Document:

Exhibit 4(c)(2)

 

THESE SECURITIES HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”) AND MAY NOT BE OFFERED, TRANSFERRED, SOLD, PLEDGED, HYPOTHECATED,
ASSIGNED OR OTHERWISE DISPOSED OF EXCEPT (i) PURSUANT TO A REGISTRATION
STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS WHICH
HAS BECOME EFFECTIVE AND IS CURRENT WITH RESPECT TO THESE SECURITIES, OR (ii)
PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER RULE 144 OF THE SECURITIES ACT
BUT ONLY IF THE REGISTERED HOLDER HEREOF HAS FIRST OBTAINED THE WRITTEN OPINION
OF COUNSEL TO GATEWAY ENERGY CORPORATION (THE “COMPANY”), OR OTHER COUNSEL
REASONABLY ACCEPTABLE TO THE COMPANY, TO THE EFFECT THAT THE PROPOSED
DISPOSITION IS CONSISTENT WITH ALL APPLICABLE PROVISIONS OF THE SECURITIES ACT
AS WELL AS ANY APPLICABLE STATE SECURITIES LAWS.

 

	
  VOID AFTER FEBRUARY 28, 2006

  	
  No. WT-1

  
	
   

  	
  100,000 Shares

  

 

COMMON
STOCK PURCHASE WARRANT

 

of

 

GATEWAY
ENERGY CORPORATION

 

THIS CERTIFIES THAT Josh H. Buterin (the “Warrantholder”)
is entitled to subscribe for and purchase from GATEWAY ENERGY CORPORATION, a
Delaware corporation (the “Company”), at a price of $0.30 per share (the “Warrant
Price”), payable in cash, check, or common stock of the Company, pursuant to
the further terms hereof, One Hundred Thousand (100,000) fully paid and
non-assessable shares of the Company’s common stock, par value $0.25 per share
(the “Common Stock”), such price and such number of shares being subject to
adjustment as set forth in this warrant. 
This warrant may be exercised at any time from the date of grant until
the close of business on February 28, 2006.

 

Upon delivery of this warrant, together with payment
of the Warrant Price for the shares of Common Stock purchased, at the principal
office of the Company or at such other office or agency as the Company may
designate by notice in writing to the Warrantholder, the Warrantholder shall be
entitled to receive a certificate or certificates for the shares of Common
Stock so purchased.  All shares of Common
Stock which may be issued upon the

 

1

 

exercise
of this warrant will, upon issuance, be fully paid and non-assessable and free
from all taxes, liens, charges and encumbrances with respect thereto.

 

This warrant is subject to the following terms and
conditions:

 

1.                                       Exercise of Warrant.

 

(a)                                  Manner of Exercise.  This
warrant may be exercised in whole or in part by the surrender of this warrant
at the principal office of the Company and by the payment to the Company by
cash, check, or Common Stock of the Company for the number of shares of Common
Stock being purchased.  Common Stock
surrendered shall be valued as follows:

 

(i)                                     If traded on a national securities exchange
or reported through the automated quotation system of a registered securities
association, the value shall be deemed to be the average of the closing prices
of the Common Stock on such exchange or system during the thirty calendar day
period ending three (3) calendar days prior to the exercise date;

 

(ii)                                  If actively traded over-the-counter, the
value shall be deemed to be the average of the closing bid or sale prices
(whichever is applicable) during the thirty calendar day period ending three
(3) calendar days prior to the exercise date; and

 

(iii)                               If there is no active public market, the
value shall be the fair market value thereof, as determined by the Board of
Directors in the good faith exercise of its reasonable business judgment.

 

(b)                                 Partial Exercise.  On
any partial exercise, the Company shall promptly issue and deliver to the
Warrantholder a new warrant or warrants of like tenor in the name of that
Warrantholder providing for the right to purchase that number of shares as to
which this warrant has not been exercised.

 

2.                                       Delivery of Stock Certificates. 
Within a reasonable time after full or partial exercise of this warrant,
the Company, at its expense, will cause to be issued in the name of and
delivered to the Warrantholder, a certificate or certificates for the number of
shares of Common Stock to which the Warrantholder shall be entitled upon such
exercise.  No fractional shares will be
issued upon exercise of rights to purchase under this warrant.  If upon any exercise of this warrant a
fraction of a share results, the Company will pay the fair cash value of that
fractional share.

 

2

 

3.                                       Anti-Dilution Provisions. In the event of any change in
capitalization affecting the Common Stock of the Company, such as a stock
dividend, stock split or recapitalization, the Company shall make proportionate
adjustments with respect to (i) the aggregate number of shares of Common Stock
issuable upon exercise of this warrant, (ii) the Warrant Price, and (iii) such
other matters as may be appropriate in light of the circumstances.

 

4.                                       Compliance with Securities Act.  The
Warrantholder, by acceptance hereof, agrees that this warrant and the shares of
Common Stock to be issued upon exercise hereof are being acquired for
investment and that such Warrantholder will not offer, sell or otherwise
dispose of this warrant or any shares to be issued upon exercise hereof except
under circumstances which will not result in a violation of the Securities
Act.  Certificates representing all
shares (unless registered under the Act or an opinion of counsel has been
given, reasonably satisfactory to the Company, that an exemption from
registration under the Act is available), shall be stamped or imprinted with a
legend in substantially the following form:

 

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND MAY NOT BE
OFFERED, TRANSFERRED, SOLD, PLEDGED, HYPOTHECATED, ASSIGNED OR OTHERWISE
DISPOSED OF EXCEPT (i) PURSUANT TO A REGISTRATION STATEMENT UNDER THE SECURITIES
ACT AND APPLICABLE STATE SECURITIES LAWS WHICH HAS BECOME EFFECTIVE AND IS
CURRENT WITH RESPECT TO THESE SECURITIES, OR (ii) PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER RULE 144 OF THE SECURITIES ACT BUT ONLY IF THE REGISTERED
HOLDER HEREOF HAS FIRST OBTAINED THE WRITTEN OPINION OF COUNSEL TO GATEWAY
ENERGY CORPORATION (THE “COMPANY”), OR OTHER COUNSEL REASONABLY ACCEPTABLE TO
THE COMPANY, TO THE EFFECT THAT THE PROPOSED DISPOSITION IS CONSISTENT WITH ALL
APPLICABLE PROVISIONS OF THE SECURITIES ACT AS WELL AS ANY APPLICABLE STATE
SECURITIES LAWS.

 

5.                                       Notices.  Upon any adjustments of the
Warrant Price and any increase or decrease in the number of shares of Common
Stock purchasable upon the exercise of this warrant, then, and in each such
case, the Company, within thirty (30) days thereafter, shall give written
notice thereof to the registered Warrantholder at the address of such
Warrantholder as shown on the books of the Company which notice shall state the
Warrant Price as adjusted and the increased or decreased number of shares
purchasable upon the exercise of this warrant, setting forth in reasonable
detail the method of calculation of each.

 

3

 

6.                                       Miscellaneous.

 

(a)                                  Reservation of Stock.  The
Company covenants that it will at all times reserve and keep available, solely
for issuance upon exercise of this warrant, all shares of Common Stock from
time to time issuable upon exercise of this warrant.

 

(b)                                 Modification.  This
warrant and any of its terms may be changed, waived, or terminated only by a
written instrument signed by the Company and the Warrantholder.

 

(c)                                  Replacement.  On receipt of evidence
reasonably satisfactory to the Company of the loss, theft, destruction, or
mutilation of this warrant and, in the case of loss, theft, or destruction, on
delivery of any indemnity agreement or bond reasonably satisfactory in form and
amount to the Company or, in the case of mutilation, upon surrender or
cancellation of this warrant, the Company, at its expense, will execute and
deliver, in lieu of this warrant, a new warrant of like tenor.

 

(d)                                 No Rights as Stockholder.  No
Warrantholder, as such, shall be entitled to vote or receive dividends or be
considered a stockholder of the Company for any purpose, nor shall anything in
this warrant be construed to confer on any Warrantholder as such, any rights of
a stockholder of the Company or any right to vote, to give or withhold consent
to any corporate action, to receive notice of meetings of stockholders, to
receive dividends or otherwise.

 

(e)                                  Notices.  Notices hereunder to the
Warrantholder shall be sent by certified or registered mail to the address
given to the Company by the Warrantholder and shall be deemed given when so
mailed.

 

(f)                                    Arbitration.  Any disputes arising out of,
related to or in connection with this warrant shall be submitted to binding
arbitration pursuant to the commercial arbitration rules of the American
Arbitration Association.  The parties agree
that the exclusive jurisdiction and venue for (a) any such arbitration and (b)
any action to compel any such arbitration shall be in the county and state of
domicile of the party being served with the arbitration demand, and each party
hereto hereby consents to such jurisdiction and venue for the purpose of any
such arbitration or action to compel arbitration.  Each party shall have thirty (30) days from
the date of service of the arbitration demand to appoint an independent and
neutral arbitrator.  The two arbitrators
appointed by the parties shall then have thirty (30) days to appoint a third
arbitrator.  The arbitrators shall
determine the applicable substantive and procedural law for the arbitration
proceedings, and

 

4

 

may
award reasonable attorneys’ fees and actual costs incurred in connection
herewith.

 

(g)                                 Transferability. 
Subject to the restrictions set forth on the face of this Warrant and in
Section 4 hereof, this Warrant may be assigned or transferred by the
Warrantholder.  In the event of the death
or disability of the Warrantholder, this Warrant may be exercised by any duly
appointed guardian, conservator or personal representative of the estate of the
Warrantholder.

 

IN WITNESS WHEREOF, the Company has caused this
warrant to be signed by its duly authorized officer.

 

DATED:  November 1, 2004

 

 

	
   

  	
  GATEWAY ENERGY CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John A. Raasch

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
      John A. Raasch

  	
   

  
	
   

  	
   

  	
  (Name)

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
      President

  	
   

  
	
   

  	
   

  	
  (Title)

  	
   

  

 

5Exhibit
4(d)(1)

 

GATEWAY
ENERGY CORPORATION

SUBSCRIPTION
AGREEMENT

 

Common
Stock

 

Gateway Energy Corporation

One Allen Center

500 Dallas Street, Suite 2615

Houston, Texas 77002

 

The undersigned Philip A. Wilson (“Subscriber”)
does hereby irrevocably agree to subscribe for and purchase 116,667 shares of
Gateway Energy Corporation Common Stock at $0.30 per share, or $35,000 (the “Subscription
Price”). The undersigned and Gateway Energy Corporation (the “Company”)
expressly agree that this Subscription Agreement shall be null and void unless
and until Josh H. Buterin places into a bank account of the Company the sum of
$115,000 pursuant to a Gateway Energy Corporation Convertible Promissory Note
dated September 27, 2004.  Upon the
payment of such amount by Josh H. Buterin, this Subscription Agreement shall be
fully enforceable, and payment of the Subscription Price into the same bank
account of the Company shall be required.

 

Upon payment of the Subscription Price, the
Company shall issue to the undersigned the number of Shares specified in the
first paragraph of this Subscription Agreement with an appropriate legend
indicating that the securities have not been registered under the Securities
Act of 1933 and are resalable either pursuant to an effective registration
statement or exemption from registration under Rule 144.

 

IN WITNESS WHEREOF, Subscriber has executed
this Subscription Agreement as of the 1st day of November, 2004.

 

 

	
   

  	
  SUBSCRIBER

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Philip
  A. Wilson

  	
   

  
	
   

  	
  Philip A. Wilson

  
				

 

 

Accepted this 1st day of November, 2004.

 

GATEWAY ENERGY CORPORATION

 

 

	
  By:

  	
  /s/ John A.
  Raasch

  	
   

  	
   

  
	
   

  	
  John A. Raasch, President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}]]