<PAGE>

                                                                    EXHIBIT 4.02

                         NANOPIERCE TECHNOLOGIES, INC.


              Warrant for the purchase of shares of Common Stock
              --------------------------------------------------

March 29, 2002                                                     25,000
--------------                                            ----------------------
                                                            (No. of  Warrants)


          FOR VALUE RECEIVED, NanoPierce Technologies, Inc. ("Company"), hereby
certifies that Generation Capital Associates, or a permitted assign thereof, is
entitled to purchase from the Company, at any time or from time to time,
commencing the date hereof and prior to 5:00 P.M., New York City time, on March
30, 2007, 25,000 fully paid and nonassessable shares of the common stock, of the
Company for an aggregate purchase price of thirty six thousand dollars two
hundred and fifty dollars ($36,250) (computed on the basis of $1.45/share).
(Hereinafter, (i) said common stock, together with any other equity securities
which may be issued by the Company with respect thereto or in substitution
therefor, is referred to as the "Common Stock," (ii) the shares of the Common
Stock purchasable hereunder or under any other Warrant (as hereinafter defined)
are referred to as the "NPCT Warrants Shares," the aggregate purchase price
payable hereunder for the NPCT Warrants Shares is referred to as the "Aggregate
Warrant Price," (iv) one Warrants shall be surrendered for each share of Common
Stock purchased hereunder, (v) the price payable hereunder for each of the  NPCT
Warrants Shares is referred to as the "Per Share Warrant Price," (vi) this
Warrant, all identical warrants (if any) issued on the date hereof and all
warrants hereafter issued in exchange or substitution for this Warrant or such
other warrants are referred to as the "Warrants" and (vii) the holder of this
Warrant is referred to as the "Holder" and the holder of this Warrant and all
other Warrants are referred to as the "Holders").  The Aggregate Warrant Price
is not subject to adjustment.  The Per Share Warrant Price is subject to
adjustment as hereinafter provided; in the event of any such adjustment, the
number of NPCT Warrants Shares shall be adjusted by dividing the Aggregate
Warrant Price by the Per Share Warrant Price in effect immediately after such
adjustment.

1.   Exercise of Warrant.
     -------------------

     a) Exercise for Cash

     This Warrant may be exercised, in whole at any time or in part from time to
time, commencing on the date hereof and prior to 5:00 P.M., New York City time,
on March 30, 2007, by the Holder by the surrender of this Warrant (with the
subscription form at the end hereof duly executed) at the address set forth in
Section 9 hereof, together with proper payment of the Aggregate Warrant Price,
or the proportionate part thereof if this Warrant is exercised in part. Payment
for NPCT Warrants Shares shall be made by wire, or check payable to the order of
the Company. If this Warrant is exercised in part, this Warrant must be
exercised for a number of whole shares of the Common Stock, and the Holder is
entitled to receive a new Warrant covering the NPCT Warrants Shares which have
not been exercised and setting forth the proportionate part of the Aggregate
Warrant Price applicable to such NPCT Warrants Shares. Upon such surrender of
this Warrant the Company will (a) issue a certificate or certificates in the
name of the Holder for the largest number of whole shares of the Common Stock to
which the Holder shall be entitled and, if this Warrant is exercised in whole,
in lieu of any fractional share of the Common Stock to which the Holder shall be
entitled, pay to the Holder cash in an amount equal to the fair value of such
<PAGE>

fractional share (determined in such reasonable manner as the Board of Directors
of the Company shall determine), and (b) deliver the other securities and
properties receivable upon the exercise of this Warrant, or the proportionate
part thereof if this Warrant is exercised in part, pursuant to the provisions of
this Warrant.

     b) Cashless Exercise

     If at any time the NPCT Warrants Shares have not been registered for resale
under the Securities Act of 1933 with a current prospectus available, in lieu of
exercising this Warrant in the manner set forth in Subsection l(a) above, the
Warrant may be exercised by surrender of the Warrant without payment of any
other consideration, commission or remuneration, by execution of the cashless
exercise subscription form (at the end hereof, duly executed).  The number of
shares to be issued in exchange for the Warrant will be computed by subtracting
the Warrant Exercise Price from the closing bid price of the common stock on the
date of receipt of the cashless exercise subscription form, multiplying that
amount by the number of shares being exercised pursuant to the Warrant, and
dividing by the closing bid price as of the same date.

     c) Ownership Limitation

     No Holders of Warrants shall be permitted to exercise any Warrants to the
extent that such exercise would cause any Holder to be the beneficial owner of
more than 5 % of the then outstanding Common Stock, at that given time.  This
limitation shall not be deemed to prevent any Holder from acquiring an aggregate
of more than 5 % of the Common Stock, so long as such Holder does not
beneficially own more than 5 % of the Common Stock, at any given time.

2.   Reservation of NPCT Warrants Shares.
     -----------------------------------

     The Company agrees that, prior to the expiration of this Warrant, the
Company will at all times have authorized and in reserve, and will keep
available, solely for issuance or delivery upon the exercise of this Warrant,
the shares of the Common Stock and other securities and properties as from time
to time shall be receivable upon the exercise of this Warrant, free and clear of
all restrictions on sale or transfer (except for applicable state or federal
securities law restrictions) and free and clear of all pre-emptive rights.

3.   Protection Against Dilution.
     ---------------------------

     a) If, at any time or from time to time after the date of this Warrant, the
Company shall issue or distribute (for no consideration) to the holders of
shares of Common Stock evidences of its indebtedness, any other securities of
the Company or any cash, property or other assets (excluding a subdivision,
combination or reclassification, or dividend or distribution payable in shares
of Common Stock, referred to in Subsection 3(b), and also excluding cash
dividends or cash distributions paid out of net profits legally available
therefor if the full amount thereof, together with the value of other dividends
and distributions made substantially concurrently therewith or pursuant to a
plan which includes payment thereof, is equivalent to not more than 5% of the
Company's net worth) (any such nonexcluded event being herein called a "Special
Dividend"), the Per Share Warrant Price shall be adjusted by multiplying the Per
Share Warrant Price then in effect

                                       2
<PAGE>

by a fraction, the numerator of which shall be the then current market price of
the Common Stock (defined as the average for the twenty consecutive trading days
immediately prior to the record date of the daily 4:00 PM closing bid price of
the Common Stock as reported by the NASDAQ system)less the fair market value (as
determined by the Company's Board of Directors) of the evidences of
indebtedness, securities or property, or other assets issued or distributed in
such Special Dividend applicable to one share of Common Stock and the
denominator of which shall be such then current market price per share of Common
Stock. An adjustment made pursuant to this Subsection 3(a) shall become
effective immediately after the record date of any such Special Dividend.

     b) In case the Company shall hereafter (i) pay a dividend or make a
distribution on its capital stock in shares of Common Stock, (ii) subdivide its
outstanding shares of Common Stock into a greater number of shares, (iii)
combine its outstanding shares of Common Stock into a smaller number of shares
or (iv) issue by reclassification of its Common Stock any shares of capital
stock of the Company, the Per Share Warrant Price shall be adjusted so that the
Holder of any Warrant upon the exercise hereof shall be entitled to receive the
number of shares of Common Stock or other capital stock of the Company which he
would have owned had he exercised the warrants immediately prior thereto. An
adjustment made pursuant to this Subsection 3(b) shall become effective
immediately after the record date in the case of a dividend or distribution, and
shall become effective immediately after the effective date in the case of a
subdivision, combination or reclassification.  If, as a result of an adjustment
made pursuant to this Subsection 3(b), the Holder of any Warrant thereafter
surrendered for exercise shall become entitled to receive shares of two or more
classes of capital stock or shares of Common Stock and other capital stock of
the Company, the Board of Directors (whose determination shall be described in a
written notice to the Holder of any Warrant promptly after such adjustment)
shall determine the allocation of the adjusted Per Share Warrant Price between
or among shares of such classes or capital stock or shares of Common Stock and
other capital stock.

     c) In case of any capital reorganization or reclassification, or any
consolidation or merger to which the Company is a party other than a merger or
consolidation in which the Company is the continuing corporation, or in case of
any sale or conveyance to another entity of the property of the Company as an
entirety or substantially as an entirety, or in the case of any statutory
exchange of securities with another corporation (including any exchange effected
in connection with a merger of a third corporation into the Company), the Holder
of this Warrant shall have the right thereafter to receive upon exercise of such
Warrant into the kind and amount of securities, cash or other property which he
would have owned or have been entitled to receive immediately after such
reorganization, reclassification, consolidation, merger, statutory exchange,
sale or conveyance had this Warrant been exercised immediately prior to the
effective date of such reorganization, reclassification, consolidation, merger,
statutory exchange, sale or conveyance and in any such case, if necessary,
appropriate adjustment shall be made in the application of the provisions set
forth in this Section 3 with respect to the rights and interests thereafter of
the Holder of this Warrant to the end that the provisions set forth in this
Section 3 shall thereafter correspondingly be made applicable, as nearly as may
reasonably be, in relation to any shares of stock or other securities or be, in
relation to any shares of stock or other securities or property thereafter
deliverable on the conversion of this Warrant.  The above provisions of this
Subsection 3(c) shall similarly apply to successive reorganizations,
reclassifications, consolidations, mergers, statutory exchanges, sales or

                                       3
<PAGE>

conveyances. The issuer of any shares of stock or other securities or property
thereafter deliverable on the conversion of this Warrant shall be responsible
for all of the agreements and obligations of the Company hereunder. Notice of
any such reorganization, reclassification, consolidation, merger, statutory
exchange, sale or conveyance and of said provisions so proposed to be made,
shall be mailed to the Holders of the Warrants not less than 20 days prior to
such event. A sale of all or substantially all of the assets of the Company for
a consideration consisting primarily of securities shall be deemed a
consolidation or merger for the foregoing purposes.

     d) No adjustment in the Per Share Warrant Price shall be required unless
such adjustment would require an increase or decrease of at least $0.01 per
share of Common Stock; provided, however, that any adjustments which by reason
                       -----------------
of this Subsection 3(f) are not required to be made shall be carried forward and
taken into account in any subsequent adjustment; provided further, however, that
                                                 ----------------
adjustments shall be required and made in accordance with the provisions of this
Section 3 (other than this Subsection 3(f)) not later than such time as may be
required in order to preserve the tax-free nature of a distribution to the
Holder of this Warrant or Common Stock issuable upon exercise hereof.  All
calculations under this Section 3 shall be made to the nearest cent.  Anything
in this Section 3 to the contrary notwithstanding, the Company shall be entitled
to make such reductions in the Per Share Warrant Price, in addition to those
required by this Section 3, as it in its discretion shall deem to be advisable
in order that any stock dividend, subdivision of shares or distribution of
rights to purchase stock or securities convertible or exchangeable for stock
hereafter made by the Company to its shareholders shall not be taxable.

     e) Whenever the Per Share Warrant Price is adjusted as provided in this
Section 3 and upon any modification of the rights of a Holder of Warrants in
accordance with this Section 3, the Company shall promptly obtain, at its
expense, a certificate of a firm of independent public accountants of recognized
standing selected by the Board of Directors (who may be the regular auditors of
the Company) setting forth the Per Share Warrant Price and the number of NPCT
Warrants Shares after such adjustment or the effect of such modification, a
brief statement of the facts requiring such adjustment or modification and the
manner of computing the same and cause copies of such certificate to be mailed
to the Holders of the Warrants.

     f) If the Board of Directors of the Company shall declare any dividend or
other distribution with respect to the Common Stock, other than a cash
distribution out of earned surplus, the Company shall mail notice thereof to the
Holders of the Warrants not less than 20 days prior to the record date fixed for
determining shareholders entitled to participate in such dividend or other
distribution.

4.   Fully Paid Stock, Taxes.
     ------------------------

     The Company agrees that the shares of the Common Stock represented by each
and every certificate for NPCT Warrants Shares delivered on the exercise of this
Warrant shall, at the time of such delivery, be validly issued and outstanding,
fully paid and nonassessable, and not subject to pre-emptive rights, and the
Company will take all such actions as may be necessary to assure that the par
value or stated value, if any, per share of the Common Stock is at all times
equal to or less than the then Per Share Warrant Price. The Company further
covenants and agrees that it will pay, when due and payable, any and all Federal
and state stamp, original issue or similar taxes which

                                       4
<PAGE>

may be payable in respect of the issue of any Warrant Share
or certificate therefor.


5.   Registration Rights
     -------------------

     The Company shall maintain the registration this Warrant and the NPCT
Warrants Shares until the earlier of (i) exercise in full of the Warrant; or
(ii) expiration of the Warrant.

6.   Transferability.
     ---------------

     The Company may treat the registered Holder of this Warrant as he or it
appears on the Company's books at any time as the Holder for all purposes.  The
Company shall permit any Holder of a Warrant or his duly authorized attorney,
upon written request during ordinary business hours, to inspect and copy or make
extracts from its books showing the registered holders of Warrants.  All
warrants issued upon the transfer or assignment of this Warrant will be dated
the same date as this Warrant, and all rights of the Holder thereof shall be
identical to those of the Holder.

7.   Loss, etc., of Warrant.
     ----------------------

     Upon receipt of evidence satisfactory to the Company of the loss, theft,
destruction or mutilation of this Warrant, and of indemnity reasonably
satisfactory to the Company, if lost, stolen or destroyed, and upon surrender
and cancellation of this Warrant, if mutilated, the Company shall execute and
deliver to the Holder a new Warrant of like date, tenor and denomination.

8.   Warrant Holder Not Shareholders.
     -------------------------------

     Except as otherwise provided herein, this Warrant does not confer upon the
Holder any right to vote or to consent to or receive notice as a shareholder of
the Company, as such, in respect of any matters whatsoever, or any other rights
or liabilities as a shareholder, prior to the exercise hereof; provided,
however, Company shall give not less than twenty days written notice to the
Holder of any action which would required adjustment of any terms of the Warrant
in accordance with Section 3 above.

9.   Communication.
     -------------

     Any notice or other communication under this Warrant shall not be effective
unless and shall be deemed to have been given if, the same is in writing and is
mailed by first-class mail, postage prepaid, or sent vial facsimile, electronic
transmission, overnight courier or hand delivery addressed to:
     If to the Company:

     NanoPierce Technologies, Inc.
     370 17/th/ Street, Suite 3640
     Denver, CO 80202
     Attn: Paul H. Metzinger, President & CEO


                                       5
<PAGE>

     Tel: (303) 592-1010
     Fax: (303) 592-1054
     Email: paul@nanopierce.com

If to the Holder:

     Generation Capital Associates
     1085 Riverside Trace
     Atlanta, GA  30328
     Fax: (404) 255-2218
     Tel: (404) 303-8450

     with copy to:

     David A. Rapaport, Esq.
     333 Sandy Springs Circle, Suite 230
     Atlanta, GA  30328
     Fax: (404) 257-9125
     Tel: (404) 257-9150
     Email: drapaport@hcfmgmt.com

10.  Headings.
     --------

          The headings of this Warrant have been inserted as a matter of
convenience and shall not affect the construction hereof.

11.  Applicable Law.
     --------------

          This Warrant shall be governed by and construed in accordance with the
law of the state of Nevada without giving effect to the principles of conflicts
of law thereof.

     IN WITNESS WHEREOF, NanoPierce Technologies, Inc. has caused this Warrant
to be signed by its President and Chief Executive Officer as of the date set
forth above.


__________________________________
Paul H. Metzinger, President & CEO

                                       6
<PAGE>

                                 SUBSCRIPTION
                                 ------------


The undersigned, _____________________, pursuant to the provisions of the
foregoing Warrant, hereby agrees to subscribe for and purchase shares of the
Common Stock of NanoPierce Technologies, Inc., covered by said Warrant, and
makes payment therefor in full at the Per Share Warrant provided by said
Warrant.

Dated:                        Signature:

                              Address:




                                  ASSIGNMENT
                                  ----------

FOR VALUE RECEIVED___________________ hereby sells, assigns and transfers unto
____________ the foregoing Warrant and all rights evidenced thereby, and does
irrevocably constitute and appoint _______________________, attorney, to
transfer said Warrant on the books of ________________

Dated:                        Signature:

                              Address:





                              PARTIAL ASSIGNMENT
                              ------------------

     FOR VALUE RECEIVED ____________________hereby assigns and transfers unto
____________________ the right to purchase ______________ shares of the Common
Stock of ________________ by the foregoing Warrant, and a proportionate part of
said Warrant and the rights evidenced hereby, and does irrevocably constitute
and appoint ____________________, attorney, to transfer that part of said
Warrant on the books of NanoPierce Technologies, Inc..


Dated:                        Signature:

                              Address:



                                       7
<PAGE>

                        CASHLESS EXERCISE SUBSCRIPTION
                        ------------------------------


     The undersigned _______________________ pursuant to the provisions of the
foregoing Warrant, hereby agrees to subscribe to that number of shares of stock
of NanoPierce Technologies, Inc. as are issuable in accordance with the formula
set forth in Section l(b) of the Warrant, and makes payment therefore in full by
surrender and delivery of this Warrant.


Dated:                        Signature:

                              Address:

                                       8