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Exhibit 4.4    
    

WARRANT
AGREEMENT 

        THIS
WARRANT AGREEMENT (this "Agreement"), dated as of                    , 2008, is entered into by and
between China Mining Resources
Holdings Limited, a Delaware corporation (the "Company"), and Continental Stock Transfer & Trust Company, a New York corporation (the
"Warrant Agent"). 

        WHEREAS,
the Company is engaged in a public offering (the "Public Offering") of units (the
"Units") and, in connection therewith, has determined to issue and deliver up to 11,500,000 warrants (the "Public
Warrants") to the public investors, each of such Public Warrants evidencing the right of the holder thereof to purchase one share of the Company's common stock, par value
$0.0001 per share (the "Common Stock"), for $6.00 per share, subject to adjustments as described herein; 

        WHEREAS,
the Company has determined to issue and deliver, as part of an Underwriter's purchase option, up to 500,000 warrants (the "Representative's
Warrants") to Lazard Capital Markets LLC ("Lazard") or its designees, which warrants will be identical to the Public
Warrants except that the Representative's Warrants will expire on                    , 2013 [five years from the date of the prospectus]; 

        WHEREAS,
the Company has filed, with the Securities and Exchange Commission, a registration statement, No. 333-148051, on Form S-1, as amended (the
"Registration Statement"), for the registration, under the Securities Act of 1933, as amended (the
"Act"), of, among other securities, the Public Warrants, the Representative's Warrants and the Common Stock issuable upon exercise of the Public
Warrants and the Representative's Warrants; 

        WHEREAS,
the Company has determined to issue and deliver up to 2,400,000 warrants (the "Insider Warrants" and together with the Public
Warrants and the Representative's Warrants, the "Warrants"), which will be identical to the Public Warrants, with certain exceptions as set forth in the
Registration Statement or herein, to the Company's initial stockholders (as defined in the Registration Statement)
(each an "Insider" and collectively, the "Insiders") in a private placement to take place simultaneously
with the consummation of the Public Offering; 

        WHEREAS,
the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer,
exchange, redemption and exercise of the Warrants; 

        WHEREAS,
the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation of
rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and 

        WHEREAS,
all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf of the
Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this Agreement. 

        NOW,
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows: 

        1.    Appointment of Warrant Agent.    The Company hereby appoints the Warrant Agent to act as agent for the Company
for the Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement. 

        2.    Warrants.    

        2.1    Form of Warrant.    Each Public Warrant and each Insider Warrant shall be issued in registered form only, shall
be in substantially the form of Exhibit A hereto, the provisions of which are incorporated herein, and shall be signed by, or bear the facsimile signature of, the Chairman of the Board or the
President and the Treasurer or the Secretary of the Company. Each 

 

Representative's
Warrant shall be issued in registered form only, shall be in substantially the form of Exhibit B hereto, the provisions of which are incorporated herein, and shall be signed
by, or bear the facsimile signature of, the Chairman of the Board or the President and the Treasurer or the Secretary of the Company. In the event the person whose facsimile signature has been placed
upon any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased
to be such at the date of issuance. 

        2.2    Effect of Countersignature.    Unless and until countersigned by the Warrant Agent pursuant to this Agreement,
a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof. 

        2.3    Registration.    

        2.3.1    Warrant Register.    The Warrant Agent shall maintain books (the "Warrant
Register") for the registration of the original issuance and any transfers of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and
register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. Upon any such
registration of transfer, a new Warrant Certificate shall be issued to the transferee(s) and the surrendered Warrant Certificate shall be cancelled by the Warrant Agent. Cancelled Warrant Certificates
shall thereafter be disposed of by the Warrant Agent in its customary manner. 

        2.3.2    Registered Holder.    Prior to due presentment for registration of transfer of any Warrant, the Company and
the Warrant Agent may deem and treat the person or entity in whose name such Warrant shall be registered upon the Warrant Register (the "registered
holder"), as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on the warrant certificate
made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any
notice to the contrary. 

        2.3.3    Subject
to the terms of this Agreement, warrant certificates may be exchanged at the option of the holder(s) thereof, when surrendered to the Warrant
Agent at its principal corporate trust office, which is currently located at the address listed in Section 9.2 hereof, for another warrant certificate or other warrant certificates of like
tenor and representing in the aggregate a like number of Warrants. Any holder desiring to exchange a warrant certificate shall deliver a written request to the Warrant Agent, and shall surrender, duly
endorsed or accompanied (if so required by the Warrant Agent) by a written instrument or instruments of transfer in form satisfactory to the Warrant Agent, the Warrant certificate or certificates to
be so exchanged. Warrant certificates surrendered for exchange shall be cancelled by the Warrant Agent. Such cancelled warrant certificates shall then be disposed of by such Warrant Agent in its
customary manner. 

        The
Warrant Agent is hereby authorized to countersign, in accordance with the provisions of this Section 2, the new warrant certificates required pursuant to the provisions of
this Section 2. 

        2.4    Detachability of Public Warrants.    The securities comprising the Units will not be separately transferable
until 90 days after the date hereof unless Lazard informs the Company of its decision to allow earlier separate trading, but in no event will Lazard allow separate trading of the securities
comprising the Units until the Company files a Current Report on Form 8-K which includes an audited balance sheet reflecting the receipt by the Company of the gross proceeds
of the Public Offering including the proceeds received by the Company from the exercise of the underwriters' over-allotment option, if the over-allotment option is exercised
prior to the filing of 

2

 

the
Form 8-K. The date on which the securities comprising the Units become separately transferable is referred to herein as the "Detachment
Date." Prior to the Detachment Date, Public Warrants may be transferred or exchanged only together with the Unit in which such Public Warrant is included, and only for the
purpose of effecting, or in conjunction with, a transfer or exchange of such Unit. Furthermore, prior to the Detachment Date, each transfer of a Public Unit on the register relating to such Units
shall operate also to transfer the Public Warrant included in the Unit. 

        2.5    Escrow of Insider Warrants.    The Insider Warrants shall be subject to the Securities Escrow Agreement, dated
as of                    , 2008, by and among the Company, the Initial Stockholders (as defined therein) and Continental Stock Transfer &
Trust Company, as escrow agent. 

        3.    Terms and Exercise of Warrants.    

        3.1    Warrant Price.    Each Public Warrant, each Representative's Warrant and each Insider Warrant shall, when
countersigned by the Warrant Agent, entitle the registered holder thereof, subject to the provisions of such Public Warrant or Insider Warrant, as the case may be, and of this Warrant Agreement, to
purchase from the Company the number of shares of Common Stock stated therein, at the price of $6.00 per whole share, subject to the adjustments provided in Section 4 hereof and in the last
sentence of this Section 3.1. The term "Warrant Price" as used in this Warrant Agreement refers to the price per share at which Common Stock may
be purchased at the time a Warrant is exercised. The Company, in its sole discretion, may lower the Warrant Price at any time prior to the Expiration Date (as defined below) for a period of not less
that ten (10) business days; provided, however that any such reduction shall be identical in percentage terms among all of the Warrants. 

        3.2    Duration of Warrants.    A Warrant may be exercised only during the period ("Exercise
Period") commencing on the later of (a) the consummation by the Company of a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other
similar business combination, as described more fully in the Company's Registration Statement (a "Business Combination") and (b)
                     ,
2009 [one year from the date of the prospectus], and terminating at 5:00 p.m.,
New York City time on the earlier to occur of (x)                     , 2012 [four years from the date of the prospectus] in the case of the
Insider Warrants and the Public
Warrants and                    , 2013 [five years from the date of the prospectus] in the case of the Representative's Warrants or (y) the date
fixed for redemption of the
Warrants as provided in Section 6 of this Agreement (the "Expiration Date"). Except with respect to the right to receive the Redemption Price (as
set forth in Section 6 hereunder), each Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this
Agreement shall cease at the close of business on the Expiration Date. The Company, in its sole discretion, may extend the duration of the Warrants by delaying the Expiration Date; provided, however
that the Company will provide notice to registered holders of the Warrants of such extension of not less than twenty (20) days. 

        3.3    Exercise of Warrants.    

        3.3.1    Payment.    Subject to the provisions of the relevant Warrant and this Warrant Agreement, a Warrant, when
countersigned by the Warrant Agent, may be exercised by the registered holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant Agent, in the
Borough of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant, duly executed, and by paying in full the Warrant Price for each full share of Common Stock as
to which the Warrant is 

3

 

exercised
and any and all applicable taxes due in connection with the exercise of the Warrant, as follows: 

        (a)   in
lawful money of the United States, in cash or by certified check or bank draft payable to the order of the Company (or as otherwise agreed to by the Company); or 

        (b)   with
respect to any Insider Warrants, in the event of redemption pursuant to Section 6 hereof, so long as such Insider Warrants are held by an Insider or his, her
or its affiliates, by surrendering the Insider Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common
Stock underlying the Insider Warrants, multiplied by the difference between the Fair Market Value (as defined below) and the applicable Warrant Price by (y) the Fair Market Value. Solely for
purposes of this Section 3.3.1(b), "Fair Market Value" shall mean the average reported last sale price of the Common Stock for the ten
(10) trading days ending on the third trading day prior to the date on which the notice of redemption is sent to holders of Warrants pursuant to Section 6 hereof. 

        3.3.2    Issuance of Certificates.    As soon as practicable after the exercise of any Warrant and the clearance of
the funds in payment of the Warrant Price, or upon surrender of the Insider Warrant (or portion thereof) as set forth in Section 3.3.1(b), the Company shall issue to the registered holder of
such Warrant a certificate or certificates representing the number of full shares of Common Stock to which
he, she or it is entitled, registered in such name or names as may be directed by him, her or it, and, if such Warrant shall not have been exercised in full, a new countersigned Warrant for the number
of shares as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver any securities pursuant to the exercise of a Warrant
unless a registration statement under the Act with respect to the Common Stock issuable upon exercise of such Warrants is effective and a current prospectus relating to the shares of Common Stock
issuable upon exercise of the Warrants is available for delivery to the Warrant holders. In addition, Warrants may not be exercised by, or securities issued to, any registered holder in any state in
which such exercise or issuance would be unlawful. In the event that a registration statement under the Act with respect to the Common Stock underlying the Warrants is not effective or a current
prospectus is not available, or because such exercise would be unlawful with respect to a registered holder in any state, the registered holder shall not be entitled to exercise such Warrants and such
Warrants may have no value and expire worthless. In no event will the Company be required to "net cash settle" the warrant exercise. In the event that a registration statement under the Act with
respect to the Common Stock underlying the Warrants is not effective or a current prospectus is not available, the purchaser of a Unit containing such Warrant will have paid the full purchase price
for the Unit solely for the shares included in such Unit. 

        3.3.3    Valid Issuance.    All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with
this Agreement shall be validly issued, fully paid and non-assessable. 

        3.3.4    Date of Issuance.    Each person or entity in whose name any such certificate for shares of Common Stock is
issued shall for all purposes be deemed to have become the holder of record of such shares on the date on which the Warrant was surrendered and payment of the Warrant Price was made, irrespective of
the date of delivery of such certificate, except that, if the date of such surrender and payment is a date when the stock transfer books of the Company are closed, such person or entity shall be
deemed to have become the holder of such shares at the close of business on the next succeeding date on which the stock transfer books are open. 

4

 

        4.    Adjustments.    

        4.1    Stock Dividends—Split-Ups.    If, after the date hereof, and subject to the provisions
of Section 4.6 below, the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split-up of shares of Common
Stock, or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of Common Stock issuable on exercise of each Warrant
shall be increased in proportion to such increase in outstanding shares of Common Stock. 

        4.2    Aggregation of Shares.    If, after the date hereof, and subject to the provisions of Section 4.6, the
number of outstanding shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Common Stock or other similar event, then, on the
effective date of such consolidation, combination, reverse stock split, reclassification or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased
in proportion to such decrease in outstanding shares of Common Stock. 

        4.3    Adjustments in Exercise Price.    Whenever the number of shares of Common Stock purchasable upon the exercise
of the Warrants is adjusted, as provided in Sections 4.1 and 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such
adjustment by a fraction (x) the numerator of which shall be the number of shares of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and
(y) the denominator of which shall be the number of shares of Common Stock so purchasable immediately thereafter. 

        4.4    Replacement of Securities upon Reorganization, etc.    In case of any reclassification or reorganization of the
outstanding shares of Common Stock (other than a change covered by Sections 4.1 or 4.2 hereof or one that solely affects the par value of such shares of Common Stock), or, in the case of any
merger or consolidation of the Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any
reclassification or reorganization of the outstanding shares of Common Stock), or, in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company
as an entirety or substantially as an entirety, in connection with which the Company is dissolved, the Warrant holders shall thereafter have the right to purchase and receive, upon the basis and upon
the terms and conditions specified in the Warrants and in lieu of the shares of Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the rights
represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a
dissolution following any such sale or transfer, that the Warrant holder would have received if such Warrant holder had exercised his, her or its Warrant(s) immediately prior to such event; and if any
reclassification also results in a change in shares of Common Stock covered by Sections 4.1 or 4.2, then such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3 and this
Sections 4.4. The provisions of this Section 4.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. 

        4.5    Extraordinary Dividends.    If the Company distributes to all holders of its Common Stock any of its assets
(including cash) or debt securities or any rights, options or warrants to purchase debt securities, assets or other securities of the Company (other than Common Stock), the number 

5

 

of
shares of Common Stock issuable upon exercise of each Warrant shall be adjusted in accordance with the formula: 

N' = N × M/(M-F)

	where:
	

N'	
 	

=	
 	

the adjusted number of shares of Common Stock issuable upon exercise of each Warrant.
	

N	
 	

=	
 	

the current number of shares of Common Stock issuable upon exercise of each Warrant.
	

M	
 	

=	
 	

the Closing Price per share of Common Stock on the Business Day immediately preceding the ex-dividend date for such distribution.
	

F	
 	

=	
 	

the fair market value on the ex-dividend date for such distribution of the assets, securities, options, rights or warrants distributable to one share of Common Stock after taking into account, in the case of any rights, options or warrants, the
consideration required to be paid upon exercise thereof. The Company's Board of Directors (the "Board") shall reasonably determine the fair market value in good faith.

        The
adjustment shall be made successively whenever any such distribution is made and shall become effective immediately after the record date for the determination of stockholders
entitled to receive such distribution. 

        This
Section 4.5 does not apply to any dividends or distributions made in connection with, or as part of, (i) regular quarterly or other periodic dividends; (ii) any
of the actions contemplated by Section 4 of this Agreement; (iii) the conversion rights of the holders of Common Stock upon consummation of the Company's Initial Business Combination; or
(iv) in connection with the Company's liquidation and the distribution of its assets upon its failure to consummate an Initial Business Combination. If any adjustment is made pursuant to this
subsection (d) as a result of the issuance of rights, options or warrants and at the end of the period during which any such rights, options or warrants are exercisable, not all such rights,
options or warrants shall have been exercised, the Warrant shall be immediately readjusted as if "F" in the above formula was the fair market value on the ex-dividend date for such
distribution of the indebtedness or assets actually distributed upon exercise of such rights, options or warrants divided by the number of shares of Common Stock outstanding on the
ex-dividend date for such distribution. Notwithstanding anything to the contrary contained in this subsection (d), if "M-F" in the above formula is less than $1.00, the
Company may elect to, and if "M-F" or is a negative number, the Company shall, in lieu of the adjustment otherwise required by this subsection (d), distribute to the holders of the
Warrants, upon exercise thereof, the evidences of indebtedness, assets, rights, options or warrants (or the proceeds thereof) which would have been distributed to such holders had such Warrants been
exercised immediately prior to the record date for such distribution. 

        4.6    Notices of Changes in Warrant.    Upon every adjustment of the Warrant Price or the number of shares issuable
upon exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or decrease,
if any, in the number of shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is
based. Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3 or 4.4, then, in any such event, the Company shall give written notice to each Warrant holder, at the last address
set forth for such holder in the Warrant Register, of the record 

6

 

date
or the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event. 

        4.7    Notice of Certain Transactions.    In the event that the Company shall propose to (a) offer the holders
of its Common Stock rights to subscribe for or to purchase any securities convertible into shares of Common Stock or shares of capital stock of any class or any other securities, rights or options,
(b) issue any rights, options or warrants to the holders of Common Stock entitling them to subscribe for shares of Common Stock or (c) make a tender offer or exchange offer with respect
to the Common Stock, the Company shall send to the Warrant holders and file with the Warrant Agent a notice of such proposed action or offer. Such notice shall be mailed to the registered holders at
their addresses as they appear in the warrant register, and shall specify the record date for such offer, or the date such offer or issuance is to take place, and the date of participation therein by
the holders of Common Stock, if any such date is to be specified or applicable. Such notice shall be given as promptly as practicable after the Board has determined to take any such action and
(x) in the case of any action covered by clause (a) or (b) above at least 10 days prior to the record date for determining the holders of the Common Stock for purposes of
such action or (y) in the case of any other such action at least 20 days prior to the date of the taking of such proposed action or the date of participation therein by the holders of
Common Stock, whichever shall be the earlier. 

        4.8    Other Events.    If any event occurs as to which the foregoing provisions of this Section 4 are not
strictly applicable or, if strictly applicable, would not, in the good faith judgment of the Board, fairly and adequately protect the purchase rights of the registered holders of the Warrants in
accordance with the essential intent and principles of such provisions, then the Board shall make such adjustments in the application of such provisions, in accordance with such essential intent and
principles, as shall be reasonably necessary, in the good faith opinion of the Board, to protect such purchase rights as aforesaid. 

        4.9    No Fractional Shares.    Notwithstanding any provision contained in this Warrant Agreement to the contrary, the
Company shall not issue fractional shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would be entitled, upon the
exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round up or down to the nearest whole number the number of shares of Common Stock to be
issued to the Warrant holder. 

        4.10    Form of Warrant.    The form of Warrant need not be changed because of any adjustment pursuant to this
Section 4, and Warrants issued after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially issued pursuant to this Agreement.
However, the Company may, at any time, in its sole discretion, make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any
Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed. 

        5.    Transfer and Exchange of Warrants.    

        5.1    Transfer of Warrants.    Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only
together with the Unit in which such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Unit. Furthermore, each transfer of a Unit on
the register relating to such Unit shall operate also to transfer the Warrant included in such Unit. From and after the Detachment Date, this Section 5.1 will have no further force and effect. 

7

 

        5.2    Registration of Transfer.    The Warrant Agent shall register the transfer, from time to time, of any
outstanding Warrant in the Warrant Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for
transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. The Warrants so
cancelled shall be delivered by the Warrant Agent to the Company from time to time upon request. 

        5.3    Procedure for Surrender of Warrants.    Warrants may be surrendered to the Warrant Agent, together with a
written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the registered holder of the Warrants so
surrendered, representing an equal aggregate number of Warrants; provided, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall not
cancel such Warrant and issue new Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether
the new Warrants must also bear a restrictive legend. 

        5.4    Fractional Warrants.    The Warrant Agent shall not be required to effect any registration of transfer or
exchange which will result in the issuance of a warrant certificate for a fraction of a warrant. 

        5.5    Service Charges.    No service charge shall be made for any exchange or registration of transfer of Warrants. 

        5.6    Warrant Execution and Countersignature.    The Warrant Agent is hereby authorized to countersign and to
deliver, in accordance with the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant
Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose. 

        6.    Redemption.    

        6.1    Redemption.    Subject to Section 6.4 hereof and the penultimate sentence of this Section 6.1,
not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time after they become exercisable and prior to their expiration, at the office of the Warrant
Agent, upon the notice referred to in Section 6.2, at the price of $0.01 per Warrant (the "Redemption Price"), provided that the last sale price
of the Common Stock has been equal to or greater than $11.50 per share (appropriately adjusted for any stock split, reverse stock split, stock dividend or other reclassification or combination of the
Common Stock occurring after the date hereof), on each of twenty (20) trading days within any thirty (30) trading day period ending on the third business day prior to the date on which
notice of redemption is sent in accordance with Section 6.2. Notwithstanding anything to the contrary contained herein, the Company shall not call the Warrants for redemption unless there is an
effective registration statement under the Act relating to the shares of Common Stock issuable upon exercise of the Warrants and a current prospectus is available throughout the thirty (30) day
notice of redemption period. The provisions of this Section 6.1 may not be modified, amended or deleted without the prior written consent of Lazard. 

        6.2    Date Fixed for, and Notice of, Redemption.    In the event the Company shall elect to redeem all of the
Warrants, the Company shall fix a date for the redemption. Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than 30 days prior to the date
fixed for redemption to the registered holders of the Warrants to be redeemed at their last addresses as they shall appear in the Warrant Register. Any notice mailed in 

8

 

the
manner herein provided shall be conclusively presumed to have been duly given whether or not the registered holder received such notice. 

        6.3    Exercise After Notice of Redemption.    The Warrants may be exercised for cash in accordance with
Section 3 of this Agreement (or, with respect to the Insider Warrants, on a "cashless basis" in
accordance with Section 3.3.1(b) of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof and prior to the time and
date fixed for redemption. On and after the redemption date, the record holder of the Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price. 

        6.4    Outstanding Warrants Only.    The Company understands that the redemption rights provided for by this
Section 6 apply only to outstanding Warrants. To the extent a person or entity holds rights to purchase Warrants, such purchase rights shall not be extinguished by redemption. However, once
such purchase rights are exercised, the Company may redeem the Warrants issued upon such exercise provided that the criteria for redemption are met. The provisions of this Section 6.4 may not
be modified, amended or deleted without the prior written consent of Lazard. 

        7.    Other Provisions Relating to Rights of Holders of Warrants.    

        7.1    No Rights as Stockholder.    A Warrant does not entitle the registered holder thereof to any of the rights of a
stockholder of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as
stockholders in respect of the meetings of stockholders or the election of directors of the Company or any other matter. 

        7.2    Lost, Stolen, Mutilated, or Destroyed Warrants.    If any Warrant is lost, stolen, mutilated or destroyed, the
Company and the Warrant Agent may, on such terms as to indemnity or otherwise as they may in their discretion impose (which terms shall, in the case of a mutilated Warrant, include the surrender
thereof), issue a new Warrant of like denomination, tenor and date as the Warrant so lost, stolen, mutilated or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of
the Company, whether or not the allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time enforceable by anyone. 

        7.3    Reservation of Common Stock.    The Company shall at all times reserve and keep available a number of its
authorized but unissued shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement. 

        7.4    Registration of Common Stock.    In no event will the Company be obligated to issue shares of common stock
unless, at the time a holder seeks to exercise such Warrant, a prospectus relating to the common stock issuable upon exercise of the Warrants is current and the common stock has been registered or
qualified or deemed to be exempt under the securities laws of the state of residence of the holder of the Warrants. The Company agrees that prior to the commencement of the Exercise Period, it shall
use its best efforts to file with the Securities and Exchange Commission a post-effective amendment to the Registration Statement, or a new registration statement, for the registration
under the Act of the Common Stock issuable upon exercise of the Warrants, and it shall use its best efforts to take such action as is necessary to qualify for sale, in those states in which the
Warrants were initially offered by the Company, the Common Stock issuable upon exercise of the Warrants. In either case, the Company will use its best efforts to cause the same to become effective and
to maintain the effectiveness of such registration statement until the expiration of the Warrants in accordance with the provisions of this Agreement. In no event will the registered holder of a
Warrant be entitled to receive a "net cash settlement" in lieu of physical settlement in shares of Common Stock, regardless of whether the 

9

 

Company
complies with this Section 7.4. The provisions of this Section 7.4 may not be modified, amended or deleted without the prior written consent of Lazard. 

        8.    Concerning the Warrant Agent and Other Matters.    

        8.1    Payment of Taxes.    The Company will from time to time promptly pay all taxes and charges that may be imposed
upon the Company or the Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of Warrants, but the Company shall not be obligated to pay any transfer taxes
in respect of the Warrants or such shares. 

        8.2    Resignation, Consolidation, or Merger of Warrant Agent.    

        8.2.1    Appointment of Successor Warrant Agent.    The Warrant Agent, or any successor to it hereafter appointed, may
resign its duties and be discharged from all further duties and liabilities hereunder after giving sixty (60) days' notice in writing to the Company. If the office of the Warrant Agent becomes
vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such
appointment within a period of 30 days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of the Warrant (who shall, with such notice,
submit his, her or its Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New York for the appointment of
a successor Warrant Agent at the Company's cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the
State of New York, in good standing and having its principal office in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and
subject to supervision or examination by federal or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and
obligations of its
predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate, the
predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor
Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually
vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations. 

        8.2.2    Notice of Successor Warrant Agent.    In the event a successor Warrant Agent shall be appointed, the Company
shall give notice thereof to the predecessor Warrant Agent and the transfer agent for the Common Stock not later than the effective date of any such appointment. 

        8.2.3    Merger or Consolidation of Warrant Agent.    Any corporation into which the Warrant Agent may be merged or
with which it may be consolidated or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Agreement
without any further act. 

        8.3    Fees and Expenses of Warrant Agent.    

        8.3.1    Remuneration.    The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such
Warrant Agent hereunder and will reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder. 

10

 

        8.3.2    Further Assurances.    The Company agrees to perform, execute, acknowledge and deliver or cause to be
performed, executed, acknowledged and delivered all such further and other acts, instruments and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of the
provisions of this Agreement. 

        8.4    Liability of Warrant Agent.    

        8.4.1    Reliance on Company Statement.    Whenever in the performance of its duties under this Warrant Agreement the
Warrant Agent shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter
(unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a statement signed by the President or Chairman of the Board of
the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement. 

        8.4.2    Indemnity.    The Warrant Agent shall be liable hereunder only for its own negligence, willful misconduct or
bad faith. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel fees, for anything done or omitted
by the Warrant Agent in the execution of this Agreement, except as a result of the Warrant Agent's negligence, willful misconduct or bad faith. 

        8.4.3    Exclusions.    The Warrant Agent shall have no responsibility with respect to the validity of this Agreement
or with respect to the validity or execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in
this Agreement or in any Warrant; nor shall it be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method or amount of any
such adjustment or the ascertaining of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the
authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any Warrant or as to whether any shares of Common Stock will when issued be valid and fully paid
and nonassessable. 

        8.5    Acceptance of Agency.    The Warrant Agent hereby accepts the agency established by this Agreement and agrees
to perform the same upon the terms and conditions herein set forth and, among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently account for, and
pay to the Company, all moneys received by the Warrant Agent for the purchase of shares of Common Stock through the exercise of Warrants. 

        8.6    Waiver.    The Warrant Agent hereby waives any and all right, title, interest or claim of any kind
("Claim") in or to any distribution of the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof,
by and between the Company and the Warrant Agent, as trustee thereunder), and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any
reason whatsoever. 

        9.    Miscellaneous Provisions.    

        9.1    Successors.    All the covenants and provisions of this Agreement by or for the benefit of the Company or the
Warrant Agent shall bind and inure to the benefit of their respective successors and assigns. 

11

 

        9.2    Notices.    Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the
Warrant Agent or by the holder of any Warrant to or on the Company shall be delivered by hand or sent by registered or certified mail or overnight courier service, addressed (until another address is
filed in writing by the Company with the Warrant Agent) as follows: 

China
Mining Resources Holdings Limited

c/o SSC Mandarin Group

Room 4710, 47th Floor, The Center, 99 Queen's Road

Central, Hong Kong

Attn: Chief Executive Officer 

Any
notice, statement or demand authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be delivered by hand or sent by
registered or certified mail or overnight courier service, addressed (until another address is filed in writing by the Company with the Warrant Agent) as follows: 

Continental
Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Compliance Department 

with
a copy in each case to: 

Troutman
Sanders LLP

405 Lexington Avenue

The Chrysler Building

New York, New York 10175

Attn: Timothy I. Kahler, Esq. 

Akin
Gump Strauss Hauer & Feld, LLP

590 Madison Avenue

New York, New York 10022

Attn: Bruce S Mendelsohn, Esq. 

Lazard
Capital Markets LLC

30 Rockefeller Plaza

New York, New York 10020

Attn: Robert Berger 

Any
notice, sent pursuant to this Warrant Agreement shall be effective, if delivered by hand, upon receipt thereof by the party to whom it is addressed, if sent by overnight courier, on the next
business day of the delivery to the courier, and if sent by registered or certified mail on the third day after registration or certification thereof. 

        9.3    Applicable Law.    The validity, interpretation and performance of this Agreement and of the Warrants shall be
governed in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another
jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State
of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives
any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be served upon the Company may be served by transmitting a copy
thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such mailing shall 

12

 

be
deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. 

        9.4    Persons Having Rights under this Agreement.    Nothing in this Agreement expressed and nothing that may be
implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or entity other than the parties hereto and the registered holders of the Warrants
and, for the purposes of Sections 6.1, 6.4, 7.4 and 9.2 hereof, Lazard, any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation,
promise, or agreement hereof. Lazard shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 6.1, 6.4, 7.4 and 9.2 hereof. All covenants, conditions,
stipulations, promises, and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit of the parties hereto (and Lazard with respect to the Sections 6.1, 6.4,
7.4 and 9.2 hereof) and their successors and assigns and of the registered holders of the Warrants. This Section 9.4 shall not be modified or amended without the prior written consent of
Lazard. 

        9.5    Examination of the Warrant Agreement.    A copy of this Agreement shall be available at all reasonable times at
the office of the Warrant Agent in the Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Warrant. The Warrant Agent may require any such holder to submit
his, her or its Warrant for inspection by it. 

        9.6    Counterparts; Facsimile Signatures.    This Agreement may be executed in any number of original or facsimile
counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

        9.7    Effect of Headings.    The section headings herein are for convenience only and are not part of this Warrant
Agreement and shall not affect the interpretation thereof. 

        9.8    Amendments.    This Agreement may be amended by the parties hereto without the consent of any registered holder
for the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect to matters or questions
arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the registered holders. All other modifications or
amendments, including any amendment to increase the Warrant Price or shorten the Exercise Period, shall require the written consent of Lazard and the registered holders of a majority of the then
outstanding Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively,
without the consent of the registered holders. 

        9.9    Severability.    Whenever possible, each provision of this Agreement shall be interpreted in such manner as to
be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent
of such prohibition or invalidity, without invalidating the remainder of this Agreement. 

[SIGNATURE
PAGE FOLLOWS] 

13

 

        IN
WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day and year first above written. 

	

 	
 	

CHINA MINING RESOURCES HOLDINGS LIMITED
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:    
	

 	
 	

CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:    

14

QuickLinks

Exhibit 4.4EXHIBIT 4.5

 

[FORM OF UNIT PURCHASE OPTION]

 

THE REGISTERED HOLDER OF THIS PURCHASE OPTION BY ITS ACCEPTANCE HEREOF,
AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE OPTION EXCEPT AS
HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE OPTION AGREES THAT
IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE OPTION
FOR A PERIOD OF ONE YEAR FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE
OTHER THAN (I) LAZARD CAPITAL MARKETS LLC (THE “INITIAL HOLDER”) OR ANY
OTHER UNDERWRITER OR SELECTED DEALER PARTICIPATING IN THE OFFERING, OR (II) A
BONA FIDE OFFICER OR PARTNER OF THE INITIAL HOLDER OR OF ANY SUCH UNDERWRITER
OR SELECTED DEALER.

 

THIS PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF (I)                     ,
2009 [ONE YEAR FROM THE DATE OF THE PROSPECTUS] AND (II) THE CONSUMMATION
BY CHINA MINING RESOURCES HOLDINGS LIMITED (THE “COMPANY”) OF A MERGER, CAPITAL
STOCK EXCHANGE, ASSET ACQUISITION, STOCK PURCHASE OR OTHER SIMILAR BUSINESS
COMBINATION OR CONTRACTUAL ARRANGEMENT (“BUSINESS COMBINATION”), ASSUMING THE
SECURITIES UNDERLYING THIS PURCHASE OPTION ARE COVERED BY AN EFFECTIVE
REGISTRATION STATEMENT AND A CURRENT PROSPECTUS IS AVAILABLE OR AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, IS AVAILABLE
(AS DESCRIBED MORE FULLY IN THE COMPANY’S REGISTRATION STATEMENT (DEFINED
HEREIN)). THIS PURCHASE OPTION SHALL BE VOID AFTER 5:00 P.M EASTERN TIME,                     
, 2013 [FIVE YEARS FROM THE DATE OF THE PROSPECTUS].

 

UNIT PURCHASE OPTION

 

FOR THE PURCHASE OF

 

500,000 UNITS

 

OF

 

CHINA MINING RESOURCES HOLDINGS LIMITED

 

1.          Purchase Option.

 

THIS CERTIFIES THAT, in consideration of $100.00 duly paid by or on behalf
of LAZARD CAPITAL MARKETS LLC (the “Initial Holder”), as registered
owner of this Purchase Option (this “Purchase Option”), to CHINA MINING
RESOURCES HOLDINGS LIMITED (the “Company”), the Initial Holder is
entitled, at any time or from time to time on the later of (i)                 ,
2009 [one year from the

 

 

date  of  the  prospectus]  and  (ii)  the  consummation  of  a  Business  Combination  (the  “Commencement Date”), and at or before
5:00 p.m., Eastern Time,                   ,
2013 [five years from the date of the
prospectus] (the “Expiration Date”), but not thereafter, to subscribe
for, purchase and receive, in whole or in part, up to 500,000 units (the “Units”)
of the Company, each Unit consisting of one share of common stock of the
Company, par value $0.0001 per share (the “Common Stock”), and one
warrant (collectively, the “Warrant(s)”) expiring five years from the
date of the final prospectus  (the “Prospectus”)
of the registration statement (the “Registration Statement”) pursuant to
which units are offered for sale to the public (the “Offering”). Each
Warrant is the same as the warrants included in the units being registered for
sale to the public by way of the Registration Statement (the “Public
Warrants”), except that the Warrants included in the Units underlying this
Purchase Option expire five years from the date of the Prospectus instead of
four years from such date. If the Expiration Date is not a Business Day (as
defined below), then this Purchase Option may be exercised on the next
succeeding Business Day in accordance with the terms herein. During the period
ending on the Expiration Date, the Company agrees not to take any action that
would terminate the Purchase Option. This Purchase Option is initially
exercisable at $10.00 per Unit so purchased; provided, however, that upon the
occurrence of any of the events specified in Section 6 hereof, the rights
granted by this Purchase Option, including the exercise price per Unit and the
number of Units (and shares of Common Stock and Warrants) to be received upon
such exercise, shall be adjusted as therein specified.

 

The term “Exercise Price” shall mean the initial exercise price or
the adjusted exercise price, depending on the context.

 

The term “Holder” shall mean, as of any date, the Initial Holder
and/or any transferee who acquires this Purchase Option (in whole or in part)
in accordance with Section 3.1 hereof.

 

The term “Business Day” shall mean any day, except a Saturday,
Sunday or legal holiday on which the banking institutions in the State of New
York are authorized or obligated by law or executive order to close.

 

2.          Exercise.

 

2.1       Exercise Form.  In order to exercise this Purchase Option,
the exercise form attached hereto must be duly executed and completed and
delivered to the Company, together with this Purchase Option and payment of the
Exercise Price for the Units being purchased (payable in cash or by certified
check or official bank check or, at the written request of a Holder, by wire
transfer of immediately available funds to the account to be designated in
writing by the Company within two Business Days after the Company’s receipt of
request, provided, however, that in the event of a wire transfer
this Purchase Option shall be deemed to have been exercised on the date of
receipt of a wire transfer or the exercise form by the Company, whichever is
later.). If the subscription rights represented hereby shall not be exercised
at or before 5:00 p.m., Eastern time, on the Expiration Date, this
Purchase Option shall become null and void, without further force or effect,
and all rights represented hereby shall cease and expire.

 

2

 

2.2       Legend.  Each certificate for the securities purchased
under this Purchase Option shall bear a legend as follows unless such
securities are covered by an effective registration statement under the
Securities Act of 1933, as amended (“Act”):

 

“The  securities  represented  by  this  certificate  have  not  been  registered  under the
Securities Act of 1933, as amended (“Act”), or applicable state law. The
securities may not be offered for sale, sold or otherwise transferred except
pursuant to an effective registration statement under the Act, or pursuant to
an exemption from registration under the Act and applicable state law.”

 

2.3       Cashless Exercise.

 

2.3.1    Determination of Amount.  In lieu of the payment of the
Exercise Price multiplied by the number of Units for which this Purchase Option
is exercisable and in lieu of being entitled to receive Units in the manner
required by Section 2.1, the Holder shall have the right (but not the
obligation) to convert any exercisable but unexercised portion of this Purchase
Option into Units (the “Conversion Right”) as follows: upon exercise of
the Conversion Right, the Company shall deliver to the Holder (without payment
by the Holder of any of the Exercise Price in cash) that number of Units equal
to the quotient obtained by dividing (x) the “Value” (as defined below) of
the portion of this Purchase Option being converted by (y) the “Current
Market Price” (as defined below) of a Unit. The “Value” of the portion of this
Purchase Option being converted shall equal the remainder derived from
subtracting (a) the product of (i) the Exercise Price multiplied by (ii) the
number of Units underlying the portion of this Purchase Option being converted
from (b) the product of (i) Current Market Price of a Unit multiplied
by (ii) the number of Units underlying the portion of this Purchase Option
being converted. The “Current Market Price” of a Unit at any day shall mean (i) if
the Units are listed on a national securities exchange (including, without
limitation, the American Stock Exchange, the NASDAQ Stock Market and the New
York Stock Exchange) or quoted on the OTC Bulletin Board (or any successor
electronic inter-dealer quotation system), the average closing price of a Unit
for the thirty (30) trading days immediately preceding the date of
determination of the Current Market Price in the principal trading market for
the Units as reported by the exchange or the quotation system, as the case may
be; (ii) if Units are not listed on a national securities exchange or
quoted on OTC Bulletin Board (or any successor electronic inter-dealer
quotation system), but are traded in the residual over-the-counter market, the
closing bid price for a Unit on the last trading day preceding the date in
question for which such quotations are reported by the Pink Sheets, LLC or
similar publisher of such quotations; and (iii) if the fair market value
of the Units cannot be determined pursuant to clause (i) or (ii) above,
such price as the Board of Directors of the Company shall determine, in good
faith.

 

2.3.2    Mechanics of Cashless Exercise.  The Conversion Right described in
this Section 2.3 may be exercised by the Holder on any Business Day on or
after the Commencement Date and not later than the Expiration Date by
delivering this Purchase Option, with the duly executed exercise form attached
hereto and with the

 

3

 

cashless exercise
section completed, specifying the total number of Units the Holder will
purchase pursuant to such Conversion Right, to the Company.

 

2.4       No Obligation to Net Cash Settle.  Notwithstanding anything to the
contrary contained in this Purchase Option, if the Company is unable to deliver
any securities pursuant to the exercise of this Purchase Option, the Purchase
Option and underlying securities may expire unexercised or unredeemed. In no
event will the Company be obligated to pay the registered Holder of the
Purchase Option any cash or otherwise “net cash settle” the Purchase Option or
the Warrants underlying the Purchase Option.

 

2.5       Warrant Exercise.  Any Warrants underlying the Units shall be
issued pursuant and subject to the terms and conditions set forth in the
Warrant Agreement, entered into by and between the Company and Continental
Stock Transfer & Trust Company, dated as of                     ,
2008.

 

3.          Transfer.

 

3.1       General Restrictions.  The registered Holder of this Purchase
Option, by its acceptance hereof, agrees that it will not sell, transfer,
assign, pledge or hypothecate this Purchase Option (in whole or in part) or any
interest herein for a period of one year following the date of the Prospectus
to anyone other than (i) the Initial Holder or an underwriter or a
selected dealer participating in the Offering or (ii) a bona fide officer
or partner of the Initial Holder or of any such underwriter or selected dealer
(each, a “Permitted Transferee”). On and after the first anniversary of
the date of the Prospectus, this Purchase Option may be sold, transferred,
assigned, pledged, hypothecated or otherwise disposed of, in whole or in part,
subject to compliance with applicable securities laws. In order to make any
permitted assignment, the Holder must deliver to the Company the assignment
form attached hereto duly executed and completed, together with the Purchase
Option and payment of all transfer taxes, if any, payable in connection
therewith. The Company shall, within five (5) Business Days following
receipt thereof, transfer this Purchase Option on the books of the Company and
shall execute and deliver a new Purchase Option or Purchase Options of like
tenor to the appropriate assignee(s) expressly evidencing the right to
purchase the aggregate number of Units purchasable hereunder or such portion of
such number as shall be contemplated by any such assignment.

 

3.2       Restrictions Imposed by the Act.  The securities evidenced by this
Purchase Option shall not be transferred unless and until (a) the Company
has received a written opinion of counsel for the Holder that the securities
may be transferred pursuant to an exemption from registration under the Act and
applicable state securities laws, the availability of which is established to
the reasonable satisfaction of the Company (the Company hereby agrees that the
opinion of Akin Gump Strauss Hauer & Feld, LLP shall be deemed
satisfactory evidence of the availability of an exemption) or (b) a new
registration statement or a post-effective amendment to the Registration
Statement relating to such securities has been filed by the Company and
declared effective by the

 

4

 

Securities and Exchange Commission (the “Commission”),
a current prospectus is available and compliance with applicable state
securities laws has been established.

 

4.          New Purchase
Options to be Issued.

 

4.1       Partial Exercise or Transfer.  Subject to the restrictions in Section 3
hereof, this Purchase Option may be exercised or assigned in whole or in part.
In the event of the exercise or assignment hereof in part only, upon surrender
of this Purchase Option for cancellation, together with the duly executed
exercise or assignment form and funds sufficient to pay any Exercise Price
(except to the extent the Holder elects to exercise this Purchase Option by means
of a cashless exercise as provided by Section 2.3 above) and/or transfer
tax, the Company shall cause to be delivered to the Holder without charge a new
Purchase Option of like tenor to this Purchase Option in the name of the Holder
evidencing the right of the Holder to purchase the number of Units purchasable
hereunder as to which this Purchase Option has not been exercised or assigned.
In addition, the Company shall cause to be delivered to any Permitted
Transferee without charge a new Purchase Option of like tenor to this Purchase
Option in the name of such transferee evidencing the right of such transferee
to purchase the number of Units purchasable hereunder as to which this Purchase
Option has been transferred to such transferee.

 

4.2       Lost Certificate.  Upon receipt by the Company of evidence
satisfactory to it of the loss, theft, destruction or mutilation of this
Purchase Option and of reasonably satisfactory indemnification or the posting
of a bond, the Company shall execute and deliver a new Purchase Option of like
tenor and date. Any such new Purchase Option executed and delivered as a result of such
loss, theft, mutilation or destruction shall constitute a substitute
contractual obligation on the part of the Company.

 

5.          Registration
Rights.

 

5.1       General.  As used in this Section 5, the term “Registrable
Securities” means the securities underlying this Purchase Option, including
the Units, the shares of Common Stock and Warrants issued as part of the Units
and the shares of Common Stock underlying the Warrants; provided, that, any
such securities shall cease to be Registrable Securities when:  (a) a registration statement with
respect to the sale of such securities shall have become effective under the
Act and such securities shall have been sold, transferred, disposed of or
exchanged in accordance with such registration statement; (b) such
securities shall have been transferred pursuant to Rule 144 of the Act (or
any similar rule or regulation then in force), new certificates for them
not bearing a legend restricting further transfer shall have been delivered by
the Company and they may be publicly resold without volume or method of sale
restrictions without registration under the Securities Act; (c) such
securities may be sold under Rule 144 by the Holder without volume
limitation restrictions; or (d) such securities shall have ceased to be
outstanding. A “majority” of the Registrable Securities shall be calculated by
assuming that any outstanding Purchase Options are exercised for Units in
accordance with the terms of such Purchase Options and that any Warrants are
exercised for shares of Common Stock in accordance with the terms of such
Warrants.

 

5

 

5.2       Demand Registration.

 

5.2.1    Grant of Right.  At any time (but not more than twice) during
the five year period following the date of the Prospectus, the Holders of at
least 51% of the Registrable Securities (“Majority Holders”) may make a
written demand for registration under the Act of all or part of their
Registrable Securities (a “Demand Registration”). Any request for a
Demand Registration (a “Demand Request”) shall specify the number and
type of Registrable Securities proposed to be sold and the intended method(s) of
distribution thereof. The Company will notify all Holders of Registrable
Securities of the demand, and any Holder of Registrable Securities who wishes
to include all or a portion of such Holder’s Registrable Securities in the
Demand Registration shall so notify the Company within fifteen (15) Business
Days following delivery of the notice from the Company (such Holders who timely
deliver notice together with the Majority Holders, the “Demanding Holders”).
The Company will then use its reasonable best efforts (a) to prepare and
file within sixty (60) days a new registration statement or a
post-effective amendment to the Registration Statement covering the resale of
the Registrable Securities which the Demanding Holders have requested to be
registered and (b) to cause such registration statement to be declared
effective as soon as possible thereafter, subject to Section 5.2.4.

 

5.2.2    Terms.  The Company shall bear all fees and expenses
attendant to registering the Registrable Securities, including the reasonable
fees and expenses of one legal counsel selected by the Majority Holders to
represent them in connection with the sale of the Registrable Securities,
except that the Company shall not be required to pay any underwriting
commissions (which commissions, if any, shall be borne by the Demanding Holders
participating in the registration). The Company agrees to use its reasonable
best efforts to qualify or register the Registrable Securities in such States
as are reasonably requested by the Majority Holder(s); provided, however, that
in no event shall the Company be required to register the Registrable
Securities in a State in which such registration would cause (a) the
Company to be obligated to qualify to do business in such State or would
subject the Company to taxation as a foreign corporation doing business in such
jurisdiction or (b) the principal stockholders of the Company to be
obligated to escrow their shares of capital stock of the Company. The Company
shall use its reasonable best efforts to cause any registration statement or
post-effective amendment filed pursuant to the demand rights granted under Section 5.2.1
to remain effective for a period of twelve consecutive months from the
effective date of such registration statement or post-effective amendment, plus
any period during which disposition of securities thereunder is interfered with
by any stop order or injunction of the Commission or any governmental agency or
court.

 

5.2.3    Effective Registration.  A registration will not count as a
Demand Registration until the registration statement filed with the Commission
with respect to such Demand Registration has been declared effective and the
Company has complied with all of its obligations under this Agreement with
respect thereto; provided, however, that if, after such registration statement
has been declared effective, the offering of Registrable Securities pursuant to
a Demand Registration is interfered with by any stop order or injunction of the
Commission or any other governmental agency or court, the

 

6

 

registration statement
with respect to such Demand Registration will be deemed not to have been
declared effective unless and until (i) such stop order or injunction is
removed, rescinded or otherwise terminated, and (ii) a majority-in-interest
of the Demanding Holders thereafter elect to continue the offering.

 

5.2.4    Underwritten Offerings.  If a majority-in-interest (based
on the number of Registrable Securities being registered (assuming any
securities exercisable for shares of Common Stock are so exercised)) of the
Demanding Holders so elect and such holders so advise the Company in writing as
part of the Demand Request, the offering of such Registrable Securities
pursuant to such Demand Registration shall be in the form of an underwritten
offering. In such event, the right of any Holder of Registrable Securities to
include its Registrable Securities in such registration shall be conditioned
upon such Holder’s participation in such underwriting and the inclusion of such
Holder’s Registrable Securities in the underwriting to the extent provided
herein. All Demanding Holders proposing to distribute their securities through
such underwriting shall enter into an underwriting agreement in customary form
with the underwriter or underwriters selected for such underwriting by the
majority-in-interest of the Demanding Holders. If the managing underwriter or
underwriters for a Demand Registration that is to be an underwritten offering
advises the Company and the Demanding Holders in writing that the dollar amount
or number of Registrable Securities which the Demanding Holders desire to sell,
taken together with all other securities which the Company desires to sell and
all other securities, if any, as to which registration has been requested pursuant
to written contractual piggy-back registration rights held by other
stockholders of the Company, exceeds the maximum dollar amount or maximum
number of securities that can be sold in such offering without adversely
affecting the proposed offering price, the timing, the distribution method, or
the probability of success of such offering (such maximum dollar amount or
maximum number of securities, as applicable, the “Maximum Number of
Securities”), then the Company shall include in such registration: (i) first,
Registrable Securities as to which Demand Registration has been requested by
the Demanding Holders (allocated pro rata in
accordance with the number of shares or other securities that each such Person
has requested be included in such registration, regardless of the number of
shares held by each such Person (such proportion is referred to herein as “Pro
Rata”)) that can be sold without exceeding the Maximum Number of
Securities; (ii) second, to the extent that the Maximum Number of
Securities has not been reached under the foregoing clause (i), securities that
the Company desires to sell that can be sold without exceeding the Maximum
Number of Securities; (iii) third, to the extent that the Maximum Number
of Securities has not been reached under the foregoing clauses (i) and
(ii), securities registrable pursuant to the terms of the Registration Rights
Agreement between the Company and the initial investors in the Company, dated
as of                     ,
2008 (the “Registration Rights Agreement,” and such registrable
securities, the “Investor Securities”) as to which “piggy-back”
registration has been requested by the holders thereof, Pro Rata, that can be
sold without exceeding the Maximum Number of Securities; and (iv) fourth,
to the extent that the Maximum Number of Securities have not been reached under
the foregoing clauses (i), (ii), and (iii), securities for the account of other
persons that the Company is obligated to register pursuant to written
contractual piggy-back registration rights with such persons and that can be
sold without exceeding the Maximum Number of Securities.

 

7

 

5.2.5    Withdrawal.  If a majority-in-interest of the Demanding
Holders disapprove of the terms of any underwriting or are not entitled to
include all of their Registrable Securities in any offering, such
majority-in-interest of the Demanding Holders may elect to withdraw from such
offering by giving written notice to the Company and the underwriter or
underwriters of their request to withdraw prior to the effectiveness of the
registration statement filed with the Commission with respect to such Demand
Registration. If the majority-in-interest of the Demanding Holders withdraws
from a proposed offering relating to a Demand Registration, then the Company
shall cease all efforts to secure such registration, and such registration
shall not count as a Demand Registration provided for in Section 5.2.

 

5.2.6    Permitted Delays.  The Company shall be entitled to postpone,
for up to sixty (60) days from the date of receipt of a Demand Request,
the filing of any registration statement under this Section 5.2, if (a) at
any time prior to the filing of such registration statement the Company’s Board
of Directors determines, in its good faith business judgment, that such
registration and offering would materially and adversely affect any financing,
acquisition, corporate reorganization, or other material transaction involving
the Company, and (b) the Company delivers to the Demanding Holders written
notice thereof within five (5) business days from the date of receipt of a
Demand Request; provided, that the Company may not exercise this postponement
right more than once during any twelve-month period.

 

5.3       “Piggy-Back” Registration.

 

5.3.1    Grant of Right.  If at any time during the first seven years
following the date of the Prospectus the Company proposes to file a
registration statement under the Act with respect to an offering of equity
securities, or securities exercisable or exchangeable for, or convertible into,
equity securities, by the Company for its own account or for securityholders of
the Company for their accounts (or by the Company and by securityholders of the
Company including, without limitation, pursuant to Section 5.2.1), other
than (A) a registration of securities relating solely to an offering and
sale to employees or directors of the Company pursuant to any employee stock
plan or other employee benefit plan arrangement, (B) a registration on Form S-4,
F-4 or S-8 or any successor form to such forms, (C) an exchange offer or
offering of securities solely to the Company’s existing stockholders, (D) an
offering of debt that is convertible into equity securities, (E) a
dividend reinvestment plan, or (F) solely in connection with a merger,
consolidation or non-capital raising bona fide business transaction, then the
Company shall (i) give written notice of such proposed filing to the
holders of Registrable Securities as soon as practicable but in no event less
than ten (10) days before the anticipated filing date, which notice shall
describe the amount and type of securities to be included in such offering, the
intended method(s) of distribution and the name of the proposed managing
underwriter or underwriters, if any, of the offering, and (ii) offer to
the holders of Registrable Securities in such notice the opportunity to
register the sale of such number of shares of Registrable Securities as such
holders may request in writing within five (5) days following receipt of
such notice (a “Piggy-Back Registration”). The Company shall cause such
Registrable Securities to be included in such registration and shall use its
reasonable best efforts to cause the managing underwriter or underwriters of

 

8

 

a proposed underwritten offering to permit the
Registrable Securities requested to be included in a Piggy-Back Registration to
be included on the same terms and conditions as any similar securities of the
Company and to permit the sale or other disposition of such Registrable
Securities in accordance with the intended method(s) of distribution
thereof. All holders of Registrable Securities proposing to distribute their
securities through a Piggy-Back Registration that involves an underwriter or underwriters
shall enter into an underwriting agreement in customary form with the
underwriter or underwriters selected for such Piggy-Back Registration.

 

5.3.2    Terms.  The Company shall bear all fees and expenses
attendant to registering the Registrable Securities, including the reasonable
fees and expenses of any legal counsel selected by a majority-in-interest of
the Holders requesting inclusion of securities pursuant to Section 5.3 to
represent them in connection with the sale of the Registrable Securities, but
the Holders shall pay any and all underwriting commissions. The Company agrees
to use its reasonable best efforts to qualify or register the Registrable
Securities in such states as are reasonably requested by the
majority-in-interest of the Holder(s); provided, however, that in no event
shall the Company be required to register the Registrable Securities in a State
in which such registration would cause (a) the Company to be obligated to
qualify to do business in such state, or would subject the Company to taxation
as a foreign corporation doing business in such jurisdiction or (b) the
principal stockholders of the Company to be obligated to escrow their shares of
capital stock of the Company. The Company shall use its commercially reasonable
efforts to cause any registration statement or post-effective amendment filed
pursuant to the “piggyback” rights granted under Section 5.3 to remain
effective for a period of nine consecutive months from the effective date of
such registration statement or post-effective amendment.

 

5.3.3    Underwritten Offerings.  If the managing underwriter or
underwriters for a Piggy-Back Registration that is to be an underwritten
offering advises the Company and the holders of Registrable Securities in
writing that the dollar amount or number of securities which the Company
desires to sell, taken together with the securities, if any, as to which
registration has been demanded pursuant to written contractual arrangements
with persons other than the holders of Registrable Securities and the
Registrable Securities as to which registration has been requested under Section 5.3,
exceeds the Maximum Number of Securities, then the Company shall include in any
such registration:

 

(a)        If the registration is undertaken for the Company’s account: (A) first,
securities that the Company desires to sell that can be sold without exceeding
the Maximum Number of Securities; (B) second, to the extent that the
Maximum Number of Securities has not been reached under the foregoing clause
(A), Registrable Securities and Investor Securities, as to which registration
has been requested pursuant to the applicable written contractual piggy-back
registration rights of such security holders, Pro Rata, that can be sold
without exceeding the Maximum Number of Securities; and (C) third, to the
extent that the Maximum Number of Securities has not been reached under the
foregoing clauses (A) and (B), securities for the account of other persons
that the Company is
obligated to register pursuant to written contractual piggy-back

 

9

 

registration rights
with such persons and that can be sold without exceeding the Maximum Number of
Securities;

 

(b)       If the registration is a “demand” registration undertaken at the demand of
holders of Investor Securities, (A) first, securities for the account of
the demanding persons, Pro Rata, that can be sold without exceeding the Maximum
Number of Securities; (B) second, to the extent that the Maximum Number of
Securities has not been reached under the foregoing clause (A), securities that
the Company desires to sell that can be sold without exceeding the Maximum
Number of Securities; (C) third, to the extent that the Maximum Number of
Securities has not been reached under the foregoing clauses (A) and (B),
Registrable Securities, Pro Rata, as to which registration has been requested
pursuant to the terms hereof, that can be sold without exceeding the Maximum
Number of Securities; and (D) fourth, to the extent that the Maximum
Number of Securities has not been reached under the foregoing clauses (A), (B) and
(C), securities for the account of other persons that the Company is obligated
to register pursuant to written contractual piggy-back registration rights with
such persons and that can be sold without exceeding the Maximum Number of
Securities; and

 

(c)        If the registration is a “demand”
registration undertaken at the demand of persons other than either the holders
of Registrable Securities or of Investor Securities, (A) first, securities
for the account of the demanding persons that can be sold without exceeding the
Maximum Number of Securities; (B) second, to the extent that the Maximum
Number of Securities has not been reached under the foregoing clause (A),
securities that the Company desires to sell that can be sold without exceeding
the Maximum Number of Securities; (C) third, to the extent that the
Maximum Number of Securities has not been reached under the foregoing clauses (A) and
(B), Registrable Securities and Investor Securities, as to which registration
has been requested pursuant to the applicable written contractual piggy-back
registration rights of such security holders, Pro Rata, that can be sold
without exceeding the Maximum Number of Securities; and (D) fourth, to the
extent that the Maximum Number of Securities has not been reached under the
foregoing clauses (A), (B) and (C), securities for the account of other
persons that the Company is obligated to register pursuant to written
contractual piggy-back registration rights with such persons and that can be
sold without exceeding the Maximum Number of Securities.

 

5.3.4    Maintenance of Priority.  So long as there are Registrable
Securities hereunder, the Company shall not grant to any person piggy-back
rights superior to or on parity with the rights of the Holders of Registrable
Securities hereunder other than the rights granted to the holders of the
Investor Securities.

 

5.3.5    Withdrawal.  Any Holder of Registrable Securities may
elect to withdraw such Holder’s request for inclusion of Registrable Securities
in any Piggy-Back Registration by giving written notice to the Company of such
request to withdraw at least five (5) Business Days prior to the
effectiveness of the Registration Statement. Notwithstanding any such
withdrawal, the Company shall pay all expenses incurred in connection with the
withdrawn registration statement in accordance with Section 5.3.2 above.

 

10

 

5.4       General Terms.

 

5.4.1    Indemnification.  The Company shall indemnify the Holder(s) of
the Registrable Securities to be sold pursuant to any registration statement
hereunder and each person, if any, who controls any such Holder within the
meaning of Section 15 of the Act or Section 20(a) of the
Securities Exchange Act of 1934, as amended (“Exchange Act”), against
any loss, claim, damage, expense or liability (including all reasonable
attorneys’ fees and other expenses reasonably incurred in investigating,
preparing or defending against litigation, commenced or threatened, or any
claim whatsoever whether arising out of any action between the underwriter and
the Company or between the underwriter and any third party or otherwise) to
which any of them may become subject under the Act, the Exchange Act or
otherwise, based upon such registration statement, but only to the same extent
and with the same effect as the provisions pursuant to which the Company has
agreed to indemnify the Initial Holder contained in Section 7 of the
Underwriting Agreement (the “Underwriting Agreement”) among the Company
and the Initial Holder, as Representative, dated the [effective date of the
Registration Statement], pursuant to which the Company has agreed to indemnify
the Initial Holder. The Holder(s) of the Registrable Securities to be sold
pursuant to such registration statement, and their successors and assigns,
shall severally, and not jointly, indemnify the Company, its officers and
directors and each person, if any, who controls the Company within the meaning
of Section 15 of the Act or Section 20(a) of the Exchange Act,
against any loss, claim, damage, expense or liability (including all reasonable
attorneys’ fees and other expenses reasonably incurred in investigating, preparing
or defending against litigation, commenced or threatened, or any claim whatsoever) to which they may
become subject under the Act, the Exchange Act or otherwise, arising from
information furnished by or on behalf of such Holders, or their successors or
assigns, in writing, for specific inclusion in such registration statement to
the same extent and with the same effect as the provisions contained in Section 7of
the Underwriting Agreement, pursuant to which the underwriters have agreed to
indemnify the Company.

 

5.4.2    Exercise of Purchase Options.  Nothing contained in this Purchase
Option shall be construed as requiring the Holder(s) to exercise this
Purchase Option or Warrants underlying this Purchase Option prior to or after
the initial filing of any registration statement or the effectiveness thereof.

 

5.4.3    Documents Delivered to Holders.  In case of an underwritten
offering which includes Registrable Securities pursuant to the terms hereof,
the Company shall furnish, or cause to be furnished, to the Initial Holder, as
representative of the Holders participating in the offering, (i) an
opinion of counsel substantially in the form furnished to the underwriter or
underwriters and (ii) a comfort letter from the Company’s independent
public accountants substantially in the form furnished to the underwriter or
underwriters; provided, that, comfort letters are at the time being customarily
furnished by independent public accountants to selling securityholders in
similar circumstances. The Company shall deliver promptly to the Initial
Holder, as representative of the Holders participating in the offering, copies
of all correspondence between the Commission, on the one hand, and the Company,
its counsel and/or auditors, on the other hand, and permit the Initial Holder,
as representative of the Holders participating in the

 

11

 

offering, to do such investigation, upon
reasonable advance notice, with respect to information contained in or omitted
from the registration statement as it deems reasonably necessary to comply with
applicable securities laws or rules of the Financial Industry Regulatory
Authority (“FINRA”). Such investigation shall include access to books,
records and properties and opportunities to discuss the business of the Company
with its officers and independent auditors, all to such reasonable extent and
at such reasonable times and as often as the Initial Holder, as representative
of the Holders participating in the offering, shall reasonably request. The
Company shall not be required to disclose any confidential information or other
records to the Initial Holder, as representative of the Holders participating
in the offering, or to any other person, until and unless such persons shall
have entered into reasonable confidentiality agreements (in form and substance
reasonably satisfactory to the Company) with the Company with respect thereto.

 

5.4.4    Underwriting Agreement.  If an underwritten offering is
requested pursuant to Section 5.2.4, the Company shall enter into an
underwriting agreement with the managing underwriter(s), if any, selected by
any Holders pursuant to Section 5.2.4 or Section 5.3.3, which
managing underwriter shall be reasonably acceptable to the Company. Such
agreement shall be reasonably satisfactory in form and substance to the
Company, each participating Holder and such managing underwriter(s), and shall
contain such representations, warranties and covenants by the Company and such
other terms as are customarily contained in agreements of that type used by the
managing underwriter. The participating Holders shall be parties to any
underwriting agreement relating to an underwritten sale of their Registrable
Securities and shall agree to such covenants and indemnification and contribution
obligations of selling stockholders as are customarily contained in agreements
of that type used by the managing underwriter. Further, such Holders shall
execute appropriate custody agreements and otherwise cooperate fully in the
preparation of the registration statement and other documents relating to any
offering in which they include Registrable Securities pursuant to this Section 5.
Each Holder shall also furnish to the Company such information regarding
itself, the Registrable Securities held by it, and the intended method of
disposition of such securities as shall be reasonably required to effect the
registration of the Registrable Securities.

 

5.4.5    Obligation to Suspend Distribution.  The Holder agrees, that upon
receipt of any notice from the Company of the happening of any event as a
result of which the prospectus included in any registration statement covering
Registrable Securities, as then in effect, includes an untrue statement of a
material fact or omits to state a material fact required to be stated therein
or necessary to make the statements therein not misleading in light of the
circumstances then existing, such Holder will immediately discontinue
disposition of Registrable Securities pursuant to the Registration Statement
covering such Registrable Securities until such Holder’s receipt of the copies
of a supplemental or amended prospectus, and, if so desired by the Company,
such Holder shall deliver to the Company (at the expense of the Company) or
destroy (and deliver to the Company a certificate of such destruction) all
copies, other than permanent file copies then in such Holder’s possession, of
the prospectus covering such Registrable Securities at the time of receipt of
such notice.

 

12

 

6.          Adjustments.

 

6.1       Adjustments to Exercise Price and Number of Securities.  The Exercise Price and the number
of Units underlying the Purchase Option shall be subject to adjustment from
time to time as hereinafter set forth:

 

6.1.1    Stock Dividends — Split-Ups.  If after the date hereof, and
subject to the provisions of Section 6.4 below, the number of outstanding
shares of Common Stock is increased by a stock dividend payable in shares of
Common Stock or by a split-up of shares of Common Stock or other similar event,
then, on the effective date thereof, the number of shares of Common Stock
included in each of the Units purchasable hereunder shall be increased in
proportion to such increase in outstanding shares. In such case, the number of
shares of Common Stock, and the exercise price applicable thereto, underlying
the Warrants included in each of the Units purchasable hereunder shall be
adjusted in accordance with the terms of the Warrants. For example, if the
Company declares a two-for-one stock dividend and, at the time of such
dividend, this Purchase Option entitles the holder to purchase one Unit at a
price of $10.00 (and the Warrant issued as part of such Unit would entitle the
holder to purchase one share of Common Stock at a price of $6.00), upon
effectiveness of the dividend, this Purchase Option will be adjusted to allow
for the purchase of one Unit at $10.00 per Unit, each Unit entitling the Holder
to receive two shares of Common Stock and two Warrants (each Warrant
exercisable for $3.00 per share).

 

6.1.2    Aggregation of Shares.  If after the date hereof, and subject to the
provisions of Section 6.3, the number of outstanding shares of Common
Stock is decreased by a consolidation, combination or reclassification of
shares of Common Stock or other similar event, then, on the effective date
thereof, the number of shares of Common Stock included in each of the Units
purchasable hereunder shall be decreased in proportion to such decrease in
outstanding shares. In such case, the number of shares of Common Stock, and the
exercise price applicable thereto, underlying the Warrants included in each of
the Units purchasable hereunder shall be adjusted in accordance with the terms
of the Warrants.

 

6.1.3    Extraordinary Dividends.  If the Company, at any time while
this Purchase Option is outstanding and unexpired, shall pay a dividend in
cash, securities or other assets to the holders of Common Stock (or other
shares of the Company’s capital stock into which the Warrants are convertible),
other than (w) as described in Sections 6.1.1, (x) regular
quarterly or other periodic dividends, (y) in connection with the
conversion rights of the holders of Common Stock upon consummation of the
Company’s initial Business Combination (as such term is used in the Registration
Statement) or (z) in connection with the Company’s liquidation and the
distribution of its assets upon its failure to consummate a Business
Combination (any such non-excluded event being referred to herein as an “Extraordinary
Dividend”), then (i) the Exercise Price shall be decreased, effective
immediately after the effective date of such Extraordinary Dividend, by the
amount of cash or the fair market value (as determined by the Company’s Board
of Directors, in good faith) of any securities or other assets paid on each
share of Common Stock in respect of such Extraordinary Dividend and (ii) the

 

13

 

Warrants issuable upon exercise of this
Purchase Option shall be adjusted in the same manner as the Public Warrants
pursuant to the Warrant Agreement, dated as of                     ,
2008, between the Company and Continental Stock Transfer & Trust
Company (the “Warrant Agreement”).

 

6.1.4    Replacement of Securities upon Reorganization, etc.  In the case of any
reclassification or reorganization of the outstanding shares of Common Stock
other than a change covered by Section 6.1.1, 6.1.2 or 6.1.3 hereof or one
that solely affects the par value of such shares of Common Stock, or in the
case of any merger or consolidation of the Company with or into another
corporation other than a consolidation or merger in which the Company is the
continuing corporation and which does not result in any reclassification or
reorganization of the outstanding shares of Common Stock, or in the case of any
sale or conveyance to another corporation or entity of the property of the
Company as an entirety or substantially as an entirety in connection with which
the Company is dissolved, the Holder of this Purchase Option shall have the right
thereafter (until the expiration of the right of exercise of this Purchase
Option) to receive upon the exercise hereof, for the same aggregate Exercise
Price payable hereunder immediately prior to such event, the kind and amount of
shares of stock or other securities or property (including cash) receivable
upon such reclassification, reorganization, merger or consolidation, or upon a
dissolution following any such sale or transfer, by a holder of the number of
shares of Common Stock of the Company obtainable upon exercise of this Purchase
Option and the underlying Warrants immediately prior to such event; and if any
reclassification also results in a change in shares of Common Stock covered by Section 6.1.1
or 6.1.2, then such adjustment shall be made pursuant to Sections 6.1.1,
6.1.2 and this Section 6.1.4. The provisions of this Section 6.1.4 shall similarly apply to successive
reclassifications, reorganizations, mergers or consolidations, sales or other
transfers.

 

6.1.5    Changes in Form of Purchase
Option.  This form of Purchase Option
need not be changed because of any change pursuant to this Section, and
Purchase Options issued after such change may state the same Exercise Price and
the same number of Units as are stated in the Purchase Options initially issued
pursuant to this Agreement. The acceptance by any Holder of the issuance of new
Purchase Options reflecting a required or permissive change shall not be deemed
to waive any rights to an adjustment occurring after the Commencement Date or
the computation thereof.

 

6.1.6    Adjustments of Warrants.  To the extent the exercise price
of the Warrants are lowered pursuant to Section 4.3 of the Warrant
Agreement, the exercise price of the Warrants underlying this Purchase Option
shall be reduced on identical percentage terms. To the extent the duration of
the Warrants is extended pursuant to Section [3.2] of the Warrant
Agreement, the duration of the Warrants underlying this Purchase Option shall
be extended on identical terms.

 

6.2       Substitute Purchase Option.  In the case of any consolidation
of the Company with, or merger of the Company with, or merger of the Company
into, another corporation (other than a consolidation or merger which does not
result in any reclassification or change of the outstanding Common Stock), the
corporation formed by

 

14

 

such consolidation or merger shall execute and
deliver to the Holder a supplemental Purchase Option providing that the holder
of each Purchase Option then outstanding or to be outstanding shall have the
right thereafter (until the stated expiration of such Purchase Option) to
receive, upon exercise of such Purchase Option, the kind and amount of shares
of stock and other securities and property receivable upon such consolidation
or merger, by a holder of the number of shares of Common Stock of the Company
for which such Purchase Option might have been exercised immediately prior to
such consolidation, merger, sale or transfer. Such supplemental Purchase Option
shall provide for adjustments which shall be identical to the adjustments
provided in Section 6. The above provision of this Section shall
similarly apply to successive consolidations or mergers.

 

6.3       Elimination of Fractional Interests.  The Company shall not be required
to issue certificates representing fractions of shares of Common Stock or
Warrants upon the exercise of this Purchase Option, nor shall it be required to
issue scrip or pay cash in lieu of any fractional interests, it being the
intent of the parties that all fractional interests shall be eliminated by
rounding any fraction up or down to the nearest whole number of Warrants,
shares of Common Stock or other securities, properties or rights.

 

6.4       Limitations on Monetary Damages.  In no event shall the registered
holder of this Purchase Option be entitled to receive any monetary damages if
the securities underlying this Purchase Option have not been registered by the
Company pursuant to an effective registration statement or a current prospectus
is not available, provided the Company has fulfilled its obligation to use
reasonable best efforts to effect such registration and to make such prospectus
available.

 

7.          Reservation and Listing.  The Company shall at all times
reserve and keep available out of its authorized shares of Common Stock, solely
for the purpose of issuance upon exercise of this Purchase Option or the
Warrants underlying this Purchase Option, such number of shares of Common Stock
or other securities, properties or rights as shall be issuable upon the
exercise thereof. The Company covenants and agrees that, upon exercise of this
Purchase Option and payment of the Exercise Price therefor, all shares of
Common Stock and other securities issuable upon such exercise shall be duly and
validly issued, fully paid and non-assessable. The Company further covenants
and agrees that upon exercise of the Warrants underlying this Purchase Option
and payment of the Warrant exercise price therefor, all shares of Common Stock
and other securities issuable upon such exercise shall be duly and validly
issued, fully paid and non-assessable. As long as this Purchase Option shall be
outstanding, the Company shall use its reasonable best efforts to cause all (a) Units
and shares of Common Stock issuable upon exercise of this Purchase Option, (b) Warrants
issuable upon exercise of this Purchase Option, and (c) shares of Common
Stock issuable upon exercise of the Warrants included in the Units issuable
upon exercise of this Purchase Option to be listed (subject to official notice
of issuance) on all securities exchanges on which the units, the shares of
common stock or the Public Warrants issued in connection with the Offering may
then be listed and/or quoted.

 

8.          Certain Notice Requirements.

 

15

 

8.1       Holder’s Right to Receive Notice.  Nothing herein shall be construed
as conferring upon the Holder the right to vote or consent as a stockholder for
the election of directors or any other matter, or as having any rights whatsoever
as a stockholder of the Company. If, however, at any time prior to the
expiration of this Purchase Option and its exercise, any of the events
described in Section 8.2 shall occur, then, in one or more of said events,
the Company shall give written notice of such event at least fifteen (15) days
prior to the date fixed as a record date or the date of closing the transfer
books for the determination of the stockholders entitled to such dividend,
distribution, conversion or exchange of securities or subscription rights, or
entitled to vote on such proposed dissolution, liquidation, winding up or sale.
Such notice shall specify such record date or the date of the closing of the
transfer books, as the case may be. Notwithstanding the foregoing, the Company shall
deliver to each Holder a copy of each notice given to the other stockholders of
the Company at the same time and in the same manner that such notice is given
to the stockholders.

 

8.2       Events Requiring Notice.  The Company shall be required to
give the notice described in Section 8.1 upon the following events: (a) the
Company shall offer to all the holders of its Common Stock any additional
shares of capital stock of the Company or securities convertible into or
exchangeable for shares of capital stock of the Company, or any option, right
or warrant to subscribe therefor, (b) the Company shall take a record of
the holders of its Common Stock for the purpose of entitling them to receive a
dividend or distribution payable other than in cash, or a cash dividend or
distribution payable other than out of retained earnings, as indicated by the
accounting treatment of such dividend or distribution on the books of the
Company, or (c) the dissolution, liquidation or winding up of the Company
(other than in connection with a consolidation or merger) or a sale of all or
substantially all of its property, assets and business shall be proposed.

 

8.3       Notice of Change in Exercise Price.  The Company shall, promptly after
an event requiring a change in the Exercise Price pursuant to Section 6
hereof, send notice to the Holders of such event and change (“Price Notice”).
The Price Notice shall describe the event causing the change and the method of
calculating the change and shall be certified as being true and accurate by the
Company’s Chief Executive Officer, President or Chief Financial Officer.

 

8.4       Transmittal of Notices.  All notices, requests, consents
and other communications under this Purchase Option shall be in writing and
shall be deemed to have been duly made when hand delivered, or mailed by
express mail or private courier service: (a) if to the registered Holder
of the Purchase Option, to the address of such Holder as shown on the books of
the Company, or (b) if to the Company, to the following address or to such
other address as the Company may designate by notice to the Holders:

 

	
   

  	
  China
  Mining Resources Holdings Limited 

  c/o SSC Mandarin Group 

  Room 4710, 47th Floor, The Center, 99 Queen’s Road 
 Central, Hong Kong  

  Attention: Chief Executive Officer  

  

 

16

 

	
   

  	
  with a copy to:  

  Troutman Sanders LLP  

  405 Lexington Avenue  

  The Chrysler Building  

  New York, NY 10174  

  Attn: Timothy I. Kahler, Esq.

  

 

9.          Miscellaneous.

 

9.1       Amendments.  The Company and the Initial Holder may from
time to time supplement or amend this Purchase Option without the approval of
any of the Holders in order to cure any ambiguity, to correct or supplement any
provision contained herein that may be defective or inconsistent with any other
provisions herein, or to make any other provisions in regard to matters or
questions arising hereunder that the Company and the Initial Holder may deem
necessary or desirable and that the Company and the Initial Holder deem shall
not adversely affect the interest of the Holders. All other modifications or amendments
to this Purchase Option shall require the written consent of and be signed by
the Holder hereof.

 

9.2       Headings.  The headings contained herein are for the
sole purpose of convenience of reference, and shall not in any way limit or
affect the meaning or interpretation of any of the terms or provisions of this
Purchase Option.

 

9.3       Entire Agreement.  This Purchase Option (together with the other
agreements and documents being delivered pursuant to or in connection with this
Purchase Option) constitute the entire agreement of the parties hereto with
respect to the subject matter hereof, and supersedes all prior agreements and
understandings of the parties, oral and written, with respect to the subject
matter hereof.

 

9.4       Binding Effect.  This Purchase Option shall inure solely to
the benefit of and shall be binding upon, the Holder and the Company and their
respective successors, legal representatives and permitted assigns, and no
other person shall have or be construed to have any legal or equitable right,
remedy or claim under or in respect of or by virtue of this Purchase Option or
any provisions herein contained.

 

9.5       Governing Law; Submission to Jurisdiction.  This Purchase Option shall be
governed by and construed and enforced in accordance with the laws of the State
of New York, without giving effect to conflict of laws. The Company hereby
agrees that any action, proceeding or claim against it arising out of, or
relating in any way to this Purchase Option shall be brought and enforced in
the courts of the State of New York or of the United States of America for the
Southern District of New York, and irrevocably submits to such jurisdiction,
which jurisdiction shall be exclusive. The Company hereby waives any objection
to such exclusive jurisdiction and that such courts represent an inconvenient
forum. Any process or summons to be served upon the Company may be served by
transmitting a copy thereof by registered or certified mail, return receipt

 

17

 

requested, postage prepaid, addressed to it at
the address set forth in Section 8 hereof. Such mailing shall be deemed
personal service and shall be legal and binding upon the Company in any action,
proceeding or claim. The Company and the Holder agree that the prevailing
party(ies) in any such action shall be entitled to recover from the other
party(ies) all of its reasonable attorneys’ fees and expenses relating to such
action or proceeding and/or incurred in connection with the preparation
therefor.

 

9.6       Waiver, Etc.  The failure of the Company, the Initial
Holder or any Holder to at any time enforce any of the provisions of this
Purchase Option shall not be deemed or construed to be a waiver of any such
provision, nor to in any way affect the validity of this Purchase Option or any
provision hereof or the right of the Company, the Initial Holder or any Holder
to thereafter enforce each and every provision of this Purchase Option. No
waiver of any breach, non-compliance or non-fulfillment of any of the
provisions of this Purchase Option shall be effective unless set forth in a
written instrument executed by the party or parties against whom or which
enforcement of such waiver is sought; and no waiver of any such breach,
non-compliance or non-fulfillment shall be construed or deemed to be a waiver
of any other or subsequent breach, non-compliance or non-fulfillment.

 

9.7       Execution in Counterparts.  This Purchase Option may be
executed in one or more counterparts, and by the different parties hereto in
separate counterparts, each of which shall be deemed to be an original, but all
of which taken together shall constitute one and the same agreement, and shall
become effective when one or more counterparts has been signed by each of the
parties hereto and delivered to each of the other parties hereto.

 

9.8       Exchange Agreement.  As a condition of the Holder’s receipt and
acceptance of this Purchase Option, the Holder agrees that, at any time prior
to the complete exercise of this Purchase Option by the Holder, if the Company
and the Initial Holder enter into an agreement (“Exchange Agreement”)
pursuant to which they agree that all outstanding Purchase Options will be
exchanged for securities or cash or a combination of both, then the Holder
shall agree to such exchange and become a party to the Exchange Agreement.

 

[Remainder of this page left intentionally blank]

 

18

 

IN WITNESS WHEREOF, the Company has caused this Purchase Option to be
signed by its duly authorized officer as of the           th
day of           , 2008.

 

 

	
   

  	
  CHINA MINING RESOURCES HOLDINGS LIMITED  

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
    Robin Lee 

  
	
   

  	
    Chief Executive Officer

  

 

19

 

Form to be used to exercise Purchase Option:

 

China Mining Resources Holdings Limited

c/o SSC Mandarin Group

Room 4710, 47th Floor, The Center, 99 Queen’s Road

Central, Hong Kong

Attn: Chief Executive Officer

 

Central, Hong Kong

 

Date:                    ,
20

 

The undersigned hereby irrevocably elects to exercise all or a portion of
the within Purchase Option and to purchase           
Units of CHINA MINING RESOURCES HOLDINGS LIMITED and hereby makes payment of $                    
(at the rate of $                    
per Unit) in payment of the Exercise Price pursuant thereto. Please issue the
Common Stock and Warrants as to which this Purchase Option is exercised in
accordance with the instructions given below.

 

 

	
   

  	
   

  
	
   

  	
  Signature

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature Guaranteed

  

 

 

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

 

	
  Name

  	
   

  
	
   

  	
  (Print
  in Block Letters)

  	
   

  
	
   

  	
   

  
	
  Address

  	
   

  
				

 

NOTICE:
THE SIGNATURE TO THIS FORM MUST CORRESPOND WITH THE NAME AS WRITTEN UPON
THE FACE OF THE WITHIN PURCHASE OPTION IN EVERY PARTICULAR WITHOUT ALTERATION
OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A BANK,
OTHER THAN A SAVINGS BANK, OR BY A TRUST COMPANY OR BY A FIRM HAVING MEMBERSHIP
ON A REGISTERED NATIONAL SECURITIES EXCHANGE.

 

20

 

Form to be used to assign Purchase Option:

 

China Mining Resources Holdings Limited

c/o SSC Mandarin Group

Room 4710, 47th Floor, The Center, 99 Queen’s Road

Central, Hong Kong

Attn: Chief Executive Officer

 

ASSIGNMENT

 

(To be executed by the registered Holder to effect a transfer of the within
Purchase Option):

 

FOR VALUE RECEIVED,                     
does hereby sell, assign and transfer unto                     
the right to purchase           
Units of CHINA MINING RESOURCES HOLDINGS LIMITED (“Company”) evidenced by the
within Purchase Option and does hereby authorize the Company to transfer such
right on the books of the Company.

 

Dated:                    ,
20

 

 

	
   

  	
   

  
	
   

  	
  Signature

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature Guaranteed

  

 

 

NOTICE: THE SIGNATURE TO THIS FORM MUST CORRESPOND
WITH THE NAME AS WRITTEN UPON THE FACE OF THE WITHIN PURCHASE
OPTION IN EVERY PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE
WHATSOEVER, AND MUST BE GUARANTEED BY A BANK, OTHER THAN A SAVINGS BANK, OR BY
A TRUST COMPANY OR BY A FIRM HAVING MEMBERSHIP ON A REGISTERED NATIONAL
SECURITIES EXCHANGE.

 

21

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