Exhibit
4.15


 


THIS WARRANT AND ANY SHARES OF COMMON STOCK ISSUABLE
UPON ITS EXERCISE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR ANY STATE SECURITIES LAW, AND NEITHER SUCH SECURITIES NOR ANY
INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED, ASSIGNED OR
OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT
AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL FOR THE HOLDER, WHICH COUNSEL
AND OPINION ARE REASONABLY SATISFACTORY TO COUNSEL FOR THIS COMPANY, IS
AVAILABLE.


 


WARRANT
TO PURCHASE COMMON STOCK



OF



MDU COMMUNICATIONS INTERNATIONAL, INC.


 


W -
      


 


This is to Certify That, FOR VALUE RECEIVED,
                       
or assigns (“Holder”), is entitled to purchase, subject to the provisions of
this Warrant, from MDU Communications International, Inc., a Delaware
corporation (“Company”),
                     
fully paid, validly issued and nonassessable shares of common stock, par value
$.001 per share, of the Company (“Common Stock”), at a purchase price equal to
$1.75 per share at any time or from time to time commencing on the date hereof
until November 24, 2006.  The number
of shares of Common Stock to be received upon the exercise of this Warrant and
the price to be paid for each share of Common Stock may be adjusted from time
to time as hereinafter set forth.  The
shares of Common Stock deliverable upon such exercise, and as adjusted from
time to time, are hereinafter sometimes referred to as “Warrant Shares” and the
exercise price of a share of Common Stock in effect at any time and as adjusted
from time to time is hereinafter sometimes referred to as the “Exercise Price.”


 


This Warrant was originally issued in connection with a private
offering of securities by the Company, pursuant to the terms of a Confidential
Offering Memorandum dated November 14, 2003, as supplemented (the
“Memorandum”).


 


(a)                                  EXERCISE OF WARRANT; CANCELLATION OF
WARRANT.  This Warrant may be exercised
in whole or in part at any time or from time to time commencing on the date
hereof and until November 24, 2006 (the “Exercise Period”), provided,
however, that if either such day is a day on which banking institutions in the
State of New York are authorized by law to close, then on the next succeeding
day which shall not be such a day.  This
Warrant may be exercised by presentation and surrender hereof to the Company at
its principal office, or at the office of its stock transfer agent, if any,
with the Purchase Form annexed hereto duly executed and accompanied by payment
of the Exercise Price for the number of Warrant Shares specified in such
form.  As soon as practicable after each
such exercise of this Warrant, but not later than seven days from the date of
such exercise, the Company shall issue and deliver to the Holder a certificate
or certificates for the Warrant Shares issuable upon such exercise, registered
in the name of the Holder or its designee. 
If this Warrant should be exercised in part only, the Company shall,
upon surrender of this Warrant for cancellation, execute and deliver a new
Warrant evidencing the rights of the Holder thereof to purchase the balance of
the Warrant Shares purchasable thereunder. 
Upon receipt


 

















 


by the Company of this Warrant at its office, or by
the stock transfer agent of the Company at its office, in proper form for
exercise, the Holder shall be deemed to be the holder of record of the shares
of Common Stock issuable upon such exercise, notwithstanding that the stock
transfer books of the Company shall then be closed or that certificates
representing such shares of Common Stock shall not then be physically delivered
to the Holder.


 


(b)                                 RESERVATION OF SHARES.  The Company shall at all times reserve for issuance and/or
delivery upon exercise of this Warrant such number of shares of Common Stock as
shall be required for issuance and delivery upon exercise of the Warrants.


 


(c)                                  FRACTIONAL SHARES.  No fractional shares or script representing fractional shares
shall be issued upon the exercise of this Warrant.  With respect to any fraction of a share called for upon any
exercise hereof, the Company shall pay to the Holder an amount in cash equal to
such fraction multiplied by the current market value of a share, determined as
follows:


 


(1)                                  If the Common Stock is listed on a national
securities exchange or admitted to unlisted trading privileges on such exchange
or listed for trading on the Nasdaq National Market, the current market value
shall be the last reported sale price of the Common Stock on such exchange or
market on the last business day prior to the date of exercise of this Warrant
or if no such sale is made on such day, the average closing bid and asked
prices for such day on such exchange or market; or


 


(2)                                  If the Common Stock is not so listed or admitted
to unlisted trading privileges, but is traded on the Nasdaq SmallCap Market,
the current market value shall be the average of the closing bid and asked
prices for such day on such market and if the Common Stock is not so traded,
the current market value shall be the mean of the last reported bid and asked
prices reported by the National Quotation Bureau, Inc. on the last business day
prior to the date of the exercise of this Warrant; or


 


(3)                                  If the Common Stock is not so listed or admitted
to unlisted trading privileges and bid and asked prices are not so reported,
the current market value shall be an amount, not less than book value thereof
as at the end of the most recent fiscal year of the Company ending prior to the
date of the exercise of the Warrant, determined in such reasonable manner as
may be prescribed by the Board of Directors of the Company.


 


(d)                                 EXCHANGE, TRANSFER, ASSIGNMENT OR LOSS OF
WARRANT.  This Warrant is exchangeable,
without expense, at the option of the Holder, upon presentation and surrender
hereof to the Company or at the office of its stock transfer agent, if any, for
other warrants of different denominations entitling the holder thereof to
purchase in the aggregate the same number of shares of Common Stock purchasable
hereunder.  Upon surrender of this
Warrant to the Company at its principal office or at the office of its stock
transfer agent, if any, with the Assignment Form annexed hereto duly executed
and funds sufficient to pay any transfer tax, the Company shall, without
charge, execute and deliver a new Warrant in the name of the assignee named in
such instrument of assignment and this Warrant shall promptly be
cancelled.  This Warrant may be divided
or combined with other warrants which carry the same rights upon presentation
hereof at the principal office of the Company or at the office of its stock
transfer agent, if any, together with a written notice specifying the names and
denominations in which new Warrants are to be issued and signed by the Holder
hereof. The term “Warrant” as used herein includes any Warrants into which this
Warrant may be divided or exchanged. 
Upon receipt by the Company of evidence satisfactory to it of the loss, theft,
destruction or mutilation of this Warrant, and (in the case of loss, theft or
destruction) of reasonably satisfactory indemnification, and upon surrender and
cancellation of this Warrant, if mutilated, the Company will execute and
deliver a new Warrant of like tenor and date. 
Any such new Warrant executed and delivered shall constitute an
additional contractual obligation on the part of the Company, whether or not
this Warrant so lost, stolen, destroyed, or mutilated shall be at any time
enforceable by anyone.


 


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(e)                                  RIGHTS OF THE HOLDER.  The Holder shall not, by virtue hereof, be entitled to any rights
of a shareholder in the Company, either at law or equity, and the rights of the
Holder are limited to those expressed in the Warrant and are not enforceable
against the Company except to the extent set forth herein.


 


(f)                                    ANTI-DILUTION PROVISIONS.  The Exercise Price in effect at any time and
the number and kind of securities purchasable upon the exercise of the Warrants
shall be subject to adjustment from time to time upon the happening of certain
events as follows:


 


(1)                                  In case the Company shall (i) declare a dividend
or make a distribution on its outstanding shares of Common Stock in shares of
Common Stock, (ii) subdivide or reclassify its outstanding shares of Common
Stock into a greater number of shares, or (iii) combine or reclassify its
outstanding shares of Common Stock into a smaller number of shares, the
Exercise Price in effect at the time of the record date for such dividend or distribution
or of the effective date of such subdivision, combination or reclassification
shall be adjusted so that it shall equal the price determined by multiplying
the Exercise Price by a fraction, the denominator of which shall be the number
of shares of Common Stock outstanding after giving effect to such action, and
the numerator of which shall be the number of shares of Common Stock
outstanding immediately prior to such action. 
Such adjustment shall be made successively whenever any event listed
above shall occur.


 


(2)                                  Whenever the Exercise Price is adjusted, as
herein provided, the Company shall promptly but no later than 10 days after
such adjustment, cause a notice setting forth the adjusted Exercise Price and
adjusted number of shares issuable upon exercise of each Warrant, and, if
requested, information describing the transactions giving rise to such
adjustments, to be mailed to the Holders at their last addresses appearing in
the Warrant Register, and shall cause a certified copy thereof to be mailed to
its transfer agent, if any.  The Company
may retain a firm of independent certified public accountants selected by the
Board of Directors (who may be the regular accountants employed by the Company)
to make any computation required by this Section (f), and a certificate
signed by such firm shall be conclusive evidence of the correctness of such
adjustment.


 


(3)                                  Irrespective of any adjustments in the Exercise
Price or the number or kind of shares purchasable upon exercise of this
Warrant, Warrants theretofore or thereafter issued may continue to express the
same price and number and kind of shares as are stated in the similar Warrants
initially issuable pursuant to this Agreement.


 


(g)                                 OFFICER’S CERTIFICATE.  Whenever the Exercise Price shall be adjusted as required by the
provisions of the foregoing Section, the Company shall forthwith file in the
custody of its Secretary or an Assistant Secretary at its principal office and
with its stock transfer agent, if any, an officer’s certificate showing the adjusted
Exercise Price and Warrant Shares determined as herein provided, setting forth
in reasonable detail the facts requiring such adjustment, including a statement
of the number of additional shares of Common Stock, if any, and such other
facts as shall be necessary to show the reason for and the manner of computing
such adjustment.  Each such officer’s
certificate shall be made available at all reasonable times for inspection by
the Holder or any holder of a Warrant executed and delivered pursuant to Section (a)
and the Company shall, forthwith after each such adjustment, mail a copy by
certified mail of such certificate to the Holder or any such holder.


 


(h)                                 NOTICES TO WARRANT HOLDERS.  So long as this Warrant shall be
outstanding, (i) if the Company shall pay any dividend or make any distribution
upon the Common Stock or (ii) if the Company shall offer to the holders of
Common Stock for subscription or purchase by them any share of any class or any
other rights or (iii) if any capital reorganization of the Company,
reclassification of the capital stock of the Company, consolidation or merger
of the Company with or into another corporation, sale, lease or


 


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transfer of all or substantially
all of the property and assets of the Company to another corporation, or
voluntary or involuntary dissolution, liquidation or winding up of the Company
shall be effected, then in any such case, the Company shall cause to be mailed
by certified mail to the Holder, at least fifteen days prior the date specified
in (x) or (y) below, as the case may be, a notice containing a brief
description of the proposed action and stating the date on which (x) a record
is to be taken for the purpose of such dividend, distribution or rights, or (y)
such reclassification, reorganization, consolidation, merger, conveyance,
lease, dissolution, liquidation or winding up is to take place and the date, if
any is to be fixed, as of which the holders of Common Stock or other securities
shall receive cash or other property deliverable upon such reclassification,
reorganization, consolidation, merger, conveyance, dissolution, liquidation or
winding up.


 


(i)                                     RECLASSIFICATION, REORGANIZATION OR MERGER.  In case of any reclassification, capital
reorganization or other change of outstanding shares of Common Stock of the
Company, or in case of any consolidation or merger of the Company with or into
another corporation (other than a merger with a subsidiary in which merger the
Company is the continuing corporation and which does not result in any
reclassification, capital reorganization or other change of outstanding shares
of Common Stock of the class issuable upon exercise of this Warrant) or in case
of any sale, lease or conveyance to another corporation of the property of the
Company as an entirety, the Company shall, as a condition precedent to such
transaction, cause effective provisions to be made so that the Holder shall
have the right thereafter by exercising this Warrant at any time prior to the expiration
of the Warrant, to purchase the kind and amount of shares of stock and other
securities and property receivable upon such reclassification, capital
reorganization and other change, consolidation, merger, sale or conveyance by a
holder of the number of shares of Common Stock which might have been purchased
upon exercise of this Warrant immediately prior to such reclassification,
change, consolidation, merger, sale or conveyance.  Any such provision shall include provision for adjustments which
shall be as nearly equivalent as may be practicable to the adjustments provided
for in this Warrant.  The foregoing
provisions of this Section (i) shall similarly apply to successive
reclassifications, capital reorganizations and changes of shares of Common Stock
and to successive consolidations, mergers, sales or conveyances.  In the event that in connection with any
such capital reorganization or reclassification, consolidation, merger, sale or
conveyance, additional shares of Common Stock shall be issued in exchange,
conversion, substitution or payment, in whole or in part, for a security of the
Company other than Common Stock, any such issue shall be treated as an issue of
Common Stock covered by the provisions of Subsection (1) of
Section (f) hereof.


 


(j)                                     REGISTRATION
UNDER THE SECURITIES ACT OF 1933. The Holder shall have registration rights
with respect to the Warrant Shares as more particularly set forth in the
subscription agreement executed in connection with the Private Placement.


 


	
   

  	
   

  	
  MDU
  COMMUNCATIONS INTERNATIONAL, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Sheldon
  Nelson, Chief Executive Officer

  
	
   

  	
   

  	
   

  	
   

  
	
  Dated:
  November 24, 2003

  	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  c/s

  	
   

  	
   

  	
   

  
						



 


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PURCHASE
FORM


 


 


	
   

  	
  Dated
  

  	
   

  



 


 


The
undersigned hereby irrevocably elects to exercise the within Warrant to the
extent of purchasing
               
shares of Common Stock and hereby makes payment of
$               
in payment of the actual exercise price thereof.


 


 


INSTRUCTIONS FOR REGISTRATION OF
STOCK


 


 


	
  Name:  

  	
   

  	
   

  	
   

  
	
   

  	
  (Please
  typewrite or print in block letters)

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signature
  

  	
   

  



 

















 


ASSIGNMENT
FORM


 


 


FOR
VALUE RECEIVED,
                                    
hereby sells, assigns and transfers unto


 


 


	
  Name:  

  	
   

  	
   

  	
   

  
	
   

  	
  (Please
  typewrite or print in block letters)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address

  	
   

  	
   

  



 


The
right to purchase Common Stock represented by this Warrant to the extent of
           shares as to which
such right is exercisable;


 


and
does hereby irrevocably constitute and appoint [if any]
                         
Attorney, to transfer the same on the books of the Company with full power of
substitution in the premises.


 


 


	
   

  	
   

  
	
  Date

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Signature

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Print
  Name