Document:

WARRANT

      

      THESE
        SECURITIES AND THE SECURITIES ISSUABLE UPON THEIR EXERCISE HAVE NOT BEEN
        REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES
        ACT”),
        AND MAY NOT BE TRANSFERRED UNLESS PURSUANT TO AN EFFECTIVE REGISTRATION
        STATEMENT UNDER THE SECURITIES ACT, A "NO-ACTION" LETTER FROM THE UNITED
        STATES
        SECURITIES AND EXCHANGE COMMISSION (THE “COMMISSION”
        OR THE “SEC”)
        WITH RESPECT TO SUCH TRANSFER, A TRANSFER MEETING THE REQUIREMENTS OF RULE
        144
        OF THE COMMISSION, OR AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER TO
        THE
        EFFECT THAT ANY SUCH TRANSFER IS EXEMPT FROM SUCH
        REGISTRATION.

      

      Marmion
        Industries Corp.

      

      WARRANT
        NO. MARCH 2007 101

      

      Dated:
        March 22, 2007

      

      Marmion
        Industries Corp.,
        a
        corporation organized under the laws of the State of Nevada (the “Company”),
        hereby certifies that, for value received from Dutchess Private Equities
        Fund,
        Ltd., a Cayman Island exempted company (the “Holder”),
        is
        entitled, subject to the terms set forth below, to purchase from the Company
        up
        to a total of one hundred million (100,000,000) shares of the common stock,
        $0.001 par value per share (the “Common
        Stock”),
        of
        the Company (the “Warrant
        Shares”),
        at an
        exercise price equal to one and one-half cent ($.015) per share (the
“Exercise
        Price”).
        This
        Warrant may be exercised on a cashless basis anytime after issuance through
        and
        including the fifth (5th) anniversary of its original issuance as noted above
        (the “Expiration
        Date”),
        subject to the following terms and conditions:

      

      1. Registration
        of Warrant.
        The
        Company shall, from time to time and whenever requested by the Holder, register
        this Warrant in conformity with records to be maintained by the Company for
        such
        purpose (the “Warrant
        Register”)
        in the
        name of the Holder. The Company shall treat the registered Holder of this
        Warrant as the absolute owner hereof for any and all purposes, including
        the
        exercise hereof or any distribution to the Holder, and the Company shall
        not be
        affected by notice to the contrary.

      

      2. Registration
        of Transfers and Exchanges.
        

      

      (a) The
        Company or the transfer agent shall enter or record the transfer of all or
        any
        portion of this Warrant in the Warrant Register, upon surrender of this Warrant
        to the Company at the office specified herein or pursuant to Section
        11
        hereof.
        Upon any such registration or transfer, a new warrant to purchase Common
        Stock,
        in substantially the form of this Warrant (any such new warrant hereinafter
        referred to as a “New
        Warrant”),
        evidencing the portion of this Warrant so transferred shall be issued to
        the
        transferee and a New Warrant evidencing the remaining portion of this Warrant
        not so transferred, if any, shall be issued to the Holder. The acceptance
        of the
        New Warrant by the transferee thereof shall be deemed the acceptance of such
        transferee of all of the rights and obligations of a holder of a
        Warrant.

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      

      (b) This
        Warrant is exchangeable, upon the surrender hereof by the Holder to the office
        of the Company specified herein or pursuant to Section
        3(b)
        hereof
        for one or more New Warrants, evidencing in the aggregate the right to purchase
        the number of Warrant Shares which may then be purchased hereunder. Any such
        New
        Warrant shall be dated as of the date of such exchange.

      

      3. Duration
        and Exercise of Warrants.
        

      

      (a) This
        Warrant shall be exercisable by the registered Holder on any business day
        before
        5:00 P.M., Boston time, at any time and from time to time on or after the
        date
        hereof to and including the Expiration Date. At 5:00 P.M., Boston time on
        the
        Expiration Date, the portion of this Warrant not exercised prior thereto
        shall
        be and become void and of no value. Prior to the Expiration Date, the Company
        may not call or otherwise redeem this Warrant without the prior written consent
        of the Holder, which consent shall be given or withheld at the sole and absolute
        discretion of the Holder.

      

      (b) Subject
        to Section
        2(b),
        Section
        6
        and
Section
        10
        hereof,
        upon: (x) surrender of this Warrant, together with the Form of Election to
        Purchase attached hereto duly completed and signed, to the Company at its
        address for notice set forth in Section
        11
        hereof;
        and (y) payment of the Exercise Price multiplied by the number of Warrant
        Shares
        that the Holder intends to purchase hereunder, in the manner provided hereunder,
        all as specified by the Holder in the Form of Election to Purchase, the Company
        shall promptly (but in no event later than five (5) business days after the
        Date
        of Exercise (as defined below)) issue or cause to be issued and cause to
        be
        delivered to the Holder in such name(s) as the Holder may designate, a
        certificate for the Warrant Shares issuable upon such exercise and free of
        restrictive legends unless (i) a registration statement covering the resale
        of
        the Warrant Shares and naming the Holder as a selling stockholder thereunder
        is
        not then effective or the Warrant Shares are not freely transferable without
        volume restrictions pursuant to Rule 144(k) promulgated under the Securities
        Act
        then the Warrant Shares will bear a Securities Act restrictive legend, or
        (ii)
        this Warrant shall have been issued pursuant to a written agreement between
        the
        original Holder and the Company, as required by such agreement. Any person
        so
        designated by the Holder to receive Warrant Shares shall be deemed to have
        become holder of record of such Warrant Shares as of the Date of Exercise
        of
        this Warrant. A “Date
        of Exercise”
means
        the date on which the Company shall have received (I) this Warrant (or any
        New
        Warrant, as applicable), together with the Form of Election to Purchase attached
        hereto (or attached to such New Warrant) appropriately completed and duly
        signed; and (II) payment of the Exercise Price for the number of Warrant
        Shares
        so indicated by the holder hereof to be purchased.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      

      (c) This
        Warrant shall be exercisable in its entirety or, from time to time, for a
        portion of the number of Warrant Shares. If less than all of the Warrant
        Shares
        which may be purchased under this Warrant are exercised at any time, the
        Company
        shall issue or cause to be issued, at its expense, a New Warrant evidencing
        the
        right to purchase the remaining number of Warrant Shares for which no exercise
        has been evidenced by this Warrant. Subject to the limitations set forth
        under
        Section 9(c) below, in the event the Common Stock representing the Warrant
        Shares is not delivered per the written instructions of the Holder within
        five
        (5) business days after the Notice of Election and Warrant is received by
        the
        Company (the “Delivery
        Date”),
        then
        the Company shall pay to Holder in cash two percent (2.0%) of the dollar
        value
        of the Warrant Shares to be issued per each day after the Delivery Date that
        the
        Warrant Shares are not delivered. The Company acknowledges that its failure
        to
        deliver the Warrant Shares by the Delivery Date will cause the Holder to
        suffer
        damages in an amount that will be difficult to ascertain. Accordingly, the
        parties hereto agree that it is appropriate to include in this Warrant this
        provision for liquidated damages. The parties hereto acknowledge and agree
        that
        the liquidated damages provision set forth in this section represents the
        parties’ good faith effort to quantify such damages and therefore agree that the
        form and amount of such liquidated damages are reasonable and will not
        constitute a penalty. Notwithstanding the foregoing, the payment of liquidated
        damages shall not relieve the Company from its obligations to deliver the
        Common
        Stock pursuant to the terms of this Warrant. The Company shall make any payments
        incurred under this Section
        3
        in
        immediately available funds by the 5th
        day of
        the month following the date such payment is accrued. Nothing herein shall
        limit
        Holder’s right to pursue actual damages or cancel the Notice of Election for the
        Company’s failure to issue and deliver Common Stock to the Holder within seven
        (7) business days following the Delivery Date.

       

      4. Registration
        Rights.
        During
        the term of this Warrant, the Company agrees to use its best efforts to file
        a
        registration statement with the SEC covering the resale of the Warrant Shares
        and naming the Holder as a selling stockholder thereunder on or before April
        16,
        2007 (unless the Warrant Shares are otherwise freely transferable without
        volume
        restrictions pursuant to Rule 144(k) or Rule 144A promulgated under the
        Securities Act). The registration rights granted to the Holder pursuant to
        this
        Section shall continue until all of the Holder's Warrant Shares have been
        sold
        in accordance with an effective registration statement or upon the Expiration
        Date, or as otherwise provided in the Debenture Registration Rights Agreement
        entered into between the Company and the original Holder as of the original
        issuance date hereof. The Company will pay all registration expenses in
        connection therewith. 

      

      5.
        Payment
        of Taxes.
        Upon
        the exercise of this Warrant, the Company will pay all documentary stamp
        taxes
        attributable to the issuance of Warrant Shares; provided, however, that the
        Company shall not be required to pay any tax that may be payable in respect
        of
        any transfer involved in the registration of any certificates for Warrant
        Shares
        or Warrants in a name other than that of the Holder. The Holder shall be
        responsible for all other tax liability that may arise as a result of holding
        or
        transferring this Warrant or receiving Warrant Shares upon exercise
        hereof.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      

      6. Replacement
        of Warrant.
        If this
        Warrant is mutilated, lost, stolen or destroyed, the Company shall issue
        or
        cause to be issued in exchange and substitution for and upon cancellation
        hereof, or in lieu of and substitution for this Warrant, a New Warrant, but
        only
        upon receipt of evidence reasonably satisfactory to the Company of such loss,
        theft or destruction and indemnity, if requested, satisfactory to it. Applicants
        for a New Warrant under such circumstances shall comply with such other
        reasonable regulations and procedures and pay such other reasonable charges
        as
        the Company may prescribe.

      

      7. Reservation
        of Warrant Shares.
        The
        Company covenants that it will at all times reserve and keep available out
        of
        the aggregate of its authorized but unissued Common Stock, solely for the
        purpose of enabling it to issue Warrant Shares upon exercise of this Warrant
        as
        herein provided, the number of Warrant Shares which are then issuable and
        deliverable upon the exercise of this entire Warrant, free from preemptive
        rights or any other actual contingent purchase rights of persons other than
        the
        Holder (taking into account the adjustments and restrictions of Section
        8
        hereof).
        The Company covenants that all Warrant Shares that shall be so issuable and
        deliverable shall, upon issuance and the payment of the applicable Exercise
        Price in accordance with the terms hereof, be duly and validly authorized,
        issued and fully paid and nonassessable. If the Company does not have a
        sufficient amount of Common Stock authorized to reserve for the Warrant Shares,
        it shall, as soon as reasonably practicable, use its best efforts to increase
        the number of its authorized shares such that the Company will have a sufficient
        amount of Common Stock authorized to reserve for the Warrant
        Shares.

      

      8. Certain
        Adjustments.
        The
        Exercise Price and number of Warrant Shares issuable upon exercise of this
        Warrant are subject to adjustment from time to time as set forth in this
        Section
        8.
        Upon
        each such adjustment of the Exercise Price pursuant to this Section
        8,
        the
        Holder shall thereafter but prior to the Expiration Date be entitled to
        purchase, at the Exercise Price resulting from such adjustment, the number
        of
        Warrant Shares obtained by multiplying the Exercise Price in effect immediately
        prior to such adjustment by the number of Warrant Shares issuable upon exercise
        of this Warrant immediately prior to such adjustment and dividing the product
        thereof by the Exercise Price resulting from such adjustment. 

      

      (a) An
        adjustment shall be made, if the Company, at any time while this Warrant
        is
        outstanding (i) pays a stock dividend (except scheduled dividends paid on
        outstanding preferred stock as of the date hereof which contain a stated
        dividend rate) or otherwise make distribution(s) on shares of its Common
        Stock
        or on any other class of capital stock and not the Common Stock payable in
        shares of Common Stock; (ii) subdivides outstanding shares of Common Stock
        into
        a larger number of shares; or (iii) combines outstanding shares of Common
        Stock
        into a smaller number of shares. If either (i), (ii) or (iii) above occurs,
        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 before such event and of which the denominator shall be the number
        of shares of Common Stock (excluding treasury shares, if any) outstanding
        after
        such event. Any adjustment made pursuant to this Section 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 or combination, and
        shall
        apply to successive subdivisions and combinations.

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      

      (b) In
        case
        of any reclassification of the Common Stock, any consolidation or merger
        of the
        Company with or into another entity, the sale or transfer of all or
        substantially all of the assets of the Company, or any compulsory share exchange
        pursuant to which the Common Stock is converted into other securities, cash
        or
        property, then the Holder shall have the right thereafter to exercise this
        Warrant only into the shares of stock and other securities and property
        receivable upon or deemed to be held by holders of Common Stock following
        such
        reclassification, consolidation, merger, sale, transfer or share exchange,
        and
        the Holder shall be entitled upon such event to receive such amount of
        securities or property equal to the amount of Warrant Shares such Holder
        would
        have been entitled to had such Holder exercised this Warrant immediately
        prior
        to such reclassification, consolidation, merger, sale, transfer or share
        exchange. The terms of any such consolidation, merger, sale, transfer or
        share
        exchange shall include such terms so as to continue to give to the Holder
        the
        right to receive the securities or property set forth in this Section
        8(b)
        upon any
        exercise following any such reclassification, consolidation, merger, sale,
        transfer or share exchange. 

      

      (c) 
        At any
        time while this Warrant is outstanding, if the Company distributes to all
        holders of Common Stock (and not to holders of this Warrant) evidence of
        its
        indebtedness or assets or rights or warrants to subscribe for or purchase
        any
        security (excluding those referred to in Section
        8(a),
        Section
        8(b)
        and
Section
        8(d)
        hereof),
        then in each such case the Exercise Price shall be determined 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 Exercise Price determined
        as of
        the record date mentioned above, and of which the numerator shall be such
        Exercise Price on such record date less the then 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 Common Stock as determined
        by
        the Company's independent certified public accountants that regularly examines
        the financial statements of the Company (the “Appraiser”).
        

      

      (d) If,
        at
        any time while this Warrant is outstanding, the Company shall issue or cause
        to
        be issued rights or warrants to acquire or otherwise sell or distribute shares
        of Common Stock for a consideration per share less than the lower of the
        Exercise Price then in effect and the then fair market value of the Common
        Stock, then, forthwith upon such issue or sale, the Exercise Price shall
        be
        reduced to the price (calculated to the nearest one hundredth of a cent)
        determined by multiplying the Exercise Price in effect immediately prior
        thereto
        by a fraction, the numerator of which shall be the sum of (i) the number
        of
        shares of Common Stock outstanding immediately prior to such issuance, and
        (ii)
        the number of shares of Common Stock which the aggregate consideration received
        (or to be received, assuming exercise or conversion in full of such rights,
        warrants and convertible securities) for the issuance of such additional
        shares
        of Common Stock would purchase at the Exercise Price, and the denominator
        of
        which shall be the sum of the number of shares of Common Stock outstanding
        immediately after the issuance of such additional shares; provided, however,
        that no adjustment shall be made in the event the Company issues or distributes
        shares or its Common Stock in
        connection with (i) full or partial consideration in connection with a strategic
        merger, acquisition, consolidation or purchase of substantially all of the
        securities or assets of a corporation or other entity, (ii)
        the
        Company’s issuance of securities in connection with strategic license
        agreements, the entering into or acquiring of material contracts in connection
        with the Company’s business as currently being conducted, and other partnering
        arrangements so long as such issuances are not for the purpose of raising
        capital
        and are
        not issued for services,
        (iii)
        the Company’s issuance of Common Stock or the issuances or grants of options to
        purchase Common Stock pursuant to stock option plans and employee stock purchase
        plans in existence on the date hereof, (iv) the conversion of any notes,
        debentures or exercise of any warrants in existence on the date hereof, (v0
        as a
        result of the exercise of Warrants or conversion of Debentures which are
        granted
        or issued pursuant to that certain Subscription Agreement dated as of March
        22,
        2007 pursuant to which this Warrant was issued (the “Subscription Agreement”),
        (v) the payment of any interest on the Debenture issued pursuant to the
        Subscription Agreement and liquidated damages, or damages pursuant to the
        Transaction Documents (as defined in the Subscription Agreement, and
        (vi)
        as has
        been
        described in the Reports or Other Written Information filed with the Commission
        or delivered to the Holder prior to the Closing Date. Such
        adjustment shall be made successively whenever such an issuance is
        made.

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      

      (e) For
        the
        purposes of this Section
        8,
        the
        following clauses shall also be applicable:

      

      (i)
        Record
        Date.
        In case
        the Company shall take a record of the holders of its Common Stock for the
        purpose of entitling them (A) to receive a dividend or other distribution
        payable in Common Stock or in securities convertible or exchangeable into
        shares
        of Common Stock, or (B) to subscribe for or purchase Common Stock or securities
        convertible or exchangeable into shares of Common Stock, then such record
        date
        shall be deemed to be the date of the issue or sale of the shares of Common
        Stock deemed to have been issued or sold upon the declaration of such dividend
        or the making of such other distribution or the date of the granting of such
        right of subscription or purchase, as the case may be.

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      

      (ii)
        Treasury
        Shares.
        The
        number of shares of Common Stock outstanding at any given time shall not
        include
        shares owned or held by or for the account of the Company, and the disposition
        of any such shares shall be considered an issue or sale of Common
        Stock.

      

      (f) All
        calculations under this Section
        8
        shall be
        made to the nearest cent or the nearest 1/100th of a share, as the case may
        be.

      

      (g) Whenever
        the Exercise Price is adjusted pursuant to Section
        8(c)
        hereof,
        the Holder, after receipt of the determination by the Appraiser, shall have
        the
        right to select an additional appraiser (which shall be a nationally recognized
        accounting firm), in which case the adjustment shall be equal to the average
        of
        the adjustments recommended by each of the Appraiser and such additional
        appraiser appointed under this Section
        8(g).
        The
        Holder shall promptly mail or cause to be mailed to the Company, a notice
        setting forth the Exercise Price after such adjustment and setting forth
        a brief
        statement of the facts requiring such adjustment. Such adjustment shall become
        effective immediately after the record date mentioned above, if:

      

      (i) the
        Company shall declare a dividend (or any other distribution) on its Common
        Stock;

       

      (ii) the
        Company shall declare a special nonrecurring cash dividend on or a redemption
        of
        its Common Stock;

      

      (iii) 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;

      

      (iv) the
        approval of any stockholders of the Company shall be required in connection
        with
        any reclassification of the Common Stock of the Company, 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, or any compulsory share exchange
        whereby the Common Stock is converted into other securities, cash or property;
        or

      

      (v) the
        Company shall authorize the voluntary dissolution, liquidation or winding
        up of
        the affairs of the Company, then the Company shall cause to be mailed to
        the
        Holder at their last addresses as they shall appear upon the Warrant Register,
        at least thirty (30) 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 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 Common Stock of record shall be entitled to exchange
        their shares of Common Stock for securities, cash or other property deliverable
        upon such reclassification, consolidation, merger, sale, transfer, share
        exchange, dissolution, liquidation or winding up; provided, however, 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. 

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      

      9. Payment
        of Exercise Price.
        The
        Holder, at its sole election, may pay the Exercise Price in one of the following
        manners:

      

      (a) Cash
        Exercise.
        The
        Holder shall deliver immediately available funds; or

      (b) Cashless
        Exercise.
        If at
        any time after one year from the date of issuance of this Warrant there is
        no
        effective Registration Statement registering the resale of the Warrant Shares
        by
        the Holder at such time, this Warrant may also be exercised at such time
        by
        means of a cashless exercise. In such event, the Holder shall surrender this
        Warrant to the Company, together with a notice of cashless exercise, and
        the
        Company shall issue to the Holder the number of Warrant Shares determined
        as
        follows:

      

      X
        = Y
        (A-B)/A

      

      where:

      X
        = the
        number of Warrant Shares to be issued to
        the
        Holder.

      

      Y
        = the
        number of Warrant Shares with respect to which this Warrant is being
        exercised.

      

      A
        = the
        average closing bid price of the Common Stock for the ten (10) trading days
        immediately prior to the Date of Exercise on which the Common Stock actually
        trades.

      

      B
        = the
        Exercise Price.

      

      For
        purposes of Rule 144 of the Securities Act, it is intended, understood and
        acknowledged that the Warrant Shares issued in a cashless exercise transaction
        shall be deemed to have been acquired by the Holder, and the holding period
        for
        the Warrant Shares shall be deemed to have been commenced, on the issue
        date.

      

      (c) Notwithstanding
        anything in this Warrant to the contrary, the Holder is limited in the amount
        of
        this Warrant it may exercise. In no event shall the Holder be entitled to
        exercise any amount of this Warrant in excess of that amount upon exercise
        of
        which the sum of (1) the number of shares of Common Stock beneficially owned
        (as
        such term is defined under Section 13(d) and Rule 13d-3 of the Securities
        Exchange Act of 1934, as amended (the “Exchange
        Act”))
        by
        the Holder, and (2) the number of Warrant Shares issuable upon the exercise
        of
        any Warrants then owned by Holder, would result in beneficial ownership by
        the
        Holder of more than four and ninety-nine one hundredths percent (4.99%) of
        the
        outstanding shares of Common Stock of the Company, as determined in accordance
        with Rule13d-1(j) of the Exchange Act. Furthermore, the Company shall not
        process any exercise that would result in beneficial ownership by the Holder
        of
        more than four and ninety-nine one hundredths percent (4.99%) of the outstanding
        shares of Common Stock of the Company. 

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      

      10. Fractional
        Shares.
        The
        Company shall not be required to issue or cause to be issued fractional Warrant
        Shares on the exercise of this Warrant. The number of full Warrant Shares
        which
        shall be issuable upon the exercise of this Warrant shall be computed on
        the
        basis of the aggregate number of Warrant Shares purchasable on exercise of
        this
        Warrant so presented. If any fraction of a Warrant Share would, except for
        the
        provisions of this Section
        10,
        be
        issuable on the exercise of this Warrant, the Company shall pay an amount
        in
        cash equal to the Exercise Price multiplied by such fraction.

      

      11. Notices.
        Any and
        all notices or other communications or deliveries hereunder shall be in writing
        and shall be deemed given and effective on the earliest of (i) the date of
        transmission, if such notice or communication is delivered via facsimile
        at the
        facsimile telephone number specified in this Section prior to 5:00 p.m. Boston
        time on a business day, (ii) the business day after the date of transmission,
        if
        such notice or communication is delivered via facsimile at the facsimile
        telephone number specified in this Section later than 5:00 p.m. Boston time
        on
        any date and earlier than 11:59 p.m. Boston time on such date, (iii) the
        business day following the date of mailing, if sent by nationally recognized
        overnight courier service, or (iv) upon actual receipt by the party to whom
        such
        notice is required to be given. The addresses for such communications shall
        be:

      

      If
        to the
        Company:     Marmion
        Industries Corp.

      9103
        Emmott Road, Building 6, Suite A 

      Houston,
        Texas 77040

      Attention:
        Wilbert Marmion

      Telephone:
        (713) 466-6585

      Facsimile:
        (713) 466-6742

      

      If
        to the
        Holder:          Dutchess
        Capital Management, LLC 

      50
        Commonwealth Ave, Suite 2

      Boston,
        MA 02116

      Attention:
        Douglas Leighton

      Telephone:
        (617) 301-4700

      Facsimile:
        (617) 249-0947

      

      12. Warrant
        Agent.
        The
        Company shall serve as warrant agent under this Warrant. Upon thirty (30)
        days
        notice to the Holder, the Company may appoint a new warrant agent. Any
        corporation into which the Company or any new warrant agent may be merged
        or any
        corporation resulting from any consolidation to which the Company or any
        new
        warrant agent shall be a party or any corporation to which the Company or
        any
        new warrant agent transfers substantially all of its corporate trust or
        shareholders services business shall be a successor warrant agent under this
        Warrant without any further action. Any such successor warrant agent shall
        promptly cause notice of its succession as warrant agent to be mailed (by
        first
        class mail, postage prepaid) to the Holder at the Holder's last address as
        shown
        on the Warrant Register.

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      

      13. Miscellaneous.

      

      (a) This
        Warrant shall be binding on and inure to the benefit of the parties hereto.
        This
        Warrant may be amended only in writing signed by the Company and the
        Holder.

      

      (b) Nothing
        in this Warrant shall be construed to give to any person or corporation other
        than the Company and the Holder any legal or equitable right, remedy or cause
        under this Warrant. This Warrant shall inure to the sole and exclusive benefit
        of the Company and the Holder.

      

      (c) This
        Warrant shall be governed by and construed and enforced in accordance with
        the
        laws of the Commonwealth of Massachusetts without regard to the principles
        of
        conflicts of law thereof. 

      

      (d) The
        headings herein are for convenience only, do not constitute a part of this
        Warrant and shall not be deemed to limit or affect any of the provisions
        hereof.

      

      (e) In
        case
        any one or more of the provisions of this Warrant shall be invalid or
        unenforceable in any respect, the validity and enforceability of the remaining
        terms and provisions of this Warrant shall not in any way be affected or
        impaired thereby and the parties will attempt in good faith to agree upon
        a
        valid and enforceable provision which shall be a commercially reasonable
        substitute therefor, and upon so agreeing, shall incorporate such substitute
        provision in this Warrant.

      

      (f) The
        Company hereby represent and warrants to the Holder that: (i) it is voluntarily
        issuing this Warrant of its own freewill, (ii) it is not issuing this Warrant
        under economic duress, (iii) the terms of this Warrant are reasonable and
        fair
        to the Company, and (iv) the Company has had independent legal counsel of
        its
        own choosing review this Warrant, advise the Company with respect to this
        Warrant, and represent the Company in connection with its issuance of this
        Warrant. 

      

      (g) Any
        capitalized term used but not defined in this Warrant shall have the meaning
        ascribed to it in the Transaction Documents (as such term is defined in that
        certain Debenture Registration Rights Agreement, of even date herewith, by
        and
        between the Company and the Holder).

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      

      (h) This
        Warrant may be executed in any number of counterparts, each of which when
        so
        executed shall be deemed to be an original and, all of which taken together
        shall constitute one and the same Warrant. In the event that any signature
        is
        delivered by facsimile transmission, such signature shall create a valid
        binding
        obligation of the party executing (or on whose behalf such signature is
        executed) the same with the same force and effect as if such facsimile signature
        were the original thereof.

      

      (i)
        This
        Warrant and the obligations of the Company hereunder shall not be assignable
        by
        the Company.

      

      (j) Notwithstanding
        anything in this Warrant to the contrary, the parties hereto hereby acknowledge
        and agree to the following: (i) Holder makes no representations
        or covenants that it will not engage in trading in the securities of the
        Company; (ii) the Company shall, within 4 business days following the date
        hereof, file a current report on Form 8-K disclosing the material terms of
        the
        transactions contemplated hereby and in the other Transaction Documents;
        (ii)
        the Company has not and shall not provide material non-public information
        to the
        Holder unless prior thereto the Holder Party shall have executed a written
        agreement regarding the confidentiality and use of such information; and
        (iii)
        the Company understands and confirms that the Holder will be relying on the
        acknowledgements set forth in clauses (i) through (iii) above if the Holder
        effects any transactions in the securities of the Company. 

       

      14.
        Disputes
        Under This Agreement.

      

      All
        disputes arising under this Warrant shall be governed by and interpreted
        in
        accordance with the laws of the Commonwealth of Massachusetts, without regard
        to
        principles of conflict of laws. The parties hereto will submit all disputes
        arising under this Agreement to arbitration in Boston, Massachusetts before
        a
        single arbitrator of the American Arbitration Association (the “AAA”).
        The
        arbitrator shall be selected by application of the rules of the AAA, or by
        mutual agreement of the parties, except that such arbitrator shall be an
        attorney admitted to practice law in the Commonwealth of Massachusetts. No
        party
        hereto will challenge the jurisdiction or venue provisions provided in this
        Section
        14.
        Nothing
        in this Section
        14
        shall
        limit the Holder's right to obtain an injunction for a breach of this Agreement
        from a court of law. Any
        injunction obtained shall remain in full force and effect until the arbitrator,
        as set forth in this Section
        14
        fully
        adjudicates the dispute.

      

      [REMAINDER
        OF PAGE INTENTIONALLY LEFT BLANK]

      

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS WHEREOF, the Company has caused this Warrant to be duly executed
        by its
        authorized officer as of the date first indicated above.

      
        	 	 	 
	 	
                MARMION
                  INDUSTRIES CORP. 

              
	 
 	 
 	 
 
	
              	
                BY  
                  

              	/S/
                WILBERT MARMION
	 	
                

                NAME:
                  WILBERT MARMION 

                TITLE: 
                  CHIEF EXECUTIVE OFFICER

              

        
          	 	 	 
	 	
                  BY  

                	/S/
                  ELLEN RAIDL
	 	 	
                  
                    

                    
                      NAME:
                        ELLEN RAIDL 

                      TITLE: 
                        TREASURER

                    

                  

                

        

        

          	 	 	 
	 	
                  DUTCHESS
                    PRIVATE EQUITIES FUND, LTD.

                
	 
 	 
 	 
 
	
                	By:  	/s/
                  Douglas H. Leighton 
	 	
                  

                  Name:
                    Douglas H. Leighton 

                  Title:  
                    Director 

                

        

      

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        A

      

      FORM
        OF ELECTION TO PURCHASE

      

      Marmion
        Industries Corp.

      9103
        Emmott Road, Building 6, Suite A 

      Houston,
        Texas 77040

      

      Re:
        Intention to Exercise Right to Purchase Shares of Common Stock Under the
        Warrant

      

      Gentlemen:

      

      In
        accordance with the Warrant enclosed with this Form of Election to Purchase,
        the
        undersigned hereby irrevocably elects to purchase _________________shares
        of
        Common Stock, $0.001 par value per share, of Marmion Industries Corp. and,
        if
        such Holder is not utilizing the cashless exercise provisions set forth in
        the
        Warrant, encloses herewith $________ in cash, certified or official bank
        check(s), which sum represents the aggregate Exercise Price for the number
        of
        shares of Common Stock to which this Form of Election to Purchase relates,
        together with any applicable taxes payable by the undersigned pursuant to
        the
        Warrant. Any capitalized terms used but not defined in this Form of Election
        to
        Purchase shall have the meaning ascribed to them in the accompanying
        Warrant.

      

      The
        undersigned requests that certificates for the shares of Common Stock issuable
        upon this exercise be issued in the name of:

       

      
        
          

        

      

      (Please
        insert SS#
        or
        FEIN #)

       

      
        
          

        

      

      (Please
        print name and address)

      

      If
        the
        number of shares of Common Stock issuable upon this exercise shall not be
        all of
        the shares of Common Stock which the undersigned is entitled to purchase
        in
        accordance with the enclosed Warrant, the undersigned requests that a New
        Warrant evidencing the right to purchase the shares of Common Stock not issuable
        pursuant to the exercise evidenced hereby be issued in the name of and delivered
        to:

       

      
        
          

        
(Please
        print name and address)

      
        	 	 	 
	
                Dated:
                  _____________, _____

 	 
 	
                Name
                  of Holder:

              
	 	  	Signed:
	 	
                
                  

                

                Print
                  Name:

                  
                    

                  

                  Title:

                  
                    

                  

                

              

       

      (Signature
        must conform in all respects to name of Holder as specified on the face of
        the
        Warrant)

       

      
        
          
          

        

        
          13CERTIFICATE
      OF MEMBERSHIP UNITS

     

    
      	
            	 	 	 	
               

            
	
              
                Number

            	 	
               

            	 	
              
                
                  Membership

                  Units

                

            

    

     

    
      PRAIRIE
        CREEK ETHANOL, LLC

      A
        Limited Liability Company Organized Under the Laws of the State of
        Iowa

    

    

      THIS
        CERTIFIES THAT ______________________________________________________ 
        is/are
        the owner(s)
        of  _________________ UNITS
        (       )
        of the
        Membership Units of PRAIRIE
        CREEK ETHANOL, LLC,
        an Iowa
        limited liability company (the “Company). Changes in the actual Membership Units
        held by the Members are reflected in the Certificate of Registration of the
        Company.

    

    

    The
      Membership Units represented by this Certificate may not be transferred or
      assigned except in compliance with the Operating Agreement of the Company,
      a
      copy of which is available at the principal office of the Company.

    

    IN
      WITNESS WHEREOF, the Company has caused this Certificate to be signed by it’s
      duly authorized President and Secretary as of this            
      day of
                     ,
      20     .

     

    
      	 	 	 	 
	
              
Clay
              Hansen, President	 	 	
              
Mark
              Wigans, Secretary

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      FOR
        VALUE RECEIVED,
        ______ hereby
        sell, assign, and transfer unto ______________________________________________
        _______________ Units represented by the within Certificate, and do hereby
        irrevocably constitute and appoint ________________________________ Attorney
        to
        transfer the said Units on the books of the within named Company with full
        power
        of substitution in the premises.

      

      Dated
        ________________________,_________.

      

      In
        Presence of

      

      
        	 	 	 	 
	__________________________	 	 	___________________________________________
	
              	 	 	
              
	 	 	 	 
	
              	 	 	___________________________________________

       

      THE
        TRANSFERABILITY OF THE MEMBERSHIP UNITS REPRESENTED BY THIS DOCUMENT IS
        RESTRICTED. SUCH UNITS MAY NOT BE SOLD, ASSIGNED, OR TRANSFERRED, NOR WILL
        ANY
        ASSIGNEE, VENDEE, TRANSFEREE OR ENDORSEE THEREOF BE RECOGNIZED AS HAVING
        ACQUIRED ANY SUCH UNITS FOR ANY PURPOSES, UNLESS AND TO THE EXTENT SUCH SALE,
        TRANSFER, HYPOTHECATION, OR ASSIGNMENT IS PERMITTED BY, AND IS COMPLETED
        IN
        STRICT ACCORDANCE WITH, THE TERMS AND CONDITIONS SET FORTH IN THE OPERATING
        AGREEMENT OF THE COMPANY, AS AMENDED FROM TIME TO TIME.

      

      THE
        UNITS
        REPRESENTED BY THIS DOCUMENT MAY NOT BE SOLD, OFFERED FOR SALE, OR TRANSFERRED
        IN ABSENCE OF AN EFFECTIVE REGISTRATION UNDER THE SECURITIES ACT OF 1933,
        AS
        AMENDED, AND UNDER APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL
        SATISFACTORY TO THE COMPANY THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION
        UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND UNDER APPLICABLE STATE
        SECURITIES LAWS.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}]]