Document:

exhib10-2.htm

    
      

      

    

    EXHIBIT 10.2

     

    
 

    MANAS PETROLEUM CORPORATION

     

    NEITHER
THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE HAVE
BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY,
MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM,
OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS
EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE
SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE
COMPANY.  THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF
THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR
OTHER LOAN SECURED BY SUCH SECURITIES.

     

    

    COMMON
STOCK PURCHASE WARRANT

    

    To
Purchase _______________
Shares of Common Stock of

     

    MANAS
PETROLEUM CORPORATION

     

    THIS
COMMON STOCK WARRANT (the “Warrant”) certifies
that, for value received, ____________________ (the
“Holder”), is
entitled, upon the terms and subject to the limitations on exercise and the
conditions hereinafter set forth, at any time on or after the date hereof (the
“Exercise
Date”) and on or prior to the close of business on the second anniversary
of the Exercise Date (the “Termination Date”)
but not thereafter, to subscribe for and purchase from Manas Petroleum
Corporation, a Nevada corporation (the “Company”), in the
aggregate, up to ___________________ shares
(the “Warrant
Shares”) of Common Stock, $.001 par value per share, of the Company (the
“Common
Stock”).  The purchase price of one share of Common Stock under
this Warrant shall be equal to the Exercise Price, as defined in Section
2(b).

     

    Section
1.                                Definitions.  Capitalized
terms used and not otherwise defined herein shall have the meanings set forth in
that certain Securities Purchase Agreement (the “Purchase Agreement”),
dated April 30, 2008,
among the Company and the purchasers signatory thereto.

     

    Section
2.                                Exercise.

     

    a) Exercise of
Warrant.  Exercise of the purchase rights represented by this
Warrant may be made, in whole or in part, at any time or times on or after the
Exercise Date and on or before the Termination Date by delivery to the Company
of a duly executed facsimile copy of the Notice of Exercise Form
annexed  hereto (or such other office or agency of the Company as it
may designate by notice in writing to the registered Holder at the address of
such Holder appearing on the books of the Company); provided, however, within 5
Trading Days of the date said Notice of Exercise is delivered to the Company, if
this Warrant is exercised in full, the Holder shall have surrendered this
Warrant to the Company and the Company shall have received  payment of
the aggregate Exercise Price of the shares thereby purchased by wire transfer or
cashier’s check drawn on a United States bank.  Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically
surrender this Warrant to the Company until the Holder has purchased all of the
Warrant Shares available hereunder and the Warrant has been exercised in
full.  Partial exercises of this Warrant resulting in purchases of a
portion of the total number of Warrant Shares available hereunder shall have the
effect of lowering the outstanding number of Warrant Shares purchasable
hereunder in an amount equal to the applicable number of Warrant Shares
purchased.  The Holder and the Company shall maintain records showing
the number of Warrant Shares purchased and the date of such
purchases.  The Company shall deliver any objection to any Notice of
Exercise Form within 1 Business Day of receipt of such notice.  In the
event of any dispute or discrepancy, the records of the Holder shall be
controlling and determinative in the absence of manifest error. The Holder and
any assignee, by acceptance of this Warrant, acknowledge and agree that, by
reason of the provisions of this paragraph, following the purchase of a portion
of the Warrant Shares hereunder, the number of Warrant Shares available for
purchase hereunder at any given time may be less than the amount stated on the
face hereof.

     

    b) Exercise
Price.  The exercise price of the Common Stock under this
Warrant shall be $2.10,
subject to adjustment hereunder (the “Exercise
Price”).

     

    c) Mechanics of
Exercise.

     

    i. Authorization of Warrant
Shares.  The Company covenants that all Warrant Shares which
may be issued upon the exercise of the purchase rights represented by this
Warrant will, upon exercise of the purchase rights represented by this Warrant,
be duly authorized, validly issued, fully paid and nonassessable and free from
all taxes, liens and charges in respect of the issue thereof (other than taxes
in respect of any transfer occurring contemporaneously with such
issue).

     

    ii. Delivery of Certificates
Upon Exercise.  Certificates for shares purchased hereunder
shall be transmitted by the transfer agent of the Company to the Holder by
crediting the account of the Holder’s prime broker with the Depository Trust
Company through its Deposit Withdrawal Agent Commission (“DWAC”) system if the
Company is a participant in such system, and otherwise by physical delivery to
the address specified by the Holder in the Notice of Exercise within 3 Trading
Days from the delivery to the Company of the Notice of Exercise Form, surrender
of this Warrant (if required) and payment of the aggregate Exercise Price as set
forth above (“Warrant
Share Delivery Date”).  This Warrant shall be deemed to have
been exercised on the date the Exercise Price is received by the
Company.  The Warrant Shares shall be deemed to have been issued, and
Holder or any other person so designated to be named therein shall be deemed to
have become a holder of record of such shares for all purposes, as of the date
the Warrant has been exercised by payment to the Company of the Exercise Price
and all taxes required to be paid by the Holder, if any, pursuant to Section
2(e)(vii) prior to the issuance of such shares, have been paid.

     

    iii. Delivery of New Warrants
Upon Exercise.  If this Warrant shall have been exercised in
part, the Company shall, at the request of a Holder and upon surrender of this
Warrant certificate, at the time of delivery of the certificate or certificates
representing Warrant Shares, deliver to Holder a new Warrant evidencing the
rights of Holder to purchase the unpurchased Warrant Shares called for by this
Warrant, which new Warrant shall in all other respects be identical with this
Warrant.

     

    iv. Rescission
Rights.  If the Company fails to cause its transfer agent to
transmit to the Holder a certificate or certificates representing the Warrant
Shares pursuant to this Section 2(e)(iv) by the Warrant Share Delivery Date,
then the Holder will have the right to rescind such exercise.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    v. No Fractional Shares or
Scrip.  No fractional shares or scrip representing fractional
shares shall be issued upon the exercise of this Warrant.  As to any
fraction of a share which Holder would otherwise be entitled to purchase upon
such exercise, the Company shall pay a cash adjustment in respect of such final
fraction in an amount equal to such fraction multiplied by the Exercise
Price.

     

    vi. Charges, Taxes and
Expenses.  Issuance of certificates for Warrant Shares shall be
made without charge to the Holder for any issue or transfer tax or other
incidental expense in respect of the issuance of such certificate, all of which
taxes and expenses shall be paid by the Company, and such certificates shall be
issued in the name of the Holder or in such name or names as may be directed by
the Holder; provided, however, that in the
event certificates for Warrant Shares are to be issued in a name other than the
name of the Holder, this Warrant when surrendered for exercise shall be
accompanied by the Assignment Form attached hereto duly executed by the Holder;
and the Company may require, as a condition thereto, the payment of a sum
sufficient to reimburse it for any transfer tax incidental thereto.

     

    vii. Closing of
Books.  The Company will not close its stockholder books or
records in any manner which prevents the timely exercise of this Warrant,
pursuant to the terms hereof.

     

    

     

    Section
3.                                Certain Adjustments.

     

    a) Stock Dividends and
Splits. If the Company, at any time while this Warrant is outstanding:
(A) pays a stock dividend or otherwise make a distribution or distributions on
shares of its Common Stock or any other equity or equity equivalent securities
payable in shares of Common Stock (which, for avoidance of doubt, shall not
include any shares of Common Stock issued by the Company pursuant to this
Warrant), (B) subdivides outstanding shares of Common Stock into a larger number
of shares, (C) combines (including by way of reverse stock split) outstanding
shares of Common Stock into a smaller number of shares, or (D) issues by
reclassification of shares of the Common Stock any shares of capital stock of
the Company, then in each case the Exercise Price shall be multiplied by a
fraction of which the numerator shall be the number of shares of Common Stock
(excluding treasury shares, if any) outstanding immediately before such event
and of which the denominator shall be the number of shares of Common Stock
outstanding immediately after such event and the number of shares issuable upon
exercise of this Warrant shall be proportionately adjusted.  Any
adjustment made pursuant to this Section 3(a) shall become effective immediately
after the record date for the determination of stockholders entitled to receive
such dividend or distribution and shall become effective immediately after the
effective date in the case of a subdivision, combination or
re-classification.

     

    b) Subsequent Equity
Sales. If the Company or any Subsidiary thereof, as applicable, at any
time while this Warrant is outstanding, shall offer, sell, grant any option to
purchase or offer, sell or grant any right to reprice its securities, or
otherwise dispose of or issue (or announce any offer, sale, grant or any option
to purchase or other disposition) any Common Stock or Common Stock Equivalents
entitling any Person to acquire shares of Common Stock, at an effective price
per share less than the then Exercise Price (such lower price, the “Base Share Price” and
such issuances collectively, a “Dilutive Issuance”),
as adjusted hereunder (if the holder of the Common Stock or Common Stock
Equivalents so issued shall at any time, whether by operation of purchase price
adjustments, reset provisions, floating conversion, exercise or exchange prices
or otherwise, or due to warrants, options or rights per share which is issued in
connection with such issuance, be entitled to receive shares of Common Stock at
an effective price per share which is less than the Exercise Price, such
issuance shall be deemed to have occurred for less than the Exercise Price on
such date of the Dilutive Issuance), then the Exercise Price shall be reduced
and only reduced to equal the Base Share Price and the number of Warrant Shares
issuable hereunder shall be increased such that the aggregate Exercise Price
payable hereunder, after taking into account the decrease in the Exercise Price,
shall be equal to the aggregate Exercise Price prior to such
adjustment.  Such adjustment shall be made whenever such Common Stock
or Common Stock Equivalents are issued.  Notwithstanding the
foregoing, no adjustments shall be made, paid or issued under this Section 3(b)
in respect of an Exempt Issuance.  The Company shall notify the Holder
in writing, no later than the Trading Day following the issuance of any Common
Stock or Common Stock Equivalents subject to this section, indicating therein
the applicable issuance price, or of applicable reset price, exchange price,
conversion price and other pricing terms (such notice the “Dilutive Issuance
Notice”).  For purposes of clarification, whether or not the
Company provides a Dilutive Issuance Notice pursuant to this Section 3(b), upon
the occurrence of any Dilutive Issuance, after the date of such Dilutive
Issuance the Holder is entitled to receive a number of Warrant Shares based upon
the Base Share Price regardless of whether the Holder accurately refers to the
Base Share Price in the Notice of Exercise.

     

    c) Pro Rata
Distributions.  If the Company, at any time prior to the
Termination Date, shall distribute to all holders of Common Stock (and not to
Holders of the Warrants) evidences of its indebtedness or assets (including cash
and cash dividends) or rights or warrants to subscribe for or purchase any
security other than the Common Stock (which shall be subject to Section 3(b)),
then in each such case the Exercise Price shall be adjusted by multiplying the
Exercise Price in effect immediately prior to the record date fixed for
determination of stockholders entitled to receive such distribution by a
fraction of which the denominator shall be the VWAP determined as of the record
date mentioned above, and of which the numerator shall be such VWAP on such
record date less the then per share fair market value at such record date of the
portion of such assets or evidence of indebtedness so distributed applicable to
one outstanding share of the Common Stock as determined by the Board of
Directors in good faith.  In either case the adjustments shall be
described in a statement provided to the Holder of the portion of assets or
evidences of indebtedness so distributed or such subscription rights applicable
to one share of Common Stock.  Such adjustment shall be made whenever
any such distribution is made and shall become effective immediately after the
record date mentioned above.

     

    d) Fundamental
Transaction. If, at any time while this Warrant is outstanding, (A) the
Company effects any merger or consolidation of the Company with or into another
Person, (B) the Company effects any sale of all or substantially all of its
assets in one or a series of related transactions, (C) any tender offer or
exchange offer (whether by the Company or another Person) is completed pursuant
to which holders of Common Stock are permitted to tender or exchange their
shares for other securities, cash or property, or (D) the Company effects any
reclassification of the Common Stock or any compulsory share exchange pursuant
to which the Common Stock is effectively converted into or exchanged for other
securities, cash or property (in any such case, a “Fundamental
Transaction”), then, upon any subsequent exercise of this Warrant, the
Holder shall have the right to receive, for each Warrant Share that would have
been issuable upon such exercise immediately prior to the occurrence of such
Fundamental Transaction, at the option of the Holder, (a) upon exercise of this
Warrant, the number of shares of Common Stock of the successor or acquiring
corporation or of the Company, if it is the surviving corporation, and any
additional consideration (the “Alternate
Consideration”) receivable upon or as a result of such reorganization,
reclassification, merger, consolidation or disposition of assets by a Holder of
the number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such event or (b) if the Company is acquired in an all cash
transaction, cash equal to the value of this Warrant as determined in accordance
with the Black-Scholes option pricing formula.  For purposes of any
such exercise, the determination of the Exercise Price shall be appropriately
adjusted to apply to such Alternate Consideration based on the amount of
Alternate Consideration issuable in respect of one share of Common Stock in such
Fundamental Transaction, and the Company shall apportion the Exercise Price
among the Alternate Consideration in a reasonable manner reflecting the relative
value of any different components of the Alternate Consideration.  If
holders of Common Stock are given any choice as to the securities, cash or
property to be received in a Fundamental Transaction, then the Holder shall be
given the same choice as to the Alternate Consideration it receives upon any
exercise of this Warrant following such Fundamental Transaction.  To
the extent necessary to effectuate the foregoing provisions, any successor to
the Company or surviving entity in such Fundamental Transaction shall issue to
the Holder a new warrant consistent with the foregoing provisions and evidencing
the Holder’s right to exercise such warrant into Alternate Consideration. The
terms of any agreement pursuant to which a Fundamental Transaction is effected
shall include terms requiring any such successor or surviving entity to comply
with the provisions of this Section 3(d) and insuring that this Warrant (or any
such replacement security) will be similarly adjusted upon any subsequent
transaction analogous to a Fundamental Transaction.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    e) Calculations. All
calculations under this Section 3 shall be made to the nearest cent or the
nearest 1/100th of a share, as the case may be. For purposes of this Section 3,
the number of shares of Common Stock deemed to be issued and outstanding as of a
given date shall be the sum of the number of shares of Common Stock (excluding
treasury shares, if any) issued and outstanding.

     

    f) Voluntary Adjustment By
Company. The Company may at any time during the term of this Warrant
reduce the then current Exercise Price to any amount and for any period of time
deemed appropriate by the Board of Directors of the Company.

     

    g) Notice to
Holders.

     

    i. Adjustment to Exercise
Price. Whenever the Exercise Price is adjusted pursuant to this Section
3, the Company shall promptly mail to each Holder a notice setting forth the
Exercise Price after such adjustment and setting forth a brief statement of the
facts requiring such adjustment. If the Company issues a variable rate security,
despite the prohibition thereon in the Purchase Agreement, the Company shall be
deemed to have issued Common Stock or Common Stock Equivalents at the lowest
possible conversion or exercise price at which such securities may be converted
or exercised in the case of a Variable Rate Transaction (as defined in the
Purchase Agreement).

     

    ii. Notice to Allow Exercise by
Holder. If (A) the Company shall declare a dividend (or any other
distribution) on the Common Stock; (B) the Company shall declare a special
nonrecurring cash dividend on or a redemption of the Common Stock; (C) the
Company shall authorize the granting to all holders of the Common Stock rights
or warrants to subscribe for or purchase any shares of capital stock of any
class or of any rights; (D) the approval of any stockholders of the Company
shall be required in connection with any reclassification of the Common Stock,
any consolidation or merger to which the Company is a party, any sale or
transfer of all or substantially all of the assets of the Company, of any
compulsory share exchange whereby the Common Stock is converted into other
securities, cash or property; (E) the Company shall authorize the voluntary or
involuntary dissolution, liquidation or winding up of the affairs of the
Company; then, in each case, the Company shall cause to be mailed to the Holder
at its last address as it shall appear upon the Warrant Register of the Company,
at least 20 calendar days prior to the applicable record or effective date
hereinafter specified, a notice stating (x) the date on which a record is to be
taken for the purpose of such dividend, distribution, redemption, rights or
warrants, or if a record is not to be taken, the date as of which the holders of
the Common Stock of record to be entitled to such dividend, distributions,
redemption, rights or warrants are to be determined or (y) the date on which
such reclassification, consolidation, merger, sale, transfer or share exchange
is expected to become effective or close, and the date as of which it is
expected that holders of the Common Stock of record shall be entitled to
exchange their shares of the Common Stock for securities, cash or other property
deliverable upon such reclassification, consolidation, merger, sale, transfer or
share exchange; provided that the failure to mail such notice or any defect
therein or in the mailing thereof shall not affect the validity of the corporate
action required to be specified in such notice.  The Holder is
entitled to exercise this Warrant during the 20-day period commencing on the
date of such notice to the effective date of the event triggering such
notice.

     

    Section
4.                                Transfer of
Warrant.

     

    a) Transferability.  Subject
to compliance with any applicable securities laws and the conditions set forth
in Sections 5(a) and 4(d) hereof and to the provisions of Section 4.1 of the
Purchase Agreement, this Warrant and all rights hereunder are transferable, in
whole or in part, upon surrender of this Warrant at the principal office of the
Company, together with a written assignment of this Warrant substantially in the
form attached hereto duly executed by the Holder or its agent or attorney and
funds sufficient to pay any transfer taxes payable upon the making of such
transfer.  Upon such surrender and, if required, such payment, the
Company shall execute and deliver a new Warrant or Warrants in the name of the
assignee or assignees and in the denomination or denominations specified in such
instrument of assignment, and shall issue to the assignor a new Warrant
evidencing the portion of this Warrant not so assigned, and this Warrant shall
promptly be cancelled.  A Warrant, if properly assigned, may be
exercised by a new holder for the purchase of Warrant Shares without having a
new Warrant issued.

     

    b) New Warrants. This
Warrant may be divided or combined with other Warrants upon presentation hereof
at the aforesaid office of the Company, together with a written notice
specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney.  Subject to compliance
with Section 4(a), as to any transfer which may be involved in such division or
combination, the Company shall execute and deliver a new Warrant or Warrants in
exchange for the Warrant or Warrants to be divided or combined in accordance
with such notice.

     

    c) Warrant Register. The
Company shall register this Warrant, upon records to be maintained by the
Company for that purpose (the “Warrant Register”),
in the name of the record Holder hereof from time to time.  The
Company may deem and treat the registered Holder of this Warrant as the absolute
owner hereof for the purpose of any exercise hereof or any distribution to the
Holder, and for all other purposes, absent actual notice to the
contrary.

     

    d) Transfer
Restrictions. If, at the time of the surrender of this Warrant in
connection with any transfer of this Warrant, the transfer of this Warrant shall
not be registered pursuant to an effective registration statement under the Securities
Act and under applicable state securities or
blue sky laws, the Company may require, as a condition of allowing such transfer
(i) that the Holder or transferee of this Warrant, as the case may be, furnish
to the Company a written opinion of counsel (which opinion shall be in form,
substance and scope customary for opinions of counsel in comparable
transactions) to the effect that such transfer may be made without registration under the Securities Act and under applicable
state securities or blue sky laws, (ii) that the holder or transferee execute
and deliver to the Company an investment letter in form and substance acceptable
to the Company and (iii) that the transferee be an “accredited investor” as defined in Rule 501(a)(1), (a)(2),
(a)(3), (a)(7), or (a)(8) promulgated under the Securities Act or a qualified
institutional buyer as defined in Rule 144A(a) under the Securities
Act.

     

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Section
5.                                Miscellaneous.

     

    a) Title to
Warrant.  Prior to the Termination Date and subject to
compliance with applicable laws and Section 4 of this Warrant, this Warrant and
all rights hereunder are transferable, in whole or in part, at the office or
agency of the Company by the Holder in person or by duly authorized attorney,
upon surrender of this Warrant together with the Assignment Form annexed hereto
properly endorsed.  The transferee shall sign an investment letter in
form and substance reasonably satisfactory to the Company.

     

    b) No Rights as Shareholder
Until Exercise.  This Warrant does not entitle the Holder to
any voting rights or other rights as a shareholder of the Company prior to the
exercise hereof.  Upon the surrender of this Warrant and the payment
of the aggregate Exercise Price, the Warrant Shares so purchased shall be and be
deemed to be issued to such Holder as the record owner of such shares as of the
close of business on the later of the date of such surrender or
payment.

     

    c) Loss, Theft, Destruction or
Mutilation of Warrant. The Company covenants that upon receipt by the
Company of evidence reasonably satisfactory to it of the loss, theft,
destruction or mutilation of this Warrant or any stock certificate relating to
the Warrant Shares, and in case of loss, theft or destruction, of indemnity or
security reasonably satisfactory to it (which, in the case of the Warrant, shall
not include the posting of any bond), and upon surrender and cancellation of
such Warrant or stock certificate, if mutilated, the Company will make and
deliver a new Warrant or stock certificate of like tenor and dated as of such
cancellation, in lieu of such Warrant or stock certificate.

     

    d) Saturdays, Sundays,
Holidays, etc.  If the last or appointed day for the taking of
any action or the expiration of any right required or granted herein shall be a
Saturday, Sunday or a legal holiday, then such action may be taken or such right
may be exercised on the next succeeding day not a Saturday, Sunday or legal
holiday.

     

    e) Authorized
Shares.

     

    The
Company covenants that during the period the Warrant is outstanding, it will
reserve from its authorized and unissued Common Stock a sufficient number of
shares to provide for the issuance of the Warrant Shares upon the exercise of
any purchase rights under this Warrant.  The Company further covenants
that its issuance of this Warrant shall constitute full authority to its
officers who are charged with the duty of executing stock certificates to
execute and issue the necessary certificates for the Warrant Shares upon the
exercise of the purchase rights under this Warrant.  The Company will
take all such reasonable action as may be necessary to assure that such Warrant
Shares may be issued as provided herein without violation of any applicable law
or regulation, or of any requirements of the Trading Market upon which the
Common Stock may be listed.

     

    Except
and to the extent as waived or consented to by the Holder, the Company shall not
by any action, including, without limitation, amending its certificate of
incorporation or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms of this
Warrant, but will at all times in good faith assist in the carrying out of all
such terms and in the taking of all such actions as may be necessary or
appropriate to protect the rights of Holder as set forth in this Warrant against
impairment.  Without limiting the generality of the foregoing, the
Company will (a) not increase the par value of any Warrant Shares above the
amount payable therefor upon such exercise immediately prior to such increase in
par value, (b) take all such action as may be necessary or appropriate in order
that the Company may validly and legally issue fully paid and nonassessable
Warrant Shares upon the exercise of this Warrant, and (c) use commercially
reasonable efforts to obtain all such authorizations, exemptions or consents
from any public regulatory body having jurisdiction thereof as may be necessary
to enable the Company to perform its obligations under this
Warrant.

     

    Before
taking any action which would result in an adjustment in the number of Warrant
Shares for which this Warrant is exercisable or in the Exercise Price, the
Company shall obtain all such authorizations or exemptions thereof, or consents
thereto, as may be necessary from any public regulatory body or bodies having
jurisdiction thereof.

     

    f) Jurisdiction. All
questions concerning the construction, validity, enforcement and interpretation
of this Warrant shall be determined in accordance with the provisions of the
Purchase Agreement.

     

    g) Restrictions.  The
Holder acknowledges that the Warrant Shares acquired upon the exercise of this
Warrant, if not registered, will have restrictions upon resale imposed by state
and federal securities laws.

     

    h) Nonwaiver and
Expenses.  No course of dealing or any delay or failure to
exercise any right hereunder on the part of Holder shall operate as a waiver of
such right or otherwise prejudice Holder’s rights, powers or remedies,
notwithstanding the fact that all rights hereunder terminate on the Termination
Date.  If the Company willfully and knowingly fails to comply with any
provision of this Warrant, which results in any material damages to the Holder,
the Company shall pay to Holder such amounts as shall be sufficient to cover any
costs and expenses including, but not limited to, reasonable attorneys’ fees,
including those of appellate proceedings, incurred by Holder in collecting any
amounts due pursuant hereto or in otherwise enforcing any of its rights, powers
or remedies hereunder.

     

    i) Notices.  Any
notice, request or other document required or permitted to be given or delivered
to the Holder by the Company shall be delivered in accordance with the notice
provisions of the Purchase Agreement.

     

    j) Limitation of
Liability.  No provision hereof, in the absence of any
affirmative action by Holder to exercise this Warrant or purchase Warrant
Shares, and no enumeration herein of the rights or privileges of Holder, shall
give rise to any liability of Holder for the purchase price of any Common Stock
or as a stockholder of the Company, whether such liability is asserted by the
Company or by creditors of the Company.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    k) Remedies.  Holder,
in addition to being entitled to exercise all rights granted by law, including
recovery of damages, will be entitled to specific performance of its rights
under this Warrant.  The Company agrees that monetary damages would
not be adequate compensation for any loss incurred by reason of a breach by it
of the provisions of this Warrant and hereby agrees to waive the defense in any
action for specific performance that a remedy at law would be
adequate.

     

    l) Successors and
Assigns.  Subject to applicable securities laws, this Warrant
and the rights and obligations evidenced hereby shall inure to the benefit of
and be binding upon the successors of the Company and the successors and
permitted assigns of Holder.  The provisions of this Warrant are
intended to be for the benefit of all Holders from time to time of this Warrant
and shall be enforceable by any such Holder or holder of Warrant
Shares.

     

    m) Amendment.  This
Warrant may be modified or amended or the provisions hereof waived with the
written consent of the Company and the Holder.

     

    n) Severability.  Wherever
possible, each provision of this Warrant shall be interpreted in such manner as
to be effective and valid under applicable law, but if any provision of this
Warrant shall be prohibited by or invalid under applicable law, such provision
shall be ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provisions or the remaining provisions of
this Warrant.

     

    o) Headings.  The
headings used in this Warrant are for the convenience of reference only and
shall not, for any purpose, be deemed a part of this Warrant.

     

    

    ********************

    

    

    IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its
officer thereunto duly authorized.

     

    

    Dated:  April
30, 2007

    
 

    
      	
              MANAS
      PETROLEUM CORPORATION

               

               

            
	
              By:__________________________________________

                   Name:
      Peter-Mark Vogel

                   Title:   Director
      Finance

               

            

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    NOTICE
OF EXERCISE

    

    TO:           MANAS
PETROLEUM CORPORATION

    

    (1) The
undersigned hereby elects to purchase________________ Warrant Shares
of the Company pursuant to the terms of the attached Warrant (only if exercised
in full), and tenders herewith payment of the exercise price in full, together
with all applicable transfer taxes, if any.

     

    (2) Payment
shall take the form of lawful money of the United States.

     

    (3) Please
issue a certificate or certificates representing said Warrant Shares in the name
of the undersigned or in such other name as is specified below:

     

    

    

    

    The
Warrant Shares shall be delivered to the following:

    

    

    

    

    

    

    

    (4)  Accredited
Investor.  The undersigned is an “accredited investor” as
defined in Regulation D promulgated under the Securities Act of 1933, as
amended.

    

    [SIGNATURE
OF HOLDER]

    

    Name of
Investing Entity:
________________________________________________________________________

    Signature of Authorized Signatory of
Investing Entity:
_________________________________________________

    Name of
Authorized Signatory:
___________________________________________________________________

    Title of
Authorized Signatory:
____________________________________________________________________

    Date:
________________________________________________________________________________________

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    ASSIGNMENT
FORM

    

    (To
assign the foregoing warrant, execute

    this form
and supply required information.

    Do not
use this form to exercise the warrant.)

    

    

    

    FOR VALUE
RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby
assigned to

     

    

    _______________________________________________
whose address is

    

    _______________________________________________________________.

    

    

    

    _______________________________________________________________

    

    Dated:  ______________,
_______

    

    

    Holder’s
Signature:                                           _____________________________

    

    Holder’s
Address:                                           _____________________________

    

    _____________________________

    

    

    

    Signature
Guaranteed:  ___________________________________________

    

    

    NOTE:  The
signature to this Assignment Form must correspond with the name as it appears on
the face of the Warrant, without alteration or enlargement or any change
whatsoever, and must be guaranteed by a bank or trust
company.  Officers of corporations and those acting in a fiduciary or
other representative capacity should file proper evidence of authority to assign
the foregoing Warrant.exhib10-3.htm

    
      

      

    

     

    EXHIBIT 10.3

     

     

    

     

    MANAS
PETROLEUM CORPORATION

     

    SUBSCRIPTION
AGREEMENT

     

    UNITS

     

    

     

    

     

    

     

    
      	
               
      

            	
              INSTRUCTIONS

            

    

     

    

    All
Subscribers:

     

    1.           Complete
and sign pages 1, 2 and 3 of the Subscription Agreement.

     

    2.           Complete
and sign Schedule D attached to the Subscription Agreement.

     

    

     

    

     

    

     

    

     

    

     

    

     

    
      
        
          CW1847202.2

        

         

      

      
         

        
          

        

      

      
         

      

    

    

     

    THIS
SUBSCRIPTION AGREEMENT RELATES TO AN OFFERING OF SECURITIES IN AN OFFSHORE
TRANSACTION TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED HEREIN) PURSUANT TO
REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“1933 ACT”).

     

    NONE
OF THE SECURITIES TO WHICH THIS SUBSCRIPTION AGREEMENT (THE “SUBSCRIPTION
AGREEMENT”) RELATES HAVE BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT
OF 1933 (THE “1933 ACT”), OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO
REGISTERED, NONE MAY BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED
STATES OR TO U.S. PERSONS (AS DEFINED HEREIN) EXCEPT IN ACCORDANCE WITH THE
PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS.  IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY
NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT.

     

    SUBSCRIPTION
AGREEMENT

    (Canadian
Subscribers)

     

    
      	
              TO:

            	
              Manas
      Petroleum Corp. (the “Company”)

            

    

     

    
      	
               
      

            	
              Bahnhofstrasse
      9

            

    

     

    
      	
               
      

            	
              6341
      Baar

            

    

     

    
      	
               
      

            	
              Switzerland

            

    

     

    
      	
               
      

            	
              Purchase of
      Units

            

    

     

    On the
basis of the representations and warranties and subject to the terms and
conditions set forth herein, the undersigned subscriber (the “Subscriber”) hereby
irrevocably subscribes for and agrees to purchase from the Company the number of
units (each a “Unit” and
collectively the “Units”) specified below at a
purchase price of U.S. $1,000 per Unit for the aggregate purchase price shown
below and otherwise on the terms and conditions set out in sections 1 to 19
below and in the applicable Schedules hereto (the agreement to purchase being
hereafter referred to as the “Subscription” and the
aggregate purchase price being hereafter referred to as the “Subscription
Proceeds”).  Each Unit shall consist of one convertible
debenture (each a “Debenture” and collectively
the “Debentures”) in the
face (principal) amount of U.S. $1,000 and 250 share purchase warrants (each a
“Warrant” and
collectively the “Warrants”).  Each
Debenture shall be substantially in the form attached to this Subscription
Agreement as Exhibit “A”.  Each Warrant shall entitle the holder to
purchase one share of the Company’s common stock at an exercise price of U.S.
$2.10 for a period of two years from the Closing Date (as hereinafter defined)
and shall be substantially in the form attached to this Subscription Agreement
as Exhibit “B”.  The terms of the offering pursuant to which this
Subscription is made are as set forth on the Term Sheet attached to this
Subscription Agreement as Exhibit “C”.

     

    The Units
are immediately severable into their constituent Shares and Warrants upon
issuance.  The Debentures, the shares of the Company’s common stock
that may be issued upon conversion of the Debentures (the “Conversion Shares”) and the
shares of the Company’s common stock that may be issued upon exercise of the
Warrants (the “Warrant
Shares”) may be hereafter referred to, collectively, as the “Securities”.  The
Units are part of an offering (the “Offering”) of up to 1,000
Units for gross aggregate proceeds of up to U.S. $10,000,000.

     

    DATED this _____ day of
___________________, 2008.

    
      
        
          CW1847202.2

        

         

      

      
         

        
          

        

      

      
         

        
          -  -

        

      

    

     

    

    
      	
              Details of
      Subscriber:

               

               

              (Name of Subscriber - please
      print)

               

              By:                                                                

              (Authorized
      Signature)

               

               

               

              (Official Capacity or Title -
      please print)

               

               

              (Please print name of individual
      whose signature appears above if different than the name of the Subscriber
      printed above.)

               

               

              (Subscriber's
      Address)

               

               

              (Subscriber's
      Address)

               

               

              (Telephone
      Number)

               

               

              (E-Mail
      Address)

               

            	 
      	
               

              Number of
      Units:                                                                 

               

            
	 
      
	
               

              Aggregate Subscription Price:
      US$                                                                 

              (the “Subscription
      Price”)

            
	 
      
	
              Details of Beneficial Purchaser
      (if not the same as Subscriber):

               

               

               

              (Name of Beneficial
      Purchaser)

               

               

              (Beneficial Purchaser’s
      Address)

               

               

              (Beneficial Purchaser’s Telephone
      Number)

               

               

               

            
	
              Register the Units as set forth
      below:

               

               

              (Name)

               

               

              (Account reference, if
      applicable)

               

               

              (Address)

               

               

              (Address)

            	 
      	
              Deliver the Units as set forth
      below:

               

               

              (Name)

               

               

              (Account reference, if
      applicable)

               

               

              (Contact Name)

               

               

              (Address)

               

               

              (Address)

            

    

    

     

    Note: The Subscriber must
either be:

     

     

    (a)  purchasing
the securities offered hereunder as principal or

     

    (b)  deemed
to be purchasing such securities as principal, by virtue of being:

     

    
      	
               
      

            	
              (i)
      a trust company or trust corporation described in paragraph (16) of the
      definition of “accredited investor” in Schedule “D” (other than a trust
      company or trust corporation registered under the laws of Prince Edward
      Island that is not registered or authorized under the Trust and Loan
      Companies Act (Canada) or under comparable legislation in another
      jurisdiction of Canada); or

            

    

     

    (ii) a person described in paragraph
(17) of the definition of “accredited investor” in Schedule “D”.

     

    Present Ownership of
Securities

     

    The
Subscriber either [check
appropriate box]:

     

    
      	 	
              owns
      directly or indirectly, or exercises control or direction over, no common
      shares of the Corporation (“Common Shares”) or
      securities convertible into Common Shares;
or

            

    

     

    
      	 	
              owns
      directly or indirectly, or exercises control or direction over,
      ____________ Common Shares of and/or convertible securities entitling the
      Subscriber to acquire an additional ____________ Common
      Shares.

            

    

     

    Insider
Status

     

    The
Subscriber either [check
appropriate box]:

     

    
      	
               
      

            	
              is
      an “Insider” of the Corporation,
meaning:

            

    

     

    
      	
               
      

            	
              (a)

            	
              a
      director or senior officer of the
Corporation;

            

    

    
      	
               
      

            	
              (b)

            	
              a
      director or senior officer of a person that is itself an insider or
      subsidiary of the Corporation;

            

    

    
      	
               
      

            	
              (c)

            	
              a
      person that has

            

    

    
      	
               
      

            	
              (i)

            	
              direct
      or indirect beneficial ownership
of;

            

    

    
      	
               
      

            	
              (ii)

            	
              control
      or direction over; or

            

    

    
      	
               
      

            	
              (iii)

            	
              a
      combination of direct or indirect beneficial ownership of and of control
      or direction over securities of the Corporation carrying more than 10% of
      the voting rights attached to all the Corporation’s outstanding voting
      securities, excluding, for the purpose of the calculation of the
      percentage held, any securities held by the person as underwriter in the
      course of a distribution, or

            

    

    
      	
               
      

            	
              (d)

            	
              the
      Corporation itself, if it has purchased, redeemed or otherwise acquired
      any securities of its own issue, for so long as it continues to hold those
      securities; or

            

    

     

    is not an Insider of the
Corporation.

     

     

    This
subscription is accepted by MANAS PETROLEUM CORP. this
_____ day of ______________,
2008.

    
      	
              MANAS
      PETROLEUM CORP.

               

               

              Per:                                                            

              Authorized
    Signatory

            	 
      	 
      

    

    

     

    

    

     

    
      
        
          CW1847202.2

        

         

      

      
         

        
          

        

      

      
         

        
          -  -

        

      

    

     

    Payment

     

    1.1 The
Subscription Proceeds pertaining to the purchase of the Units shall be paid
before the Closing Date (as defined in Section 3.1, below) by wire transfer to
the Company pursuant to the instructions provided below:

    Wire
Transfer to:

     

    Bank:                                           Credit
Suisse Winterthur

    Bahnhofplatz
6

    8401
Winterthur, Switzerland

    IBAN
No.:                                CH81
0483 5024 4189 7200 0

    Swift
No.:                                CRESCHZZ84R

    Account
No.:                                           244189-72

    Title of
Account:                                           Manas
Petroleum Corporation

    Reference:                                Debenture
Financing

     

    1.2 All
references herein to monetary amounts are to lawful money of the United States,
unless otherwise specified.

     

    
      	
              2.  

            	
              Documents Required
      from Subscriber

            

    

     

    2.1 Prior to
the Closing Date the Subscriber must complete, sign and return to the Company an
executed copy of this Subscription Agreement, a completed and duly executed copy
of the Accredited Investor Status Certificate which is attached hereto as
Exhibit “D” and any other transaction documents necessary to the completion of
the purchase of the Units.  This Subscription Agreement shall be
binding on the Subscriber upon delivery to the Company of a copy of this
Subscription Agreement executed by the Subscriber.

     

    2.2 The
Subscriber shall complete, sign and return to the Company as soon as possible,
on request by the Company, any documents, questionnaires, notices and
undertakings as may be required by regulatory authorities, the OTC Bulletin
Board or applicable law.

     

    2.3 Subject
to the terms hereof, the Subscription will be effective upon its acceptance by
the Company.

     

    
      	
              3.  

            	
              Closing

            

    

     

    3.1 The sale
of the Debenture shall be completed (the “Closing”) at 9:00 a.m.
(Pacific Standard Time) on _________________________, 2008 (the “Closing Date”) or such other
date as the parties may agree upon.  Closing will be held at the
offices of _____________________________.

     

    3.2 At each
Closing:

     

    
      	
              (a)  

            	
              the
      Subscriber will deliver the Subscription Proceeds to the extent not
      previously delivered; and

            

    

     

    
      	
              (b)  

            	
              the
      Company will deliver certificates for the Debentures and the Warrants
      registered as provided in this Subscription
  Agreement.

            

    

     

    3.3 After the
Closing but within the time prescribed by regulation, the Company shall file
with the applicable authorities any documents required in order to report the
completion of the Subscription and the sale of the securities to the
Subscriber.

     

    
      	
              4.  

            	
              Acknowledgements of
      Subscriber

            

    

     

    4.1 The
Subscriber acknowledges and agrees that:

     

    
      	
              (a)  

            	
              none
      of the Securities have been or will be registered under the 1933 Act, or
      under any state securities or “blue sky” laws of any state of the United
      States, and, unless so registered, may not be offered or sold in the
      United States or, directly or indirectly, to U.S. Persons, as that term is
      defined in Regulation S under the 1933 Act (“Regulation S”), except
      in accordance with the provisions of Regulation S, pursuant to an
      effective registration statement under the 1933 Act, or pursuant to an
      exemption from, or in a transaction not subject to, the registration
      requirements of the 1933 Act and in each case only in accordance with
      applicable state securities laws;

            

    

     

    
      	
              (b)  

            	
              the
      Company has not undertaken, and will have no obligation, to register any
      of the Securities under the 1933 Act or any other securities
      legislation;

            

    

     

    
      	
              (c)  

            	
              it
      has received and carefully read this Subscription
    Agreement;

            

    

     

    
      	
              (d)  

            	
              the
      decision to execute this Subscription Agreement and purchase the
      Securities agreed to be purchased hereunder has not been based upon any
      oral or written representation as to fact or otherwise made by or on
      behalf of the Company and such decision is based entirely upon a review of
      any public information which has been filed by the Company with the
      Securities and Exchange Commission (“SEC”) in compliance, or
      intended compliance, with applicable securities
    legislation;

            

    

     

    
      	
              (e)  

            	
              it
      and its advisor(s) have had a reasonable opportunity to ask questions of
      and receive answers from the Company in connection with the sale of the
      Securities hereunder, and to obtain additional information, to the extent
      possessed or obtainable by the Company without unreasonable effort or
      expense;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              (f)  

            	
              the
      books and records of the Company were available upon reasonable notice for
      inspection, subject to certain confidentiality restrictions, by the
      Subscriber during reasonable business hours at its principal place of
      business and that all documents, records and books in connection with the
      sale of the Securities hereunder have been made available for inspection
      by it and its attorney and/or
advisor(s);

            

    

     

    
      	
              (g)  

            	
              the
      financial statements of the Company have been prepared in accordance with
      generally accepted accounting principles of the United States, which
      differ in some respects from generally accepted accounting principles of
      Canada, and thus may not be comparable to financial statements of Canadian
      companies;

            

    

     

    
      	
              (h)  

            	
              all
      information which the Subscriber has provided to the Company is correct
      and complete as of the date the Subscription Agreement is signed, and if
      there should be any change in such information prior to this Subscription
      Agreement being executed by the Company, the Subscriber will immediately
      provide the Company with such
information;

            

    

     

    
      	
              (i)  

            	
              the
      Company is entitled to rely on the representations and warranties of the
      Subscriber contained in this Subscription Agreement and the Subscriber
      will hold the Company harmless from any loss or damage it may suffer as a
      result of the Subscriber’s failure to correctly complete this Subscription
      Agreement;

            

    

     

    
      	
              (j)  

            	
              the
      Subscriber has been advised to consult the Subscriber’s own legal, tax and
      other advisors with respect to the merits and risks of an investment in
      the Securities and with respect to applicable resale restrictions, and it
      is solely responsible (and the Company is not in any way responsible) for
      compliance with:

            

    

     

    
      	
              (i)  

            	
              any
      applicable laws of the jurisdiction in which the Subscriber is resident in
      connection with the distribution of the Securities hereunder,
      and

            

    

     

    
      	
              (ii)  

            	
              applicable
      resale restrictions;

            

    

     

    
      	
              (k)  

            	
              none
      of the Securities are listed on any stock exchange or automated dealer
      quotation system and no representation has been made to the Subscriber
      that any of the Securities will become listed on any stock exchange or
      automated dealer quotation system, except that currently certain market
      makers make market in the common shares of the Company on the OTC Bulletin
      Board operated by the Financial Industry Regulatory Authority
      (“FINRA”);

            

    

     

    
      	
              (l)  

            	
              none
      of the Securities may be offered or sold by the Subscriber to a U.S.
      Person (as defined in Section 5.2, below, or
      for the account or benefit of a U.S. Person (other than a distributor)
      prior to the end of the Distribution Compliance Period (as defined
      herein);

            

    

     

    
      	
              (m)  

            	
              the
      Company will refuse to register any transfer of the Securities not made in
      accordance with the provisions of Regulation S, pursuant to an effective
      registration statement under the 1933 Act or pursuant to an available
      exemption from the registration requirements of the 1933 Act and in each
      case in accordance with applicable securities
  laws;

            

    

     

    
      	
              (n)  

            	
              neither
      the SEC nor any other securities commission or similar regulatory
      authority has reviewed or passed on the merits of the
      Securities;

            

    

     

    
      	
              (o)  

            	
              no
      documents in connection with the sale of the Securities hereunder have
      been reviewed by the SEC or any state securities
      administrators;

            

    

     

    
      	
              (p)  

            	
              there
      is no government or other insurance covering any of the
      Securities;

            

    

     

    
      	
              (q)  

            	
              the
      Subscriber is purchasing the Securities pursuant to an exemption from the
      registration and the prospectus requirements of applicable securities
      legislation on the basis that the Subscriber is not a resident of the
      United States and that it is an “accredited investor” in Canada (as that
      term is defined in Canada’s National Instrument 45-106) and, as a
      consequence, that:

            

    

     

    
      	
              (i)  

            	
              the
      Subscriber is restricted from using most of the civil remedies available
      under securities legislation,

            

    

     

    
      	
              (ii)  

            	
              the
      Subscriber may not receive information that would otherwise be required to
      be provided under securities legislation,
and

            

    

     

    
      	
              (iii)  

            	
              the
      Company is relieved from certain obligations that would otherwise apply
      under securities legislation;

            

    

     

    
      	
              (r)  

            	
              because
      the Subscriber is not purchasing the Units under a prospectus, the
      Subscriber will not have the civil protections, rights and remedies that
      would otherwise be available to the Subscriber under the securities laws
      in any Province of Canada, including statutory rights of rescission or
      damages;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              (s)  

            	
              the
      certificates evidencing the Shares and Warrants will bear a legend, and
      the Warrant Shares may bear a legend, regarding restrictions on transfer
      as required pursuant to applicable securities
  laws;

            

    

     

    
      	
              (t)  

            	
              the
      statutory and regulatory basis for the exemption claimed for the offer and
      sale of the Securities, although in technical compliance with Regulation
      S, would not be available if the offering is part of a plan or scheme to
      evade the registration provisions of the 1933 Act;
  and

            

    

     

    
      	
              (u)  

            	
              this
      Subscription Agreement is not enforceable by the Subscriber unless it has
      been accepted by the Company.

            

    

     

    
      	
              5.  

            	
              Representations,
      Warranties and Covenants of the
  Subscriber

            

    

     

    5.1 The
Subscriber hereby represents and warrants to and covenants with the Company
(which representations, warranties and covenants shall survive the Closing)
that:

     

    
      	
              (a)  

            	
              the
      Subscriber is not a U.S. Person;

            

    

     

    
      	
              (b)  

            	
              the
      Subscriber is not acquiring the Securities for the account or benefit of,
      directly or indirectly, any U.S.
Person;

            

    

     

    
      	
              (c)  

            	
              the
      Subscriber is resident in the jurisdiction set out under the heading
      “Details of Subscriber” on the page 2 of this Subscription Agreement and
      the sale of the Securities to the Subscriber as contemplated in this
      Subscription Agreement complies with or is exempt from the applicable
      securities legislation of the jurisdiction of residence of the
      Subscriber;

            

    

     

    
      	
              (d)  

            	
              the
      Subscriber is an “accredited investor” within the meaning of the Canadian
      National Instrument 45-106 (“NI 45-106”)
      and:

            

    

     

    
      	
              (i)  

            	
              is
      either purchasing the Securities (A) as principal and not for the benefit
      of any other person, or is deemed under NI 45-106 to be purchasing the
      Securities as principal, or (B) as agent for a beneficial purchaser
      disclosed in this Subscription Agreement, and is an agent or trustee with
      proper authority to execute all documents required in connection with the
      purchase of the Securities on behalf of such disclosed beneficial
      purchaser and such disclosed beneficial purchaser for whom the Subscriber
      is contracting hereunder is purchasing as principal and not for the
      benefit of any other person, or is deemed under NI 45-106 to be purchasing
      the Securities as principal, and such disclosed beneficial purchaser is an
      “accredited investor” within the meaning of NI
  45-106;

            

    

     

    
      	
              (ii)  

            	
              if
      the Subscriber is, or the beneficial purchaser for whom the Subscriber is
      contracting hereunder is, as the case may be, a person, other than an
      individual or investment fund, that has net assets of at least
      CDN$5,000,000, the Subscriber was not, or the beneficial purchaser for
      whom the Subscriber is contracting hereunder was not, as the case may be,
      created or used solely to purchase or hold securities as an accredited
      investor; and

            

    

     

    
      	
              (iii)  

            	
              the
      Subscriber has concurrently executed and delivered a certificate in the
      form attached as Exhibit “D”
hereto;

            

    

     

    
      	
              (e)  

            	
              the
      Subscriber has the legal capacity and competence to enter into and execute
      this Subscription Agreement and to take all actions required pursuant
      hereto and, if the Subscriber is a corporation, it is duly incorporated
      and validly subsisting under the laws of its jurisdiction of incorporation
      and all necessary approvals by its directors, shareholders and others have
      been obtained to authorize execution and performance of this Subscription
      Agreement on behalf of the
Subscriber;

            

    

     

    
      	
              (f)  

            	
              if
      the Subscriber is a corporation or other entity, the entering into of this
      Subscription Agreement and the transactions contemplated hereby do not and
      will not result in the violation of any of the terms and provisions of any
      law applicable to, or the constating documents of, the Subscriber or of
      any agreement, written or oral, to which the Subscriber may be a party or
      by which the Subscriber is or may be
bound;

            

    

     

    
      	
              (g)  

            	
              the
      Subscriber has duly executed and delivered this Subscription Agreement and
      it constitutes a valid and binding agreement of the Subscriber enforceable
      against the Subscriber;

            

    

     

    
      	
              (h)  

            	
              the
      Subscriber is acquiring the Securities as principal for its own account
      for investment purposes only and not for the account of any other person
      and not for distribution, assignment or resale to others, and no other
      person has a direct or indirect beneficial interest in such Securities,
      and it has not subdivided its interest in the Securities with any other
      person;

            

    

     

    
      	
              (i)  

            	
              the
      Subscriber is outside the United States when receiving and executing this
      Subscription Agreement and except as otherwise expressly set forth on page
      2 of this Subscription Agreement is acquiring the Securities as principal
      for the Subscriber’s own account for investment purposes only, and not
      with a view to, or for, resale, distribution or fractionalisation thereof,
      in whole or in part, and no other person has a direct or indirect
      beneficial interest in the
Securities;

            

    

     

    
      	
              (j)  

            	
              the
      Subscriber is aware that an investment in the Company is speculative and
      involves certain risks, including the possible loss of the entire
      investment and it has carefully read and considered the matters set forth
      under the heading “Risk Factors” appearing in the Company’s Forms 10-KSB,
      10-QSB, 8-K and any other filings filed with the
  SEC;

            

    

     

    
      	
              (k)  

            	
              the
      Subscriber has made an independent examination and investigation of an
      investment in the Securities and the Company and has depended on the
      advice of its legal and financial advisors and agrees that the Company
      will not be responsible in any way whatsoever for the Subscriber’s
      decision to invest in the Securities and the
  Company;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              (l)  

            	
              the
      Subscriber (i) has adequate net worth and means of providing for its
      current financial needs and possible personal contingencies, (ii) has no
      need for liquidity in this investment, and (iii) is able to bear the
      economic risks of an investment in the Securities for an indefinite period
      of time;

            

    

     

    
      	
              (m)  

            	
              the
      Subscriber understands and agrees that the Company and others will rely
      upon the truth and accuracy of the acknowledgements, representations and
      agreements contained in this Subscription Agreement and agrees that if any
      of such acknowledgements, representations and agreements are no longer
      accurate or have been breached, the Subscriber shall promptly notify the
      Company;

            

    

     

    
      	
              (n)  

            	
              the
      Subscriber has the legal capacity and competence to enter into and execute
      this Subscription Agreement and to take all actions required pursuant
      hereto;

            

    

     

    
      	
              (o)  

            	
              the
      Subscriber has duly executed and delivered this Subscription Agreement and
      it constitutes a valid and binding agreement of the Subscriber enforceable
      against the Subscriber in accordance with its
  terms;

            

    

     

    
      	
              (p)  

            	
              the
      Subscriber is not an underwriter of, or dealer in, the common shares of
      the Company, nor is the Subscriber participating, pursuant to a
      contractual agreement or otherwise, in the distribution of any of the
      Securities;

            

    

     

    
      	
              (q)  

            	
              the
      Subscriber understands and agrees that none of the Securities have been or
      will be registered under the 1933 Act or under any state securities or
      “blue sky” laws of any state of the United States and, unless so
      registered, may not be offered or sold in the United States or directly or
      indirectly to U.S. Persons, except in accordance with the provisions of
      Regulation S (“Regulation “S” promulgated under the 1933 Act, pursuant to
      an effective registration statement under the 1933 Act, or pursuant to an
      exemption from, or in a transaction not subject to, the registration
      requirements of the 1933 Act and in each case only in accordance with
      applicable state securities laws;

            

    

     

    
      	
              (r)  

            	
              the
      Subscriber understands and agrees that offers and sales of any of the
      Securities prior to the expiration of a period of six months after the
      date of original issuance of the Securities (the six month period
      hereinafter referred to as the “Distribution Compliance
      Period”) shall only be made in compliance with the safe harbor
      provisions set forth in Regulation S, pursuant to the registration
      provisions of the 1933 Act or an exemption therefrom, and that all offers
      and sales after the Distribution Compliance Period shall be made only in
      compliance with the registration provisions of the 1933 Act or an
      exemption therefrom and in each case only in accordance with applicable
      state securities laws;

            

    

     

    
      	
              (s)  

            	
              the
      Subscriber has not acquired the Securities as a result of, and it
      covenants that it will not itself engage in, any “directed selling
      efforts” (as defined in Regulation S) in the United States in respect of
      any of the Securities which would include any activities undertaken for
      the purpose of, or that could reasonably be expected to have the effect
      of, conditioning the market in the United States for the resale of any of
      the Securities; provided, however, that the Subscriber may sell or
      otherwise dispose of any of the Securities pursuant to registration of any
      of the Securities pursuant to the 1933 Act and any applicable state
      securities laws or under an exemption from such registration requirements
      and as otherwise provided herein;

            

    

     

    
      	
              (t)  

            	
              the
      Subscriber agrees not to engage in any hedging transactions involving any
      of the Securities unless such transactions are in compliance with the
      provisions of the 1933 Act and in each case only in accordance with
      applicable state securities laws;

            

    

     

    
      	
              (u)  

            	
              the
      Subscriber understands and agrees that the Company will refuse to register
      any transfer of the Securities not made in accordance with the provisions
      of Regulation S, pursuant to an effective registration statement under the
      1933 Act or pursuant to an available exemption from the registration
      requirements of the 1933 Act;

            

    

     

    
      	
              (v)  

            	
              the
      Subscriber (i) is able to fend for itself in the Subscription; (ii) has
      such knowledge and experience in financial and business matters as to be
      capable of evaluating the merits and risks of its investment in the
      Securities and the Company; and (iii) has the ability to bear the economic
      risks of its prospective investment and can afford the complete loss of
      such investment;

            

    

     

    
      	
              (w)  

            	
              the
      Subscriber will indemnify the Company against, and will hold the Company
      and, where applicable, its respective directors, officers, employees,
      agents, advisors and shareholders harmless from, any and all loss,
      liability, claim, damage and expense whatsoever (including, but not
      limited to, any and all fees, costs and expenses whatsoever reasonably
      incurred in investigating, preparing or defending against any claim,
      lawsuit, administrative proceeding or investigation whether commenced or
      threatened) arising out of or based upon any representation or warranty of
      the Subscriber contained herein or in any document furnished by the
      Subscriber to the Company in connection herewith being untrue in any
      material respect or any breach or failure by the Subscriber to comply with
      any covenant or agreement made by the Subscriber to the Company in
      connection therewith;

            

    

     

    
      	
              (x)  

            	
              the
      Subscriber is not aware of any advertisement of any of the Securities and
      is not acquiring the Securities as a result of any form of general
      solicitation or general advertising including advertisements, articles,
      notices or other communications published in any newspaper, magazine or
      similar media or broadcast over radio or television, or any seminar or
      meeting whose attendees have been invited by general solicitation or
      general advertising;

            

    

     

    
      	
              (y)  

            	
              for
      so long as the Subscriber owns any of the Securities it will not sell any
      securities of the Company “short” (and this covenant shall survive the
      Closing until the Subscriber has sold or converted, or the Company has
      redeemed, all of the Securities, as applicable);
  and

            

    

     

    
      	
              (z)  

            	
              no
      person has made to the Subscriber any written or oral
      representations:

            

    

     

    
      	
              (i)  

            	
              that
      any person will resell or repurchase any of the
  Securities,

            

    

     

    
      	
              (ii)  

            	
              that
      any person will refund the purchase price of any of the
      Securities,

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              (iii)  

            	
              as
      to the future price or value of any of the Securities,
  or

            

    

     

    
      	
              (iv)  

            	
              that
      any of the Securities will be listed and posted for trading on any stock
      exchange or automated dealer quotation system or that application has been
      made to list and post any of the Securities of the Company on any stock
      exchange or automated dealer quotation system, except that currently the
      Company’s common shares are quoted on the over-the-counter market operated
      by the Over-The-Counter Bulletin Board operated by
  FINRA.

            

    

     

    5.2 In this
Subscription Agreement, the term “U.S. Person” shall have the meaning ascribed
thereto in Regulation S.

     

    
      	
              6.  

            	
              Representations and
      Warranties will be Relied Upon by the
  Company

            

    

     

    6.1 The
Subscriber acknowledges that the representations and warranties contained herein
are made by it with the intention that such representations and warranties may
be relied upon by the Company and its legal counsel in determining the
Subscriber’s eligibility to purchase the Securities under applicable securities
legislation.  The Subscriber further agrees that by accepting delivery
of the certificates representing any of the Securities, it will be representing
and warranting that the representations and warranties contained herein are true
and correct as at the Closing Date with the same force and effect as if they had
been made by the Subscriber on the date of this Subscription Agreement and that
they will survive the purchase by the Subscriber of the Units and any conversion
into Conversion Shares or Warrant Shares and will continue in full force and
effect notwithstanding any subsequent disposition by the Subscriber of such
Securities.

     

    
      	
              7.  

            	
              Resale
      Restrictions

            

    

     

    7.1 The
Subscriber acknowledges that the Debentures and the Warrants are not
transferable and that any resale of any of the other Securities will be subject
to resale restrictions contained in the securities legislation applicable to
each Subscriber or proposed transferee.  The Subscriber acknowledges
that the Securities have not been registered under the 1933 Act or the
securities laws of any state of the United States and that none of the
Securities may be offered or sold in the United States unless registered in
accordance with United States federal securities laws and all applicable state
securities laws or exemptions from such registration requirements are
available.

     

    7.2 The
Subscriber acknowledges that restrictions on the transfer, sale or other
subsequent disposition of the Securities by the Subscriber may be imposed by
securities laws in addition to any restrictions referred to in Section 7.1 above, and, in particular, the
Subscriber acknowledges and agrees that none of the Securities may be offered or
sold to a U.S. Person or for the account or benefit of a U.S. Person (other than
a distributor) prior to the end of the Distribution Compliance
Period.

     

    7.3 The
Subscriber acknowledges that the Securities are subject to resale restrictions
in Canada and may not be traded in Canada except as permitted by the Ontario Act
and the Alberta Act and the rules made thereunder.

     

    7.4 Pursuant
to NI 45-102, a subsequent trade in the Securities will be a distribution
subject to the prospectus and registration requirements of applicable Canadian
securities legislation unless certain conditions are met, which conditions
include the requirement that the hold period mandated by NI 45-102 (the "Canadian Hold Period") shall
have elapsed and, during the currency of the Canadian Hold Period, any
certificate representing the Securities is to be imprinted with a restrictive
legend (the "Canadian
Legend").

     

    7.5 By
executing and delivering this Subscription Agreement, the Subscriber will have
directed the Company not to include the Canadian Legend on any certificates
representing the Securities to be issued to the Subscriber.

     

    7.6 As a
consequence, the Subscriber may not be able to rely on the resale provisions of
NI 45-102, and any subsequent trade in any of the Securities during or after the
Canadian Hold Period may be a distribution subject to the prospectus and
registration requirements of Canadian securities legislation, to the extent that
the trade is at that time subject to any such Canadian securities
legislation.

     

    
      	
              8.  

            	
              Acknowledgement and
      Waiver

            

    

     

    8.1 The
Subscriber has acknowledged that the decision to purchase the Securities was
solely made on the basis of information available to the Subscriber in this
Subscription Agreement or on the EDGAR database maintained by the SEC at www.sec.gov.  The
Subscriber hereby waives, to the fullest extent permitted by law, any rights of
withdrawal, rescission or compensation for damages to which the Subscriber might
be entitled in connection with the distribution of the Securities.

     

    
      	
              9.  

            	
              Legending of Subject
      Securities

            

    

     

    9.1 The
Subscriber hereby acknowledges that that upon the issuance thereof, and until
such time as the same is no longer required under the applicable securities laws
and regulations, the certificates representing any of the Securities will bear a
legend in substantially the following form:

     

    
      	
               
      

            	
              “THESE
      SECURITIES WERE ISSUED IN AN OFFSHORE TRANSACTION TO PERSONS WHO ARE NOT
      U.S. PERSONS (AS DEFINED HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED
      STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933
      ACT”).  ACCORDINGLY, NONE OF THE SECURITIES TO WHICH THIS
      CERTIFICATE RELATES HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S.
      STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED OR
      SOLD IN THE UNITED STATES OR, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS (AS
      DEFINED HEREIN) EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR
      PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
      REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN
      ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING
      TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN
      ACCORDANCE WITH THE 1933 ACT.”

            

    

     

    9.2 The
Subscriber hereby acknowledges and agrees to the Company making a notation on
its records or giving instructions to the registrar and transfer agent of the
Company in order to implement the restrictions on transfer set forth and
described in this Subscription Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              10.  

            	
              Costs

            

    

     

    10.1 The
Subscriber acknowledges and agrees that all costs and expenses incurred by the
Subscriber (including any fees and disbursements of any special counsel retained
by the Subscriber) relating to the purchase of the Debenture or to the
conversion of the Debenture shall be borne by the Subscriber.

     

    
      	
              11.  

            	
              Commission or Finder’s
      Fee.

            

    

     

    11.1 The
Subscriber understands that, in connection with the issue and sale of Units
pursuant to the Offering, the Company may be obligated to pay a commission or a
finder’s fee to an agent or a finder equal to seven percent (7%) of the gross
proceeds derived from the sale of the Units.

     

    
      	
              12.  

            	
              Governing
      Law

            

    

     

    12.1 This
Subscription Agreement is governed by the laws of the Province of British
Columbia and the federal laws of Canada applicable therein.

     

    
      	
              13.  

            	
              Collection of Personal
      Information.

            

    

     

    13.1 The
Subscriber acknowledges and consents to the fact that the Company is collecting
the Subscriber’s personal information for the purpose of fulfilling this
Subscription Agreement and completing the Offering.  The Subscriber's
personal information (and, if applicable, the personal information of those on
whose behalf the Subscriber is contracting hereunder) may be disclosed by the
Company to (a) stock exchanges or securities regulatory authorities (including
the British Columbia Securities Commission, the Ontario Securities Commission
and the Securities and Exchange Commission), (b) the Company's registrar and
transfer agent, (c) Canadian tax authorities, (d) authorities pursuant to the
Proceeds of Crime (Money
Laundering) and Terrorist Financing Act (Canada), (e) any of the other
parties involved in the offering of the Units, including legal counsel and may
be included in record books in connection with the Subscription.  By
executing this Subscription Agreement, the Subscriber is deemed to be consenting
to the foregoing collection, use and disclosure of the Subscriber's personal
information (and, if applicable, the personal information of those on whose
behalf the Subscriber is contracting hereunder) and to the retention of such
personal information for as long as permitted or required by law or business
practice.  Notwithstanding that the Subscriber may be purchasing Units
as agent on behalf of an undisclosed principal, the Subscriber agrees to
provide, on request, particulars as to the nature and identity of such
undisclosed principal, and any interest that such undisclosed principal has in
the Company, all as may be required by the Company in order to comply with the
foregoing.

     

    Furthermore,
the Subscriber is hereby notified that:

     

    
      	
              (a)  

            	
              the
      Company may deliver to the British Columbia Securities Commission, the
      Ontario Securities Commission, the SEC and/or any other securities
      commission certain personal information pertaining to the Subscriber or
      the beneficial owner (if applicable), including such Subscriber’s (or
      beneficial owner’s, if applicable) full name, residential address and
      telephone number, the number of shares or other securities of the Company
      owned by the Subscriber or the beneficial owner (if applicable), the
      number of Units purchased by the Subscriber or the beneficial owner (if
      applicable) and the total purchase price paid for such Units, the
      prospectus exemption relied on by the Company and the date of distribution
      of the Units,

            

    

     

    
      	
              (b)  

            	
              the
      personal information is being collected indirectly by, among others, the
      Ontario Securities Commission under the authority granted to it in
      securities legislation,

            

    

     

    
      	
              (c)  

            	
              such
      information is being collected for the purposes of the administration and
      enforcement of the securities legislation of Ontario and other applicable
      jurisdictions, and

            

    

     

    
      	
              (d)  

            	
              the
      Subscriber may contact the following public official in Ontario with
      respect to questions about the Ontario Securities Commission’s indirect
      collection of such information at the following address and telephone
      number:

            

    

     

    Administrative
Assistant to the Director of Corporate Finance

    Ontario
Securities Commission

    Suite
1903, Box 55, 20 Queen Street West

    Toronto,
Ontario, M5H 3S8

    Telephone:  (416)
593-8086

     

    
      	
              14.  

            	
              Survival

            

    

     

    14.1 This
Subscription Agreement, including without limitation the representations,
warranties and covenants contained herein, shall survive and continue in full
force and effect and be binding upon the parties hereto notwithstanding the
completion of the purchase of the Securities by the Subscriber pursuant
hereto.

     

    
      	
              15.  

            	
              Assignment

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    15.1 This
Subscription Agreement is not transferable or assignable.

     

    
      	
              16.  

            	
              Severability

            

    

     

    16.1 The
invalidity or unenforceability of any particular provision of this Subscription
Agreement shall not affect or limit the validity or enforceability of the
remaining provisions of this Subscription Agreement.

     

    
      	
              17.  

            	
              Entire
      Agreement

            

    

     

    17.1 Except as
expressly provided in this Subscription Agreement and in the agreements,
instruments and other documents contemplated or provided for herein, this
Subscription Agreement contains the entire agreement between the parties with
respect to the sale of the Securities and there are no other terms, conditions,
representations or warranties, whether expressed, implied, oral or written, by
statute or common law, by the Company or by anyone else.

     

    
      	
              18.  

            	
              Notices

            

    

     

    18.1 All
notices and other communications hereunder shall be in writing and shall be
deemed to have been duly given if mailed or transmitted by any standard form of
telecommunication.  Notices to the Subscriber shall be directed to the
address on the signature page of this Subscription Agreement and notices to the
Company shall be directed to it at Bahnhofstrasse 9, 6341 Baar, Switzerland,
Attention: President.

     

    
      	
              19.  

            	
              Counterparts and
      Electronic Means

            

    

     

    19.1 This
Subscription Agreement may be executed in any number of counterparts, each of
which, when so executed and delivered, shall constitute an original and all of
which together shall constitute one instrument.  Delivery of an
executed copy of this Subscription Agreement by electronic facsimile
transmission or other means of electronic communication capable of producing a
printed copy will be deemed to be execution and delivery of this Subscription
Agreement as of the date hereinafter set forth.

    

    

     

    IN WITNESS WHEREOF the
Subscriber has duly executed this Subscription Agreement as of the date of
acceptance by the Company.

     

    ___________________________________________

    (Name of Subscriber – Please type or
print)

     

    

    (Signature and, if applicable,
Office)

     

                                                                               ___________________________________________

    (Address of Subscriber)

     

    ___________________________________________

    (City, State or Province, Postal Code
of Subscriber)

     

    ___________________________________________

    (Country of Subscriber)

    

    
      
        
          CW1847202.2

        

         

      

      
         

        
          

        

      

      
         

      

    

    

     

    A
C C E P T A N C E

     

    The
above-mentioned Subscription Agreement in respect of the Units is hereby
accepted by Manas Petroleum Corp.

     

    DATED at
________________________ as of the ___________ day of _______,
2008.

     

    MANAS
PETROLEUM CORP.

     

    

     

    

     

    Per:           

    Authorized Signatory

    
      
        
          CW1847202.2

        

         

      

      
         

        
          

        

      

      
         

      

    

    

     

    EXHIBIT
“A”

     

    FORM
OF CONVERTIBLE DEBENTURE

    
      
        
          CW1847202.2

        

         

      

      
         

        
          

        

      

      
         

        
          - A
-

          

          

        

      

    

     

    EXHIBIT
“B”

     

    FORM
OF WARRANT

    
      
         

      

      
         

        
          

        

      

      
         

        
          - A
-

          

          

        

      

    

     

    EXHIBIT
“C”

     

    TERM
SHEET

    
      
         

      

      
         

        
          

        

      

      
         

        
          - A
-

          

          

        

      

    

     

    EXHIBIT
D

     

    ACCREDITED
INVESTOR STATUS CERTIFICATE

     

    The
undersigned Subscriber, a resident of, or otherwise subject to the securities
laws of a province of Canada hereby represents, warrants and certifies, as an
integral part of the attached Subscription Agreement, that he, she or it is and
at Closing will be, correctly and in all respects described by the category or
categories set forth directly next to which the Subscriber has marked
below.

     

    q  (1)                      a
Canadian financial institution, or a Schedule III bank.

    

    
      	
              q  (2)

            	
              the
      Business Development Bank of Canada incorporated under the Business Development Bank of
      Canada Act (Canada).

            

    

    

    
      	
              q  (3)

            	
              a
      subsidiary of any person referred to in paragraphs (1) or (2), if the
      person owns all of the voting securities of the subsidiary, except the
      voting securities required by law to be owned by directors of that
      subsidiary.

            

    

    

    
      	
              q  (4)

            	
              a
      person registered under the securities legislation of a jurisdiction of
      Canada as an adviser or dealer, other than a person registered solely as a
      limited market dealer under one or both of the Securities Act
      (Ontario) or the Securities Act
      (Newfoundland and Labrador).

            

    

    

    
      	
              q  (5)

            	
              an
      individual registered or formerly registered under the securities
      legislation of a jurisdiction of Canada as a representative of a person
      referred to in paragraph (4).

            

    

    

    
      	
              q  (6)

            	
              the
      Government of Canada or a jurisdiction of Canada, or any crown
      corporation, agency or wholly owned entity of the Government of Canada or
      a jurisdiction of Canada.

            

    

    

    
      	
              q  (7)

            	
              a
      municipality, public board or commission in Canada and a metropolitan
      community, school board, the Comité de gestion de la taxe scolaire de
      l’île de Montréal or an intermunicipal management board in
      Québec.

            

    

    

    
      	
              q  (8)

            	
              any
      national, federal, state, provincial, territorial or municipal government
      of or in any foreign jurisdiction, or any agency of that
      government.

            

    

    

    
      	
              q  (9)

            	
              a
      pension fund that is regulated by either the Office of the Superintendent
      of Financial Institutions (Canada) or a pension commission or similar
      regulatory authority of a jurisdiction of
  Canada.

            

    

    

    
      	
              q  (10)

            	
              an
      individual who, either alone or with a spouse, beneficially owns, directly
      or indirectly, financial assets having an aggregate realizable value that
      before taxes, but net of any related liabilities, exceeds
      $1,000,000.

            

    

    

    
      	
              q  (11)

            	
              an
      individual whose net income before taxes exceeded $200,000 in each of the
      2 most recent calendar years or whose net income before taxes combined
      with that of a spouse exceeded $300,000 in each of the 2 most recent
      calendar years and who, in either case, reasonably expects to exceed that
      net income level in the current calendar
year.

            

    

    

    q  (12)                      an
individual who, either alone or with a spouse, has net assets of at least
$5,000,000.

    

    
      	
              q  (13)

            	
              a
      person, other than an individual or investment fund, that has net assets
      of at least $5,000,000 as shown on its most recently prepared financial
      statements.

            

    

    

    q  (14)                      an
investment fund that distributes or has distributed its securities only
to

     

    
      	
              (a)  

            	
              a
      person that is or was an accredited investor at the time of the
      distribution,

            

    

     

    
      	
              (b)  

            	
              a
      person that acquires or acquired securities in the circumstances referred
      to in sections 2.10 [Minimum amount
      investment], and 2.19 [Additional investment in
      investment funds] of NI 45-106,
or

            

    

     

    
      	
              (c)  

            	
              a
      person described in paragraph (i) or (ii) that acquires or acquired
      securities under section 2.18 [Investment fund
      reinvestment] of NI 45-106.

            

    

     

    
      	
              q  (15)

            	
              an
      investment fund that distributes or has distributed securities under a
      prospectus in a jurisdiction of Canada for which the regulator or, in
      Québec, the securities regulatory authority, has issued a
      receipt.

            

    

    

    
      	
              q  (16)

            	
              a
      trust company or trust corporation registered or authorized to carry on
      business under the Trust
      and Loan Companies Act (Canada) or under comparable legislation in
      a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a
      fully managed account managed by the trust company or trust corporation,
      as the case may be.

            

    

    

    q  (17) a
person acting on behalf of a fully managed account managed by that person, if
that person

    

    
      	
              (a)  

            	
              is
      registered or authorized to carry on business as an adviser or the
      equivalent under the securities legislation of a jurisdiction of Canada or
      a foreign jurisdiction, and

            

    

     

    
      	
              (b)  

            	
              in
      Ontario, is purchasing a security that is not a security of an investment
      fund.

            

    

     

    
      	
              q  (18)

            	
              a
      registered charity under the Income Tax Act (Canada)
      that, in regard to the trade, has obtained advice from an eligibility
      adviser or an adviser registered under the securities legislation of the
      jurisdiction of the registered charity to give advice on the securities
      being traded.

            

    

    

    
      	
              q  (19)

            	
              an
      entity organized in a foreign jurisdiction that is analogous to any of the
      entities referred to in paragraphs (1) to (4) or paragraph (9) in form and
      function.

            

    

    

    
      	
              q  (20)

            	
              a
      person in respect of which all of the owners of interests, direct,
      indirect or beneficial, except the voting securities required by law to be
      owned by directors, are persons that are accredited
    investors.

            

    

    

    
      	
              q  (21)

            	
              an
      investment fund that is advised by a person registered as an adviser or a
      person that is exempt from registration as an
  adviser.

            

    

    

    
      	
              q  (22)

            	
              a
      person that is recognized or designated by the securities regulatory
      authority or, except in Ontario and Québec, the regulator
    as

            

    

    

    
      	
              (a)  

            	
              an
      accredited investor, or

            

    

     

    
      	
              (b)  

            	
              an
      exempt subscriber in Alberta or British Columbia after NI 45-106 comes
      into force.

            

    

     

    

    
      
         

      

      
         

        
          

        

      

      
         

        
          - A
-

          

          

        

      

    

    Note:  A
summary of the meanings of some of the terms used in this Accredited Investor
Status Certificate follows the signature block below.

    

    DATED                                                      ,
200__

    

    

    Signature
of Subscriber

    

    

    Name of
Subscriber

    

    

    

    

    

    Address
of Subscriber

    

     

    For the
purposes of this Accredited Investor Status Certificate, the following
definitions are included for convenience:

     

    
      	
              (a)  

            	
              “affiliate”
      means that an issuer is an affiliate of another issuer
  if:

            

    

     

    
      	
              (i)  

            	
              one
      of them is the subsidiary of the other,
or

            

    

     

    
      	
              (ii)  

            	
              each
      of them is controlled by the same
person.

            

    

     

    
      	
              (b)  

            	
              “Canadian
      financial institution” means

            

    

     

    
      	
              (i)  

            	
              an
      association governed by the Cooperative Credit Associations Act (Canada)
      or a central cooperative credit society for which an order has been made
      under section 473(1) of that Act,
or

            

    

     

    
      	
              (ii)  

            	
              a
      bank, loan corporation, trust company, trust corporation, insurance
      company, treasury branch, credit union, caisse populaire, financial
      services cooperative, or league that, in each case, is authorized by an
      enactment of Canada or a jurisdiction of Canada to carry on business in
      Canada or a jurisdiction of Canada.

            

    

     

    
      	
              (c)  

            	
              “company”
      means any corporation, incorporated association, incorporated syndicate or
      other incorporated organization;

            

    

     

    
      	
              (d)  

            	
              “control
      person” has the same meaning as in securities legislation except in
      Manitoba, Newfoundland and Labrador, Northwest Territories, Nova Scotia,
      Nunavut, Ontario, Prince Edward Island and Quebec where control person
      means any person that holds or is one of a combination of persons that
      holds

            

    

     

    
      	
              (i)  

            	
              a
      sufficient number of any of the securities of an issuer so as to affect
      materially the control of the issuer,
or

            

    

     

    
      	
              (ii)  

            	
              more
      than 20% of the outstanding voting securities of an issuer except where
      there is evidence showing that the holding of those securities does not
      affect materially the control of the
issuer.

            

    

     

    
      	
              (e)  

            	
              “entity”
      means a company, syndicate, partnership, trust or unincorporated
      organization;

            

    

     

    
      	
              (f)  

            	
              “financial
      assets” means cash, securities, or any contract of insurance or deposit or
      evidence thereof that is not a security for the purposes of the securities
      legislation;

            

    

     

    
      	
              (g)  

            	
              “fully
      managed account” means an account of a client for which a person makes the
      investment decisions if that person has full discretion to trade in
      securities for the account without requiring the client’s express consent
      to a transaction;

            

    

     

    
      	
              (h)  

            	
              “mutual
      fund” means:

            

    

     

    
      	
              (i)  

            	
              for
      the purposes of British Columbia
law,

            

    

     

    
      	
              (A)  

            	
              an
      issuer of a security that entitles the holder to receive on demand, or
      within a specified period after demand, an amount computed by reference to
      the value of a proportionate interest in the whole or in a part of the net
      assets, including a separate fund or trust account, of the issuer of the
      security,

            

    

     

    
      	
              (B)  

            	
              an
      issuer described in an order that the commission may make under section
      3.2 of the Securities Act (B.C.),
and

            

    

     

    
      	
              (C)  

            	
              an
      issuer that is in a class of prescribed
issuers,

            

    

     

    but does
not include an issuer, or a class of issuers, described in an order that the
commission may make under section 3.1 of the Securities Act (B.C.);

    

    
      	
              (ii)  

            	
              for
      the purposes of Alberta law,

            

    

     

    
      	
              (A)  

            	
              an
      issuer whose primary purpose is to invest money provided by its security
      holders and whose securities entitle the holder to receive on demand, or
      within a specified period after demand, an amount computed by reference to
      the value of a proportionate interest in the whole or in part of the net
      assets, including a separate fund or trust account, of the issuer,
      or

            

    

     

    
      	
              (B)  

            	
              an
      issuer that is designated as a mutual fund under section 10 of the Alberta
      Securities Act (Alberta) or in accordance with the
      regulations,

            

    

     

    but does
not include an issuer, or class of issuers, that is designated under section 10
of the Alberta Securities Act (Alberta) not to be a mutual fund;

    

    
      	
              (iii)  

            	
              for
      the purposes of Ontario law, an issuer whose primary purpose is to invest
      money provided by its security holders and whose securities entitle the
      holder to receive on demand, or within a specified period after demand, an
      amount computed by reference to the value as a proportionate interest in
      the whole or in part of the net assets, including a separate fund or trust
      account, of the issuer;

            

    

     

    
      	
              (iv)  

            	
              for
      the purposes of Quebec law, a company issuing shares which must, on
      request of the holder, redeem them at their net asset
    value;

            

    

     

    
      	
              (i)  

            	
              “non-redeemable
      investment fund” means an issuer:

            

    

     

    
      	
              (i)  

            	
              whose
      primary purpose is to invest money provided by its security
      holders;

            

    

     

    
      	
              (ii)  

            	
              that
      does not invest,

            

    

     

    
      	
              (A)  

            	
              for
      the purpose of exercising or seeking to exercise control of an issuer,
      other than an issuer that is a mutual fund or a non-redeemable investment
      fund, or

            

    

     

    
      	
              (B)  

            	
              for
      the purpose of being actively involved in the management of any issuer in
      which it invests, other than an issuer that is a mutual fund or a
      non-redeemable investment fund, and

            

    

     

    
      	
              (iii)  

            	
              that
      is not a mutual fund;

            

    

     

    
      	
              (j)  

            	
              “person”
      includes

            

    

     

    
      	
              (i)  

            	
              an
      individual,

            

    

     

    
      	
              (ii)  

            	
              a
      corporation,

            

    

     

    
      	
              (iii)  

            	
              a
      partnership, trust, fund and an association, syndicate, organization or
      other organized group of persons, whether incorporated or not,
      and

            

    

     

    
      	
              (iv)  

            	
              an
      individual or other person in that person's capacity as a trustee,
      executor, administrator or personal or other legal
      representative;

            

    

     

    
      	
              (k)  

            	
              “portfolio
      adviser” means:

            

    

     

    
      	
              (i)  

            	
              a
      portfolio manager; or

            

    

     

    
      	
              (ii)  

            	
              a
      broker or investment dealer exempted from registration as an adviser under
      section 148 of the regulation made under the Securities Act (Ontario) if
      that broker or investment dealer is not exempt from the by-laws or
      regulations of the Toronto Stock Exchange or the Investment Dealers’
      Association of Canada referred to in that
  section;

            

    

     

    
      	
              (l)  

            	
              “related
      liabilities” means liabilities incurred or assumed for the purpose of
      financing the acquisition or ownership of financial assets or liabilities
      that are secured by financial assets;
and

            

    

     

    
      	
              (m)  

            	
              “spouse”
      means an individual who:

            

    

     

    
      	
              (i)  

            	
              is
      married to another individual and is not living separate and apart within
      the meaning of the Divorce Act (Canada) from the other
      individual,

            

    

     

    
      	
              (ii)  

            	
              is
      living with another individual in a marriage-like relationship, including
      a marriage-like relationship between individuals of the same gender,
      or

            

    

     

    
      	
              (iii)  

            	
              in
      Alberta, is an individual referred to in paragraph (i) or (ii), or is an
      adult interdependent partner within the meaning of the Adult
      Interdependent Relationships Act
(Alberta);

            

    

     

    
      	
              (n)  

            	
              “subsidiary”
      means an issuer that is controlled directly or indirectly by another
      issuer and includes a subsidiary of that subsidiary.

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