Document:

Exhibit 4.3

THIS WARRANT HAS NOT BEEN REGISTERED

UNDER THE SECURITIES ACT OF 1933

AND IS NOT TRANSFERABLE

EXCEPT AS PROVIDED HEREIN

Whispering Oaks International, Inc.

(d/b/a BioCurex)

PURCHASE WARRANT

Issued to: 

PAULSON INVESTMENT COMPANY, INC. 

Exercisable to Purchase

           Units

of

WHISPERING OAKS INTERNATIONAL, INC. 

Void after _____________, 2014

          This is to
certify that, for value received and subject to the terms and conditions set
forth below, the Warrantholder (hereinafter defined) is entitled to purchase,
and the Company promises and agrees to sell and issue to the Warrantholder, at
any time on or after ___________, 2010 and on or before __________, 2014, up to
           Units (hereinafter defined) at the Exercise Price (hereinafter defined).

          This
Warrant Certificate is issued subject to the following terms and conditions: 

          1.       Definitions
of Certain Terms. Except as may be otherwise clearly required by the
context, the following terms have the following meanings: 

                    (a)          “Act”
means the Securities Act of 1933, as amended. 

                    (b)          “Closing
Date” means the date on which the Offering is closed. 

                    (c)          “Commission”
means the Securities and Exchange Commission. 

                    (d)          “Common
Stock” means the common stock, par value $0.001, of the Company. 

                    (e)          “Company”
means Whispering Oaks International, Inc. (d/b/a BioCurex), a Texas
corporation. 

                    (f)          “Company’s
Expenses” means any and all expenses payable by the Company or the
Warrantholder in connection with an offering described in Section 6 hereof,
except Warrantholder’s Expenses. 

                    (g)          “Corporate
Financing Rule” means Rule 5110 of the rules of the Financial Industry
Regulatory Authority. 

                    (h)          “Effective
Date” means the date of the Company’s final prospectus as filed with the
Securities and Commission pursuant to Rule 424(b) of the Act. 

                    (i)          “Exercise
Price” means the price at which the Warrantholder may purchase one Unit upon
exercise of Warrants as determined from time to time pursuant to the provisions
hereof. The initial Exercise Price is $      per Unit. 

                    (j)          “Offering”
means the public offering of Units made pursuant to the Registration Statement.

                    (k)          “Participating
Underwriter” means any underwriter participating in the sale of the Securities
pursuant to a registration under Section 6 of this Warrant Certificate. 

                    (l)          “Registration
Statement” means the Company’s registration statement (File No. 333 -
_________) as amended on the Closing Date. 

                    (m)         “Rules
and Regulations” means the rules and regulations of the Commission adopted
under the Act. 

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                    (n)          “Securities”
means the securities obtained or obtainable upon exercise of the Warrant or
securities obtained or obtainable upon exercise, exchange, or conversion of
such securities. 

                    (o)          “Unit”
means       shares of Common Stock and       Unit Warrants. 

                    (p)          “Unit
Warrant” means a warrant defined as a Unit Warrant in the Warrant Agreement. 

                    (q)          “Warrant
Agreement” means that certain Warrant Agreement, dated as of __________, 2009,
by and between the Company and ____________________ relating to the issuance of
Unit Warrants. 

                    (r)          “Warrant
Certificate” means a certificate evidencing the Warrant. 

                    (s)          “Warrantholder”
means a record holder of the Warrant or Securities. The initial Warrantholder
is Paulson Investment Company, Inc. 

                    (t)          “Warrantholder’s
Expenses” means the sum of (i) the aggregate amount of cash payments made to an
underwriter, underwriting syndicate, or agent in connection with an offering described
in Section 6 hereof multiplied by a fraction the numerator of which is the
aggregate sales price of the Securities sold by such underwriter, underwriting
syndicate, or agent in such offering and the denominator of which is the
aggregate sales price of all of the securities sold by such underwriter,
underwriting syndicate, or agent in such offering and (ii) all out-of-pocket
expenses of the Warrantholder, except for the fees and disbursements of one
firm retained as legal counsel for the Warrantholder that will be paid by the
Company. 

                    (u)          “Warrant”
means the warrant evidenced by this certificate, any similar certificate issued
in connection with the Offering, or any certificate obtained upon transfer or
partial exercise of the Warrant evidenced by any such certificate. 

          2.       Exercise
of Warrant. All or any part of the Warrant represented by this Warrant
Certificate may be exercised commencing on the first anniversary of the
Effective Date and ending at 5:00 p.m. Pacific Time on the fifth anniversary of
the Effective Date (the “Expiration Date”) by surrendering this Warrant
Certificate, together with appropriate instructions, duly executed by the
Warrantholder or by its duly authorized attorney, at the office of the Company,
7080 River Road, Suite 215, Richmond, British Columbia, Canada V6X 1X5; or at
such other office or agency as the Company may designate. The date on which
such instructions are received by the Company shall be the date of exercise.
Subject to the provisions below, upon receipt of notice of exercise, the
Company shall immediately instruct its transfer agent to prepare certificates
for the Securities to be received by the Warrantholder upon completion of the
Warrant exercise. When such certificates are prepared, the Company shall notify
the Warrantholder and deliver such certificates to the Warrantholder or as per
the Warrantholder’s instructions immediately upon payment in full by the
Warrantholder, in lawful money of the United States, of the Exercise Price
payable with respect to the Securities being purchased, if any. If the
Warrantholder shall represent and warrant that all applicable registration and
prospectus delivery requirements for their sale have been complied with upon
sale of the 

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Securities received upon exercise of the Warrant, such certificates
shall not bear a legend with respect to the Act. 

          If fewer
than all the Securities purchasable under the Warrant are purchased, the
Company will, upon such partial exercise, execute and deliver to the
Warrantholder a new Warrant Certificate (dated the date hereof), in form and
tenor similar to this Warrant Certificate, evidencing that portion of the
Warrant not exercised. The Securities to be obtained on exercise of the Warrant
will be deemed to have been issued, and any person exercising the Warrant will
be deemed to have become a holder of record of those Securities, as of the date
of the payment of the Exercise Price. 

          Notwithstanding
the foregoing, in no event shall such Securities be issued, and the Company is
authorized to refuse to honor the exercise of the Warrant, if such exercise
would result in the opinion of the Company’s Board of Directors, upon advice of
counsel, in the violation of any law; and provided further that, if the Warrant
is exercisable solely for Securities listed on a securities exchange or for
which there are at least three independent market makers, the Company may elect
to redeem the Warrant submitted for exercise for a price equal to the difference
between the aggregate low asked price, or closing price, as the case may be, of
the Securities for which the Warrant is exercisable on the date of exercise and
the Exercise Price; in the event of such redemption, the Company will pay to
the holder of the Warrant the above-described redemption price in cash within
10 business days after receipt of notice of exercise. 

          3.       Adjustments
in Certain Events. The number, class, and price of Securities for which
this Warrant Certificate may be exercised are subject to adjustment from time
to time upon the happening of certain events as follows: 

                   (a)          If
the outstanding shares of the Company’s Common Stock are divided into a greater
number of shares or a dividend in stock is paid on the Common Stock, the number
of shares of Common Stock and the number of Unit Warrants for which the Warrant
is then exercisable will be proportionately increased and the Exercise Price
will be proportionately reduced; and, conversely, if the outstanding shares of
Common Stock are combined into a smaller number of shares of Common Stock, the
number of shares of Common Stock and the number of Unit Warrants for which the
Warrant is then exercisable will be proportionately reduced and the Exercise
Price and the number of Unit Warrants will be proportionately increased. The
increases and reductions provided for in this Section 3(a) will be made with
the intent and, as nearly as practicable, the effect that neither the
percentage of the total equity of the Company obtainable on exercise of the
Warrants nor the price payable for such percentage upon such exercise will be
affected by any event described in this Section 3(a). 

                  (b)          In
case of any change in the Common Stock through merger, consolidation,
reclassification, reorganization, partial or complete liquidation, purchase of
substantially all the assets of the Company, or other change in the capital
structure of the Company, other than changes in par value, then, as a condition
of such change, lawful and adequate provision will be made so that the holder
of this Warrant Certificate will have the right thereafter to receive upon the
exercise of the Warrant the kind and amount of shares of stock or other
securities or property to which he would have been entitled if, immediately
prior to such event, he had held the number of shares of Common Stock and the
number of Unit Warrants obtainable upon the exercise of the Warrant. In any
such case, appropriate adjustment will be 

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made in the application of the provisions set forth herein with respect
to the rights and interest thereafter of the Warrantholder, to the end that the
provisions set forth herein will thereafter be applicable, as nearly as
reasonably may be, in relation to any shares of stock or other securities or
property thereafter deliverable upon the exercise of the Warrant. The Company
will not permit any change in its capital structure to occur unless the issuer
of the shares of stock or other securities to be received by the holder of this
Warrant Certificate, if not the Company, agrees to be bound by and comply with
the provisions of this Warrant Certificate. 

                  (c)          When
any adjustment is required to be made in the number of shares of Common Stock,
Unit Warrants, other securities, or the property purchasable upon exercise of
the Warrant, the Company will promptly determine the new number of such shares
or other securities or property purchasable upon exercise of the Warrant and
(i) prepare and retain on file a statement describing in reasonable detail the
method used in arriving at the new number of such shares or other securities or
property purchasable upon exercise of the Warrant and (ii) cause a copy of such
statement to be mailed to the Warrantholder within thirty (30) days after the
date of the event giving rise to the adjustment. 

                  (d)          No
fractional shares of Common Stock or other Securities will be issued in
connection with the exercise of the Warrant, but the Company will pay, in lieu
of fractional shares, a cash payment therefor on the basis of the mean between
the bid and asked prices of the Common Stock in the over-the-counter market or
the last sale price of the Common Stock on the principal exchange or other
trading facility on which the Common Stock is traded on the day immediately
prior to exercise. 

                  (e)          If
securities of the Company or securities of any subsidiary of the Company are
distributed pro rata to holders of Common Stock, such number of securities will
be distributed to the Warrantholder or its assignee upon exercise of its rights
hereunder as such Warrantholder or assignee would have been entitled to if this
Warrant Certificate had been exercised prior to the record date for such
distribution. The provisions with respect to adjustment of the Common Stock
provided in this Section 3 will also apply to the securities to which the
Warrantholder or its assignee is entitled under this Section 3(e). 

                  (f)          Notwithstanding
anything herein to the contrary, there will be no adjustment made hereunder on
account of the sale by the Company of the Common Stock or other Securities
purchasable upon exercise of the Warrant. 

                  (g)          If,
immediately prior to any exercise of Warrants, there shall be outstanding no
securities of a class or series that, but for the provisions of this Section 3,
would be issuable upon such exercise (the “Formerly Issuable Securities”),
then, upon such exercise, and in lieu of the Formerly Issuable Securities, the
Company shall issue that number and kind of other securities or property for
which the Formerly Issuable Securities were most recently exercisable or into
which the Formerly Issuable Securities were most recently convertible, as the
case may be. 

          4.      Reservation
of Securities. The Company agrees that the number of shares of Common Stock
or other Securities sufficient to provide for the exercise of the Warrant upon
the basis set forth above will at all times during the term of the Warrant be
reserved for exercise. 

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          5.      Validity
of Securities. All Securities delivered upon the exercise of the Warrant
will be duly and validly issued in accordance with their terms, and the Company
will pay all documentary and transfer taxes, if any, in respect of the original
issuance thereof upon exercise of the Warrant. 

          6.      Registration
of Securities Issuable on Exercise of Warrant Certificate. 

                  (a)          The
Company will register the Securities with the Commission pursuant to the Act so
as to allow the unrestricted sale of the Securities to the public from time to
time commencing on the first anniversary of the Effective Date and ending at
5:00 p.m. Pacific Time on the fifth anniversary of the Effective Date (the
“Registration Period”). The Company will also file such applications and other
documents necessary to permit the sale of the Securities to the public during
the Registration Period in those states in which the Units were qualified for
sale in the Offering or such other states as the Company and the Warrantholder
agree to. In order to comply with the provisions of this Section 6(a), the
Company is not required to file more than one registration statement. No
registration right of any kind, “piggyback” or otherwise, will last longer than
five years from the Effective Date. 

                  (b)          The
Company will pay all of the Company’s Expenses and each Warrantholder will pay its
pro rata share of the Warrantholder’s Expenses relating to the registration,
offer, and sale of the Securities. 

                  (c)          Except
as specifically provided herein, the manner and conduct of the registration,
including the contents of the registration statement, will be entirely in the
control and at the discretion of the Company. The Company will file such
post-effective amendments and supplements as may be necessary to maintain the
currency of the registration statement during the period of its use. In
addition, if the Warrantholder participating in the registration is advised by
counsel that the registration statement, in their opinion, is deficient in any
material respect, the Company will use its best efforts to cause the
registration statement to be amended to eliminate the concerns raised. 

                  (d)          The
Company will furnish to the Warrantholder the number of copies of a prospectus,
including a preliminary prospectus, in conformity with the requirements of the
Act, and such other documents as it may reasonably request in order to
facilitate the disposition of Securities owned by it. 

                  (e)          The
Company will, at the request of Warrantholders holding at least 50 percent of the
then outstanding Warrants: (i) furnish an opinion of the counsel representing
the Company for the purposes of the registration statement pursuant to this
Section 6, addressed to the Warrantholders and any Participating Underwriter;
(ii) furnish an appropriate letter from the independent public accountants of
the Company, addressed to the Warrantholders and any Participating Underwriter;
and (iii) make such representations and warranties to the Warrantholders and
any Participating Underwriter as are customarily given to underwriters of public
offerings of equity securities in connection with such offerings. A request
pursuant to this subsection (e) may be made on three occasions. The documents
required to be delivered pursuant to this subsection (e) will be dated within
ten days of the request and will be, in form and substance, equivalent to
similar documents furnished to the underwriters in connection with the
Offering, with such changes as may be appropriate in light of changed
circumstances. 

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          7.       Indemnification
in Connection with Registration. 

                    (a)          If
any of the Securities are registered, the Company will indemnify and hold
harmless each selling Warrantholder, any person who controls any selling
Warrantholder within the meaning of the Act, and any Participating Underwriter
against any losses, claims, damages, or liabilities, joint or several, to which
any Warrantholder, controlling person, or Participating Underwriter may be
subject under the Act or otherwise; and it will reimburse each Warrantholder,
each controlling person, and each Participating Underwriter for any legal or
other expenses reasonably incurred by the Warrantholder, controlling person, or
Participating Underwriter in connection with investigating or defending any
such loss, claim, damage, liability, or action, insofar as such losses, claims,
damages, or liabilities, joint or several (or actions in respect thereof),
arise out of or are based upon any untrue statement or alleged untrue statement
of any material fact contained, on the effective date thereof, in any such
registration statement or any preliminary prospectus or final prospectus, or
any amendment or supplement thereto, or arise out of or are based upon the
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading;
provided, however, that the Company will not be liable in any case to the
extent that any loss, claim, damage, or liability arises out of or is based
upon any untrue statement or alleged untrue statement or omission or alleged
omission made in any registration statement, preliminary prospectus, final
prospectus, or any amendment or supplement thereto, in reliance upon and in
conformity with written information furnished by a Warrantholder for use in the
preparation thereof. The indemnity agreement contained in this subparagraph (a)
will not apply to amounts paid to any claimant in settlement of any suit or
claim unless such payment is first approved by the Company, such approval not
to be unreasonably withheld. 

                   (b)          Each
selling Warrantholder, as a condition of the Company’s registration obligation,
will indemnify and hold harmless the Company, each of its directors, each of
its officers who have signed any registration statement or other filing or any
amendment or supplement thereto, and any person who controls the Company within
the meaning of the Act, against any losses, claims, damages, or liabilities to
which the Company or any such director, officer, or controlling person may
become subject under the Act or otherwise, and will reimburse any legal or
other expenses reasonably incurred by the Company or any such director,
officer, or controlling person in connection with investigating or defending
any such loss, claim, damage, liability, or action, insofar as such losses,
claims, damages, or liabilities (or actions in respect thereof) arise out of or
are based upon any untrue or alleged untrue statement of any material fact
contained in said registration statement, any preliminary or final prospectus,
or other filing, or any amendment or supplement thereto, or arise out of or are
based upon the omission or the alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein
not misleading, but only to the extent that such untrue statement or alleged
untrue statement or omission or alleged omission was made in said registration
statement, preliminary or final prospectus, or other filing, or amendment or
supplement, in reliance upon and in conformity with written information
furnished by such Warrantholder for use in the preparation thereof; provided,
however, that the indemnity agreement contained in this subparagraph (b) will
not apply to amounts paid to any claimant in settlement of any suit or claim
unless such payment is first approved by the Warrantholder, such approval not
to be unreasonably withheld. 

6

                   (c)          Promptly
after receipt by an indemnified party under subparagraphs (a) or (b) above of
notice of the commencement of any action, such indemnified party will, if a
claim in respect thereof is to be made against an indemnifying party, notify
the indemnifying party of the commencement thereof; but the omission to notify
the indemnifying party will not relieve it from any liability that it may have
to any indemnified party otherwise than under subparagraphs (a) and (b), except
to the extent it was prejudiced by such failure to notify. 

                   (d)          If
any such action is brought against any indemnified party and it notifies an
indemnifying party of the commencement thereof, the indemnifying party will be
entitled to participate in, and, to the extent that it may wish, jointly with
any other indemnifying party similarly notified, to assume the defense thereof,
with counsel satisfactory to such indemnified party; and after notice from the
indemnifying party to such indemnified party of its election to assume the
defense thereof, the indemnifying party will not be liable to such indemnified
party for any legal or other expenses subsequently incurred by such indemnified
party in connection with the defense thereof other than reasonable costs of
investigation. 

          8.      Restrictions
on Transfer. This Warrant Certificate and the Warrant may not be sold,
transferred, assigned, pledged, or hypothecated, or be the subject of any
hedging, short sale, derivative, put, or call transaction that would result in
the effective economic disposition of the securities by any person for a period
of one year immediately following the Effective Date, except as permitted in
subparagraph (g)(2) of the Corporate Financing Rule. The Warrant may be divided
or combined, upon request to the Company by the Warrantholder, into a
certificate or certificates evidencing the same aggregate number of Warrants. 

          9.      No
Rights as a Shareholder. Except as otherwise provided herein, the
Warrantholder will not, by virtue of ownership of the Warrant, be entitled to
any rights of a shareholder of the Company but will, upon written request to
the Company, be entitled to receive such quarterly or annual reports as the
Company distributes to its shareholders. 

          10.     Notice.
Any notices required or permitted to be given hereunder will be in writing and
may be served personally or by mail; and if served will be addressed as
follows: 

          If to the
Company: 

	
  

 	
  

 
	
  

 	
 Whispering
 Oaks International, Inc.

 7080 River Road, Suite 215 

 
	
  

 	
 Richmond,
 British Columbia, Canada V6X 1X5

 Attention: President 

 

          If to the
Warrantholder: 

	
  

 	
  

 
	
  

 	
 at the
 address furnished 

 
	
  

 	
 by the
 Warrantholder to the

 
	
  

 	
 Company for
 the purpose of

 
	
  

 	
 notice. 

 

          Any notice
so given by mail will be deemed effectively given 48 hours after mailing when
deposited in the United States mail, registered or certified mail, return
receipt requested, 

7

postage prepaid and addressed as specified above. Any party may by
written notice to the other specify a different address for notice purposes. 

          11.     Applicable
Law. This Warrant Certificate will be governed by and construed in
accordance with the laws of the State of Oregon, without reference to conflict
of laws principles thereunder. All disputes relating to this Warrant Certificate
shall be tried before the courts of Oregon located in Multnomah County, Oregon
to the exclusion of all other courts that might have jurisdiction. 

	
  

 	
  

 	
  

 
	
            Dated
 as of _____________, 2009

 	
  

 
	
  

 	
  

 
	
  

 	
 WHISPERING
 OAKS INTERNATIONAL, INC. 

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	 

 
	
  

 	
  

 	
 Name:   Ricardo
 Moro-Vidal

 
	
  

 	
  

 	
 Title:     President
 and Chief Executive Officer 

 
	
  

 	
  

 	
  

 
	
            Agreed
 and Accepted as of _____________, 2009

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 PAULSON
 INVESTMENT COMPANY, INC.

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	 

 
	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
 Title:

 

8Exhibit
4.4

WARRANT
AGREEMENT

BETWEEN

WHISPERING
OAKS INTERNATIONAL, INC.

AND

SECURITIES
TRANSFER CORPORATION

DATED
AS OF _____________, 2009

WARRANT AGREEMENT 

          This
Agreement is between Whispering Oaks International, Inc., d/b/a BioCurex, a
Texas corporation (the “Company”)
and Securities Transfer Corporation, a _______ corporation (the “Warrant Agent”).

          The
Company, at or about the time that it is entering into this Agreement, proposes
to issue and sell to public investors up to            Units (together with the
additional units issuable as provided herein, the “Units”). Each Unit consists of       shares of common stock,
$0.001 par value, of the Company and       redeemable warrants (the “Unit Warrants”). Each Unit Warrant is
exercisable to purchase one share of Common Stock upon the terms and conditions
and subject to adjustment in certain circumstances, all as set forth in this
Agreement.

          The
Company proposes to issue to the underwriter, Paulson Investment Company, Inc.
(“Paulson”), in the public
offering of Units referred to above (the “Public
Offering”) warrants to purchase up to            additional Units.

          The
Company wishes to retain the Warrant Agent to act on behalf of the Company, and
the Warrant Agent is willing so to act, in connection with the issuance,
transfer, exchange and replacement of the certificates evidencing the Unit
Warrants to be issued under this Agreement (the “Warrant Certificates”) and the exercise of the Unit Warrants;

          The
Company and the Warrant Agent wish to enter into this Agreement to set forth
the terms and conditions of the Unit Warrants and the rights of the holders
thereof (“Warrant Holders”) and to
set forth the respective rights and obligations of the Company and the Warrant
Agent. Each Warrant Holder is an intended beneficiary of this Agreement with
respect to the rights of Warrant Holders herein.

          NOW,
THEREFORE, in consideration of the premises and the mutual agreements herein
set forth, the parties hereto agree as follows:

	
  

 	
  

 
	
 1.

 	
 Warrants.
Each Unit Warrant will entitle the registered holder to purchase from the
Company one share of Company common stock, $0.001 par value per share (each a
“Share”), at $_____ per Share (the “Exercise Price”). The Exercise Price is
subject to adjustments as provided in Section 13 hereof. A Warrant Holder may
exercise all or any number of Unit Warrants resulting in the purchase of a
whole number of Shares.  

 
	
  

 	
  

 
	
 2.

 	
 Exercise Period.
The Unit Warrants may be exercised at any time during the period (the “Exercise
Period”) commencing ___________, 2009 and ending at 5:00 p.m., Pacific Time
on ___________, 2014 (“Expiration Date”). After the Expiration Date, any
unexercised Unit Warrants will be void and all rights of Warrant Holders
shall cease.  

 
	
  

 	
  

 
	
 3.

 	
 Execution of Warrant
 Certificates. Warrant Certificates shall be in registered
 form only and shall be substantially in the form set forth in Exhibit A
 attached to this Agreement. Warrant Certificates shall be signed by, or shall
 bear the facsimile signature of, the President of the Company and the
 Executive Chairman of the Company and shall bear a facsimile of the Company’s
 corporate seal. If any person, whose facsimile signature has been placed upon
 any Warrant Certificate or the signature of an officer of the Company, shall
 have ceased to be such officer before such Warrant Certificate is
 countersigned, issued and delivered, such Warrant Certificate shall be
 countersigned, issued and delivered with the same effect as if such person
 had not ceased to be such officer. Any Warrant Certificate may be signed by,
 or made to bear the facsimile signature of, any person who at the actual date
 of the preparation of such Warrant 

 

1

	
  

 	
  

 
	
  

 	
 Certificate shall be a
 proper officer of the Company to sign such Warrant Certificate even though
 such person was not such an officer upon the date of the Agreement.

 
	
  

 	
  

 
	
 4.

 	
 Countersigning.
 Warrant Certificates shall be manually countersigned by the Warrant Agent and
 shall not be valid for any purpose unless so countersigned. The Warrant Agent
 hereby is authorized to countersign and deliver to, or in accordance with the
 instructions of, any Warrant Holder any Warrant Certificate which is properly
 issued.

 
	
  

 	
  

 
	
 5.

 	
 Registration of
 Transfer and Exchanges. The Warrant Agent shall from time
 to time register the transfer of any outstanding Warrant Certificate upon
 records maintained by the Warrant Agent for such purpose upon surrender of
 such Warrant Certificate to the Warrant Agent for transfer, accompanied by
 appropriate instruments of transfer in form satisfactory to the Company and
 the Warrant Agent and duly executed by the Warrant Holder or a duly
 authorized attorney. Upon any such registration of transfer, a new Warrant
 Certificate shall be issued in the name of and to the transferee and the
 surrendered Warrant Certificate shall be cancelled.

 
	
  

 	
  

 
	
 6.

 	
 Exercise of Warrants.
 

 

	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 Subject to the terms of
 the Unit Warrant, any Unit Warrant may be exercised upon any single occasion
 during the exercise period. A Unit Warrant shall be exercised by the Warrant
 Holder by surrendering to the Warrant Agent the Warrant Certificate with the
 exercise form on the reverse of such Warrant Certificate duly completed and
 executed and delivering to the Warrant Agent, by good check or bank draft
 payable to the order of the Warrant Agent, the Exercise Price for each Share
 to be purchased.

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 Upon receipt of a
 Warrant Certificate with the exercise form thereon duly executed together
 with payment in full of the Exercise Price for the Shares for which Unit
 Warrants are then being exercised, the Warrant Agent shall requisition from
 any transfer agent for the Shares, and upon receipt shall make delivery of,
 certificates evidencing the total number of whole Shares for which Unit
 Warrants are then being exercised in such names and denominations as are
 required for delivery to, or in accordance with the instructions of, the
 Warrant Holder. Such certificates for the Shares shall be deemed to be
 issued, and the person whom such Shares are issued of record shall be deemed
 to have become a holder of record of such Shares, as of the date of the
 surrender of such Warrant Certificate and payment of the Exercise Price,
 whichever shall last occur; provided that if the transfer books of the
 Company with respect to the Shares, shall be closed, the certificates for the
 Shares issuable upon exercise of the Unit Warrant shall be issued as of the
 date on which such books shall next be open, and the person to whom such
 Shares are issued of record shall be deemed to have become a record holder of
 such Shares as of the date on which such books shall next be open (whether before,
 on or after the Expiration Date) and until such date the Warrant Agent shall
 be under no duty to deliver any certificate for such Shares.

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 If less than all a
 Warrant Holder’s Unit Warrants are exercised upon a single occasion, a new
 Warrant Certificate for the balance of the Unit Warrants not so exercised
 shall be issued and delivered to, or in accordance with, transfer
 instructions properly given by the Warrant Holder until the Expiration Date.

 
	
  

 	
  

 	
  

 
	
  

 	
 (d)

 	
 All Warrant
 Certificates surrendered upon exercise shall be cancelled.

 

2

	
  

 	
  

 	
  

 
	
  

 	
 (e)

 	
 Upon the exercise of
 any Unit Warrant, the Warrant Agent shall promptly deposit the payment into
 an escrow account established by mutual agreement of the Company and the
 Warrant Agent at a federally insured commercial bank. All funds deposited in
 the escrow account will be disbursed on a weekly basis to the Company once
 they have been determined by the Warrant Agent to be collected funds. Once
 the funds are determined to be collected, the Warrant Agent shall cause the
 share certificate(s) representing the exercised Unit Warrants to be issued.

 
	
  

 	
  

 	
  

 
	
  

 	
 (f)

 	
 Expenses incurred by
 the Warrant Agent will be paid by the Company. These expenses, including
 delivery of Share certificates to the shareholder, will be deducted from the
 Exercise Price submitted by a Warrant Holder prior to the distribution of
 funds to the Company. A detailed accounting statement relating to the number
 of Unit Warrants exercised, names and registered Warrant Holder(s) and the
 net amount of exercised funds remitted will be given to the Company with the
 payment of each exercise amount.

 
	
  

 	
  

 	
  

 
	
 7.

 	
 Warrant Solicitation
 and Warrant Solicitation Fee. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 The Company has engaged
 Paulson, on a non-exclusive basis, as its agent for the solicitation of the
 exercise of the Unit Warrants. The Company will, at its cost, (i) assist
 Paulson with respect to such solicitation, if requested by Paulson, and (ii)
 provide Paulson, and direct the Warrant Agent to deliver to Paulson lists of
 the record and, to the extent known, beneficial owners of the Company’s Unit
 Warrants. The Company hereby instructs the Warrant Agent to cooperate with
 Paulson in every respect in connection with Paulson’s solicitation
 activities, including, but not limited to, providing to Paulson, at the
 Company’s cost, a list of record and beneficial holders of the Unit Warrants
 and circulating a prospectus or offering circular disclosing the compensation
 arrangements referenced in Section 7(b) below to holders of the Unit Warrants
 at the time of exercise of the Unit Warrants. In addition to the conditions
 set forth in Section 7(b), Paulson shall accept payment of the warrant
 solicitation fee provided in Section 7(b) only if permitted under the rules
 and regulations of the FINRA and only to the extent that a holder who
 exercises Unit Warrants specifically designates, in writing, that Paulson
 solicited the exercise.

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 In each instance in
which a Unit Warrant is exercised, the Warrant Agent shall promptly give
written notice of such exercise to the Company and Paulson (“Warrant Agent’s
Exercise Notice”). If, upon the exercise of any Unit Warrant more than one
year from the effective date of the registration statement, registering the
Unit Warrants, (i) the market price of the Company’s common stock is greater
than the Exercise Price, (ii) disclosure of compensation arrangements between
the Company and Paulson with respect to the solicitation of the exercise of
the Unit Warrants was made both at the time of the Public Offering and at the
time of exercise (by delivery of the prospectus or as otherwise required by
applicable law, rule or regulation), (iii) the holder of the Unit Warrant
confirms in writing that the exercise of the Unit Warrant was solicited by
Paulson, (iv) the Unit Warrant was not held in a discretionary account, and
(v) the solicitation of the exercise of the Unit Warrant was not in violation
of Regulation M (as such rule or any successor rule may be in effect as of
such time of exercise) promulgated under the Securities Exchange Act of 1934,
as amended, then the Warrant Agent, simultaneously with the distribution of
the common stock underlying the Unit Warrants so exercised in accordance with
the instructions from the Company following receipt of the proceeds to the
Company received upon exercise of such Unit Warrant(s), shall, on behalf of
the Company, pay a fee of 5% of the Warrant Price to Paulson, provided that
Paulson  

 

3

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 delivers to the Warrant
 Agent within ten (10) business days from the date on which Paulson has
 received the Warrant Agent’s Exercise Notice, a certificate that the
 conditions set forth in the preceding clauses (iii), (iv) and (v) have been
 satisfied. Notwithstanding the foregoing, no fee will be paid to Paulson with
 respect to the exercise by Paulson or its affiliates of Unit Warrants
 purchased by it or them and still held by it or them for its or their own
 account. Paulson and the Company may at any time during business hours,
 examine the records of the Warrant Agent, including its ledger of original
 Warrant Certificates returned to the Warrant Agent upon exercise of Unit
 Warrants.

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 The provisions of this
 Section 7 may not be modified, amended or deleted without the prior written
 consent of Paulson. 

 
	
  

 	
  

 	
  

 
	
 8.

 	
 Redemption of Warrants.
 

 
	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 The Unit Warrants
 outstanding at the time of a redemption may be redeemed at the option of the
 Company, in whole or in part on a pro-rata basis, by giving not less than 30
 days prior notice as provided in Section 8(d) below, which notice may not be
 given before, but may be given at any time after the date on which the
 closing price of the Company’s common stock on the principal exchange or
 trading facility on which it is then traded has equaled or exceeded $____ for
 five consecutive trading days. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 The price at which Unit
Warrants may be redeemed (the “Redemption Price”) is $         per Unit Warrant.
On and after the redemption date, the holders of record of redeemed Unit
Warrants shall be entitled to payment of the Redemption Price upon surrender
of the Warrant Certificates of such redeemed Unit Warrants to the Company at
the office of the Warrant Agent. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 Notice of redemption of
 Unit Warrants shall be given at least 30 days prior to the redemption date by
 mailing, by registered or certified mail, return receipt requested, a copy of
 such notice to the Warrant Agent and to all of the holders of record of
 redeemed Unit Warrants at their respective addresses appearing on the books
 or transfer records of the Warrant Agent or such other address designated in
 writing by the holder of record to the Warrant Agent not less than 40 days
 prior to the redemption date.

 
	
  

 	
  

 	
  

 
	
  

 	
 (d)

 	
 From and after the
 redemption date, all rights of the holders with respect to the redeemed Unit
 Warrants (except the right to receive the Redemption Price) shall terminate,
 but only if (i) no later than one day prior to the redemption date the
 Company shall have irrevocably deposited with the Warrant Agent as paying
 agent a sufficient amount to pay on the redemption date the Redemption Price
 for all Unit Warrants called for redemption and (ii) the notice of redemption
 shall have stated the name and address of the Warrant Agent and the intention
 of the Company to deposit such amount with the Warrant Agent no later than
 one day prior to the redemption date.

 
	
  

 	
  

 	
  

 
	
  

 	
 (e)

 	
 On the redemption date,
 the Warrant Agent shall pay to the holders of record of redeemed Unit
 Warrants all monies received by the Warrant Agent for the redemption of Unit
 Warrants to which the holders of record of such redeemed Unit Warrants who
 shall have surrendered their Warrant Certificates are entitled. The Warrant
 Agent shall have no obligation to pay for the redemption of Unit Warrants except
 to the extent that funds for such payment have been provided to it by the
 Company.

 

4

	
  

 	
  

 	
  

 
	
  

 	
 (f)

 	
 All amounts deposited
 with the Warrant Agent that are not required for redemption of Unit Warrants
 may be withdrawn by the Company. Any amounts deposited with the Warrant Agent
 that shall be unclaimed after six months after the redemption date shall be
 redelivered back to the Company, and thereafter the holders of the Unit
 Warrants called for redemption for which such funds were deposited shall look
 solely to the Company for payment, it being understood that the Warrant Agent
 shall be under no obligation to report or remit unclaimed property to
 appropriate states in compliance with applicable law. The Company acknowledges
 that the bank accounts maintained by the Warrant Agent in connection with the
 services hereunder will be in its name and that the Warrant Agent may receive
 investment earnings in connection with the investment at the Warrant Agent’s
 risk and for its benefit of funds held in those accounts from time to time.

 
	
  

 	
  

 	
  

 
	
  

 	
 (g)

 	
 If the company fails to
 make a sufficient deposit with the Warrant Agent as provided above, the
 holder of any Unit Warrants called for redemption may at the option of the
 holder (i) by notice to the Company declare the notice of redemption a
 nullity as to such holder, or (ii) maintain an action against the Company for
 the Redemption Price. If the holder brings such an action, the Company will
 pay reasonable attorneys’ fees of the holder. If the holder fails to bring an
 action against the Company for the Redemption Price within 60 days after the
 redemption date, the holder shall be deemed to have elected to declare the
 notice of redemption to be a nullity as to such holder and such notice shall
 be without any force or effect as to such holder. Except as otherwise
 specifically provided in this paragraph 8(g), a notice of redemption, once
 mailed by the Company as provided in paragraph 8(c) shall be irrevocable.

 
	
  

 	
  

 	
  

 
	
  

 	
 (h)

 	
 Notwithstanding
 anything to the contrary in this Section 8, the Company may not provide
 notice of any redemption pursuant to this Section 8 at any time at which the
 Warrants are not currently exercisable as a result of the application of
 Section 12. If, during the period between notice of redemption and the
 Redemption Date, the Unit Warrants become not currently exercisable as a
 result of the application of Section 12, the Redemption Date shall be
 extended to be the tenth business day after such restriction on exercise
 lapses.

 
	
  

 	
  

 	
  

 
	
 9.

 	
 Taxes.
 The Company will pay all taxes attributable to the initial issuance of Shares
 upon exercise of Unit Warrants. The Company shall not, however, be required
 to pay any tax which may be payable in respect to any transfer involved in
 any issue of Warrant Certificates or in the issue of any certificates of
 Shares in the name other than that of the Warrant Holder upon the exercise of
 any Warrant.

 
	
  

 	
  

 	
  

 
	
 10.

 	
 Mutilated or Missing
 Warrant Certificates. On receipt by the Company and the
 Warrant Agent of evidence satisfactory as to the ownership of and the loss,
 theft, destruction or mutilation of any Warrant Certificate, the Company
 shall execute and the Warrant Agent shall countersign and deliver in lieu
 thereof, a new Warrant Certificate. In the case of loss, theft or destruction
 of any Warrant Certificate, the Registered Owner requesting issuance of a new
 Warrant Certificate shall be required to secure an indemnity bond from an
 approved surety bonding company. In the event a Warrant Certificate is
 mutilated, such Warrant Certificate shall be surrendered and canceled by the
 Warrant Agent prior to delivery of a new Warrant Certificate. Applicants for
 a substitute Warrant Certificate shall also comply with such other
 regulations and pay such other reasonable charges as the Warrant Agent may
 prescribe.

 
	
  

 	
  

 
	
 11.

 	
 Reservation of Shares.
 For the purpose of enabling the Company to satisfy all obligations to issue
 Shares upon exercise of Unit Warrants, the Company will at all times reserve
 and keep available free from preemptive rights, out of the aggregate of its
 authorized but unissued shares, 

 

5

	
  

 	
  

 	
  

 
	
  

 	
 the full number of
 Shares which may be issued upon the exercise of the Unit Warrants and such
 Shares will upon issue be fully paid and nonassessable by the Company and
 free from all taxes, liens, charges and security interests with respect to
 the issue thereof.

 
	
  

 	
  

 	
  

 
	
 12.

 	
 Governmental
 Restrictions. If any Shares issuable upon the exercise of
 Unit Warrants require registration or approval of any governmental authority,
 the Company will use all commercially reasonable efforts to cause such Shares
 to be duly registered, or approved, as the case may be, and, to the extent
 practicable, take all such action in anticipation of and prior to the
 exercise of the Unit Warrants, including, without limitation, filing any and
 all post-effective amendments to the Company’s Registration Statement on Form
 S-1 (Registration No. 333-________) necessary to permit a public offering of
 the Shares underlying the Unit Warrants at any and all times during the term
 of this Agreement; provided, however, that in no event shall such Shares be
 issued, and the Company is authorized to refuse to honor the exercise of any
 Unit Warrant, if such exercise would result in, in the opinion of the
 Company’s Board of Directors, upon advice of counsel, in the violation of any
 law. In the case of a Unit Warrant exercisable solely for securities listed
 on a securities exchange or for which there are at least three independent
 market makers, in lieu of obtaining such registration or approval, the Company
 may elect to redeem Unit Warrants submitted to the Warrant Agent for exercise
 for a price equal to the difference between the aggregate low asked price, or
 closing price, as the case may be, of the securities for which such Unit
 Warrant is exercisable on the date of such submission and the Exercise Price
 of such Unit Warrants. In the event of such redemption, the Company will pay
 to the holder of such Unit Warrants the above-described redemption price in
 cash within 10 business days after receipt of notice from the Warrant Agent
 that such Unit Warrants have been submitted for exercise. If, at the
 Expiration Date, the Unit Warrants are not currently exercisable as a result
 of the provisions of this paragraph, the Expiration Date shall be extended to
 a date that is 30 calendar days following notice to the Warrant Holders that
 the Unit Warrants are again exercisable and references to the Expiration Date
 herein shall thereafter refer to such extended Expiration Date. 

 
	
  

 	
  

 	
  

 
	
 13.

 	
 Adjustments.
 If prior to the exercise of any Unit Warrants, the Company shall have
 effected one or more stock split-ups, stock dividends or other increases or
 reductions of the number of shares of its $0.001 par value common stock
 outstanding without receiving compensation therefor in money, services or
 property, the number of shares of common stock subject to the Unit Warrants
 shall (i) if a net increase shall have been effected in the number of
 outstanding shares of the Company’s common stock, be proportionately
 increased, and the Exercise Price payable per share shall be proportionately
 reduced, and, (ii) if a net reduction shall have been effected in the number
 of outstanding shares of the Company’s common stock, be proportionately
 reduced and the Exercise Price payable per share be proportionately
 increased.

 
	
  

 	
  

 	
  

 
	
 14.

 	
 Notice to Warrant
 Holders. Upon any adjustment as described in Section 13,
 the Company within 20 days thereafter shall (i) cause to be filed with the
 Warrant Agent a certificate signed by a Company officer setting forth the
 details of such adjustment, the method of calculation and the facts upon
 which such calculation is based, which certificate shall be conclusive
 evidence of the correctness of the matters set forth therein, (ii) cause
 written notice of such adjustments to be given to each Warrant Holder as of
 the record date applicable to such adjustment. Also, if the Company proposes
 to enter into any reorganization, reclassification, sale of substantially all
 of its assets, consolidation, merger, dissolution, liquidation or winding up,
 the Company shall give notice of such fact at least 20 days prior to such
 action to all Warrant Holders which notice shall set forth such facts as
 indicate the effect of such action (to the extent such effect may be known at
 the date of such notice) on the Exercise Price and the kind and amount of the
 shares or other securities and property deliverable upon exercise of the
 Warrants. Without limiting the obligation 

 

6

	
  

 	
  

 	
  

 
	
  

 	
 of the Company
 hereunder to provide notice to each Warrant Holder, failure of the Company to
 give notice shall not invalidate any corporate action taken by the Company.

 
	
  

 	
  

 	
  

 
	
 15.

 	
 No Fractional Warrants
 or Shares. The Company shall not be required to issue
 fractions of Shares issuable upon exercise of the Unit Warrants, upon the
 reissue of Unit Warrants, or any adjustments as described in Section 13 or
 otherwise; but the Company in lieu of issuing any such fractional interest,
 shall round up or down to the nearest full Share issuable upon exercise of
 the Unit Warrant. If the total Unit Warrants surrendered by exercise would
 result in the issuance of a fractional share, the Company shall not be
 required to issue a fractional share but rather the aggregate number of
 shares issuable will be rounded up or down to the nearest full share.

 
	
  

 	
  

 	
  

 
	
 16.

 	
 Rights of Warrant
 Holders. No Warrant Holder, as such, shall have any rights
 of a shareholder of the Company, either at law or equity, and the rights of
 the Warrant Holders, as such, are limited to those rights expressly provided
 in the Warrant Certificate. The Company and the Warrant Agent may treat the
 registered Warrant Holder in respect of any Unit Warrant as the absolute
 owner thereof for all purposes notwithstanding any notice to the contrary.

 
	
  

 	
  

 	
  

 
	
 17.

 	
 Warrant Agent.
 The Company hereby appoints the Warrant Agent to act as the agent of the
 Company and the Warrant Agent hereby accepts such appointment upon the
 following terms and conditions by all of which the Company and every Warrant
 Holder, by acceptance of his Warrant Certificates, shall be bound:

 
	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 Statements contained in
 this Agreement and in the Warrant Certificate shall be taken as statements of
 the Company. The Warrant Agent assumes no responsibility for the correctness
 of any of the same except such as describes the Warrant Agent or for action
 taken or to be taken by the Warrant Agent.

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 The Warrant Agent shall
 not be responsible for any failure of the Company to comply with any of the
 Company’s covenants contained in this Agreement or in the Warrant
 Certificates.

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 The Warrant Agent may
 consult at any time with counsel satisfactory to it (who may be counsel for
 the Company) and the Warrant Agent shall incur no liability or responsibility
 to the Company or to any Warrant Holder in respect of any action taken,
 suffered or omitted by it hereunder in good faith and in accordance with the
 opinion or the advice of such counsel, provided the Warrant Agent shall have
 exercised reasonable care in the selection and continued employment of such
 counsel.

 
	
  

 	
  

 	
  

 
	
  

 	
 (d)

 	
 The Warrant Agent shall
 incur no liability or responsibility to the Company or to any Warrant Holder
 for any action taken in reliance upon any notice, resolution, waiver,
 consent, order, certificate or other paper, document or instrument believed
 by it to be genuine and to have been signed, sent or presented by the proper
 party or parties.

 
	
  

 	
  

 	
  

 
	
  

 	
 (e)

 	
 The Company agrees to
 pay to the Warrant Agent reasonable compensation for all services rendered by
 the Warrant Agent in the execution of this Agreement, to reimburse the
 Warrant Agent for all expenses, taxes and governmental charges and all other
 charges of any kind or nature incurred by the Warrant Agent in the execution
 of this Agreement and to indemnify the Warrant Agent and save it harmless
 against any and all liabilities, including judgments, costs and counsel fees,
 for this Agreement except as a result of the Warrant Agent’s gross negligence
 or bad faith or willful misconduct.

 

7

	
  

 	
  

 	
  

 
	
  

 	
 (f)

 	
 The Warrant Agent shall
 be under no obligation to institute any action, suit or legal proceeding or
 to take any other action likely to involve expense unless the Company or one
 or more Warrant Holders shall furnish the Warrant Agent with reasonable security
 and indemnity for any costs and expenses which may be incurred in connection
 with such action, suit or legal proceeding, but this provision shall not
 affect the power of the Warrant Agent to take such action as the Warrant
 Agent may consider proper, whether with or without any such security or
 indemnity. All rights of action under this Agreement or under any of the
 Warrants may be enforced by the Warrant Agent without the possession of any
 of the Warrant Certificates or the production thereof at any trial or other
 proceeding relative thereto, and any such action, suit or proceeding
 instituted by the Warrant Agent shall be brought in its name as Warrant
 Agent, and any recovery of judgment shall be for the ratable benefit of the
 Warrant Holders as their respective rights or interest may appear.

 
	
  

 	
  

 	
  

 
	
  

 	
 (g)

 	
 The Warrant Agent and
 any shareholder, director, officer or employee of the Warrant Agent may buy,
 sell or deal in any of the Unit Warrants or other securities of the Company
 or become pecuniarily interested in any transaction in which the Company may
 be interested, or contract with or lend money to the Company or otherwise act
 as fully and freely as though it were not Warrant Agent under this Agreement.
 Nothing herein shall preclude the Warrant Agent from acting in any other
 capacity for the Company or for any other legal entity.

 
	
  

 	
  

 	
  

 
	
 18.

 	
 Successor Warrant Agent.
 Any corporation into which the Warrant Agent may be merged or converted or
 with which it may be consolidated, or any corporation resulting from any
 merger, conversion or consolidation to which the Warrant Agent shall be a
 party, or any corporation succeeding to the corporate trust business of the Warrant
 Agent, shall be the successor to the Warrant Agent hereunder with the same
 powers, rights, responsibilities and obligations of the Warrant Agent without
 the execution or filing of any paper or any further act of a party or the
 parties hereto. In any such event or if the name of the Warrant Agent is
 changed, the Warrant Agent or such successor may adopt the countersignature
 of the original Warrant Agent and may countersign such Warrants either in the
 name of the predecessor Warrant Agent or in the name of the successor Warrant
 Agent.

 
	
  

 	
  

 	
  

 
	
 19.

 	
 Change of Warrant Agent.
 The Warrant Agent may resign or be discharged by the Company from its duties
 under this Agreement by the Warrant Agent or the Company, as the case may be,
 giving notice in writing to the other, and by giving a date when such
 resignation or discharge shall take effect, which notice shall be sent at
 least 30 days prior to the date so specified. If the Warrant Agent shall
 resign, be discharged or shall otherwise become incapable of acting, the
 Company shall appoint a successor to 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 resigning or
 incapacitated Warrant Agent or after discharging the Warrant Agent, then the
 Company agrees to perform the duties of the Warrant Agent hereunder until a
 successor Warrant Agent is appointed. Any successor Warrant Agent shall be a
 bank or a trust company, in good standing, organized under the laws of the
 United States of America, having at the time of its appointment as Warrant
 Agent, a combined capital and surplus of at least five million dollars. After
 appointment, the successor Warrant Agent shall be vested with the same
 powers, rights, duties and responsibilities as if it had been originally
 named as Warrant Agent without further act or deed and the former Warrant
 Agent shall deliver and transfer to the successor Warrant Agent any property
 at the time held by it thereunder, and execute and deliver any further
 assurance, conveyance, act or deed necessary for effecting the delivery or
 transfer. Failure to give any notice provided for in the section, however, or
 any defect therein, shall not 

 

8

	
  

 	
  

 	
  

 
	
  

 	
 affect the legality or
 validity of the resignation or removal of the Warrant or the appointment of
 the successor Warrant Agent, as the case may be.

 
	
  

 	
  

 	
  

 
	
 20.

 	
 Notices.
 Any notice or demand authorized by this Agreement to be given or made by the
 Warrant Agent or by any Warrant Holder to or on the Company shall be
 sufficiently given or made if sent by facsimile, mail, first class, certified
 or registered, postage prepaid, addressed (until another address is filed in
 writing by the Company with the Warrant Agent), as follows:

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 To the Company:

 
	
  

 	
  

 	
 Whispering Oaks
 International, Inc.

 
	
  

 	
  

 	
 7080 River Road, Suite
 215

 
	
  

 	
  

 	
 Richmond, British
 Columbia, Canada V6X 1X5

 
	
  

 	
  

 	
 Attn: President

 
	
  

 	
  

 	
 Facsimile: (604)
 207-9165

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 To the Warrant Agent:

 
	
  

 	
  

 	
 [to be provided]

 
	
  

 	
  

 	
  

 
	
  

 	
 Any distribution,
 notice or demand required or authorized by this Agreement to be given or made
 by the Company or the Warrant Agent to or on the Warrant Holders shall be
 sufficiently given or made if sent by mail, first class, certified or
 registered, postage prepaid, addressed to the Warrant Holders at their last
 known addresses as they shall appear on the registration books for the
 Warrant Certificates maintained by the Warrant Agent.

 
	
  

 	
  

 	
  

 
	
 21.

 	
 Supplements and
 Amendments. The Company and the Warrant Agent may from time
 to time supplement or amend this Agreement without the approval of any
 Warrant Holders in order to cure any ambiguity or to correct or supplement
 any provisions herein, or to make any other provisions in regard to matters
 or questions arising hereunder which the Company and the Warrant Agent may
 deem necessary or desirable.

 
	
  

 	
  

 	
  

 
	
 22.

 	
 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 hereunder.

 
	
  

 	
  

 	
  

 
	
 23.

 	
 Termination.
 This Agreement shall terminate at the close of business on the Expiration
 Date or such earlier date upon which all Unit Warrants have been exercised;
 provided, however, that if exercise of the Unit Warrants is suspended
 pursuant to Section 12 and such suspension continues past the Expiration
 Date, this Agreement shall terminate at the close of business on the business
 day immediately following the expiration of such suspension. The provisions
 of Section 17 shall survive such termination.

 
	
  

 	
  

 	
  

 
	
 24.

 	
 Governing Law.
 This Agreement and each Warrant Certificate issued hereunder shall be deemed
 to be a contract made under the laws of the State of Texas and for all
 purposes shall be construed in accordance with the laws of said State.

 
	
  

 	
  

 	
  

 
	
 25.

 	
 Benefits of this
 Agreement. Nothing in this Agreement shall be construed to
 give any person or corporation other than the Company, the Warrant Agent or
 the registered holders of the Warrant Certificates any legal or equitable
 right, remedy or claim under this Agreement. 

 

9

	
  

 	
  

 	
  

 
	
 26.

 	
 Counterparts.
 This Agreement may be executed in any number of counterparts, 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.

 

[The remainder of page intentionally left blank]

10

          IN
WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be
executed by one of its officers thereunto duly authorized.

Date: _____________, 2009

Whispering
Oaks International, Inc.

	
  

 	
  

 	
  

 
	
 By:

 	
  

 	
  

 
	
 Name: Ricardo Moro-Vidal

 
	
 Title: President and Chief Executive Officer

 

Securities
Transfer Corporation

	
  

 	
  

 	
  

 
	
 By:

 	
  

 	
  

 
	
 Name:

 
	
 Title:

 

11

Exhibit A

VOID AFTER 5 P.M.
PACIFIC TIME ON ______________, 2014

CLASS B WARRANTS
TO PURCHASE COMMON STOCK

	
  

 	
  

 
	
 No. _-___________

 	
 ___________ Unit
 Warrants

 
	
  

 	
  

 
	
  

 	
 CUSIP ____________

 

WHISPERING
OAKS INTERNATIONAL, INC.

THIS CERTIFIES THAT

or registered assigns, is
the registered holder of the number of Unit Warrants (“Warrants”) set forth above. Each Warrant
entitles the holder thereof to purchase from Whispering Oaks International,
Inc., a corporation incorporated under the laws of the State of Texas (the “Company”), subject to the terms and
conditions set forth hereinafter and in the Warrant Agreement between the
Company and Securities Transfer Corporation dated ___________, 2009 (the “Warrant Agreement”), at any time on or
after _______________, 2009 and before the close of business on
_______________, 2014 (“Expiration Date”),
one fully paid and non-assessable share of Common Stock, par value $0.001 per
share, of the Company (“Common Stock”)
upon presentation and surrender of this Warrant Certificate, with the
instructions for the registration and delivery of Common Stock filled in, at
the stock transfer office located in Frisco, Texas of Securities Transfer
Corporation, Warrant Agent of the Company (“Warrant
Agent”) or of its successor warrant agent or, if there be no
successor warrant agent, at the corporate offices of the Company, and upon
payment of the Exercise Price (as defined in the Warrant Agreement) and any
applicable taxes paid either in cash, or by certified or official bank check,
payable in lawful money of the United States of America to the order of the
Company. Each Warrant initially entitles the holder to purchase one share of
Common Stock for $_____. The number and kind of securities or other property
for which the Warrants are exercisable are subject to adjustment in certain
events, such as mergers, splits, stock dividends, reverse splits and the like,
to prevent dilution. The Company may redeem any or all outstanding and
unexercised Warrants by giving not less than 30 days prior notice at any time
after the date on which the closing price of the Common Stock on the principal
exchange or trading facility on which it is traded has equaled or exceeded
$_____ per share on each of five consecutive trading days. The Redemption Price
(as defined in the Warrant Agreement) is $_______ per Warrant. All Warrants not
theretofore exercised will expire on the Expiration Date.

Exhibit A to Warrant Agreement - Page 1

          This
Warrant Certificate is subject to all of the terms, provisions and conditions
of the Warrant Agreement, to all of which terms, provisions and conditions the
registered holder of this Warrant Certificate consents by acceptance hereof.
The Warrant Agreement is incorporated herein by reference and made a part
hereof and reference is made to the Warrant Agreement for a full description of
the rights, limitations of rights, obligations, duties and immunities of the
Warrant Agent, the Company and the holders of the Warrant Certificates. Copies
of the Warrant Agreement are available for inspection at the stock transfer
office of the Warrant Agent or may be obtained upon written request addressed
to the Company at Whispering Oaks International, Inc., 7080 River Road, Suite
215, Richmond, British Columbia, Canada V6X 1X5, Attention: Chief Executive
Officer.

The Company shall not be
required upon the exercise of the Warrants evidenced by this Warrant
Certificate to issue fractions of Warrants, Common Stock or other securities,
but shall make adjustment therefor as provided in the Warrant Agreement.

In certain cases, the
sale of securities by the Company upon exercise of Warrants may violate the
securities laws of the United States, certain states thereof or other
jurisdictions. The Company has agreed to use all commercially reasonable
efforts to cause a registration statement to continue to be effective during
the term of the Warrants with respect to such sales under the Securities Act of
1933, and to take such action under the laws of various states as may be
required to cause the sale of securities upon exercise to be lawful. However,
the Company will not be required to honor the exercise of Warrants if, in the
opinion of the Board of Directors, upon advice of counsel, the sale of
securities upon such exercise would be unlawful. In certain cases, the Company
may, but is not required to, purchase Warrants submitted for exercise for a
cash price equal to the difference between the market price of the securities
obtainable upon such exercise and the exercise price of such Warrants.

This Warrant Certificate,
with or without other Certificates, upon surrender to the Warrant Agent, any
successor warrant agent or, in the absence of any successor warrant agent, at
the corporate offices of the Company, may be exchanged for another Warrant
Certificate or Certificates evidencing in the aggregate the same number of
Warrants as the Warrant Certificate or Certificates so surrendered. If the
Warrants evidenced by this Warrant Certificate shall be exercised in part, the
holder hereof shall be entitled to receive upon surrender hereof another
Warrant Certificate or Certificates evidencing the number of Warrants not so
exercised.

No holder of this Warrant
Certificate, as such, shall be entitled to vote, receive dividends or be deemed
the holder of Common Stock or any other securities of the Company which may at
any time be issuable on the exercise hereof for any purpose whatsoever, nor
shall anything contained in the Warrant Agreement or herein be construed to
confer upon the holder of this Warrant Certificate, as such, any of the rights
of a stockholder of the Company or any right to vote for the election of
directors or upon any matter submitted to stockholders at any meeting thereof
or give or withhold consent to any corporate action (whether upon any matter
submitted to stockholders at any meeting thereof, or give or withhold consent
to any merger, recapitalization, issuance of stock, reclassification of stock,
change of par value or change of stock to no par value, consolidation,
conveyance or otherwise) or to receive notice of meetings or other actions
affecting stockholders (except as provided in the Warrant Agreement) or to
receive dividends or subscription rights or otherwise until the Warrants
evidenced by this Warrant Certificate shall have been exercised and the Common
Stock purchasable upon the exercise thereof shall have become deliverable as
provided in the Warrant Agreement.

 Exhibit A to Warrant Agreement - Page 2

If this Warrant
Certificate shall be surrendered for exercise within any period during which
the transfer books for the Company’s Common Stock or other class of stock
purchasable upon the exercise of the Warrants evidenced by this Warrant
Certificate are closed for any purpose, the Company shall not be required to
make delivery of certificates for shares purchasable upon such transfer until
the date of the reopening of said transfer books.

Every holder of this
Warrant Certificate by accepting the same consents and agrees with the Company,
the Warrant Agent, and with every other holder of a Warrant Certificate that:

                    (a)         this
Warrant Certificate is transferable on the registry books of the Warrant Agent
only upon the terms and conditions set forth in the Warrant Agreement, and

                   
(b)         the
Company and the Warrant Agent may deem and treat the person in whose name this
Warrant Certificate is registered as the absolute owner hereof (notwithstanding
any notation of ownership or other writing thereon made by anyone other than
the Company or the Warrant Agent) for all purposes whatsoever and neither the
Company nor the Warrant Agent shall be affected by any notice to the contrary.
The Company shall not be required to issue or deliver any certificate for
shares of Common Stock or other securities upon the exercise of Warrants evidenced
by this Warrant Certificate until any tax which may be payable in respect
thereof by the holder of this Warrant Certificate pursuant to the Warrant
Agreement shall have been paid, such tax being payable by the holder of this
Warrant Certificate at the time of surrender.

This Warrant Certificate shall not be valid or
obligatory for any purpose until it shall have been countersigned by the
Warrant Agent.

 Exhibit A to Warrant Agreement - Page 3

WITNESS the facsimile signatures of the proper
officers of the Company and its corporate seal.

Dated:

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 WHISPERING OAKS
 INTERNATIONAL, INC.

 
	
  

 
	
 CORPORATE

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Richard Moro-Vidal

 	
    SEAL

 	
 Dennis Burger

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
   TEXAS

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 PRESIDENT

 	
 EXECUTIVE CHAIRMAN

 

Countersigned:

SECURITIES TRANSFER CORPORATION

	
  

 	
  

 	
  

 
	
 By: 

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 Authorized Officer

 	
  

 

 Exhibit A to Warrant Agreement - Page 4

          The
following abbreviations, when used in the inscription on the face of this
certificate, shall be construed as though they were written out in full
according to applicable laws or regulations.

	
  

 	
  

 	
  

 
	
  

 	
 TEN COM

 	
 — as
 tenants in common

 
	
  

 	
  

 	
  

 
	
  

 	
 TEN ENT

 	
 — as tenants by the entireties

 
	
  

 	
  

 	
  

 
	
  

 	
 JT TEN

 	
 — as joint tenants with rights of
 survivorship and not as tenants in common

 
	
  

 	
  

 	
  

 
	
  

 	
 COM PROP

 	
 — as community property

 

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 UNIF GIFT
 MIN ACT

 	
  

 	
 —

 	
  

 	
  

 	
  

 	
 Custodian

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 (Cust)

 	
  

 	
  

 	
  

 	
 (minor)

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 under Uniform Gifts to Minors Act

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 (State)

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 UNIF TRF MIN
 ACT

 	
  

 	
 —

 	
  

 	
  

 	
  

 	
 Custodian

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 (Cust)

 	
  

 	
  

 	
  

 	
 (minor)

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 under Uniform Transfers to Minors Act

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 (State)

 	
  

 	
  

 	
  

 	
  

 

 Exhibit A to Warrant Agreement - Page 5

FORM OF EXERCISE
(To be executed upon exercise of Unit Warrant)

To: Whispering
Oaks International, Inc.

          The
undersigned, pursuant to the provisions set forth in the within Warrant
Certificate, hereby irrevocably elects to exercise the right of purchase
represented thereby, and hereby agrees to subscribe for and to purchase shares
of the Common Stock of Whispering Oaks International, Inc. (“Common Shares”),
as provided for therein, and tenders herewith payment of the purchase price in
full in cash or by wire transfer, check, draft, money order or certified or
bank cashier’s check in the amount of $___________.

          Please
issue a certificate or certificates for such Common Shares in the name of the
undersigned. If the number of Common Shares purchased hereby shall not be all
the Common Shares purchasable under the within Warrant Certificate, a new
Warrant Certificate is to be issued in the name of the undersigned for the
balance remaining of the Common Shares purchasable thereunder.

	
  

 	
  

 	
  

 	
  

 
	
 Name:

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (Please
 Print Name and Address)

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
 Address:

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
 Signature(s):

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Note: This above signature(s) must correspond with the name on the
 face of this Warrant Certificate or with the name of the assignee appearing
 in the assignment form below.

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
 Date:

 	
  

 	
  

 	
  

 

 Exhibit A to Warrant Agreement - Page 6

FORM OF ASSIGNMENT
(TO BE SIGNED ONLY UPON ASSIGNMENT)

FOR VALUE
RECEIVED, the undersigned Registered Holder (_________________________)

	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 (Please
 insert social security or other identification number of Registered Holder)

 
	
  

 	
  

 
	
 hereby
 sells, assigns and transfers unto 

 	
  

 
	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 
	
 (Please
 Print Name and Address including Zip Code)

 	
  

 

Unit Warrants evidenced by the within Warrant Certificate, and
irrevocably constitutes and appoints _____________________________________________
attorney to transfer this Warrant Certificate on the books of Whispering Oaks
International, Inc. with the full power of substitution in the premises.

	
  

 	
  

 	
  

 	
  

 
	
 Dated:

 	
  

 	
  

 	
  

 

Signature(s):

	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 (Signature(s) must conform in all respects to the name of Registered
 Holder as specified on the face of this Warrant Certificate in every
 particular, without alteration or any change whatsoever, and the signature(s)
 must be guaranteed in the usual manner.)

 	
  

 
	
  

 	
  

 	
  

 
	
 Signature(s)
 Guaranteed:

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 The
 signature(s) should be guaranteed by an eligible institution (banks,
 stockbrokers, savings and loan association and credit unions with membership
 in an approved signature medallion program), pursuant to S.E.C. Rule 17Ad-15.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}]]