Document:

EXHIBIT 4.21

THIS WARRANT AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THIS WARRANT
AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD,
OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT UNDER SAID ACT OR AN OPINION OF COUNSEL REASONABLY
SATISFACTORY TO BRAVO! FOODS INTERNATIONAL CORP. THAT SUCH REGISTRATION IS NOT
REQUIRED.

                  Right to Purchase 1,500,000 shares of Common Stock of Bravo!
                  Foods International Corp. (subject to adjustment as provided
                  herein)

                          COMMON STOCK PURCHASE WARRANT

No. 2003-APR-002                                       Issue Date: April 2, 2004

      BRAVO! FOODS INTERNATIONAL CORP., a corporation organized under the laws
of the State of Delaware (the "Company"), hereby certifies that, for value
received, to LONGVIEW FUND LP, 1325 Howard Avenue #422, Burlingame, CA 94010,
Fax: (650) 343-2506 (the "Holder"), or its assigns, is entitled, subject to the
terms set forth below, to purchase from the Company from and after the Issue
Date and at any time or from time to time before 5:00 p.m., New York time,
through five (5) years after such date (the "Expiration Date"), up to 1,500,000
fully paid and nonassessable shares of Common Stock (as hereinafter defined),
$.001 par value per share, of the Company at a per share purchase price of
$0.15. The aforedescribed purchase price per share, as adjusted from time to
time as herein provided, is referred to herein as the "Purchase Price". The
number and character of such shares of Common Stock and the Purchase Price are
subject to adjustment as provided herein. The Company may reduce the Purchase
Price without the consent of the Holder. Capitalized terms used and not
otherwise defined herein shall have the meanings set forth in that certain
subscription agreement (the "Subscription Agreement"), dated at or about April
2, 2004, between the Company and the Holder.

      As used herein the following terms, unless the context otherwise requires,
have the following respective meanings:

      (a) The term "Company" shall include Bravo! Foods International Corp. and
any corporation which shall succeed or assume the obligations of Bravo! Foods
International Corp. hereunder.

      (b) The term "Common Stock" includes (a) the Company's Common Stock, $.001
par value per share, as authorized on the date of the Subscription Agreement,
(b) any other capital stock of any class or classes (however designated) of the
Company, authorized on or after such date, the holders of which shall have the
right, without limitation as to amount, either to all or to a share of the
balance of current dividends and liquidating dividends after the payment of
dividends and distributions on any shares entitled to preference, and the
holders of which shall ordinarily, in the absence of contingencies, be entitled
to vote for the election of a majority of directors of the Company (even if the
right so to vote has been suspended by the happening of such a contingency) and
(c) any other securities into which or for which any of the securities described
in (a) or (b) may be converted or exchanged pursuant to a plan of
recapitalization, reorganization, merger, sale of assets or otherwise.

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<PAGE>

      (c) The term "Other Securities" refers to any stock (other than Common
Stock) and other securities of the Company or any other person (corporate or
otherwise) which the holder of the Warrant at any time shall be entitled to
receive, or shall have received, on the exercise of the Warrant, in lieu of or
in addition to Common Stock, or which at any time shall be issuable or shall
have been issued in exchange for or in replacement of Common Stock or Other
Securities pursuant to Section 4 or otherwise.

      1. EXERCISE OF WARRANT.

            1.1. NUMBER OF SHARES ISSUABLE UPON EXERCISE. From and after the
Issue Date through and including the Expiration Date, the Holder hereof shall be
entitled to receive, upon exercise of this Warrant in whole in accordance with
the terms of subsection 1.2 or upon exercise of this Warrant in part in
accordance with subsection 1.3, shares of Common Stock of the Company, subject
to adjustment pursuant to Section 4.

            1.2. FULL EXERCISE. This Warrant may be exercised in full by the
Holder hereof by delivery of an original or facsimile copy of the form of
subscription attached as Exhibit A hereto (the "Subscription Form") duly
executed by such Holder and surrender of the original Warrant within seven (7)
days of exercise, to the Company at its principal office or at the office of its
Warrant Agent (as provided hereinafter), accompanied by payment, in cash, wire
transfer or by certified or official bank check payable to the order of the
Company, in the amount obtained by multiplying the number of shares of Common
Stock for which this Warrant is then exercisable by the Purchase Price then in
effect.

            1.3. PARTIAL EXERCISE. This Warrant may be exercised in part (but
not for a fractional share) by surrender of this Warrant in the manner and at
the place provided in subsection 1.2 except that the amount payable by the
Holder on such partial exercise shall be the amount obtained by multiplying (a)
the number of whole shares of Common Stock designated by the Holder in the
Subscription Form by (b) the Purchase Price then in effect. On any such partial
exercise, the Company, at its expense, will forthwith issue and deliver to or
upon the order of the Holder hereof a new Warrant of like tenor, in the name of
the Holder hereof or as such Holder (upon payment by such Holder of any
applicable transfer taxes) may request, the whole number of shares of Common
Stock for which such Warrant may still be exercised.

            1.4. FAIR MARKET VALUE. Fair Market Value of a share of Common Stock
as of a particular date (the "Determination Date") shall mean:

                  (a) If the Company's Common Stock is traded on an exchange or
is quoted on the National Association of Securities Dealers, Inc. Automated
Quotation ("NASDAQ") National Market System, the NASDAQ SmallCap Market or the
American Stock Exchange, Inc., then the closing or last sale price,
respectively, reported for the last business day immediately preceding the
Determination Date;

                  (b) If the Company's Common Stock is not traded on an exchange
or on the NASDAQ National Market System, the NASDAQ SmallCap Market or the
American Stock Exchange, Inc., but is traded in the over-the-counter market,
then the average of the closing bid and ask prices reported for the last
business day immediately preceding the Determination Date;

                  (c) Except as provided in clause (d) below, if the Company's
Common Stock is not publicly traded, then as the Holder and the Company agree,
or in the absence of such an agreement, by arbitration in accordance with the
rules then standing of the American Arbitration Association, before a single
arbitrator to be chosen from a panel of persons qualified by education and
training to pass on the matter to be decided; or

                                       2
<PAGE>

                  (d) If the Determination Date is the date of a liquidation,
dissolution or winding up, or any event deemed to be a liquidation, dissolution
or winding up pursuant to the Company's charter, then all amounts to be payable
per share to holders of the Common Stock pursuant to the charter in the event of
such liquidation, dissolution or winding up, plus all other amounts to be
payable per share in respect of the Common Stock in liquidation under the
charter, assuming for the purposes of this clause (d) that all of the shares of
Common Stock then issuable upon exercise of all of the Warrants are outstanding
at the Determination Date.

            1.5. COMPANY ACKNOWLEDGMENT. The Company will, at the time of the
exercise of the Warrant, upon the request of the Holder hereof acknowledge in
writing its continuing obligation to afford to such Holder any rights to which
such Holder shall continue to be entitled after such exercise in accordance with
the provisions of this Warrant. If the Holder shall fail to make any such
request, such failure shall not affect the continuing obligation of the Company
to afford to such Holder any such rights.

            1.6. TRUSTEE FOR WARRANT HOLDERS. In the event that a bank or trust
company shall have been appointed as trustee for the Holder of the Warrants
pursuant to Subsection 3.2, such bank or trust company shall have all the powers
and duties of a warrant agent (as hereinafter described) and shall accept, in
its own name for the account of the Company or such successor person as may be
entitled thereto, all amounts otherwise payable to the Company or such
successor, as the case may be, on exercise of this Warrant pursuant to this
Section 1.

      2.1 DELIVERY OF STOCK CERTIFICATES, ETC. ON EXERCISE. The Company agrees
that the shares of Common Stock purchased upon exercise of this Warrant shall be
deemed to be issued to the Holder hereof as the record owner of such shares as
of the close of business on the date on which this Warrant shall have been
surrendered and payment made for such shares as aforesaid. As soon as
practicable after the exercise of this Warrant in full or in part, and in any
event within five (5) days thereafter ("Delivery Date"), the Company at its
expense (including the payment by it of any applicable issue taxes) will cause
to be issued in the name of and delivered to the Holder hereof, or as such
Holder (upon payment by such Holder of any applicable transfer taxes) may direct
in compliance with applicable securities laws, a certificate or certificates for
the number of duly and validly issued, fully paid and nonassessable shares of
Common Stock (or Other Securities) to which such Holder shall be entitled on
such exercise, plus, in lieu of any fractional share to which such Holder would
otherwise be entitled, cash equal to such fraction multiplied by the then Fair
Market Value of one full share of Common Stock, together with any other stock or
other securities and property (including cash, where applicable) to which such
Holder is entitled upon such exercise pursuant to Section 1 or otherwise.

      2.2. CASHLESS EXERCISE.

            (a) If a Registration Statement is effective and the Holder may sell
its Shares of Company Common Stock upon exercise hereof thereunder, this Warrant
may be exercisable in whole or in part for cash only as set forth in Section 1
above. If no such Registration Statement is available, payment upon exercise may
be made at the option of the Holder either in (i) cash or by certified or
official bank check payable to the order of the Company equal to the applicable
aggregate Purchase Price, (ii) by delivery of Common Stock issuable upon
exercise of the Warrants in accordance with Section (b) below or (iii) by a
combination of any of the foregoing methods, for the number of Common Shares
specified in such form (as such exercise number shall be adjusted to reflect any
adjustment in the total number of shares of Common Stock issuable to the holder
per the terms of this Warrant) and the holder shall thereupon be entitled to
receive the number of duly authorized, validly issued, fully-paid and
non-assessable shares of Common Stock (or Other Securities) determined as
provided herein.

                                       3
<PAGE>

            (b) Notwithstanding any provisions herein to the contrary, if the
Fair Market Value of one share of Common Stock is greater than the Purchase
Price (at the date of calculation as set forth below), in lieu of exercising
this Warrant for cash, upon consent of the Company, the holder may elect to
receive shares equal to the value (as determined below) of this Warrant (or the
portion thereof being cancelled) by surrender of this Warrant at the principal
office of the Company together with the properly endorsed Subscription Form in
which event the Company shall issue to the holder a number of shares of Common
Stock computed using the following formula:

                           X=Y (A-B)
                             -------
                                 A

                  Where    X=       the number of shares of Common Stock to be
                                    issued to the holder

                           Y=       the number of shares of Common Stock
                                    purchasable under the Warrant or, if only a
                                    portion of the Warrant is being exercised,
                                    the portion of the Warrant being exercised
                                    (at the date of such calculation)

                           A=       the Fair Market Value of one share of the
                                    Company's Common Stock (at the date of such
                                    calculation)

                           B=       Purchase Price (as adjusted to the date of
                                    such calculation)

            (c) The Holder may employ the cashless exercise feature described
above only during the pendency of a Non-Registration Event as described in
Section 11 of the Subscription Agreement.

            (d) For purposes of Rule 144 promulgated under the 1933 Act, it is
intended, understood and acknowledged that the Warrant Shares issued in a
cashless exercise transaction shall be deemed to have been acquired by the
Holder, and the holding period for the Warrant Shares shall be deemed to have
commenced, on the date this Warrant was originally issued pursuant to the
Subscription Agreement.

      3. ADJUSTMENT FOR REORGANIZATION, CONSOLIDATION, MERGER, ETC.

            3.1. REORGANIZATION, CONSOLIDATION, MERGER, ETC. In case at any time
or from time to time, the Company shall (a) effect a reorganization, (b)
consolidate with or merge into any other person or (c) transfer all or
substantially all of its properties or assets to any other person under any plan
or arrangement contemplating the dissolution of the Company, then, in each such
case, as a condition to the consummation of such a transaction, proper and
adequate provision shall be made by the Company whereby the Holder of this
Warrant, on the exercise hereof as provided in Section 1, at any time after the
consummation of such reorganization, consolidation or merger or the effective
date of such dissolution, as the case may be, shall receive, in lieu of the
Common Stock (or Other Securities) issuable on such exercise prior to such
consummation or such effective date, the stock and other securities and property
(including cash) to which such Holder would have been entitled upon such
consummation or in connection with such dissolution, as the case may be, if such
Holder had so exercised this Warrant, immediately prior thereto, all subject to
further adjustment thereafter as provided in Section 4.

            3.2. DISSOLUTION. In the event of any dissolution of the Company
following the transfer of all or substantially all of its properties or assets,
the Company, prior to such dissolution, shall at its expense deliver or cause to
be delivered the stock and other securities and property (including cash, where
applicable) receivable by the Holder of the Warrants after the effective date of
such dissolution pursuant to this Section 3 to a bank or trust company (a
"Trustee") having its principal office in New York, NY, as trustee for the
Holder of the Warrants.

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<PAGE>

            3.3. CONTINUATION OF TERMS. Upon any reorganization, consolidation,
merger or transfer (and any dissolution following any transfer) referred to in
this Section 3, this Warrant shall continue in full force and effect and the
terms hereof shall be applicable to the Other Securities and property receivable
on the exercise of this Warrant after the consummation of such reorganization,
consolidation or merger or the effective date of dissolution following any such
transfer, as the case may be, and shall be binding upon the issuer of any Other
Securities, including, in the case of any such transfer, the person acquiring
all or substantially all of the properties or assets of the Company, whether or
not such person shall have expressly assumed the terms of this Warrant as
provided in Section 4. In the event this Warrant does not continue in full force
and effect after the consummation of the transaction described in this Section
3, then only in such event will the Company's securities and property (including
cash, where applicable) receivable by the Holder of the Warrants be delivered to
the Trustee as contemplated by Section 3.2.

            3.4 SHARE ISSUANCE. SHARE ISSUANCE. Until the Expiration Date, if
the Company shall issue any Common Stock except for the Excepted Issuances (as
defined in the Subscription Agreement), prior to the complete exercise of this
Warrant for a consideration less than the Purchase Price that would be in effect
at the time of such issue, then, and thereafter successively upon each such
issue, the Purchase Price shall be reduced to such other lower issue price. For
purposes of this adjustment, the issuance of any security or debt instrument of
the Company carrying the right to convert such security or debt instrument into
Common Stock or of any warrant, right or option to purchase Common Stock shall
result in an adjustment to the Purchase Price upon the issuance of the
above-described security, debt instrument, warrant, right, or option. The
reduction of the Purchase Price described in this Section 3.4 is in addition to
the other rights of the Holder described in the Subscription Agreement.

      4. EXTRAORDINARY EVENTS REGARDING COMMON STOCK. In the event that the
Company shall (a) issue additional shares of the Common Stock as a dividend or
other distribution on outstanding Common Stock, (b) subdivide its outstanding
shares of Common Stock, or (c) combine its outstanding shares of the Common
Stock into a smaller number of shares of the Common Stock, then, in each such
event, the Purchase Price shall, simultaneously with the happening of such
event, be adjusted by multiplying the then Purchase Price by a fraction, the
numerator of which shall be the number of shares of Common Stock outstanding
immediately prior to such event and the denominator of which shall be the number
of shares of Common Stock outstanding immediately after such event, and the
product so obtained shall thereafter be the Purchase Price then in effect. The
Purchase Price, as so adjusted, shall be readjusted in the same manner upon the
happening of any successive event or events described herein in this Section 4.
The number of shares of Common Stock that the Holder of this Warrant shall
thereafter, on the exercise hereof as provided in Section 1, be entitled to
receive shall be adjusted to a number determined by multiplying the number of
shares of Common Stock that would otherwise (but for the provisions of this
Section 4) be issuable on such exercise by a fraction of which (a) the numerator
is the Purchase Price that would otherwise (but for the provisions of this
Section 4) be in effect, and (b) the denominator is the Purchase Price in effect
on the date of such exercise.

      5. CERTIFICATE AS TO ADJUSTMENTS. In each case of any adjustment or
readjustment in the shares of Common Stock (or Other Securities) issuable on the
exercise of the Warrants, the Company at its expense will promptly cause its
Chief Financial Officer or other appropriate designee to compute such adjustment
or readjustment in accordance with the terms of the Warrant and prepare a
certificate setting forth such adjustment or readjustment and showing in detail
the facts upon which such adjustment or readjustment is based, including a
statement of (a) the consideration received or receivable by the Company for any
additional shares of Common Stock (or Other Securities) issued or sold or deemed
to have been issued or sold, (b) the number of shares of Common Stock (or Other
Securities) outstanding or deemed to be outstanding, and (c) the Purchase Price
and the number of shares of Common Stock to be received upon exercise of this
Warrant, in effect immediately prior to such adjustment or readjustment and as
adjusted or readjusted as provided in this Warrant. The Company will forthwith
mail a copy of each such certificate to the Holder of the Warrant and any
Warrant Agent of the Company (appointed pursuant to Section 11 hereof).

                                       5
<PAGE>

      6. RESERVATION OF STOCK, ETC. ISSUABLE ON EXERCISE OF WARRANT; FINANCIAL
STATEMENTS. The Company will at all times reserve and keep available, solely for
issuance and delivery on the exercise of the Warrants, all shares of Common
Stock (or Other Securities) from time to time issuable on the exercise of the
Warrant. This Warrant entitles the Holder hereof to receive copies of all
financial and other information distributed or required to be distributed to the
holders of the Company's Common Stock.

      7. ASSIGNMENT; EXCHANGE OF WARRANT. Subject to compliance with applicable
securities laws, this Warrant, and the rights evidenced hereby, may be
transferred by any registered holder hereof (a "Transferor") with respect to any
or all of the shares of Common Stock. On the surrender for exchange of this
Warrant, with the Transferor's endorsement in the form of Exhibit B attached
hereto (the "Transferor Endorsement Form") and together with evidence reasonably
satisfactory to the Company demonstrating compliance with applicable securities
laws, the Company at its expense, but with payment by the Transferor of any
applicable transfer taxes, will issue and deliver to or on the order of the
Transferor thereof a new Warrant or Warrants of like tenor, in the name of the
Transferor and/or the transferee(s) specified in such Transferor Endorsement
Form (each a "Transferee"), calling in the aggregate on the face or faces
thereof for the number of shares of Common Stock called for on the face or faces
of the Warrant so surrendered by the Transferor.

      8. REPLACEMENT OF WARRANT. On receipt of evidence reasonably satisfactory
to the Company of the loss, theft, destruction or mutilation of this Warrant
and, in the case of any such loss, theft or destruction of this Warrant, on
delivery of an indemnity agreement or security reasonably satisfactory in form
and amount to the Company or, in the case of any such mutilation, on surrender
and cancellation of this Warrant, the Company at its expense will execute and
deliver, in lieu thereof, a new Warrant of like tenor.

      9. REGISTRATION RIGHTS. The Holder of this Warrant has been granted
certain registration rights by the Company. These registration rights are set
forth in the Subscription Agreement. The terms of the Subscription Agreement are
incorporated herein by this reference. Upon the occurrence of a Non-Registration
Event, or in the event the Company is unable to issue Common Stock upon exercise
of this Warrant that has been registered in a Registration Statement described
in Section 11 of the Subscription Agreement, within the time periods described
in the Subscription Agreement, which Registration Statement must be effective
for the periods set forth in the Subscription Agreement, then upon written
demand made by the Holder, the Company will pay to the Holder of this Warrant,
in lieu of delivering Common Stock, a sum equal to the closing price of the
Company's Common Stock on the principal market or exchange upon which the Common
Stock is listed for trading on the trading date immediately preceding the date
notice is given by the Holder, less the Purchase Price, for each share of Common
Stock designated in such notice from the Holder.

      10. MAXIMUM EXERCISE. The Holder shall not be entitled to exercise this
Warrant on an exercise date in connection with that number of shares of Common
Stock which would be in excess of the sum of (i) the number of shares of Common
Stock beneficially owned by the Holder and its affiliates on an exercise date,
and (ii) the number of shares of Common Stock issuable upon the exercise of this
Warrant with respect to which the determination of this limitation is being made
on an exercise date, which would result in beneficial ownership by the Holder
and its affiliates of more than 9.99% of the outstanding shares of Common Stock
on such date. For the purposes of the immediately preceding sentence, beneficial
ownership shall be determined in accordance with Section 13(d) of the Securities
Exchange Act of 1934, as amended, and Regulation 13d-3 thereunder. Subject to
the foregoing, the Holder shall not be limited to aggregate exercises which
would result in the issuance of more than 9.99%. The restriction described in
this paragraph may be revoked upon sixty-one (61) days prior notice from the
Holder to the Company. The Holder may allocate which of the equity of the
Company deemed beneficially owned by the Subscriber shall be included in the
9.99% amount described above and which shall be allocated to the excess above
9.99%.

                                       6
<PAGE>

      11. WARRANT AGENT. The Company may, by written notice to the Holder of the
Warrant, appoint an agent (a "Warrant Agent") for the purpose of issuing Common
Stock (or Other Securities) on the exercise of this Warrant pursuant to Section
1, exchanging this Warrant pursuant to Section 7, and replacing this Warrant
pursuant to Section 8, or any of the foregoing, and thereafter any such
issuance, exchange or replacement, as the case may be, shall be made at such
office by such Warrant Agent.

      12. TRANSFER ON THE COMPANY'S BOOKS. Until this Warrant is transferred on
the books of the Company, the Company may treat the registered holder hereof as
the absolute owner hereof for all purposes, notwithstanding any notice to the
contrary.

      13. NOTICES. All notices, demands, requests, consents, approvals, and
other communications required or permitted hereunder shall be in writing and,
unless otherwise specified herein, shall be (i) personally served, (ii)
deposited in the mail, registered or certified, return receipt requested,
postage prepaid, (iii) delivered by reputable air courier service with charges
prepaid, or (iv) transmitted by hand delivery, telegram, or facsimile, addressed
as set forth below or to such other address as such party shall have specified
most recently by written notice. Any notice or other communication required or
permitted to be given hereunder shall be deemed effective (a) upon hand delivery
or delivery by facsimile, with accurate confirmation generated by the
transmitting facsimile machine, at the address or number designated below (if
delivered on a business day during normal business hours where such notice is to
be received), or the first business day following such delivery (if delivered
other than on a business day during normal business hours where such notice is
to be received) or (b) on the second business day following the date of mailing
by express courier service, fully prepaid, addressed to such address, or upon
actual receipt of such mailing, whichever shall first occur. The addresses for
such communications shall be: (i) if to the Company to: Bravo! Foods
International Corp., 11300 U.S. Highway 1, Suite 202, North Palm Beach, Florida
33408, Attn: Roy D. Toulan, Jr., Esq., telecopier: (561) 625-1413, and (ii) if
to the Holder, to the address and telecopier number listed on the first
paragraph of this Warrant, with a copy by telecopier only to: Grushko & Mittman,
P.C., 551 Fifth Avenue, Suite 1601, New York, New York 10176, telecopier number:
(212) 697-3575.

      14. MISCELLANEOUS. This Warrant and any term hereof may be changed,
waived, discharged or terminated only by an instrument in writing signed by the
party against which enforcement of such change, waiver, discharge or termination
is sought. This Warrant shall be construed and enforced in accordance with and
governed by the laws of New York. Any dispute relating to this Warrant shall be
adjudicated in New York County in the State of New York. The headings in this
Warrant are for purposes of reference only, and shall not limit or otherwise
affect any of the terms hereof. The invalidity or unenforceability of any
provision hereof shall in no way affect the validity or enforceability of any
other provision.

                                       7
<PAGE>

      IN WITNESS WHEREOF, the Company has executed this Warrant as of the date
first written above.

                                     BRAVO! FOODS INTERNATIONAL CORP.

                                     By:
                                         ------------------------------------
                                         Name: Roy G. Warren
                                         Title:  CEO

Witness:

-----------------------------------
Roy D. Toulan, Jr.

                                       8
<PAGE>

                                    EXHIBIT A

                              FORM OF SUBSCRIPTION
                   (to be signed only on exercise of Warrant)

TO:  BRAVO! FOODS INTERNATIONAL CORP.

The undersigned, pursuant to the provisions set forth in the attached Warrant
(No.____), hereby irrevocably elects to purchase (check applicable box):

___ ________ shares of the Common Stock covered by such Warrant; or

___ the maximum number of shares of Common Stock covered by such Warrant
pursuant to the cashless exercise procedure set forth in Section 2.

The undersigned herewith makes payment of the full purchase price for such
shares at the price per share provided for in such Warrant, which is
$___________. Such payment takes the form of (check applicable box or boxes):

___ $__________ in lawful money of the United States; and/or

___ the cancellation of such portion of the attached Warrant as is exercisable
for a total of _______ shares of Common Stock (using a Fair Market Value of
$_______ per share for purposes of this calculation); and/or

___ the cancellation of such number of shares of Common Stock as is necessary,
in accordance with the formula set forth in Section 2, to exercise this Warrant
with respect to the maximum number of shares of Common Stock purchasable
pursuant to the cashless exercise procedure set forth in Section 2.

The undersigned requests that the certificates for such shares be issued in the
name of, and delivered to _____________________________________________________
whose address is _________________________________________________
______________________________________ .

The undersigned represents and warrants that all offers and sales by the
undersigned of the securities issuable upon exercise of the within Warrant shall
be made pursuant to registration of the Common Stock under the Securities Act of
1933, as amended (the "Securities Act"), or pursuant to an exemption from
registration under the Securities Act.

Dated:___________________

                                       -----------------------------------------
                                       (Signature must conform to name of holder
                                        as specified on the face of the Warrant)

                                       -----------------------------------------

                                       -----------------------------------------
                                       (Address)

                                       9
<PAGE>

                                    EXHIBIT B

                         FORM OF TRANSFEROR ENDORSEMENT
                   (To be signed only on transfer of Warrant)

      For value received, the undersigned hereby sells, assigns, and transfers
unto the person(s) named below under the heading "Transferees" the right
represented by the within Warrant to purchase the percentage and number of
shares of Common Stock of BRAVO! FOODS INTERNATIONAL CORP. to which the within
Warrant relates specified under the headings "Percentage Transferred" and
"Number Transferred," respectively, opposite the name(s) of such person(s) and
appoints each such person Attorney to transfer its respective right on the books
of BRAVO! FOODS INTERNATIONAL CORP. with full power of substitution in the
premises.

<TABLE>
<CAPTION>
---------------------------------------- -------------------------------------- --------------------------------------
TRANSFEREES                              PERCENTAGE TRANSFERRED                 NUMBER TRANSFERRED
---------------------------------------- -------------------------------------- --------------------------------------
<S>                                      <C>                                    <C>
---------------------------------------- -------------------------------------- --------------------------------------

---------------------------------------- -------------------------------------- --------------------------------------

---------------------------------------- -------------------------------------- --------------------------------------

---------------------------------------- -------------------------------------- --------------------------------------
</TABLE>

Dated:  ______________, ___________

                                       -----------------------------------------
                                       (Signature must conform to name of holder
                                        as specified on the face of the Warrant)

Signed in the presence of:

---------------------------------      -----------------------------------------
         (Name)

                                       -----------------------------------------
                                       (Address)

ACCEPTED AND AGREED:
[TRANSFEREE]

                                       -----------------------------------------

                                       -----------------------------------------
                                       (Address)

-----------------------------------------
         (Name)

                                       10Untitled Document

Exhibit 4.1

WARRANT NO. PSP 1 

 To Purchase 928,571*
  Shares of Common Stock

  of

  WITS BASIN PRECIOUS MINERALS INC.  

  _______________ 

*Subject to Special Adjustment in Section 11 Below 

      	This Warrant and the Securities issuable upon exercise of this Warrant have not been registered under the Securities Act of 1933 (the “1933 Act”) or under any state securities or “Blue Sky” laws
(“Blue Sky Laws”).  No transfer, sale, assignment, pledge, hypothecation or other disposition of this Warrant or the Securities issuable upon exercise of this Warrant or any interest therein may be made except (a) pursuant to an effective
registration statement under the 1933 Act and any applicable Blue Sky Laws or (b) if the Corporation has been furnished with an opinion of counsel for the holder, which opinion and counsel shall be reasonably satisfactory to the Corporation, to the
effect that no registration is required because of the availability of an exemption from registration under the 1933 Act and applicable Blue Sky laws. 

      	THIS CERTIFIES THAT, for good and valuable consideration Pandora Select Partners L.P., a British Virgin Islands limited partnership (the
“Holder”), or the Holder’s registered assigns, is entitled to subscribe for and purchase from Wits Basin Precious Minerals Inc., a Minnesota corporation (the “Corporation”), at any time on or after May 28, 2004, to and
including May 28, 2009 (subject to the limitations provided in Section 10 below), 928,571 fully paid and nonassessable shares of the Common Stock of the Corporation at the price of $0.40 per share (the “Warrant Exercise Price”), subject to
the anti-dilution and price protection provisions, and the special adjustments in Section 11, of this Warrant. 

      	The shares which may be acquired upon exercise of this Warrant are referred to herein as the “Warrant Shares.”  As used herein, the term “Holder” means the Holder, any party who acquires all or a part of this
Warrant as a registered transferee of the Holder, or any record holder or holders of the Warrant Shares issued upon exercise, whether in whole or in part, of the Warrant. The term “Common Stock” means the common stock, $0.01 par value per
share, of the Corporation. 

     This Warrant is subject to the following provisions, terms and conditions: 

 1.     Exercise;
  Transferability. 

      (a)
  The rights represented by this Warrant may be exercised by the Holder hereof,
  in whole or in part (but not as to a fractional share of Common Stock), by written
  notice of exercise (in the form attached hereto) delivered to the Corporation
  at the principal office of the Corporation prior to the expiration of this Warrant
  and accompanied or preceded by the surrender of this Warrant along with a check
  in payment of the Warrant Exercise Price for such Warrant Shares.

      (b)
  Except as provided in Section 7 hereof, this Warrant may not be sold, transferred,
  assigned, hypothecated or divided into two or more Warrants of smaller denominations,
  nor may any Warrant Shares issued pursuant to exercise of this Warrant be transferred.
  In no event may this Warrant be transferred and divided (without any exercise
  hereof) into any denomination(s) of less than 100 Warrant Shares. 

 2.     Exchange
  and Replacement. Subject
  to Sections 1 and 7 hereof, this Warrant is exchangeable upon the surrender
  hereof by the Holder to the Corporation at its office for new Warrants of like
  tenor and date representing in the aggregate the right to purchase the number
  of Warrant Shares purchasable hereunder, each of such new Warrants to represent
  the right to purchase such number of Warrant Shares (not to exceed the aggregate
  total number purchasable hereunder) as shall be designated by the Holder at
  the time of such surrender. Upon receipt by the Corporation of evidence reasonably
  satisfactory to it of the loss, theft, destruction or mutilation of this Warrant,
  and, in case of loss, theft or destruction, of indemnity or security reasonably
  satisfactory to it, and upon surrender and cancellation of this Warrant, if
  mutilated, the Corporation will make and deliver a new Warrant of like tenor,
  in lieu of this Warrant. This Warrant shall be promptly canceled by the Corporation
  upon the surrender hereof in connection with any exchange or replacement. The
  Corporation shall pay all expenses, taxes (other than stock transfer taxes),
  and other charges payable in connection with the preparation, execution, and
  delivery of Warrants pursuant to this Section 2. 

 3.     Issuance
  of the Warrant Shares.
  

     (a) 	The Corporation agrees that the Warrant Shares shall be and are deemed to be issued to the Holder as of the close of business on the date on which this Warrant shall have been surrendered and the payment made for such
Warrant Shares as aforesaid.  Subject to the provisions of paragraph (b) of this Section 3, certificates for the Warrant Shares so purchased shall be delivered to the Holder within a reasonable time after the rights represented by this Warrant shall
have been so exercised, and, unless this Warrant has expired, a new Warrant representing the right to purchase the number of Warrant Shares, if any, with respect to which this Warrant shall not then have been exercised shall also be delivered to the
Holder. 

      (b)
  Notwithstanding the foregoing, however, the Corporation shall not be required
  to deliver any certificate for Warrant Shares upon exercise of this Warrant
  except in accordance with exemptions from the applicable securities registration
  requirements or registrations under applicable securities laws. Except as described
  in Section 9, nothing herein shall obligate the Corporation to effect registrations
  under federal or state securities laws. If registrations are not in effect and
  if exemptions are not available when the Holder seeks to exercise the Warrant,
  the Warrant exercise period will be extended, if need be, to prevent the Warrant
  from expiring, until such time as either registrations become effective or exemptions
  are available, and the Warrant shall then remain exercisable for a period of
  at least 30 calendar days from the date the Corporation delivers to the Holder
  written notice of the availability of such registrations or exemptions. The
  Holder agrees to execute such documents and make such representations, warranties
  and agreements as may be required solely to comply with the exemptions relied
  upon by the Corporation, or the registrations made, for the issuance of the
  Warrant Shares.

 -2- 

 4.     Covenants
  of the Corporation. The
  Corporation covenants and agrees that all Warrant Shares will, upon issuance,
  be duly authorized and issued, fully paid, non-assessable and free from all
  taxes, liens and charges with respect to the issue thereof. The Corporation
  further covenants and agrees that during the period within which the rights
  represented by this Warrant may be exercised, the Corporation will at all times
  have authorized and reserved for the purpose of issue or transfer upon exercise
  of the subscription rights evidenced by this Warrant a sufficient number of
  shares of Common Stock to provide for the exercise of the rights represented
  by this Warrant. 

 5.     Anti-dilution
  Adjustments. The provisions
  of this Warrant are subject to adjustment as provided in this Section 5. 

     (a) 	Stock Splits, Dividends and Combinations. The Warrant Exercise Price shall be adjusted from time to time such that in case the Corporation shall hereafter: 

           (i)
  pay any dividends on any class of stock of the Corporation payable in Common
  Stock or securities convertible into Common Stock; 

           (ii)
  subdivide its then outstanding shares of Common Stock into a greater number
  of shares; or 

          (iii)  combine outstanding shares of Common Stock, by reclassification or otherwise; 

 then, in any such event, the Warrant
  Exercise Price in effect immediately prior to such event shall (until adjusted
  again pursuant hereto) be adjusted immediately after such event to a price (calculated
  to the nearest full cent) determined by dividing (A) the number of shares of
  Common Stock outstanding immediately prior to such event, multiplied by the
  then existing Warrant Exercise Price, by (B) the total number of shares of Common
  Stock outstanding immediately after such event (including in each case the maximum
  number of shares of Common Stock issuable in respect of any securities convertible
  into Common Stock), and the resulting quotient shall be the adjusted Warrant
  Exercise Price per share. An adjustment made pursuant to this Subsection 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, 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 Corporation,
  the Board of Directors (whose determination shall be conclusive) shall determine
  the allocation of the adjusted Warrant Exercise Price between or among shares
  of such classes of capital stock or shares of Common Stock and other capital
  stock. All calculations under this Subsection shall be made to the nearest cent
  or to the nearest 1/100 of a share, as the case may be. In the event that at
  any time as a result of an adjustment made pursuant to this Subsection, the
  holder of any Warrant thereafter surrendered for exercise shall become entitled
  to receive any shares of the Corporation other than shares of Common Stock,
  thereafter the Warrant Exercise Price of such other shares so receivable upon
  exercise of any Warrant shall be subject to adjustment from time to time in
  a manner and on terms as nearly equivalent as practicable to the provisions
  with respect to Common Stock contained in this Section. 

 -3- 

      (b)
  Mechanics of Adjustment
  for Stock Splits, Dividends and Combinations.
  Upon each adjustment of the Warrant Exercise Price pursuant to Section 5(a)
  above, the Holder of each Warrant shall thereafter (until another such adjustment)
  be entitled to purchase at the adjusted Warrant Exercise Price the number of
  shares, calculated to the nearest full share, obtained by multiplying the number
  of shares specified in such Warrant (as adjusted as a result of all adjustments
  in the Warrant Exercise Price in effect prior to such adjustment) by the Warrant
  Exercise Price in effect prior to such adjustment and dividing the product so
  obtained by the adjusted Warrant Exercise Price. 

     (c) 	Consolidations, Mergers and Reorganization Events. In case of any consolidation or merger to which the Corporation is a party other than a merger or consolidation
in which the Corporation is the continuing corporation, or in case of any sale or conveyance to another corporation of the property of the Corporation 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 Corporation), there shall be no adjustment under Subsection (a) of this Section 5; but the Holder of each Warrant then
outstanding shall have the right thereafter to convert such Warrant into the kind and amount of shares of stock and other securities and property which he would have owned or have been entitled to receive immediately after such consolidation,
merger, statutory exchange, sale or conveyance had such Warrant been converted immediately prior to the effective date of such 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 with respect to the rights and interests thereafter of any Holders of the Warrant, to the end that the provisions set forth in this Section shall thereafter correspondingly
be made applicable, as nearly as may reasonably be, in relation to any shares of stock and other securities and property thereafter deliverable on the exercise of the Warrant.  The provisions of this Subsection shall similarly apply to successive
consolidations, mergers, statutory exchanges, sales or conveyances. 

      (d)
  Adjustments for Diluting
  Issues. In addition to
  the adjustments of the Warrant Exercise Price provided above, the Warrant Exercise
  Price shall be subjected to further adjustment
  from time to time as follows (the main operative provision hereof is in Section
  5(d)(iii) below): 

 -4- 

 

          (i) 	Special Definitions: 

               (A) “Options” shall mean rights, options or warrants (other than as excluded by Section 5(d)(i)(D) below) to subscribe for, purchase or otherwise acquire
either Common Stock or Convertible Securities (as defined herein). 

               (B) “Original Issue Date” shall mean the date hereof.

               (C) “Convertible Securities” shall mean securities (other than as excluded by (4) below) convertible, either directly or indirectly, into or exchangeable
for Common Stock. 

               (D) “Additional Shares of Common Stock” shall mean all shares of Common Stock issued (or, deemed to be issued) by the Corporation after the Original Issue
Date other than shares of Common Stock issued (or deemed to be issued): 

                    1. 	to employees, consultants or directors pursuant to stock option, stock grant, stock purchase or similar plans or arrangements approved by the Corporation’s Board of Directors; 

                    2. 	as a dividend or other distribution in connection with which an adjustment to the Warrant Exercise Price is made; 

                    3. 	in a merger, consolidation, acquisition or similar business combination that is approved by the Corporation’s Board of Directors; 

                    4. 	pursuant to credit, lease or other commercial financing arrangements with parties not affiliated with the Corporation that are approved by the Corporation’s Board of Directors; 

                    5. 	in exchange for technology or other non-cash assets as approved by the Corporation’s Board of Directors; 

                    6. 	pursuant to any rights or agreements outstanding on the Original Issue Date; or 

                     7.
  if the Holder agrees in writing that such shares shall not constitute Additional
  Shares of Common Stock.

 -5- 

           (ii)
  Deemed Issue of Additional
  Shares of Common Stock.
  Except as otherwise provided in Section 5(d), in the event the Corporation at
  any time or from time to time after the Original Issue Date shall issue any
  Options or Convertible Securities or shall fix a record date for the
  determination of any holders of any class of securities entitled to receive
  any such Options or Convertible Securities, then the maximum number of shares
  (as set forth in the instrument relating thereto without regard to any provisions
  contained therein for a subsequent adjustment of such number) of Common Stock
  issuable upon the exercise of such Options or, in the case of Convertible Securities
  and Options therefor, the conversion or exchange of such Convertible Securities,
  shall be deemed to be Additional Shares of Common Stock issued as of the time
  of such issue or, in case such record date shall have been fixed, as of the
  close of business on such record date, provided that in any such case in which
  Additional Shares of Common Stock are deemed to be issued: 

               (A) no further adjustment in the Warrant Exercise Price shall be made upon the subsequent issue of such Convertible Securities or shares of Common Stock upon the exercise of such Options or conversion or exchange of such
Convertible Securities; 

               (B) if such Options or Convertible Securities by their terms provide, with the passage of time or otherwise, for any increase or decrease in the consideration payable to the Company, or increase or decrease in the number of
shares of Common Stock issuable upon the exercise, conversion or exchange thereof, the Warrant Exercise Price computed upon the original issue thereof or upon the occurrence of a record date with respect thereto, and any subsequent adjustments based
thereon, shall, upon any such increase or decrease becoming effective, be recomputed to reflect such increase or decrease; 

               (C) upon the expiration of any such Option or any rights of conversion or exchange under such Convertible Securities which shall not have been exercised, the Warrant Exercise Price computed upon the original issue thereof or
upon occurrence of a record date with respect thereto, and any subsequent adjustments based thereon, shall, upon such expiration: 

                    1. 	in the case of Convertible Securities or Options for Common Stock, be recomputed as though the only Additional Shares of Common Stock issued were shares of Common Stock, if any, actually issued upon the exercise of
such Options or the conversion or exchange of such Convertible Securities, and the consideration received therefor was the consideration actually received by the Company for the issue of all such Options, whether or not exercised, plus the
consideration actually received by the Company upon such exercise, or for the issue of all such Convertible Securities, whether or not converted or exchanged, plus the additional consideration, if any, actually received by the Company upon such
conversion or exchange; and 

                    2. 	in the case of Options for Convertible Securities, be recomputed as though only the Convertible Securities, if any, actually issued upon the exercise thereof were issued at the time of issue of such Options and the
consideration received by the Company for the Additional Shares of Common Stock deemed to have been then issued was the consideration actually received by the Company for the issue of all such Options, whether or not exercised, plus the
consideration deemed to have been received by the Company upon the issue of the Convertible Securities with respect to which such Options were actually exercised. 

 -6- 

               (D) no readjustment pursuant to Section 5(d) shall have the effect of increasing the Warrant Exercise Price to an amount which exceeds the Warrant Exercise Price existing immediately prior to the original adjustment with
respect to the issuance of such Options or Convertible Securities, as adjusted for any Additional Shares of Common Stock issued (or deemed to be issued) between such original adjustment date and such readjustment date; and 

               (E) in the case of any Option or Convertible Security with respect to which the maximum number of shares of Common Stock issuable upon exercise or conversion or exchange thereof is not determinable, no adjustment to the
Warrant Exercise Price shall be made until such number becomes determinable. 

          (iii) Adjustments for Issuance of Additional Shares of Common Stock. If the Company, at any time after the issuance of this Warrant, shall issue any Additional Shares
of Common Stock (otherwise than as provided in the Sections 5(a) and 5(c) above) at a price per share less than the applicable Warrant Exercise Price then in effect or without consideration, then the applicable Warrant Exercise Price upon each such
issuance shall be adjusted to that price (rounded to the nearest cent) determined by multiplying the applicable Warrant Exercise Price then in effect by a fraction, (i) the numerator of which shall be equal to the sum of (A) the number of shares of
Common Stock outstanding immediately prior to the issuance of such Additional Shares of Common Stock plus (B) the number of shares of Common Stock (rounded to the nearest whole share) which
the aggregate consideration for the total number of such Additional Shares of Common Stock so issued would purchase at a price per share equal to the applicable Warrant Exercise Price then in effect, and (ii) the denominator of which shall be equal
to the number of shares of Common Stock outstanding immediately after the issuance of such Additional Shares of Common Stock. 

               The provisions of this Section 5(d)(iii) shall not apply under any of the circumstances for which an adjustment is provided in Sections 5(a), 5(b) or 5(c) above.  No adjustment of the applicable Warrant Exercise Price shall be
made under this Section 5(d) upon the issuance of any Additional Shares of Common Stock which are issued pursuant to any Options or Convertible Securities if upon the issuance of such Options or Convertible Securities (x) any adjustment shall have
been made pursuant to Section 5(d)(ii) above or (y) no adjustment was required pursuant to this Section 5(d)(iii).  No adjustment of the applicable Warrant Exercise Price shall be made under this Section 5(d)(iii) in an amount less than $.01 per
share, but any such lesser adjustment shall be carried forward and shall be made at the time and together with the next subsequent adjustment, if any, which together with any adjustments so carried forward shall amount to $.01 per share or more;
provided, however, that upon any adjustment of the applicable Warrant Exercise Price as a result of any dividend or distribution
payable in Common Stock or Convertible Securities or the reclassification, subdivision or combination of Common Stock into a greater or smaller number of shares, the foregoing figure of $.01 per share (or such figure as last adjusted) shall be
adjusted (to the nearest one-half cent) in proportion to the adjustment in the applicable Warrant Exercise Price. 

 -7- 

          (iv) Determination of Consideration. For purposes of this Section 5(d), the consideration received by the Corporation for any Additional Shares of Common Stock issued
(or deemed to be issued) shall be computed as follows: 

               (A) Cash and Property. Such consideration shall: 

                    (i) 	insofar as it consists of cash, be computed at the aggregate amount of cash received by the Company; 

                    (ii) 	insofar as it consists of securities and the value of such securities is not determinable by reference to a separate agreement, (A) if the securities are then traded on a national securities exchange or the Nasdaq
Stock Market (or a similar national quotation system), then the value shall be computed based on the average of the closing prices of the securities on such exchange or system over the thirty (30)-day period ending on the date of receipt by the
Corporation, (B) if the securities are actively traded over-the-counter, then the value shall be computed based on the average of the closing bid prices over the thirty (30) day ending on the date of receipt by the Corporation, and (C) if there is
no active public market, then the value shall be computed based on the fair market value thereof on the date of receipt by the Corporation, as determined in good faith by the Board of Directors; 

                    (iii) insofar as it consists of property other than cash and securities, be computed at the fair market value thereof at the time of such issuance, as determined in good faith by the Board of Directors; and 

                    (iv) if Additional Shares of Common Stock are issued (or deemed to be issued) together with other shares or securities or other assets of the Corporation for consideration which cover both, by the proportion of such
consideration so received, computed as provided in the immediately preceding Sections 5(d)(iv)(A)(i), 5(d)(iv)(A)(ii) and 5(d)(iv)(A)(iii), as determined in good faith by the Board of Directors. 

                (B)
  Options and Convertible
  Securities. The consideration
  received by the Corporation for Additional Shares of Common Stock deemed to
  have been issued pursuant to Section 5(d) relating to Option and Convertible
  Securities, shall be the sum of (x) the total amount, if any, received or receivable
  by the Corporation as consideration for the issue of such Options or Convertible
  Securities, plus (y) the minimum aggregate amount of additional consideration
  (as set forth in the instruments relating thereto, without regard to any provision
  contained therein for a subsequent adjustment of such consideration) payable
  to the Corporation upon the exercise of such Options or the conversion or exchange
  of such Convertible Securities, or in the case of Options for Convertible Securities,
  the exercise of such Options for Convertible Securities and the conversion or
  exchange of such Convertible Securities.

 -8- 

      (e)
  Default.
  For purposes of a secured convertible promissory note of this date (the “Note”)
  issued by the Corporation to the original Holder hereof, this Warrant is in
  default if the Corporation fails by November 28, 2004 (the “Registration
  Deadline”) to obtain effectiveness under the 1933 Act and applicable state securities
  laws of a registration statement for the benefit of the Holder under the terms
  of a Registration Rights Agreement of this date covering all of the Warrant
  Shares hereunder and all of the shares of Common Stock issuable as payment under
  or upon conversion of the Note. Despite the foregoing, if the Holder consents
  (as provided under the Registration Rights Agreement) to an extension of the
  effective date of the Registration Statement beyond November 28, 2004, then
  the Registration Deadline hereunder shall be extended by a like period. 

     (f) 	Certificate as to Adjustments.  Upon the occurrence of each adjustment or readjustment of the Warrant Exercise Price or the number of Warrants covered hereby
pursuant to this Section 5 or pursuant to Section 11 below, the Corporation, at its expense, shall promptly compute such adjustment or readjustment in accordance with the terms hereof and furnish to the Holder a certificate setting forth such
adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment is based. The Corporation shall, upon the written request at any time of the Holder, furnish or cause to be furnished to the Holder a like
certificate setting forth (i) such adjustments and readjustments, (ii) the Warrant Exercise Price at the time in effect, and (iii) the number of shares of Common Stock and the amount, if any, of other property which at the time would be received
upon the exercise of this Warrant.

 6.     No
  Voting Rights. This
  Warrant shall not entitle the Holder to any voting rights or other rights as
  a shareholder of the Corporation. 

 7.     Notice
  of Transfer of Warrant or Resale of the Warrant Shares.
  

     (d) 	Subject to the sale, assignment, hypothecation or other transfer restrictions set forth in Section 1 hereof, the Holder, by acceptance hereof, agrees to give written notice to the Corporation before transferring this
Warrant or transferring any Warrant Shares of such Holder’s intention to do so, describing briefly the manner of any proposed transfer.  Promptly upon receiving such written notice, the Corporation shall present copies thereof to the Corporation’s
counsel.  If in the opinion of such counsel the proposed transfer may be effected without registration or qualification (under any federal or state securities laws), the Corporation, as promptly as practicable, shall notify the Holder of such
opinion, whereupon the Holder shall be entitled to transfer this Warrant or to dispose of Warrant Shares received upon the previous exercise of this Warrant, all in accordance with the terms of the notice delivered by the Holder to the Corporation;
provided that an appropriate legend may be endorsed on this Warrant or the certificates for such Warrant Shares respecting restrictions upon transfer thereof necessary or advisable in the opinion of counsel and satisfactory to the Corporation to
prevent further transfers which would be in violation of Section 5 of the 1933 Act and applicable state securities laws;  and provided further that the prospective transferee or purchaser shall execute such documents and make such representations,
warranties and agreements as may be required solely to comply with the exemptions relied upon by the Corporation for the transfer or disposition of the Warrant or Warrant Shares. 

 -9- 

     (e) 	If, in the opinion of the Corporation’s counsel, the proposed transfer or disposition of this Warrant or such Warrant Shares described in the written notice given pursuant to this Section 7 may not be effected without
registration or qualification of this Warrant or such Warrant Shares, the Corporation shall promptly give written notice thereof to the Holder, and the Holder will limit its activities in respect to such transfer or disposition as, in the opinion of
such counsel, are permitted by law. 

 8.     Fractional
  Shares. Fractional
  shares shall not be issued upon the exercise of this Warrant, but in any case
  where the holder would, except for the provisions of this Section, be entitled
  under the terms hereof to receive a fractional share, the Corporation shall,
  upon the exercise of this Warrant for the largest number of whole shares then
  called for, pay a sum in cash equal to the sum of (a) the excess, if any, of
  the Market Price of such fractional share over the proportional part of the
  Warrant Exercise Price represented by such fractional share, plus (b) the proportional
  part of the Warrant Exercise Price represented by such fractional share. For
  purposes of this Section, the term “Market Price” with respect to
  shares of Common Stock of any class or series means the last reported sale price
  or, if none, the average of the last reported closing bid and asked prices on
  any national or regional securities exchange or quoted in the National Association
  of Securities Dealers, Inc.’s Automated Quotations System (“Nasdaq”),
  or if not listed on a national or regional securities exchange or quoted in
  Nasdaq, the average of the last reported closing bid and asked prices as reported
  by Metro Data Corporation, Inc. or the OTC Bulletin Board from quotations by
  market makers in such Common Stock on the Minneapolis-St. Paul local over-the-counter
  market, or if no quotations in such Common Stock are available, the fair market
  value of the shares as determined in good faith by the Board of Directors of
  the Corporation. 

 9.     Registration
  Rights. Holder
  shall have registration rights for the shares underlying its Warrants as described
  in the Registration Rights Agreement of this same date. 

 10.     Limitation
  of Exercise of this Warrant.
  Despite anything to the contrary in this Warrant, the Holder may not exercise
  this Warrant during the time period and to the extent that the shares of Common
  Stock that the Holder could acquire upon the exercise hereof would cause Holder’s
  Beneficial Ownership (as defined below) of the Corporation’s Common Stock
  to exceed 4.99%. These limitations on the right to exercise this Warrant shall
  first reduce the Holder’s Beneficial Ownership of the Corporation’s
  Common Stock before limitation of the Holder’s conversion rights, or the
  Corporation’s right to make payments in Common Stock, under the Note. The
  parties shall compute the Holder’s "Beneficial Ownership" of Common Stock
  in accordance with U.S. Securities and Exchange Commission Rule 13d-3. The Holder
  will, at the request of the Corporation, from time to time, notify the Corporation
  of the Holder’s computation of Holder’s Beneficial Ownership. 

 11.     Special
  Adjustment in Number of Warrant Shares and Warrant Exercise Price.

 Despite the foregoing provisions
  of this Warrant, if the U.S. Securities and Exchange Commission
  (the “SEC”) declares the Corporation’s Registration Statement on Form S-2,
  SEC File No. 333-110831 (the “S-2 Registration Statement”), effective on or
  before July 1, 2004 (the date of any such effectiveness being the "Effective
  Date”), the number of Warrant Shares that Holder may acquire hereunder, and
  the Warrant Exercise Price, shall be adjusted (before any other adjustments
  otherwise provided in this Warrant) effective as of the 31st trading day after
  the Effective Date, as follows. The adjusted number of Warrant Shares shall
  equal the number (rounded to the nearest whole share) computed by dividing $650,000
  by a price (the “Computation Price”) equal to the greater of: 

 -10- 

 

          (i) 	$0.35 or 

          (ii) 	the lower of (x) $0.65 or (y) the average (rounded to the nearest $0.01) of the high closing bid prices of the Corporation’s Common Stock on the OTC Bulletin Board as reported by bigcharts.com (or if this service is
discontinued, such other reporting service acceptable to Holder) for the 30 trading days immediately following the Effective Date. 

     The Warrant Exercise Price shall be adjusted simultaneously to equal 115% of the Computation Price (rounded to the nearest $0.01). 

     If on or before July 1, 2004, the SEC has not declared the S-2 Registration Statement effective, then there shall be no adjustment in the number of Warrant Shares or the Warrant Exercise Price pursuant to this Section 11. 

     IN WITNESS WHEREOF, Wits Basin Precious Minerals Inc. has caused this Warrant to be signed by its duly authorized officer and this Warrant to be dated May 28, 2004.

 

	 	WITS BASIN
      PRECIOUS MINERALS INC.
	 	 	 
	 	 	 
	 	By 	/s/
      Mark D. Dacko
	 	 	 

	 	 	Mark
      D. Dacko, Chief Financial Officer

-11-

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