Document:

THIS
        WARRANT AND THE SHARES ISSUABLE UPON THE EXERCISE OF THIS WARRANT HAVE NOT
        BEEN
        REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. EXCEPT AS OTHERWISE
        SET
        FORTH HEREIN OR IN A SECURITIES PURCHASE AGREEMENT DATED AS OF SEPTEMBER
        14,
        2007, NEITHER THIS WARRANT NOR ANY OF SUCH SHARES MAY BE SOLD, TRANSFERRED
        OR
        ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH
        SECURITIES UNDER SAID ACT OR, AN OPINION OF COUNSEL, IN FORM, SUBSTANCE AND
        SCOPE, CUSTOMARY FOR OPINIONS OF COUNSEL IN COMPARABLE TRANSACTIONS, THAT
        REGISTRATION IS NOT REQUIRED UNDER SUCH ACT OR UNLESS SOLD PURSUANT TO RULE
        144
        OR REGULATION S UNDER SUCH ACT.

       

      Right
        to
        Purchase 110,000 Shares of Common Stock, $.005 par value per share

       

      STOCK
        PURCHASE WARRANT

       

      THIS
        CERTIFIES THAT,
        for
        value received, NEW MILLENNIUM CAPITAL PARTNERS II, LLC or its registered
        assigns, is entitled to purchase from GlobalNet Corporation, a Nevada
        corporation (the “Company”), at any time or from time to time during the period
        specified in Paragraph 2 hereof, 110,000 fully paid and nonassessable
        shares of the Company’s Common Stock, $.005 par value per share (the “Common
        Stock”), at an exercise price per share equal to $.0001 (the “Exercise Price”).
        The term “Warrant Shares,” as used herein, refers to the shares of Common Stock
        purchasable hereunder. The Warrant Shares and the Exercise Price are subject
        to
        adjustment as provided in Paragraph 4 hereof. The term “Warrants” means this
        Warrant and the other warrants issued pursuant to that certain Securities
        Purchase Agreement, dated September 14, 2007, by and among the Company and
        the
        Buyers listed on the execution page thereof (the “Securities Purchase
        Agreement”), including any additional warrants issuable pursuant to
        Section 4(l) thereof. 

       

      This
        Warrant is subject to the following terms, provisions, and conditions:

       

      1.
        Manner of Exercise; Issuance of Certificates; Payment for
        Shares. Subject to the provisions hereof and Stockholder Approval
        (as defined in Section 4(k) of the Securities Purchase Agreement), this Warrant
        may be exercised by the holder hereof, in whole or in part, by the surrender
        of
        this Warrant, together with a completed exercise agreement in the form attached
        hereto (the “Exercise Agreement”), to the Company during normal business hours
        on any business day at the Company’s principal executive offices (or such other
        office or agency of the Company as it may designate by notice to the holder
        hereof), and upon (i) payment to the Company in cash, by certified or official
        bank check or by wire transfer for the account of the Company of the Exercise
        Price for the Warrant Shares specified in the Exercise Agreement or (ii)
        if the
        resale of the Warrant Shares by the holder is not then registered pursuant
        to an
        effective registration statement under the Securities Act of 1933, as amended
        (the “Securities Act”), delivery to the Company of a written notice of an
        election to effect a “Cashless Exercise” (as defined in Section 11(c) below) for
        the Warrant Shares specified in the Exercise Agreement. The Warrant Shares
        so
        purchased shall be deemed to be issued to the holder hereof or such holder’s
        designee, as the record owner of such shares, as of the close of business
        on the
        date on which this Warrant shall have been surrendered, the completed Exercise
        Agreement shall have been delivered, and payment shall have been made for
        such
        shares as set forth above. Certificates for the Warrant Shares so purchased,
        representing the aggregate number of shares specified in the Exercise Agreement,
        shall be delivered to the holder hereof within a reasonable time, not exceeding
        three (3) business days, after this Warrant shall have been so exercised.
        The
        certificates so delivered shall be in such denominations as may be requested
        by
        the holder hereof and shall be registered in the name of such holder or such
        other name as shall be designated by such holder. If this Warrant shall have
        been exercised only in part, then, unless this Warrant has expired, the Company
        shall, at its expense, at the time of delivery of such certificates, deliver
        to
        the holder a new Warrant representing the number of shares with respect to
        which
        this Warrant shall not then have been exercised. In addition to all other
        available remedies at law or in equity, if the Company fails to deliver
        certificates for the Warrant Shares within three (3) business days after
        this
        Warrant is exercised, then the Company shall pay to the holder in cash a
        penalty
        (the “Penalty”) equal to 2% of the number of Warrant Shares that the holder is
        entitled to multiplied by the Market Price (as hereinafter defined) for each
        day
        that the Company fails to deliver certificates for the Warrant Shares. For
        example, if the holder is entitled to 100,000 Warrant Shares and the Market
        Price is $2.00, then the Company shall pay to the holder $4,000 for each
        day
        that the Company fails to deliver certificates for the Warrant Shares. The
        Penalty shall be paid to the holder by the fifth day of the month following
        the
        month in which it has accrued.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Notwithstanding
        anything in this Warrant to the contrary, in no event shall the holder of
        this
        Warrant be entitled to exercise a number of Warrants (or portions thereof)
        in
        excess of the number of Warrants (or portions thereof) upon exercise of which
        the sum of (i) the number of shares of Common Stock beneficially owned by
        the
        holder and its affiliates (other than shares of Common Stock which may be
        deemed
        beneficially owned through the ownership of the unexercised Warrants and
        the
        unexercised or unconverted portion of any other securities of the Company
        (including the Notes (as defined in the Securities Purchase Agreement)) subject
        to a limitation on conversion or exercise analogous to the limitation contained
        herein) and (ii) the number of shares of Common Stock issuable upon exercise
        of
        the Warrants (or portions thereof) with respect to which the determination
        described herein is being made, would result in beneficial ownership by the
        holder and its affiliates of more than 4.9% of the outstanding shares of
        Common
        Stock. For purposes of the immediately preceding sentence, beneficial ownership
        shall be determined in accordance with Section 13(d) of the Securities Exchange
        Act of 1934, as amended, and Regulation 13D-G thereunder, except as otherwise
        provided in clause (i) of the preceding sentence. Notwithstanding anything
        to
        the contrary contained herein, the limitation on exercise of this Warrant
        set
        forth herein may not be amended without (i) the written consent of the holder
        hereof and the Company and (ii) the approval of a majority of shareholders
        of
        the Company.

       

      
        
          
          

        

        
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      2.
        Period of Exercise. This
        Warrant is exercisable at any time or from time to time on or after the date
        on
        which this Warrant is issued and delivered pursuant to the terms of the
        Securities Purchase Agreement and before 6:00 p.m., New York, New York time
        on
        the seventh (7th)
        anniversary of the date of issuance (the “Exercise Period”).

       

      3.
        Certain Agreements of the Company. The Company hereby covenants
        and agrees as follows:

       

      (a) Shares
        to be Fully Paid.
        All
        Warrant Shares will, upon issuance in accordance with the terms of this Warrant,
        be validly issued, fully paid, and nonassessable and free from all taxes,
        liens,
        and charges with respect to the issue thereof.

       

      (b) Reservation
        of Shares.
        Subject
        to Stockholder Approval (as defined in Section 4(k) of the Securities Purchase
        Agreement), during the Exercise Period, the Company shall at all times have
        authorized, and reserved for the purpose of issuance upon exercise of this
        Warrant, a sufficient number of shares of Common Stock to provide for the
        exercise of this Warrant.

       

      (c) Listing.
        The
        Company shall promptly secure the listing of the shares of Common Stock issuable
        upon exercise of the Warrant upon each national securities exchange or automated
        quotation system, if any, upon which shares of Common Stock are then listed
        (subject to official notice of issuance upon exercise of this Warrant) and
        shall
        maintain, so long as any other shares of Common Stock shall be so listed,
        such
        listing of all shares of Common Stock from time to time issuable upon the
        exercise of this Warrant; and the Company shall so list on each national
        securities exchange or automated quotation system, as the case may be, and
        shall
        maintain such listing of, any other shares of capital stock of the Company
        issuable upon the exercise of this Warrant if and so long as any shares of
        the
        same class shall be listed on such national securities exchange or automated
        quotation system.

       

      (d) Certain
        Actions Prohibited.
        The
        Company will not, by amendment of its charter 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 to be observed or performed by it hereunder,
        but will at all times in good faith assist in the carrying out of all the
        provisions of this Warrant and in the taking of all such action as may
        reasonably be requested by the holder of this Warrant in order to protect
        the
        exercise privilege of the holder of this Warrant against dilution or other
        impairment, consistent with the tenor and purpose of this Warrant. Without
        limiting the generality of the foregoing, the Company (i) will not increase
        the
        par value of any shares of Common Stock receivable upon the exercise of this
        Warrant above the Exercise Price then in effect, and (ii) will take all such
        actions as may be necessary or appropriate in order that the Company may
        validly
        and legally issue fully paid and nonassessable shares of Common Stock upon
        the
        exercise of this Warrant.

       

      (e) Successors
        and Assigns.
        This
        Warrant will be binding upon any entity succeeding to the Company by merger,
        consolidation, or acquisition of all or substantially all the Company’s
        assets.

       

      4.
        Antidilution Provisions. During the Exercise Period, the
        Exercise Price and the number of Warrant Shares shall be subject to adjustment
        from time to time as provided in this Paragraph 4.

       

      
        
          
          

        

        
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      In
        the
        event that any adjustment of the Exercise Price as required herein results
        in a
        fraction of a cent, such Exercise Price shall be rounded up to the nearest
        cent.

       

      (a) Adjustment
        of Exercise Price and Number of Shares upon Issuance of Common
        Stock.
        Except
        as otherwise provided in Paragraphs 4(c) and 4(e) hereof, if and whenever
        on or
        after the date of issuance of this Warrant, the Company issues or sells,
        or in
        accordance with Paragraph 4(b) hereof is deemed to have issued or sold, any
        shares of Common Stock for no consideration or for a consideration per share
        (before deduction of reasonable expenses or commissions or underwriting
        discounts or allowances in connection therewith) less than the Market Price
        on
        the date of issuance (a “Dilutive Issuance”), then immediately upon the Dilutive
        Issuance, the Exercise Price will be reduced to a price determined by
        multiplying the Exercise Price in effect immediately prior to the Dilutive
        Issuance by a fraction, (i) the numerator of which is an amount equal to
        the sum
        of (x) the number of shares of Common Stock actually outstanding immediately
        prior to the Dilutive Issuance, plus (y) the quotient of the aggregate
        consideration, calculated as set forth in Paragraph 4(b) hereof, received
        by the
        Company upon such Dilutive Issuance divided by the Market Price in effect
        immediately prior to the Dilutive Issuance, and (ii) the denominator of which
        is
        the total number of shares of Common Stock Deemed Outstanding (as defined
        below)
        immediately after the Dilutive Issuance. 

       

      (b) Effect
        on Exercise Price of Certain Events.
        For
        purposes of determining the adjusted Exercise Price under Paragraph 4(a)
        hereof,
        the following will be applicable:

       

      (i) Issuance
        of Rights or Options.
        If the
        Company in any manner issues or grants any warrants, rights or options, whether
        or not immediately exercisable, to subscribe for or to purchase Common Stock
        or
        other securities convertible into or exchangeable for Common Stock (“Convertible
        Securities”) (such warrants, rights and options to purchase Common Stock or
        Convertible Securities are hereinafter referred to as “Options”) and the price
        per share for which Common Stock is issuable upon the exercise of such Options
        is less than the Market Price on the date of issuance or grant of such Options,
        then the maximum total number of shares of Common Stock issuable upon the
        exercise of all such Options will, as of the date of the issuance or grant
        of
        such Options, be deemed to be outstanding and to have been issued and sold
        by
        the Company for such price per share. For purposes of the preceding sentence,
        the “price per share for which Common Stock is issuable upon the exercise of
        such Options” is determined by dividing (i) the total amount, if any, received
        or receivable by the Company as consideration for the issuance or granting
        of
        all such Options, plus the minimum aggregate amount of additional consideration,
        if any, payable to the Company upon the exercise of all such Options, plus,
        in
        the case of Convertible Securities issuable upon the exercise of such Options,
        the minimum aggregate amount of additional consideration payable upon the
        conversion or exchange thereof at the time such Convertible Securities first
        become convertible or exchangeable, by (ii) the maximum total number of shares
        of Common Stock issuable upon the exercise of all such Options (assuming
        full
        conversion of Convertible Securities, if applicable). No further adjustment
        to
        the Exercise Price will be made upon the actual issuance of such Common Stock
        upon the exercise of such Options or upon the conversion or exchange of
        Convertible Securities issuable upon exercise of such Options.

       

      (ii) Issuance
        of Convertible Securities.
        If the
        Company in any manner issues or sells any Convertible Securities, whether
        or not
        immediately convertible (other than where the same are issuable upon the
        exercise of Options) and the price per share for which Common Stock is issuable
        upon such conversion or exchange is less than the Market Price on the date
        of
        issuance, then the maximum total number of shares of Common Stock issuable
        upon
        the conversion or exchange of all such Convertible Securities will, as of
        the
        date of the issuance of such Convertible Securities, be deemed to be outstanding
        and to have been issued and sold by the Company for such price per share.
        For
        the purposes of the preceding sentence, the “price per share for which Common
        Stock is issuable upon such conversion or exchange” is determined by dividing
        (i) the total amount, if any, received or receivable by the Company as
        consideration for the issuance or sale of all such Convertible Securities,
        plus
        the minimum aggregate amount of additional consideration, if any, payable
        to the
        Company upon the conversion or exchange thereof at the time such Convertible
        Securities first become convertible or exchangeable, by (ii) the maximum
        total
        number of shares of Common Stock issuable upon the conversion or exchange
        of all
        such Convertible Securities. No further adjustment to the Exercise Price
        will be
        made upon the actual issuance of such Common Stock upon conversion or exchange
        of such Convertible Securities.

       

      
        
          
          

        

        
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      (iii) Change
        in Option Price or Conversion Rate.
        If there
        is a change at any time in (i) the amount of additional consideration payable
        to
        the Company upon the exercise of any Options; (ii) the amount of additional
        consideration, if any, payable to the Company upon the conversion or exchange
        of
        any Convertible Securities; or (iii) the rate at which any Convertible
        Securities are convertible into or exchangeable for Common Stock (other than
        under or by reason of provisions designed to protect against dilution), the
        Exercise Price in effect at the time of such change will be readjusted to
        the
        Exercise Price which would have been in effect at such time had such Options
        or
        Convertible Securities still outstanding provided for such changed additional
        consideration or changed conversion rate, as the case may be, at the time
        initially granted, issued or sold.

       

      (iv) Treatment
        of Expired Options and Unexercised Convertible
        Securities.
        If, in
        any case, the total number of shares of Common Stock issuable upon exercise
        of
        any Option or upon conversion or exchange of any Convertible Securities is
        not,
        in fact, issued and the rights to exercise such Option or to convert or exchange
        such Convertible Securities shall have expired or terminated, the Exercise
        Price
        then in effect will be readjusted to the Exercise Price which would have
        been in
        effect at the time of such expiration or termination had such Option or
        Convertible Securities, to the extent outstanding immediately prior to such
        expiration or termination (other than in respect of the actual number of
        shares
        of Common Stock issued upon exercise or conversion thereof), never been
        issued.

       

      (v) Calculation
        of Consideration Received.
        If any
        Common Stock, Options or Convertible Securities are issued, granted or sold
        for
        cash, the consideration received therefor for purposes of this Warrant will
        be
        the amount received by the Company therefor, before deduction of reasonable
        commissions, underwriting discounts or allowances or other reasonable expenses
        paid or incurred by the Company in connection with such issuance, grant or
        sale.
        In case any Common Stock, Options or Convertible Securities are issued or
        sold
        for a consideration part or all of which shall be other than cash, the amount
        of
        the consideration other than cash received by the Company will be the fair
        value
        of such consideration, except where such consideration consists of securities,
        in which case the amount of consideration received by the Company will be
        the
        Market Price thereof as of the date of receipt. In case any Common Stock,
        Options or Convertible Securities are issued in connection with any acquisition,
        merger or consolidation in which the Company is the surviving corporation,
        the
        amount of consideration therefor will be deemed to be the fair value of such
        portion of the net assets and business of the non-surviving corporation as
        is
        attributable to such Common Stock, Options or Convertible Securities, as
        the
        case may be. The fair value of any consideration other than cash or securities
        will be determined in good faith by the Board of Directors of the
        Company.

       

      
        
          
          

        

        
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      (vi) Exceptions
        to Adjustment of Exercise Price.
        No
        adjustment to the Exercise Price will be made (i) upon the exercise of any
        warrants, options or convertible securities granted, issued and outstanding
        on
        the date of issuance of this Warrant; (ii) upon the grant or exercise of
        any
        stock or options which may hereafter be granted or exercised under any employee
        benefit plan, stock option plan or restricted stock plan of the Company now
        existing or to be implemented in the future, so long as the issuance of such
        stock or options is approved by a majority of the independent members of
        the
        Board of Directors of the Company or a majority of the members of a committee
        of
        independent directors established for such purpose; or (iii) upon the exercise
        of the Warrants.

       

      (c) Subdivision
        or Combination of Common Stock.
        If the
        Company at any time subdivides (by any stock split, stock dividend,
        recapitalization, reorganization, reclassification or otherwise) the shares
        of
        Common Stock acquirable hereunder into a greater number of shares, then,
        after
        the date of record for effecting such subdivision, the Exercise Price in
        effect
        immediately prior to such subdivision will be proportionately reduced. If
        the
        Company at any time combines (by reverse stock split, recapitalization,
        reorganization, reclassification or otherwise) the shares of Common Stock
        acquirable hereunder into a smaller number of shares, then, after the date
        of
        record for effecting such combination, the Exercise Price in effect immediately
        prior to such combination will be proportionately increased.

       

      (d) Adjustment
        in Number of Shares.
        Upon
        each adjustment of the Exercise Price pursuant to the provisions of this
        Paragraph 4, the number of shares of Common Stock issuable upon exercise
        of this
        Warrant shall be adjusted by multiplying a number equal to the Exercise Price
        in
        effect immediately prior to such adjustment by the number of shares of Common
        Stock issuable upon exercise of this Warrant immediately prior to such
        adjustment and dividing the product so obtained by the adjusted Exercise
        Price.

       

      (e) Consolidation,
        Merger or Sale.
        In case
        of any consolidation of the Company with, or merger of the Company into any
        other corporation, or in case of any sale or conveyance of all or substantially
        all of the assets of the Company other than in connection with a plan of
        complete liquidation of the Company, then as a condition of such consolidation,
        merger or sale or conveyance, adequate provision will be made whereby the
        holder
        of this Warrant will have the right to acquire and receive upon exercise
        of this
        Warrant in lieu of the shares of Common Stock immediately theretofore acquirable
        upon the exercise of this Warrant, such shares of stock, securities or assets
        as
        may be issued or payable with respect to or in exchange for the number of
        shares
        of Common Stock immediately theretofore acquirable and receivable upon exercise
        of this Warrant had such consolidation, merger or sale or conveyance not
        taken
        place. In any such case, the Company will make appropriate provision to insure
        that the provisions of this Paragraph 4 hereof will thereafter be applicable
        as
        nearly as may be in relation to any shares of stock or securities thereafter
        deliverable upon the exercise of this Warrant. The Company will not effect
        any
        consolidation, merger or sale or conveyance unless prior to the consummation
        thereof, the successor corporation (if other than the Company) assumes by
        written instrument the obligations under this Paragraph 4 and the obligations
        to
        deliver to the holder of this Warrant such shares of stock, securities or
        assets
        as, in accordance with the foregoing provisions, the holder may be entitled
        to
        acquire.

       

      
        
          
          

        

        
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      (f) Distribution
        of Assets.
        In case
        the Company shall declare or make any distribution of its assets (including
        cash) to holders of Common Stock as a partial liquidating dividend, by way
        of
        return of capital or otherwise, then, after the date of record for determining
        shareholders entitled to such distribution, but prior to the date of
        distribution, the holder of this Warrant shall be entitled upon exercise
        of this
        Warrant for the purchase of any or all of the shares of Common Stock subject
        hereto, to receive the amount of such assets which would have been payable
        to
        the holder had such holder been the holder of such shares of Common Stock
        on the
        record date for the determination of shareholders entitled to such
        distribution.

       

      (g) Notice
        of Adjustment.
        Upon the
        occurrence of any event which requires any adjustment of the Exercise Price,
        then, and in each such case, the Company shall give notice thereof to the
        holder
        of this Warrant, which notice shall state the Exercise Price resulting from
        such
        adjustment and the increase or decrease in the number of Warrant Shares
        purchasable at such price upon exercise, setting forth in reasonable detail
        the
        method of calculation and the facts upon which such calculation is based.
        Such
        calculation shall be certified by the Chief Financial Officer of the
        Company.

       

      (h) Minimum
        Adjustment of Exercise Price.
        No
        adjustment of the Exercise Price shall be made in an amount of less than
        1% of
        the Exercise Price in effect at the time such adjustment is otherwise required
        to be made, but any such lesser adjustment shall be carried forward and shall
        be
        made at the time and together with the next subsequent adjustment which,
        together with any adjustments so carried forward, shall amount to not less
        than
        1% of such Exercise Price.

       

      (i) No
        Fractional Shares.
        No
        fractional shares of Common Stock are to be issued upon the exercise of this
        Warrant, but the Company shall pay a cash adjustment in respect of any
        fractional share which would otherwise be issuable in an amount equal to
        the
        same fraction of the Market Price of a share of Common Stock on the date
        of such
        exercise.

       

      (j) Other
        Notices.
        In case
        at any time:

       

      (i) the
        Company shall declare any dividend upon the Common Stock payable in shares
        of
        stock of any class or make any other distribution (including dividends or
        distributions payable in cash out of retained earnings) to the holders of
        the
        Common Stock;

       

      (ii) the
        Company shall offer for subscription pro rata to the holders of the Common
        Stock
        any additional shares of stock of any class or other rights;

       

      (iii) there
        shall be any capital reorganization of the Company, or reclassification of
        the
        Common Stock, or consolidation or merger of the Company with or into, or
        sale of
        all or substantially all its assets to, another corporation or entity;
        or

       

      (iv) there
        shall be a voluntary or involuntary dissolution, liquidation or winding up
        of
        the Company;

       

      
        
          
          

        

        
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      then,
        in
        each such case, the Company shall give to the holder of this Warrant (a)
        notice
        of the date on which the books of the Company shall close or a record shall
        be
        taken for determining the holders of Common Stock entitled to receive any
        such
        dividend, distribution, or subscription rights or for determining the holders
        of
        Common Stock entitled to vote in respect of any such reorganization,
        reclassification, consolidation, merger, sale, dissolution, liquidation or
        winding-up and (b) in the case of any such reorganization, reclassification,
        consolidation, merger, sale, dissolution, liquidation or winding-up, notice
        of
        the date (or, if not then known, a reasonable approximation thereof by the
        Company) when the same shall take place. Such notice shall also specify the
        date
        on which the holders of Common Stock shall be entitled to receive such dividend,
        distribution, or subscription rights or to exchange their Common Stock for
        stock
        or other securities or property deliverable upon such reorganization,
        reclassification, consolidation, merger, sale, dissolution, liquidation,
        or
        winding-up, as the case may be. Such notice shall be given at least 30 days
        prior to the record date or the date on which the Company’s books are closed in
        respect thereto. Failure to give any such notice or any defect therein shall
        not
        affect the validity of the proceedings referred to in clauses (i), (ii),
        (iii)
        and (iv) above.

       

      (k) Certain
        Events.
        If any
        event occurs of the type contemplated by the adjustment provisions of this
        Paragraph 4 but not expressly provided for by such provisions, the Company
        will
        give notice of such event as provided in Paragraph 4(g) hereof, and the
        Company’s Board of Directors will make an appropriate adjustment in the Exercise
        Price and the number of shares of Common Stock acquirable upon exercise of
        this
        Warrant so that the rights of the holder shall be neither enhanced nor
        diminished by such event.

       

      (l) Certain
        Definitions. 

       

      (i) “Common
        Stock Deemed Outstanding”
        shall
        mean the number of shares of Common Stock actually outstanding (not including
        shares of Common Stock held in the treasury of the Company), plus (x) pursuant
        to Paragraph 4(b)(i) hereof, the maximum total number of shares of Common
        Stock
        issuable upon the exercise of Options, as of the date of such issuance or
        grant
        of such Options, if any, and (y) pursuant to Paragraph 4(b)(ii) hereof, the
        maximum total number of shares of Common Stock issuable upon conversion or
        exchange of Convertible Securities, as of the date of issuance of such
        Convertible Securities, if any. 

       

      (ii) “Market
        Price,”
        as of
        any date, (i) means the average of the last reported sale prices for the
        shares
        of Common Stock on the OTCBB for the five (5) Trading Days immediately preceding
        such date as reported by Bloomberg, or (ii) if the OTCBB is not the principal
        trading market for the shares of Common Stock, the average of the last reported
        sale prices on the principal trading market for the Common Stock during the
        same
        period as reported by Bloomberg, or (iii) if market value cannot be calculated
        as of such date on any of the foregoing bases, the Market Price shall be
        the
        fair market value as reasonably determined in good faith by (a) the Board
        of
        Directors of the Company or, at the option of a majority-in-interest of the
        holders of the outstanding Warrants by (b) an independent investment bank
        of
        nationally recognized standing in the valuation of businesses similar to
        the
        business of the corporation. The manner of determining the Market Price of
        the
        Common Stock set forth in the foregoing definition shall apply with respect
        to
        any other security in respect of which a determination as to market value
        must
        be made hereunder.

       

      (iii) “Common
        Stock,”
        for
        purposes of this Paragraph 4, includes the Common Stock, par value $.005
        per
        share, and any additional class of stock of the Company having no preference
        as
        to dividends or distributions on liquidation, provided that the shares
        purchasable pursuant to this Warrant shall include only shares of Common
        Stock,
        par value $.005 per share, in respect of which this Warrant is exercisable,
        or
        shares resulting from any subdivision or combination of such Common Stock,
        or in
        the case of any reorganization, reclassification, consolidation, merger,
        or sale
        of the character referred to in Paragraph 4(e) hereof, the stock or other
        securities or property provided for in such Paragraph.

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      5.
        Issue Tax. The issuance of certificates for
        Warrant Shares upon the exercise of this Warrant shall be made without charge
        to
        the holder of this Warrant or such shares for any issuance tax or other costs
        in
        respect thereof, provided that the Company shall not be required to pay any
        tax
        which may be payable in respect of any transfer involved in the issuance
        and
        delivery of any certificate in a name other than the holder of this
        Warrant.

       

      6.
        No Rights or Liabilities as a Shareholder. This
        Warrant shall not entitle the holder hereof to any voting rights or other
        rights
        as a shareholder of the Company. No provision of this Warrant, in the absence
        of
        affirmative action by the holder hereof to purchase Warrant Shares, and no
        mere
        enumeration herein of the rights or privileges of the holder hereof, shall
        give
        rise to any liability of such holder for the Exercise Price or as a shareholder
        of the Company, whether such liability is asserted by the Company or by
        creditors of the Company.

       

      7. Transfer,
        Exchange, and Replacement of Warrant.

       

      (a) Restriction
        on Transfer.
        This
        Warrant and the rights granted to the holder hereof are transferable, in
        whole
        or in part, upon surrender of this Warrant, together with a properly executed
        assignment in the form attached hereto, at the office or agency of the Company
        referred to in Paragraph 7(e) below, provided, however, that any transfer
        or assignment shall be subject to the conditions set forth in Paragraph 7(f)
        hereof and to the applicable provisions of the Securities Purchase Agreement.
        Until due presentment for registration of transfer on the books of the Company,
        the Company may treat the registered holder hereof as the owner and holder
        hereof for all purposes, and the Company shall not be affected by any notice
        to
        the contrary. Notwithstanding anything to the contrary contained herein,
        the
        registration rights described in Paragraph 8 are assignable only in accordance
        with the provisions of that certain Registration Rights Agreement, dated
        September 14, 2007, by and among the Company and the other signatories thereto
        (the “Registration Rights Agreement”).

       

      (b) Warrant
        Exchangeable for Different Denominations.
        This
        Warrant is exchangeable, upon the surrender hereof by the holder hereof at
        the
        office or agency of the Company referred to in Paragraph 7(e) below, for
        new
        Warrants of like tenor representing in the aggregate the right to purchase
        the
        number of shares of Common Stock which may be purchased hereunder, each of
        such
        new Warrants to represent the right to purchase such number of shares as
        shall
        be designated by the holder hereof at the time of such surrender.

       

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

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      (d) Cancellation;
        Payment of Expenses.
        Upon the
        surrender of this Warrant in connection with any transfer, exchange, or
        replacement as provided in this Paragraph 7, this Warrant shall be promptly
        canceled by the Company. The Company shall pay all taxes (other than securities
        transfer taxes) and all other expenses (other than legal expenses, if any,
        incurred by the holder or transferees) and charges payable in connection
        with
        the preparation, execution, and delivery of Warrants pursuant to this Paragraph
        7.

       

      (e) Register.
        The
        Company shall maintain, at its principal executive offices (or such other
        office
        or agency of the Company as it may designate by notice to the holder hereof),
        a
        register for this Warrant, in which the Company shall record the name and
        address of the person in whose name this Warrant has been issued, as well
        as the
        name and address of each transferee and each prior owner of this
        Warrant.

       

      (f) Exercise
        or Transfer Without Registration.
        If, at
        the time of the surrender of this Warrant in connection with any exercise,
        transfer, or exchange of this Warrant, this Warrant (or, in the case of any
        exercise, the Warrant Shares issuable hereunder), shall not be registered
        under
        the Securities Act of 1933, as amended (the “Securities Act”) and under
        applicable state securities or blue sky laws, the Company may require, as
        a
        condition of allowing such exercise, transfer, or exchange, (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 and counsel are acceptable to the
        Company, to the effect that such exercise, transfer, or exchange may be made
        without registration under said 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)
        promulgated under the Securities Act; provided that no such opinion, letter
        or
        status as an “accredited investor” shall be required in connection with a
        transfer pursuant to Rule 144 under the Securities Act. The first holder
        of this
        Warrant, by taking and holding the same, represents to the Company that such
        holder is acquiring this Warrant for investment and not with a view to the
        distribution thereof. 

       

      8.
        Registration Rights. The initial holder of this Warrant (and
        certain assignees thereof) is entitled to the benefit of such registration
        rights in respect of the Warrant Shares as are set forth in Section 2 of
        the Registration Rights Agreement.

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      9.
        Notices. All notices, requests, and other communications
        required or permitted to be given or delivered hereunder to the holder of
        this
        Warrant shall be in writing, and shall be personally delivered, or shall
        be sent
        by certified or registered mail or by recognized overnight mail courier,
        postage
        prepaid and addressed, to such holder at the address shown for such holder
        on
        the books of the Company, or at such other address as shall have been furnished
        to the Company by notice from such holder. All notices, requests, and other
        communications required or permitted to be given or delivered hereunder to
        the
        Company shall be in writing, and shall be personally delivered, or shall
        be sent
        by certified or registered mail or by recognized overnight mail courier,
        postage
        prepaid and addressed, to the office of the Company at 2616 South Loop West,
        Suite 670, Houston, Texas 77054, Attention: Chief Executive Officer, or at
        such
        other address as shall have been furnished to the holder of this Warrant
        by
        notice from the Company. Any such notice, request, or other communication
        may be
        sent by facsimile, but shall in such case be subsequently confirmed by a
        writing
        personally delivered or sent by certified or registered mail or by recognized
        overnight mail courier as provided above. All notices, requests, and other
        communications shall be deemed to have been given either at the time of the
        receipt thereof by the person entitled to receive such notice at the address
        of
        such person for purposes of this Paragraph 9, or, if mailed by registered
        or
        certified mail or with a recognized overnight mail courier upon deposit with
        the
        United States Post Office or such overnight mail courier, if postage is prepaid
        and the mailing is properly addressed, as the case may be.

       

      10.
        Governing Law. THIS WARRANT SHALL BE ENFORCED, GOVERNED BY AND
        CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE
        TO
        AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD
        TO THE PRINCIPLES OF CONFLICT OF LAWS. THE PARTIES HERETO HEREBY SUBMIT TO
        THE
        EXCLUSIVE JURISDICTION OF THE UNITED STATES FEDERAL COURTS LOCATED IN NEW
        YORK,
        NEW YORK WITH RESPECT TO ANY DISPUTE ARISING UNDER THIS WARRANT, THE AGREEMENTS
        ENTERED INTO IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY
        OR
        THEREBY. BOTH PARTIES IRREVOCABLY WAIVE THE DEFENSE OF AN INCONVENIENT FORUM
        TO
        THE MAINTENANCE OF SUCH SUIT OR PROCEEDING. BOTH PARTIES FURTHER AGREE THAT
        SERVICE OF PROCESS UPON A PARTY MAILED BY FIRST CLASS MAIL SHALL BE DEEMED
        IN
        EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON THE PARTY IN ANY SUCH SUIT
        OR
        PROCEEDING. NOTHING HEREIN SHALL AFFECT EITHER PARTY’S RIGHT TO SERVE PROCESS IN
        ANY OTHER MANNER PERMITTED BY LAW. BOTH PARTIES AGREE THAT A FINAL
        NON-APPEALABLE JUDGMENT IN ANY SUCH SUIT OR PROCEEDING SHALL BE CONCLUSIVE
        AND
        MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON SUCH JUDGMENT OR IN ANY
        OTHER
        LAWFUL MANNER. THE PARTY WHICH DOES NOT PREVAIL IN ANY DISPUTE ARISING UNDER
        THIS WARRANT SHALL BE RESPONSIBLE FOR ALL FEES AND EXPENSES, INCLUDING
        ATTORNEYS’ FEES, INCURRED BY THE PREVAILING PARTY IN CONNECTION WITH SUCH
        DISPUTE.

       

      11. Miscellaneous.

       

      (a) Amendments.
        This
        Warrant and any provision hereof may only be amended by an instrument in
        writing
        signed by the Company and the holder hereof.

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      (b) Descriptive
        Headings.
        The
        descriptive headings of the several paragraphs of this Warrant are inserted
        for
        purposes of reference only, and shall not affect the meaning or construction
        of
        any of the provisions hereof.

       

      (c) Cashless
        Exercise.
        Notwithstanding anything to the contrary contained in this Warrant, if the
        resale of the Warrant Shares by the holder is not then registered pursuant
        to an
        effective registration statement under the Securities Act, this Warrant may
        be
        exercised by presentation and surrender of this Warrant to the Company at
        its
        principal executive offices with a written notice of the holder’s intention to
        effect a cashless exercise, including a calculation of the number of shares
        of
        Common Stock to be issued upon such exercise in accordance with the terms
        hereof
        (a “Cashless Exercise”). In the event of a Cashless Exercise, in lieu of paying
        the Exercise Price in cash, the holder shall surrender this Warrant for that
        number of shares of Common Stock determined by multiplying the number of
        Warrant
        Shares to which it would otherwise be entitled by a fraction, the numerator
        of
        which shall be the difference between the then current Market Price per share
        of
        the Common Stock and the Exercise Price, and the denominator of which shall
        be
        the then current Market Price per share of Common Stock. For example, if
        the
        holder is exercising 100,000 Warrants with a per Warrant exercise price of
        $0.75
        per share through a cashless exercise when the Common Stock’s current Market
        Price per share is $2.00 per share, then upon such Cashless Exercise the
        holder
        will receive 62,500 shares of Common Stock.

       

      (d) Remedies.
        The
        Company acknowledges that a breach by it of its obligations hereunder will
        cause
        irreparable harm to the holder, by vitiating the intent and purpose of the
        transaction contemplated hereby. Accordingly, the Company acknowledges that
        the
        remedy at law for a breach of its obligations under this Warrant will be
        inadequate and agrees, in the event of a breach or threatened breach by the
        Company of the provisions of this Warrant, that the holder shall be entitled,
        in
        addition to all other available remedies at law or in equity, and in addition
        to
        the penalties assessable herein, to an injunction or injunctions restraining,
        preventing or curing any breach of this Warrant and to enforce specifically
        the
        terms and provisions thereof, without the necessity of showing economic loss
        and
        without any bond or other security being required.

      

       

      [REMAINDER
        OF PAGE INTENTIONALLY LEFT BLANK]

      

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

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

       

      
        	 	 	 
	 	GLOBALNET
                CORPORATION
	 
 	 
 	 
 
	
              	By:  	 
	 	
                
Mark
                Schaftlein
	 	Chief
                Executive Officer

      

       

      Dated
        as
        of September 14, 2007

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      FORM
        OF EXERCISE AGREEMENT

       

      Dated:
        ________ __, 200_

       

      To: ______________________

       

       

      The
        undersigned, pursuant to the provisions set forth in the within Warrant,
        hereby
        agrees to purchase ________ shares of Common Stock covered by such Warrant,
        and
        makes payment herewith in full therefor at the price per share provided by
        such
        Warrant in cash or by certified or official bank check in the amount of,
        or, if
        the resale of such Common Stock by the undersigned is not currently registered
        pursuant to an effective registration statement under the Securities Act
        of
        1933, as amended, by surrender of securities issued by the Company (including
        a
        portion of the Warrant) having a market value (in the case of a portion of
        this
        Warrant, determined in accordance with Section 11(c) of the Warrant) equal
        to
        $_________. Please issue a certificate or certificates for such shares of
        Common
        Stock in the name of and pay any cash for any fractional share to:

       

      

       

      Name:
         ______________________________

      

      

      Signature: 

      Address:____________________________

      _____________________________

      

      

      
        	
              	Note:	
                The
                  above signature should correspond exactly with the name on the
                  face of the
                  within Warrant, if applicable.

              

      

       

      and,
        if
        said number of shares of Common Stock shall not be all the shares purchasable
        under the within Warrant, a new Warrant is to be issued in the name of said
        undersigned covering the balance of the shares purchasable thereunder less
        any
        fraction of a share paid in cash.

      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      FORM
        OF ASSIGNMENT

       

      FOR
        VALUE RECEIVED,
        the
        undersigned hereby sells, assigns, and transfers all the rights of the
        undersigned under the within Warrant, with respect to the number of shares
        of
        Common Stock covered thereby set forth hereinbelow, to:

      

      
        	Name of Assignee	Address	No
                of Shares
	 	 	 
	 	 	 

      

       

      ,
        and
        hereby irrevocably constitutes and appoints ___________________________________
        as agent and attorney-in-fact to transfer said Warrant on the books of the
        within-named corporation, with full power of substitution in the
        premises.

       

       

      Dated: ________
        __, 200_

       

      

       

      In
        the
        presence of:          
                    
    
        ______________________________

       

      Name: 
        ______________________________

      

       

      Signature:
        _________________________

      Title
        of
        Signing Officer or Agent (if any):

                      
        _____________________________

      Address: ______________________________

                      
        ______________________________

       

      
        	 	
                Note:

              	
                The
                  above signature should correspond exactly with the name on the
                  face of the
                  within Warrant, if
                  applicable.EXHIBIT
      10.6

     

    AGREEMENT
      OF RIGHT OF FIRST 

    PURCHASE
      AND RIGHT OF FIRST REFUSAL

    

    THIS
      AGREEMENT OF RIGHT OF FIRST PURCHASE AND RIGHT OF FIRST REFUSAL
(the
      “Agreement”)
      is
      made effective as of the 30th day of April, 2007, by and between Show Me
      Ethanol, LLC, a Missouri limited liability company (“Show
      Me Ethanol”),
      with
      an address at Highway 10 West, Richmond, MO 64085, and Ray-Carroll County Grain
      Growers, Inc., a Missouri cooperative association (“Ray-Carroll”),
      with
      an address at Highway 10 West, P.O. Box 158, Richmond, MO 64085.

    

    W
      I T N E
      S S E T H:

     

    WHEREAS,
      Show Me Ethanol is the owner of fee simple title to certain real property,
      and
      the owner of easements in certain real property, all as described in
Schedule
      1,
      attached hereto and incorporated herein, together with all improvements thereon
      and all executory contracts and agreements relating thereto (collectively,
      the
“Ethanol
      Plant Property”);
      and

     

    WHEREAS,
      Ray-Carroll is the owner of fee simple title to certain real property, and
      the
      owner of easements in certain real property, all as described in Schedule
      2,
      attached hereto and incorporated herein, together with all improvements thereon
      and all executory contracts and agreements relating thereto (collectively,
      the
“Grain
      Elevator Property,”
and
      together with the Ethanol Plant Property, the “Properties”);
      and

     

    WHEREAS,
      Show Me Ethanol desires to grant to Ray-Carroll a
      right
      of first purchase and a right of first refusal to purchase all or any part
      of
      the Ethanol Plant Property, on the terms and subject to the conditions set
      forth
      herein; and

     

    WHEREAS,
      Ray-Carroll desires to grant to Show
      Me
      Ethanol a
      right
      of first purchase and a right of first refusal to purchase all or any part
      of
      the Grain Elevator Property, on the terms and subject to the conditions set
      forth herein.

     

    NOW,
      THEREFORE, in consideration of the mutual promises set forth herein, and in
      consideration of other good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged, the parties agree as
      follows:

     

    1. Rights
      of First Purchase.
      For the
      period beginning as of the date of this Agreement and continuing until 11:59
      p.m. Central prevailing time on April 30, 2027 (the “Rights
      Period”):
      

     

    (a) Show
      Me
      Ethanol will not offer for transfer, sale, alienation, assignment, or other
      disposition the Ethanol Plant Property or any portion thereof at any price
      and
      upon any term or condition without first offering the Ethanol Plant Property
      for
      sale to Ray-Carroll at the price and upon the terms and conditions under which
      the Ethanol Plant Property will be offered. In such case, Show Me Ethanol shall
      deliver to Ray-Carroll a written offer to sell marketable fee title to the
      Ethanol Plant Property at a price and upon such terms as are identical to those
      on which Show Me Ethanol will offer the Ethanol Plant Property for sale to
      third
      parties (the “Purchase
      Offer Notice to Ray-Carroll”).
      Ray-Carroll’s right of first purchase may be exercised by giving written
      notice to Show Me Ethanol, within thirty (30) days of Ray-Carroll’s receipt of
      the Purchase Offer Notice to Ray-Carroll, that Ray-Carroll intends to purchase
      the Ethanol Plant Property upon terms identical to those contained in the
      Purchase Offer Notice to Ray-Carroll; and

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    (b) Ray-Carroll
      will not offer for transfer, sale, alienation, assignment, or other disposition
      the Grain Elevator Property or any portion thereof at any price and upon any
      term or condition without first offering the Grain Elevator Property for sale
      to
      Show Me Ethanol at the price and upon the terms and conditions under which
      the
      Grain Elevator Property will be offered. In such case, Ray-Carroll shall deliver
      to Show Me Ethanol a written offer to sell marketable fee title to the Grain
      Elevator Property at a price and upon such terms as are identical to those
      on
      which Ray-Carroll will offer the Grain Elevator Property for sale to third
      parties (the “Purchase
      Offer Notice to Show Me Ethanol,”
and
      together with the Purchase Offer Notice to Ray-Carroll, the “Purchase
      Offer Notices”).
      Show
      Me Ethanol’s right of first purchase may be exercised by giving written
      notice to Ray-Carroll, within thirty (30) days of Show Me Ethanol’s receipt of
      the Purchase Offer Notice to Show Me Ethanol, that Show Me Ethanol intends
      to
      purchase the Grain Elevator Property upon terms identical to those contained
      in
      the Purchase Offer Notice to Show Me Ethanol.

     

    In
      the
      event of either party’s exercise of its right of first purchase, the parties
      shall proceed to close the sale upon the terms and conditions contained in
      the
      applicable Purchase Offer Notice. The parties agree that the closing date for
      such sale and purchase shall be set for a date mutually agreeable to the parties
      not to exceed sixty (60) days following the expiration of the period during
      which the exercising party may exercise its right of first purchase. If the
      party exercising its right of first purchase does not consummate the transaction
      and the selling party fails to consummate the transaction to a third party
      on
      the terms contemplated in the applicable Purchase Offer Notice, this Agreement
      shall remain in effect and such party’s right of first purchase under this
      Agreement shall continue during the Rights Period. If a party does not, during
      the applicable period during which such party may exercise its right of first
      purchase, give the other party written notice of its election to exercise its
      first right of purchase, such party will be deemed to have automatically waived
      such right, but such party’s right of first refusal, as described in Section 2
      of this Agreement, shall remain in full force and effect. In such event as
      either party may waive its right hereunder as set forth in the above sentence,
      such waiving party will, upon written request by the other party hereto, execute
      and deliver to such other party a recordable release and termination of this
      Agreement with respect to the right of first purchase granted such executing
      party hereunder and with respect to the right of first refusal granted such
      executing party hereunder.

     

    2. Rights
      of First Refusal.
      During
      the Rights Period:

     

    (a) Show
      Me
      Ethanol will not transfer, sell, alienate, assign, give, bequeath, or otherwise
      dispose of the Ethanol Plant Property or any portion thereof to any third party
      that has made a bona fide, legally binding purchase offer (“Third-Party
      Offer”)
      (which
      Show Me Ethanol shall require be submitted in writing by such third party)
      without first offering the Ethanol Plant Property for sale to Ray-Carroll upon
      the same terms and conditions set forth in such Third-Party Offer. In such
      case,
      Show Me Ethanol shall deliver a true and accurate copy of such Third-Party
      Offer
      to Ray-Carroll and simultaneously deliver a written offer to Ray-Carroll to
      sell
      the Ethanol Plant Property at a price and upon such terms as are identical
      to
      those set forth in the Third-Party Offer (collectively, the “Offer
      Notice to Ray-Carroll”).
      Ray-Carroll’s right of first refusal may be exercised by giving written
      notice to Show Me Ethanol, within thirty (30) days of Ray-Carroll’s receipt of
      the Offer Notice to Ray-Carroll, that Ray-Carroll intends to purchase the
      Ethanol Plant Property upon terms identical to those contained in the
      Third-Party Offer; and

     

    (b) Ray-Carroll
      will not transfer, sell, alienate, assign, give, bequeath, or otherwise dispose
      of the Grain Elevator Property or any portion thereof to any third party that
      has made a Third-Party Offer (which Ray-Carroll shall require be submitted
      in
      writing by such third party) without first offering the Grain Elevator Property
      for sale to Show Me Ethanol upon the same terms and conditions set forth in
      such
      Third-Party Offer. In such case, Ray-Carroll shall deliver a true and accurate
      copy of such Third-Party Offer to Show Me Ethanol and simultaneously deliver
      a
      written offer to Show Me Ethanol to sell the Grain Elevator Property at a price
      and upon such terms as are identical to those set forth in the Third-Party
      Offer
      (collectively, the “Offer
      Notice to Show Me Ethanol,”
and
      together with the Offer Notice to Ray-Carroll, the “Offer
      Notices”).
      Show
      Me Ethanol’s right of first refusal may be exercised by giving written
      notice to Ray-Carroll, within thirty (30) days of Show Me Ethanol’s receipt of
      the Offer Notice to Show Me Ethanol, that Show Me Ethanol intends to purchase
      the Grain Elevator Property upon terms identical to those contained in the
      Third-Party Offer.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    In
      the
      event of either party’s exercise of its right of first refusal, the parties
      shall proceed to close the sale upon the terms and conditions contained in
      the
      applicable Offer Notice. If the closing date specified in the Third-Party Offer
      is earlier than the time for acceptance of the applicable Offer Notice, the
      parties agree that the closing date shall be set for a date mutually agreeable
      to the parties not later than ninety (90) days after the date of the applicable
      Offer Notice. If the party exercising its right of first refusal does not
      consummate the transaction and the third-party offeror fails to consummate
      the
      transaction contemplated by the Third-Party Offer, this Agreement shall remain
      in effect and such party’s right of first refusal under this Agreement shall
      continue during the Rights Period. If a party does not, during the applicable
      Exercise Period, give the other party written notice of its election to exercise
      its first right of refusal, such party will be deemed to have automatically
      waived such right as to the Third-Party Offer. In such event as either party
      may
      waive its right hereunder as set forth in the above sentence, such waiving
      party
      will, upon written request by the other party hereto, execute and deliver to
      such other party a recordable release and termination of this Agreement with
      respect to the right of first purchase granted such executing party hereunder
      and with respect to the right of first refusal granted such executing party
      hereunder.

     

    3. Title.
      Each
      party hereby represents and warrants that it has good and indefeasible title
      to
      its Property in fee simple or in easement, as specifically set forth in
Schedules
      1
      and
2,
      and
      with full power to sell and convey it, including the right to grant the rights
      provided herein; its Property is free of any lien, right or other interest
      which
      might foreclose the right of first purchase or the right of first refusal
      granted hereby or otherwise result in the termination of the right of first
      purchase or the right of first refusal granted hereby with the other party’s
      consent.

     

    4. Notices.
      All
      notices required under this Agreement, and all approvals and other
      communications required or permitted to be given hereunder, must be in writing
      and be mailed by registered or certified mail, postage prepaid, return receipt
      requested, addressed to the receiving party at the addresses first set forth
      hereinabove for such party. Any notice will be deemed given on the day after
      the
      date such notice is mailed as hereinbefore provided.

     

    5. Assignment.
      This
      Agreement shall be binding upon and inure to the benefit of the parties hereto,
      and their heirs, executors, personal representatives, successors, and assigns.
      

     

    6. Amendment.
      Any
      amendment(s) to this Agreement shall be effective only if set forth in writing
      and signed by each party hereto.

     

    7. Severability.
      Each
      provision of this Agreement shall be considered severable, and if for any reason
      any provision that is not essential to the effectuation of the basic purposes
      of
      the Agreement is determined to be invalid and contrary to any existing or future
      law, such invalidity shall not impair the operation of or affect those
      provisions of this Agreement that are valid.

     

    8. No
      Waiver.
      No
      party hereto shall be deemed to have waived any right hereunder unless such
      waiver shall be in writing and signed by such party. The waiver by any party
      of
      any breach of this Agreement shall not operate or be construed to be a waiver
      of
      any subsequent breach.

     

    9. Governing
      Law.
      This
      Agreement shall be construed and enforced in accordable with the laws of the
      State of Missouri.

     

    10. Recordation.
      Following execution hereof each party will execute a Memorandum of Right of
      First Purchase and Right of First Refusal dated as of even date hereof and
      in
      form agreed to by both parties, and Show Me Ethanol will cause such instrument
      to be recorded in the real estate records of Carroll County, Missouri, and
      thereafter deliver a copy of such recorded document to the other party to
      Ray-Carroll.

     

    11. Headings
      and Captions.
      All
      headings and captions in this Agreement are for convenience of reference only
      and are not intended to qualify the meaning of any provision.

     

    12. Counterparts.
      This
      Agreement and any amendments hereto may be executed in several counterparts,
      each of which shall be deemed to be an original copy, and all of which together
      shall constitute one agreement binding on all parties, hereto, notwithstanding
      that all the parties shall not have signed the same counterpart.

     

    [Remainder
      of Page Intentionally Left Blank; Signature Page Follows]

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties have executed this Agreement as of the date and
      year first written above.

     

    
      	 	
              SHOW
                ME ETHANOL:

            
	 	 
	 	
              Show
                Me Ethanol, LLC,

            
	 	
              a
                Missouri limited liability company

            
	 	 
	 	
              By:

            	
              /s/David
                Durham

            
	 	
              Printed
                Name:

            	
              David
                Durham

            
	 	
              Its:

            	
              Chairman

            
	 	 
	 	 
	 	
              RAY-CARROLL:

            
	
              (SEAL)

            	 
	 	
              Ray-Carroll
                County Grain Growers, Inc.,

            
	 	
              a
                Missouri cooperative association

            
	 	
              By:

            	
              /s/David
                Minnick

            
	 	
              Printed
                Name:

            	
              David
                Minnick

            
	 	
              Its:

            	
              President

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	
              STATE
                OF MISSOURI 

            	
              )

            	 
	 	 	
              )
                SS.

            
	
              COUNTY
                OF Ray

            	
              )

            	 

    

     

    On
      this
30th
      day of
April
      in the
      year 2007, before me, Beverly
      Holloway,
      a Notary
      Public in and for said state, personally appeared David Durham, Chairman of
      Show
      Me Ethanol, LLC, a Missouri limited liability company, known to me to be the
      person who executed the within AGREEMENT OF RIGHT OF FIRST PURCHASE AND RIGHT
      OF
      FIRST REFUSAL in behalf of said limited liability company and acknowledged
      to me
      that he/she executed the same for the purposes therein stated.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my notarial seal at
      my
      office in Richmond,
      Missouri,
      the day
      and year last above written.

    

    

    
      	 	
              /s/Beverly
                Holloway

            	
            
	 	
              
                
                  Printed
                    Name:Beverly
                    Holloway

                

              

            
	 	
              Notary
                Public in and for

            
	 	
              said
                County and State

            

    

    

    My
      Commission Expires:

    

    November
      2, 2007

    (The
      Notary Public must type or print his/her name immediately beneath his/her
      signature.)

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF Missouri

            	
              )

            	 
	 	 	
              )
                SS.

            
	
              COUNTY
                OF Ray

            	
              )

            	 

    

     

    On
      this
30th
      day of
April,
      2007,
      before me, appeared David
      Minnick,
      to me
      personally known, who being by me duly sworn, did say that he is the
President
      of
      Ray-Carroll County Grain Growers, Inc., a Missouri cooperative association,
      that
      said instrument was signed and sealed on behalf of said cooperative association
      by authority of its Board of Directors, and acknowledged said instrument to
      be
      the free act and deed of said cooperative association.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my notarial seal at
      my
      office in Richmond,
      Missouri,
      the day
      and year last above written.

    

    

    
      	 	
              /s/
                Beverly Holloway

            	
            
	 	
              
                
                  
                    Printed
                      Name:Beverly
                      Holloway

                  

                

              

            
	 	
              Notary
                Public in and for

            
	 	
              said
                County and State

            

    

    

    My
      Commission Expires:

    

    November
      2, 2007

    (The
      Notary Public must type or print his/her name immediately beneath his/her
      signature.)

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    SCHEDULE
      1

     

    Ethanol
      Plant Property

     

    That
      portion of the North Half in Section 35, Township 53 North of the Base Line,
      Range 23 West of the Fifth Principal Meridian, Carroll County, Missouri,
      described as follows: Beginning at a point on the East line of the Northwest
      Quarter in said Section 35 that is N01o50’28”E, 70.82 feet from the Center of
      said Section 35, said point being on the Northerly right of way line of Missouri
      Highway 24; thence Westerly along a curve to the right, having a radius of
      1597.02 feet, through a central angle of 12o15’59”, an arc length of 341.90 feet
      along said r.o.w. line; thence N87o48’53”W, 43.20 feet along said r.o.w. line;
      thence N02o11’07”E, 5.00 feet along said r.o.w. line; thence N87o48’53”W, 99.87
      feet along said r.o.w. line; thence N00o28’54”W, 482.81 feet; thence
      S83o30’24”W, 677.88 feet; thence N07o56’29”W, 255.90 feet; thence N81o47’56”E,
      346.62 feet; thence N49o30’21”E, 62.47 feet; thence N13o53’07”E, 378.24 feet;
      thence N23o25’30”E, 129.10 feet; thence N07o49’59”W, 208.97 feet; thence
      S74o43’16”E, 333.68 feet; thence S76o58’57”E, 108.16 feet; thence N89o54’09”E,
      169.98 feet; thence N75o36’56”E, 302.17 feet; thence S47o13’25”E, 294.66 feet;
      thence S15o58’29”W, 876.92 feet; thence N77o34’13”W, 164.41 feet to the West
      line of the Northeast Quarter in said Section 35; thence S01o50’28”W, 384.70
      feet along said West line and along said East line to the point of beginning.
      Said portion contains 30.00 acres and is subject to all easements, restrictions,
      reservations and right of ways of record.

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    SCHEDULE
      2

     

    Grain
      Elevator Property

    

      All
        of
        the Northwest Quarter of Section Thirty-five, Township Fifty-three, Range
        Twenty-three, Carroll County, Missouri, excepting therefrom the right-of-way
        of
        the Atchison, Topeka and Santa Fe Railroad Company, containing Seven (7)
        acres,
        more or less, as now located and constructed across said premises, and subject
        to the easements granted the Prairie Oil and Gas Company and also subject
        to the
        right-of-way granted Prairie Pipe Line Company, said premises containing
        in the
        aggregate after said exceptions One Hundred Fifty-three (153) acres, more
        or
        less, subject to existing public roadways. Also subject to easement for public
        water supply.

      

      AND
        also the following described tract: (see attached)

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    

      ALL
        OF
        THE FOLLOWING DESCRIBED TRACT OF LAND LYING NORTH OF U.S. HIGHWAY
        #24:

      

      THE
        NORTHEAST QUARTER (NE 1/4) OF SECTION THIRTY-FIVE (35), TOWNSHIP FIFTY-THREE
        (53) NORTH,
        RANGE TWENTY-THREE (23) WEST OF THE FIFTH PRINCIPAL MERIDIAN, CARROLL COUNTY,
        MISSOURI;
        EXCEPTING THEREFROM THAT PART CONVEYED TO THE STATE OF MISSOURI FOR HIGHWAY
        PURPOSES AS DESCRIBED IN INSTRUMENT RECORDED IN BOOK 10, PAGE 24 OF THE
RECORDS
        IN THE RECORDER OF DEEDS OFFICE, CARROLL COUNTY, MISSOURI; EXCEPTING
THEREFROM
        CONVEYANCE DATED NOVEMBER 4, 1983, RECORDED IN BOOK 461, PAGE 73 OF THE
RECORDS
        IN THE RECORDER OF DEEDS OFFICE, CARROLL COUNTY, MISSOURI, AND DESCRIBED
        AS
AN
        IRREGULAR TRACT OF LAND SITUATED IN THE NORTHEAST QUARTER (NE 1/4) OF SECTION
        35, TOWNSHIP
        53 NORTH,
        RANGE 23 WEST, CARROLL COUNTY, MISSOURI, MORE PARTICULARLY DESCRIBED
        AS FOLLOWS: BEGINNING AT AN IRON BAR SET ON THE NORTHERLY RIGHT-OF-WAY
LINE
        OF
        U.S. HIGHWAY #24, 2200.20 FEET SOUTH AND 1061.20 FEET EAST FROM AN IRON BAR
        FOUND AT
        THE
        NORTHWEST CORNER OF THE NORTHEAST QUARTER OF SECTION 35, T.53N., R.23W.;
        THENCE
N.09°-28’-50”E.,
        ALONG AN EXISTING FENCE LINE A DISTANCE OF 258.70 FEET TO AN IRON BAR; THENCE
        N.48°-12’-13” E., ALONG SAID FENCE LINE A DISTANCE OF 14.71 FEET TO AN IRON
        BAR; THENCE
        S.81°-21’-46”E., A DISTANCE OF 315.80 FEET TO AN IRON BAR; THENCE
        S.09°-28’-40”W., A DISTANCE
        OF 167.40 FEET TO AN IRON BAR SET ON THE NORTH RIGHT-OF-WAY LINE OF SAID
        U.S.
HIGHWAY
        #24; THENCE S.82°-42’-28”W., ALONG SAID RIGHT-OF-WAY LINE A DISTANCE OF 169.16
        FEET TO AN IRON BAR;
        THENCE
        ALONG THE ARC OF A 01°-58’-09” CURVE TO THE LEFT A DISTANCE OF 140.75
        FEET TO AN IRON BAR; THENCE S.10°-33’-50” E, A DISTANCE OF 5.0 FEET TO AN IRON
        BAR; THENCE
        ALONG THE ARC OF A 01°-58’-21” CURVE TO THE LEFT, A DISTANCE OF 33.46 FEET TO
        THE POINT
        OF
        BEGINNING AND CONTAINING WITHIN THE ABOVE DESCRIBED BOUNDARIES OF 1.6087
        ACRES;
        SUBJECT TO ALL PUBLIC AND PRIVATE ROADS OR EASEMENTS AS THE SAME MAY NOW
        BE
        LOCATED, AND SPECIFICALLY SUBJECT TO  EASEMENTS
        GRANTED KANSAS CITY POWER AND LIGHT COMPANY
        BY INSTRUMENTS RECORDED IN BOOK 286, PAGE 437 AND BOOK 392, PAGE 384, OF
        THE
        DEED RECORDS IN THE RECORDER OF DEEDS OFFICE, CARROLL COUNTY, MISSOURI; SUBJECT
        TO EASEMENT
        GRANTED PUBLIC WATER SUPPLY DISTRICT NO.l RECORDED IN BOOK 407, PAGE 150,
        OF
THE
        DEED
        RECORDS IN THE RECORDER OF DEEDS OFFICE, CARROLL COUNTY,
        MISSOURI.

    

    

    but
      except any part of either of the above described tracts which is described
      on
      Schedule 1 attached hereto.

    
      
        
        

      

      
        9

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