.7</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Partial Exercise of Warrants; Fractions</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 23.25pt; display: inline-block;">&#160;</font>A holder of Warrants may exercise his, her or its right to acquire a number of whole Common Shares less than the aggregate number which the holder is entitled to acquire pursuant to such Warrants. In the event of any exercise of a number of Warrants less than the number which the holder is entitled to exercise, the holder of Warrants upon such exercise shall, in addition, be entitled to receive, without charge therefor, a new Warrant Certificate(s), bearing the same legend, if applicable, or other appropriate evidence of Warrants, in respect of the balance of the Warrants held by such holder and which were not then exercised.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Notwithstanding anything herein contained, including any adjustment provided for in Section 4.1, the Corporation shall not be required, upon the exercise of any Warrants, to issue fractions of Common Shares. Warrants may only be exercised in a sufficient number to acquire whole numbers of Common Shares. If, upon the exercise of Warrants by a person, the aggregate number of Common Shares to be issued to such person includes a fractional Common Share, the number of Common Shares to be issued to such person shall be rounded down to the nearest whole number and no consideration shall be paid for any such fractional Common Share.</p>
    <p style="text-align: justify;"><b>3.8</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Expiration of Warrants</b></p>
    <p style="text-align: justify;">From and after the Expiry Time, all rights under any Warrant in respect of which the right of acquisition provided for herein shall not have been exercised shall cease and terminate and each Warrant shall be void and of no further force or effect.</p>
    <p style="text-align: justify;"><b>3.9</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Accounting and Recording</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 23.25pt; display: inline-block;">&#160;</font>The Warrant Agent shall promptly account to the Corporation with respect to Warrants exercised, and shall promptly forward to the Corporation (or into an account or accounts of the Corporation with the bank or trust company designated by the Corporation for that purpose), all monies received by the Warrant Agent on the subscription of Common Shares through the exercise of Warrants. All such monies and any securities or other instruments from time to time received by the Warrant Agent shall be received in trust for, and shall be segregated and kept apart by the Warrant Agent for, the Warrantholders and the Corporation as their interests may appear.</p>
    <p style="text-align: justify; margin-bottom: 0pt; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 23.25pt; display: inline-block;">&#160;</font>The Warrant Agent shall record the particulars of Warrants exercised, which particulars shall include the names and addresses of the persons who become holders of Common Shares on exercise and the Exercise Date, in respect thereof. The Warrant Agent shall provide such particulars in writing to the Corporation within five Business Days of any request by the Corporation therefor.</p>
    <p style="text-align: justify; margin-top: 0pt;">&#160;</p>
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    <p style="text-align: justify;"><b>3.10</b><font style="width: 17.5pt; display: inline-block;">&#160;</font><b>Securities Restrictions</b></p>
    <p style="text-align: justify;">Notwithstanding anything herein contained, no Warrants, or Common Shares issuable upon the exercise of such Warrants, will be issued if the issuance of such Warrants or Common Shares would constitute a violation of the securities laws of any applicable jurisdiction, and, without limiting the generality of the foregoing, the Corporation may include any legend on the certificates or DRS Advices representing the Warrants and Common Shares issuable upon exercise of any Warrant if, in the opinion of counsel to the Corporation, such legend is necessary in order to avoid a violation of any securities laws of any applicable jurisdiction or to comply with the requirements of any stock exchange on which the Common Shares are listed; provided that if, at any time, in the opinion of outside counsel to the Corporation, acting reasonably, such legends are no longer necessary in order to avoid a violation of any such laws, or the holder of any such legended certificate or DRS Advices, at his, her or its expense, provides the Corporation with evidence satisfactory in form and substance to the Corporation (which may include an opinion of counsel of recognized standing satisfactory to the Corporation) to the effect that such holder is entitled to sell or otherwise transfer such securities in a transaction in which such legends are not required, such legended certificates or DRS Advices may thereafter be surrendered to the Warrant Agent in exchange for a certificate or DRS Advices that does not bear such legends.</p>
    <p style="text-align: justify;">The Warrant Agent shall be entitled to assume that the Common Shares may be issued pursuant to the exercise of any Warrant without violating any Applicable Securities Laws and without legending the certificate or DRS Advices representing the Common Shares unless the Warrant Agent has received notice in writing from the Corporation stating otherwise and setting forth the restrictions on the exercise of the Warrants and any legend the certificates or DRS Advices representing the Common Shares should bear.</p>
    <p style="margin-bottom: 0pt; text-align: center;"><b>ARTICLE 4</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>ADJUSTMENT OF NUMBER OF COMMON SHARES AND EXERCISE PRICE</b></p>
    <p style="text-align: justify;"><b>4.1</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Adjustment of Number of Common Shares and Exercise Price</b></p>
    <p style="text-align: justify;">The subscription rights in effect under the Warrants for Common Shares issuable upon the exercise of the Warrants shall be subject to adjustment from time to time as follows:</p>
    <p style="text-align: justify; margin-left: 36pt;">(a)<font style="width: 24pt; display: inline-block;">&#160;</font>if, at any time after the Effective Date but prior to the Expiry Date, the Corporation shall:</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 108pt;">(i)<font style="width: 25.5pt; display: inline-block;">&#160;</font>subdivide, re-divide or change its outstanding Common Shares into a greater number of Common Shares;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 108pt;">(ii)<font style="width: 23pt; display: inline-block;">&#160;</font>reduce, combine or consolidate its outstanding Common Shares into a lesser number of Common Shares; or</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 108pt;">(iii)<font style="width: 20pt; display: inline-block;">&#160;</font>issue Common Shares or securities exchangeable for, or convertible into, Common Shares to the holders of all or substantially all of Common Shares by way of a stock dividend or other distribution (other than a distribution of Common Shares upon the exercise of Warrants or any outstanding options or a distribution to the holders of all or substantially all of the Common Shares on its outstanding Common Shares payable in Common Shares or securities convertible into or exchangeable for Common Shares);</p>
    <p style="text-align: justify; margin-bottom: 0pt; margin-left: 72pt;">(any of such events in Section 4.1(a)(i), (ii) or (iii) being called an "<b>Common Share Recapitalization</b>"), then, in each case:</p>
    <p style="text-align: justify; margin-top: 0pt;">&#160;</p>
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    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(iv)<font style="width: 20.25pt; display: inline-block;">&#160;</font>the Exercise Price shall be adjusted as of the effective date or record date of such Common Share Recapitalization so that it shall equal the amount, in dollars, determined by multiplying the Exercise Price in effect immediately prior to such effective date or record date by a fraction, the numerator of which shall be the number of Common Shares outstanding on such effective date or record date before giving effect to such Common Share Recapitalization, and the denominator of which shall be the number of Common Shares outstanding as of the effective date or record date after giving effect to such Common Share Recapitalization (including, in the case where securities exchangeable for or convertible into Common Shares are distributed, the number of Common Shares that would have been outstanding had such securities been exchanged for or converted into Common Shares on such record date or effective date);</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(v)<font style="width: 23.25pt; display: inline-block;">&#160;</font>concurrently with any adjustment of the Exercise Price pursuant to this Section 4.1(a), the Exchange Rate shall be adjusted so that it shall equal the amount determined by multiplying the Exchange Rate in effect immediately prior to such adjustment by a fraction, of which the numerator shall be the Exercise Price in effect immediately prior to such adjustment and the denominator shall be the Exercise Price resulting from such adjustment; and</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(vi)<font style="width: 20.75pt; display: inline-block;">&#160;</font>any adjustments required under this Section 4.1(a) shall be made successively whenever any Common Share Recapitalization shall occur;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(b)<font style="width: 23.25pt; display: inline-block;">&#160;</font>if and whenever, at any time after the Effective Date but prior to the Expiry Date, the Corporation shall fix a record date for the issuance of rights, options or warrants to all or substantially all the holders of outstanding Common Shares entitling them, for a period expiring not more than 45 days after such record date ("<b>Rights Offering Exercise Period</b>"), to subscribe for or purchase Common Shares (or securities convertible or exchangeable into Common Shares) at a price per Common Share (or having a conversion or exchange price per Common Share) less than 95% of the Current Market Price on such record date (a "<b>Rights Offering</b>"), then, in each case:</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(i)<font style="width: 25.5pt; display: inline-block;">&#160;</font>the Exercise Price shall be adjusted immediately after such record date so that it shall equal the amount, in dollars, determined by multiplying the Exercise Price in effect on such record date by a fraction, of which the numerator shall be the total number of Common Shares outstanding on such record date plus that number of Common Shares determined by dividing the aggregate price of the total number of additional Common Shares offered for subscription or purchase (or the aggregate conversion or exchange price of the convertible or exchangeable securities so offered) by the Current Market Price, and of which the denominator shall be the total number of Common Shares outstanding on such record date plus the total number of additional Common Shares offered for subscription or purchase or into which the convertible or exchangeable securities so offered are convertible or exchangeable; for purposes of the foregoing calculation, any Common Shares owned by or held for the account of the Corporation shall be deemed not to be outstanding;</p>
    <p style="text-align: justify; margin-bottom: 0pt; text-indent: -36pt; margin-left: 72pt;">(ii)<font style="width: 22.5pt; display: inline-block;">&#160;</font>to the extent that no such rights or warrants are exercised prior to the expiry of the Rights Offering Exercise Period, the Exercise Price shall, upon expiry of the Rights Offering Exercise Period, be readjusted to the Exercise Price which would then be in effect if such record date had not been fixed;</p>
    <p style="text-align: justify; margin-top: 0pt;">&#160;</p>
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    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(iii)<font style="width: 20pt; display: inline-block;">&#160;</font>if any such rights or warrants are exercised, the Exercise Price shall, upon such exercise, be adjusted to the Exercise Price which would otherwise be determined under Section 4.1(b)(i) if each reference therein to "offered for subscription or purchase" were replaced by a reference to "issued upon the exercise of such rights or warrants" and each reference therein to "so offered" were replaced by a reference to "so purchased";</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(iv)<font style="width: 20.75pt; display: inline-block;">&#160;</font>concurrently with any adjustment of the Exercise Price pursuant to this Section 4.1(b), the Exchange Rate will be adjusted so that it will equal the amount determined by multiplying the Exchange Rate in effect immediately prior to such adjustment by a fraction, of which the numerator shall be the Exercise Price in effect immediately prior to such adjustment and the denominator shall be the Exercise Price resulting from such adjustment; and</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(v)<font style="width: 23.25pt; display: inline-block;">&#160;</font>any adjustments required by this Section 4.1(b) shall be made successively whenever a record date for a Rights Offering is fixed ( provided that if two or more such record dates or are fixed within a period of 25 Trading Days, such adjustment will be made successively as if each of such record dates occurred on the earliest of such record dates);</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(c)<font style="width: 24pt; display: inline-block;">&#160;</font>if and whenever at any time after the Effective Date but prior to the Expiry Date the Corporation shall fix a record date for the making of a distribution to all or substantially all the holders of outstanding Common Shares of (i) securities of any class, whether of the Corporation or any other person (other than Common Shares), (ii) rights, options or warrants to subscribe for or purchase Common Shares (or other securities convertible into or exchangeable for Common Shares), other than pursuant to a Rights Offering; (iii) evidences of its indebtedness, or (iv) any property or other assets (but excluding any distribution referred to in Section 4.1(a) or Section 4.1(b)), then, in each such case:</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(i)<font style="width: 25.5pt; display: inline-block;">&#160;</font>the Exercise Price shall be adjusted immediately after such record date so that it shall equal the amount, in dollars, determined by multiplying the Exercise Price in effect on such record date by a fraction, of which the numerator shall be the total number of Common Shares outstanding on such record date multiplied by the Current Market Price on such record date, less the excess, if any, of the fair market value on such record date, as determined by the Corporation (subject to Exchange approval), of such securities or other assets so issued or distributed over the fair market value of any consideration received therefor by the Corporation from the holders of the Common Shares, and of which the denominator shall be the total number of Common Shares outstanding on such record date multiplied by the Current Market Price; for purposes of the foregoing calculation, any Common Shares owned by or held for the account of the Corporation shall be deemed not to be outstanding;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(ii)<font style="width: 22.5pt; display: inline-block;">&#160;</font>to the extent no such distribution is made, the Exercise Price shall be readjusted to the Exercise Price which would then be in effect if such record date had not been fixed;</p>
    <p style="text-align: justify; margin-bottom: 0pt; text-indent: -36pt; margin-left: 72pt;">(iii)<font style="width: 19.5pt; display: inline-block;">&#160;</font>concurrently, with any adjustment of the Exercise Price pursuant to this Section 4.1(c), the Exchange Rate will be adjusted so that it will equal the amount determined by multiplying the Exchange Rate in effect immediately prior to such adjustment by a fraction, of which the numerator shall be the Exercise Price in effect immediately prior to such adjustment and the denominator shall be the Exercise Price resulting from such adjustment; and</p>
    <p style="text-align: justify; margin-top: 0pt;">&#160;</p>
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    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(iv)<font style="width: 20.25pt; display: inline-block;">&#160;</font>any adjustments required by this Section 4.1(c) shall be made successively whenever such a record date is fixed;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(d)<font style="width: 23.25pt; display: inline-block;">&#160;</font>if and whenever at any time after the Effective Date but prior to the Expiry Date there is a reclassification or redesignation of the Common Shares, or a capital reorganization of the Corporation (other than as described in Section 4.1(a), Section 4.1(b) or Section 4.1(c)) or a consolidation, amalgamation, arrangement, merger or other form of business combination of the Corporation with or into any other body corporate, trust, partnership or other entity that results in any reclassification of the Common Shares or any change or exchange of the Common Shares into or for other securities or any sale, lease, exchange, transfer or conveyance of the property, undertaking and assets of the Corporation as an entirety or substantially as an entirety to any other body corporate, trust, partnership or other entity (any of such events being a "<b>Capital Reorganization</b>"), any registered Warrantholder who has not exercised its right of acquisition prior to the effective date of such Capital Reorganization, upon the exercise of such right thereafter, shall be entitled to receive upon payment of the Exercise Price and shall accept, in lieu of the number of Common Shares that prior to such effective date the registered Warrantholder would have been entitled to receive, the number of shares or other securities or property of the Corporation or of the body corporate, trust, partnership or other entity resulting from such Capital Reorganization, that such registered Warrantholder would have been entitled to receive on such Capital Reorganization, if, on the effective date thereof, as the case may be, the registered Warrantholder had been the registered holder of the number of Common Shares to which prior to such effective date it was entitled to acquire upon the exercise of the Warrants. If determined appropriate by the Warrant Agent, relying on advice of Counsel, to give effect to or to evidence the provisions of this Section 4.1(d), the Corporation, its successor, or such purchasing body corporate, partnership, trust or other entity, as the case may be, shall, prior to or contemporaneously with any such Capital Reorganization, enter into an indenture which shall provide, to the extent possible, for the application of the provisions set forth in this Indenture with respect to the rights and interests thereafter of the Warrantholders to the end that the provisions set forth in this Indenture shall thereafter correspondingly be made applicable, as nearly as may reasonably be, with respect to any shares, other securities or property to which a registered Warrantholder is entitled on the exercise of its acquisition rights thereafter. Any indenture entered into between the Corporation, any successor to the Corporation or such purchasing body corporate, partnership, trust or other entity and the Warrant Agent pursuant to the provisions of this Section 4.1(d) shall be a supplemental indenture entered into pursuant to the provisions of Article 8 hereof. Any indenture entered into between the Corporation, any successor to the Corporation or such purchasing body corporate, partnership, trust or other entity and the Warrant Agent shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided in this Section 4.1 and which shall apply to successive reclassifications, redesignations, capital reorganizations, arrangements, amalgamations, consolidations, mergers, sales or conveyances;</p>
    <p style="text-align: justify; margin-bottom: 0pt; text-indent: -36pt; margin-left: 36pt;">(e)<font style="width: 24pt; display: inline-block;">&#160;</font>in any case in which this Section 4.1 shall require that an adjustment shall become effective immediately after a record date for an event referred to herein, the Corporation may defer, until the occurrence of such event, issuing to the registered Warrantholder of any Warrant exercised after the record date and prior to completion of such event the additional Common Shares issuable by reason of the adjustment required by such event before giving effect to such adjustment; provided, however, that the Corporation shall deliver to such registered Warrantholder an appropriate instrument evidencing such registered Warrantholder's right to receive such additional Common Shares upon the occurrence of the event requiring such adjustment and the right to receive any distributions made on such additional Common Shares declared in favour of holders of record of Common Shares on and after the relevant date of exercise or such later date as such registered Warrantholder would, but for the provisions of this Section 4.1(e), have become the holder of record of such additional Common Shares pursuant to Section 4.1;</p>
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    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(f)<font style="width: 26.25pt; display: inline-block;">&#160;</font>in any case in which Section 4.1(a)(iii), Section 4.1(b) or Section 4.1(c) require that an adjustment be made to the Exercise Price, no such adjustment shall be made if the Warrantholders of the outstanding Warrants receive, subject to any required stock exchange or regulatory approval, the rights or warrants referred to in Section 4.1(a)(iii), Section 4.1(b) or the shares, rights, options, warrants, evidences of indebtedness or assets referred to in Section 4.1(c), as the case may be, in such kind and number as they would have received if they had been holders of Common Shares on the applicable record date or effective date, as the case may be, by virtue of their outstanding Warrant having then been exercised into Common Shares at the Exercise Price in effect on the applicable record date or effective date, as the case may be;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(g)<font style="width: 23.25pt; display: inline-block;">&#160;</font>the adjustments provided for in this Section 4.1 are cumulative, and shall, in the case of adjustments to the Exercise Price be computed to the nearest whole cent and shall apply to successive subdivisions, re-divisions, reductions, combinations, consolidations, distributions, issues or other events resulting in any adjustment under the provisions of this Section 4.1, provided that, notwithstanding any other provision of this Section 4.1, no adjustment of the Exercise Price shall be required unless such adjustment would require an increase or decrease of at least 1% in the Exercise Price then in effect; provided, however, that any adjustments which by reason of this Section 4.1(g) are not required to be made shall be carried forward and taken into account in any subsequent adjustment; and</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(h)<font style="width: 23.25pt; display: inline-block;">&#160;</font>after any adjustment pursuant to this Section 4.1, the term "Common Shares" where used in this Indenture shall be interpreted to mean securities of any class or classes which, as a result of such adjustment and all prior adjustments pursuant to this Section 4.1, the registered Warrantholder is entitled to receive upon the exercise of this Warrant, and the number of Common Shares indicated by any exercise made pursuant to a Warrant shall be interpreted to mean the number of Common Shares and other property or securities a registered Warrantholder is entitled to receive, as a result of such adjustment and all prior adjustments pursuant to this Section 4.1, upon the full exercise of a Warrant.</p>
    <p style="text-align: justify;"><b>4.2</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Entitlement to Common Shares on Exercise of Warrant</b></p>
    <p style="text-align: justify;">All Common Shares, or shares of any class or other securities, which a registered Warrantholder is at the time in question entitled to receive on the exercise of its Warrant, whether or not as a result of adjustments made pursuant to this Article 4, shall, for the purposes of the interpretation of this Indenture, be deemed to be Common Shares which such registered Warrantholder is entitled to acquire pursuant to such Warrant.</p>
    <p style="text-align: justify;"><b>4.3</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>No Adjustment for Certain Transactions</b></p>
    <p style="text-align: justify; margin-bottom: 0pt;">Notwithstanding anything in this Article 4, no adjustment shall be made under Section 4.1 in respect of any issuance of Common Shares made pursuant to this Indenture in respect of the issue of Warrants pursuant to any stock option, stock purchase, restricted share plan or other equity incentive plan in force from time to time for officers, Directors or employees, consultants or other service providers of the Corporation or pursuant to any stock option granted or other convertible security issued by the Corporation prior to the date of this Indenture. For greater certainty, no adjustment shall be made under Section 4.1 prior to the conversion of the Subscription Receipts, in accordance to their terms under the Subscription Receipt Agreement.</p>
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    <p style="text-align: justify;"><b>4.4</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Determination by Independent Firm</b></p>
    <p style="text-align: justify;">In the event of any question arising with respect to the adjustments provided for in this Article 4, such question shall be conclusively determined by an independent firm of chartered accountants other than the Auditors, who shall have access to all necessary records of the Corporation, and such determination shall be binding upon the Corporation, the Warrant Agent, all holders and all other persons interested therein.</p>
    <p style="text-align: justify;"><b>4.5</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Proceedings Prior to any Action Requiring Adjustment</b></p>
    <p style="text-align: justify;">As a condition precedent to the taking of any action which would require an adjustment in any of the acquisition rights pursuant to any of the Warrants, including the Exercise Price and number of Common Shares which are to be received upon the exercise thereof, the Corporation shall take any action which may, in the opinion of Counsel (acting reasonably), be necessary in order that the Corporation has unissued and reserved in its authorized capital and may validly and legally issue as fully paid and non-assessable all the Common Shares which the holders of such Warrants are entitled to receive on the full exercise thereof in accordance with the provisions hereof.</p>
    <p style="text-align: justify;"><b>4.6</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Certificate of Adjustment</b></p>
    <p style="text-align: justify;">The Corporation shall from time to time immediately after the occurrence of any event which requires an adjustment or readjustment as provided in Section 4.1, deliver a certificate of the Corporation to the Warrant Agent specifying the nature of the event requiring the same and the amount of the adjustment or readjustment necessitated thereby and setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based, which certificate shall be supported by a certificate of the Auditors verifying such calculation. The Warrant Agent shall act and rely, and shall be protected in acting and relying, upon the certificate of the Corporation or of the Auditors and any other document filed by the Corporation pursuant to this Article 4 for all purposes.</p>
    <p style="text-align: justify;"><b>4.7</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Notice of Special Matters</b></p>
    <p style="text-align: justify;">The Corporation covenants with the Warrant Agent that, so long as any Warrant remains outstanding, it will give notice to the Warrant Agent and to the Warrantholders of its intention to fix a record date that is prior to the Expiry Date for any matter for which an adjustment may be required pursuant to Section 4.1. Such notice shall specify the particulars of such event and the record date for such event, provided that the Corporation shall only be required to specify in the notice such particulars of the event as shall have been fixed and determined on the date on which the notice is given. The notice shall be given in each case not less than 14 days prior to such applicable record date. If notice has been given and the adjustment is not then determinable, the Corporation shall promptly, after the adjustment is determinable, file with the Warrant Agent a computation of the adjustment and give notice to the Warrantholders of such adjustment computation.</p>
    <p style="text-align: justify;"><b>4.8</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>No Action after Notice</b></p>
    <p style="text-align: justify; margin-bottom: 0pt;">The Corporation covenants with the Warrant Agent that it will not close its transfer books or take any other corporate action which might deprive the registered Warrantholder of the opportunity to exercise its right of acquisition pursuant thereto during the period of 14 days after the giving of the certificate or notices set forth in Section 4.6 and Section 4.7.</p>
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    <div id="header_page_44">
        <p style="text-align: center;">- 28 -</p>
    </div>
    <p style="text-align: justify;"><b>4.9</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Other Action</b></p>
    <p style="text-align: justify;">If the Corporation, after the date hereof, shall take any action affecting the Common Shares, other than an action described in Section 4.1 or an action referred to in Section 4.3, which in the reasonable opinion of the directors of the Corporation would materially affect the rights of Warrantholders, the Exercise Price and/or Exchange Rate shall be adjusted in such manner and at such time, by action of the directors, acting reasonably and in good faith, as they in their sole discretion may determine to be equitable to the Warrantholders in the circumstances, provided that no such adjustment will be made unless any requisite prior approval of any stock exchange on which the Common Shares are or may be listed for trading has been obtained.</p>
    <p style="text-align: justify;"><b>4.10</b><font style="width: 16.5pt; display: inline-block;">&#160;</font><b>Protection of Warrant Agent</b></p>
    <p style="text-align: justify;">The Warrant Agent shall not:</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(a)<font style="width: 24pt; display: inline-block;">&#160;</font>at any time be under any duty or responsibility to any registered Warrantholder to determine whether any facts exist which may require any adjustment contemplated by Section 4.1, or with respect to the nature or extent of any such adjustment when made, or with respect to the method employed in making the same;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(b)<font style="width: 23.25pt; display: inline-block;">&#160;</font>be accountable with respect to the validity or value (or the kind or amount) of any Common Shares or of any other securities or property which may at any time be issued or delivered upon the exercise of the rights attaching to any Warrant;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(c)<font style="width: 24pt; display: inline-block;">&#160;</font>be responsible for any failure of the Corporation to issue, transfer or deliver Common Shares or certificates for the same upon the surrender of any Warrants for the purpose of the exercise of such rights or to comply with any of the covenants contained in this Article; and</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(d)<font style="width: 23.25pt; display: inline-block;">&#160;</font>incur any liability or be in any way responsible for the consequences of any breach on the part of the Corporation of any of the representations, warranties or covenants herein contained or of any acts of the directors, officers, employees, agents or servants of the Corporation.</p>
    <p style="text-align: justify;"><b>4.11</b><font style="width: 16.5pt; display: inline-block;">&#160;</font><b>Participation by Warrantholder</b></p>
    <p style="text-align: justify;">No adjustments shall be made pursuant to this Article 4 if the Warrantholders are entitled to participate in any event described in this Article 4 on the same terms, mutatis mutandis, as if the Warrantholders had exercised their Warrants prior to, or on the effective date or record date of, such event.</p>
    <p style="text-align: justify;"><b>4.12</b><font style="width: 16.5pt; display: inline-block;">&#160;</font><b>Regulatory Approval of Adjustments</b></p>
    <p style="text-align: justify; margin-bottom: 0pt;">Notwithstanding the foregoing, any adjustment to the Exercise Price and/or Exchange Rate shall be subject to the prior written consent of the Exchange.</p>
    <p style="text-align: justify; margin-top: 0pt;">&#160;</p>
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    <div id="header_page_45">
        <p style="text-align: center;">- 29 -</p>
    </div>
    <p style="margin-bottom: 0pt; text-align: center;"><b>ARTICLE 5</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>RIGHTS OF THE CORPORATION AND COVENANTS</b></p>
    <p style="text-align: justify;"><b>5.1</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Optional Purchases by the Corporation</b></p>
    <p style="text-align: justify;">Subject to compliance with applicable securities legislation and approval of applicable regulatory authorities, if any, the Corporation may from time to time purchase, by private contract or otherwise, any of the Warrants. Any such purchase shall be made at the lowest price or prices at which, in the opinion of the directors of the Corporation, such Warrants are then obtainable, plus reasonable costs of purchase, and may be made in such manner, from such persons and on such other terms as the Corporation, in its sole discretion, may determine. In the case of Certificated Warrants, Warrant Certificates representing the Warrants purchased pursuant to this Section 5.1 shall forthwith be delivered to and cancelled by the Warrant Agent and reflected accordingly on the Register of Warrants. In the case of Uncertificated Warrants, the Warrants purchased pursuant to this Section 5.1 shall be reflected accordingly on the Register of Warrant and in accordance with procedures prescribed by the Depository under the book entry registration system. No Warrants shall be issued in replacement thereof.</p>
    <p style="text-align: justify;"><b>5.2</b><font style="width: 23.5pt; display: inline-block;">&#160;</font><b>General Covenants</b></p>
    <p style="text-align: justify;">The Corporation covenants with the Warrant Agent, for the benefit of the Warrant Agent and the Warrantholders, that so long as any Warrants remain outstanding:</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(a)<font style="width: 25pt; display: inline-block;">&#160;</font>it will reserve and keep available a sufficient number of Common Shares for the purpose of enabling it to satisfy its obligations to issue Common Shares upon the exercise of the Warrants;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(b)<font style="width: 24.25pt; display: inline-block;">&#160;</font>it will cause the Common Shares from time to time acquired pursuant to the exercise of the Warrants to be duly issued and delivered in accordance with the Warrants and the terms hereof;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(c)<font style="width: 25pt; display: inline-block;">&#160;</font>all Common Shares which shall be issued upon exercise of the right to acquire provided for herein shall be fully paid and non-assessable, free and clear of all encumbrances;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(d)<font style="width: 24.25pt; display: inline-block;">&#160;</font>it will use commercially reasonable efforts to maintain its existence and carry on its business in the ordinary course; provided that this clause shall not be construed as limiting or restricting the Corporation from agreeing to a consolidation, amalgamation, arrangement, takeover bid or merger even if the consideration being offered is not securities that are listed and posted for trading on a recognized Canadian stock exchange, provided that such transaction has been approved in accordance with the requirements of applicable corporate and securities laws and the rules and policies of the applicable stock exchange;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(e)<font style="width: 24pt; display: inline-block;">&#160;</font>generally, it will well and truly perform and carry out all of the acts or things to be done by it as provided in this Indenture;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(f)<font style="width: 25.25pt; display: inline-block;">&#160;</font>it will promptly notify the Warrant Agent and the Warrantholders in writing of any default under the terms of this Warrant Indenture which remains unrectified for more than five days following its occurrence;</p>
    <p style="text-align: justify; margin-bottom: 0pt; text-indent: -36pt; margin-left: 72pt;">(g)<font style="width: 23.25pt; display: inline-block;">&#160;</font>it will use commercially reasonable efforts to ensure that the Common Shares outstanding or issuable from time to time (including without limitation the Common Shares issuable on the exercise of the Warrants) continue to be or are listed and posted for trading on the Exchange (or such other Canadian stock exchange acceptable to the Corporation), provided that this clause shall not be construed as limiting or restricting the Corporation from completing a consolidation, amalgamation, arrangement, takeover bid or merger that would result in the Common Shares ceasing to be listed and posted for trading on such exchanges, so long as the holders of the Common Shares have approved the transaction in accordance with the requirements of applicable corporate and securities laws and the policies of such exchanges or the holders of Common Shares receive securities of an entity which is listed on a stock exchange in Canada or cash; and</p>
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        <p style="text-align: center;">- 30 -</p>
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    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(h)<font style="width: 23.25pt; display: inline-block;">&#160;</font>it will make all requisite filings under and otherwise take all requisite steps under and satisfy applicable Canadian securities legislation including those filings and other steps necessary to remain a reporting issuer not in default in each of the provinces and other Canadian jurisdictions where it is or becomes a reporting issuer.</p>
    <p style="text-align: justify;"><b>5.3</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Warrant Agent's Remuneration and Expenses</b></p>
    <p style="text-align: justify;">The Corporation covenants that it will pay to the Warrant Agent from time to time reasonable remuneration for its services hereunder and will pay or reimburse the Warrant Agent upon its request for all reasonable expenses, disbursements and advances incurred or made by the Warrant Agent in the administration or execution of its duties and obligations hereunder (including the reasonable compensation and the disbursements of its Counsel and all other advisers and assistants not regularly in its employ) both before any default hereunder and thereafter until all duties of the Warrant Agent hereunder shall be finally and fully performed. Any amount owing hereunder and remaining unpaid after 30 days from the invoice date will bear interest at the then current rate charged by the Warrant Agent against unpaid invoices and shall be payable upon demand. This Section 5.3 shall survive the resignation or removal of the Warrant Agent and/or the termination of this Indenture.</p>
    <p style="text-align: justify;"><b>5.4</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Performance of Covenants by Warrant Agent</b></p>
    <p style="text-align: justify;">If the Corporation shall fail to perform any of its covenants contained in this Indenture, the Warrant Agent may notify the Warrantholders of such failure on the part of the Corporation and may itself perform any of the covenants capable of being performed by it but, subject to Section 9.2, shall be under no obligation to perform said covenants or to notify the Warrantholders of such performance by it. All sums expended or advanced by the Warrant Agent in so doing shall be repayable as provided in Section 5.3. No such performance, expenditure or advance by the Warrant Agent shall relieve the Corporation of any default hereunder or of its continuing obligations under the covenants herein contained.</p>
    <p style="text-align: justify;"><b>5.5</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Enforceability of Warrants</b></p>
    <p style="text-align: justify; margin-bottom: 0pt;">The Corporation covenants and agrees that it is duly authorized to create and issue the Warrants to be issued hereunder and that the Warrants, when issued and Authenticated as herein provided, will be valid and enforceable against the Corporation in accordance with the provisions hereof and the terms hereof and that, subject to the provisions of this Indenture, the Corporation will cause the Common Shares from time to time acquired upon exercise of Warrants issued under this Indenture to be duly issued and delivered in accordance with the terms of this Indenture.</p>
    <p style="text-align: justify; margin-top: 0pt;">&#160;</p>
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    <div id="header_page_47">
        <p style="text-align: center;">- 31 -</p>
    </div>
    <p style="margin-bottom: 0pt; text-align: center;"><b>ARTICLE 6</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>ENFORCEMENT</b></p>
    <p style="text-align: justify;"><b>6.1</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Suits by Warrantholders</b></p>
    <p style="text-align: justify;">All or any of the rights conferred upon any registered Warrantholder by any of the terms of this Indenture may be enforced by the registered Warrantholder by appropriate proceedings but without prejudice to the right which is hereby conferred upon the Warrant Agent to proceed in its own name to enforce each and all of the provisions herein contained for the benefit of the Warrantholders from time to time outstanding. The Warrant Agent shall also have the power at any time and from time to time to institute and to maintain such suits and proceedings as it may reasonably be advised shall be necessary or advisable to preserve and protect its interests and the interests of the Warrantholders.</p>
    <p style="text-align: justify;"><b>6.2</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Suits by the Corporation</b></p>
    <p style="text-align: justify;">The Corporation shall have the right to enforce full payment of the Exercise Price of all Common Shares issued by the Warrant Agent to a registered Warrantholder hereunder and shall be entitled to demand such payment from the registered Warrantholder or alternatively to instruct the Warrant Agent to cause the cancellation of the share certificates and amend the securities register accordingly.</p>
    <p style="text-align: justify;"><b>6.3</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Immunity of Shareholders, etc.</b></p>
    <p style="text-align: justify;">The Warrant Agent and the Warrantholders hereby waive and release any right, cause of action or remedy now or hereafter existing in any jurisdiction against any incorporator or any past, present or future shareholder, trustee, employee or agent of any Corporation or any successor corporation on any covenant, agreement, representation or warranty by the Corporation herein. Only the Corporation shall be bound in respect hereof.</p>
    <p style="text-align: justify;"><b>6.4</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Waiver of Default</b></p>
    <p style="text-align: justify;">Upon the happening of any default hereunder:</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(a)<font style="width: 24pt; display: inline-block;">&#160;</font>the Warrantholders of not less than 51% of the Warrants then outstanding shall have power (in addition to the powers exercisable by Extraordinary Resolution) by requisition in writing to instruct the Warrant Agent to waive any default hereunder and the Warrant Agent shall thereupon waive the default upon such terms and conditions as shall be prescribed in such requisition; or</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(b)<font style="width: 23.25pt; display: inline-block;">&#160;</font>the Warrant Agent shall have power to waive any default hereunder upon such terms and conditions as the Warrant Agent may deem advisable, on the advice of Counsel, if, in the Warrant Agent's opinion, based on the advice of Counsel, the same shall have been cured or adequate provision made therefor;</p>
    <p style="text-align: justify; margin-bottom: 0pt;">provided that no delay or omission of the Warrant Agent or of the Warrantholders to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver of any such default or acquiescence therein and provided further that no act or omission either of the Warrant Agent or of the Warrantholders in the premises shall extend to or be taken in any manner whatsoever to affect any subsequent default hereunder of the rights resulting therefrom.</p>
    <p style="text-align: justify; margin-top: 0pt;">&#160;</p>
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    <div id="header_page_48">
        <p style="text-align: center;">- 32 -</p>
    </div>
    <p style="margin-bottom: 0pt; text-align: center;"><b>ARTICLE 7</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>MEETINGS OF REGISTERED WARRANTHOLDERS</b></p>
    <p style="text-align: justify;"><b>7.1</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Right to Convene Meetings</b></p>
    <p style="text-align: justify;">The Warrant Agent may at any time and from time to time, and shall on receipt of a written request of the Corporation or of a Warrantholders' Request and upon being indemnified and funded to its reasonable satisfaction by the Corporation or by the Warrantholders signing such Warrantholders' Request against the costs which may be incurred in connection with the calling and holding of such meeting, convene a meeting of the Warrantholders. If the Warrant Agent fails to so call a meeting within seven days after receipt of such written request of the Corporation or such Warrantholders' Request and the indemnity and funding given as aforesaid, the Corporation or such Warrantholders, as the case may be, may convene such meeting. Every such meeting shall be held in the City of Toronto, in the Province of Ontario, or at such other place as may be approved or determined by the Warrant Agent.</p>
    <p style="text-align: justify;"><b>7.2</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Notice</b></p>
    <p style="text-align: justify;">At least 21 days' prior written notice of any meeting of Warrantholders shall be given to the Warrantholders in the manner provided for in Section 10.2 and a copy of such notice shall be sent by mail to the Warrant Agent (unless the meeting has been called by the Warrant Agent) and to the Corporation (unless the meeting has been called by the Corporation). Such notice shall state the time when and the place where the meeting is to be held, shall state briefly the general nature of the business to be transacted thereat and shall contain such information as is reasonably necessary to enable the Warrantholders to make a reasoned decision on the matter, but it shall not be necessary for any such notice to set out the terms of any resolution to be proposed or any of the provisions of this Section 7.2.</p>
    <p style="text-align: justify;"><b>7.3</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Chair</b></p>
    <p style="text-align: justify;">An individual (who need not be a registered Warrantholder) designated in writing by the Warrant Agent shall be chair of the meeting and if no individual is so designated, or if the individual so designated is not present within fifteen minutes from the time fixed for the holding of the meeting, the Warrantholders present in person or by proxy shall choose an individual present to be chair.</p>
    <p style="text-align: justify;"><b>7.4</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Quorum</b></p>
    <p style="text-align: justify;">Subject to the provisions of Section 7.11, at any meeting of the Warrantholders a quorum shall consist of registered Warrantholder(s) present in person or by proxy holding at least 25% of the then outstanding Warrants. If a quorum of the Warrantholders shall not be present within thirty minutes from the time fixed for holding any meeting, the meeting, if summoned by Warrantholders or on a Warrantholders' Request, shall be dissolved; but in any other case the meeting shall be adjourned to the same day in the next week (unless such day is not a Business Day, in which case it shall be adjourned to the next following Business Day) at the same time and place and no notice of the adjournment need be given. Any business may be brought before or dealt with at an adjourned meeting which might have been dealt with at the original meeting in accordance with the notice calling the same. No business shall be transacted at any meeting unless a quorum be present at the commencement of business. At the adjourned meeting the Warrantholders present in person or by proxy shall form a quorum and may transact the business for which the meeting was originally convened, notwithstanding that they may not hold at least 25% of the aggregate number of all then outstanding Warrants.</p>
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    <p style="text-align: justify;"><b>7.5</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Power to Adjourn</b></p>
    <p style="text-align: justify;">The chair of any meeting at which a quorum of the Warrantholders is present may, with the consent of the meeting, adjourn any such meeting, and no notice of such adjournment need be given except such notice, if any, as the meeting may prescribe.</p>
    <p style="text-align: justify;"><b>7.6</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Show of Hands</b></p>
    <p style="text-align: justify;">Every question submitted to a meeting shall be decided in the first place by a majority of the votes given on a show of hands except that votes on an Extraordinary Resolution shall be given in the manner hereinafter provided. At any such meeting, unless a poll is duly demanded as herein provided, a declaration by the chair that a resolution has been carried or carried unanimously or by a particular majority or lost or not carried by a particular majority shall be conclusive evidence of the fact.</p>
    <p style="text-align: justify;"><b>7.7</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Poll and Voting</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 23.25pt; display: inline-block;">&#160;</font>On every Extraordinary Resolution, and on any other question submitted to a meeting and after a vote by show of hands when demanded by the chair or by one or more of the Warrantholders acting in person or by proxy and holding in the aggregate at least 5% of the aggregate number of Warrants then outstanding, a poll shall be taken in such manner as the chair shall direct. Questions other than those required to be determined by Extraordinary Resolution shall be decided by a majority of the votes cast on the poll.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 23.25pt; display: inline-block;">&#160;</font>On a show of hands, every person who is present and entitled to vote, whether as a registered Warrantholder or as proxy for one or more absent Warrantholders, or both, shall have one vote. On a poll, each registered Warrantholder present in person or represented by a proxy duly appointed by instrument in writing shall be entitled to one vote in respect of each Warrant then held or represented by it. A proxy need not be a registered Warrantholder. The chair of any meeting shall be entitled, both on a show of hands and on a poll, to vote in respect of the Warrants, if any, held or represented by him.</p>
    <p style="text-align: justify;"><b>7.8</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Regulations</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 23.25pt; display: inline-block;">&#160;</font>The Warrant Agent, or the Corporation with the approval of the Warrant Agent, may from time to time make and from time to time vary such regulations as it shall think fit for the setting of the record date for a meeting for the purpose of determining Warrantholders entitled to receive notice of and to vote at the meeting.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Any regulations so made shall be binding and effective and the votes given in accordance therewith shall be valid and shall be counted. Save as such regulations may provide, the only persons who shall be recognized at any meeting as a registered Warrantholder, or be entitled to vote or be present at the meeting in respect thereof (subject to Section 7.9), shall be Warrantholders or proxies of Warrantholders.</p>
    <p style="text-align: justify;"><b>7.9</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Corporation and Warrant Agent May be Represented</b></p>
    <p style="text-align: justify; margin-bottom: 0pt;">The Corporation and the Warrant Agent, by their respective directors, officers, agents, and employees, and Counsel for the Corporation and for the Warrant Agent may attend any meeting of the Warrantholders.</p>
    <p style="text-align: justify; margin-top: 0pt;">&#160;</p>
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        <p style="text-align: center;">- 34 -</p>
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    <p style="text-align: justify;"><b>7.10</b><font style="width: 16.5pt; display: inline-block;">&#160;</font><b>Powers Exercisable by Extraordinary Resolution</b></p>
    <p style="text-align: justify;">In addition to all other powers conferred upon them by any other provisions of this Indenture or by law, the Warrantholders at a meeting shall, subject to the provisions of Section 7.11, have the power exercisable from time to time by Extraordinary Resolution:</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(a)<font style="width: 24pt; display: inline-block;">&#160;</font>to assent to or sanction any amendment, modification, abrogation, alteration, compromise or arrangement of any right of the Warrantholders or, with the consent of the Warrant Agent (such consent not to be unreasonably withheld), of the Warrant Agent in its capacity as agent hereunder or on behalf of the Warrantholders against the Corporation, whether such right arises under this Indenture or otherwise, which shall be agreed to by the Corporation, and to authorize the Warrant Agent to concur in and execute any agreement supplemental hereto in connection therewith;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(b)<font style="width: 23.25pt; display: inline-block;">&#160;</font>to amend, alter or repeal any Extraordinary Resolution previously passed or sanctioned by the Warrantholders;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(c)<font style="width: 24pt; display: inline-block;">&#160;</font>to direct or to authorize the Warrant Agent, subject to Section 9.2(2) hereof, to enforce any of the covenants on the part of the Corporation contained in this Indenture or to enforce any of the rights of the Warrantholders in any manner specified in such Extraordinary Resolution or to refrain from enforcing any such covenant or right;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(d)<font style="width: 23.25pt; display: inline-block;">&#160;</font>to waive and direct the Warrant Agent to waive any default by the Corporation in complying with any provision of this Indenture, either unconditionally or on any condition specified in the Extraordinary Resolution;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(e)<font style="width: 24pt; display: inline-block;">&#160;</font>to restrain any registered Warrantholder from taking or instituting any suit, action or proceeding against the Corporation for the enforcement of any of the covenants on the part of the Corporation in this Indenture or to enforce any of the rights of the Warrantholders;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(f)<font style="width: 25.25pt; display: inline-block;">&#160;</font>to direct any registered Warrantholder who, as such, has brought any suit, action or proceeding to stay or to discontinue or otherwise to deal with the same upon payment of the costs, charges and expenses reasonably and properly incurred by such registered Warrantholder in connection therewith;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(g)<font style="width: 23.25pt; display: inline-block;">&#160;</font>to assent to any change in or omission from the provisions contained in this Indenture or any ancillary or supplemental instrument which may be agreed to by the Corporation, and to authorize the Warrant Agent to concur in and execute any ancillary or supplemental indenture embodying the change or omission;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(h)<font style="width: 23.25pt; display: inline-block;">&#160;</font>with the consent of the Corporation, such consent not to be unreasonably withheld, to remove the Warrant Agent or its successor in office and to appoint a new warrant agent or warrant agents to take the place of the Warrant Agent so removed; and</p>
    <p style="text-align: justify; margin-bottom: 0pt; text-indent: -36pt; margin-left: 72pt;">(i)<font style="width: 25.5pt; display: inline-block;">&#160;</font>to assent to any compromise or arrangement with any creditor or creditors or any class or classes of creditors, whether secured or otherwise, and with holders of any shares or other securities of the Corporation.</p>
    <p style="text-align: justify; margin-top: 0pt;">&#160;</p>
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        <p style="text-align: center;">- 35 -</p>
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    <p style="text-align: justify;"><b>7.11</b><font style="width: 18.5pt; display: inline-block;">&#160;</font><b>Meaning of Extraordinary Resolution</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 23.25pt; display: inline-block;">&#160;</font>The expression "<b>Extraordinary Resolution</b>" when used in this Indenture means, subject as hereinafter provided in this Section 7.11 and in Section 7.14, a resolution: (i) proposed at a meeting of Warrantholders duly convened for that purpose and held in accordance with the provisions of this Article 7 at which there are present in person or by proxy Warrantholders holding in the aggregate at least 25% of the aggregate number of Warrants then outstanding and passed by the affirmative votes of Warrantholders holding not less than 66 2/3% of the aggregate number of Warrants then outstanding at the meeting and voted on the poll upon such resolution; or (ii) in writing signed by the holders of at least 66 2/3% of the then outstanding Warrants on any matter that would otherwise be voted upon at a meeting called to approve such resolution as contemplated in this Section 7.11(1).</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 23.25pt; display: inline-block;">&#160;</font>If, at the meeting at which an Extraordinary Resolution is to be considered, Warrantholders holding at least 25% of the aggregate number of Warrants then outstanding are not present in person or by proxy within 30 minutes after the time appointed for the meeting, then the meeting, if convened by Warrantholders or on a Warrantholders' Request, shall be dissolved; but in any other case it shall stand adjourned to such day, being not less than 15 or more than 60 days later, and to such place and time as may be appointed by the chair. Not less than 14 days' prior notice shall be given of the time and place of such adjourned meeting in the manner provided for in Section 10.2. Such notice shall state that at the adjourned meeting the Warrantholders present in person or by proxy shall form a quorum but it shall not be necessary to set forth the purposes for which the meeting was originally called or any other particulars. At the adjourned meeting the Warrantholders present in person or by proxy shall form a quorum and may transact the business for which the meeting was originally convened and a resolution proposed at such adjourned meeting and passed by the requisite vote as provided in Section 7.11(1) shall be an Extraordinary Resolution within the meaning of this Indenture notwithstanding that Warrantholders holding at least 25% of the aggregate number of the then outstanding Warrants are not present in person or by proxy at such adjourned meeting.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(3)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Subject to Section 7.14, votes on an Extraordinary Resolution shall always be given on a poll and no demand for a poll on an Extraordinary Resolution shall be necessary.</p>
    <p style="text-align: justify;"><b>7.12</b><font style="width: 18pt; display: inline-block;">&#160;</font><b>Powers Cumulative</b></p>
    <p style="text-align: justify;">Any one or more of the powers or any combination of the powers in this Indenture stated to be exercisable by the Warrantholders by Extraordinary Resolution or otherwise may be exercised from time to time and the exercise of any one or more of such powers or any combination of powers from time to time shall not be deemed to exhaust the right of the Warrantholders to exercise such power or powers or combination of powers then or thereafter from time to time.</p>
    <p style="text-align: justify;"><b>7.13</b><font style="width: 18pt; display: inline-block;">&#160;</font><b>Minutes</b></p>
    <p style="text-align: justify; margin-bottom: 0pt;">Minutes of all resolutions and proceedings at every meeting of Warrantholders shall be made and duly entered in books to be provided from time to time for that purpose by the Warrant Agent at the expense of the Corporation, and any such minutes as aforesaid, if signed by the chair or the secretary of the meeting at which such resolutions were passed or proceedings had shall be prima facie evidence of the matters therein stated and, until the contrary is proved, every such meeting in respect of the proceedings of which minutes shall have been made shall be deemed to have been duly convened and held, and all resolutions passed thereat or proceedings taken shall be deemed to have been duly passed and taken.</p>
    <p style="text-align: justify; margin-top: 0pt;">WSLEGAL\090923\00022\29832181v4</p>
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        <p style="text-align: center;">- 36 -</p>
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    <p style="text-align: justify;"><b>7.14</b><font style="width: 18pt; display: inline-block;">&#160;</font><b>Instruments in Writing</b></p>
    <p style="text-align: justify;">All actions which may be taken and all powers that may be exercised by the Warrantholders at a meeting held as provided in this Article 7 may also be taken and exercised by Warrantholders holding not less than a majority or in the case of an Extraordinary Resolution, holding not less than 66 2/3%, of the aggregate number of all of the then outstanding Warrants by an instrument in writing signed in one or more counterparts by such Warrantholders in person or by attorney duly appointed in writing, and the expression "<b>Extraordinary Resolution</b>" when used in this Indenture shall include an instrument so signed by holders of not less than 66 2/3% of the aggregate number of all of the then outstanding Warrants.</p>
    <p style="text-align: justify;"><b>7.15</b><font style="width: 18pt; display: inline-block;">&#160;</font><b>Binding Effect of Resolutions</b></p>
    <p style="text-align: justify;">Every resolution and every Extraordinary Resolution passed in accordance with the provisions of this Article 7 at a meeting of Warrantholders shall be binding upon all the Warrantholders, whether present at or absent from such meeting, and every instrument in writing signed by Warrantholders in accordance with Section 7.14 shall be binding upon all the Warrantholders, whether signatories thereto or not, and each and every Warrantholder and the Warrant Agent (subject to the provisions for indemnity herein contained) shall be bound to give effect accordingly to every such resolution and instrument in writing.</p>
    <p style="text-align: justify;"><b>7.16</b><font style="width: 18pt; display: inline-block;">&#160;</font><b>Evidence of Warrantholders</b></p>
    <p style="text-align: justify;">Any request, direction, notice, consent or other instrument which this Indenture may require or permit to be signed or executed by the Warrantholders, including a Warrantholders' Request, may be in any number of concurrent instruments of similar tenor and may be signed or executed by such Warrantholder in person or by attorney duly appointed in writing. Proof of the execution of any such request or other instrument or of a writing appointing any such attorney or (subject to the provisions of this Article 7 with regard to voting at meetings of Warrantholders) of the holding by any person of Warrants shall be sufficient for any purpose of this Indenture if the fact and date of execution by any person of such request or other instrument or writing is proved by a certificate of any notary public, or other officer authorized to take acknowledgements of deeds to be recorded at the place where such certificate is made, to the effect that the person signing such request or other instrument in writing acknowledged to him the execution thereof or by an affidavit of a witness of such execution or in any other manner which the Warrant Agent may consider adequate and in respect of a corporate Warrantholder, shall include a certificate of incumbency of such Warrantholder together with a certified resolution authorizing the person who signs such instrument to sign such instrument. The Warrant Agent may, nevertheless, in its discretion require further proof in cases where it deems further proof desirable or may accept such other proof as it shall consider proper.</p>
    <p style="text-align: justify;"><b>7.17</b><font style="width: 18pt; display: inline-block;">&#160;</font><b>Holdings by Corporation Disregarded</b></p>
    <p style="text-align: justify; margin-bottom: 0pt;">In determining whether Warrantholders holding the required total number of Warrants are present in person or by proxy for the purpose of constituting a quorum, or have voted or consented to a resolution, Extraordinary Resolution, consent, waiver, Warrantholders' Request or other action under this Indenture, Warrants owned legally or beneficially by the Corporation shall be disregarded in accordance with the provisions of Section 10.7. The Corporation shall provide the Warrant Agent with a Certificate of the Corporation providing details of any Warrants held by the Corporation or by a subsidiary of the Corporation upon the written request of the Warrant Agent.</p>
    <p style="text-align: justify; margin-top: 0pt;">&#160;</p>
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        <p style="text-align: center;">- 37 -</p>
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    <p style="margin-bottom: 0pt; text-align: center;"><b>ARTICLE 8</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>SUPPLEMENTAL INDENTURES</b></p>
    <p style="text-align: justify;"><b>8.1</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Provision for Supplemental Indentures for Certain Purposes</b></p>
    <p style="text-align: justify;">Subject to regulatory approval, from time to time, the Corporation (when authorized by action of the directors) and the Warrant Agent may, subject to the provisions hereof and they shall, when so directed in accordance with the provisions hereof, execute and deliver by their proper officers, indentures or instruments supplemental hereto, which thereafter shall form part hereof, for any one or more or all of the following purposes:</p>
    <p style="text-align: justify; margin-left: 36pt;">(a)<font style="width: 24pt; display: inline-block;">&#160;</font>setting forth any adjustments resulting from the application of the provisions of Article 4;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(b)<font style="width: 23.25pt; display: inline-block;">&#160;</font>adding to the provisions hereof such additional covenants and enforcement provisions as, in the opinion of Counsel, are necessary or advisable in the premises, provided that the same are not in the opinion of the Warrant Agent, relying on the advice of Counsel, prejudicial to the interests of the Warrantholders;</p>
    <p style="text-align: justify; margin-left: 36pt;">(c)<font style="width: 24pt; display: inline-block;">&#160;</font>giving effect to any Extraordinary Resolution passed as provided in Section 7.11;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(d)<font style="width: 23.25pt; display: inline-block;">&#160;</font>making such provisions not inconsistent with this Indenture as may be necessary or desirable with respect to matters or questions arising hereunder or for the purpose of obtaining a listing or quotation of the Warrants on any stock exchange, provided that such provisions are not, in the opinion of the Warrant Agent, relying on the advice of Counsel, prejudicial to the interests of the Warrantholders;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(e)<font style="width: 24pt; display: inline-block;">&#160;</font>adding to or altering the provisions hereof in respect of the transfer of Warrants, making provision for the exchange of Warrants, and making any modification in the form of the Warrant Certificates which does not affect the substance thereof;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(f)<font style="width: 25.25pt; display: inline-block;">&#160;</font>modifying any of the provisions of this Indenture, including relieving the Corporation from any of the obligations, conditions or restrictions herein contained, provided that such modification or relief shall be or become operative or effective only if, in the opinion of the Warrant Agent, relying on the advice of Counsel, such modification or relief in no way prejudices any of the rights of the Warrantholders or of the Warrant Agent, and provided further that the Warrant Agent may in its sole discretion decline to enter into any such supplemental indenture which in its opinion may not afford adequate protection to the Warrant Agent when the same shall become operative;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(g)<font style="width: 23.25pt; display: inline-block;">&#160;</font>providing for the issuance of additional Warrants hereunder, including Warrants in excess of the number set out in Section 2.1, and any consequential amendments hereto as may be required by the Warrant Agent, relying on the advice of Counsel; and</p>
    <p style="text-align: justify; margin-bottom: 0pt; text-indent: -36pt; margin-left: 72pt;">(h)<font style="width: 23.25pt; display: inline-block;">&#160;</font>for any other purpose not inconsistent with the terms of this Indenture, including the correction or rectification of any ambiguities, defective or inconsistent provisions, errors, mistakes or omissions herein, provided that in the opinion of the Warrant Agent, relying on the advice of Counsel, the rights of the Warrant Agent and of the Warrantholders are in no way prejudiced thereby.</p>
    <p style="text-align: justify; margin-top: 0pt;">&#160;</p>
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        <p style="text-align: center;">- 38 -</p>
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    <p style="text-align: justify;"><b>8.2</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Successor Entities</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 23.25pt; display: inline-block;">&#160;</font>In the case of the consolidation, amalgamation, arrangement, merger or transfer of the undertaking or assets of the Corporation as an entirety or substantially as an entirety to or with another entity ("<b>successor entity</b>"), the successor entity resulting from such consolidation, amalgamation, arrangement, merger or transfer (if not the Corporation) shall expressly assume, by supplemental indenture satisfactory in form to the Warrant Agent and executed and delivered to the Warrant Agent, the due and punctual performance and observance of each and every covenant and condition of this Indenture to be performed and observed by the Corporation.</p>
    <p style="margin-bottom: 0pt; text-align: center;"><b>ARTICLE 9</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>CONCERNING THE WARRANT AGENT</b></p>
    <p style="text-align: justify;"><b>9.1</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Warrant Indenture Legislation</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 23.25pt; display: inline-block;">&#160;</font>If and to the extent that any provision of this Indenture limits, qualifies or conflicts with a mandatory requirement of Applicable Legislation, such mandatory requirement shall prevail.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 23.25pt; display: inline-block;">&#160;</font>The Corporation and the Warrant Agent agree that each will, at all times in relation to this Indenture and any action to be taken hereunder, observe and comply with and be entitled to the benefits of Applicable Legislation.</p>
    <p style="text-align: justify;"><b>9.2</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Rights and Duties of Warrant Agent</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 23.25pt; display: inline-block;">&#160;</font>In the exercise of the rights and duties prescribed or conferred by the terms of this Indenture, the Warrant Agent shall exercise that degree of care, diligence and skill that a reasonably prudent warrant agent would exercise in comparable circumstances. No provision of this Indenture shall be construed to relieve the Warrant Agent from liability for its own gross negligent action, willful misconduct, bad faith or fraud under this Indenture.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 23.25pt; display: inline-block;">&#160;</font>The obligation of the Warrant Agent to commence or continue any act, action or proceeding for the purpose of enforcing any rights of the Warrant Agent or the Warrantholders hereunder shall be conditional upon the Warrantholders furnishing, when required by notice by the Warrant Agent, sufficient funds to commence or to continue such act, action or proceeding and an indemnity reasonably satisfactory to the Warrant Agent to protect and to hold harmless the Warrant Agent and its officers, directors, employees and agents, against the costs, charges and expenses and liabilities to be incurred thereby and any loss and damage it may suffer by reason thereof. None of the provisions contained in this Indenture shall require the Warrant Agent to expend or to risk its own funds or otherwise to incur financial liability in the performance of any of its duties or in the exercise of any of its rights or powers unless indemnified and funded as aforesaid.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(3)<font style="width: 23.25pt; display: inline-block;">&#160;</font>The Warrant Agent may, before commencing or at any time during the continuance of any such act, action or proceeding, require the Warrantholders, at whose instance it is acting to deposit with the Warrant Agent the Warrants Certificates held by them, for which Warrants the Warrant Agent shall issue receipts.</p>
    <p style="text-align: justify; margin-bottom: 0pt; text-indent: -36pt; margin-left: 36pt;">(4)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Every provision of this Indenture that by its terms relieves the Warrant Agent of liability or entitles it to rely upon any evidence submitted to it is subject to the provisions of Applicable Legislation.</p>
    <p style="text-align: justify; margin-top: 0pt;">&#160;</p>
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        <p style="text-align: center;">- 39 -</p>
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    <p style="text-align: justify;"><b>9.3</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Evidence, Experts and Advisers</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 23.25pt; display: inline-block;">&#160;</font>In addition to the reports, certificates, opinions and other evidence required by this Indenture, the Corporation shall furnish to the Warrant Agent such additional evidence of compliance with any provision hereof, and in such form, as may be prescribed by Applicable Legislation or as the Warrant Agent may reasonably require by written notice to the Corporation.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 23.25pt; display: inline-block;">&#160;</font>In the exercise of its rights and duties hereunder, the Warrant Agent shall be protected in acting and relying upon any written notice, opinions, reports, certificates, direction, instruction, order, certificate, confirmation, request, waiver, consent, receipt, statutory declaration or other paper or document (collectively referred to as "<b>Documents</b>" in this Section 9.3) furnished to it and signed by any person required to or entitled to execute and deliver to the Warrant Agent any such Documents in connection with this Indenture, not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and accuracy of any information therein contained, which it in good faith believes to be genuine, provided the Warrant Agent examines the Documents and determines it complies with the applicable requirements of this Indenture. The Warrant Agent has sole discretion and shall be protected in acting and relying upon any Document received either in facsimile or by e-mail of a pdf form.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(3)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Whenever it is provided in this Indenture or under Applicable Legislation that the Corporation shall deposit with the Warrant Agent resolutions, certificates, reports, opinions, requests, orders or other documents, it is intended that the truth, accuracy and good faith on the effective date thereof and the facts and opinions stated in all such documents so deposited shall, in each and every such case, be conditions precedent to the right of the Corporation to have the Warrant Agent take the action to be based thereon.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(4)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Whenever Applicable Legislation requires that evidence referred to in Section 9.3(1) be in the form of a statutory declaration, the Warrant Agent may accept such statutory declaration in lieu of a certificate of the Corporation required by any provision hereof. Any such statutory declaration may be made by one or more of the Chair of the Board and Chief Executive Officer, President and Chief Operating Officer, Executive Vice-President, Vice-President, Secretary, Controller, Treasurer, or any Assistant-Secretary or Assistant-Treasurer of the Corporation.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(5)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Proof of the execution of an instrument in writing, including a Warrantholders' Request, by any Warrantholder may be made by the certificate of a notary, solicitor or commissioner for oaths, or other officer with similar powers, that the person signing such instrument acknowledged to him the execution thereof, or by an affidavit of a witness to such execution or in any other manner which the Warrant Agent may consider adequate and in respect of a corporate Warrantholder, shall include a certificate of incumbency of such Warrantholder together with a certified resolution authorizing the person who signs such instrument to sign such instrument.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(6)<font style="width: 23.25pt; display: inline-block;">&#160;</font>The Warrant Agent may employ or retain such Counsel, accountants, appraisers or other experts or advisers as it may reasonably require for the purpose of discharging and determining its duties hereunder and may pay reasonable remuneration for all services so performed by any of them, without taxation of costs of any Counsel, and shall not be responsible for any misconduct or negligence on the part of any such Counsel, experts or advisers who have been appointed with due care by the Warrant Agent. The Corporation shall pay or reimburse the Warrant Agent for any reasonable fees, expenses and disbursements of such Counsel or advisers.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(7)<font style="width: 23.25pt; display: inline-block;">&#160;</font>The Warrant Agent may act and rely and shall be protected in acting and relying in good faith on the opinion or advice of or information obtained from any Counsel, accountant, appraiser, engineer or other expert or adviser in good standing and who in good faith the Warrant Agent determined would be appropriately able to give such opinion, advice or information, whether retained or employed by the Corporation or by the Warrant Agent, in relation to any matter arising in the administration of the agency hereof.</p>
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    <p style="text-align: justify;"><b>9.4</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Documents, Monies, etc. Held by Warrant Agent</b></p>
    <p style="text-align: justify;">Until released in accordance with this Indenture, any funds received hereunder shall be kept in segregated records of the Warrant Agent and the Warrant Agent shall place the funds in segregated trust accounts of the Warrant Agent at one or more of the Canadian Chartered Banks listed in Schedule 1 of the <i>Bank Act </i>(Canada) (each, an "<b>Approved Bank</b>"). All amounts held by the Warrant Agent pursuant to this Indenture shall be held by the Warrant Agent for the Corporation and the delivery of the funds to the Warrant Agent shall not give rise to a debtor-creditor or other similar relationship. The amounts held by the Warrant Agent pursuant to this Indenture are at the sole risk of the Corporation and, without limiting the generality of the foregoing, the Warrant Agent shall have no responsibility or liability for any diminution of the funds which may result from any deposit made with an Approved Bank pursuant to this section, including any losses resulting from a default by the Approved Bank or other credit losses (whether or not resulting from such a default). The parties hereto acknowledge and agree that the Warrant Agent will have acted prudently in depositing the funds at any Approved Bank, and that the Warrant Agent is not required to make any further inquiries in respect of any such bank. The Warrant Agent may hold cash balances constituting part or all of such monies and need not, invest same; the Warrant Agent shall not be liable to account for any profit to any parties to this Indenture or to any other person or entity.</p>
    <p style="text-align: justify;"><b>9.5</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Actions by Warrant Agent to Protect Interest</b></p>
    <p style="text-align: justify;">The Warrant Agent shall have power to institute and to maintain such actions and proceedings as it may consider necessary or expedient to preserve, protect or enforce its interests and the interests of the Warrantholders.</p>
    <p style="text-align: justify;"><b>9.6</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Warrant Agent Not Required to Give Security</b></p>
    <p style="text-align: justify;">The Warrant Agent shall not be required to give any bond or security in respect of the execution of the agency and powers of this Indenture or otherwise in respect of the premises.</p>
    <p style="text-align: justify;"><b>9.7</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Protection of Warrant Agent</b></p>
    <p style="text-align: justify;">By way of supplement to the provisions of any law for the time being relating to the Warrant Agent it is expressly declared and agreed as follows:</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(a)<font style="width: 24pt; display: inline-block;">&#160;</font>the Warrant Agent shall not be liable for or by reason of any statements of fact or recitals in this Indenture , in the Warrant Certificates or the DRS Advices (except the representation contained in Section 9.9 or in the Authentication of the Warrant Agent on the Warrant Certificates) or be required to verify the same, but all such statements or recitals are and shall be deemed to be made by the Corporation;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(b)<font style="width: 23.25pt; display: inline-block;">&#160;</font>nothing herein contained shall impose any obligation on the Warrant Agent to see to or to require evidence of the registration or filing (or renewal thereof) of this Indenture or any instrument ancillary or supplemental hereto;</p>
    <p style="text-align: justify; margin-bottom: 0pt; text-indent: -36pt; margin-left: 72pt;">(c)<font style="width: 24pt; display: inline-block;">&#160;</font>the Warrant Agent shall not be bound to give notice to any person or persons of the execution hereof;</p>
    <p style="text-align: justify; margin-top: 0pt;">&#160;</p>
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    <div id="header_page_57">
        <p style="text-align: center;">- 41 -</p>
    </div>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(d)<font style="width: 23.25pt; display: inline-block;">&#160;</font>the Warrant Agent shall not incur any liability or responsibility whatsoever or be in any way responsible for the consequence of any breach on the part of the Corporation of any of its covenants herein contained or of any acts of any directors, officers, employees, agents or servants of the Corporation;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(e)<font style="width: 24pt; display: inline-block;">&#160;</font>the Corporation hereby indemnifies and agrees to hold harmless the Warrant Agent, its affiliates, their officers, directors, employees, agents, successors and assigns (the "<b>Indemnified Parties</b>") from and against any and all liabilities whatsoever, losses, damages, penalties, claims, demands, actions, suits, proceedings, costs, charges, assessments, judgments, expenses and disbursements, including reasonable legal fees and disbursements of whatever kind and nature which may at any time be imposed on or incurred by or asserted against the Indemnified Parties, or any of them, whether at law or in equity, in any way caused by or arising, directly or indirectly, in respect of any act, deed, matter or thing whatsoever made, done, acquiesced in or omitted in or about or in relation to the execution of the Indemnified Parties' duties, or any other services that the Warrant Agent may provide in connection with or in any way relating to this Indenture. The Corporation agrees that its liability hereunder shall be absolute and unconditional regardless of the correctness of any representations of any third parties and regardless of any liability of third parties to the Indemnified Parties, and shall accrue and become enforceable without prior demand or any other precedent action or proceeding; provided that the Corporation shall not be required to indemnify the Indemnified Parties in the event of the gross negligence or wilful misconduct of the Warrant Agent, and this provision shall survive the resignation or removal of the Warrant Agent or the termination or discharge of this Indenture; and</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(f)<font style="width: 25.75pt; display: inline-block;">&#160;</font>Notwithstanding the foregoing or any other provision of this Indenture, any liability of the Warrant Agent shall be limited, in the aggregate, to the amount of annual retainer fees paid by the Corporation to the Warrant Agent under this Indenture in the twelve (12) months immediately prior to the Warrant Agent receiving the first notice of the claim. Notwithstanding any other provision of this Indenture, and whether such losses or damages are foreseeable or unforeseeable, the Warrant Agent shall not be liable under any circumstances whatsoever for any (a) breach by any other party of securities law or other rule of any securities regulatory authority, (b) lost profits or (c) special, indirect, incidental, consequential, exemplary, aggravated or punitive losses or damages.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(g)<font style="width: 23.25pt; display: inline-block;">&#160;</font>In the event that any of the funds provided to the Warrant Agent hereunder are received by it in the form of an uncertified cheque or bank draft, the Warrant Agent shall be entitled to delay the time for release of such funds until such uncertified cheque has cleared the financial institution upon which the same is drawn.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(h)<font style="width: 23.25pt; display: inline-block;">&#160;</font>The forwarding of a cheque or the sending of funds by wire transfer by the Warrant Agent will satisfy and discharge the liability of any amounts due to the extent of the sum represented thereby unless such cheque is not honoured on presentation, provided that in the event of the non-receipt of such cheque by the payee, or the loss or destruction thereof, the Warrant Agent, upon being furnished with reasonable evidence of such non-receipt, loss or destruction and indemnity reasonably satisfactory to it, will issue to such payee a replacement cheque for the amount of such cheque.</p>
    <p style="text-align: justify; margin-bottom: 0pt; text-indent: -36pt; margin-left: 36pt;">(i)<font style="width: 25.5pt; display: inline-block;">&#160;</font>The Warrant Agent shall not be liable for any error in good judgment or for any act done or step taken or omitted by it in good faith or for any mistake, in fact or law, or for anything which it may do or refrain from doing in connection herewith except arising out of its own gross negligence, bad faith or willful misconduct.</p>
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    <div id="header_page_58">
        <p style="text-align: center;">- 42 -</p>
    </div>
    <p style="text-align: justify;"><b>9.8</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Replacement of Warrant Agent; Successor by Merger</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 23.25pt; display: inline-block;">&#160;</font>The Warrant Agent may resign its agency and be discharged from all further duties and liabilities hereunder, subject to this Section 9.8, by giving to the Corporation not less than 60 days' prior notice in writing or such shorter prior notice as the Corporation may accept as sufficient. The Warrantholders by Extraordinary Resolution shall have power at any time to remove the existing Warrant Agent and to appoint a new warrant agent. In the event of the Warrant Agent resigning or being removed as aforesaid or being dissolved, becoming bankrupt, going into liquidation or otherwise becoming incapable of acting hereunder, the Corporation shall forthwith appoint a new warrant agent unless a new warrant agent has already been appointed by the Warrantholders; failing such appointment by the Corporation, the retiring Warrant Agent or any registered Warrantholder may apply to a judge of the Superior Court of the Province of Ontario on such notice as such judge may direct, for the appointment of a new warrant agent; but any new warrant agent so appointed by the Corporation or by the Court shall be subject to removal as aforesaid by the Warrantholders. Any new warrant agent appointed under any provision of this Section 9.8 shall be an entity authorized to carry on the business of a trust company in the Province of Ontario and, if required by the Applicable Legislation for any other provinces, in such other provinces. On any such appointment the new warrant agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named herein as Warrant Agent hereunder.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Upon the appointment of a successor warrant agent, the Corporation shall promptly notify the Warrantholders thereof in the manner provided for in Section 10.2.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(3)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Any Warrant Certificates Authenticated but not delivered by a predecessor Warrant Agent may be adopted and delivered by the successor warrant agent in the name of the predecessor or successor warrant agent: and in case at that time any of the Warrant Certificates have not been countersigned, the Warrant Agent may countersign such Warrant Certificates either in its prior name or in its changed name; and in all such cases such Warrant Certificates will have the full force provided in the Warrant Certificates and in this Indenture. In case at any time the name of the Warrant Agent is changed and at such time any of the Warrant Certificates have been countersigned but not delivered, the Warrant Agent may adopt the countersignature under its prior name and deliver Warrant Certificates so countersigned; and in case at that time any of the Warrant Certificates have not been countersigned, the Warrant Agent may countersign such Warrant Certificates either in its prior name or in its changed name; and in all such cases such Warrant Certificates will have the full force provided in the Warrant Certificates and in this Indenture.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(4)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Any corporation into which the Warrant Agent may be merged or consolidated or amalgamated, or to which all or substantially all of its corporate trust business is sold or otherwise transferred, or any corporation resulting therefrom to which the Warrant Agent shall be a party, or any corporation succeeding to the business of the Warrant Agent shall be the successor to the Warrant Agent hereunder without any further act on its part or any of the parties hereto, provided that such corporation would be eligible for appointment as successor Warrant Agent under Section 9.8(1).</p>
    <p style="text-align: justify;"><b>9.9</b><font style="width: 22.5pt; display: inline-block;">&#160;</font><b>Conflict of Interest</b></p>
    <p style="text-align: justify; margin-bottom: 0pt; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 23.25pt; display: inline-block;">&#160;</font>The Warrant Agent represents to the Corporation that to the best of its knowledge, at the time of execution and delivery of this Indenture hereof no material conflict of interest exists with respect to the Warrant Agent role as Warrant Agent hereunder.</p>
    <p style="text-align: justify; margin-top: 0pt;">&#160;</p>
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    <div id="header_page_59">
        <p style="text-align: center;">- 43 -</p>
    </div>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Subject to Section 9.9(1), the Warrant Agent, in its personal or any other capacity, may buy, lend upon and deal in securities of the Corporation and generally may contract and enter into financial transactions with the Corporation without being liable to account for any profit made thereby.</p>
    <p style="text-align: justify;"><b>9.10</b><font style="width: 18pt; display: inline-block;">&#160;</font><b>Acceptance of Agency</b></p>
    <p style="text-align: justify;">The Warrant Agent hereby accepts the agency in this Indenture declared and provided for and agrees to perform the same upon the terms and conditions herein set forth.</p>
    <p style="text-align: justify;"><b>9.11</b><font style="width: 18pt; display: inline-block;">&#160;</font><b>Warrant Agent Not to be Appointed Receiver</b></p>
    <p style="text-align: justify;">The Warrant Agent and any person related to the Warrant Agent shall not be appointed a receiver, a receiver and manager or liquidator of all or any part of the assets or undertaking of the Corporation.</p>
    <p style="text-align: justify;"><b>9.12</b><font style="width: 18pt; display: inline-block;">&#160;</font><b>Warrant Agent Not Required to Give Notice of Default</b></p>
    <p style="text-align: justify;">The Warrant Agent shall not be bound to give any notice or do or take any act, action or proceeding by virtue of the powers conferred on it hereby unless and until it shall have been required so to do under the terms hereof; nor shall the Warrant Agent be required to take notice of any default hereunder, unless and until notified in writing of such default, which notice shall distinctly specify the default desired to be brought to the attention of the Warrant Agent and in the absence of any such notice the Warrant Agent may for all purposes of this Indenture conclusively assume that no default has been made in the observance or performance of any of the representations, warranties, covenants, agreements or conditions contained herein. Any such notice shall in no way limit any discretion herein given to the Warrant Agent to determine whether or not the Warrant Agent shall take action with respect to any default.</p>
    <p style="text-align: justify;"><b>9.13</b><font style="width: 18pt; display: inline-block;">&#160;</font><b>Anti-Money Laundering</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Each party to this Indenture other than the Warrant Agent hereby represents to the Warrant Agent that any account to be opened by, or interest to be held by the Warrant Agent in connection with this Indenture, for or to the credit of such party, either (i) is not intended to be used by or on behalf of any third party; or (ii) is intended to be used by or on behalf of a third party, in which case such party hereto agrees to complete and execute forthwith a declaration in the Warrant Agent's prescribed form as to the particulars of such third party.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 23.25pt; display: inline-block;">&#160;</font>The Warrant Agent shall retain the right not to act and shall not be liable for refusing to act if, due to a lack of information or for any other reason whatsoever, the Warrant Agent, in its sole judgment, determines that such act might cause it to be in non- compliance with any applicable anti-money laundering or anti-terrorist legislation, or economic sanctions, legislation, regulation or guideline. Further, should the Warrant Agent, in its sole judgment, determine at any time that its acting under this Indenture has resulted in its being in non-compliance with any applicable anti-money laundering or anti-terrorist legislation, or economic sanctions, legislation, regulation or guideline, then it shall have the right to resign on ten (10) days written notice to the other parties to this Indenture, provided (i) that the Warrant Agent's written notice shall describe the circumstances of such non-compliance; and (ii) that if such circumstances are rectified to the Warrant Agent's satisfaction within such ten (10) day period, then such resignation shall not be effective.</p>
    <p style="text-align: justify;"><b>9.14</b><font style="width: 18pt; display: inline-block;">&#160;</font><b>Compliance with Privacy Code</b></p>
    <p style="text-align: justify; margin-bottom: 0pt;">The parties acknowledge that the Warrant Agent may, in the course of providing services hereunder, collect or receive financial and other personal information about such parties and/or their representatives, as individuals, or about other individuals related to the subject matter hereof, and use such information for the following purposes:</p>
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    <div id="header_page_60">
        <p style="text-align: center;">- 44 -</p>
    </div>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(a)<font style="width: 24pt; display: inline-block;">&#160;</font>to provide the services required under this Indenture and other services that may be requested from time to time;</p>
    <p style="text-align: justify; margin-left: 36pt;">(b)<font style="width: 23.25pt; display: inline-block;">&#160;</font>to help the Warrant Agent manage its servicing relationships with such individuals;</p>
    <p style="text-align: justify; margin-left: 36pt;">(c)<font style="width: 24pt; display: inline-block;">&#160;</font>to meet the Warrant Agent's legal and regulatory requirements; and</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(d)<font style="width: 23.25pt; display: inline-block;">&#160;</font>if Social Insurance Numbers are collected by the Warrant Agent, to perform tax reporting and to assist in verification of an individual's identity for security purposes.</p>
    <p style="text-align: justify;">Each party acknowledges and agrees that the Warrant Agent may receive, collect, use and disclose personal information provided to it or acquired by it in the course of its acting as agent hereunder for the purposes described above and, generally, in the manner and on the terms described in its privacy code, which the Warrant Agent shall make available on its website, www.tsxtrust.com, or upon request, including revisions thereto. Further, each party agree that it shall not provide or cause to be provided to the Warrant Agent any personal information relating to an individual who is not a party to this Indenture unless the Corporation has assured itself that such individual understands and has consented to the aforementioned uses and disclosures. The Warrant Agent may transfer personal information to other companies in or outside of Canada that provide data processing and storage or other support in order to facilitate the services it provides.</p>
    <p style="text-align: justify;"><b>9.15</b><font style="width: 16.5pt; display: inline-block;">&#160;</font><b>Securities Exchange Commission Certification</b></p>
    <p style="text-align: justify;">The Corporation confirms that as at the date of execution of this Indenture it does not have a class of securities registered pursuant to Section 12 of the U.S. Securities Exchange Act or have a reporting obligation pursuant to Section 15(d) of the U.S Securities Exchange Act. The Corporation covenants that in the event that (i) any class of its securities shall become registered pursuant to Section 12 of the U.S. Securities Exchange Act or the Corporation shall incur a reporting obligation pursuant to Section 15(d) of the U.S. Securities Exchange Act, or (ii) any such registration or reporting obligation shall be terminated by the Corporation in accordance with the U.S. Securities Exchange Act, the Corporation shall promptly deliver to the Warrant Agent an officers' certificate notifying the Warrant Agent of such registration or termination and such other information as the Warrant Agent may require at the time. The Corporation acknowledges that Warrant Agent is relying upon the foregoing representation and covenants in order to meet certain United States Securities and Exchange Commission ("<b>SEC</b>") obligations with respect to those clients who are filing with the SEC.</p>
    <p style="margin-bottom: 0pt; text-align: center;"><b>ARTICLE 10</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>GENERAL</b></p>
    <p style="text-align: justify;"><b>10.1</b><font style="width: 18pt; display: inline-block;">&#160;</font><b>Notice to the Corporation and Warrant Agent</b></p>
    <p style="text-align: justify; margin-bottom: 0pt; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Unless herein otherwise expressly provided, any notice to be given hereunder to the Corporation or the Warrant Agent shall be deemed to be validly given if delivered, sent by registered letter, postage prepaid, if faxed or if emailed:</p>
    <p style="text-align: justify; margin-top: 0pt;">&#160;</p>
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    <div id="header_page_61">
        <p style="text-align: center;">- 45 -</p>
    </div>
    <p style="text-align: justify; margin-left: 36pt;">(a)<font style="width: 24pt; display: inline-block;">&#160;</font>If to the Corporation:</p>
    <p style="text-align: justify; margin-bottom: 0pt; margin-left: 72pt;">Osisko Development Corp.</p>
    <p style="text-align: justify; margin-top: 0pt; margin-left: 72pt;">1100 Avenue des Canadiens-de-Montr&#233;al, Suite 300<br>Montr&#233;al, QC H3B 2S2</p>
    <div style="margin-left: 72pt;">
        <table style="width: 50%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 30%; vertical-align: bottom;">
                    <p style="text-align: left;">Attention:</p>
                </td>
                <td style="width: 70%; vertical-align: bottom;">
                    <p style="text-align: left;">Sean Roosen</p>
                </td>
            </tr>
            <tr>
                <td style="width: 30%; vertical-align: bottom;">
                    <p style="text-align: left;">Email:</p>
                </td>
                <td style="width: 70%; vertical-align: bottom;">
                    <p style="text-align: left;"><u><font style="color: #0000ff;">sroosen@osiskogr.com</font></u></p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify; margin-left: 72pt;">with a copy (which will not constitute notice) to:</p>
    <p style="text-align: justify; margin-bottom: 0pt; margin-left: 72pt;">Bennett Jones LLP</p>
    <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 72pt;">3400 One First Canadian Place, P.O. Box 130</p>
    <p style="text-align: justify; margin-top: 0pt; margin-left: 72pt;">Toronto, ON M5X 1A4</p>
    <div style="margin-left: 72pt;">
        <table style="width: 50%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 30%; vertical-align: bottom;">
                    <p style="text-align: left;">Attention:</p>
                </td>
                <td style="width: 70%; vertical-align: bottom;">
                    <p style="text-align: left;">Sander Grieve</p>
                </td>
            </tr>
            <tr>
                <td style="width: 30%; vertical-align: bottom;">
                    <p style="text-align: left;">Email:</p>
                </td>
                <td style="width: 70%; vertical-align: bottom;">
                    <p style="text-align: left;">grieves@bennettjones.com</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify; margin-left: 36pt;">(b)<font style="width: 23.25pt; display: inline-block;">&#160;</font>If to the Warrant Agent:</p>
    <p style="text-align: justify; margin-bottom: 0pt; margin-left: 72pt;">TSX Trust Company</p>
    <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 72pt;">301-100 Adelaide Street West</p>
    <p style="text-align: justify; margin-top: 0pt; margin-left: 72pt;">Toronto, ON M5H 4H1</p>
    <div style="margin-left: 72pt;">
        <table style="width: 50%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 30%; vertical-align: bottom; text-align: left;">Attention:</td>
                <td style="width: 70%; vertical-align: bottom; text-align: left;">Vice President, Corporate Trust</td>
            </tr>
            <tr>
                <td style="width: 30%; vertical-align: bottom; text-align: left;">Facsimile number:</td>
                <td style="width: 70%; vertical-align: bottom; text-align: left;">416-361-0470</td>
            </tr>
            <tr>
                <td style="width: 30%; vertical-align: bottom; text-align: left;">Email:</td>
                <td style="width: 70%; vertical-align: bottom; white-space: nowrap; text-align: left;">tmxestaff-corporatetrust@tmx.com</td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify; margin-left: 36pt;">and any such notice delivered in accordance with the foregoing shall be deemed to have been received and given on the date of delivery or, if mailed, on the fifth Business Day following the date of mailing such notice or, if faxed or emailed, on the next Business Day following the date of transmission.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 23.25pt; display: inline-block;">&#160;</font>The Corporation or the Warrant Agent, as the case may be, may from time to time notify the other in the manner provided in Section 10.1(1) of a change of address which, from the effective date of such notice and until changed by like notice, shall be the address of the Corporation or the Warrant Agent, as the case may be, for all purposes of this Indenture.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(3)<font style="width: 23.25pt; display: inline-block;">&#160;</font>If, by reason of a strike, lockout or other work stoppage, actual or threatened, involving postal employees, any notice to be given to the Corporation or the Warrant Agent hereunder could reasonably be considered unlikely to reach its destination, such notice shall be valid and effective only if it is delivered to the named officer of the party to which it is addressed, as provided in Section 10.1(1), or given by facsimile or email or other means of prepaid, transmitted and recorded communication.</p>
    <p style="text-align: justify;"><b>10.2</b><font style="width: 18pt; display: inline-block;">&#160;</font><b>Notice to Warrantholders</b></p>
    <p style="text-align: justify; margin-bottom: 0pt; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Unless otherwise provided herein, notice to the Warrantholders under the provisions of this Indenture shall be valid and effective if delivered or sent by ordinary prepaid post addressed to such holders at their addresses appearing on the Register and shall be deemed to have been effectively received and given on the date of delivery or, if mailed, on the third Business Day following the date of mailing such notice. In the event that Warrants are held in the name of the Depository, a copy of such notice shall also be sent by electronic communication to the Depository and shall be deemed received and given on the day it is so sent.</p>
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    <div id="header_page_62">
        <p style="text-align: center;">- 46 -</p>
    </div>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 23.25pt; display: inline-block;">&#160;</font>If, by reason of a strike, lockout or other work stoppage, actual or threatened, involving postal employees, any notice to be given to the Warrantholders hereunder could reasonably be considered unlikely to reach its destination, such notice shall be valid and effective only if it is delivered to such Warrantholders to the address for such Warrantholders contained in the Register maintained by the Warrant Agent or such notice may be given, at the Corporation's expense, by means of publication in the Globe and Mail, National Edition, or any other English language daily newspaper or newspapers of general circulation in Canada, in each two successive weeks, the first such notice to be published within 5 Business Days of such event, and any such notice published shall be deemed to have been received and given on the latest date the publication takes place.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(3)<font style="width: 23.25pt; display: inline-block;">&#160;</font>Accidental error or omission in giving notice or accidental failure to mail notice to any Warrantholder will not invalidate any action or proceeding founded thereon.</p>
    <p style="text-align: justify;"><b>10.3</b><font style="width: 17.5pt; display: inline-block;">&#160;</font><b>Ownership of Warrants</b></p>
    <p style="text-align: justify;">The Corporation and the Warrant Agent may deem and treat the Warrantholders as the absolute owner thereof for all purposes, and the Corporation and the Warrant Agent shall not be affected by any notice or knowledge to the contrary except where the Corporation or the Warrant Agent is required to take notice by statute or by order of a court of competent jurisdiction. The receipt of any such registered Warrantholder of the Common Shares which may be acquired pursuant thereto shall be a good discharge to the Corporation and the Warrant Agent for the same and neither the Corporation nor the Warrant Agent shall be bound to inquire into the title of any such holder except where the Corporation or the Warrant Agent is required to take notice by statute or by order of a court of competent jurisdiction.</p>
    <p style="text-align: justify;"><b>10.4</b><font style="width: 17.5pt; display: inline-block;">&#160;</font><b>Counterparts</b></p>
    <p style="text-align: justify;">This Indenture may be executed in several counterparts, each of which when so executed shall be deemed to be an original and such counterparts together shall constitute one and the same instrument and notwithstanding their date of execution they shall be deemed to be dated as of the date hereof. Delivery of an executed copy of this Indenture by email, electronic facsimile transmission or other means of electronic communication capable of producing a printed copy, and acceptance by each such party of any such facsimile or electronic copy shall be legally effective to create a valid and binding Indenture among the parties hereto in accordance with the terms hereof.</p>
    <p style="text-align: justify;"><b>10.5</b><font style="width: 17.5pt; display: inline-block;">&#160;</font><b>Satisfaction and Discharge of Indenture</b></p>
    <p style="text-align: justify;">Upon the earlier of:</p>
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    <p style="text-align: justify; margin-bottom: 0pt;">(2)<font style="width: 23.25pt; display: inline-block;">&#160;</font>the Expiry Time;</p>
    <p style="text-align: justify; margin-top: 0pt;">&#160;</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_63"></a>
    <div id="header_page_63">
        <p style="text-align: center;">- 47 -</p>
    </div>
    <p style="text-align: justify;">and if all certificates or other entries on the securities register of the Corporation representing Common Shares required to be issued in compliance with the provisions hereof have been issued and delivered hereunder to the Warrant Agent in accordance with such provisions, this Indenture shall cease to be of further effect and the Warrant Agent, on demand of and at the cost and expense of the Corporation and upon delivery to the Warrant Agent of a certificate of the Corporation stating that all conditions precedent to the satisfaction and discharge of this Indenture have been complied with, shall execute proper instruments acknowledging satisfaction of and discharging this Indenture. Notwithstanding the foregoing, the indemnities provided to the Warrant Agent by the Corporation hereunder shall remain in full force and effect and survive the termination of this Indenture.</p>
    <p style="text-align: justify;"><b>10.6</b><font style="width: 16.5pt; display: inline-block;">&#160;</font><b>Provisions of Indenture and Warrants for the Sole Benefit of Parties and Warrantholders</b></p>
    <p style="text-align: justify;">Nothing in this Indenture or in the Warrants, expressed or implied, shall give or be construed to give to any person other than the parties hereto and the Warrantholders, as the case may be, any legal or equitable right, remedy or claim under this Indenture, or under any covenant or provision herein or therein contained, all such covenants and provisions being for the sole benefit of the parties hereto and the Warrantholders.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;"><b>10.7</b><font style="width: 16.5pt; display: inline-block;">&#160;</font><b>Common Shares or Warrants Owned by the Corporation or its Subsidiaries - Certificate to be Provided</b></p>
    <p style="text-align: justify;">For the purpose of disregarding any Warrants owned legally or beneficially by the Corporation in Section 7.17, the Corporation shall provide to the Warrant Agent, from time to time, a certificate of the Corporation setting forth as at the date of such certificate:</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(a)<font style="width: 24pt; display: inline-block;">&#160;</font>the names (other than the name of the Corporation) of the Warrantholders which, to the knowledge of the Corporation, are owned by or held for the account of the Corporation; and</p>
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    <p style="text-align: justify;">and the Warrant Agent, in making the computations in Section 7.17, shall be entitled to rely on such certificate without any additional evidence.</p>
    <p style="text-align: justify;"><b>10.8</b><font style="width: 16.5pt; display: inline-block;">&#160;</font><b>Severability</b></p>
    <p style="text-align: justify;">If, in any jurisdiction, any provision of this Indenture or its application to any party or circumstance is restricted, prohibited or unenforceable, such provision will, as to such jurisdiction, be ineffective only to the extent of such restriction, prohibition or unenforceability without invalidating the remaining provisions of this Indenture and without affecting the validity or enforceability of such provision in any other jurisdiction or without affecting its application to other parties or circumstances.</p>
    <p style="text-align: justify;"><b>10.9</b><font style="width: 16.5pt; display: inline-block;">&#160;</font><b>Force Majeure</b></p>
    <p style="text-align: justify;">No party shall be liable to the other, or held in breach of this Indenture, if prevented, hindered, or delayed in the performance or observance of any provision contained herein by reason of act of God, riots, terrorism, acts of war, epidemics, governmental action or judicial order, earthquakes, or any other similar causes (including, but not limited to, mechanical, electronic or communication interruptions, disruptions or failures). Performance times under this Indenture shall be extended for a period of time equivalent to the time lost because of any delay that is excusable under this Section. For greater certainty, COVID-19 and the impacts related thereto shall not constitute a force majeure event unless such event prevented, hindered or delayed the performance or observance by a party of a provision herein contained and such event was not reasonably foreseeable as of the date of this Indenture.</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_64"></a>
    <div id="header_page_64">
        <p style="text-align: center;">- 48 -</p>
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    <p style="text-align: justify;"><b>10.10</b><font style="width: 11.25pt; display: inline-block;">&#160;</font><b>Assignment, Successors and Assigns</b></p>
    <p style="text-align: justify;">None of the parties hereto may assign its rights or interest under this Indenture, except (i) as provided in Section 9.8 in the case of the Warrant Agent, (ii) as provided in Section 8.2 in the case of the Corporation.</p>
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    <p style="text-align: justify; margin-top: 0pt;">&#160;</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_65"></a>
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        <p style="text-align: center;">- 49 -</p>
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    <p style="text-align: justify;"><b>IN WITNESS WHEREOF </b>the parties hereto have executed this Indenture under the hands of their proper officers in that behalf as of the date first written above.</p>
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    <p style="text-align: center;"><i>[Signature Page to the Warrant Indenture]</i></p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_66"></a>
    <div id="header_page_66">
        <p style="text-align: center;">A-1</p>
    </div>
    <p style="margin-bottom: 0pt; text-align: center;"><b>SCHEDULE "A"</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>FORM OF WARRANT</b></p>
    <p style="text-align: justify;"><b>UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [INSERT A DATE THAT IS 4 MONTHS AND A DAY FROM THE DATE OF DISTRIBUTION].</b></p>
    <p style="text-align: justify;"><b>WITHOUT PRIOR WRITTEN APPROVAL OF THE TSX VENTURE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES ISSUABLE UPON EXERCISE THEREOF MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TSX VENTURE EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF CANADIAN RESIDENT UNTIL [INSERT A DATE THAT IS 4 MONTHS AND A DAY FROM THE DATE OF DISTRIBUTION].</b></p>
    <p style="text-align: justify;"><b>THIS WARRANT MAY NOT BE EXERCISED UNLESS THE SHARES ISSUABLE UPON EXERCISE MAY BE ISSUED PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LEGISLATION OR THE SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT.</b></p>
    <p style="text-align: justify;"><i>[For all Warrants issued to CDS, including the following:]</i></p>
    <p style="text-align: justify;"><b>UNLESS THE CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. ("CDS") TO OSISKO DEVELOPMENT CORP. (THE "CORPORATION") OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS &amp; CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE HOLDER HEREOF, CDS &amp; CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE.</b></p>
    <p style="text-align: justify;"><i>[The following legend to be inserted on U.S. Warrant Certificates issued to a U.S. Accredited Investor that is not a Qualified Institutional Buyer:]</i></p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_67"></a>
    <div id="header_page_67">
        <p style="text-align: center;">A-2</p>
    </div>
    <p style="text-align: justify; margin-bottom: 0pt;"><b>THIS WARRANT AND THE SECURITIES DELIVERABLE UPON EXERCISE HEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF OSISKO DEVELOPMENT CORP. (THE "CORPORATION") THAT THIS WARRANT MAY NOT BE EXERCISED IN THE UNITED STATES UNLESS THIS WARRANT AND SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE OR AN EXEMPTION</b> <b>FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. THIS WARRANT MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES, IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS, (C) PURSUANT TO THE EXEMPTIONS FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY (1) RULE 144, IF AVAILABLE, OR (2) RULE 144A THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C)(1) OR (D) ABOVE, A LEGAL OPINION IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE CORPORATION MUST FIRST BE PROVIDED TO THE CORPORATION'S TRANSFER AGENT.</b></p>
    <p style="text-align: justify; margin-bottom: 0pt;"><b>DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.]</b></p>
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    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_68"></a>
    <div id="header_page_68">
        <p style="text-align: center;">A-3</p>
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    <p style="text-align: center;"><b>WARRANT</b></p>
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    <p style="margin-top: 0pt; text-align: center;"><b>OSISKO DEVELOPMENT CORP.</b></p>
    <p style="text-align: center;">(existing pursuant to the federal laws of Canada)</p>
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            <td style="width: 50%; vertical-align: bottom; text-align: justify;">Warrants, each entitling the holder to acquire one Common Share (subject to adjustment as provided for in the Warrant Indenture (as defined below))</td>
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            <td style="width: 50%; vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="width: 50%; vertical-align: bottom; text-align: left;">&#160;</td>
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            <td style="width: 50%; vertical-align: bottom; text-align: left;">CUSIP [&#9679;]</td>
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            <td style="width: 50%; vertical-align: bottom; text-align: left;">ISIN CA [&#9679;]</td>
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                <p style="text-align: left;">THIS IS TO CERTIFY THAT, for value received,</p>
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    <p style="text-align: justify;">(the "<b>Warrantholder</b>") is the registered holder of the number of common share purchase warrants (the "<b>Warrants</b>") of Osisko Development Corp. (the "<b>Corporation</b>") specified above, and is entitled, on exercise of these Warrants upon and subject to the terms and conditions set forth herein and in the Warrant Indenture, to purchase at any time before 5:00 p.m. (Toronto time) (the "<b>Expiry Time</b>") on the date five years following the date of issue of the Warrants (the "<b>Expiry Date</b>"), one fully paid and non-assessable common share without par value in the capital of the Corporation as constituted on the date hereof (a "<b>Common Share</b>") for each Warrant, subject to adjustment in accordance with the terms of the Warrant Indenture.</p>
    <p style="text-align: justify;">The right to purchase Common Shares may only be exercised by the Warrantholder within the time set forth above by:</p>
    <p style="text-align: justify;">(a)<font style="width: 24pt; display: inline-block;">&#160;</font>duly completing and executing the exercise form (the "<b>Exercise Form</b>") attached hereto; and</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(b)<font style="width: 23.25pt; display: inline-block;">&#160;</font>surrendering this warrant certificate (the "<b>Warrant Certificate</b>"), with a duly completed Exercise Form, to the Warrant Agent at one of the principal office of the Warrant Agent, in the City of Toronto, together with a certified cheque, bank draft, wire transfer or money order in the lawful money of Canada payable to or to the order of the Corporation in an amount equal to the purchase price of the Common Shares so subscribed for.</p>
    <p style="text-align: justify;">The surrender of this Warrant Certificate, the duly completed Exercise Form and payment as provided above will be deemed to have been effected only on personal delivery thereof to, or if sent by mail or other means of transmission on actual receipt thereof by, the Warrant Agent at its principal office as set out above.</p>
    <p style="text-align: justify;">Subject to adjustment thereof in the events and in the manner set forth in the Warrant Indenture hereinafter referred to, the exercise price payable for each Common Share upon the exercise of Warrants shall be US$6.00 per Common Share (the "<b>Exercise Price</b>").</p>
    <p style="text-align: justify; margin-bottom: 0pt;">Certificates for the Common Shares subscribed for will be mailed to the persons specified in the Exercise Form at their respective addresses specified therein or, if so specified in the Exercise Form, delivered to such persons at the office where this Warrant Certificate is surrendered. If fewer Common Shares are purchased than the number that can be purchased pursuant to this Warrant Certificate, the holder hereof will be entitled to receive without charge a new Warrant Certificate in respect of the balance of the Warrants not so exercised. No fractional Common Shares will be issued upon exercise of any Warrant.</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_69"></a>
    <div id="header_page_69">
        <p style="text-align: center;">A-4</p>
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    <p style="text-align: justify;">This Warrant Certificate evidences Warrants of the Corporation issued or issuable under the provisions of a warrant indenture (which indenture, together with all other instruments supplemental or ancillary thereto, is herein referred to as the "<b>Warrant Indenture</b>") dated as of March 4, 2022 among the Corporation and TSX Trust Company, as Warrant Agent, to which Warrant Indenture reference is hereby made for particulars of the rights of the holders of Warrants, the Corporation and the Warrant Agent in respect thereof and the terms and conditions on which the Warrants are issued and held, all to the same effect as if the provisions of the Warrant Indenture were herein set forth, to all of which the holder, by acceptance hereof, assents. The Corporation will furnish to the holder, on request and without charge, a copy of the Warrant Indenture.</p>
    <p style="text-align: justify;">Neither the Warrants nor the Common Shares issuable upon exercise hereof have been or will be registered under the <i>United States Securities Act of 1933</i>, as amended (the "<b>U.S. Securities Act</b>"), or U.S. state securities laws. The Warrants may not be exercised in the United States, or by or on behalf of, or for the account or benefit of, a U.S. person or a person in the United States, unless (i) this Warrant and such Common Shares have been registered under the U.S. Securities Act and the applicable laws of any such state, or (ii) an exemption from such registration requirements is available and the requirements set forth in the Exercise Form have been satisfied. "<b>United States</b>" and "<b>U.S. person</b>" are as defined in Regulation S under the U.S. Securities Act.</p>
    <p style="text-align: justify;">If this Warrant Certificate tendered for transfer bears the legend set forth in subsection 2.6(4) of the Warrant Indenture, the Warrant Agent shall not register such transfer unless the transferor has provided the Warrant Agent with this Warrant Certificate and the transfer is made: (i) to the Corporation, (ii) outside the United States, in accordance with Rule 904 of Regulation S under the U.S. Securities Act and in compliance with applicable local laws and regulations, (iii) pursuant to the exemptions from registration under the U.S. Securities Act provided by (1) Rule 144, if available, or (2) Rule 144A thereunder, if available, and in compliance with applicable state securities laws, or (iv) in another transaction that does not require registration under the U.S. Securities Act or any applicable state securities laws, provided that in the case of transfers pursuant to (iii)(1) or (iv) above, a legal opinion in form and substance reasonably satisfactory to the Corporation must first be provided to the Corporation's transfer agent; provided that (i) if this Warrant Certificate is transferred outside the United States in accordance with Rule 904 of Regulation S under the U.S. Securities Act, such legend may be removed by providing a declaration to the Warrant Agent in the form attached as Schedule "C" to the Warrant Indenture, or such form as the Corporation may from time to time prescribe, together with such documentation as the Warrant Agent may require.</p>
    <p style="text-align: justify;">On presentation at the principal office of the Warrant Agent as set out above, subject to the provisions of the Warrant Indenture and on compliance with the reasonable requirements of the Warrant Agent, one or more Warrant Certificates may be exchanged for one or more Warrant Certificates representing in the aggregate an equal number of Warrants as are held under the Warrant Certificate(s) so exchanged.</p>
    <p style="text-align: justify;">The Warrant Indenture contains provisions for the adjustment of the Exercise Price payable for each Common Share upon the exercise of Warrants and the number of Common Shares issuable upon the exercise of Warrants in the events and in the manner set forth therein.</p>
    <p style="text-align: justify; margin-bottom: 0pt;">The Warrant Indenture also contains provisions making binding on all holders of Warrants outstanding thereunder resolutions passed at meetings of holders of Warrants held in accordance with the provisions of the Warrant Indenture and instruments in writing signed by Warrantholders of Warrants holding a specific majority of the Warrants.</p>
    <p style="text-align: justify; margin-top: 0pt;">&#160;</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_70"></a>
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        <p style="text-align: center;">A-5</p>
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    <p style="text-align: justify;">Nothing contained in this Warrant Certificate, the Warrant Indenture or elsewhere shall be construed as conferring upon the holder hereof any right or interest whatsoever as a holder of Common Shares or any other right or interest except as herein and in the Warrant Indenture expressly provided. In the event of any discrepancy between anything contained in this Warrant Certificate and the terms and conditions of the Warrant Indenture, the terms and conditions of the Warrant Indenture shall govern.</p>
    <p style="text-align: justify;">Warrants may only be transferred in compliance with the conditions of the Warrant Indenture on the register to be kept by the Warrant Agent in Toronto, or such other registrar as the Corporation, with the approval of the Warrant Agent, may appoint at such other place or places, if any, as may be designated, upon surrender of this Warrant Certificate to the Warrant Agent or other registrar accompanied by a written instrument of transfer in form and execution satisfactory to the Warrant Agent or other registrar and upon compliance with the conditions prescribed in the Warrant Indenture and with such reasonable requirements as the Warrant Agent or other registrar may prescribe and upon the transfer being duly noted thereon by the Warrant Agent or other registrar. Time is of the essence hereof.</p>
    <p style="text-align: justify;">This Warrant Certificate will not be valid for any purpose until it has been countersigned by or on behalf of the Warrant Agent from time to time under the Warrant Indenture.</p>
    <p style="text-align: justify;">The parties hereto have declared that they have required that these presents and all other documents related hereto be in the English language. Les parties aux pr&#233;sentes d&#233;clarent qu'elles ont exig&#233; que la pr&#233;sente convention, de m&#234;me que tous les documents s'y rapportant, soient r&#233;dig&#233;s en anglais.</p>
    <p style="text-align: justify; margin-bottom: 0pt;"><b>Any capitalized term in this Warrant Certificate that is not otherwise defined herein, shall have the meaning ascribed thereto in the Warrant Indenture.</b></p>
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    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_71"></a>
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        <p style="text-align: center;">A-6</p>
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    <p style="text-align: justify;"><b>IN WITNESS WHEREOF </b>the Corporation has caused this Warrant Certificate to be duly executed as of ________________________, 202____.</p>
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            <td style="width: 45%;">&#160;</td>
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            <td style="width: 45%;">&#160;</td>
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            <td style="width: 5%;">&#160;</td>
            <td style="width: 45%;">&#160;</td>
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            <td style="width: 45%; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="width: 50%;">&#160;</td>
            <td style="width: 5%;">&#160;</td>
            <td style="width: 45%;">&#160;</td>
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            <td style="width: 5%;" colspan="2"><b>TSX TRUST COMPANY</b></td>
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            <td style="width: 50%;">&#160;</td>
            <td style="width: 5%;">&#160;</td>
            <td style="width: 45%;">&#160;</td>
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            <td style="width: 50%;">&#160;</td>
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            <td style="width: 45%; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="width: 50%;">&#160;</td>
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    <p style="text-align: justify; margin-top: 0pt;">&#160;</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_72"></a>
    <div id="header_page_72">
        <p style="text-align: center;">A-7</p>
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    <p style="margin-bottom: 0pt; text-align: center;"><b>SCHEDULE "A"</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>FORM OF TRANSFER</b></p>
    <p style="text-align: justify;"><b>THE WARRANTS REPRESENTED BY THIS CERTIFICATE MAY NOT BE TRANSFERRED TO A U.S. PERSON OR TO ANY PERSON IN THE UNITED STATES OR TO OR FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON OR PERSON IN THE UNITED STATES.</b></p>
    <p style="text-align: justify;"><b>To: TSX Trust Company</b></p>
    <p style="text-align: justify;"><b>FOR VALUE RECEIVED </b>the undersigned hereby sells, assigns and transfers to ___________________________________________________ (print name and address) the Warrants represented by this Warrant Certificate or DRS Advice and hereby irrevocable constitutes and appoints ______________________ as its attorney with full power of substitution to transfer the said securities on the appropriate register of the Warrant Agent.</p>
    <p style="text-align: justify;">The undersigned hereby certifies that the transfer of these securities is not being made to, and the offer of these securities was not made to, and the person named above is not a person in the United States or a U.S. Person (as such terms are defined in Rule 144A and Regulation S under the United States Securities Act of 1933, as amended).</p>
    <p style="text-align: justify;">DATED this ______ day of _________________, 202____.</p>
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            <td style="width: 45%; vertical-align: bottom;">
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            </td>
            <td style="width: 3%; vertical-align: bottom;">
                <p style="text-align: right;">)</p>
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            <td style="width: 48%; vertical-align: bottom;">
                <p style="text-align: left;">&#160;</p>
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        <tr>
            <td style="width: 45%; vertical-align: bottom;">
                <p style="text-align: left; margin-left: 5.25pt;">SIGNATURES (BELOW)</p>
            </td>
            <td style="width: 3%; vertical-align: bottom;">
                <p style="text-align: right;">)</p>
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            <td style="width: 48%; vertical-align: bottom;">
                <p style="text-align: left;">&#160;</p>
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        </tr>
        <tr>
            <td style="width: 45%; vertical-align: bottom;">
                <p style="text-align: left;">&#160;</p>
            </td>
            <td style="width: 3%; vertical-align: bottom;">
                <p style="text-align: right;">)</p>
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            <td style="border-bottom: #000000 1px solid; width: 48%; vertical-align: bottom;">
                <p style="text-align: left;">&#160;</p>
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        </tr>
        <tr>
            <td style="width: 45%; vertical-align: bottom;">
                <p style="text-align: left;">&#160;</p>
            </td>
            <td style="width: 3%; vertical-align: bottom;">
                <p style="text-align: right;">)</p>
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            <td style="width: 48%; vertical-align: bottom;">
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            <td style="width: 45%; vertical-align: bottom;">
                <p style="text-align: left;">&#160;</p>
            </td>
            <td style="width: 3%; vertical-align: bottom;">
                <p style="text-align: right;">)</p>
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            <td style="width: 48%; vertical-align: bottom;">
                <p style="text-align: left;">&#160;</p>
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        </tr>
        <tr>
            <td style="width: 45%; vertical-align: bottom;">
                <p style="text-align: left;">&#160;</p>
            </td>
            <td style="width: 3%; vertical-align: bottom;">
                <p style="text-align: right;">)</p>
            </td>
            <td style="width: 48%; vertical-align: bottom;">
                <p style="text-align: left;">&#160;</p>
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        </tr>
        <tr>
            <td style="border-bottom: #000000 1px solid; width: 45%; vertical-align: bottom;">
                <p style="text-align: left;">&#160;</p>
            </td>
            <td style="width: 3%; vertical-align: bottom;">
                <p style="text-align: right;">)</p>
            </td>
            <td style="border-bottom: #000000 1px solid; width: 48%; vertical-align: bottom;">
                <p style="text-align: left;">&#160;</p>
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        </tr>
        <tr>
            <td style="width: 45%; vertical-align: bottom;">
                <p style="text-align: left; margin-left: 5.25pt;">Guarantor's Signature/Stamp</p>
            </td>
            <td style="width: 3%; vertical-align: bottom;">
                <p style="text-align: right;">)</p>
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            <td style="width: 48%; vertical-align: bottom;">
                <p style="text-align: left; margin-left: 5.25pt;">Name of Transferor</p>
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        </tr>
        <tr>
            <td style="width: 45%; vertical-align: bottom;">
                <p style="text-align: left;">&#160;</p>
            </td>
            <td style="width: 3%; vertical-align: bottom;">
                <p style="text-align: right;">)</p>
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            <td style="width: 48%; vertical-align: bottom;">
                <p style="text-align: left;">&#160;</p>
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    <p style="text-align: justify; margin-bottom: 0pt;">*<font style="width: 32.25pt; display: inline-block;">&#160;</font>If this Certificate includes a restrictive legend relating to the U.S. Securities Act, this transfer form must be accompanied by a completed and executed declaration for removal of legend in the form attached as Schedule "C" to the Warrant Indenture together with such additional evidence of exemption as the Corporation may from time to time prescribe, which may include an opinion of counsel reasonably satisfactory to the Corporation.</p>
    <p style="text-align: justify; margin-top: 0pt;">&#160;</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_73"></a>
    <div id="header_page_73">
        <p style="text-align: center;">A-8</p>
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    <p style="text-align: justify;"><b>REASON FOR TRANSFER - For US Residents only (where the individual(s) or corporation receiving the securities is a US resident). Please select only one (see instructions below).</b></p>
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            <td style="width: 21%; vertical-align: bottom; text-align: left;">&#9744; Gift</td>
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            <td style="width: 20%; vertical-align: bottom; text-align: left;">&#9744; Private Sale</td>
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        <tr>
            <td style="width: 42%; vertical-align: bottom;" colspan="2">&#160;</td>
            <td style="width: 57%; vertical-align: bottom;" colspan="2">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left;" colspan="2"><b>Date of Event </b>(Date of gift, death or sale):</td>
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        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left;" colspan="2">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; padding-left: 24pt;" colspan="2">&#160;</td>
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            <td style="vertical-align: top; text-align: left;" colspan="2"><img src="exhibit99-1xu002.jpg"></td>
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    <p style="text-align: justify;"><b>CERTAIN REQUIREMENTS RELATING TO TRANSFERS - READ CAREFULLY</b></p>
    <p style="text-align: justify;">The signature(s) of the transferor(s) must correspond with the name(s) as written upon the face of this certificate(s) or DRS Advice, in every particular, without alteration or enlargement, or any change whatsoever. All securityholders or a legally authorized representative must sign this form. The signature(s) on this form must be guaranteed in accordance with the transfer agent's then current guidelines and requirements at the time of transfer. Notarized or witnessed signatures are not acceptable as guaranteed signatures. As at the time of closing, you may choose one of the following methods (although subject to change in accordance with industry practice and standards):</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 54pt;">&#8226;<font style="width: 32.25pt; display: inline-block;">&#160;</font><b>Canada and the USA</b>: A Medallion Signature Guarantee obtained from a member of an acceptable Medallion Signature Guarantee Program (STAMP, SEMP, NYSE, MSP). Many commercial banks, savings banks, credit unions, and all broker dealers participate in a Medallion Signature Guarantee Program. The Guarantor must affix a stamp bearing the actual words "Medallion Guaranteed", with the correct prefix covering the face value of the certificate.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 54pt;">&#8226;<font style="width: 32.25pt; display: inline-block;">&#160;</font><b>Canada</b>: A Signature Guarantee obtained from a participating Schedule I Canadian chartered bank, or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program. The Guarantor must affix a stamp bearing the actual words "<b>Signature Guaranteed</b>", sign and print their full name and alpha numeric signing number. Signature Guarantees are not accepted from Treasury Branches, Credit Unions or Caisse Populaires unless they are members of a Medallion Signature Guarantee Program. For corporate holders, corporate signing resolutions, including certificate of incumbency, are also required to accompany the transfer, unless there is a "Signature &amp; Authority to Sign Guarantee" Stamp affixed to the transfer (as opposed to a "Signature Guaranteed" Stamp) obtained from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust or a Medallion Signature Guarantee with the correct prefix covering the face value of the certificate.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 54pt;">&#8226;<font style="width: 32.25pt; display: inline-block;">&#160;</font>Outside North America: For holders located outside North America, present the certificates(s) or the DRS Advice and/or document(s) that require a guarantee to a local financial institution that has a corresponding Canadian or American affiliate which is a member of an acceptable Medallion Signature Guarantee Program. The corresponding affiliate will arrange for the signature to be over-guaranteed.</p>
    <p style="margin-bottom: 0pt; text-align: center;">OR</p>
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    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_74"></a>
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        <p style="text-align: center;">A-9</p>
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    <p style="text-align: justify; margin-bottom: 0pt;">The signature(s) of the transferor(s) must correspond with the name(s) as written upon the face of this certificate(s), in every particular, without alteration or enlargement, or any change whatsoever. The signature(s) on this form must be guaranteed by an authorized officer of Royal Bank of Canada, Scotia Bank or TD Canada Trust whose sample signature(s) are on file with the transfer agent, or by a member of an acceptable Medallion Signature Guarantee Program (STAMP, SEMP, NYSE, MSP). Notarized or witnessed signatures are not acceptable as guaranteed signatures. The Guarantor must affix a stamp bearing the actual words: "SIGNATURE GUARANTEED", "MEDALLION GUARANTEED" OR "SIGNATURE &amp; AUTHORITY TO SIGN GUARANTEE", all in accordance with the transfer agent's then current guidelines and requirements at the time of transfer. For corporate holders, corporate signing resolutions, including certificate of incumbency, will also be required to accompany the transfer unless there is a "SIGNATURE &amp; AUTHORITY TO SIGN GUARANTEE" Stamp affixed to the Form of Transfer obtained from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust or a "MEDALLION GUARANTEED" Stamp affixed to the Form of Transfer, with the correct prefix covering the face value of the certificate.</p>
    <p style="text-align: justify;"><b><u>REASON FOR TRANSFER - FOR US RESIDENTS ONLY</u></b></p>
    <p style="text-align: justify; margin-bottom: 0pt;">Consistent with US IRS regulations, TSX Trust Company is required to request cost basis information from US securityholders. Please indicate the reason for requesting the transfer as well as the date of event relating to the reason. The event date is not the day in which the transfer is finalized, but rather the date of the event which led to the transfer request (i.e. date of gift, date of death of the securityholder, or the date the private sale took place).</p>
    <p style="text-align: justify; margin-top: 0pt;">&#160;</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_75"></a>
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        <p style="text-align: center;">B-1</p>
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    <p style="text-align: center;"><b>SCHEDULE "B"<br>EXERCISE FORM</b></p>
    <table style="width: 100%; font-size: 10pt; border-collapse: collapse; margin-left: auto; margin-right: auto;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 10%; vertical-align: bottom;">
                <p style="text-align: left;"><b>TO:</b></p>
            </td>
            <td style="width: 90%; vertical-align: bottom;">
                <p style="text-align: left;"><b>OSISKO DEVELOPMENT CORP.</b></p>
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        </tr>
        <tr>
            <td style="width: 10%; vertical-align: bottom;">
                <p style="text-align: left;"><b>AND TO:</b></p>
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            <td style="width: 90%; vertical-align: bottom;">
                <p style="text-align: left;"><b>TSX Trust Company</b></p>
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        </tr>
        <tr>
            <td style="width: 10%; vertical-align: bottom;">
                <p style="text-align: left;">&#160;</p>
            </td>
            <td style="width: 90%; vertical-align: bottom;">
                <p style="text-align: left;">100 Adelaide St W #301, Toronto, ON M5H 4H1</p>
            </td>
        </tr>
        <tr>
            <td style="width: 10%; vertical-align: bottom;">
                <p style="text-align: left;">&#160;</p>
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            <td style="width: 90%; vertical-align: bottom;">
                <p style="text-align: left;">Attn: Corporate Actions</p>
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        </tr>
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    <p style="text-align: justify;">The undersigned holder of the Warrants evidenced by this Warrant Certificate or DRS Advice hereby exercises the right to acquire:</p>
    <p style="text-align: justify; margin-bottom: 0pt;">______________________ Common Shares pursuant to the right of such holder to be issued, and hereby subscribes for the Common Shares that are issuable pursuant to the exercise of such Warrants on the terms specified in such Warrant Certificate or DRS Advice and in the Indenture for an aggregate exercise price of _________________.</p>
    <p style="text-align: justify;">The undersigned hereby acknowledges that the undersigned is aware that the Common Shares received on exercise may be subject to restrictions on resale under applicable securities legislation.</p>
    <p style="text-align: justify;"><b>Any capitalized term in this Warrant Certificate that is not otherwise defined herein, shall have the meaning ascribed thereto in the Warrant Indenture.</b></p>
    <p style="text-align: justify;">The undersigned hereby represents, warrants and certifies that (check box (a), (b), (c) or as applicable):</p>
    <p style="text-align: justify; text-indent: -63pt; margin-left: 104.25pt;">&#9744;<font style="width: 21pt; display: inline-block;">&#160;</font>(a)<font style="display: inline-block; width: 22pt;">&#160;</font>the undersigned (i) is not in the United States; (ii) is not a U.S. Person; (iii) is not exercising the Warrants on behalf of, or for the account or benefit of, a U.S. Person or a person in the United States; (iv) did not acquire the Warrants in the United States or on behalf of, or for the account or benefit of, a U.S. Person or a person in the United States; (v) did not receive an offer to exercise the Warrants in the United States; (vi) did not execute or deliver this Exercise Form in the United States; (vii) delivery of the underlying Common Shares will not be to an address in the United States; and (viii) has, in all other respects, complied with the terms of Regulation S in connection herewith;</p>
    <p style="text-align: justify; text-indent: -63pt; margin-left: 104.25pt;">&#9744;<font style="width: 21pt; display: inline-block;">&#160;</font>(b)<font style="display: inline-block; width: 22pt;">&#160;</font>the undersigned (i) is a Qualified Institutional Buyer as defined in Rule 144A under the U.S. Securities Act, who first purchased Subscription Receipts on the date of original issuance of the Subscription Receipts who, in connection with such purchase, executed a U.S. Subscription Agreement; (ii) is exercising the Warrants for its own account or for the account of a disclosed principal that was named in the U.S. Subscription Agreement; (iii) is, and such disclosed principal, if any, is a Qualified Institutional Buyer at the time of exercise of these Warrants; and (iv) confirms the representations and warranties made by the undersigned in the U.S. Subscription Agreement including all applicable schedules attached thereto at the time of the original purchase of the Subscription Receipts remain true and complete as of the date hereof;</p>
    <p style="text-align: justify; text-indent: -63pt; margin-left: 104.25pt;">&#9744;<font style="width: 17.25pt; display: inline-block;">&#160;</font>(c)<font style="display: inline-block; width: 26pt;">&#160;</font>the undersigned (i) is a U.S. Accredited Investor (that satisfies the criteria set forth in Rule 501(a) of Regulation D under the U.S. Securities Act) who first purchased Subscription Receipts on the date of original issuance of the Subscription Receipts who, in connection with such purchase, executed a U.S. Subscription Agreement and who is exercising the Warrants for its own account or the account of a U.S. Accredited Investor over which it exercises sole investment discretion, (ii) understands that the Common Shares have not been registered under the U.S. Securities Act or any state securities laws, (iii) has provided such documentation as the Corporation may reasonably require to meet the requirements of the U.S. Securities Act and (iv) agrees to the restrictions on transfer and resale more fully described in the Warrant Indenture.</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_76"></a>
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    <p style="text-align: justify; text-indent: -63pt; margin-left: 104.25pt;">&#9744;<font style="width: 21pt; display: inline-block;">&#160;</font>(d)<font style="display: inline-block; width: 22pt;">&#160;</font>the undersigned (A) is (i) present in the United States, (ii) a U.S. Person, (iii) a person exercising the Warrants for the account or benefit of a U.S. Person or a person in the United States, or (iv) requesting delivery in the United States of the Common Shares issuable upon such exercise, and the (B) has an exemption from the registration requirements of the U.S. Securities Act and all applicable state securities laws is available for the exercise of the Warrants, and attached hereto is a written opinion of U.S. counsel or other evidence in form and substance reasonably satisfactory to the Corporation to that effect.</p>
    <p style="text-align: justify; margin-bottom: 0pt;">Common Shares will not be registered or delivered to an address in the United States unless Box (b), (c) or</p>
    <p style="text-align: justify; margin-top: 0pt;">(d) above is checked.</p>
    <p style="text-align: justify;">If Box (d) above is checked, holders are encouraged to consult with the Corporation in advance to determine that the legal opinion tendered in connection with the exercise will be satisfactory in form and substance to the Corporation.</p>
    <p style="text-align: justify;">The undersigned hereby exercises the right of such holder to be issued, and hereby subscribes for, the Common Shares that are issuable pursuant to the exercise of such Warrants on the terms specified in such Warrant Certificate and in the Warrant Indenture.</p>
    <p style="text-align: justify;">The undersigned hereby acknowledges that the undersigned is aware that the Common Shares received on exercise may be subject to restrictions on resale under applicable securities legislation.</p>
    <p style="text-align: justify; margin-bottom: 0pt;">The undersigned holder understands that unless either Box (a) or (b) above is checked, any certificate representing the Common Shares issued upon exercise of the Warrants will, unless the issuance of such securities has been registered under the U.S. Securities Act and applicable state securities laws, bear a legend, as set forth in Section 3.3(3) of the Warrant Indenture, restricting transfer without registration under the U.S. Securities Act and applicable state securities laws unless an exemption from registration is available.</p>
    <p style="text-align: justify; margin-top: 0pt;">&#160;</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_77"></a>
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    <p>The undersigned hereby irrevocably directs that the said Common Shares be issued, registered and delivered as follows:</p>
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    <p style="text-align: justify;">Please print full name in which certificates representing the Common Shares are to be issued. If any Common Shares are to be issued to a person or persons other than the registered holder, the registered holder must pay to the Warrant Agent all eligible transfer taxes or other government charges, if any, and the Form of Transfer must be duly executed.</p>
    <p style="text-align: justify;">Once completed and executed, this Exercise Form must be mailed or delivered to <b>TSX Trust Company at: 100 Adelaide Street West, Suite 301, Toronto, ON M5H 4H1, Attn: Corporate Actions.</b></p>
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    <p style="text-align: justify;"><b>DATED </b>this ______ day of _________________, 202____.</p>
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                <p style="text-align: left; margin-left: 5.25pt;">(Signature of Warrantholder, to be the same as</p>
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                <p style="text-align: left; margin-left: 5.25pt;">appears on the face of this Warrant Certificate or</p>
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            <td style="width: 3%; vertical-align: bottom;">
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            <td style="width: 45%; vertical-align: bottom;">
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            <td style="width: 3%; vertical-align: bottom;">
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            <td style="width: 45%; vertical-align: bottom;">
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    <p style="text-align: justify; margin-top: 0pt;">&#160;</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_79"></a>
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    <p style="margin-bottom: 0pt; text-align: center;"><b>SCHEDULE "C"</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>FORM OF DECLARATION FOR REMOVAL OF LEGEND</b></p>
    <p style="text-align: justify; text-indent: -35.25pt; margin-left: 36pt;">TO:<font style="display: inline-block; width: 19pt;">&#160;</font>TSX TRUST COMPANY, AS REGISTRAR AND TRANSFER AGENT OF THE [COMMON SHARES] [WARRANTS] OF OSISKO DEVELOPMENT CORP.</p>
    <p style="text-align: justify;">The undersigned (A) acknowledges that the sale of the securities of Osisko Development Corp. (the "Corporation") represented by certificate number(s) _______________________, to which this declaration relates, is being made in reliance on Rule 904 of Regulation S under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and (B) certifies that (1) it is not an "affiliate" (as defined in Rule 405 under the U.S. Securities Act) of the Corporation, (2) the offer of such securities was not or will not be made to a person in the United States and either (A) at the time the buy order was originated, the buyer was outside the United States, or the seller and any person acting on its behalf reasonably believed that the buyer was outside the United States, or (B) the transaction was or will be executed on or through the facilities of a "designated offshore securities market" (as such term is defined in Regulation S and which includes the Toronto Stock Exchange and the TSX Venture Exchange) and neither the seller nor any person acting on its behalf knows that the transaction has been prearranged with a buyer in the United States, (3) neither the seller nor any affiliate of the seller nor any person acting on any of their behalf has engaged or will engage in any directed selling efforts in the United States in connection with the offer and sale of such securities, (4) the sale is bona fide and not for the purpose of "washing off" the resale restrictions imposed because the securities are "restricted securities" (as such term is defined in Rule 144(a)(3) under the U.S. Securities Act), (5) the seller does not intend to replace the securities sold in reliance on Rule 904 of the U.S. Securities Act with fungible unrestricted securities, and (6) the contemplated sale is not a transaction, or part of a series of transactions which, although in technical compliance with Regulation S, is part of a plan or scheme to evade the registration provisions of the U.S. Securities Act. Terms used herein have the meanings given to them by Regulation S.</p>
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            <td style="width: 4%; padding-right: 5pt;">Dated:</td>
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            <td style="width: 32%;">&#160;</td>
            <td style="width: 32%;">&#160;</td>
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        <tr>
            <td style="width: 4%;">&#160;</td>
            <td style="width: 32%;">&#160;</td>
            <td style="width: 32%;">&#160;</td>
            <td style="width: 32%;">&#160;</td>
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        <tr>
            <td style="width: 4%;">&#160;</td>
            <td style="width: 32%;">&#160;</td>
            <td style="width: 32%;">&#160;</td>
            <td style="width: 32%;">&#160;</td>
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        <tr>
            <td style="width: 4%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="width: 32%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="width: 32%;">&#160;</td>
            <td style="width: 32%;">&#160;</td>
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            <td style="width: 4%;">&#160;</td>
            <td style="width: 32%;">&#160;</td>
            <td style="width: 32%;">&#160;</td>
            <td style="width: 32%;">&#160;</td>
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        <tr>
            <td style="width: 4%;">&#160;</td>
            <td style="width: 32%;">&#160;</td>
            <td style="width: 32%;">&#160;</td>
            <td style="width: 32%;">&#160;</td>
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        <tr>
            <td style="width: 4%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="width: 32%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="width: 32%;">&#160;</td>
            <td style="width: 32%;">&#160;</td>
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            <td style="width: 32%;">&#160;</td>
            <td style="width: 32%;">&#160;</td>
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            <td style="width: 4%;">&#160;</td>
            <td style="width: 32%;">&#160;</td>
            <td style="width: 32%;">&#160;</td>
            <td style="width: 32%;">&#160;</td>
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        <tr>
            <td style="width: 4%;">&#160;</td>
            <td style="width: 32%;">&#160;</td>
            <td style="width: 32%;">&#160;</td>
            <td style="width: 32%;">&#160;</td>
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        <tr>
            <td style="width: 4%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="width: 32%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="width: 32%;">&#160;</td>
            <td style="width: 32%;">&#160;</td>
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            <td style="width: 32%;">&#160;</td>
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            <td style="width: 4%;">&#160;</td>
            <td style="width: 32%;">&#160;</td>
            <td style="width: 32%;">&#160;</td>
            <td style="width: 32%;">&#160;</td>
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            <td style="width: 4%;">&#160;</td>
            <td style="width: 32%;">&#160;</td>
            <td style="width: 32%;">&#160;</td>
            <td style="width: 32%;">&#160;</td>
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            <td style="width: 4%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="width: 32%; border-bottom: 0.75pt solid #000000;">&#160;</td>
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<DOCUMENT>
<TYPE>EX-99.2
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<FILENAME>exhibit99-2.htm
<DESCRIPTION>EXHIBIT 99.2
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<html>

<head>
    <title>Osisko Development Corp.: Exhibit 99.2 - Filed by newsfilecorp.com</title>
</head>

<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="text-align: justify;">&#160;</p>
    <p style="text-align: justify;">&#160;</p>
    <p style="text-align: justify;">&#160;</p>
    <p style="text-align: center;"><b>OSISKO DEVELOPMENT CORP.</b></p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;">- and -</p>
    <p>&#160;</p>
    <p style="text-align: center;"><b>TSX TRUST COMPANY</b></p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;"><b>SUPPLEMENTAL WARRANT INDENTURE</b></p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;">Dated as of March 17, 2023</p>
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    <p style="text-align: center;">&#160;</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_2"></a>
    <p style="text-align: justify;"><b>THIS SUPPLEMENTAL WARRANT INDENTURE is dated the 17</b><sup><b>th </b></sup><b>day of March, 2023.</b></p>
    <p style="text-align: justify;"><b>BETWEEN:</b></p>
    <p style="text-align: justify; margin-left: 72pt;"><b>OSISKO DEVELOPMENT CORP.</b>, a corporation existing under laws of Canada (hereinafter called the "<b>Corporation</b>")</p>
    <p style="text-align: justify; margin-left: 72pt;">- and -</p>
    <p style="text-align: justify; margin-left: 72pt;"><b>TSX TRUST COMPANY</b>, a trust company existing under the laws of Canada</p>
    <p style="text-align: justify; margin-left: 72pt;">(hereinafter called the "<b>Warrant Agent</b>")</p>
    <p style="text-align: justify;"><b>WHEREAS:</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">A.<font style="width: 25.5pt; display: inline-block;">&#160;</font>the Corporation previously issued an aggregate of 9,525,850 units of the Corporation (the "<b>Units</b>") and 13,732,900 subscription receipts of the Corporation (the "<b>Subscription Receipts</b>") at an issue price of $4.45 per Unit or Subscription Receipt which closed on March 2, 2022 (collectively, the "<b>Brokered Placement</b>");</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">B.<font style="width: 26.25pt; display: inline-block;">&#160;</font>in connection with the Brokered Placement, the Corporation and the Warrant Agent entered into a warrant indenture dated as of March 2, 2022, a copy of which is attached hereto as Schedule "A";</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">C.<font style="width: 26.25pt; display: inline-block;">&#160;</font>on May 3, 2022 and prior to the Escrow Release Time (as defined in the Indenture) of the Subscription Receipts, the Corporation completed a consolidation of its issued and outstanding common shares on the basis of 3 pre-consolidation common share for 1 post-consolidation common share (the "<b>Consolidation</b>");</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">D.<font style="width: 25.5pt; display: inline-block;">&#160;</font>prior to the Consolidation, each pre-consolidation warrant issued (or to be issued) under the Brokered Placement (either under the Units or the Subscription Receipts) (the "<b>Pre- Consolidation Warrant</b>") entitled the holder thereof to purchase a pre-consolidation common share of the Corporation (each, a "<b>Pre-Consolidation Share</b>") at an exercise price of $7.60 per Pre-Consolidation Share until March 2, 2027;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">E.<font style="width: 26.25pt; display: inline-block;">&#160;</font>after giving effect to the Consolidation, each outstanding Pre-Consolidation Warrant were subject to the Consolidation, with one post-Consolidation warrant (the "<b>Warrant</b>") entitling the holder thereof to purchase, subject to adjustments in accordance with the terms of the Indenture, one post-Consolidation common share (the "<b>Common Share</b>") at an exercise price of $22.80 per Common Share until March 2, 2027;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">F.<font style="width: 27pt; display: inline-block;">&#160;</font>on May 30, 2022 (being the Escrow Release Time), every three outstanding Subscription Receipts automatically converted into one Common Share and one Warrant;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">G.<font style="width: 25.5pt; display: inline-block;">&#160;</font>the Corporation wishes to amend the exercise price of the Warrants in favour of the Warrantholders (as defined in the Indenture) by reducing the exercise price of the Warrants from $22.80 to $14.75 per Warrant Share (on a post-Consolidation basis) (the "<b>Exercise Price Amendment</b>");</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">H.<font style="width: 25.5pt; display: inline-block;">&#160;</font>pursuant to section 8.1(a) and 8.1(f) of the Indenture, the Corporation wishes to enter into this supplemental indenture (the "<b>Supplemental Indenture</b>") to:</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_3"></a>
    <p style="text-align: center;">- 2 -</p>
    <p style="text-align: justify; text-indent: -32pt; margin-left: 72pt;">(i)<font style="width: 21pt; display: inline-block;">&#160;</font>set forth the adjustments in respect of the Consolidation; and</p>
    <p style="text-align: justify; text-indent: -32pt; margin-left: 72pt;">(ii)<font style="width: 19pt; display: inline-block;">&#160;</font>set forth the Exercise Price Amendment, which amendment is in favour of the Warrantholders and does not prejudice any of the rights of the Warrantholders or the Warrant Agent under the Indenture;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">I.<font style="width: 29.25pt; display: inline-block;">&#160;</font>the Corporation has duly authorized the execution and delivery of this Supplemental Indenture and all things necessary to make this Supplemental Indenture a valid and binding agreement of the Corporation in accordance with its terms, have been done;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">J.<font style="width: 28.75pt; display: inline-block;">&#160;</font>the foregoing recitals are made as representations and statements of fact by the Corporation and not by the Warrant Agent.</p>
    <p style="text-align: justify;"><b>NOW THEREFORE </b>the parties agree as follows:</p>
    <p style="text-align: justify;"><b>1.</b><font style="width: 27.75pt; display: inline-block;">&#160;</font><b><u>Definitions</u></b></p>
    <p style="text-align: justify;">All capitalized terms used but not defined in this Supplemental Indenture have the meanings ascribed to such terms in the Indenture.</p>
    <p style="text-align: justify;"><b>2.</b><font style="width: 27.75pt; display: inline-block;">&#160;</font><b><u>Amendment to Indenture</u></b></p>
    <p style="text-align: justify;">The Indenture is hereby amended as follows:</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(a)<font style="width: 26pt; display: inline-block;">&#160;</font>Reference to "23,258,750" on the cover page of the Indenture is hereby deleted and replaced with "7,752,916";</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(b)<font style="width: 25.25pt; display: inline-block;">&#160;</font>Reference to "23,258,750" in the sixth recital of the Indenture is hereby deleted and replaced with "7,752,916"; and</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(c)<font style="width: 26pt; display: inline-block;">&#160;</font>Each reference to "23,257,750" in Section 2.1(1) of the Indenture is hereby deleted and replaced with "7,752,916".</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(d)<font style="width: 25.25pt; display: inline-block;">&#160;</font>The definition of "Common Share Recapitalization" in Section 1.1 of the Indenture shall be deleted and replaced with the following:</p>
    <p style="text-align: justify; margin-left: 36pt;">""<b>Common Share Recapitalization</b>" has the meaning set forth in Section 4.1(a);"</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(e)<font style="width: 26pt; display: inline-block;">&#160;</font>The definition of "Consolidation" in Section 1.1 of the Indenture shall be deleted.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(f)<font style="width: 26.75pt; display: inline-block;">&#160;</font>The definition of "Exercise Price" in Section 1.1 of the Indenture shall be deleted and replaced with the following:</p>
    <p style="text-align: justify; margin-left: 36pt;">""<b>Exercise Price</b>" means $14.75 per Common Share (subject to adjustment in accordance with the provisions of Article 4);"</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(g)<font style="width: 25.25pt; display: inline-block;">&#160;</font>Any references to "$7.60" in the Indenture, including all schedules thereto, will be deemed to refer to "$14.75".</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_4"></a>
    <p style="text-align: center;">- 3 -</p>
    <p style="text-align: justify;"><b>3.</b><font style="width: 27.75pt; display: inline-block;">&#160;</font><b><u>Effect of Amendments</u></b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(a)<font style="width: 26pt; display: inline-block;">&#160;</font>The Warrants issued and outstanding shall be deemed to include the amendments as set forth herein, without any further action of the Warrantholders or surrender or exchange of their Warrant Certificate(s) or DRS Advice(s), as applicable.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(b)<font style="width: 25.25pt; display: inline-block;">&#160;</font>The parties confirm that the Indenture, as amended by this Supplemental Indenture, remains in full force and effect. From the date hereof, the Indenture and this Supplemental Indenture shall be read together to the extent reasonably possible as though all of the terms of both documents were contained in one instrument.</p>
    <p style="text-align: justify;"><b>4.</b><font style="width: 27.75pt; display: inline-block;">&#160;</font><b><u>Applicable Law</u></b></p>
    <p style="text-align: justify;">The Indenture, as amended and supplemented by this Supplemental Indenture, the Warrants, as amended pursuant to the terms hereof, and all Warrant Certificate(s) or DRS Advice(s), as amended pursuant to the terms hereof, (including all documents relating thereto, which by common accord have been and will be drafted in English) shall be construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein and shall be treated in all respects as Ontario contracts. Each of the parties hereto, which shall include the Warrantholders, irrevocably attorns to the exclusive jurisdiction of the courts of the Province of Ontario with respect to all matters arising out of this Indenture and the transactions contemplated herein.</p>
    <p style="text-align: justify;"><b>5.</b><u><font style="width: 27.75pt; display: inline-block;">&#160;</font></u><b><u>Counterparts</u></b></p>
    <p style="text-align: justify;">This Supplemental Indenture may be executed in several counterparts each of which so executed shall be deemed to be an original and such counterparts together shall constitute one and the same instrument. Delivery of an executed copy of the Supplemental Indenture by electronic facsimile transmission or other means of electronic communication capable of producing a printed copy will be deemed to be execution and delivery of a facsimile or PDF copy of this Supplemental Indenture and acceptance by each such party of any such facsimile or PDF copy shall be legally effective to create a valid and binding agreement as of the date hereof.</p>
    <p style="text-align: center;"><b><i>[Remainder of page left intentionally blank. Signature page follows.]</i></b></p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_5"></a>
    <p style="text-align: justify;"><b>IN WITNESS WHEREOF </b>the parties have executed this Indenture as of the day and year first above written.</p>
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                <td style="width: 10%;">&#160;</td>
                <td style="width: 10%;">&#160;</td>
                <td style="width: 80%;">&#160;</td>
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                <td style="width: 10%;">&#160;</td>
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                <td style="width: 10%;">&#160;</td>
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                <td style="width: 10%;">&#160;</td>
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                <td style="width: 10%;">&#160;</td>
                <td style="width: 10%;">&#160;</td>
                <td style="width: 80%;">&#160;</td>
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            <tr>
                <td style="width: 10%;">&#160;</td>
                <td style="width: 10%;">&#160;</td>
                <td style="width: 80%;">&#160;</td>
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                <td style="width: 10%;">&#160;</td>
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                <td style="width: 10%;">&#160;</td>
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                <td style="width: 10%;">&#160;</td>
                <td style="width: 10%;">&#160;</td>
                <td style="width: 80%;">&#160;</td>
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            <tr>
                <td style="width: 10%;">&#160;</td>
                <td style="width: 10%;">&#160;</td>
                <td style="width: 80%;">&#160;</td>
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                <td style="width: 10%;">&#160;</td>
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    <p style="text-align: center;"><i>[Signature Page to Supplemental Warrant Indenture]</i></p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_6"></a>
    <p style="margin-bottom: 0pt; text-align: center;"><b>SCHEDULE "A"</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b><u>WARRANT INDENTURE</u></b></p>
    <p style="text-align: justify;">See attached.</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_7"></a>
    <p style="text-align: justify;"><b>BROKERED OFFERING</b></p>
    <p style="text-align: justify;">&#160;</p>
    <p style="text-align: justify;">&#160;</p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;"><b>OSISKO DEVELOPMENT CORP.</b></p>
    <p style="text-align: center;">as the Corporation</p>
    <p style="text-align: center;">- and -</p>
    <p style="text-align: center;"><b>TSX TRUST COMPANY</b></p>
    <p style="text-align: center; margin-bottom: 0pt;">as the Warrant Agent</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 100%; border-bottom: 0.75pt solid #000000;">&#160;</td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; text-align: center;"><b><br>WARRANT INDENTURE</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>Providing for the Issue of up to 23,258,750 Warrants</b></p>
    <p style="text-align: center;">Dated as of March 2, 2022</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 100%; border-bottom: 0.75pt solid #000000;">&#160;</td>
        </tr>
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    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_8"></a><br>
    <table style="width: 100%; font-size: 10pt; border-collapse: collapse;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: center;" colspan="3"><b>TABLE OF CONTENTS</b></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><b>Page</b></td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left;" colspan="2">&#160;</td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; text-align: left; background-color: #eeeeee;" colspan="2"><a href="#page_12"><b>ARTICLE 1 INTERPRETATION</b></a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_12"><b>2</b></a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_12">1.1</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_12">Definitions</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_12">2</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_16">1.2</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_16">Gender and Number</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_16">6</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_16">1.3</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_16">Construction</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_16">6</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_16">1.4</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_16">Day not a Business Day</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_16">6</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_17">1.5</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_17">Time of the Essence</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_17">7</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_17">1.6</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_17">Monetary References</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_17">7</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_17">1.7</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_17">Applicable Law</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_17">7</a></td>
        </tr>
        <tr>
            <td style="width: 94%; vertical-align: bottom; text-align: left; background-color: #eeeeee;" colspan="2">&#160;</td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left;" colspan="2"><a href="#page_17"><b>ARTICLE 2 ISSUE OF WARRANTS</b></a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_17"><b>7</b></a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_17">2.1</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_17">Creation and Issue of Warrants</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_17">7</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_17">2.2</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_17">Terms of Warrants</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_17">7</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_18">2.3</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_18">Warrantholder not a Shareholder</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_18">8</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_18">2.4</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_18">Not Registered in the United States</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_18">8</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_18">2.5</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_18">Warrants to Rank Pari Passu</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_18">8</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_19">2.6</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_19">Form of Warrants, Certificated Warrants</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_19">9</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_20">2.7</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_20">Book Entry Only Warrants</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_20">10</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_21">2.8</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_21">Authentication</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_21">11</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_22">2.9</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_22">Register of Warrants</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_22">12</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_23">2.10</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_23">Issue in Substitution for Warrant Certificates Lost, etc.</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_23">13</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_24">2.11</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_24">Exchange of Warrant Certificates</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_24">14</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_24">2.12</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_24">Transfer and Ownership of Warrants</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_24">14</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_25">2.13</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_25">Cancellation of Surrendered Warrants</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_25">15</a></td>
        </tr>
        <tr>
            <td style="width: 94%; vertical-align: bottom; text-align: left;" colspan="2">&#160;</td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; background-color: #eeeeee;" colspan="2"><a href="#page_25"><b>ARTICLE 3 EXERCISE OF WARRANTS</b></a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_25"><b>15</b></a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_25">3.1</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_25">Right of Exercise</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_25">15</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_25">3.2</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_25">Warrant Exercise</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_25">15</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_27">3.3</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_27">Prohibition on Exercise by Persons in the United States and U.S. Persons</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_27">17</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_27">3.4</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_27">Transfer Fees and Taxes</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_27">17</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_27">3.5</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_27">Warrant Agency</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_27">17</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_28">3.6</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_28">Effect of Exercise of Warrants</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_28">18</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_28">3.7</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_28">Partial Exercise of Warrants; Fractions</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_28">18</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_28">3.8</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_28">Expiration of Warrants</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_28">18</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_29">3.9</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_29">Accounting and Recording</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_29">19</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_29">3.10</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_29">Securities Restrictions</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_29">19</a></td>
        </tr>
        <tr>
            <td style="width: 94%; vertical-align: bottom; text-align: left;" colspan="2">&#160;</td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; background-color: #eeeeee;" colspan="2"><a href="#page_29"><b>ARTICLE 4 ADJUSTMENT OF NUMBER OF COMMON SHARES AND EXERCISE PRICE</b></a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_29"><b>19</b></a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_29">4.1</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_29">Adjustment of Number of Common Shares and Exercise Price</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_29">19</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_34">4.2</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_34">Entitlement to Common Shares on Exercise of Warrant</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_34">24</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_34">4.3</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_34">No Adjustment for Certain Transactions</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_34">24</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_34">4.4</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_34">Determination by Independent Firm</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_34">24</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_34">4.5</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_34">Proceedings Prior to any Action Requiring Adjustment</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_34">24</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_34">4.6</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_34">Certificate of Adjustment</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_34">24</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_35">4.7</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_35">Notice of Special Matters</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_35">25</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_35">4.8</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_35">No Action after Notice</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_35">25</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_35">4.9</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_35">Other Action</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_35">25</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_35">4.10</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_35">Protection of Warrant Agent</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_35">25</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_36">4.11</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_36">Participation by Warrantholder</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_36">26</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_36">4.12</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_36">Regulatory Approval of Adjustments</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_36">26</a></td>
        </tr>
    </table>
    <p style="text-align: center;">-i-</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_9"></a><br>
    <table style="width: 100%; font-size: 10pt; border-collapse: collapse;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: center;" colspan="3"><b>TABLE OF CONTENTS</b></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: center;" colspan="3">(continued)</td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><b>Page</b></td>
        </tr>
        <tr>
            <td style="width: 94%; vertical-align: bottom; text-align: left;" colspan="2">&#160;</td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; background-color: #eeeeee;" colspan="2"><a href="#page_36"><b>ARTICLE 5 RIGHTS OF THE CORPORATION AND COVENANTS</b></a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_36"><b>26</b></a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_36">5.1</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_36">Optional Purchases by the Corporation</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_36">26</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_36">5.2</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_36">General Covenants</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_36">26</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_37">5.3</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_37">Warrant Agent's Remuneration and Expenses</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_37">27</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_37">5.4</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_37">Performance of Covenants by Warrant Agent</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_37">27</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_38">5.5</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_38">Enforceability of Warrants</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_38">28</a></td>
        </tr>
        <tr>
            <td style="width: 94%; vertical-align: bottom; text-align: left; background-color: #eeeeee;" colspan="2">&#160;</td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left;" colspan="2"><a href="#page_38"><b>ARTICLE 6 ENFORCEMENT</b></a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_38"><b>28</b></a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_38">6.1</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_38">Suits by Warrantholders</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_38">28</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_38">6.2</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_38">Suits by the Corporation</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_38">28</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_38">6.3</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_38">Immunity of Shareholders, etc.</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_38">28</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_38">6.4</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_38">Waiver of Default</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_38">28</a></td>
        </tr>
        <tr>
            <td style="width: 94%; vertical-align: bottom; text-align: left; background-color: #eeeeee;" colspan="2">&#160;</td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left;" colspan="2"><a href="#page_39"><b>ARTICLE 7 MEETINGS OF REGISTERED WARRANTHOLDERS</b></a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_39"><b>29</b></a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_39">7.1</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_39">Right to Convene Meetings</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_39">29</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_39">7.2</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_39">Notice</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_39">29</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_39">7.3</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_39">Chair</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_39">29</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_39">7.4</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_39">Quorum</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_39">29</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_40">7.5</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_40">Power to Adjourn</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_40">30</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_40">7.6</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_40">Show of Hands</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_40">30</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_40">7.7</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_40">Poll and Voting</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_40">30</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_40">7.8</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_40">Regulations</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_40">30</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_41">7.9</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_41">Corporation and Warrant Agent May be Represented</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_41">31</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_41">7.10</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_41">Powers Exercisable by Extraordinary Resolution</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_41">31</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_42">7.11</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_42">Meaning of Extraordinary Resolution</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_42">32</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_42">7.12</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_42">Powers Cumulative</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_42">32</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_42">7.13</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_42">Minutes</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_42">32</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_43">7.14</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_43">Instruments in Writing</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_43">33</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_43">7.15</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_43">Binding Effect of Resolutions</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_43">33</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_43">7.16</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_43">Evidence of Warrantholders</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_43">33</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_43">7.17</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_43">Holdings by Corporation Disregarded</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_43">33</a></td>
        </tr>
        <tr>
            <td style="width: 94%; vertical-align: bottom; text-align: left;" colspan="2">&#160;</td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; background-color: #eeeeee;" colspan="2"><a href="#page_44"><b>ARTICLE 8 SUPPLEMENTAL INDENTURES</b></a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_44"><b>34</b></a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_44">8.1</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_44">Provision for Supplemental Indentures for Certain Purposes</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_44">34</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_45">8.2</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_45">Successor Entities</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_45">35</a></td>
        </tr>
        <tr>
            <td style="width: 94%; vertical-align: bottom; text-align: left;" colspan="2">&#160;</td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; background-color: #eeeeee;" colspan="2"><a href="#page_45"><b>ARTICLE 9 CONCERNING THE WARRANT AGENT</b></a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_45"><b>35</b></a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_45">9.1</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_45">Warrant Indenture Legislation</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_45">35</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_45">9.2</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_45">Rights and Duties of Warrant Agent</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_45">35</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_46">9.3</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_46">Evidence, Experts and Advisers</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_46">36</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_47">9.4</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_47">Documents, Monies, etc. Held by Warrant Agent</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_47">37</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_47">9.5</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_47">Actions by Warrant Agent to Protect Interest</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_47">37</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_47">9.6</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_47">Warrant Agent Not Required to Give Security</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_47">37</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_47">9.7</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_47">Protection of Warrant Agent</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_47">37</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_49">9.8</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_49">Replacement of Warrant Agent; Successor by Merger</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_49">39</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_49">9.9</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_49">Conflict of Interest</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_49">39</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_50">9.10</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_50">Acceptance of Agency</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_50">40</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt;"><a href="#page_50">9.11</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_50">Warrant Agent Not to be Appointed Receiver</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_50">40</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_50">9.12</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_50">Warrant Agent Not Required to Give Notice of Default</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_50">40</a></td>
        </tr>
    </table>
    <p style="text-align: center;">-ii-</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_10"></a><br>
    <table style="width: 100%; font-size: 10pt; border-collapse: collapse;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: center;" colspan="3"><b>TABLE OF CONTENTS</b></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: center;" colspan="3">(continued)</td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="width: 81%; vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><b>Page</b></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;">&#160;</td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: center; background-color: #eeeeee;"><a href="#page_50">9.13</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_50">Anti-Money Laundering</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_50">40</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: center;"><a href="#page_50">9.14</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_50">Compliance with Privacy Code</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_50">40</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: center; background-color: #eeeeee;"><a href="#page_51">9.15</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_51">Securities Exchange Commission Certification</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_51">41</a></td>
        </tr>
        <tr>
            <td style="width: 94%; vertical-align: bottom; text-align: left;" colspan="2">&#160;</td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; background-color: #eeeeee;" colspan="2"><a href="#page_51"><b>ARTICLE 10 GENERAL</b></a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_51"><b>41</b></a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: center;"><a href="#page_51">10.1</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_51">Notice to the Corporation and Warrant Agent</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_51">41</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: center; background-color: #eeeeee;"><a href="#page_52">10.2</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_52">Notice to Warrantholders</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_52">42</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: center;"><a href="#page_53">10.3</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_53">Ownership of Warrants</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_53">43</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: center; background-color: #eeeeee;"><a href="#page_53">10.4</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_53">Counterparts</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_53">43</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: center;"><a href="#page_53">10.5</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt;"><a href="#page_53">Satisfaction and Discharge of Indenture</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_53">43</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: center; background-color: #eeeeee;"><a href="#page_54">10.6</a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 9.75pt; background-color: #eeeeee;"><a href="#page_54">Provisions of Indenture and Warrants for the Sole Benefit of Parties and Warrantholders</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_54">44</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: center;"><a href="#page_54">10.7</a></td>
            <td style="width: 81%; vertical-align: bottom; padding-left: 9.76pt;"><a href="#page_54">Common Shares or Warrants Owned by the Corporation or its Subsidiaries - Certificate to be Provided&#160;</a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_54">44</a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: center; background-color: #eeeeee;"><a href="#page_54"> 10.8 </a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 6.75pt; background-color: #eeeeee;"><a href="#page_54"> Severability </a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_54"> 44 </a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: center;"><a href="#page_54"> 10.9 </a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 6.75pt;"><a href="#page_54"> Force Majeure </a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_54"> 44 </a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: center; background-color: #eeeeee;"><a href="#page_55"> 10.10 </a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 6.75pt; background-color: #eeeeee;"><a href="#page_55"> Assignment, Successors and Assigns </a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;"><a href="#page_55"> 45 </a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: center;"><a href="#page_55"> 10.11 </a></td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 6.75pt;"><a href="#page_55"> Rights of Rescission and Withdrawal for Holders </a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_55"> 45 </a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: center; background-color: #eeeeee;">&#160;</td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 6.75pt; background-color: #eeeeee;">&#160;</td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;">&#160;</td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left;" colspan="2"><a href="#page_57"><b>SCHEDULE "A" FORM OF WARRANT </b></a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_57"><b>A-1</b></a></td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left; background-color: #eeeeee;">&#160;</td>
            <td style="width: 81%; vertical-align: bottom; text-align: left; padding-left: 6.75pt; background-color: #eeeeee;">&#160;</td>
            <td style="width: 5%; vertical-align: bottom; text-align: right; background-color: #eeeeee;">&#160;</td>
        </tr>
        <tr>
            <td style="width: 13%; vertical-align: bottom; text-align: left;" colspan="2"><a href="#page_65"><b>SCHEDULE "B" EXERCISE FORM</b></a></td>
            <td style="width: 5%; vertical-align: bottom; text-align: right;"><a href="#page_#page_65"><b>B-1</b></a></td>
        </tr>
    </table>
    <p style="text-align: center;">-iii-</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_11"></a>
    <p style="text-align: center;"><b>WARRANT INDENTURE</b></p>
    <p style="text-align: justify;"><b>THIS WARRANT INDENTURE </b>is dated as of March 2, 2022.</p>
    <p style="text-align: justify;"><b>AMONG:</b></p>
    <p style="text-align: justify; margin-left: 72pt;"><b>OSISKO DEVELOPMENT CORP.</b>, a corporation existing under the federal laws of Canada (the "<b>Corporation</b>")</p>
    <p style="text-align: justify; margin-left: 72pt;">- and -</p>
    <p style="text-align: justify; margin-left: 72pt;"><b>TSX TRUST COMPANY</b>, a trust company existing under the federal laws of Canada (the "<b>Warrant Agent</b>")</p>
    <p style="text-align: justify;"><b>WHEREAS </b>the Corporation is authorized to issue an unlimited number of Common Shares (as defined herein);</p>
    <p style="text-align: justify;"><b>AND WHEREAS </b>pursuant to the terms and conditions of an underwriting agreement dated March 2, 2022 (the "<b>Underwriting Agreement</b>"), among the Corporation and Eight Capital, BMO Nesbitt Burns Inc., National Bank Financial Inc., Canaccord Genuity Corp., RBC Capital Markets, PI Financial Corp. and Desjardins Securities Inc. (collectively, the "<b>Underwriters</b>"), the Corporation proposes to issue and sell 23,258,750 Subscription Receipts (as defined herein) and/or Units (as defined herein), at a price of $4.45 per Subscription Receipt or Unit on a bought deal private placement basis (the "<b>Offering</b>");</p>
    <p style="text-align: justify;"><b>AND WHEREAS </b>the Corporation has entered into a subscription receipt agreement dated March 2, 2022 among the Corporation, TSX Trust Company, as the subscription receipt agent, and Eight Capital, on behalf of the Underwriters (the "<b>Subscription Receipt Agreement</b>");</p>
    <p style="text-align: justify;"><b>AND WHEREAS </b>each Unit is comprised of one Common Share and one Common Share purchase warrant of the Corporation (each, a "<b>Unit Warrant</b>"), with each Unit Warrant to be issued on the Closing Date and entitling the holder thereof to purchase one Common Share at the Exercise Price (as defined herein) and upon the terms and conditions hereinafter set forth;</p>
    <p style="text-align: justify;"><b>AND WHEREAS </b>each Subscription Receipt will entitle the holder thereof to receive, at the Escrow Release Time (as defined herein), and without any further action or payment on the part of the holder thereof, one Common Share and one Common Share purchase warrant of the Corporation (each, a "<b>SR Warrant</b>"), subject to adjustments as provided for in the Subscription Receipt Agreement, with each SR Warrant entitling the holder thereof to purchase, subject to adjustments in certain events, one Common Share at the Exercise Price (as defined herein) and upon the terms and conditions hereinafter set forth;</p>
    <p style="text-align: justify;"><b>AND WHEREAS </b>in accordance with the foregoing, the Corporation is proposing to issue an aggregate of up to 23,258,750 Warrants (as defined herein) pursuant to this Warrant Indenture (as defined herein);</p>
    <p style="text-align: justify;"><b>AND WHEREAS </b>the Corporation is authorized under the laws applicable to it to create and issue the Warrants as hereinafter provided;</p>
    <p style="text-align: justify;"><b>AND WHEREAS </b>all acts and deeds necessary have been done and performed to make the Warrants, when created and issued as provided in this Indenture, legal, valid and binding upon the Corporation with the benefits of and subject to the terms of this Indenture;</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_12"></a>
    <p style="text-align: center;">- 2 -</p>
    <p style="text-align: justify;"><b>AND WHEREAS </b>the foregoing recitals are made as representations and statements of fact by the Corporation and not by the Warrant Agent;</p>
    <p style="text-align: justify;"><b>NOW THEREFORE</b>, in consideration of the premises and mutual covenants hereinafter contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Corporation hereby appoints the Warrant Agent as warrant agent to hold the rights, interests and benefits contained herein for and on behalf of those persons who from time to time become the holders of Warrants issued pursuant to this Indenture and the parties hereto agree as follows:</p>
    <p style="margin-bottom: 0pt; text-align: center;"><b>ARTICLE 1</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>INTERPRETATION</b></p>
    <p style="text-align: justify;"><b>1.1</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Definitions</b></p>
    <p style="text-align: justify;">In this Indenture, including the recitals and schedules hereto, and in all indentures supplemental hereto:</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Applicable Legislation</b>" means any statute of Canada or a province thereof, and the regulations under any such named or other statute, relating to warrant indentures or to the rights, duties and obligations of warrant agents under warrant indentures, to the extent that such provisions are at the time in force and applicable to this Indenture;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Applicable Securities Laws</b>" means the applicable securities laws and regulations of each of the provinces and territories of Canada, and the applicable federal and state securities laws and regulations of the United States, together with all related rules, policies, notices and orders of applicable regulatory authorities;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Approved Bank</b>" has the meaning set forth in Section 9.4;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Auditors</b>" means a firm of professionalaccountants duly appointed as auditors of the Corporation, from time to time;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Authenticated</b>" means (a) with respect to the issuance of a Warrant Certificate, one which has been duly signed by the Corporation or on which the signatures of the Corporation have been electronic, printed, lithographed or otherwise mechanically reproduced and authenticated by manual signature of an authorized officer of the Warrant Agent, and (b) with respect to the issuance of an Uncertificated Warrant, one in respect of which the Warrant Agent has completed all Internal Procedures such that the particulars of such Uncertificated Warrant as required by Section 2.8 are entered in the Register of holders of Warrants, "<b>Authenticate</b>", "<b>Authenticating</b>" and "<b>Authentication</b>" have the appropriate correlative meanings;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Book Based System</b>" means the electronic system for clearing, depository and entitlement services operated by CDS;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Book Entry Only Participants</b>" means institutions that participate directly or indirectly in the Depository's Book Based System for the Warrants;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Book Entry Only Warrants</b>" means Warrants that are to be held only by or on behalf of the Depository on the Book Based System;</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_13"></a>
    <p style="text-align: center;">- 3 -</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Business Day</b>" means any day other than Saturday, Sunday or a statutory or civic holiday, or any other day on which banks are not open for business in the City of Toronto, Ontario, and shall be a day on which the Exchange is open for trading;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Capital Reorganization</b>" has the meaning set forth in Section 4.1(d);</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>CDS Global Warrants</b>" means Warrants representing all or a portion of the aggregate number of Warrants issued in the name of the Depository represented by an Uncertificated Warrant, or if requested by the Depository or the Corporation, by a Warrant Certificate;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Certificated Warrant</b>" means a Warrant evidenced by a writing or writings substantially in the form of Schedule "A", attached hereto;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Common Share Recapitalization</b>" has the meaning set forth in Section 4.1(a), and, for greater certainty, shall include the Consolidation;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Common Shares</b>" means the common shares in the capital of the Corporation;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Confirmation</b>" has the meaning set forth in Section 3.2(1);</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Consolidation</b>" has the meaning set forth in the Subscription Receipt Agreement;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Corporation</b>" means Osisko Development Corp., a corporation existing under the federal laws of Canada;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Counsel</b>" means a barrister and/or solicitor or a firm of barristers and/or solicitors, who may be counsel for the Corporation, acceptable to the Warrant Agent;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Current Market Price</b>" of the Common Shares at any date means the volume weighted average of the trading price per share for such Common Shares for each day there was a closing price for the twenty (20) consecutive Trading Days ending five (5) days prior to such date on the Exchange or any stock exchange on which the Common Shares are listed for trading, or, if the Common Shares are not traded on any stock exchange, such over-the-counter market as may be selected for such purpose by the board of directors of the Corporation or, if the Common Shares are not traded on any such market, as determined by the Directors, acting reasonably;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Depository</b>" means CDS Clearing and Depository Services Inc., or its successor;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Documents</b>" has the meaning set forth in Section 9.3;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Effective Date</b>" means the date of issue of the Warrants, which shall for greater certainty be: (i) in respect of the Unit Warrants, March 2, 2022; and (ii) in respect of the SR Warrants, the date the SR Warrants are issued upon the conversion of the Subscription Receipts, in accordance with Section 2.1(2);</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Escrow Release Deadline</b>" has the meaning set forth in the Subscription Receipt Agreement;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Escrow Release Time</b>" has the meaning set forth in the Subscription Receipt Agreement;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Exchange</b>" means the TSX Venture Exchange;</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_14"></a>
    <p style="text-align: center;">- 4 -</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Exchange Rate</b>" means, at any time, the number of Common Shares subject to the right of purchase under each Warrant at suchtime, which, as of the Effective Date, shall be one (1) Common Share (subject to adjustment in accordance with the provisions of Article 4);</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Exercise Date</b>"means, in relation to a Warrant, the Business Day on which such Warrant is validly exercised or deemed to be validly exercised in accordance with Article 3 hereof;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Exercise Notice</b>" has the meaning set forth in Section 3.2(1);</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Exercise Price</b>" means, at any time, the price at which a whole Common Share may be purchased upon the exercise of a Warrant at such time, which, as of the Effective Date, shall be $7.60 per Common Share (subject to adjustment in accordance with the provisions of Article 4);</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Expiry Date</b>" means March 2, 2027;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Expiry Time</b>" means 5:00 p.m. (Toronto time) on the Expiry Date;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Extraordinary Resolution</b>" has the meaning set forth in Section 7.11;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>holder</b>" means, unless the context requires otherwise, a Warrantholder;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Indemnified Parties</b>" has the meaning set forth in Section 9.7;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Internal Procedures</b>" means in respect of the making of any one or more entries to, changes in or deletions of any one or more entries in the Register at any time (including without limitation, original issuance or registration of transfer of ownership) the minimum number of the Warrant Agent's internal procedures customary at such time for the entry, change or deletion made to be complete under the operating procedures followed at the time by the Warrant Agent;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Offering</b>" has the meaning ascribed thereto in the recitals hereto;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>person</b>" means an individual, body corporate, partnership, limited liability company, trust, warrant agent, executor, administrator, legal representative or any unincorporated organization;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>QIB Purchaser</b>"means a Qualified Institutional Buyer who first purchased Subscription Receipts or Units, as applicable, on the date of original issuance of the Subscription Receipts or Units, as applicable, and who, in connection with such purchase, executed a U.S. Subscription Agreement;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Qualification Time</b>" has the meaning ascribed thereto in the Subscription Receipt Agreement;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Qualified Institutional Buyer</b>" means a qualified institutional buyer as that term is defined in Rule 144A under the U.S. Securities Act;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Register</b>" means the one set of records and accounts maintained by the Warrant Agent and designated as the Register of the holders of Warrants in accordance with Section 2.9;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>register</b>" means, unless the context requires otherwise, to record in the Register;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>registered</b>" means, unless the context requires otherwise, as recorded in the Register;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Regulation S</b>" means Regulation S adopted by the United States Securities and Exchange Commission under the U.S. Securities Act;</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_15"></a>
    <p style="text-align: center;">- 5 -</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Rights Offering</b>" has the meaning set forth in Section 4.1(b);</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Rights Offering Exercise Period</b>" has the meaning set forth in Section 4.1(b);</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>SEC</b>" has the meaning set forth in Section 9.15;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Shareholder</b>" means a holder of shares of the Corporation;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>SR Warrants</b>" has the meaning ascribed thereto in the recitals hereto;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Subscription Receipts</b>" means the subscription receipts created and issued pursuant to the Subscription Receipt Agreement;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Subscription Receipt Agreement</b>" has the meaning ascribed thereto in the recitals hereto;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Tax Act</b>" means the <i>Income Tax Act </i>(Canada) and the regulations thereunder;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Termination Date</b>" has the meaning set forth in the Subscription Receipt Agreement;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Trading Day</b>" means a day on which a stock exchange on which the Common Shares are listed and which forms the primary trading market for such shares is open for trading, and if the Common Shares are not listed on a stock exchange, a day on which an over-the-counter market where such shares are traded is open for business;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Uncertificated Warrant</b>" means any Warrant which is not a Certificated Warrant;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Underwriters</b>" has the meaning ascribed thereto in the recitals hereto;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Underwriting Agreement</b>" has the meaning ascribed thereto in the recitals hereto;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>United States</b>" or "<b>U.S.</b>" means the United States of America, its territories and possessions, any state of the United States, and the District of Columbia;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Units</b>" means units of the Corporation, with each Unit comprised of one Common Share and one Unit Warrant;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Unit Warrants</b>" has the meaning ascribed thereto in the recitals hereto;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>U.S. Person</b>" means a U.S. person as that term is defined in Rule 902(k) of Regulation S; "</p>
    <p style="text-align: justify; margin-left: 36pt;"><b>U.S. Securities Act</b>" means the United States <i>Securities Act of 1933</i>, as amended;</p>
    <p style="text-align: justify; margin-left: 36pt;"><i>"<b>U.S. Securities Exchange Act</b>" means the United States Securities and Exchange Act of 1934, as amended;</i></p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>U.S. Subscription Agreement</b>" means a subscription agreement delivered to and executed by QIB Purchasers of the Subscription Receipts or Units, as applicable, in the United States or that are U.S. Persons;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Warrant Agency</b>" means the principal office of the Warrant Agent in the City of Toronto, or such other place as may be designated in accordance with Section 3.5;</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_16"></a>
    <p style="text-align: center;">- 6 -</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Warrant Agent</b>"means the TSX Trust Company, in its capacity as warrant agent of the Warrants, or its successors from time to time;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Warrant Certificate</b>" means a certificate, substantially in the form set forth in Schedule "A" hereto, to evidence those Warrants that will be evidenced by a certificate;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Warrantholders</b>"means the persons who are registered owners of Warrants as such names appear on the Register, and for greater certainty, shall include the Depository as well as the holders of Uncertificated Warrants appearing on the Register of the Warrant Agent;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Warrantholders' Request</b>" means an instrument signed in one or more counterparts by Warrantholders holding in the aggregate not less than 50% of the aggregate number of Warrants then unexercised and outstanding, requesting the Warrant Agent to take some action or proceeding specified therein;</p>
    <p style="text-align: justify; margin-left: 36pt;">"<b>Warrants</b>" means, collectively, the Unit Warrants and SR Warrants created by and authorized by and issuable under this Indenture, each warrant entitling the holder thereof to purchase one Common Share at the Exercise Price prior to the Expiry Time, subject to adjustments as provided for in this Warrant Indenture; and</p>
    <p style="text-align: justify; margin-bottom: 0pt; margin-left: 36pt;"><b>"written order", "written request", "written consent" or "certificate" of the Corporation, mean,</b></p>
    <p style="text-align: justify; margin-top: 0pt; margin-left: 36pt;">a written order, written request, written consent or certificate signed in the name of the Corporation, by any one duly authorized signatory of the Corporation, and may consist of one or more instruments so executed.</p>
    <p style="text-align: justify;"><b>1.2</b><font style="width: 22.75pt; display: inline-block;">&#160;</font><b>Gender and Number</b></p>
    <p style="text-align: justify;">Words importing the singular number or masculine gender shall include the plural number or the feminine or neuter genders, and vice versa.</p>
    <p style="text-align: justify;"><b>1.3</b><font style="width: 23.75pt; display: inline-block;">&#160;</font><b>Construction</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;"><b>(1)</b><font style="width: 24.5pt; display: inline-block;">&#160;</font>The terms <b>"this Warrant Indenture", "this Indenture", "hereto", "herein", "hereby", "hereof" </b>and similar expressions mean and refer to this warrant indenture and any indenture, deed or instrument supplemental hereto.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 24.5pt; display: inline-block;">&#160;</font>The expressions "<b>Article</b>" and "<b>Section</b>" followed by a number, letter or both mean and refer to the specified article or section of this Indenture.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(3)<font style="width: 24.5pt; display: inline-block;">&#160;</font>The division of this Indenture into Articles and Sections, the provision of a Table of Contents and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Indenture or of the Warrants.</p>
    <p style="text-align: justify;"><b>1.4</b><font style="width: 23.25pt; display: inline-block;">&#160;</font><b>Day not a Business Day</b></p>
    <p style="text-align: justify;">If any day on or before which any action or notice is required to be taken or given hereunder is not a Business Day, then such action or notice shall be required to be taken or given on or before the requisite time on the next succeeding day that is a Business Day.</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_17"></a>
    <p style="text-align: center;">- 7 -</p>
    <p style="text-align: justify;"><b>1.5</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Time of the Essence</b></p>
    <p style="text-align: justify;">Time shall be of the essence in this Indenture and each Warrant.</p>
    <p style="text-align: justify;"><b>1.6</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Monetary References</b></p>
    <p style="text-align: justify;">Whenever any amounts of money are referred to herein, such amounts shall be deemed to be in lawful money of Canada unless otherwise expressed.</p>
    <p style="text-align: justify;"><b>1.7</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Applicable Law</b></p>
    <p style="text-align: justify;">This Indenture, the Warrants, the Warrant Certificates (including all documents relating thereto, which by common accord have been and will be drafted in English) shall be construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein and shall be treated in all respects as Ontario contracts. Each of the parties hereto, which shall include the Warrantholders, irrevocably attorns to the exclusive jurisdiction of the courts of the Province of Ontario with respect to all matters arising out of this Indenture and the transactions contemplated herein.</p>
    <p style="margin-bottom: 0pt; text-align: center;"><b>ARTICLE 2</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>ISSUE OF WARRANTS</b></p>
    <p style="text-align: justify;"><b>2.1</b><font style="width: 23.75pt; display: inline-block;">&#160;</font><b>Creation and Issue of Warrants</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 24.5pt; display: inline-block;">&#160;</font>The Warrants authorized to be issued hereunder are limited in respect of the aggregate number of Common Shares which can be subscribed for and purchased pursuant thereto, and Warrants may be issued only upon and subject to the terms and conditions hereinafter set forth. The Corporation is hereby authorized to create and issue, upon receipt of the applicable consideration therefor 23,258,750 Warrants, entitling the holders thereof to subscribe for and purchase an aggregate of 23,258,750 Common Shares together with such additional indeterminate number of Common Shares as may be required to be issued pursuant to any adjustment required to be made by the provisions of Article 4 hereof, and such Warrants are hereby authorized to be issued.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 24.5pt; display: inline-block;">&#160;</font>In respect of the SR Warrants, upon the delivery of the Corporation to the Warrant Agent of a written order from the Corporation (i) confirming that the Escrow Release Conditions have been satisfied, that the Subscription Receipts have been converted into Common Shares and SR Warrants in accordance with the Subscription Receipt Agreement, and (ii) directing the Warrant Agent to forthwith issue the SR Warrants to the former holders of Subscription Receipts, the Warrant Agent shall forthwith record the name of the Warrantholders on the Register as holders of SR Warrants, and the SR Warrants shall thereupon be deemed to have been created and issued. Provided that the Escrow Release Conditions are satisfied prior to the Termination Date, upon issuance thereof, the holders of the SR Warrants will be able to participate as securityholders of the Corporation.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(3)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Registration of interests in the Warrants held by the Depository may be evidenced by a position appearing on the Register for an amount representing the aggregate number of such Warrants outstanding from time to time.</p>
    <p style="text-align: justify;"><b>2.2</b><font style="width: 23.75pt; display: inline-block;">&#160;</font><b>Terms of Warrants</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Subject to the applicable conditions for exercise set out in Article 3 having been satisfied and subject to adjustment in accordance herewith, each Warrant shall entitle the holder thereof, upon exercise at any time after the Effective Date and prior to the Expiry Time, to acquire that number of Common Shares equal to the Exchange Rate, upon payment of the Exercise Price as provided herein.</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_18"></a>
    <p style="text-align: center;">- 8 -&#160;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 24.5pt; display: inline-block;">&#160;</font>No fractional Warrants shall be issued or otherwise provided for hereunder and Warrants may only be exercised in a sufficient number to acquire whole numbers of Common Shares. If the aggregate number of Warrants to be issued to a person includes a fractional Warrant, the number of Warrants to be issued to such person shall be rounded down to the nearest whole number and no consideration shall be paid for any such fractional Warrant.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(3)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Each Warrant shall entitle the holder thereof to such other rights and privileges as are set forth in this Indenture.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(4)<font style="width: 24.5pt; display: inline-block;">&#160;</font>The number of Common Shares which may be purchased pursuant to the Warrants and the Exercise Price therefor shall be adjusted upon the events and in the manner specified in Article 4.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(5)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Neither the Corporation nor the Warrant Agent shall have any obligation to deliver Common Shares upon the exercise of any Warrant if the person to whom such shares are to be delivered is a resident of a country or political subdivision thereof in which the Common Shares may not lawfully be issued pursuant to applicable securities legislation. The Corporation shall require any person to provide proof of an applicable exemption from such securities legislation to the Corporation and Warrant Agent before any Common Shares are delivered pursuant to the exercise of any Warrant. For greater certainty, the Warrant Agent shall be entitled to assume that the issuance and delivery of Common Shares pursuant to any Warrant exercise is lawful unless otherwise directed in writing by the Corporation.</p>
    <p style="text-align: justify;"><b>2.3</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Warrantholder not a Shareholder</b></p>
    <p style="text-align: justify;">Except as may be specifically provided herein, nothing in this Indenture, or in the holding of a Warrant Certificate or entitlement to a Warrant or otherwise, shall, in itself, confer or be construed as conferring upon a Warrantholder any right or interest whatsoever as a Shareholder, including, but not limited to, the right to vote at, to receive notice of, or to attend, meetings of Shareholders or any other proceedings of the Corporation, or the right to dividends or other distributions or allocations on the Common Shares.</p>
    <p style="text-align: justify;"><b>2.4</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Not Registered in the United States</b></p>
    <p style="text-align: justify;">The parties hereto acknowledge that the Warrants and the Common Shares issuable upon exercise thereof have not been and will not be registered under the U.S. Securities Act or the securities laws of any state of the United States, and are being issued in the United States or to or for the account or benefit of Qualified Institutional Buyers in reliance on exemptions from the registration requirements of the U.S. Securities Act and similar exemptions under applicable state securities laws.</p>
    <p style="text-align: justify;">A Qualified Institutional Buyer may only offer, sell, or otherwise transfer Warrants and Common Shares issuable upon exercise thereof: (a) to the Corporation or (b) outside the United States, in accordance with Rule 904 of Regulation S under the U.S. Securities Act and in compliance with applicable local laws and regulations.</p>
    <p style="text-align: justify;"><b>2.5</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Warrants to Rank Pari Passu</b></p>
    <p style="text-align: justify;">All Warrants shall rank equally and without preference over each other, whatever may be the actual date of issue thereof.</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_19"></a>
    <p style="text-align: center;">- 9 -</p>
    <p style="text-align: justify;"><b>2.6</b><font style="width: 23.75pt; display: inline-block;">&#160;</font><b>Form of Warrants, Certificated Warrants</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 24.5pt; display: inline-block;">&#160;</font>The Unit Warrants and, if applicable, any SR Warrants issued prior to the Qualification Time, as well as all certificates or written notices issued in exchange for or in substitution of such Unit Warrants and SR Warrants or written notices, and each Common Share issued upon the exercise of such Unit Warrants and SR Warrants, shall bear or deemed to bear the following legend:</p>
    <p style="text-align: justify; margin-right: 72pt; margin-left: 72pt;">"UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE JULY 3, 2022."</p>
    <p style="text-align: justify; margin-left: 36pt;">and if applicable, the additional legend as follows:</p>
    <p style="text-align: justify; margin-right: 72pt; margin-left: 72pt;">"UNLESS THE CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. ("CDS") TO OSISKO DEVELOPMENT CORP. (THE "CORPORATION") OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS &amp; CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE HOLDER HEREOF, CDS &amp; CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE."</p>
    <p style="text-align: justify; margin-left: 36pt;">and if applicable under the policies of the Exchange, the additional legend as follows:</p>
    <p style="text-align: justify; margin-right: 72pt; margin-left: 72pt;">"WITHOUT PRIOR WRITTEN APPROVAL OF THE TSX VENTURE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES ISSUABLE UPON EXERCISE THEREOF MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TSX VENTURE EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF CANADIAN RESIDENT UNTIL JULY 3, 2022."</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 24.5pt; display: inline-block;">&#160;</font>The Warrant Agent shall be entitled to request any other documents that it may reasonably require in accordance with its Internal Procedures for the removal of the legends set forth above.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(3)<font style="width: 24.5pt; display: inline-block;">&#160;</font>The Warrants may be issued in both certificated and uncertificated form. All Warrants issued in certificated form shall be evidenced by a Warrant Certificate (including all replacements issued in accordance with this Indenture), substantially in the form set out in Schedule "A" hereto, which shall be dated as of the Effective Date, shall bear such distinguishing letters and numbers as the Corporation may, with the approval of the Warrant Agent, prescribe, and shall be issuable in any denomination excluding fractions. All Warrants issued to the Depository may be in either a certificated or uncertificated form, such uncertificated form being evidenced by a book position on the Register to be maintained by the Warrant Agent in accordance with Section 2.9.</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_20"></a>
    <p style="text-align: center;">- 10 -</p>
    <p style="text-align: justify;"><b>2.7</b><font style="width: 23.75pt; display: inline-block;">&#160;</font><b>Book Entry Only Warrants</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Reregistration of beneficial interests in and transfers of Warrants held by the Depository shall be made only through the book entry registration system and no Warrant Certificates shall be issued in respect of such Warrants except where physical certificates evidencing ownership in such securities are required or as set out herein or as may be requested by the Depository, as determined by the Corporation, from time to time. Except as provided in this Section 2.7, owners of beneficial interests in any CDS Global Warrants shall not be entitled to have Warrants registered in their names and shall not receive or be entitled to receive Warrants in definitive form or to have their names appear in the Register.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Notwithstanding any other provision in this Indenture, no CDS Global Warrants may be exchanged in whole or in part for Warrants registered, and no transfer of any CDS Global Warrants in whole or in part may be registered, in the name of any person other than the Depository for such CDS Global Warrants or a nominee thereof unless:</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(a)<font style="width: 25.25pt; display: inline-block;">&#160;</font>the Depository notifies the Corporation that it is unwilling or unable to continue to act as depository in connection with the Book Entry Only Warrants and the Corporation is unable to locate a qualified successor;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(b)<font style="width: 24.5pt; display: inline-block;">&#160;</font>the Corporation determines that the Depository is no longer willing, able or qualified to discharge properly its responsibilities as holder of the CDS Global Warrants and the Corporation is unable to locate a qualified successor;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(c)<font style="width: 25.25pt; display: inline-block;">&#160;</font>the Depository ceases to be a clearing agency or otherwise ceases to be eligible to be a depository and the Corporation is unable to locate a qualified successor;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(d)<font style="width: 24.5pt; display: inline-block;">&#160;</font>the Corporation determines that the Warrants shall no longer be held as Book Entry Only Warrants through the Depository;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(e)<font style="width: 25.25pt; display: inline-block;">&#160;</font>such right is required by Applicable Legislation as determined by the Corporation and the Corporation's Counsel;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(f)<font style="width: 26pt; display: inline-block;">&#160;</font>the Warrant is to be Authenticated to or for the account or benefit of a QIB Purchaser; or</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(g)<font style="width: 24.5pt; display: inline-block;">&#160;</font>such registration is effected in accordance with the internal procedures of the Depository and the Warrant Agent,</p>
    <p style="text-align: justify; margin-left: 36pt;">following which, Warrants for those holders requesting the same shall be registered and issued to the beneficial owners of such Warrants or their nominees as directed by the holder. The Corporation shall provide a certificate of the Corporation giving notice to the Warrant Agent of the occurrence of any event outlined in clauses (a) to (f) of this Section 2.7(2).</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(3)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Subject to the provisions of this Section 2.7, any exchange of CDS Global Warrants for Warrants which are not CDS Global Warrants may be made in whole or in part in accordance with the provisions of Section 2.12, <i>mutatis mutandis</i>. All such Warrants issued in exchange for a CDS Global Warrant or any portion thereof shall be registered in such names as the Depository for such CDS Global Warrants shall direct and shall be entitled to the same benefits and subject to the same terms and conditions (except insofar as they relate specifically to CDS Global Warrants) as the CDS Global Warrants or portion thereof surrendered upon such exchange.</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_21"></a>
    <p style="text-align: center;">- 11 -</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(4)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Every Warrant that is Authenticated upon registration or transfer of a CDS Global Warrant, or in exchange for or in lieu of a CDS Global Warrant or any portion thereof, whether pursuant to this Section 2.7, or otherwise, shall be Authenticated in the form of, and shall be, a CDS Global Warrant, unless such Warrant is registered in the name of a person other than the Depository for such CDS Global Warrant or a nominee thereof.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(5)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Notwithstanding anything to the contrary in this Indenture, subject to Applicable Legislation, the CDS Global Warrant will be issued as an Uncertificated Warrant, unless otherwise requested in writing by the Depository or the Corporation.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(6)<font style="width: 24.5pt; display: inline-block;">&#160;</font>The rights of beneficial owners of Warrants who hold securities entitlements in respect of the Warrants through the book entry registration system shall be limited to those established by Applicable Legislation and agreements between the Depository and the Book Entry Only Participants and between such Book Entry Only Participants and the beneficial owners of Warrants who hold securities entitlements in respect of the Warrants through the book entry registration system, and such rights must be exercised through a Book Entry Only Participant in accordance with the rules and procedures of the Depository.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(7)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Notwithstanding anything herein to the contrary, neither the Corporation nor the Warrant Agent nor any agent thereof shall have any responsibility or liability for:</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(a)<font style="width: 25.25pt; display: inline-block;">&#160;</font>the electronic records maintained by the Depository relating to any ownership interests or any other interests in the Warrants or the depository system maintained by the Depository, or payments made on account of any ownership interest or any other interest of any person in any Warrant represented by an electronic position in the book entry registration system (other than the Depository or its nominee);</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(b)<font style="width: 24.5pt; display: inline-block;">&#160;</font>maintaining, supervising or reviewing any records of the Depository or any Book Entry Only Participant relating to any such interest; or</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(c)<font style="width: 25.25pt; display: inline-block;">&#160;</font>any advice or representation made or given by the Depository or those contained herein that relate to the rules and regulations of the Depository or any action to be taken by the Depository on its own direction or at the direction of any Book Entry Only Participant.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(8)<font style="width: 24.5pt; display: inline-block;">&#160;</font>The Corporation may terminate the application of this Section 2.7 in its sole discretion in which case all Warrants shall be evidenced by Warrant Certificates registered in the name of a person other than the Depository.</p>
    <p style="text-align: justify;"><b>2.8</b><font style="width: 23.75pt; display: inline-block;">&#160;</font><b>Authentication</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 24.5pt; display: inline-block;">&#160;</font>For Warrants issued in certificated form, the form of certificate representing Warrants shall be substantially as set out in Schedule "A" hereto or such other form as is authorized from time to time by the Corporation. Each Warrant Certificate shall be Authenticated on behalf of the Warrant Agent. Each Warrant Certificate shall be signed by any one duly authorized signatory of the Corporation; whose signature shall appear on the Warrant Certificate and may be electronic, printed, lithographed or otherwise mechanically reproduced thereon and, in such event, certificates so signed are as valid and binding upon the Corporation as if it had been signed manually. Any Warrant Certificate which has a signature as hereinbefore provided shall be valid notwithstanding that the person whose signature is electronic, printed, lithographed or mechanically reproduced no longer holds office at the date of issuance of such certificate. The Warrant Certificates may be engraved, printed or lithographed, or partly in one form and partly in another, as the Corporation may determine.</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_22"></a>
    <p style="text-align: center;">- 12 -</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 24.5pt; display: inline-block;">&#160;</font>The Warrant Agent shall Authenticate Uncertificated Warrants (whether upon original issuance, exchange, registration of transfer, partial payment, or otherwise) by completing its Internal Procedures and the Corporation shall, and hereby acknowledges that it shall, thereupon be deemed to have duly and validly issued such Uncertificated Warrants under this Indenture. Such Authentication shall be conclusive evidence that such Uncertificated Warrant has been duly issued hereunder and that the holder or holders are entitled to the benefits of this Indenture, and such Authenticated Uncertificated Warrants shall be binding on the Corporation. The Register shall be final and conclusive evidence as to all matters relating to Uncertificated Warrants with respect to which this Indenture requires the Warrant Agent to maintain records or accounts. In case of differences between the Register at any time and any later time, the Register at the later time shall be controlling, absent manifest error.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(3)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Any Warrant Certificate validly issued in accordance with the terms of this Indenture in effect at the time of issue of such Warrant Certificate shall, subject to the terms of this Indenture and Applicable Legislation, validly entitle the holder to acquire Common Shares, notwithstanding that the form of such Warrant Certificate may not be in the form currently required by this Indenture.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(4)<font style="width: 24.5pt; display: inline-block;">&#160;</font>No Warrant shall be considered issued and shall be valid or obligatory or shall entitle the holder thereof to the benefits of this Indenture, until it has been Authenticated by the Warrant Agent. Authentication by the Warrant Agent, including by way of entry on the Register, shall not be construed as a representation or warranty by the Warrant Agent as to the validity of this Indenture or of such Warrant Certificates or Uncertificated Warrants (except the due Authentication thereof) or as to the performance by the Corporation of its obligations under this Indenture and the Warrant Agent shall in no respect be liable or answerable for the use made of the Warrants or any of them or of the consideration thereof. Authentication by the Warrant Agent shall be conclusive evidence as against the Corporation that the Warrants so Authenticated have been duly issued hereunder and that the holder thereof is entitled to the benefits of this Indenture.</p>
    <p style="text-align: justify;"><b>2.9</b><font style="width: 23.25pt; display: inline-block;">&#160;</font><b>Register of Warrants</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 24pt; display: inline-block;">&#160;</font>The Warrant Agent shall maintain records and accounts concerning the Warrants, whether certificated or uncertificated, which shall contain the information called for below with respect to each Warrant, together with such other information as may be required by law or as the Warrant Agent may elect to record. All such information shall be kept in one set of accounts and records which the Warrant Agent shall designate (in such manner as shall permit it to be so identified as such by an unaffiliated party) as the Register of the holders of Warrants. The information to be entered for each account in the Register at any time shall include (without limitation):</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(a)<font style="width: 25.25pt; display: inline-block;">&#160;</font>the names and addresses of the holders of the Warrants, the date of Authentication thereof and the number of Warrants;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(b)<font style="width: 24.5pt; display: inline-block;">&#160;</font>whether such Warrant is a Certificated Warrant or an Uncertificated Warrant and, if a Warrant Certificate, the unique number or code assigned to and imprinted thereupon and, if an Uncertificated Warrant, the unique number or code assigned thereto if any;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(c)<font style="width: 25.25pt; display: inline-block;">&#160;</font>whether such Warrant has been cancelled; and</p>
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    <p style="text-align: center;">- 13 -</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(d)<font style="width: 24.5pt; display: inline-block;">&#160;</font>a register of transfers in which all transfers of Warrants and the date and other particulars of each transfer shall be entered.</p>
    <p style="text-align: justify; margin-left: 36pt;">The Register shall be available for inspection by the Corporation or any Warrantholder during the Warrant Agent's regular business hours on a Business Day and upon payment to the Warrant Agent of its reasonable fees. Any Warrantholder exercising such right of inspection shall first provide an affidavit in form satisfactory to the Corporation and the Warrant Agent stating the name and address of the Warrantholder and agreeing not to use the information therein except in connection with an effort to call a meeting of Warrantholders or to influence the voting of Warrantholders at any meeting of Warrantholders.</p>
    <p style="text-align: justify; margin-left: 36pt; text-indent: -36pt;">(2)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Once an Uncertificated Warrant has been Authenticated, the information set forth in the Register with respect thereto at the time of Authentication may be altered, modified, amended, supplemented or otherwise changed only to reflect exercise or proper instructions to the Warrant Agent from the holder as provided herein, except that the Warrant Agent may act unilaterally to make purely administrative changes internal to the Warrant Agent and changes to correct errors. Each person who becomes a holder of an Uncertificated Warrant, by his, her or its acquisition thereof shall be deemed to have irrevocably (i) consented to the foregoing authority of the Warrant Agent to make such minor error corrections and (ii) agreed to pay to the Warrant Agent, promptly upon written demand, the full amount of all loss and expense (including without limitation reasonable legal fees of the Corporation and the Warrant Agent plus interest, at an appropriate then prevailing rate of interest to the Warrant Agent), sustained by the Corporation or the Warrant Agent as a proximate result of such error if but only if and only to the extent that such present or former holder realized any benefit as a result of such error and could reasonably have prevented, forestalled or minimized such loss and expense by prompt reporting of the error or avoidance of accepting benefits thereof whether or not such error is or should have been timely detected and corrected by the Warrant Agent; provided, that no person who is a bona fide purchaser shall have any such obligation to the Corporation or to the Warrant Agent.</p>
    <p style="text-align: justify;"><b>2.10</b><font style="width: 17.75pt; display: inline-block;">&#160;</font><b>Issue in Substitution for Warrant Certificates Lost, etc.</b></p>
    <p style="text-align: justify; margin-left: 36pt; text-indent: -36pt;">(1)<font style="width: 24.5pt; display: inline-block;">&#160;</font>If any Warrant Certificate becomes mutilated or is lost, destroyed or stolen, the Corporation, subject to Applicable Legislation, shall issue and thereupon the Warrant Agent shall certify and deliver, a new Warrant Certificate of like tenor, and bearing the same legend, if applicable, as the one mutilated, lost, destroyed or stolen in exchange for and in place of and upon cancellation of such mutilated Warrant Certificate, or in lieu of and in substitution for such lost, destroyed or stolen Warrant Certificate, and the substituted Warrant Certificate shall be in a form approved by the Warrant Agent and the Corporation and the Warrants evidenced thereby shall be entitled to the benefits hereof and shall rank equally in accordance with its terms with all other Warrants issued or to be issued hereunder.</p>
    <p style="text-align: justify; margin-left: 36pt; text-indent: -36pt;">(2)<font style="width: 24.5pt; display: inline-block;">&#160;</font>The applicant for the issue of a new Warrant Certificate pursuant to this Section 2.10 shall bear the cost of the issue thereof and in case of loss, destruction or theft shall, as a condition precedent to the issuance thereof, furnish to the Corporation and to the Warrant Agent such evidence of ownership and of the loss, destruction or theft of the Warrant Certificate so lost, destroyed or stolen as shall be satisfactory to the Corporation and to the Warrant Agent, in their sole discretion, and such applicant shall also be required to furnish an indemnity and surety bond in amount and form satisfactory to the Corporation and the Warrant Agent, in their sole discretion, and shall pay the reasonable charges of the Corporation and the Warrant Agent in connection therewith.</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_24"></a>
    <p style="text-align: center;">- 14 -</p>
    <p style="text-align: justify;"><b>2.11</b><font style="width: 19.25pt; display: inline-block;">&#160;</font><b>Exchange of Warrant Certificates</b></p>
    <p style="text-align: justify; margin-left: 36pt; text-indent: -36pt;">(1)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Any one or more Warrant Certificates representing any number of Warrants may, upon compliance with the reasonable requirements of the Warrant Agent (including compliance with applicable securities legislation), be exchanged for one or more other Warrant Certificates representing the same aggregate number of Warrants, and bearing the same legend, if applicable, as represented by the Warrant Certificate or Warrant Certificates so exchanged.</p>
    <p style="text-align: justify; margin-left: 36pt; text-indent: -36pt;">(2)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Warrant Certificates may be exchanged only at the Warrant Agency or at any other place that is designated by the Corporation with the approval of the Warrant Agent. Any Warrant Certificate from the holder (or such other instructions, in form satisfactory to the Warrant Agent), tendered for exchange shall be surrendered to the Warrant Agency and cancelled by the Warrant Agent.</p>
    <p style="text-align: justify;"><b>2.12</b><font style="width: 18.25pt; display: inline-block;">&#160;</font><b>Transfer and Ownership of Warrants</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 24.5pt; display: inline-block;">&#160;</font>The Warrants may only be transferred on the Register kept by the Warrant Agent at the Warrant Agency by the holder or its legal representatives or its attorney duly appointed by an instrument in writing in form and execution satisfactory to the Warrant Agent only upon (a) in the case of a Warrant Certificate, surrendering to the Warrant Agent at the Warrant Agency the Warrant Certificate representing the Warrants to be transferred together with a duly executed transfer form as set forth in Schedule "A" and (b) in the case of Book Entry Only Warrants, in accordance with procedures prescribed by the Depository under the book entry registration system, and (c) upon compliance with:</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 108pt;">(i)<font style="width: 25.5pt; display: inline-block;">&#160;</font>the conditions herein;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 108pt;">(ii)<font style="width: 23.25pt; display: inline-block;">&#160;</font>such reasonable requirements as the Warrant Agent may prescribe; and</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 108pt;">(iii)<font style="width: 20.25pt; display: inline-block;">&#160;</font>all applicable securities legislation and requirements of regulatory authorities;</p>
    <p style="text-align: justify; margin-left: 36pt;">and, in the case of a Warrant Certificate, such transfer shall be duly noted in such Register by the Warrant Agent. Upon compliance with such requirements, the Warrant Agent shall issue to the transferee of a Certificated Warrant, a Warrant Certificate, or the Warrant Agent shall Authenticate and deliver a Warrant Certificate upon request that part of the CDS Global Warrant be certificated. Transfers within the systems of the Depository are not the responsibility of the Warrant Agent and will not be noted on the Register maintained by the Warrant Agent and Warrants that are held as Book Entry Only Warrants shall be transferred and recorded through the relevant Book Entry Only Participant in accordance with the book entry registration system as the entitlement holder in respect of such Warrants.</p>
    <p style="text-align: justify; margin-left: 36pt;">No duty shall rest with the Warrant Agent to determine compliance of the transferor or transferee with Applicable Securities Laws. The Warrant Agent shall be entitled to assume that all transfers are legal and proper.</p>
    <p style="text-align: justify; margin-left: 36pt; text-indent: -36pt;">(2)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Subject to the provisions of this Indenture and Applicable Legislation, the Warrantholder shall be entitled to the rights and privileges attaching to the Warrants, and the issue of Common Shares by the Corporation upon the exercise of Warrants in accordance with the terms and conditions herein contained shall discharge all responsibilities of the Corporation and the Warrant Agent with respect to such Warrants and neither the Corporation nor the Warrant Agent shall be bound to inquire into the title of any such holder.</p>
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    <p style="text-align: center;">- 15 -</p>
    <p style="text-align: justify;"><b>2.13</b><font style="width: 15.75pt; display: inline-block;">&#160;</font><b>Cancellation of Surrendered Warrants</b></p>
    <p style="text-align: justify;">All Warrant Certificates surrendered pursuant to Section 2.10, Section 2.11, Section 2.12, Article 3 or Section 5.1 shall be cancelled by the Warrant Agent and upon such circumstances all such Uncertificated Warrants shall be deemed cancelled and so noted on the Register by the Warrant Agent. Upon written request by the Corporation, the Warrant Agent shall furnish to the Corporation a cancellation certificate identifying the Warrant Certificates so cancelled, the number of Warrants evidenced thereby, the number of Common Shares, if any, issued pursuant to such Warrants and the details of any Warrant Certificates issued in substitution or exchange for such Warrant Certificates cancelled.</p>
    <p style="margin-bottom: 0pt; text-align: center;"><b>ARTICLE 3</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>EXERCISE OF WARRANTS</b></p>
    <p style="text-align: justify;"><b>3.1</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Right of Exercise</b></p>
    <p style="text-align: justify;">Subject to the provisions hereof, each Warrant shall entitle the holder, from the Effective Date and prior to the Expiry Time, to subscribe for and purchase that number of Common Shares equal to the Exchange Rate, at a price per share equal to the Exercise Price, all in accordance with the terms hereof and the conditions herein.</p>
    <p style="text-align: justify;"><b>3.2</b><font style="width: 23.75pt; display: inline-block;">&#160;</font><b>Warrant Exercise</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 25pt; display: inline-block;">&#160;</font>Warrantholders of Warrant Certificates who wish to exercise the Warrants held by them in order to acquire Common Shares must complete the exercise form (the "<b>Exercise Notice</b>") attached to the Warrant Certificate(s) which form is attached hereto as Schedule "B", which may be amended by the Corporation with the consent of the Warrant Agent, if such amendment does not, in the reasonable opinion of the Corporation and the Warrant Agent, which may be based on the advice of Counsel, materially and adversely affect the rights, entitlements and interests of the Warrantholders, and deliver such certificate(s), the executed Exercise Notice and a certified cheque, bank draft, wire transfer or money order payable to or to the order of the Corporation for the aggregate Exercise Price to the Warrant Agent at the Warrant Agency. The Warrants represented by a Warrant Certificate shall be deemed to be surrendered upon personal delivery of such certificate, Exercise Notice and aggregate Exercise Price or, if such documents are sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent at the office referred to above.</p>
    <p style="text-align: justify; margin-left: 36pt;">A beneficial holder of Uncertificated Warrants evidenced by a security entitlement in respect of Warrants in the book entry registration system who desires to exercise his or her Warrants must do so by causing a Book Entry Only Participant to deliver to the Depository on behalf of the entitlement holder, notice of the owner's intention to exercise Warrants in a manner acceptable to the Depository. Forthwith upon receipt by the Depository of such notice, as well as payment for the aggregate Exercise Price, the Depository shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (a "<b>Confirmation</b>") in a manner acceptable to the Warrant Agent, including by electronic means through a book based registration system, including CDSX. An electronic exercise of the Warrants initiated by the Book Entry Only Participant through a Book Based System, including CDSX, shall constitute a representation to both the Corporation and the Warrant Agent that the beneficial owner at the time of exercise of such Warrants (I) (a) is not in the United States; (b) is not a U.S. Person and is not exercising such Warrants on behalf of a U.S. Person or a person in the United States; (c) was not offered and did not acquire the Warrants in the United States; and (d) did not execute or deliver the notice of the owner's intention to exercise such Warrants in the United States or (II) is a QIB Purchaser, and the representations, warranties and covenants made by such QIB Purchaser in the Qualified Institutional Buyer Letter attached as Schedule C to the U.S. Subscription Agreement remain true and correct at the time of exercise. If the Book Entry Only Participant is not able to make or deliver the foregoing representation by initiating the electronic exercise of the Warrants, then such Warrants shall be required to be withdrawn from the Book Based System by the Book Entry Only Participant and an individually registered Warrant Certificate shall be issued by the Warrant Agent to such beneficial owner or Book Entry Only Participant and the exercise procedures set forth in Section 3.2(1) shall be followed (and provided, for greater certainty, that the foregoing does not apply, in the case of a QIB Purchaser who complies with Section 3.3(2)).&#160;</p>
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    <p style="text-align: center;">- 16 -</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Subject to Section 3.3(2) below, the Warrants may not be exercised by or on behalf of a person in the United States or a U.S. Person.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(3)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Payment representing the aggregate Exercise Price must be provided to the appropriate office of the Book Entry Only Participant in a manner acceptable to it. A notice in form acceptable to the Book Entry Only Participant and payment from such beneficial holder should be provided to the Book Entry Only Participant sufficiently in advance so as to permit the Book Entry Only Participant to deliver notice and payment to the Depository and for the Depository in turn to deliver notice and payment to the Warrant Agent prior to the Expiry Time. The Depository will initiate the exercise by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by causing the issuance to the Depository through the book entry registration system of the Common Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the Book Entry Only Participant exercising the Warrants on its behalf.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(4)<font style="width: 24.5pt; display: inline-block;">&#160;</font>By causing a Book Entry Only Participant to deliver notice to the Depository, a beneficial holder shall be deemed to have irrevocably surrendered his, her or its Warrants so exercised and appointed such Book Entry Only Participant to act as his, her or its exclusive settlement agent with respect to the exercise of the Warrants and the receipt of Common Shares in connection with the obligations arising from such exercise.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(5)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Any notice which the Depository determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a Book Entry Only Participant to exercise or to give effect to the settlement thereof in accordance with the beneficial holder's instructions will not give rise to any obligations or liability on the part of the Corporation or Warrant Agent to the Book Entry Only Participant or the Warrantholder.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(6)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Any exercise form or Exercise Notice referred to in this Section 3.2 shall be signed by the registered Warrantholder, or its executors or administrators or other legal representatives or an attorney of the registered Warrantholder, duly appointed by an instrument in writing satisfactory to the Warrant Agent but such exercise form or Exercise Notice need not be executed by the Depository.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(7)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Any exercise referred to in this Section 3.2 shall require that the entire Exercise Price for Common Shares subscribed must be paid at the time of subscription and such Exercise Price and original Exercise Notice executed by the registered Warrantholder or the Confirmation from the Depository must be received by the Warrant Agent prior to the Expiry Time.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(8)<font style="width: 24.5pt; display: inline-block;">&#160;</font>If the form of Exercise Notice set forth in the Warrant Certificate shall have been amended, the Corporation shall cause the amended Exercise Notice to be forwarded to all Warrantholders.</p>
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    <p style="text-align: center;">- 17 -</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(9)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Exercise Notices and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent's actual business hours on any Business Day prior to the Expiry Time. Any Exercise Notice or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(10)<font style="width: 19.25pt; display: inline-block;">&#160;</font>Any Warrant with respect to which a Confirmation or valid exercise is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelled.</p>
    <p style="text-align: justify;"><b>3.3</b><font style="width: 23.25pt; display: inline-block;">&#160;</font><b>Prohibition on Exercise by Persons in the United States and U.S. Persons</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Subject to Section 3.3(2) below, (i) Warrants may not be exercised within the United States or by or on behalf of any person in the United States or U.S. Person; and (ii) no Common Shares issued upon exercise of Warrants may be delivered to any address in the United States unless such securities are registered under the U.S. Securities Act and the securities laws of all applicable states of the United States.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Notwithstanding Section 3.2(2) or Section 3.3(1), (i) Warrants may be exercised in the United States or by or on behalf of a person in the United States or U.S. Person, and (ii) Common Shares issued upon exercise of any such Warrants may be delivered to an address in the United States, provided that the person exercising the Warrants is a QIB Purchaser with respect to those Warrants that originally executed a U.S. Subscription Agreement and the representations, warranties and covenants made by such QIB Purchaser in the Qualified Institutional Buyer attached as Schedule C to the U.S. Subscription Agreement remain true and correct at the time of exercise and any exercise of Warrants without the delivery of an opinion of counsel or other evidence shall be deemed a representation and warranty to the Corporation to that effect or has provided an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Corporation that the exercise of the Warrants and the issuance of the Common Shares are exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.</p>
    <p style="text-align: justify;"><b>3.4</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Transfer Fees and Taxes</b></p>
    <p style="text-align: justify;">If any of the Common Shares subscribed for are to be issued to a person or persons other than the registered Warrantholder, the registered Warrantholder shall execute the form of transfer as set forth in Schedule "A" and will comply with such reasonable requirements as the Warrant Agent may stipulate and will pay to the Corporation, or the Warrant Agent on behalf of the Corporation, all applicable transfer or similar taxes and the Corporation will not be required to issue or deliver certificates evidencing Common Shares unless or until such Warrantholder shall have paid to the Corporation or the Warrant Agent on behalf of the Corporation, the amount of such tax or shall have established to the satisfaction of the Corporation and the Warrant Agent that such tax has been paid or that no tax is due.</p>
    <p style="text-align: justify;"><b>3.5</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Warrant Agency</b></p>
    <p style="text-align: justify;">To facilitate the exchange, transfer or exercise of Warrants and compliance with such other terms and conditions hereof as may be required, the Corporation has appointed the Warrant Agency as the agency at which Warrants may be surrendered for exchange or transfer or at which Warrants may be exercised and the Warrant Agent has accepted such appointment. The Corporation may from time to time designate alternate or additional places as the Warrant Agency (subject to the Warrant Agent's prior approval) and will give notice to the Warrant Agent of any proposed change of the Warrant Agency. Branch registers shall also be kept at such other place or places, if any, as the Corporation, with the approval of the Warrant</p>
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    <p style="text-align: center;">- 18 -</p>
    <p style="text-align: justify;">Agent, may designate. The Warrant Agent will from time to time when requested to do so by the Corporation or any registered Warrantholder, upon payment of the Warrant Agent's reasonable charges, furnish a list of the names and addresses of Warrantholders showing the number of Warrants held by each such registered Warrantholder.</p>
    <p style="text-align: justify;"><b>3.6</b><font style="width: 23.25pt; display: inline-block;">&#160;</font><b>Effect of Exercise of Warrants</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Upon the exercise of Warrants pursuant to and in compliance with Section 3.2 and subject to Section 3.3, the Common Shares to be issued pursuant to the Warrants exercised shall be deemed to have been issued and the person or persons to whom such Common Shares are to be issued shall be deemed to have become the holder or holders of such Common Shares on the Exercise Date unless the Register shall be closed on such date, in which case the Common Shares subscribed for shall be deemed to have been issued, and such person or persons deemed to have become the holder or holders of record of such Common Shares, on the date on which such Register is reopened.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Within five Business Days after the Exercise Date with respect to a Warrant, the Warrant Agent shall use commercially reasonable efforts to cause to be delivered or mailed to the person or persons in whose name or names the Warrant is registered or, if so specified in writing by the holder, cause to be delivered to such person or persons at the Warrant Agency where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Common Shares subscribed for, or any other appropriate evidence of the issuance of Common Shares to such person or persons in respect of Common Shares issued under the book entry registration system or direct registration system.</p>
    <p style="text-align: justify;"><b>3.7</b><font style="width: 23.25pt; display: inline-block;">&#160;</font><b>Partial Exercise of Warrants; Fractions</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 24.5pt; display: inline-block;">&#160;</font>A holder of Warrants may exercise his, her or its right to acquire a number of whole Common Shares less than the aggregate number which the holder is entitled to acquire pursuant to such Warrants. In the event of any exercise of a number of Warrants less than the number which the holder is entitled to exercise, the holder of Warrants upon such exercise shall, in addition, be entitled to receive, without charge therefor, a new Warrant Certificate(s), bearing the same legend, if applicable, or other appropriate evidence of Warrants, in respect of the balance of the Warrants held by such holder and which were not then exercised.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Notwithstanding anything herein contained, including any adjustment provided for in Section 4.1, the Corporation shall not be required, upon the exercise of any Warrants, to issue fractions of Common Shares. Warrants may only be exercised in a sufficient number to acquire whole numbers of Common Shares. If, upon the exercise of Warrants by a person, the aggregate number of Common Shares to be issued to such person includes a fractional Common Share, the number of Common Shares to be issued to such person shall be rounded down to the nearest whole number and no consideration shall be paid for any such fractional Common Share.</p>
    <p style="text-align: justify;"><b>3.8</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Expiration of Warrants</b></p>
    <p style="text-align: justify;">From and after the Expiry Time, all rights under any Warrant in respect of which the right of acquisition provided for herein shall not have been exercised shall cease and terminate and each Warrant shall be void and of no further force or effect.</p>
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    <p style="text-align: center;">- 19 -</p>
    <p style="text-align: justify;"><b>3.9</b><font style="width: 23.75pt; display: inline-block;">&#160;</font><b>Accounting and Recording</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 24.5pt; display: inline-block;">&#160;</font>The Warrant Agent shall promptly account to the Corporation with respect to Warrants exercised, and shall promptly forward to the Corporation (or into an account or accounts of the Corporation with the bank or trust company designated by the Corporation for that purpose), all monies received by the Warrant Agent on the subscription of Common Shares through the exercise of Warrants. All such monies and any securities or other instruments from time to time received by the Warrant Agent shall be received in trust for, and shall be segregated and kept apart by the Warrant Agent for, the Warrantholders and the Corporation as their interests may appear.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 24.5pt; display: inline-block;">&#160;</font>The Warrant Agent shall record the particulars of Warrants exercised, which particulars shall include the names and addresses of the persons who become holders of Common Shares on exercise and the Exercise Date, in respect thereof. The Warrant Agent shall provide such particulars in writing to the Corporation within five Business Days of any request by the Corporation therefor.</p>
    <p style="text-align: justify;"><b>3.10</b><font style="width: 15.75pt; display: inline-block;">&#160;</font><b>Securities Restrictions</b></p>
    <p style="text-align: justify;">Notwithstanding anything herein contained, no Common Shares will be issued pursuant to the exercise of any Warrant if the issuance of such Common Shares would constitute a violation of the securities laws of any applicable jurisdiction, and, without limiting the generality of the foregoing, the Corporation will legend the certificates representing the Common Shares issuable upon exercise of any Warrant if, in the opinion of counsel to the Corporation, such legend is necessary in order to avoid a violation of any securities laws of any applicable jurisdiction or to comply with the requirements of any stock exchange on which the Common Shares are listed; provided that if, at any time, in the opinion of outside counsel to the Corporation, acting reasonably, such legends are no longer necessary in order to avoid a violation of any such laws, or the holder of any such legended certificate, at his, her or its expense, provides the Corporation with evidence satisfactory in form and substance to the Corporation (which may include an opinion of counsel of recognized standing satisfactory to the Corporation) to the effect that such holder is entitled to sell or otherwise transfer such securities in a transaction in which such legends are not required, such legended certificates may thereafter be surrendered to the Warrant Agent in exchange for a certificate that does not bear such legends.</p>
    <p style="text-align: justify;">The Warrant Agent shall be entitled to assume that the Common Shares may be issued pursuant to the exercise of any Warrant without violating any Applicable Securities Laws and without legending the certificate representing the Common Shares unless the Warrant Agent has received notice in writing from the Corporation stating otherwise and setting forth the restrictions on the exercise of the Warrants and any legend the certificates representing the Common Shares should bear.</p>
    <p style="margin-bottom: 0pt; text-align: center;"><b>ARTICLE 4</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>ADJUSTMENT OF NUMBER OF COMMON SHARES AND EXERCISE PRICE</b></p>
    <p style="text-align: justify;"><b>4.1</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Adjustment of Number of Common Shares and Exercise Price</b></p>
    <p style="text-align: justify;">The subscription rights in effect under the Warrants for Common Shares issuable upon the exercise of the Warrants shall be subject to adjustment from time to time as follows:</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(a)<font style="width: 25.25pt; display: inline-block;">&#160;</font>if, at any time after the Effective Date but prior to the Expiry Date, the Corporation shall:</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 108pt;">(i)<font style="width: 26.25pt; display: inline-block;">&#160;</font>subdivide, re-divide or change its outstanding Common Shares into a greater number of Common Shares;</p>
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    <p style="text-align: center;">- 20 -</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 108pt;">(ii)<font style="width: 23.75pt; display: inline-block;">&#160;</font>reduce, combine or consolidate its outstanding Common Shares into a lesser number of Common Shares; or</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 108pt;">(iii)<font style="width: 20.75pt; display: inline-block;">&#160;</font>issue Common Shares or securities exchangeable for, or convertible into, Common Shares to the holders of all or substantially all of Common Shares by way of a stock dividend or other distribution (other than a distribution of Common Shares upon the exercise of Warrants or any outstanding options or a distribution to the holders of all or substantially all of the Common Shares on its outstanding Common Shares payable in Common Shares or securities convertible into or exchangeable for Common Shares);</p>
    <p style="text-align: justify; margin-left: 72pt;">(any of such events in Section 4.1(a)(i), (ii) or (iii) being called an "<b>Common Share Recapitalization</b>"), then, in each case:</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 108pt;">(iv)<font style="width: 21.25pt; display: inline-block;">&#160;</font>the Exercise Price shall be adjusted as of the effective date or record date of such Common Share Recapitalization so that it shall equal the amount, in dollars, determined by multiplying the Exercise Price in effect immediately prior to such effective date or record date by a fraction, the numerator of which shall be the number of Common Shares outstanding on such effective date or record date before giving effect to such Common Share Recapitalization, and the denominator of which shall be the number of Common Shares outstanding as of the effective date or record date after giving effect to such Common Share Recapitalization (including, in the case where securities exchangeable for or convertible into Common Shares are distributed, the number of Common Shares that would have been outstanding had such securities been exchanged for or converted into Common Shares on such record date or effective date);</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 108pt;">(v)<font style="width: 24.5pt; display: inline-block;">&#160;</font>concurrently with any adjustment of the Exercise Price pursuant to this Section 4.1(a), the Exchange Rate shall be adjusted so that it shall equal the amount determined by multiplying the Exchange Rate in effect immediately prior to such adjustment by a fraction, of which the numerator shall be the Exercise Price in effect immediately prior to such adjustment and the denominator shall be the Exercise Price resulting from such adjustment; and</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 108pt;">(vi)<font style="width: 20.25pt; display: inline-block;">&#160;</font>any adjustments required under this Section 4.1(a) shall be made successively whenever any Common Share Recapitalization shall occur;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(b)<font style="width: 24.5pt; display: inline-block;">&#160;</font>if and whenever, at any time after the Effective Date but prior to the Expiry Date, the Corporation shall fix a record date for the issuance of rights, options or warrants to all or substantially all the holders of outstanding Common Shares entitling them, for a period expiring not more than 45 days after such record date ("<b>Rights Offering Exercise Period</b>"), to subscribe for or purchase Common Shares (or securities convertible or exchangeable into Common Shares) at a price per Common Share (or having a conversion or exchange price per Common Share) less than 95% of the Current Market Price on such record date (a "<b>Rights Offering</b>"), then, in each case:</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 108pt;">(i)<font style="width: 26pt; display: inline-block;">&#160;</font>the Exercise Price shall be adjusted immediately after such record date so that it shall equal the amount, in dollars, determined by multiplying the Exercise Price in effect on such record date by a fraction, of which the numerator shall be the total number of Common Shares outstanding on such record date plus that number of Common Shares determined by dividing the aggregate price of the total number of additional Common Shares offered for subscription or purchase (or the aggregate conversion or exchange price of the convertible or exchangeable securities so offered) by the Current Market Price, and of which the denominator shall be the total number of Common Shares outstanding on such record date plus the total number of additional Common Shares offered for subscription or purchase or into which the convertible or exchangeable securities so offered are convertible or exchangeable; for purposes of the foregoing calculation, any Common Shares owned by or held for the account of the Corporation shall be deemed not to be outstanding;</p>
    <p style="text-align: justify;">&#160;</p>
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    <p style="text-align: center;">- 21 -</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 108pt;">(ii)<font style="width: 23.25pt; display: inline-block;">&#160;</font>to the extent that no such rights or warrants are exercised prior to the expiry of the Rights Offering Exercise Period, the Exercise Price shall, upon expiry of the Rights Offering Exercise Period, be readjusted to the Exercise Price which would then be in effect if such record date had not been fixed;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 108pt;">(iii)<font style="width: 20.25pt; display: inline-block;">&#160;</font>if any such rights or warrants are exercised, the Exercise Price shall, upon such exercise, be adjusted to the Exercise Price which would otherwise be determined under Section 4.1(b)(i) if each reference therein to "offered for subscription or purchase" were replaced by a reference to "issued upon the exercise of such rights or warrants" and each reference therein to "so offered" were replaced by a reference to "so purchased";</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 108pt;">(iv)<font style="width: 20.25pt; display: inline-block;">&#160;</font>concurrently with any adjustment of the Exercise Price pursuant to this Section 4.1(b), the Exchange Rate will be adjusted so that it will equal the amount determined by multiplying the Exchange Rate in effect immediately prior to such adjustment by a fraction, of which the numerator shall be the Exercise Price in effect immediately prior to such adjustment and the denominator shall be the Exercise Price resulting from such adjustment; and</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 108pt;">(v)<font style="width: 24.5pt; display: inline-block;">&#160;</font>any adjustments required by this Section 4.1(b) shall be made successively whenever a record date for a Rights Offering is fixed ( provided that if two or more such record dates or are fixed within a period of 25 Trading Days, such adjustment will be made successively as if each of such record dates occurred on the earliest of such record dates);</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(c)<font style="width: 25.25pt; display: inline-block;">&#160;</font>if and whenever at any time after the Effective Date but prior to the Expiry Date the Corporation shall fix a record date for the making of a distribution to all or substantially all the holders of outstanding Common Shares of (i) securities of any class, whether of the Corporation or any other person (other than Common Shares), (ii) rights, options or warrants to subscribe for or purchase Common Shares (or other securities convertible into or exchangeable for Common Shares), other than pursuant to a Rights Offering; (iii) evidences of its indebtedness, or (iv) any property or other assets (but excluding any distribution referred to in Section 4.1(a) or Section 4.1(b)), then, in each such case:</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 108pt;">(i)<font style="width: 25.5pt; display: inline-block;">&#160;</font>the Exercise Price shall be adjusted immediately after such record date so that it shall equal the amount, in dollars, determined by multiplying the Exercise Price in effect on such record date by a fraction, of which the numerator shall be the total number of Common Shares outstanding on such record date multiplied by the Current Market Price on such record date, less the excess, if any, of the fair market value on such record date, as determined by the Corporation (subject to Exchange approval), of such securities or other assets so issued or distributed over the fair market value of any consideration received therefor by the Corporation from the holders of the Common Shares, and of which the denominator shall be the total number of Common Shares outstanding on such record date multiplied by the Current Market Price; for purposes of the foregoing calculation, any Common Shares owned by or held for the account of the Corporation shall be deemed not to be outstanding;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">&#160;</p>
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    <p style="text-align: center;">- 22 -</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 108pt;">(ii)<font style="width: 23.25pt; display: inline-block;">&#160;</font>to the extent no such distribution is made, the Exercise Price shall be readjusted to the Exercise Price which would then be in effect if such record date had not been fixed;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 108pt;">(iii)<font style="width: 20.25pt; display: inline-block;">&#160;</font>concurrently, with any adjustment of the Exercise Price pursuant to this Section 4.1(c), the Exchange Rate will be adjusted so that it will equal the amount determined by multiplying the Exchange Rate in effect immediately prior to such adjustment by a fraction, of which the numerator shall be the Exercise Price in effect immediately prior to such adjustment and the denominator shall be the Exercise Price resulting from such adjustment; and</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 108pt;">(iv)<font style="width: 20.25pt; display: inline-block;">&#160;</font>any adjustments required by this Section 4.1(c) shall be made successively whenever such a record date is fixed;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(d)<font style="width: 24.5pt; display: inline-block;">&#160;</font>if and whenever at any time after the Effective Date but prior to the Expiry Date there is a reclassification or redesignation of the Common Shares, or a capital reorganization of the Corporation (other than as described in Section 4.1(a), Section 4.1(b) or Section 4.1(c)) or a consolidation, amalgamation, arrangement, merger or other form of business combination of the Corporation with or into any other body corporate, trust, partnership or other entity that results in any reclassification of the Common Shares or any change or exchange of the Common Shares into or for other securities or any sale, lease, exchange, transfer or conveyance of the property, undertaking and assets of the Corporation as an entirety or substantially as an entirety to any other body corporate, trust, partnership or other entity (any of such events being a "<b>Capital Reorganization</b>"), any registered Warrantholder who has not exercised its right of acquisition prior to the effective date of such Capital Reorganization, upon the exercise of such right thereafter, shall be entitled to receive upon payment of the Exercise Price and shall accept, in lieu of the number of Common Shares that prior to such effective date the registered Warrantholder would have been entitled to receive, the number of shares or other securities or property of the Corporation or of the body corporate, trust, partnership or other entity resulting from such Capital Reorganization, that such registered Warrantholder would have been entitled to receive on such Capital Reorganization, if, on the effective date thereof, as the case may be, the registered Warrantholder had been the registered holder of the number of Common Shares to which prior to such effective date it was entitled to acquire upon the exercise of the Warrants. If determined appropriate by the Warrant Agent, relying on advice of Counsel, to give effect to or to evidence the provisions of this Section 4.1(d), the Corporation, its successor, or such purchasing body corporate, partnership, trust or other entity, as the case may be, shall, prior to or contemporaneously with any such Capital Reorganization, enter into an indenture which shall provide, to the extent possible, for the application of the provisions set forth in this Indenture with respect to the rights and interests thereafter of the Warrantholders to the end that the provisions set forth in this Indenture shall thereafter correspondingly be made applicable, as nearly as may reasonably be, with respect to any shares, other securities or property to which a registered Warrantholder is entitled on the exercise of its acquisition rights thereafter. Any indenture entered into between the Corporation, any successor to the Corporation or such purchasing body corporate, partnership, trust or other entity and the Warrant Agent pursuant to the provisions of this Section 4.1(d) shall be a supplemental indenture entered into pursuant to the provisions of Article 8 hereof. Any indenture entered into between the Corporation, any successor to the Corporation or such purchasing body corporate, partnership, trust or other entity and the Warrant Agent shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided in this Section 4.1 and which shall apply to successive reclassifications, redesignations, capital reorganizations, arrangements, amalgamations, consolidations, mergers, sales or conveyances;</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_33"></a>
    <p style="text-align: center;">- 23 -</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(e)<font style="width: 25.25pt; display: inline-block;">&#160;</font>in any case in which this Section 4.1 shall require that an adjustment shall become effective immediately after a record date for an event referred to herein, the Corporation may defer, until the occurrence of such event, issuing to the registered Warrantholder of any Warrant exercised after the record date and prior to completion of such event the additional Common Shares issuable by reason of the adjustment required by such event before giving effect to such adjustment; provided, however, that the Corporation shall deliver to such registered Warrantholder an appropriate instrument evidencing such registered Warrantholder's right to receive such additional Common Shares upon the occurrence of the event requiring such adjustment and the right to receive any distributions made on such additional Common Shares declared in favour of holders of record of Common Shares on and after the relevant date of exercise or such later date as such registered Warrantholder would, but for the provisions of this Section 4.1(e), have become the holder of record of such additional Common Shares pursuant to Section 4.1;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(f)<font style="width: 26pt; display: inline-block;">&#160;</font>in any case in which Section 4.1(a)(iii), Section 4.1(b) or Section 4.1(c) require that an adjustment be made to the Exercise Price, no such adjustment shall be made if the Warrantholders of the outstanding Warrants receive, subject to any required stock exchange or regulatory approval, the rights or warrants referred to in Section 4.1(a)(iii), Section 4.1(b) or the shares, rights, options, warrants, evidences of indebtedness or assets referred to in Section 4.1(c), as the case may be, in such kind and number as they would have received if they had been holders of Common Shares on the applicable record date or effective date, as the case may be, by virtue of their outstanding Warrant having then been exercised into Common Shares at the Exercise Price in effect on the applicable record date or effective date, as the case may be;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(g)<font style="width: 24.5pt; display: inline-block;">&#160;</font>the adjustments provided for in this Section 4.1 are cumulative, and shall, in the case of adjustments to the Exercise Price be computed to the nearest whole cent and shall apply to successive subdivisions, re-divisions, reductions, combinations, consolidations, distributions, issues or other events resulting in any adjustment under the provisions of this Section 4.1, provided that, notwithstanding any other provision of this Section 4.1, no adjustment of the Exercise Price shall be required unless such adjustment would require an increase or decrease of at least 1% in the Exercise Price then in effect; provided, however, that any adjustments which by reason of this Section 4.1(g) are not required to be made shall be carried forward and taken into account in any subsequent adjustment; and</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(h)<font style="width: 24.5pt; display: inline-block;">&#160;</font>after any adjustment pursuant to this Section 4.1, the term "Common Shares" where used in this Indenture shall be interpreted to mean securities of any class or classes which, as a result of such adjustment and all prior adjustments pursuant to this Section 4.1, the registered Warrantholder is entitled to receive upon the exercise of this Warrant, and the number of Common Shares indicated by any exercise made pursuant to a Warrant shall be interpreted to mean the number of Common Shares and other property or securities aregistered Warrantholder is entitled to receive, as a result of such adjustment and all prior adjustments pursuant to this Section 4.1, upon the full exercise of a Warrant.</p>
    <p style="text-align: justify;">&#160;</p>
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    <p style="text-align: center;">- 24 -</p>
    <p style="text-align: justify;"><b>4.2</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Entitlement to Common Shares on Exercise of Warrant</b></p>
    <p style="text-align: justify;">All Common Shares, or shares of any class or other securities, which a registered Warrantholder is at the time in question entitled to receive on the exercise of its Warrant, whether or not as a result of adjustments made pursuant to this Article 4, shall, for the purposes of the interpretation of this Indenture, be deemed to be Common Shares which such registered Warrantholder is entitled to acquire pursuant to such Warrant.</p>
    <p style="text-align: justify;"><b>4.3</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>No Adjustment for Certain Transactions</b></p>
    <p style="text-align: justify;">Notwithstanding anything in this Article 4, no adjustment shall be made under Section 4.1 in respect of any issuance of Common Shares made pursuant to this Indenture in respect of the issue of Warrants pursuant to any stock option, stock purchase, restricted share plan or other equity incentive plan in force from time to time for officers, Directors or employees, consultants or other service providers of the Corporation or pursuant to any stock option granted or other convertible security issued by the Corporation prior to the date of this Indenture. For greater certainty, in respect of the SR Warrants, no adjustment shall be made under Section 4.1 prior to the conversion of the Subscription Receipts, in accordance to their terms under the Subscription Receipt Agreement.</p>
    <p style="text-align: justify;"><b>4.4</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Determination by Independent Firm</b></p>
    <p style="text-align: justify;">In the event of any question arising with respect to the adjustments provided for in this Article 4, such question shall be conclusively determined by an independent firm of chartered accountants other than the Auditors, who shall have access to all necessary records of the Corporation, and such determination shall be binding upon the Corporation, the Warrant Agent, all holders and all other persons interested therein.</p>
    <p style="text-align: justify;"><b>4.5</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Proceedings Prior to any Action Requiring Adjustment</b></p>
    <p style="text-align: justify;">As a condition precedent to the taking of any action which would require an adjustment in any of the acquisition rights pursuant to any of the Warrants, including the Exercise Price and number of Common Shares which are to be received upon the exercise thereof, the Corporation shall take any action which may, in the opinion of Counsel (acting reasonably), be necessary in order that the Corporation has unissued and reserved in its authorized capital and may validly and legally issue as fully paid and non-assessable all the Common Shares which the holders of such Warrants are entitled to receive on the full exercise thereof in accordance with the provisions hereof.</p>
    <p style="text-align: justify;"><b>4.6</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Certificate of Adjustment</b></p>
    <p style="text-align: justify;">The Corporation shall from time to time immediately after the occurrence of any event which requires an adjustment or readjustment as provided in Section 4.1, deliver a certificate of the Corporation to the Warrant Agent specifying the nature of the event requiring the same and the amount of the adjustment or readjustment necessitated thereby and setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based, which certificate shall be supported by a certificate of the Auditors verifying such calculation. The Warrant Agent shall act and rely, and shall be protected in acting and relying, upon the certificate of the Corporation or of the Auditors and any other document filed by the Corporation pursuant to this Article 4 for all purposes.</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_35"></a>
    <p style="text-align: center;">- 25 -</p>
    <p style="text-align: justify;"><b>4.7</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Notice of Special Matters</b></p>
    <p style="text-align: justify;">The Corporation covenants with the Warrant Agent that, so long as any Warrant remains outstanding, it will give notice to the Warrant Agent and to the Warrantholders of its intention to fix a record date that is prior to the Expiry Date for any matter for which an adjustment may be required pursuant to Section 4.1. Such notice shall specify the particulars of such event and the record date for such event, provided that the Corporation shall only be required to specify in the notice such particulars of the event as shall have been fixed and determined on the date on which the notice is given. The notice shall be given in each case not less than 14 days prior to such applicable record date. If notice has been given and the adjustment is not then determinable, the Corporation shall promptly, after the adjustment is determinable, file with the Warrant Agent a computation of the adjustment and give notice to the Warrantholders of such adjustment computation.</p>
    <p style="text-align: justify;"><b>4.8</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>No Action after Notice</b></p>
    <p style="text-align: justify;">The Corporation covenants with the Warrant Agent that it will not close its transfer books or take any other corporate action which might deprive the registered Warrantholder of the opportunity to exercise its right of acquisition pursuant thereto during the period of 14 days after the giving of the certificate or notices set forth in Section 4.6 and Section 4.7.</p>
    <p style="text-align: justify;"><b>4.9</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Other Action</b></p>
    <p style="text-align: justify;">If the Corporation, after the date hereof, shall take any action affecting the Common Shares, other than an action described in Section 4.1 or an action referred to in Section 4.3, which in the reasonable opinion of the directors of the Corporation would materially affect the rights of Warrantholders, the Exercise Price and/or Exchange Rate shall be adjusted in such manner and at such time, by action of the directors, acting reasonably and in good faith, as they in their sole discretion may determine to be equitable to the Warrantholders in the circumstances, provided that no such adjustment will be made unless any requisite prior approval of any stock exchange on which the Common Shares are or may be listed for trading has been obtained.</p>
    <p style="text-align: justify;"><b>4.10</b><font style="width: 15.75pt; display: inline-block;">&#160;</font><b>Protection of Warrant Agent</b></p>
    <p style="text-align: justify;">The Warrant Agent shall not:</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(a)<font style="width: 25.25pt; display: inline-block;">&#160;</font>at any time be under any duty or responsibility to any registered Warrantholder to determine whether any facts exist which may require any adjustment contemplated by Section 4.1, or with respect to the nature or extent of any such adjustment when made, or with respect to the method employed in making the same;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(b)<font style="width: 24.5pt; display: inline-block;">&#160;</font>be accountable with respect to the validity or value (or the kind or amount) of any Common Shares or of any other securities or property which may at any time be issued or delivered upon the exercise of the rights attaching to any Warrant;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(c)<font style="width: 25.25pt; display: inline-block;">&#160;</font>be responsible for any failure of the Corporation to issue, transfer or deliver Common Shares or certificates for the same upon the surrender of any Warrants for the purpose of the exercise of such rights or to comply with any of the covenants contained in this Article; and</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(d)<font style="width: 24.5pt; display: inline-block;">&#160;</font>incur any liability or be in any way responsible for the consequences of any breach on the part of the Corporation of any of the representations, warranties or covenants herein contained or of any acts of the directors, officers, employees, agents or servants of the Corporation.</p>
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    <p style="text-align: center;">- 26 -</p>
    <p style="text-align: justify;"><b>4.11</b><font style="width: 15.75pt; display: inline-block;">&#160;</font><b>Participation by Warrantholder</b></p>
    <p style="text-align: justify;">No adjustments shall be made pursuant to this Article 4 if the Warrantholders are entitled to participate in any event described in this Article 4 on the same terms, mutatis mutandis, as if the Warrantholders had exercised their Warrants prior to, or on the effective date or record date of, such event.</p>
    <p style="text-align: justify;"><b>4.12</b><font style="width: 15.75pt; display: inline-block;">&#160;</font><b>Regulatory Approval of Adjustments</b></p>
    <p style="text-align: justify;">Notwithstanding the foregoing, any adjustment to the Exercise Price and/or Exchange Rate shall be subject to the prior written consent of the Exchange.</p>
    <p style="margin-bottom: 0pt; text-align: center;"><b>ARTICLE 5</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>RIGHTS OF THE CORPORATION AND COVENANTS</b></p>
    <p style="text-align: justify;"><b>5.1</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Optional Purchases by the Corporation</b></p>
    <p style="text-align: justify;">Subject to compliance with applicable securities legislation and approval of applicable regulatory authorities, if any, the Corporation may from time to time purchase, by private contract or otherwise, any of the Warrants. Any such purchase shall be made at the lowest price or prices at which, in the opinion of the directors of the Corporation, such Warrants are then obtainable, plus reasonable costs of purchase, and may be made in such manner, from such persons and on such other terms as the Corporation, in its sole discretion, may determine. In the case of Certificated Warrants, Warrant Certificates representing the Warrants purchased pursuant to this Section 5.1 shallforthwith be delivered to and cancelled by the Warrant Agent and reflected accordingly on the Register of Warrants. In the case of Uncertificated Warrants, the Warrants purchased pursuant to this Section 5.1 shall be reflected accordingly on the Register of Warrant and in accordance with procedures prescribed by the Depository under the book entry registration system. No Warrants shall be issued in replacement thereof.</p>
    <p style="text-align: justify;"><b>5.2</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>General Covenants</b></p>
    <p style="text-align: justify;">The Corporation covenants with the Warrant Agent, for the benefit of the Warrant Agent and the Warrantholders, that so long as any Warrants remain outstanding:</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(a)<font style="width: 25.25pt; display: inline-block;">&#160;</font>it will reserve and keep available a sufficient number of Common Shares for the purpose of enabling it to satisfy its obligations to issue Common Shares upon the exercise of the Warrants;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(b)<font style="width: 24.5pt; display: inline-block;">&#160;</font>it will cause the Common Shares from time to time acquired pursuant to the exercise of the Warrants to be duly issued and delivered in accordance with the Warrants and the terms hereof;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(c)<font style="width: 25.25pt; display: inline-block;">&#160;</font>all Common Shares which shall be issued upon exercise of the right to acquire provided for herein shall be fully paid and non-assessable, free and clear of all encumbrances;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(d)<font style="width: 24.5pt; display: inline-block;">&#160;</font>it will use commercially reasonable efforts to maintain its existence and carry on its business in the ordinary course; provided that this clause shall not be construed as limiting or restricting the Corporation from agreeing to a consolidation, amalgamation, arrangement, takeover bid or merger even if the consideration being offered is not securities that are listed and posted for trading on a recognized Canadian stock exchange, provided that such transaction has been approved in accordance with the requirements of applicable corporate and securities laws and the rules and policies of the applicable stock exchange;&#160;</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_37"></a>
    <p style="text-align: center;">- 27 -</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(e)<font style="width: 25.25pt; display: inline-block;">&#160;</font>generally, it will well and truly perform and carry out all of the acts or things to be done by it as provided in this Indenture;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(f)<font style="width: 26pt; display: inline-block;">&#160;</font>it will promptly notify the Warrant Agent and the Warrantholders in writing of any default under the terms of this Warrant Indenture which remains unrectified for more than five days following its occurrence;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(g)<font style="width: 24.5pt; display: inline-block;">&#160;</font>it will use commercially reasonable efforts to ensure that the Common Shares outstanding or issuable from time to time (including without limitation the Common Shares issuable on the exercise of the Warrants) continue to be or are listed and posted for trading on the Exchange (or such other Canadian stock exchange acceptable to the Corporation), provided that this clause shall not be construed as limiting or restricting the Corporation from completing a consolidation, amalgamation, arrangement, takeover bid or merger that would result in the Common Shares ceasing to be listed and posted for trading on such exchanges, so long as the holders of the Common Shares have approved the transaction in accordance with the requirements of applicable corporate and securities laws and the policies of such exchanges or the holders of Common Shares receive securities of an entity which is listed on a stock exchange in Canada or cash; and</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(h)<font style="width: 24.5pt; display: inline-block;">&#160;</font>it will make all requisite filings under and otherwise take all requisite steps under and satisfy applicable Canadian securities legislation including those filings and other steps necessary to remain a reporting issuer not in default in each of the provinces and other Canadian jurisdictions where it is or becomes a reporting issuer.</p>
    <p style="text-align: justify;"><b>5.3</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Warrant Agent's Remuneration and Expenses</b></p>
    <p style="text-align: justify;">The Corporation covenants that it will pay to the Warrant Agent from time to time reasonable remuneration for its services hereunder and will pay or reimburse the Warrant Agent upon its request for all reasonable expenses, disbursements and advances incurred or made by the Warrant Agent in the administration or execution of its duties and obligations hereunder (including the reasonable compensation and the disbursements of its Counsel and all other advisers and assistants not regularly in its employ) both before any default hereunder and thereafter until all duties of the Warrant Agent hereunder shall be finally and fully performed. Any amount owing hereunder and remaining unpaid after 30 days from the invoice date will bear interest at the then current rate charged by the Warrant Agent against unpaid invoices and shall be payable upon demand. This Section 5.3 shall survive the resignation or removal of the Warrant Agent and/or the termination of this Indenture.</p>
    <p style="text-align: justify;"><b>5.4</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Performance of Covenants by Warrant Agent</b></p>
    <p style="text-align: justify;">If the Corporation shall fail to perform any of its covenants contained in this Indenture, the Warrant Agent may notify the Warrantholders of such failure on the part of the Corporation and may itself perform any of the covenants capable of being performed by it but, subject to Section 9.2, shall be under no obligation to perform said covenants or to notify the Warrantholders of such performance by it. All sums expended or advanced by the Warrant Agent in so doing shall be repayable as provided in Section 5.3. No such performance, expenditure or advance by the Warrant Agent shall relieve the Corporation of any default hereunder or of its continuing obligations under the covenants herein contained.</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_38"></a>
    <p style="text-align: center;">- 28 -</p>
    <p style="text-align: justify;"><b>5.5</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Enforceability of Warrants</b></p>
    <p style="text-align: justify;">The Corporation covenants and agrees that it is duly authorized to create and issue the Warrants to be issued hereunder and that the Warrants, when issued and Authenticated as herein provided, will be valid and enforceable against the Corporation in accordance with the provisions hereof and the terms hereof and that, subject to the provisions of this Indenture, the Corporation will cause the Common Shares from time to time acquired upon exercise of Warrants issued under this Indenture to be duly issued and delivered in accordance with the terms of this Indenture.</p>
    <p style="margin-bottom: 0pt; text-align: center;"><b>ARTICLE 6</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>ENFORCEMENT</b></p>
    <p style="text-align: justify;"><b>6.1</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Suits by Warrantholders</b></p>
    <p style="text-align: justify;">All or any of the rights conferred upon any registered Warrantholder by any of the terms of this Indenture may be enforced by the registered Warrantholder by appropriate proceedings but without prejudice to the right which is hereby conferred upon the Warrant Agent to proceed in its own name to enforce each and all of the provisions herein contained for the benefit of the Warrantholders from time to time outstanding. The Warrant Agent shall also have the power at any time and from time to time to institute and to maintain such suits and proceedings as it may reasonably be advised shall be necessary or advisable to preserve and protect its interests and the interests of the Warrantholders.</p>
    <p style="text-align: justify;"><b>6.2</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Suits by the Corporation</b></p>
    <p style="text-align: justify;">The Corporation shall have the right to enforce full payment of the Exercise Price of all Common Shares issued by the Warrant Agent to a registered Warrantholder hereunder and shall be entitled to demand such payment from the registered Warrantholder or alternatively to instruct the Warrant Agent to cause the cancellation of the share certificates and amend the securities register accordingly.</p>
    <p style="text-align: justify;"><b>6.3</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Immunity of Shareholders, etc.</b></p>
    <p style="text-align: justify;">The Warrant Agent and the Warrantholders hereby waive and release any right, cause of action or remedy now or hereafter existing in any jurisdiction against any incorporator or any past, present or future shareholder, trustee, employee or agent of any Corporation or any successor corporation on any covenant, agreement, representation or warranty by the Corporation herein. Only the Corporation shall be bound in respect hereof.</p>
    <p style="text-align: justify;"><b>6.4</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Waiver of Default</b></p>
    <p style="text-align: justify;">Upon the happening of any default hereunder:</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(a)<font style="width: 25.25pt; display: inline-block;">&#160;</font>the Warrantholders of not less than 51% of the Warrants then outstanding shall have power (in addition to the powers exercisable by Extraordinary Resolution) by requisition in writing to instruct the Warrant Agent to waive any default hereunder and the Warrant Agent shall thereupon waive the default upon such terms and conditions as shall be prescribed in such requisition; or</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(b)<font style="width: 24.5pt; display: inline-block;">&#160;</font>the Warrant Agent shall have power to waive any default hereunder upon such terms and conditions as the Warrant Agent may deem advisable, on the advice of Counsel, if, in the Warrant Agent's opinion, based on the advice of Counsel, the same shall have been cured or adequate provision made therefor;</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_39"></a>
    <p style="text-align: center;">- 29 -</p>
    <p style="text-align: justify;">provided that no delay or omission of the Warrant Agent or of the Warrantholders to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver of any such default or acquiescence therein and provided further that no act or omission either of the Warrant Agent or of the Warrantholders in the premises shall extend to or be taken in any manner whatsoever to affect any subsequent default hereunder of the rights resulting therefrom.</p>
    <p style="margin-bottom: 0pt; text-align: center;"><b>ARTICLE 7</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>MEETINGS OF REGISTERED WARRANTHOLDERS</b></p>
    <p style="text-align: justify;"><b>7.1</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Right to Convene Meetings</b></p>
    <p style="text-align: justify;">The Warrant Agent may at any time and from time to time, and shall on receipt of a written request of the Corporation or of a Warrantholders' Request and upon being indemnified and funded to its reasonable satisfaction by the Corporation or by the Warrantholders signing such Warrantholders' Request against the costs which may be incurred in connection with the calling and holding of such meeting, convene a meeting of the Warrantholders. If the Warrant Agent fails to so call a meeting within seven days after receipt of such written request of the Corporation or such Warrantholders' Request and the indemnity and funding given as aforesaid, the Corporation or such Warrantholders, as the case may be, may convene such meeting. Every such meeting shall be held in the City of Toronto, in the Province of Ontario, or at such other place as may be approved or determined by the Warrant Agent.</p>
    <p style="text-align: justify;"><b>7.2</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Notice</b></p>
    <p style="text-align: justify;">At least 21 days' prior written notice of any meeting of Warrantholders shall be given to the Warrantholders in the manner provided for in Section 10.2 and a copy of such notice shall be sent by mail to the Warrant Agent (unless the meeting has been called by the Warrant Agent) and to the Corporation (unless the meeting has been called by the Corporation). Such notice shall state the time when and the place where the meeting is to be held, shall state briefly the general nature of the business to be transacted thereat and shall contain such information as is reasonably necessary to enable the Warrantholders to make a reasoned decision on the matter, but it shall not be necessary for any such notice to set out the terms of any resolution to be proposed or any of the provisions of this Section 7.2.</p>
    <p style="text-align: justify;"><b>7.3</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Chair</b></p>
    <p style="text-align: justify;">An individual (who need not be a registered Warrantholder) designated in writing by the Warrant Agent shall be chair of the meeting and if no individual is so designated, or if the individual so designated is not present within fifteen minutes from the time fixed for the holding of the meeting, the Warrantholders present in person or by proxy shall choose an individual present to be chair.</p>
    <p style="text-align: justify;"><b>7.4</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Quorum</b></p>
    <p style="text-align: justify;">Subject to the provisions of Section 7.11, at any meeting of the Warrantholders a quorum shall consist of registered Warrantholder(s) present in person or by proxy holding at least 25% of the then outstanding Warrants. If a quorum of the Warrantholders shall not be present within thirty minutes from the time fixed for holding any meeting, the meeting, if summoned by Warrantholders or on a Warrantholders' Request, shall be dissolved; but in any other case the meeting shall be adjourned to the same day in the next week (unless such day is not a Business Day, in which case it shall be adjourned to the next following Business Day) at the same time and place and no notice of the adjournment need be given. Any business may be brought before or dealt with at an adjourned meeting which might have been dealt with at the original meeting in accordance with the notice calling the same. No business shall be transacted at any meeting unless a quorum be present at the commencement of business. At the adjourned meeting the Warrantholders present in person or by proxy shall form a quorum and may transact the business for which the meeting was originally convened, notwithstanding that they may not hold at least 25% of the aggregate number of all then outstanding Warrants.</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_40"></a>
    <p style="text-align: center;">- 30 -</p>
    <p style="text-align: justify;"><b>7.5</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Power to Adjourn</b></p>
    <p style="text-align: justify;">The chair of any meeting at which a quorum of the Warrantholders is present may, with the consent of the meeting, adjourn any such meeting, and no notice of such adjournment need be given except such notice, if any, as the meeting may prescribe.</p>
    <p style="text-align: justify;"><b>7.6</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Show of Hands</b></p>
    <p style="text-align: justify;">Every question submitted to a meeting shall be decided in the first place by a majority of the votes given on a show of hands except that votes on an Extraordinary Resolution shall be given in the manner hereinafter provided. At any such meeting, unless a poll is duly demanded as herein provided, a declaration by the chair that a resolution has been carried or carried unanimously or by a particular majority or lost or not carried by a particular majority shall be conclusive evidence of the fact.</p>
    <p style="text-align: justify;"><b>7.7</b><font style="width: 23.25pt; display: inline-block;">&#160;</font><b>Poll and Voting</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 24.5pt; display: inline-block;">&#160;</font>On every Extraordinary Resolution, and on any other question submitted to a meeting and after a vote by show of hands when demanded by the chair or by one or more of the Warrantholders acting in person or by proxy and holding in the aggregate at least 5% of the aggregate number of Warrants then outstanding, a poll shall be taken in such manner as the chair shall direct. Questions other than those required to be determined by Extraordinary Resolution shall be decided by a majority of the votes cast on the poll.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 24.5pt; display: inline-block;">&#160;</font>On a show of hands, every person who is present and entitled to vote, whether as a registered Warrantholder or as proxy for one or more absent Warrantholders, or both, shall have one vote. On a poll, each registered Warrantholder present in person or represented by a proxy duly appointed by instrument in writing shall be entitled to one vote in respect of each Warrant then held or represented by it. A proxy need not be a registered Warrantholder. The chair of any meeting shall be entitled, both on a show of hands and on a poll, to vote in respect of the Warrants, if any, held or represented by him.</p>
    <p style="text-align: justify;"><b>7.8</b><font style="width: 23.75pt; display: inline-block;">&#160;</font><b>Regulations</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 24.5pt; display: inline-block;">&#160;</font>The Warrant Agent, or the Corporation with the approval of the Warrant Agent, may from time to time make and from time to time vary such regulations as it shall think fit for the setting of the record date for a meeting for the purpose of determining Warrantholders entitled to receive notice of and to vote at the meeting.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Any regulations so made shall be binding and effective and the votes given in accordance therewith shall be valid and shall be counted. Save as such regulations may provide, the only persons who shall be recognized at any meeting as a registered Warrantholder, or be entitled to vote or be present at the meeting in respect thereof (subject to Section 7.9), shall be Warrantholders or proxies of Warrantholders.</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_41"></a>
    <p style="text-align: center;">- 31 -</p>
    <p style="text-align: justify;"><b>7.9</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Corporation and Warrant Agent May be Represented</b></p>
    <p style="text-align: justify;">The Corporation and the Warrant Agent, by their respective directors, officers, agents, and employees, and Counsel for the Corporation and for the Warrant Agent may attend any meeting of the Warrantholders.</p>
    <p style="text-align: justify;"><b>7.10</b><font style="width: 15.75pt; display: inline-block;">&#160;</font><b>Powers Exercisable by Extraordinary Resolution</b></p>
    <p style="text-align: justify;">In addition to all other powers conferred upon them by any other provisions of this Indenture or by law, the Warrantholders at a meeting shall, subject to the provisions of Section 7.11, have the power exercisable from time to time by Extraordinary Resolution:</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(a)<font style="width: 25.25pt; display: inline-block;">&#160;</font>to assent to or sanction any amendment, modification, abrogation, alteration, compromise or arrangement of any right of the Warrantholders or, with the consent of the Warrant Agent (such consent not to be unreasonably withheld), of the Warrant Agent in its capacity as agent hereunder or on behalf of the Warrantholders against the Corporation, whether such right arises under this Indenture or otherwise, which shall be agreed to by the Corporation, and to authorize the Warrant Agent to concur in and execute any agreement supplemental hereto in connection therewith;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(b)<font style="width: 24.5pt; display: inline-block;">&#160;</font>to amend, alter or repeal any Extraordinary Resolution previously passed or sanctioned by the Warrantholders;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(c)<font style="width: 25.25pt; display: inline-block;">&#160;</font>to direct or to authorize the Warrant Agent, subject to Section 9.2(2) hereof, to enforce any of the covenants on the part of the Corporation contained in this Indenture or to enforce any of the rights of the Warrantholders in any manner specified in such Extraordinary Resolution or to refrain from enforcing any such covenant or right;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(d)<font style="width: 24.5pt; display: inline-block;">&#160;</font>to waive and direct the Warrant Agent to waive any default by the Corporation in complying with any provision of this Indenture, either unconditionally or on any condition specified in the Extraordinary Resolution;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(e)<font style="width: 25.25pt; display: inline-block;">&#160;</font>to restrain any registered Warrantholder from taking or instituting any suit, action or proceeding against the Corporation for the enforcement of any of the covenants on the part of the Corporation in this Indenture or to enforce any of the rights of the Warrantholders;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(f)<font style="width: 26pt; display: inline-block;">&#160;</font>to direct any registered Warrantholder who, as such, has brought any suit, action or proceeding to stay or to discontinue or otherwise to deal with the same upon payment of the costs, charges and expenses reasonably and properly incurred by such registered Warrantholder in connection therewith;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(g)<font style="width: 24.5pt; display: inline-block;">&#160;</font>to assent to any change in or omission from the provisions contained in this Indenture or any ancillary or supplemental instrument which may be agreed to by the Corporation, and to authorize the Warrant Agent to concur in and execute any ancillary or supplemental indenture embodying the change or omission;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(h)<font style="width: 24.5pt; display: inline-block;">&#160;</font>with the consent of the Corporation, such consent not to be unreasonably withheld, to remove the Warrant Agent or its successor in office and to appoint a new warrant agent or warrant agents to take the place of the Warrant Agent so removed; and</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_42"></a>
    <p style="text-align: center;">- 32 -</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(i)<font style="width: 26.5pt; display: inline-block;">&#160;</font>to assent to any compromise or arrangement with any creditor or creditors or any class or classes of creditors, whether secured or otherwise, and with holders of any shares or other securities of the Corporation.</p>
    <p style="text-align: justify;"><b>7.11</b><font style="width: 18.75pt; display: inline-block;">&#160;</font><b>Meaning of Extraordinary Resolution</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 24.5pt; display: inline-block;">&#160;</font>The expression "<b>Extraordinary Resolution</b>" when used in this Indenture means, subject as hereinafter provided in this Section 7.11 and in Section 7.14, a resolution: (i) proposed at a meeting of Warrantholders duly convened for that purpose and held in accordance with the provisions of this Article 7 at which there are present in person or by proxy Warrantholders holding in the aggregate at least 25% of the aggregate number of Warrants then outstanding and passed by the affirmative votes of Warrantholders holding not less than 66 2/3% of the aggregate number of Warrants then outstanding at the meeting and voted on the poll upon such resolution; or (ii) in writing signed by the holders of at least 66 2/3% of the then outstanding Warrants on any matter that would otherwise be voted upon at a meeting called to approve such resolution as contemplated in this Section 7.11(1).</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 24.5pt; display: inline-block;">&#160;</font>If, at the meeting at which an Extraordinary Resolution is to be considered, Warrantholders holding at least 25% of the aggregate number of Warrants then outstanding are not present in person or by proxy within 30 minutes after the time appointed for the meeting, then the meeting, if convened by Warrantholders or on a Warrantholders' Request, shall be dissolved; but in any other case it shall stand adjourned to such day, being not less than 15 or more than 60 later, and to such place and time as may be appointed by the chair. Not less than 14 days' prior notice shall be given of the time and place of such adjourned meeting in the manner provided for in Section 10.2. Such notice shall state that at the adjourned meeting the Warrantholders present in person or by proxy shall form a quorum but it shall not be necessary to set forth the purposes for which the meeting was originally called or any other particulars. At the adjourned meeting the Warrantholders present in person or by proxy shall form a quorum and may transact the business for which the meeting was originally convened and a resolution proposed at such adjourned meeting and passed by the requisite vote as provided in Section 7.11(1) shall be an Extraordinary Resolution within the meaning of this Indenture notwithstanding that Warrantholders holding at least 25% of the aggregate number of the then outstanding Warrants are not present in person or by proxy at such adjourned meeting.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(3)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Subject to Section 7.14, votes on an Extraordinary Resolution shall always be given on a poll and no demand for a poll on an Extraordinary Resolution shall be necessary.</p>
    <p style="text-align: justify;"><b>7.12</b><font style="width: 18.25pt; display: inline-block;">&#160;</font><b>Powers Cumulative</b></p>
    <p style="text-align: justify;">Any one or more of the powers or any combination of the powers in this Indenture stated to be exercisable by the Warrantholders by Extraordinary Resolution or otherwise may be exercised from time to time and the exercise of any one or more of such powers or any combination of powers from time to time shall not be deemed to exhaust the right of the Warrantholders to exercise such power or powers or combination of powers then or thereafter from time to time.</p>
    <p style="text-align: justify;"><b>7.13</b><font style="width: 15.75pt; display: inline-block;">&#160;</font><b>Minutes</b></p>
    <p style="text-align: justify;">Minutes of all resolutions and proceedings at every meeting of Warrantholders shall be made and duly entered in books to be provided from time to time for that purpose by the Warrant Agent at the expense of the Corporation, and any such minutes as aforesaid, if signed by the chair or the secretary of the meeting at which such resolutions were passed or proceedings had shall be prima facie evidence of the matters therein stated and, until the contrary is proved, every such meeting in respect of the proceedings of which minutes shall have been made shall be deemed to have been duly convened and held, and all resolutions passed thereat or proceedings taken shall be deemed to have been duly passed and taken.&#160;</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_43"></a>
    <p style="text-align: center;">- 33 -&#160;</p>
    <p style="text-align: justify;"><b>7.14</b><font style="width: 15.75pt; display: inline-block;">&#160;</font><b>Instruments in Writing</b></p>
    <p style="text-align: justify;">All actions which may be taken and all powers that may be exercised by the Warrantholders at a meeting held as provided in this Article 7 may also be taken and exercised by Warrantholders holding not less than a majority or in the case of an Extraordinary Resolution, holding not less than 66 2/3%, of the aggregate number of all of the then outstanding Warrants by an instrument in writing signed in one or more counterparts by such Warrantholders in person or by attorney duly appointed in writing, and the expression "<b>Extraordinary Resolution</b>" when used in this Indenture shall include an instrument so signed by holders of not less than 66 2/3% of the aggregate number of all of the then outstanding Warrants.</p>
    <p style="text-align: justify;"><b>7.15</b><font style="width: 15.75pt; display: inline-block;">&#160;</font><b>Binding Effect of Resolutions</b></p>
    <p style="text-align: justify;">Every resolution and every Extraordinary Resolution passed in accordance with the provisions of this Article 7 at a meeting of Warrantholders shall be binding upon all the Warrantholders, whether present at or absent from such meeting, and every instrument in writing signed by Warrantholders in accordance with Section 7.14 shall be binding upon all the Warrantholders, whether signatories thereto or not, and each and every Warrantholder and the Warrant Agent (subject to the provisions for indemnity herein contained) shall be bound to give effect accordingly to every such resolution and instrument in writing.</p>
    <p style="text-align: justify;"><b>7.16</b><font style="width: 15.75pt; display: inline-block;">&#160;</font><b>Evidence of Warrantholders</b></p>
    <p style="text-align: justify;">Any request, direction, notice, consent or other instrument which this Indenture may require or permit to be signed or executed by the Warrantholders, including a Warrantholders' Request, may be in any number of concurrent instruments of similar tenor and may be signed or executed by such Warrantholder in person or by attorney duly appointed in writing. Proof of the execution of any such request or other instrument or of a writing appointing any such attorney or (subject to the provisions of this Article 7 with regard to voting at meetings of Warrantholders) of the holding by any person of Warrants shall be sufficient for any purpose of this Indenture if the fact and date of execution by any person of such request or other instrument or writing is proved by a certificate of any notary public, or other officer authorized to take acknowledgements of deeds to be recorded at the place where such certificate is made, to the effect that the person signing such request or other instrument in writing acknowledged to him the execution thereof or by an affidavit of a witness of such execution or in any other manner which the Warrant Agent may consider adequate and in respect of a corporate Warrantholder, shall include a certificate of incumbency of such Warrantholder together with a certified resolution authorizing the person who signs such instrument to sign such instrument. The Warrant Agent may, nevertheless, in its discretion require further proof in cases where it deems further proof desirable or may accept such other proof as it shall consider proper.</p>
    <p style="text-align: justify;"><b>7.17</b><font style="width: 15.75pt; display: inline-block;">&#160;</font><b>Holdings by Corporation Disregarded</b></p>
    <p style="text-align: justify;">In determining whether Warrantholders holding the required total number of Warrants are present in person or by proxy for the purpose of constituting a quorum, or have voted or consented to a resolution, Extraordinary Resolution, consent, waiver, Warrantholders' Request or other action under this Indenture, Warrants owned legally or beneficially by the Corporation shall be disregarded in accordance with the provisions of Section 10.7. The Corporation shall provide the Warrant Agent with a Certificate of the Corporation providing details of any Warrants held by the Corporation or by a Subsidiary of the Corporation upon the written request of the Warrant Agent.</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_44"></a>
    <p style="text-align: center;">- 34 -</p>
    <p style="margin-bottom: 0pt; text-align: center;"><b>ARTICLE 8</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>SUPPLEMENTAL INDENTURES</b></p>
    <p style="text-align: justify;"><b>8.1</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Provision for Supplemental Indentures for Certain Purposes</b></p>
    <p style="text-align: justify;">Subject to regulatory approval, from time to time, the Corporation (when authorized by action of the directors) and the Warrant Agent may, subject to the provisions hereof and they shall, when so directed in accordance with the provisions hereof, execute and deliver by their proper officers, indentures or instruments supplemental hereto, which thereafter shall form part hereof, for any one or more or all of the following purposes:</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(a)<font style="width: 25.25pt; display: inline-block;">&#160;</font>setting forth any adjustments resulting from the application of the provisions of Article 4;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(b)<font style="width: 24.5pt; display: inline-block;">&#160;</font>adding to the provisions hereof such additional covenants and enforcement provisions as, in the opinion of Counsel, are necessary or advisable in the premises, provided that the same are not in the opinion of the Warrant Agent, relying on the advice of Counsel, prejudicial to the interests of the Warrantholders;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(c)<font style="width: 25.25pt; display: inline-block;">&#160;</font>giving effect to any Extraordinary Resolution passed as provided in Section 7.11;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(d)<font style="width: 24.5pt; display: inline-block;">&#160;</font>making such provisions not inconsistent with this Indenture as may be necessary or desirable with respect to matters or questions arising hereunder or for the purpose of obtaining a listing or quotation of the Warrants on any stock exchange, provided that such provisions are not, in the opinion of the Warrant Agent, relying on the advice of Counsel, prejudicial to the interests of the Warrantholders;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(e)<font style="width: 25.25pt; display: inline-block;">&#160;</font>adding to or altering the provisions hereof in respect of the transfer of Warrants, making provision for the exchange of Warrants, and making any modification in the form of the Warrant Certificates which does not affect the substance thereof;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(f)<font style="width: 26pt; display: inline-block;">&#160;</font>modifying any of the provisions of this Indenture, including relieving the Corporation from any of the obligations, conditions or restrictions herein contained, provided that such modification or relief shall be or become operative or effective only if, in the opinion of the Warrant Agent, relying on the advice of Counsel, such modification or relief in no way prejudices any of the rights of the Warrantholders or of the Warrant Agent, and provided further that the Warrant Agent may in its sole discretion decline to enter into any such supplemental indenture which in its opinion may not afford adequate protection to the Warrant Agent when the same shall become operative;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(g)<font style="width: 24.5pt; display: inline-block;">&#160;</font>providing for the issuance of additional Warrants hereunder, including Warrants in excess of the number set out in Section 2.1, and any consequential amendments hereto as may be required by the Warrant Agent, relying on the advice of Counsel; and</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(h)<font style="width: 24.5pt; display: inline-block;">&#160;</font>for any other purpose not inconsistent with the terms of this Indenture, including the correction or rectification of any ambiguities, defective or inconsistent provisions, errors, mistakes or omissions herein, provided that in the opinion of the Warrant Agent, relying on the advice of Counsel, the rights of the Warrant Agent and of the Warrantholders are in no way prejudiced thereby.</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_45"></a>
    <p style="text-align: center;">- 35 -</p>
    <p style="text-align: justify;"><b>8.2</b><font style="width: 23.75pt; display: inline-block;">&#160;</font><b>Successor Entities</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 24.5pt; display: inline-block;">&#160;</font>In the case of the consolidation, amalgamation, arrangement, merger or transfer of the undertaking or assets of the Corporation as an entirety or substantially as an entirety to or with another entity ("<b>successor entity</b>"), the successor entity resulting from such consolidation, amalgamation, arrangement, merger or transfer (if not the Corporation) shall expressly assume, by supplemental indenture satisfactory in form to the Warrant Agent and executed and delivered to the Warrant Agent, the due and punctual performance and observance of each and every covenant and condition of this Indenture to be performed and observed by the Corporation.</p>
    <p style="margin-bottom: 0pt; text-align: center;"><b>ARTICLE 9</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>CONCERNING THE WARRANT AGENT</b></p>
    <p style="text-align: justify;"><b>9.1</b><font style="width: 23.75pt; display: inline-block;">&#160;</font><b>Warrant Indenture Legislation</b></p>
    <p style="text-align: justify; margin-left: 36pt; text-indent: -36pt;">(1)<font style="width: 24.5pt; display: inline-block;">&#160;</font>If and to the extent that any provision of this Indenture limits, qualifies or conflicts with a mandatory requirement of Applicable Legislation, such mandatory requirement shall prevail.</p>
    <p style="text-align: justify; margin-left: 36pt; text-indent: -36pt;">(2)<font style="width: 24.5pt; display: inline-block;">&#160;</font>The Corporation and the Warrant Agent agree that each will, at all times in relation to this Indenture and any action to be taken hereunder, observe and comply with and be entitled to the benefits of Applicable Legislation.</p>
    <p style="text-align: justify;"><b>9.2</b><font style="width: 23.75pt; display: inline-block;">&#160;</font><b>Rights and Duties of Warrant Agent</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 24.5pt; display: inline-block;">&#160;</font>In the exercise of the rights and duties prescribed or conferred by the terms of this Indenture, the Warrant Agent shall exercise that degree of care, diligence and skill that a reasonably prudent warrant agent would exercise in comparable circumstances. No provision of this Indenture shall be construed to relieve the Warrant Agent from liability for its own gross negligent action, willful misconduct, bad faith or fraud under this Indenture.</p>
    <p style="text-align: justify; margin-bottom: 0pt; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 24.5pt; display: inline-block;">&#160;</font>The obligation of the Warrant Agent to commence or continue any act, action or proceeding for the purpose of enforcing any rights of the Warrant Agent or the Warrantholders hereunder shall be conditional upon the Warrantholders furnishing, when required by notice by the Warrant Agent, sufficient funds to commence or to continue such act, action or proceeding and an indemnity reasonably satisfactory to the Warrant Agent to protect and to hold harmless the Warrant Agent and its officers, directors, employees and agents, against the costs, charges and expenses and liabilities to be incurred thereby and any loss and damage it may suffer by reason thereof. None of the provisions contained in this Indenture shall require the Warrant Agent to expend or to risk its own funds or otherwise to incur financial liability in the performance of any of its duties or in the exercise of any of its rights or powers unless indemnified and funded as aforesaid.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(3)<font style="width: 24.5pt; display: inline-block;">&#160;</font>The Warrant Agent may, before commencing or at any time during the continuance of any such act, action or proceeding, require the Warrantholders, at whose instance it is acting to deposit with the Warrant Agent the Warrants Certificates held by them, for which Warrants the Warrant Agent shall issue receipts.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(4)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Every provision of this Indenture that by its terms relieves the Warrant Agent of liability or entitles it to rely upon any evidence submitted to it is subject to the provisions of Applicable Legislation.</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_46"></a>
    <p style="text-align: center;">- 36 -</p>
    <p style="text-align: justify;"><b>9.3</b><font style="width: 23.75pt; display: inline-block;">&#160;</font><b>Evidence, Experts and Advisers</b></p>
    <p style="text-align: justify; margin-left: 36pt; text-indent: -36pt;">(1)<font style="width: 24.5pt; display: inline-block;">&#160;</font>In addition to the reports, certificates, opinions and other evidence required by this Indenture, the Corporation shall furnish to the Warrant Agent such additional evidence of compliance with any provision hereof, and in such form, as may be prescribed by Applicable Legislation or as the Warrant Agent may reasonably require by written notice to the Corporation.</p>
    <p style="text-align: justify; margin-left: 36pt; text-indent: -36pt;">(2)<font style="width: 24.5pt; display: inline-block;">&#160;</font>In the exercise of its rights and duties hereunder, the Warrant Agent shall be protected in acting and relying upon any written notice, opinions, reports, certificates, direction, instruction, order, certificate, confirmation, request, waiver, consent, receipt, statutory declaration or other paper or document (collectively referred to as "<b>Documents</b>" in this Section 9.3) furnished to it and signed by any person required to or entitled to execute and deliver to the Warrant Agent any such Documents in connection with this Indenture, not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and accuracy of any information therein contained, which it in good faith believes to be genuine, provided the Warrant Agent examines the Documents and determines it complies with the applicable requirements of this Indenture. The Warrant Agent has sole discretion and shall be protected in acting and relying upon any Document received either in facsimile or by e-mail of a pdf form.</p>
    <p style="text-align: justify; margin-left: 36pt; text-indent: -36pt;">(3)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Whenever it is provided in this Indenture or under Applicable Legislation that the Corporation shall deposit with the Warrant Agent resolutions, certificates, reports, opinions, requests, orders or other documents, it is intended that the truth, accuracy and good faith on the effective date thereof and the facts and opinions stated in all such documents so deposited shall, in each and every such case, be conditions precedent to the right of the Corporation to have the Warrant Agent take the action to be based thereon.</p>
    <p style="text-align: justify; margin-left: 36pt; text-indent: -36pt;">(4)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Whenever Applicable Legislation requires that evidence referred to in Section 9.3(1) be in the form of a statutory declaration, the Warrant Agent may accept such statutory declaration in lieu of a certificate of the Corporation required by any provision hereof. Any such statutory declaration may be made by one or more of the Chair of the Board and Chief Executive Officer, President and Chief Operating Officer, Executive Vice-President, Vice-President, Secretary, Controller, Treasurer, or any Assistant-Secretary or Assistant-Treasurer of the Corporation.</p>
    <p style="text-align: justify; margin-left: 36pt; text-indent: -36pt;">(5)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Proof of the execution of an instrument in writing, including a Warrantholders' Request, by any Warrantholder may be made by the certificate of a notary, solicitor or commissioner for oaths, or other officer with similar powers, that the person signing such instrument acknowledged to him the execution thereof, or by an affidavit of a witness to such execution or in any other manner which the Warrant Agent may consider adequate and in respect of a corporate Warrantholder, shall include a certificate of incumbency of such Warrantholder together with a certified resolution authorizing the person who signs such instrument to sign such instrument.</p>
    <p style="text-align: justify; margin-left: 36pt; text-indent: -36pt;">(6)<font style="width: 24.5pt; display: inline-block;">&#160;</font>The Warrant Agent may employ or retain such Counsel, accountants, appraisers or other experts or advisers as it may reasonably require for the purpose of discharging and determining its duties hereunder and may pay reasonable remuneration for all services so performed by any of them, without taxation of costs of any Counsel, and shall not be responsible for any misconduct or negligence on the part of any such Counsel, experts or advisers who have been appointed with due care by the Warrant Agent. The Corporation shall pay or reimburse the Warrant Agent for any reasonable fees, expenses and disbursements of such Counsel or advisers.</p>
    <p style="text-align: justify; margin-left: 36pt; text-indent: -36pt;">(7)<font style="width: 24.5pt; display: inline-block;">&#160;</font>The Warrant Agent may act and rely and shall be protected in acting and relying in good faith on the opinion or advice of or information obtained from any Counsel, accountant, appraiser, engineer or other expert or adviser in good standing and who in good faith the Warrant Agent determined would be appropriately able to give such opinion, advice or information, whether retained or employed by the Corporation or by the Warrant Agent, in relation to any matter arising in the administration of the agency hereof.&#160;</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_47"></a>
    <p style="text-align: center;">- 37 -&#160;</p>
    <p style="text-align: justify;"><b>9.4</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Documents, Monies, etc. Held by Warrant Agent</b></p>
    <p style="text-align: justify;">Until released in accordance with this Indenture, any funds received hereunder shall be kept in segregated records of the Warrant Agent and the Warrant Agent shall place the funds in segregated trust accounts of the Warrant Agent at one or more of the Canadian Chartered Banks listed in Schedule 1 of the <i>Bank Act </i>(Canada) (each, an "<b>Approved Bank</b>"). All amounts held by the Warrant Agent pursuant to this Indenture shall be held by the Warrant Agent for the Corporation and the delivery of the funds to the Warrant Agent shall not give rise to a debtor-creditor or other similar relationship. The amounts held by the Warrant Agent pursuant to this Indenture are at the sole risk of the Corporation and, without limiting the generality of the foregoing, the Warrant Agent shall have no responsibility or liability for any diminution of the funds which may result from any deposit made with an Approved Bank pursuant to this section, including any losses resulting from a default by the Approved Bank or other credit losses (whether or not resulting from such a default). The parties hereto acknowledge and agree that the Warrant Agent will have acted prudently in depositing the funds at any Approved Bank, and that the Warrant Agent is not required to make any further inquiries in respect of any such bank. The Warrant Agent may hold cash balances constituting part or all of such monies and need not, invest same; the Warrant Agent shall not be liable to account for any profit to any parties to this Indenture or to any other person or entity.</p>
    <p style="text-align: justify;"><b>9.5</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Actions by Warrant Agent to Protect Interest</b></p>
    <p style="text-align: justify;">The Warrant Agent shall have power to institute and to maintain such actions and proceedings as it may consider necessary or expedient to preserve, protect or enforce its interests and the interests of the Warrantholders.</p>
    <p style="text-align: justify;"><b>9.6</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Warrant Agent Not Required to Give Security</b></p>
    <p style="text-align: justify;">The Warrant Agent shall not be required to give any bond or security in respect of the execution of the agency and powers of this Indenture or otherwise in respect of the premises.</p>
    <p style="text-align: justify;"><b>9.7</b><font style="width: 21.75pt; display: inline-block;">&#160;</font><b>Protection of Warrant Agent</b></p>
    <p style="text-align: justify;">By way of supplement to the provisions of any law for the time being relating to the Warrant Agent it is expressly declared and agreed as follows:</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(a)<font style="width: 25.25pt; display: inline-block;">&#160;</font>the Warrant Agent shall not be liable for or by reason of any statements of fact or recitals in this Indenture or in the Warrant Certificates (except the representation contained in Section 9.9 or in the Authentication of the Warrant Agent on the Warrant Certificates) or be required to verify the same, but all such statements or recitals are and shall be deemed to be made by the Corporation;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(b)<font style="width: 24.5pt; display: inline-block;">&#160;</font>nothing herein contained shall impose any obligation on the Warrant Agent to see to or to require evidence of the registration or filing (or renewal thereof) of this Indenture or any instrument ancillary or supplemental hereto;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(c)<font style="width: 25.25pt; display: inline-block;">&#160;</font>the Warrant Agent shall not be bound to give notice to any person or persons of the execution hereof;</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_48"></a>
    <p style="text-align: center;">- 38 -</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(d)<font style="width: 24.5pt; display: inline-block;">&#160;</font>the Warrant Agent shall not incur any liability or responsibility whatsoever or be in any way responsible for the consequence of any breach on the part of the Corporation of any of its covenants herein contained or of any acts of any directors, officers, employees, agents or servants of the Corporation;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(e)<font style="width: 25.25pt; display: inline-block;">&#160;</font>the Corporation hereby indemnifies and agrees to hold harmless the Warrant Agent, its affiliates, their officers, directors, employees, agents, successors and assigns (the "<b>Indemnified Parties</b>") from and against any and all liabilities whatsoever, losses, damages, penalties, claims, demands, actions, suits, proceedings, costs, charges, assessments, judgments, expenses and disbursements, including reasonable legal fees and disbursements of whatever kind and nature which may at any time be imposed on or incurred by or asserted against the Indemnified Parties, or any of them, whether at law or in equity, in any way caused by or arising, directly or indirectly, in respect of any act, deed, matter or thing whatsoever made, done, acquiesced in or omitted in or about or in relation to the execution of the Indemnified Parties' duties, or any other services that the Warrant Agent may provide in connection with or in any way relating to this Indenture. The Corporation agrees that its liability hereunder shall be absolute and unconditional regardless of the correctness of any representations of any third parties and regardless of any liability of third parties to the Indemnified Parties, and shall accrue and become enforceable without prior demand or any other precedent action or proceeding; provided that the Corporation shall not be required to indemnify the Indemnified Parties in the event of the gross negligence or wilful misconduct of the Warrant Agent, and this provision shall survive the resignation or removal of the Warrant Agent or the termination or discharge of this Indenture; and</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(f)<font style="width: 24pt; display: inline-block;">&#160;</font>Notwithstanding the foregoing or any other provision of this Indenture, any liability of the Warrant Agent shall be limited, in the aggregate, to the amount of annual retainer fees paid by the Corporation to the Warrant Agent under this Indenture in the twelve (12) months immediately prior to the Warrant Agent receiving the first notice of the claim. Notwithstanding any other provision of this Indenture, and whether such losses or damages are foreseeable or unforeseeable, the Warrant Agent shall not be liable under any circumstances whatsoever for any (a) breach by any other party of securities law or other rule of any securities regulatory authority, (b) lost profits or (c) special, indirect, incidental, consequential, exemplary, aggravated or punitive losses or damages.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(g)<font style="width: 24.5pt; display: inline-block;">&#160;</font>In the event that any of the funds provided to the Warrant Agent hereunder are received by it in the form of an uncertified cheque or bank draft, the Warrant Agent shall be entitled to delay the time for release of such funds until such uncertified cheque has cleared the financial institution upon which the same is drawn.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(h)<font style="width: 24.5pt; display: inline-block;">&#160;</font>The forwarding of a cheque or the sending of funds by wire transfer by the Warrant Agent will satisfy and discharge the liability of any amounts due to the extent of the sum represented thereby unless such cheque is not honoured on presentation, provided that in the event of the non-receipt of such cheque by the payee, or the loss or destruction thereof, the Warrant Agent, upon being furnished with reasonable evidence of such non-receipt, loss or destruction and indemnity reasonably satisfactory to it, will issue to such payee a replacement cheque for the amount of such cheque.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(i)<font style="width: 26.25pt; display: inline-block;">&#160;</font>The Warrant Agent shall not be liable for any error in good judgment or for any act done or step taken or omitted by it in good faith or for any mistake, in fact or law, or for anything which it may do or refrain from doing in connection herewith except arising out of its own gross negligence, bad faith or willful misconduct.&#160;</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_49"></a>
    <p style="text-align: center;">- 39 -</p>
    <p style="text-align: justify;"><b>9.8</b><font style="width: 23.25pt; display: inline-block;">&#160;</font><b>Replacement of Warrant Agent; Successor by Merger</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 24.5pt; display: inline-block;">&#160;</font>The Warrant Agent may resign its agency and be discharged from all further duties and liabilities hereunder, subject to this Section 9.8, by giving to the Corporation not less than 60 days' prior notice in writing or such shorter prior notice as the Corporation may accept as sufficient. The Warrantholders by Extraordinary Resolution shall have power at any time to remove the existing Warrant Agent and to appoint a new warrant agent. In the event of the Warrant Agent resigning or being removed as aforesaid or being dissolved, becoming bankrupt, going into liquidation or otherwise becoming incapable of acting hereunder, the Corporation shall forthwith appoint a new warrant agent unless a new warrant agent has already been appointed by the Warrantholders; failing such appointment by the Corporation, the retiring Warrant Agent or any registered Warrantholder may apply to a judge of the Superior Court of the Province of Ontario on such notice as such judge may direct, for the appointment of a new warrant agent; but any new warrant agent so appointed by the Corporation or by the Court shall be subject to removal as aforesaid by the Warrantholders. Any new warrant agent appointed under any provision of this Section 9.8 shall be an entity authorized to carry on the business of a trust company in the Province of Ontario and, if required by the Applicable Legislation for any other provinces, in such other provinces. On any such appointment the new warrant agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named herein as Warrant Agent hereunder.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Upon the appointment of a successor warrant agent, the Corporation shall promptly notify the Warrantholders thereof in the manner provided for in Section 10.2.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(3)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Any Warrant Certificates Authenticated but not delivered by a predecessor Warrant Agent may be adopted and delivered by the successor warrant agent in the name of the predecessor or successor warrant agent: and in case at that time any of the Warrant Certificates have not been countersigned, the Warrant Agent may countersign such Warrant Certificates either in its prior name or in its changed name; and in all such cases such Warrant Certificates will have the full force provided in the Warrant Certificates and in this Indenture. In case at any time the name of the Warrant Agent is changed and at such time any of the Warrant Certificates have been countersigned but not delivered, the Warrant Agent may adopt the countersignature under its prior name and deliver Warrant Certificates so countersigned; and in case at that time any of the Warrant Certificates have not been countersigned, the Warrant Agent may countersign such Warrant Certificates either in its prior name or in its changed name; and in all such cases such Warrant Certificates will have the full force provided in the Warrant Certificates and in this Indenture.</p>
    <p style="text-align: justify; margin-bottom: 0pt; text-indent: -36pt; margin-left: 36pt;">(4)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Any corporation into which the Warrant Agent may be merged or consolidated or amalgamated, or to which all or substantially all of its corporate trust business is sold or otherwise transferred, or any corporation resulting therefrom to which the Warrant Agent shall be a party, or any corporation succeeding to the business of the Warrant Agent shall be the successor to the Warrant Agent hereunder without any further act on its part or any of the parties hereto, provided that such corporation would be eligible for appointment as successor Warrant Agent under Section 9.8(1).</p>
    <p style="text-align: justify;"><b>9.9</b><font style="width: 23.75pt; display: inline-block;">&#160;</font><b>Conflict of Interest</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 24.5pt; display: inline-block;">&#160;</font>The Warrant Agent represents to the Corporation that to the best of its knowledge, at the time of execution and delivery of this Indenture hereof no material conflict of interest exists with respect to the Warrant Agent role as Warrant Agent hereunder.</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_50"></a>
    <p style="text-align: center;">- 40 -</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Subject to Section 9.9(1), the Warrant Agent, in its personal or any other capacity, may buy, lend upon and deal in securities of the Corporation and generally may contract and enter into financial transactions with the Corporation without being liable to account for any profit made thereby.</p>
    <p style="text-align: justify;"><b>9.10</b><font style="width: 18.25pt; display: inline-block;">&#160;</font><b>Acceptance of Agency</b></p>
    <p style="text-align: justify;">The Warrant Agent hereby accepts the agency in this Indenture declared and provided for and agrees to perform the same upon the terms and conditions herein set forth.</p>
    <p style="text-align: justify;"><b>9.11</b><font style="width: 19.25pt; display: inline-block;">&#160;</font><b>Warrant Agent Not to be Appointed Receiver</b></p>
    <p style="text-align: justify;">The Warrant Agent and any person related to the Warrant Agent shall not be appointed a receiver, a receiver and manager or liquidator of all or any part of the assets or undertaking of the Corporation.</p>
    <p style="text-align: justify;"><b>9.12</b><font style="width: 18.75pt; display: inline-block;">&#160;</font><b>Warrant Agent Not Required to Give Notice of Default</b></p>
    <p style="text-align: justify;">The Warrant Agent shall not be bound to give any notice or do or take any act, action or proceeding by virtue of the powers conferred on it hereby unless and until it shall have been required so to do under the terms hereof; nor shall the Warrant Agent be required to take notice of any default hereunder, unless and until notified in writing of such default, which notice shall distinctly specify the default desired to be brought to the attention of the Warrant Agent and in the absence of any such notice the Warrant Agent may for all purposes of this Indenture conclusively assume that no default has been made in the observance or performance of any of the representations, warranties, covenants, agreements or conditions contained herein. Any such notice shall in no way limit any discretion herein given to the Warrant Agent to determine whether or not the Warrant Agent shall take action with respect to any default.</p>
    <p style="text-align: justify;"><b>9.13</b><font style="width: 18.25pt; display: inline-block;">&#160;</font><b>Anti-Money Laundering</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Each party to this Indenture other than the Warrant Agent hereby represents to the Warrant Agent that any account to be opened by, or interest to be held by the Warrant Agent in connection with this Indenture, for or to the credit of such party, either (i) is not intended to be used by or on behalf of any third party; or (ii) is intended to be used by or on behalf of a third party, in which case such party hereto agrees to complete and execute forthwith a declaration in the Warrant Agent's prescribed form as to the particulars of such third party.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 24.5pt; display: inline-block;">&#160;</font>The Warrant Agent shall retain the right not to act and shall not be liable for refusing to act if, due to a lack of information or for any other reason whatsoever, the Warrant Agent, in its sole judgment, determines that such act might cause it to be in non- compliance with any applicable anti-money laundering or anti-terrorist legislation, or economic sanctions, legislation, regulation or guideline. Further, should the Warrant Agent, in its sole judgment, determine at any time that its acting under this Indenture has resulted in its being in non-compliance with any applicable anti-money laundering or anti-terrorist legislation, or economic sanctions, legislation, regulation or guideline, then it shall have the right to resign on ten (10) days written notice to the other parties to this Indenture, provided (i) that the Warrant Agent's written notice shall describe the circumstances of such non-compliance; and (ii) that if such circumstances are rectified to the Warrant Agent's satisfaction within such ten (10) day period, then such resignation shall not be effective.</p>
    <p style="text-align: justify;"><b>9.14</b><font style="width: 18.25pt; display: inline-block;">&#160;</font><b>Compliance with Privacy Code</b></p>
    <p style="text-align: justify;">The parties acknowledge that the Warrant Agent may, in the course of providing services hereunder, collect or receive financial and other personal information about such parties and/or their representatives, as individuals, or about other individuals related to the subject matter hereof, and use such information for the following purposes:&#160;</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_51"></a>
    <p style="text-align: center;">- 41 -</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(a)<font style="width: 25.25pt; display: inline-block;">&#160;</font>to provide the services required under this Indenture and other services that may be requested from time to time;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(b)<font style="width: 24.5pt; display: inline-block;">&#160;</font>to help the Warrant Agent manage its servicing relationships with such individuals;</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(c)<font style="width: 25.25pt; display: inline-block;">&#160;</font>to meet the Warrant Agent's legal and regulatory requirements; and</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(d)<font style="width: 24.5pt; display: inline-block;">&#160;</font>if Social Insurance Numbers are collected by the Warrant Agent, to perform tax reporting and to assist in verification of an individual's identity for security purposes.</p>
    <p style="text-align: justify;">Each party acknowledges and agrees that the Warrant Agent may receive, collect, use and disclose personal information provided to it or acquired by it in the course of its acting as agent hereunder for the purposes described above and, generally, in the manner and on the terms described in its privacy code, which the Warrant Agent shall make available on its website, www.tsxtrust.com, or upon request, including revisions thereto. Further, each party agree that it shall not provide or cause to be provided to the Warrant Agent any personal information relating to an individual who is not a party to this Indenture unless the Corporation has assured itself that such individual understands and has consented to the aforementioned uses and disclosures. The Warrant Agent may transfer personal information to other companies in or outside of Canada that provide data processing and storage or other support in order to facilitate the services it provides.</p>
    <p style="text-align: justify;"><b>9.15</b><font style="width: 15.75pt; display: inline-block;">&#160;</font><b>Securities Exchange Commission Certification</b></p>
    <p style="text-align: justify;">The Corporation confirms that as at the date of execution of this Indenture it does not have a class of securities registered pursuant to Section 12 of the U.S. Securities Exchange Act or have a reporting obligation pursuant to Section 15(d) of the U.S Securities Exchange Act. The Corporation covenants that in the event that (i) any class of its securities shall become registered pursuant to Section 12 of the U.S. Securities Exchange Act or the Corporation shall incur a reporting obligation pursuant to Section 15(d) of the U.S. Securities Exchange Act, or (ii) any such registration or reporting obligation shall be terminated by the Corporation in accordance with the U.S. Securities Exchange Act, the Corporation shall promptly deliver to the Warrant Agent an officers' certificate notifying the Warrant Agent of such registration or termination and such other information as the Warrant Agent may require at the time. The Corporation acknowledges that Warrant Agent is relying upon the foregoing representation and covenants in order to meet certain United States Securities and Exchange Commission ("<b>SEC</b>") obligations with respect to those clients who are filing with the SEC.</p>
    <p style="margin-bottom: 0pt; text-align: center;"><b>ARTICLE 10</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>GENERAL</b></p>
    <p style="text-align: justify;"><b>10.1</b><font style="width: 18.25pt; display: inline-block;">&#160;</font><b>Notice to the Corporation and Warrant Agent</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Unless herein otherwise expressly provided, any notice to be given hereunder to the Corporation or the Warrant Agent shall be deemed to be validly given if delivered, sent by registered letter, postage prepaid, if faxed or if emailed:</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_52"></a>
    <p style="text-align: center;">- 42 -</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(a)<font style="width: 25.25pt; display: inline-block;">&#160;</font>If to the Corporation:</p>
    <p style="text-align: justify; margin-bottom: 0pt; margin-left: 72pt;">Osisko Development Corp.</p>
    <p style="text-align: justify; margin-top: 0pt; margin-left: 72pt;">1100 Avenue des Canadiens-de-Montr&#233;al, Suite 300 <br>Montr&#233;al, QC H3B 2S2</p>
    <table style="width: 177.75pt; margin-left: 72pt; font-size: 10pt; border-collapse: collapse;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 40%; vertical-align: bottom;">
                <p style="text-align: left;">Attention:</p>
            </td>
            <td style="width: 59%; vertical-align: bottom;">
                <p style="text-align: left;">Sean Roosen</p>
            </td>
        </tr>
        <tr>
            <td style="width: 40%; vertical-align: bottom;">
                <p style="text-align: left;">Email:</p>
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            <td style="width: 59%; vertical-align: bottom;">
                <p style="text-align: left;"><u><font style="color: #0000ff;">sroosen@osiskogr.com</font></u></p>
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        </tr>
    </table>
    <p style="text-align: justify; margin-left: 72pt;">with a copy (which will not constitute notice) to:</p>
    <p style="text-align: justify; margin-bottom: 0pt; margin-left: 72pt;">Bennett Jones LLP</p>
    <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 72pt;">3400 One First Canadian Place, P.O. Box 130</p>
    <p style="text-align: justify; margin-top: 0pt; margin-left: 72pt;">Toronto, ON M5X 1A4</p>
    <table style="width: 193.5pt; margin-left: 72pt; font-size: 10pt; border-collapse: collapse;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 37%; vertical-align: bottom;">
                <p style="text-align: left;">Attention:</p>
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            <td style="width: 62%; vertical-align: bottom;">
                <p style="text-align: left;">Sander Grieve</p>
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        </tr>
        <tr>
            <td style="width: 37%; vertical-align: bottom;">
                <p style="text-align: left;">Email:</p>
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            <td style="width: 62%; vertical-align: bottom;">
                <p style="text-align: left;">grieves@bennettjones.com</p>
            </td>
        </tr>
    </table>
    <p style="text-align: justify;">(b)<font style="width: 24.5pt; display: inline-block;">&#160;</font>If to the Warrant Agent:</p>
    <p style="text-align: justify; margin-bottom: 0pt; margin-left: 72pt;">TSX Trust Company</p>
    <p style="text-align: justify; margin-top: 0pt; margin-left: 72pt;">301-100 Adelaide Street West Toronto, ON M5H 4H1</p>
    <table style="width: 265.5pt; margin-left: 72pt; font-size: 10pt; border-collapse: collapse;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 35%; vertical-align: bottom;">
                <p style="text-align: left;">Attention:</p>
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            <td style="width: 64%; vertical-align: bottom;">
                <p style="text-align: left;">Vice President, Corporate Trust</p>
            </td>
        </tr>
        <tr>
            <td style="width: 35%; vertical-align: bottom;">
                <p style="text-align: left;">Facsimile number:</p>
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            <td style="width: 64%; vertical-align: bottom;">
                <p style="text-align: left;">416-361-0470</p>
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        </tr>
        <tr>
            <td style="width: 35%; vertical-align: bottom;">
                <p style="text-align: left;">Email:</p>
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            <td style="width: 64%; vertical-align: bottom;">
                <p style="text-align: left;">tmxestaff-corporatetrust@tmx.com</p>
            </td>
        </tr>
    </table>
    <p style="text-align: justify;">and any such notice delivered in accordance with the foregoing shall be deemed to have been received and given on the date of delivery or, if mailed, on the fifth Business Day following the date of mailing such notice or, if faxed or emailed, on the next Business Day following the date of transmission.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 24.5pt; display: inline-block;">&#160;</font>The Corporation or the Warrant Agent, as the case may be, may from time to time notify the other in the manner provided in Section 10.1(1) of a change of address which, from the effective date of such notice and until changed by like notice, shall be the address of the Corporation or the Warrant Agent, as the case may be, for all purposes of this Indenture.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(3)<font style="width: 24.5pt; display: inline-block;">&#160;</font>If, by reason of a strike, lockout or other work stoppage, actual or threatened, involving postal employees, any notice to be given to the Corporation or the Warrant Agent hereunder could reasonably be considered unlikely to reach its destination, such notice shall be valid and effective only if it is delivered to the named officer of the party to which it is addressed, as provided in Section 10.1(1), or given by facsimile or email or other means of prepaid, transmitted and recorded communication.</p>
    <p style="text-align: justify;"><b>10.2</b><font style="width: 17.75pt; display: inline-block;">&#160;</font><b>Notice to Warrantholders</b></p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 23.5pt; display: inline-block;">&#160;</font>Unless otherwise provided herein, notice to the Warrantholders under the provisions of this Indenture shall be valid and effective if delivered or sent by ordinary prepaid post addressed to such holders at their addresses appearing on the Register and shall be deemed to have been effectively received and given on the date of delivery or, if mailed, on the third Business Day following the date of mailing such notice. In the event that Warrants are held in the name of the Depository, a copy of such notice shall also be sent by electronic communication to the Depository and shall be deemed received and given on the day it is so sent.</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_53"></a>
    <p style="text-align: center;">- 43 -</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 24.5pt; display: inline-block;">&#160;</font>If, by reason of a strike, lockout or other work stoppage, actual or threatened, involving postal employees, any notice to be given to the Warrantholders hereunder could reasonably be considered unlikely to reach its destination, such notice shall be valid and effective only if it is delivered to such Warrantholders to the address for such Warrantholders contained in the Register maintained by the Warrant Agent or such notice may be given, at the Corporation's expense, by means of publication in the Globe and Mail, National Edition, or any other English language daily newspaper or newspapers of general circulation in Canada, in each two successive weeks, the first such notice to be published within 5 Business Days of such event, and any such notice published shall be deemed to have been received and given on the latest date the publication takes place.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(3)<font style="width: 24.5pt; display: inline-block;">&#160;</font>Accidental error or omission in giving notice or accidental failure to mail notice to any Warrantholder will not invalidate any action or proceeding founded thereon.</p>
    <p style="text-align: justify;"><b>10.3</b><font style="width: 18.25pt; display: inline-block;">&#160;</font><b>Ownership of Warrants</b></p>
    <p style="text-align: justify;">The Corporation and the Warrant Agent may deem and treat the Warrantholders as the absolute owner thereof for all purposes, and the Corporation and the Warrant Agent shall not be affected by any notice or knowledge to the contrary except where the Corporation or the Warrant Agent is required to take notice by statute or by order of a court of competent jurisdiction. The receipt of any such registered Warrantholder of the Common Shares which may be acquired pursuant thereto shall be a good discharge to the Corporation and the Warrant Agent for the same and neither the Corporation nor the Warrant Agent shall be bound to inquire into the title of any such holder except where the Corporation or the Warrant Agent is required to take notice by statute or by order of a court of competent jurisdiction.</p>
    <p style="text-align: justify;"><b>10.4</b><font style="width: 15.75pt; display: inline-block;">&#160;</font><b>Counterparts</b></p>
    <p style="text-align: justify;">This Indenture may be executed in several counterparts, each of which when so executed shall be deemed to be an original and such counterparts together shall constitute one and the same instrument and notwithstanding their date of execution they shall be deemed to be dated as of the date hereof. Delivery of an executed copy of this Indenture by email, electronic facsimile transmission or other means of electronic communication capable of producing a printed copy, and acceptance by each such party of any such facsimile or electronic copy shall be legally effective to create a valid and binding Indenture among the parties hereto in accordance with the terms hereof.</p>
    <p style="text-align: justify;"><b>10.5</b><font style="width: 15.75pt; display: inline-block;">&#160;</font><b>Satisfaction and Discharge of Indenture</b></p>
    <p style="text-align: justify;">Upon the earlier of:</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(1)<font style="width: 24.5pt; display: inline-block;">&#160;</font>the date by which there shall have been delivered to the Warrant Agent for exercise or cancellation all Warrants theretofore Authenticated hereunder, in the case of Certificated Warrants, or such other instructions, in a form satisfactory to the Warrant Agent, in the case of Uncertificated Warrants, or by way of standard processing through the book entry only system in the case of a CDS Global Warrant; and</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(2)<font style="width: 24.5pt; display: inline-block;">&#160;</font>the Expiry Time;</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_54"></a>
    <p style="text-align: center;">- 44 -</p>
    <p style="text-align: justify;">and if all certificates or other entries on the securities register of the Corporation representing Common Shares required to be issued in compliance with the provisions hereof have been issued and delivered hereunder to the Warrant Agent in accordance with such provisions, this Indenture shall cease to be of further effect and the Warrant Agent, on demand of and at the cost and expense of the Corporation and upon delivery to the Warrant Agent of a certificate of the Corporation stating that all conditions precedent to the satisfaction and discharge of this Indenture have been complied with, shall execute proper instruments acknowledging satisfaction of and discharging this Indenture. Notwithstanding the foregoing, the indemnities provided to the Warrant Agent by the Corporation hereunder shall remain in full force and effect and survive the termination of this Indenture.</p>
    <p style="text-align: justify;"><b>10.6</b><font style="width: 15.75pt; display: inline-block;">&#160;</font><b>Provisions of Indenture and Warrants for the Sole Benefit of Parties and Warrantholders</b></p>
    <p style="text-align: justify;">Nothing in this Indenture or in the Warrants, expressed or implied, shall give or be construed to give to any person other than the parties hereto and the Warrantholders, as the case may be, any legal or equitable right, remedy or claim under this Indenture, or under any covenant or provision herein or therein contained, all such covenants and provisions being for the sole benefit of the parties hereto and the Warrantholders.</p>
    <p style="text-align: justify;"><b>10.7</b><font style="width: 15.75pt; display: inline-block;">&#160;</font><b>Common Shares or Warrants Owned by the Corporation or its Subsidiaries - Certificate to be Provided</b></p>
    <p style="text-align: justify;">For the purpose of disregarding any Warrants owned legally or beneficially by the Corporation in Section 7.16, the Corporation shall provide to the Warrant Agent, from time to time, a certificate of the Corporation setting forth as at the date of such certificate:</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(a)<font style="width: 25.25pt; display: inline-block;">&#160;</font>the names (other than the name of the Corporation) of the Warrantholders which, to the knowledge of the Corporation, are owned by or held for the account of the Corporation; and</p>
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    <p style="text-align: justify;">and the Warrant Agent, in making the computations in Section 7.17, shall be entitled to rely on such certificate without any additional evidence.</p>
    <p style="text-align: justify;"><b>10.8</b><font style="width: 15.75pt; display: inline-block;">&#160;</font><b>Severability</b></p>
    <p style="text-align: justify;">If, in any jurisdiction, any provision of this Indenture or its application to any party or circumstance is restricted, prohibited or unenforceable, such provision will, as to such jurisdiction, be ineffective only to the extent of such restriction, prohibition or unenforceability without invalidating the remaining provisions of this Indenture and without affecting the validity or enforceability of such provision in any other jurisdiction or without affecting its application to other parties or circumstances.</p>
    <p style="text-align: justify;"><b>10.9</b><font style="width: 15.75pt; display: inline-block;">&#160;</font><b>Force Majeure</b></p>
    <p style="text-align: justify;">No party shall be liable to the other, or held in breach of this Indenture, if prevented, hindered, or delayed in the performance or observance of any provision contained herein by reason of act of God, riots, terrorism, acts of war, epidemics, governmental action or judicial order, earthquakes, or any other similar causes (including, but not limited to, mechanical, electronic or communication interruptions, disruptions or failures). Performance times under this Indenture shall be extended for a period of time equivalent to the time lost because of any delay that is excusable under this Section. For greater certainty, COVID-19 and the impacts related thereto shall not constitute a force majeure event unless such event prevented, hindered or delayed the performance or observance by a party of a provision herein contained and such event was not reasonably foreseeable as of the date of this Indenture.</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_55"></a>
    <p style="text-align: center;">- 45 -</p>
    <p style="text-align: justify;"><b>10.10 Assignment, Successors and Assigns</b></p>
    <p style="text-align: justify;">None of the parties hereto may assign its rights or interest under this Indenture, except (i) as provided in Section 9.8 in the case of the Warrant Agent, (ii) as provided in Section 8.2 in the case of the Corporation.</p>
    <p style="text-align: justify;"><b>10.11 Rights of Rescission and Withdrawal for Holders</b></p>
    <p style="text-align: justify;">Should a holder of Warrants exercise any legal, statutory, contractual or other right of withdrawal or rescission that may be available to it, and the holder's funds which were paid on exercise have already been released to the Corporation by the Warrant Agent, the Warrant Agent shall not be responsible for ensuring the exercise is cancelled and a refund is paid back to the holder. In such cases, the holder shall seek a refund directly from the Corporation and subsequently, the Corporation, upon surrender to the Corporation or the Warrant Agent of any underlying Common Shares or other securities that may have been issued, or such other procedure as agreed to by the parties hereto, shall instruct the Warrant Agent in writing, to cancel the exercise transaction and any such underlying Common Shares or other securities on the register, which may have already been issued upon the Warrant exercise. In the event that any payment is received by the holder from the Corporation by virtue of the holder being a Shareholder for such Warrants that were subsequently rescinded, such payment must be returned to the Corporation by such holder. The Warrant Agent shall not be under any duty or obligation to take any steps to ensure or enforce the return of the funds pursuant to this section, nor shall the Warrant Agent be in any other way responsible in the event that any payment is not delivered or received pursuant to this section. Notwithstanding the foregoing, in the event that the Corporation provides the refund to the Warrant Agent for distribution to the holder, the Warrant Agent shall return such funds to the holder as soon as reasonably practicable, and in so doing, the Warrant Agent shall incur no liability with respect to the delivery or non-delivery of any such funds.</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_56"></a>
    <p style="text-align: justify;"><b>IN WITNESS WHEREOF </b>the parties hereto have executed this Indenture under the hands of their proper officers in that behalf as of the date first written above.</p>
    <p style="text-align: justify; margin-left: 50%;"><b>OSISKO DEVELOPMENT CORP.<br><br></b></p>
    <div style="margin-left: 50%;">
        <table style="width: 100%; font-size: 10pt; border-collapse: collapse;" cellspacing="0" cellpadding="0">
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                <td style="width: 16%; vertical-align: bottom;">
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            <tr>
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                <td style="width: 83%; vertical-align: bottom;" colspan="2">&#160;</td>
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            <tr>
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            <tr>
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                <td style="width: 16%; vertical-align: bottom;">
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                <td style="width: 10%; vertical-align: bottom;">
                    <p style="text-align: left;">&#160;</p>
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                <td style="width: 16%; vertical-align: bottom;">
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    <p style="margin-left: 50%;"><b><br>TSX TRUST COMPANY<br><br></b></p>
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            </tr>
            <tr>
                <td style="width: 10%; vertical-align: bottom;">&#160;</td>
                <td style="width: 83%; vertical-align: bottom;" colspan="2">&#160;</td>
            </tr>
            <tr>
                <td style="width: 10%; vertical-align: bottom;">&#160;</td>
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            <tr>
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            <tr>
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            <tr>
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    <br>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_57"></a>
    <p style="text-align: center;">A-1</p>
    <p style="margin-bottom: 0pt; text-align: center;"><b>SCHEDULE "A"</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>FORM OF WARRANT</b></p>
    <p style="text-align: justify;"><i>[For all Unit Warrants, and if applicable, any SR Warrants issued prior to the Qualification Time, including the following:]</i></p>
    <p style="text-align: justify;"><b>UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE JULY 3, 2022.</b></p>
    <p style="text-align: justify;"><b>WITHOUT PRIOR WRITTEN APPROVAL OF THE TSX VENTURE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES ISSUABLE UPON EXERCISE THEREOF MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TSX VENTURE EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF CANADIAN RESIDENT UNTIL JULY 3, 2022.</b></p>
    <p style="text-align: justify;"><i>[For all Warrants issued to CDS, including the following:]</i></p>
    <p style="text-align: justify;"><b>UNLESS THE CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. ("CDS") TO OSISKO DEVELOPMENT CORP. (THE "CORPORATION") OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS &amp; CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE HOLDER HEREOF, CDS &amp; CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE.</b></p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_58"></a>
    <p style="text-align: center;">A-2</p>
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        <tr>
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                <p style="text-align: left;">Certificate No. ____________</p>
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            <td style="width: 51%; vertical-align: top;">
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        <tr>
            <td style="width: 24%; vertical-align: top;">&#160;</td>
            <td style="width: 24%; vertical-align: top;">&#160;</td>
            <td style="width: 51%; vertical-align: top;">&#160;</td>
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        <tr>
            <td style="width: 24%; vertical-align: bottom;">
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            <td style="width: 24%; vertical-align: bottom;">&#160;</td>
            <td style="width: 51%; vertical-align: bottom;">
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        </tr>
        <tr>
            <td style="width: 24%; vertical-align: bottom;">&#160;</td>
            <td style="width: 24%; vertical-align: bottom;">&#160;</td>
            <td style="width: 51%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="width: 24%; vertical-align: bottom;">
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        <tr>
            <td style="width: 24%; vertical-align: bottom; white-space: nowrap;">
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            <td style="border-bottom: #000000 1px solid; width: 51%; vertical-align: bottom;">
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            <td style="width: 24%; vertical-align: bottom; border-bottom: 0.75pt solid #000000;">&#160;</td>
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    <p style="text-align: justify;">(the "<b>Warrantholder</b>") is the registered holder of the number of common share purchase warrants (the "<b>Warrants</b>") of Osisko Development Corp. (the "<b>Corporation</b>") specified above, and is entitled, on exercise of these Warrants upon and subject to the terms and conditions set forth herein and in the Warrant Indenture, to purchase at any time before 5:00 p.m. (Toronto time) (the "<b>Expiry Time</b>") on March 2, 2027 (the "<b>Expiry Date</b>"), one fully paid and non-assessable common share without par value in the capital of the Corporation as constituted on the date hereof (a "<b>Common Share</b>") for each Warrant, subject to adjustment in accordance with the terms of the Warrant Indenture.</p>
    <p style="text-align: justify;">The right to purchase Common Shares may only be exercised by the Warrantholder within the time set forth above by:</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(a)<font style="width: 25.25pt; display: inline-block;">&#160;</font>duly completing and executing the exercise form (the "<b>Exercise Form</b>") attached hereto; and</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">(b)<font style="width: 25pt; display: inline-block;">&#160;</font>surrendering this warrant certificate (the "<b>Warrant Certificate</b>"), with a duly completed Exercise Form, to the Warrant Agent at one of the principal office of the Warrant Agent, in the City of Toronto, together with a certified cheque, bank draft, wire transfer or money order in the lawful money of Canada payable to or to the order of the Corporation in an amount equal to the purchase price of the Common Shares so subscribed for.</p>
    <p style="text-align: justify;">The surrender of this Warrant Certificate, the duly completed Exercise Form and payment as provided above will be deemed to have been effected only on personal delivery thereof to, or if sent by mail or other means of transmission on actual receipt thereof by, the Warrant Agent at its principal office as set out above.</p>
    <p style="text-align: justify;">Subject to adjustment thereof in the events and in the manner set forth in the Warrant Indenture hereinafter referred to, the exercise price payable for each Common Share upon the exercise of Warrants shall be $7.60 per Common Share (the "<b>Exercise Price</b>").</p>
    <p style="text-align: justify;">Certificates for the Common Shares subscribed for will be mailed to the persons specified in the Exercise Form at their respective addresses specified therein or, if so specified in the Exercise Form, delivered to such persons at the office where this Warrant Certificate is surrendered. If fewer Common Shares are purchased than the number that can be purchased pursuant to this Warrant Certificate, the holder hereof will be entitled to receive without charge a new Warrant Certificate in respect of the balance of the Warrants not so exercised. No fractional Common Shares will be issued upon exercise of any Warrant.</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_59"></a>
    <p style="text-align: center;">A-3</p>
    <p style="text-align: justify;">This Warrant Certificate evidences Warrants of the Corporation issued or issuable under the provisions of a warrant indenture (which indenture, together with all other instruments supplemental or ancillary thereto, is herein referred to as the "<b>Warrant Indenture</b>") dated as of March 2, 2022 among the Corporation and TSX Trust Company, as Warrant Agent, to which Warrant Indenture reference is hereby made for particulars of the rights of the holders of Warrants, the Corporation and the Warrant Agent in respect thereof and the terms and conditions on which the Warrants are issued and held, all to the same effect as if the provisions of the Warrant Indenture were herein set forth, to all of which the holder, by acceptance hereof, assents. The Corporation will furnish to the holder, on request and without charge, a copy of the Warrant Indenture.</p>
    <p style="text-align: justify;">Neither the Warrants nor the Common Shares issuable upon exercise hereof have been or will be registered under the <i>United States Securities Act of 1933</i>, as amended (the "<b>U.S. Securities Act</b>"), or U.S. state securities laws. The Warrants may not be exercised in the United States, or by or on behalf of, or for the account or benefit of, a U.S. person or a person in the United States, unless (i) this Warrant and such Common Shares have been registered under the U.S. Securities Act and the applicable laws of any such state, or (ii) an exemption from such registration requirements is available and the requirements set forth in the Exercise Form have been satisfied. "<b>United States</b>" and "<b>U.S. person</b>" are as defined in Regulation S under the U.S. Securities Act.</p>
    <p style="text-align: justify;">On presentation at the principal office of the Warrant Agent as set out above, subject to the provisions of the Warrant Indenture and on compliance with the reasonable requirements of the Warrant Agent, one or more Warrant Certificates may be exchanged for one or more Warrant Certificates representing in the aggregate an equal number of Warrants as are held under the Warrant Certificate(s) so exchanged.</p>
    <p style="text-align: justify;">The Warrant Indenture contains provisions for the adjustment of the Exercise Price payable for each Common Share upon the exercise of Warrants and the number of Common Shares issuable upon the exercise of Warrants in the events and in the manner set forth therein.</p>
    <p style="text-align: justify;">The Warrant Indenture also contains provisions making binding on all holders of Warrants outstanding thereunder resolutions passed at meetings of holders of Warrants held in accordance with the provisions of the Warrant Indenture and instruments in writing signed by Warrantholders of Warrants holding a specific majority of the Warrants.</p>
    <p style="text-align: justify;">Nothing contained in this Warrant Certificate, the Warrant Indenture or elsewhere shall be construed as conferring upon the holder hereof any right or interest whatsoever as a holder of Common Shares or any other right or interest except as herein and in the Warrant Indenture expressly provided. In the event of any discrepancy between anything contained in this Warrant Certificate and the terms and conditions of the Warrant Indenture, the terms and conditions of the Warrant Indenture shall govern.</p>
    <p style="text-align: justify;">Warrants may only be transferred in compliance with the conditions of the Warrant Indenture on the register to be kept by the Warrant Agent in Toronto, or such other registrar as the Corporation, with the approval of the Warrant Agent, may appoint at such other place or places, if any, as may be designated, upon surrender of this Warrant Certificate to the Warrant Agent or other registrar accompanied by a written instrument of transfer in form and execution satisfactory to the Warrant Agent or other registrar and upon compliance with the conditions prescribed in the Warrant Indenture and with such reasonable requirements as the Warrant Agent or other registrar may prescribe and upon the transfer being duly noted thereon by the Warrant Agent or other registrar. Time is of the essence hereof.</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_60"></a>
    <p style="text-align: center;">A-4</p>
    <p style="text-align: justify;">This Warrant Certificate will not be valid for any purpose until it has been countersigned by or on behalf of the Warrant Agent from time to time under the Warrant Indenture.</p>
    <p style="text-align: justify;">The parties hereto have declared that they have required that these presents and all other documents related hereto be in the English language. Les parties aux pr&#233;sentes d&#233;clarent qu'elles ont exig&#233; que la pr&#233;sente convention, de m&#234;me que tous les documents s'y rapportant, soient r&#233;dig&#233;s en anglais.</p>
    <p style="text-align: justify;"><b>Any capitalized term in this Warrant Certificate that is not otherwise defined herein, shall have the meaning ascribed thereto in the Warrant Indenture.</b></p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_61"></a>
    <p style="text-align: center;">A-5</p>
    <p style="text-align: justify;"><b>IN WITNESS WHEREOF </b>the Corporation has caused this Warrant Certificate to be duly executed as of</p>
    <p style="text-align: justify;">________________________, 202____.</p>
    <p style="text-align: justify; margin-left: 50%;"><b>OSISKO DEVELOPMENT CORP</b></p>
    <font class="insertTemp">&#160;</font>
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    <p style="text-align: justify;">Countersigned and Registered by:</p>
    <p style="text-align: justify; margin-left: 50%;"><b>TSX TRUST COMPANY</b></p>
    <p style="text-align: justify;">&#160;</p>
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                    <p style="text-align: left;">&#160;</p>
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    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_62"></a>
    <p style="text-align: center;">A-6</p>
    <p style="margin-bottom: 0pt; text-align: center;"><b>SCHEDULE "A"</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>FORM OF TRANSFER</b></p>
    <p style="text-align: justify;"><b>THE WARRANTS REPRESENTED BY THIS CERTIFICATE MAY NOT BE TRANSFERRED TO A U.S. PERSON OR TO ANY PERSON IN THE UNITED STATES OR TO OR FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON OR PERSON IN THE UNITED STATES.</b></p>
    <p style="text-align: justify;"><b>To: TSX Trust Company</b></p>
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        <tr>
            <td style="width: 50%; white-space: nowrap;"><b>FOR VALUE RECEIVED </b>the undersigned hereby sells, assigns and transfers to&#160;</td>
            <td style="width: 50%; border-bottom: 0.75pt solid #000000;">&#160;</td>
        </tr>
        <tr>
            <td style="width: 50%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="width: 50%; border-bottom: 0.75pt solid #000000;">&#160;</td>
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    <p style="text-align: justify;">(print name and address) the Warrants represented by this Warrant Certificate and hereby irrevocable constitutes and appoints ______________________ as its attorney with full power of substitution to transfer the said securities on the appropriate register of the Warrant Agent.</p>
    <p style="text-align: justify;">The undersigned hereby certifies that the transfer of these securities is not being made to, and the offer of these securities was not made to, and the person named above is not a person in the United States or a U.S. Person (as such terms are defined in Rule 144A and Regulation S under the United States Securities Act of 1933, as amended).</p>
    <p style="text-align: justify;">DATED this ______ day of _________________, 202____.</p>
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            <td style="width: 6%; vertical-align: bottom; text-align: left;">
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            <td style="width: 48%; vertical-align: bottom;">
                <p style="text-align: left;">&#160;</p>
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        <tr>
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                <p style="text-align: left;">&#160;</p>
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        <tr>
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                <p style="text-align: left;">&#160;</p>
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            <td style="width: 6%; vertical-align: bottom; text-align: left;">
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            <td style="border-bottom: #000000 1px solid; width: 48%; vertical-align: bottom;">
                <p style="text-align: left;">&#160;</p>
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            <td style="width: 45%; vertical-align: bottom;">
                <p style="text-align: left;">&#160;</p>
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            <td style="width: 6%; vertical-align: bottom; text-align: left;">
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        <tr>
            <td style="width: 45%; vertical-align: bottom;">
                <p style="text-align: left;">&#160;</p>
            </td>
            <td style="width: 6%; vertical-align: bottom; text-align: left;">
                <p style="text-align: left;">)</p>
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            <td style="width: 48%; vertical-align: bottom;">
                <p style="text-align: left;">&#160;</p>
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        <tr>
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                <p style="text-align: left;">&#160;</p>
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            <td style="width: 6%; vertical-align: bottom; text-align: left;">
                <p style="text-align: left;">)</p>
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            <td style="width: 48%; vertical-align: bottom;">
                <p style="text-align: left;">&#160;</p>
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            <td style="border-bottom: #000000 1px solid; width: 45%; vertical-align: bottom;">
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            <td style="width: 6%; vertical-align: bottom; text-align: left;">
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            <td style="border-bottom: #000000 1px solid; width: 48%; vertical-align: bottom;">
                <p style="text-align: left;">&#160;</p>
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        <tr>
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            <td style="width: 45%; vertical-align: bottom;">
                <p style="text-align: left;">&#160;</p>
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            <td style="width: 6%; vertical-align: bottom; text-align: left;">
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            <td style="width: 48%; vertical-align: bottom;">
                <p style="text-align: left;">&#160;</p>
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    <br>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_63"></a>
    <p style="text-align: center;">A-7</p>
    <p style="text-align: justify;"><b>REASON FOR TRANSFER - For US Residents only (where the individual(s) or corporation receiving the securities is a US resident). Please select only one (see instructions below).</b></p>
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                <td style="vertical-align: bottom; text-align: left;" colspan="2"><b>Date of Event </b>(Date of gift, death or sale):</td>
                <td style="vertical-align: bottom; text-align: left;" colspan="2"><b>Value per Warrant </b>on the date of event:</td>
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                <td style="width: 42%; vertical-align: bottom;" colspan="2"><img src="exhibit99-2xu001.jpg"></td>
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    <p style="text-align: justify;"><b>CERTAIN REQUIREMENTS RELATING TO TRANSFERS - READ CAREFULLY</b></p>
    <p style="text-align: justify;">The signature(s) of the transferor(s) must correspond with the name(s) as written upon the face of this certificate(s), in every particular, without alteration or enlargement, or any change whatsoever. All securityholders or a legally authorized representative must sign this form. The signature(s) on this form must be guaranteed in accordance with the transfer agent's then current guidelines and requirements at the time of transfer. Notarized or witnessed signatures are not acceptable as guaranteed signatures. As at the time of closing, you may choose one of the following methods (although subject to change in accordance with industry practice and standards):</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">&#8226;<font style="width: 32.25pt; display: inline-block;">&#160;</font><b>Canada and the USA</b>: A Medallion Signature Guarantee obtained from a member of an acceptable Medallion Signature Guarantee Program (STAMP, SEMP, NYSE, MSP). Many commercial banks, savings banks, credit unions, and all broker dealers participate in a Medallion Signature Guarantee Program. The Guarantor must affix a stamp bearing the actual words "Medallion Guaranteed", with the correct prefix covering the face value of the certificate.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">&#8226;<font style="width: 32.25pt; display: inline-block;">&#160;</font><b>Canada</b>: A Signature Guarantee obtained from a participating Schedule I Canadian chartered bank, or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program. The Guarantor must affix a stamp bearing the actual words "<b>Signature Guaranteed</b>", sign and print their full name and alpha numeric signing number. Signature Guarantees are not accepted from Treasury Branches, Credit Unions or Caisse Populaires unless they are members of a Medallion Signature Guarantee Program. For corporate holders, corporate signing resolutions, including certificate of incumbency, are also required to accompany the transfer, unless there is a "Signature &amp; Authority to Sign Guarantee" Stamp affixed to the transfer (as opposed to a "Signature Guaranteed" Stamp) obtained from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust or a Medallion Signature Guarantee with the correct prefix covering the face value of the certificate.</p>
    <p style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">&#8226;<font style="width: 32.25pt; display: inline-block;">&#160;</font>Outside North America: For holders located outside North America, present the certificates(s) and/or document(s) that require a guarantee to a local financial institution that has a corresponding Canadian or American affiliate which is a member of an acceptable Medallion Signature Guarantee Program. The corresponding affiliate will arrange for the signature to be over-guaranteed.</p>
    <p style="text-align: center;">OR</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_64"></a>
    <p style="text-align: center;">A-8</p>
    <p style="text-align: justify; margin-bottom: 0pt;">The signature(s) of the transferor(s) must correspond with the name(s) as written upon the face of this certificate(s), in every particular, without alteration or enlargement, or any change whatsoever. The signature(s) on this form must be guaranteed by an authorized officer of Royal Bank of Canada, Scotia Bank or TD Canada Trust whose sample signature(s) are on file with the transfer agent, or by a member of an acceptable Medallion Signature Guarantee Program (STAMP, SEMP, NYSE, MSP). Notarized or witnessed signatures are not acceptable as guaranteed signatures. The Guarantor must affix a stamp bearing the actual words:"SIGNATURE GUARANTEED", "MEDALLION GUARANTEED" OR "SIGNATURE &amp;<font style="width: 4.5pt; display: inline-block;">&#160;</font>AUTHORITY TO SIGN GUARANTEE", all in accordance with the transfer agent's then current guidelines and requirements at the time of transfer. For corporate holders, corporate signing resolutions, including certificate of incumbency, will also be required to accompany the transfer unless there is a "SIGNATURE &amp; AUTHORITY TO SIGN GUARANTEE" Stamp affixed to the Form of Transfer obtained from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust or a "MEDALLION GUARANTEED" Stamp affixed to the Form of Transfer, with the correct prefix covering the face value of the certificate.</p>
    <p style="text-align: justify;"><b><u>REASON FOR TRANSFER - FOR US RESIDENTS ONLY</u></b></p>
    <p style="text-align: justify;">Consistent with US IRS regulations, TSX Trust Company is required to request cost basis information from US securityholders. Please indicate the reason for requesting the transfer as well as the date of event relating to the reason. The event date is not the day in which the transfer is finalized, but rather the date of the event which led to the transfer request (i.e. date of gift, date of death of the securityholder, or the date the private sale took place).</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_65"></a><br>
    <p style="text-align: center;">B-1</p>
    <p style="text-align: center;"><b>SCHEDULE "B"<br></b><b>EXERCISE FORM</b></p>
    <p style="text-align: left;"><b>TO:<font style="display: inline-block; width: 50pt;">&#160;</font></b><b>OSISKO DEVELOPMENT CORP.</b></p>
    <p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt;"><b>AND TO:<font style="display: inline-block; width: 25.5pt;">&#160;</font></b><b>TSX Trust Company</b></p>
    <p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt;"><font style="display: inline-block; width: 67.5pt;">&#160;</font>100 Adelaide St W #301, Toronto, ON M5H 4H1</p>
    <p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt;"><font style="display: inline-block; width: 67.5pt;">&#160;</font>Attn: Corporate Actions</p>
    <p style="text-align: justify;">The undersigned holder of the Warrants evidenced by this Warrant Certificate hereby exercises the right to acquire:</p>
    <p style="text-align: justify; margin-bottom: 0pt;">______________________ Common Shares pursuant to the right of such holder to be issued, and hereby</p>
    <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">subscribes for the Common Shares that are issuable pursuant to the exercise of such Warrants on the terms specified in such Warrant Certificate and in the Indenture for an aggregate exercise price of_________________.</p>
    <p style="text-align: justify;">The undersigned hereby acknowledges that the undersigned is aware that the Common Shares received on exercise may be subject to restrictions on resale under applicable securities legislation.</p>
    <p style="text-align: justify;"><b>Any capitalized term in this Warrant Certificate that is not otherwise defined herein, shall have the meaning ascribed thereto in the Warrant Indenture.</b></p>
    <p style="text-align: justify;">The undersigned hereby represents, warrants and certifies that (check box (a), (b), (c) or as applicable):</p>
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    <p style="text-align: justify;">If Box (c) above is checked, holders are encouraged to consult with the Corporation in advance to determine that the legal opinion tendered in connection with the exercise will be satisfactory in form and substance to the Corporation.</p>
    <p style="text-align: justify;">The undersigned hereby exercises the right of such holder to be issued, and hereby subscribes for, the Common Shares that are issuable pursuant to the exercise of such Warrants on the terms specified in such Warrant Certificate and in the Warrant Indenture.</p>
    <p style="text-align: justify;">The undersigned hereby acknowledges that the undersigned is aware that the Common Shares received on exercise may be subject to restrictions on resale under applicable securities legislation including the resale restrictions in the U.S. Subscription Agreement applicable to QIB Purchasers, and, if Box (c) is checked, the Common Shares received on exercise may bear a restrictive U.S. legend reflecting such restrictions.</p>
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    <p style="text-align: justify; margin-left: 0.75pt;">The undersigned hereby irrevocably directs that the said Common Shares be issued, registered and delivered as follows:</p>
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            <td style="width: 26%; vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="width: 26%; vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="width: 43%; vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="width: 26%; vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="width: 26%; vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
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    <p style="text-align: justify; margin-left: 0.75pt;">Please print full name in which certificates representing the Common Shares are to be issued. If any Common Shares are to be issued to a person or persons other than the registered holder, the registered holder must pay to the Warrant Agent all eligible transfer taxes or other government charges, if any, and the Form of Transfer must be duly executed.</p>
    <p style="text-align: justify; margin-left: 0.75pt;">Once completed and executed, this Exercise Form must be mailed or delivered to <b>TSX Trust Company at: 100 Adelaide Street West, Suite 301, Toronto, ON M5H 4H1, Attn: Corporate Actions.</b></p>
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