Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - MGN Technologies, Inc. - Exhibit 10.27

Exhibit 10.27

FIRST AMENDMENT TO CREDIT FACILITY AGREEMENT 

This First Amendment to the Credit Facility Agreement
(“Amendment”) is entered into and effective this 31st day of August,
2006 by and between MGN Technologies, Inc. (the “Borrower”) and Androgas
Property S.A. (the “Lender”). 

Recitals 

A.      Borrower and Lender previously
entered into that certain Credit Facility Agreement dated as of October 21,
2005, pursuant to which the Lender agreed to lend and the Borrower agreed to
borrow $2,765,000 in the form of a convertible debenture based on the terms and
conditions set forth therein. 

B.      Lender wishes to amend the
pricing terms of the conversion with respect to the units and applicable
warrants issuable thereunder, and the Borrower agrees to such terms, as provided
in this Amendment. 

Agreement 

NOW, THEREFORE, in consideration of the above recitals and for
other good and valuable consideration, Lender and Borrower hereby agree as
follows: 

1.      Defined Terms.
Capitalized terms used in this Amendment shall have the same meaning ascribed to
them in the Credit Facility Agreement. 

2.      Amended Credit Facility
Terms. The following amended terms with respect to the Credit Facility
Agreement shall apply, and the Credit Facility Agreement is hereby amended to
conform to the terms set forth below. 

     a.      The
Borrower shall amend the conversion price previously agreed upon in the Credit
Facility Agreement to (i) decrease the conversion of all or any part of the
Outstanding Amount into Units of the borrower from $0.70 to $0.25 per Unit, and
(ii) decrease the exercise price of each Warrant from $1.00 to $0.50. 

3.      No Further
Modification. Except as expressly amended in this Amendment, all of the
terms and conditions set forth in the Credit Facility Agreement shall remain
unchanged, valid, and binding upon the Borrower, and in full force and effect.

4.      Counterparts. This
Amendment may be executed in any number of counterparts, each of which shall be
an original, but all of which together shall be deemed to constitute one
instrument. An executed signature page provided by facsimile shall be deemed
valid and binding for all purposes. 

IN WITNESS WHEREOF, the parties have caused this First
Amendment to the Credit Facility Agreement to be executed as of this
31st day of August, 2006. 

Borrower: 

MGN TECHNOLOGIES, INC. 

By: 
______________________________
Name: Mark Jensen

Title: Chief Executive Officer 

Lender: 

ANDROGAS PROPERTY S.A. 

By: _____________________________

Name:___________________________

Title: ____________________________Exhibit 10.1

    Exhibit
      10.1

     

    SUBSCRIPTION
      AGREEMENT (the “Agreement”)

    

    

    

    

    Name
      of
      Subscriber     

    

    

    China
      Digital Media Corporation

    Room
      2505-06, 25/F, Stelux House, 

    698
      Prince Edward Road East

    Kowloon,
      Hong Kong

    

    Ladies
      and Gentlemen:

    

    1. Subscription.
      I
      (sometimes referred to herein as the “Investor”) hereby subscribe for and agree
      to purchase $______________(insert
      dollar amount) in
      Unit(s)
      (as defined below) (“Subscription Amount”) of China Digital Media Corporation, a
      Nevada corporation (the “Company”), on the terms and conditions described herein
      (the “Offering Document”). The amount
      of
      Units being offered by the Company
      is
      $3,000,000 (the “Minimum Offering”) to $4,100,000 (the “Maximum Offering”) (the
      Minimum and Maximum Offering are collectively referred to herein as the
“Offering”). 

    

    THE
      AGGREGATE AMOUNT SUBSCRIBED FOR IN
      THIS OFFERING includes up to $1,100,000 worth of the Units originally subscribed
      to on _July 6, 2006 (the “Initial Investment”). With regard to the Investors of
      the Initial Investment, acceptance of this subscription shall acknowledge on
      the
      part of the Company that up to $1,100,000 subscribed for pursuant to the Initial
      Investment shall be credited to the Subscription Agreement for each such
      Investor in the amount each such Investor actually purchased in the Initial
      Investment and that, with regard to such $1,100,000, the terms of this
      Subscription Agreement with regard to the Units shall apply.

    

    The
      purchase price for the Units shall be deposited in escrow pursuant to an escrow
      agreement, in the Form attached hereto as Exhibit 1, until such time as
      $3,000,000, including the Prior Securities (as defined below), is raised and
      accepted by the Company or the parties hereto otherwise determine.

    

    Upon
      the
      Closing on this Agreement, the Investors of the Initial Investment agree to
      return the original notes payable in the principal amount of up to $1,100,000
      issued July 6, 2006 (the “Original Notes”), and the Class A, Class B, Class C,
      Class D, and Class J warrants issued in connection with such notes (“Prior
      Securities”). Upon the Closing on this Agreement, the Investors hereby waive any
      rights associated with the Prior Securities, and hereby waive any interest
      payments accrued on the Original Notes.

    

    2. Description
      of Units; Lock-Up.
      The
      Unit consists of: 

    

    (i)
       an
      interest bearing convertible debenture in principal amount of $100,000
      (the
“Debentures”),

    

    (ii)
       a
      six-year Class A warrant to purchase 222,222
      shares
      of Company common stock, par value $0.001 per share (“Common Stock”) at an
      exercise price of $0.80 per share (“Class A Warrant”), 

    

    (iii)
       a
      six-year Class B warrant to purchase 222,222
      shares
      of Company Common Stock at an exercise price of $1.20 per share (“Class B
      Warrant”),
      and,

    

    (iv) a
      six-year Class C warrant to purchase 111,111
      shares
      of Company Common Stock at an exercise price of $2.25 per share (“Class C
      Warrant;” collectively, the Class A Warrant, Class B Warrant and Class C Warrant
      are referred to as the “Warrants”).

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    

    The
      securities issuable upon conversion of the Debenture and exercise of the
      Warrants are eligible for certain registration rights as set forth in Section
      5(c) of this Agreement and in the Warrant Agreements, respectively; provided
      that the Investor hereby agrees to enter into a 90 day post-Public Offering
      lock-up on shares issued upon conversion of the Debenture and exercise of the
      Warrants, pursuant to the underwriter’s customary lock-up agreement (“Absolute
      Lock-up Period”). For purposes of this Agreement, “Public Offering” means the
      completion of a firm underwritten public offering of the Company’s securities.
      For the 90 days post the Absolute Lock-up Period, no Investor shall sell more
      than five percent (5%) of the Company’s outstanding common stock, on a fully
      diluted basis, as of the date of such sale. 

    

    3.
      Conversion
      Shares.
      The
      Company has authorized and has reserved and covenants to continue to reserve,
      free of preemptive rights and other similar contractual rights of stockholders,
      a number of shares of Common Stock equal to one hundred twenty percent (120%)
      of
      the number of shares of Common Stock as shall from time to time be sufficient
      to
      effect the conversion of all of the Debentures and exercise of the Warrants
      then
      outstanding. Any shares of Common Stock issuable upon conversion of the
      Debentures and exercise of the Warrants (and such shares when issued) are herein
      referred to as the “Conversion
      Shares”
and
      the
      "Warrant
      Shares",
      respectively. The Conversion Shares and the Warrant Shares are sometimes
      collectively referred to as the “Shares”.

    

    4.
      Lock-Up
      Agreements.
      The
      Company’s officers, directors and 5% or greater stockholders shall be subject to
      the terms and provisions of a lock-up agreement, which shall provide the manner
      in which such persons or entity will sell, transfer or dispose of their shares
      of Common Stock. The Lead Investor, as hereinafter defined, maintains the right
      to waive this lock-up agreement requirement for any such persons. 

    

    5. Purchase;
      Registration Rights.

    

    (a)  I
      hereby
      tender to the Company cash or a check or wire as follows, an executed copy
      of
      this Subscription Agreement and if an investor of the Initial Investment, the
      original copies of the Prior Securities: 

    

    Account
      Name:
      Law
      Offices of Louis E. Taubman, P.C., IOLA Account

    

    Bank
      Name:
      983902739

    

    Bank
      Address:
      245
      First Avenue, New York, NY 10003

    

    Bank
      Account #:
      983902739

    

    ABA#:
      021001088

    

    (b)  The
      Company employed a placement agent in connection with the sale of the
      Units
      offered hereby and agreed to pay such placement agent a cash commission
equal
      to
      6% of the proceeds from this Offering and warrants to purchase an amount equal
      to
      4% of
      the number of Shares issued in this Offering (the “Placement Agents’ Fee”).

    

    (c)  REGISTRATION
      RIGHTS.

    

    (1) If
      the
      Company shall at any time determine to proceed with the actual preparation
      and
      filing of a registration statement under the Act in connection with the proposed
      offer and sale of any of its securities by it or any of its security holders
      (other than a registration statement on Form S-4, S-8 or other limited purpose
      form), then the Company will give written notice of its determination to all
      record holders of the Debentures and the Warrants. Upon the written request
      from
      any holder, the Company will, except as herein provided, cause all such
      securities underlying the Debentures and the Warrants to be included in such
      registration statement, all to the extent requisite to permit the sale or other
      disposition by the prospective seller or sellers of the securities underlying
      the Debentures and the Warrants to be so registered; provided, further, that
      nothing herein shall prevent the Company from, at any time, abandoning or
      delaying any registration. If any registration pursuant to this Section c(1)
      shall be underwritten in whole or in part, the Company may require that the
      securities underlying the Debentures requested for inclusion by the Holders
      be
      included in the underwriting on the same terms and conditions as the securities
      otherwise being sold through the underwriters. In connection a registration
      statement, except for a registration statement in connection with an
      underwritten public offering of securities, fees of one (1) counsel for the
      holders of the Debentures shall be paid by the Company. 

     

    
      
        
        

      

      
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    (2) If
      the
      Company does not file a registration statement as set forth in Section c(1)
      on
      or before February 28, 2007 ( the “Due Date”), the Company shall file a
      registration statement on Form SB-2 (or any other applicable form exclusively
      for this offering) to register 100% of the shares issuable upon conversion
      of
      the Debentures and upon exercise of all the Warrants within one (1) week after
      the Due Date (the “Filing Date”) and have it declared effective by the sooner of
      the date (i) within three (3) days after the Commission states that there will
      be no review or that the Commission has no further comments or (ii) 120 days
      after the Due Date (the “Effective Date”). In the event of a full review of the
      Registration Statement by the SEC, the required Effective Date will be extended
      by 30 days. The Company shall use its best efforts to keep any registration
      statement filed pursuant to Sections c(1) and (2) continuously effective under
      the Securities Act until such date as is the earlier of (x) the date when all
      securities covered by such registration statement have been sold or (y) the
      date
      on which such securities may be sold without any restriction pursuant to Rule
      144 as determined by the counsel to the Company pursuant to a written opinion
      letter, addressed to the Company's transfer agent to such effect. If at any
      time
      and for any reason, an additional registration statement is required to be
      filed
      because at such time the actual number of shares of common stock into which
      the
      Debentures are convertible or the Warrants are exercisable exceeds the number
      of
      shares of securities remaining under the registration statement, the Company
      shall have twenty (20) business days to file such additional registration
      statement, and the Company shall use its best efforts to cause such additional
      registration statement to be declared effective by the Commission as soon as
      possible, but in no event later than sixty (60) days after filing. 

     

    (3) If
      the
      registration statement is not filed by the Filing Date or declared effective
      on
      the Effective Date or upon the occurrence of any other registration default
      hereunder (a “Registration Default”), the Company shall pay liquidated damages
      of 2% of the Subscription Amount per each 30 day period or part thereof
      following any Registration Default; provided, however, that such liquidated
      damages shall not exceed 20% of the amount invested by each Holder in this
      offering. Such damages shall be paid in common stock (with the same registration
      rights as set forth herein) valued at an amount equal to ninety percent (90%)
      of
      the average of the VWAP (as defined below) for the five (5) trading days
      immediately preceding the date the liquidated damages become due, but in no
      event less than $0.45. 

    

    (4) For
      purposes hereof, “VWAP”
means,
      for any date, (i) the daily volume weighted average price of the Common Stock
      for such date on the OTC Bulletin Board as reported by Bloomberg Financial
      L.P.
      (based on a trading day from 9:30 a.m. Eastern Time to 4:02 p.m. Eastern Time);
      (ii) if the Common Stock is listed on a national securities exchange or admitted
      to unlisted trading privileges on such exchange or listed for trading on the
      Nasdaq National Market, the current market value shall be the last reported
      sale
      price of the Common Stock on such exchange or market or if no such sale is
      made
      on any day, the average of the closing bid and asked prices for such day on
      such
      exchange or market, (iii) if the Common Stock is not then listed or quoted
      on
      the OTC Bulletin Board and if prices for the Common Stock are then reported
      in
      the “Pink Sheets” published by the Pink Sheets, LLC (or a similar organization
      or agency succeeding to its functions of reporting prices), the most recent
      bid
      price per share of the Common Stock so reported; or (iv) in all other cases,
      the
      fair market value of a share of Common Stock as determined by an independent
      appraiser selected in good faith by the Holder and reasonably acceptable to
      the
      Company.

    

    (5) In
      connection with the Company's registration obligations hereunder, the
 Company
      shall: 

    

    (A) prepare
      and file with the SEC such amendments to such registration statement and
      supplements to the prospectus contained therein as may be necessary to keep
      such
      registration statement effective;

    

    (B) furnish
      to the Investors participating in such registration and to the underwriters
      of
      the securities being registered such reasonable number of copies of the
      registration statement, preliminary prospectus, final prospectus and such other
      documents as such underwriters may reasonably request in order to facilitate
      the
      public offering of such securities; and subject to the provisions of SubSections
      (K) and (L), the Company hereby consents to the use of such Prospectus and
      each
      amendment or supplement thereto by each of the selling Investors in connection
      with the offering and sale of the Shares covered by such Prospectus and any
      amendment or supplement thereto;

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    (C) use
      its
      best efforts to register or qualify the securities covered by such registration
      statement under such state securities or blue sky laws of such jurisdictions
      as
      the Investors may reasonably request in writing within twenty (20) days
      following the original filing of such registration statement, except that the
      Company shall not for any purpose be required to execute a general consent
      to
      service of process or to qualify to do business as a foreign corporation in
      any
      jurisdiction wherein it is not so qualified or subject itself to taxation in
      any
      such jurisdiction;

    

    (D) notify
      the Investors, promptly after it shall receive notice thereof, of the time
      when
      such registration statement has become effective or a supplement to any
      prospectus forming a part of such registration statement has been
      filed;

    

    (E) notify
      the Investors promptly of any request by the SEC for the amending or
      supplementing of such registration statement or prospectus or for additional
      information;

    

    (F) prepare
      and file with the SEC, promptly upon the request of any Holders, any amendments
      or supplements to such registration statement or prospectus which, in the
      opinion of counsel for such Investors (and concurred in by counsel for the
      Company), is required under the Act or the rules and regulations thereunder
      in
      connection with the distribution of Common Stock by such Investors;

    

    (G) prepare
      and promptly file with the SEC and promptly notify such Investors of the filing
      of such amendment or supplement to such registration statement or prospectus
      as
      may be necessary to correct any statements or omissions if, at the time when
      a
      prospectus relating to such securities is required to be delivered under the
      Act, any event shall have occurred as the result of which any such prospectus
      or
      any other prospectus as then in effect would include an untrue statement of
      a
      material fact or omit to state any material fact necessary to make the
      statements therein, in the light of the circumstances in which they were made,
      not misleading; 

    

    (H) advise
      the Investors, promptly after it shall receive notice or obtain knowledge
      thereof, of the issuance of any stop order by the SEC suspending the
      effectiveness of such registration statement or the initiation or threatening
      of
      any proceeding for that purpose and promptly use its best efforts to prevent
      the
      issuance of any stop order or to obtain its withdrawal if such stop order should
      be issued; 

    

    (I) advise
      the Investors, promptly after receipt by the Company of any notification with
      respect to the suspension of the qualification or exemption from qualification
      of any of the Registrable Securities for sale in any jurisdiction, or the
      initiation of any Proceeding for such purpose; 

    

    (J) Use
      its
      best efforts to avoid the issuance of, or, if issued, obtain the withdrawal
      of,
      as promptly as possible, (i) any order suspending the effectiveness of the
      Registration Statement or (ii) any suspension of the qualification (or exemption
      from qualification) of any of the Shares for sale in any jurisdiction;

    

    (K) The
      Company may require each selling Investor to furnish to the Company information
      regarding such Investor and the distribution of such Shares as is required
      by
      law to be disclosed in the Registration Statement, Prospectus, or any amendment
      or supplement thereto, and the Company may exclude from such registration the
      Shares of any such Investor who unreasonably fails to furnish such information
      within a reasonable time after receiving such request. 

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    Each
      Investor covenants and agrees that it will not sell any Shares under the
      Registration Statement until the Company has electronically filed the Prospectus
      as then amended or supplemented as contemplated in SubSection (F) and (G) and
      notice from the Company that such Registration Statement and any post-effective
      amendments thereto have become effective as contemplated by SubSection
      D.

    

    Each
      Investor agrees by its acquisition of such Shares that, upon receipt of a notice
      from the Company of the occurrence of any event of the kind described in
      SubSection (E), (F), (G), (H), (I) or (L), such Investor will forthwith
      discontinue disposition of such Shares under the Registration Statement until
      such Investor's receipt of the copies of the supplemented Prospectus and/or
      amended Registration Statement contemplated by SubSection (G), or until it
      is
      advised in writing (the "Advice") by the Company that the use of the applicable
      Prospectus may be resumed, and, in either case, has received copies of any
      additional or supplemental filings that are incorporated or deemed to be
      incorporated by reference in such Prospectus or Registration Statement.

    

    (L)
      If
      (i) there is material non-public information regarding the Company  which
      the
      Company's Board of Directors (the "Board") determines not to be in the Company's
      best interest to disclose and which the Company is not otherwise required to
      disclose, (ii) there is a significant business opportunity (including, but
      not
      limited to, the acquisition or disposition of assets (other than in the ordinary
      course of business) or any merger, consolidation, tender offer or other similar
      transaction) available to the Company which the Board determines not to be
      in
      the Company's best interest to disclose, or (iii) the Company is required to
      file a post- effective
      amendment to the Registration Statement to incorporate the Company’s quarterly
      and annual reports and audited financial statements on Forms 10-QSB and 10-KSB,
      then the Company may (x) postpone or suspend filing of a registration statement
      for a period not to exceed thirty (30) consecutive days or (y) postpone or
      suspend effectiveness of a registration statement for a period not to exceed
      twenty (20) consecutive days; provided that the Company may not postpone or
      suspend effectiveness of a registration statement under this Section for more
      than forty-five (45) days in the aggregate during any three hundred sixty (360)
      day period; provided, however, that no such postponement or suspension shall
      be
      permitted for consecutive twenty (20) day periods arising out of the same set
      of
      facts, circumstances or transactions.

    

    (6) All
      fees,
      costs and expenses of and incidental to such registration, inclusion and public
      offering in connection therewith shall be borne by the Company, provided,
      however, that the holders shall bear their pro rata share of the underwriting
      discount and commissions and transfer taxes. The fees, costs and expenses of
      registration to be borne by the Company as provided above shall include, without
      limitation, all registration, filing, and NASD fees, printing expenses, fees
      and
      disbursements of counsel and accountants for the Company, and all legal fees
      and
      disbursements and other expenses of complying with state securities or blue
      sky
      laws of any jurisdictions in which the securities to be offered are to be
      registered and qualified (except as provided above). Fees and disbursements
      of
      counsel and accountants for the holders and any other expenses incurred by
      the
      holders not expressly included above shall be borne by the holders.

    

    (7) The
      Company will indemnify and hold harmless each holder of the securities
      underlying the Debentures and the Warrants which are included in a registration
      statement pursuant to the provisions of Section (c)(1) hereof, its directors
      and
      officers, and any underwriter (as defined in the Act) for such Holder and each
      person, if any, who controls such Holder or such underwriter within the meaning
      of the Act, from and against, and will reimburse such Holder and each such
      underwriter and controlling person with respect to, any and all loss, damage,
      liability, cost and expense to which such Holder or any such underwriter or
      controlling person may become subject under the Act or otherwise, insofar as
      such losses, damages, liabilities, costs or expenses are caused by any untrue
      statement or alleged untrue statement of any material fact contained in such
      registration statement, any prospectus contained therein or any amendment or
      supplement thereto, or arise out of or are based upon the omission or alleged
      omission to state therein a material fact required to be stated therein or
      necessary to make the statements therein, in light of the circumstances in
      which
      they were made, not misleading; provided, however, that the Company will not
      be
      liable in any such case to the extent that any such loss, damage, liability,
      cost or expenses arises out of or is based upon an untrue statement or alleged
      untrue statement or omission or alleged omission so made in conformity with
      information furnished by such Holder, such underwriter or such controlling
      person in writing specifically for use in the preparation thereof. 

     

    
      
        
        

      

      
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    (8) Each
      Holder of securities underlying the Debentures and the Warrants included in
      a
      registration pursuant to the provisions of Section (c)(1) hereof will indemnify
      and hold harmless the Company, its directors and officers, any controlling
      person and any underwriter from and against, and will reimburse the Company,
      its
      directors and officers, any controlling person and any underwriter with respect
      to, any and all loss, damage, liability, cost or expense to which the Company
      or
      any controlling person and/or any underwriter may become subject under the
      Act
      or otherwise, insofar as such losses, damages, liabilities, costs or expenses
      are caused by any untrue statement or alleged untrue statement of any material
      fact contained in such registration statement, any prospectus contained therein
      or any amendment or supplement thereto, or arise out of or are based upon the
      omission or alleged omission to state therein a material fact required to be
      stated therein or necessary to make the statements therein, in light of the
      circumstances in which they were made, not misleading, in each case to the
      extent, but only to the extent, that such untrue statement or alleged untrue
      statement or omission or alleged omission was so made in reliance upon and
      in
      strict conformity with written information furnished by or on behalf of such
      Holder specifically for use in the preparation thereof. Notwithstanding anything
      to the contrary contained herein, each Holder shall be liable under this Section
      c(7) for only that amount as does not exceed the net proceeds to such Holder
      as
      a result of the sale of any securities registered on such Holders behalf
      pursuant to such registration statement.

    

    (9) Promptly
      after receipt by an indemnified party pursuant to the provisions of Sections
      (c)(3) or (4) of notice of the commencement of any action involving the subject
      matter of the foregoing indemnity provisions such indemnified party will, if
      a
      claim thereof is to be made against the indemnifying party pursuant to the
      provisions of said Sections (c)(3) or (4), promptly notify the indemnifying
      party of the commencement thereof; but the omission to so notify the
      indemnifying party will not relieve it from any liability which it may have
      to
      any indemnified party otherwise than hereunder. In case such action is brought
      against any indemnified party and it notifies the indemnifying party of the
      commencement thereof, the indemnifying party shall have the right to participate
      in, and, to the extent that it may wish, jointly with any other indemnifying
      party similarly notified, to assume the defense thereof, with counsel
      satisfactory to such indemnified party, provided, however, if counsel for the
      indemnifying party concludes that a single counsel cannot under applicable
      legal
      and ethical considerations, represent both the indemnifying party and the
      indemnified party, the indemnified party or parties have the right to select
      separate counsel to participate in the defense of such action on behalf of
      such
      indemnified party or parties. After notice from the indemnifying party to such
      indemnified party of its election so to assume the defense thereof, the
      indemnifying party will not be liable to such indemnified party pursuant to
      the
      provisions of said Sections (c)(3) or (4) for any legal or other expense
      subsequently incurred by such indemnified party in connection with the defense
      thereof other than reasonable costs of investigation, unless (i) the indemnified
      party shall have employed counsel in accordance with the provisions of the
      preceding sentence, (ii) the indemnifying party shall not have employed counsel
      satisfactory to the indemnified party to represent the indemnified party within
      a reasonable time after the notice of the commencement of the action or (iii)
      the indemnifying party has authorized the employment of counsel for the
      indemnified party at the expense of the indemnifying party.

    

    (11) If,
      prior
      to the dates set forth in Section (5) hereof, the Conversion Shares  or
      Warrant Shares have been included in Registration Statement filed with the
      SEC
      in  connection
      with the Public Offering, or otherwise, and if such Registration Statement
      is
 declared
      effective, and for so long as it remains effective, the Investor shall have
      no
 rights
      to
      demand a registration.

    

    6. Acceptance
      or Rejection of Subscription.

    

    (a) I
      understand and agree that the Company reserves the right to reject this
      subscription for the Units, in whole or in part, for any reason and at any
      time
      prior to the Closing, notwithstanding prior receipt by me of notice of
      acceptance of my subscription.

    

    (b) In
      the
      event of the rejection of this subscription, my subscription payment will be
      promptly returned to me without interest or deduction and this Agreement shall
      have no force or effect. In the event my subscription is accepted and the
      offering is completed, the funds specified above shall be released to the
      Company.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    7. Closing.
      The
      closing (“Closing”) of this offering shall occur when the Company has received
      and accepted subscriptions for the Offering. The Units subscribed for herein
      shall not be deemed issued to or owned by me until one copy of this Agreement
      has been executed by me and countersigned by the Company and the Closing with
      respect to such Units has occurred.

    

    8. Disclosure.
      Because
      this offering is limited to accredited investors as defined in Section
2(15) of
      the
      Act, and Rule 501 promulgated
      thereunder, in reliance upon the exemption contained in Section 4(2) of the
      Act
      and applicable state securities laws, the Units are being sold without
      registration under the Act. I acknowledge receipt of the Offering Documents
      and
      all related documents and represent that I have carefully reviewed and
      understand the Offering Documents. I have received all information and materials
      regarding the Company that I have requested.

    

    I
      fully
      understand that the Company has a limited financial and operating history and
      that the Units are speculative investments which involve a high degree of risk
      of the loss of my entire investment. I fully understand the nature of the risks
      involved in purchasing the Units and I am qualified by my knowledge and
      experience to evaluate investments of this type. I have carefully considered
      the
      potential risks relating to the Company and purchase of its Units and have,
      in
      particular, reviewed each of the risks set forth in the Offering Documents.
      Both
      my advisors and I have had the opportunity to ask questions of and receive
      answers from representatives of the Company or persons acting on its behalf
      concerning the Company and the terms and conditions of a proposed investment
      in
      the Company and my advisors and I have also had the opportunity to obtain
      additional information necessary to verify the accuracy of information furnished
      about the Company. Accordingly, I have independently evaluated the risks of
      purchasing the Units.

    

    9.
      Company
      Representations and Warranties. The
      Company acknowledges, represents and warrants to, and agrees with, the Investors
      as follows:

    

     

    a)  Organization,
      Good Standing and Power.
      The
      Company is a corporation duly incorporated, validly existing and in good
      standing under the laws of the State of Nevada and has the requisite corporate
      power to own, lease and operate its properties and assets and to conduct its
      business as it is now being conducted. The Company does not have any
      subsidiaries except as set forth in the Company’s Form 10-KSB for the year ended
      December 31, 2005, including the accompanying financial statements (the
“Form
      10-KSB”),
      or in
      the Company’s Form 10-QSB for the fiscal quarter ended June 30, 2006 (the
“Form
      10-QSB”)
      (collectively, the Form 10-KSB and 10-QSB are referred to herein as the “SEC
      Documents”). The Company and each such subsidiary is duly qualified as a foreign
      corporation to do business and is in good standing in every jurisdiction in
      which the nature of the business conducted or property owned by it makes such
      qualification necessary except for any jurisdiction(s) (alone or in the
      aggregate) in which the failure to be so qualified will not have a Material
      Adverse Effect (as defined in Section 9(c) hereof) on the Company’s financial
      condition.

     

    (b)  Authorization;
      Enforcement.
      The
      Company has the requisite corporate power and authority to enter into and
      perform this Agreement, the Lock-Up Agreements (as defined in Paragraph 4)
      in
      the form attached hereto as Exhibit
      E,
      the
      Debentures, and the Warrants (collectively, the “Transaction
      Documents”)
      and to
      issue and sell the Shares and the Warrants in accordance with the terms hereof.
      The execution, delivery and performance of the Transaction Documents by the
      Company and the consummation by it of the transactions contemplated hereby
      and
      thereby have been duly and validly authorized by all necessary corporate action,
      and no further consent or authorization of the Company or its Board of Directors
      or stockholders is required. This Agreement has been duly executed and delivered
      by the Company. The other Transaction Documents will have been duly executed
      and
      delivered by the Company at the Closing. Each of the Transaction Documents
      constitutes, or shall constitute when executed and delivered, a valid and
      binding obligation of the Company enforceable against the Company in accordance
      with its terms, except as such enforceability may be limited by applicable
      bankruptcy, insolvency, reorganization, moratorium, liquidation,
      conservatorship, receivership or similar laws relating to, or affecting
      generally the enforcement of, creditor’s rights and remedies or by other
      equitable principles of general application. 

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

     

    (c)  Capitalization.
      Except
      as set forth on Schedule 9(c), the authorized capital stock of the Company
      and
      the shares thereof currently issued and outstanding as of the date hereof are
      set forth on the dates indicated in the Commission Documents. All of the
      outstanding shares of the Common Stock have been duly and validly authorized.
      Except as set forth on Schedule 9(c), no shares of Common Stock are entitled
      to
      preemptive rights or registration rights and there are no outstanding options,
      warrants, scrip, rights to subscribe to, call or commitments of any character
      whatsoever relating to, or securities or rights convertible into, any shares
      of
      capital stock of the Company. There are no contracts, commitments,
      understandings, or arrangements by which the Company is to issue additional
      shares of the capital stock of the Company or options, securities or rights
      convertible into shares of capital stock of the Company. Except as set forth
      on
      Schedule 9(c), the Company is not a party to any agreement granting
      anti-dilution rights to any person with respect to any of its equity or debt
      securities. The Company is not a party to, and it has no knowledge of, any
      agreement restricting the voting or transfer of any shares of the capital stock
      of the Company. The offer and sale of all capital stock, convertible securities,
      rights, warrants, or options of the Company issued prior to the Closing complied
      with all applicable Federal and state securities laws, and no stockholder has
      a
      right of rescission or claim for damages with respect thereto which would have
      a
      Material Adverse Effect (as defined below). The Company has furnished or made
      available to the Investors true and correct copies of the Company’s Articles of
      Incorporation as in effect on the date hereof (the “Articles”),
      and
      the Company’s Bylaws as in effect on the date hereof (the “Bylaws”).
      For
      the purposes of this Agreement, “Material
      Adverse Effect”
means
      any material adverse effect on the business, operations, properties, prospects,
      or financial condition of the Company and its subsidiaries and/or any condition,
      circumstance, or situation that would prohibit or otherwise materially interfere
      with the ability of the Company to perform any of its obligations under this
      Agreement in any material respect.

     

    (d)  Issuance
      of Shares.
      The
      Debentures and the Warrants to be issued at the Closing have been duly
      authorized by all necessary corporate action. When the Conversion Shares and
      the
      Warrant Shares are issued in accordance with the terms of the Debenture and
      the
      Warrants, respectively, such shares will be duly authorized by all necessary
      corporate action and validly issued and outstanding, fully paid and
      nonassessable, and the holders shall be entitled to all rights accorded to
      a
      holder of Common Stock. 

     

    (e)  No
      Conflicts.
      The
      execution, delivery and performance of the Transaction Documents by the Company
      and the consummation by the Company of the transactions contemplated herein
      and
      therein do not and will not (i) violate any provision of the Company’s Articles
      or Bylaws (ii) except as set forth on Schedule 9(c), conflict with, or
      constitute a default (or an event which with notice or lapse of time or both
      would become a default) under, or give to others any rights of termination,
      amendment, acceleration or cancellation of, any agreement, mortgage, deed of
      trust, indenture, note, bond, license, lease agreement, instrument or obligation
      to which the Company is a party or by which it or its properties or assets
      are
      bound, (iii) create or impose a lien, mortgage, security interest, charge or
      encumbrance of any nature on any property of the Company under any agreement
      or
      any commitment to which the Company is a party or by which the Company is bound
      or by which any of its respective properties or assets are bound, or (iv) result
      in a violation of any federal, state, local or foreign statute, rule,
      regulation, order, judgment or decree (including Federal and state securities
      laws and regulations) applicable to the Company or any of its subsidiaries
      or by
      which any property or asset of the Company or any of its subsidiaries are bound
      or affected except, in all cases other than violations pursuant to clauses
      (i)
      and (iv) above, for such conflicts, defaults, terminations, amendments,
      accelerations, cancellations and violations as would not, individually or in
      the
      aggregate, have a Material Adverse Effect. The business of the Company and
      its
      subsidiaries is not being conducted in violation of any laws, ordinances or
      regulations of any governmental entity, except for possible violations which
      singularly or in the aggregate do not and will not have a Material Adverse
      Effect. The Company is not required under Federal, state or local law, rule
      or
      regulation to obtain any consent, authorization or order of, or make any filing
      or registration with, any court or governmental agency in order for it to
      execute, deliver or perform any of its obligations under the Transaction
      Documents, or issue and sell the Warrants, the Conversion Shares and the Warrant
      Shares in accordance with the terms hereof or thereof (other than any filings
      which may be required to be made by the Company with the Commission or state
      securities administrators subsequent to the Closing, any registration statement
      which may be filed pursuant hereto, and the Certificate of Designation);
provided that,
      for
      purposes of the representation made in this sentence, the Company is assuming
      and relying upon the accuracy of the relevant representations and agreements
      of
      the Investors herein.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    (f)  Commission
      Documents, Financial Statements.
      The
      Company is a filer pursuant to Section 13(a) of the Securities Exchange Act
      of
      1934, as amended (the “Exchange
      Act”),
      and
      since January 1, 2005, the Company has timely filed all reports, schedules,
      forms, statements and other documents required to be filed by it with the
      Commission pursuant to the reporting requirements of the Exchange Act, including
      material filed pursuant to Section 13(a) or 15(d) of the Exchange Act (all
      of
      the foregoing including filings incorporated by reference therein, and together
      with the SEC Documents being referred to herein as the “Commission
      Documents”).
      The
      Company has delivered or made available to each of the Investors true and
      complete copies of the Commission Documents. The Company has not provided to
      the
      Investors any material non-public information or other information which,
      according to applicable law, rule or regulation, was required to have been
      disclosed publicly by the Company but which has not been so disclosed, other
      than with respect to the transactions contemplated by this Agreement. At the
      times of their respective filings, the SEC Documents complied in all material
      respects with the requirements of the Exchange Act and the rules and regulations
      of the Commission promulgated thereunder and other federal, state and local
      laws, rules and regulations applicable to such documents, and, as of their
      respective dates, none of the SEC Documents contained any untrue statement
      of a
      material fact or omitted to state a material fact required to be stated therein
      or necessary in order to make the statements therein, in light of the
      circumstances under which they were made, not misleading. The financial
      statements of the Company included in the Commission Documents comply as to
      form
      in all material respects with applicable accounting requirements and the
      published rules and regulations of the Commission or other applicable rules
      and
      regulations with respect thereto. Such financial statements have been prepared
      in accordance with United States generally accepted accounting principles
      (“GAAP”)
      applied on a consistent basis during the periods involved (except (i) as may
      be
      otherwise indicated in such financial statements or the notes thereto or (ii)
      in
      the case of unaudited interim statements, to the extent they may not include
      footnotes or may be condensed or summary statements), and fairly present in
      all
      material respects the financial position of the Company and its subsidiaries
      as
      of the dates thereof and the results of operations and cash flows for the
      periods then ended (subject, in the case of unaudited statements, to normal
      year-end audit adjustments).

     

    (g)  Subsidiaries.
      The
      Commission Documents set forth each operating subsidiary of the Company, showing
      the jurisdiction of its incorporation or organization. For the purposes of
      this
      Agreement, “subsidiary”
shall
      mean any corporation or other entity of which at least a majority of the
      securities or other ownership interest having ordinary voting power (absolutely
      or contingently) for the election of directors or other persons performing
      similar functions are at the time owned directly by the Company and/or any
      of
      its other subsidiaries. All of the outstanding shares of capital stock of each
      subsidiary have been duly authorized and validly issued, and are fully paid
      and
      nonassessable, as such terms may be interpreted in the jurisdictions in which
      the subsidiaries are domiciled. Except as set forth in the Commission Documents,
      there are no outstanding preemptive, conversion or other rights, options,
      warrants or agreements granted or issued by or binding upon any subsidiary
      for
      the purchase or acquisition of any shares of capital stock of any subsidiary
      or
      any other securities convertible into, exchangeable for or evidencing the rights
      to subscribe for any shares of such capital stock. Neither the Company nor
      any
      subsidiary is subject to any obligation (contingent or otherwise) to repurchase
      or otherwise acquire or retire any shares of the capital stock of any subsidiary
      or any convertible securities, rights, warrants or options of the type described
      in the preceding sentence. Neither the Company nor any subsidiary is party
      to,
      nor has any knowledge of, any agreement restricting the voting or transfer
      of
      any shares of the capital stock of any subsidiary.

     

    (h)  No
      Material Adverse Change.
      Since
      June 30, 2006, the Company has not experienced or suffered any Material Adverse
      Effect.

     

    (i)  No
      Undisclosed Liabilities.
      Neither
      the Company nor any of its subsidiaries has any liabilities, obligations, claims
      or losses (whether liquidated or unliquidated, secured or unsecured, absolute,
      accrued, contingent or otherwise) other than those incurred in the ordinary
      course of the Company’s or its subsidiaries respective businesses since June 30,
      2006 and which, individually or in the aggregate, do not or would not have
      a
      Material Adverse Effect on the Company or its subsidiaries.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    (j)  No
      Undisclosed Events or Circumstances.
      No
      event or circumstance has occurred or exists with respect to the Company or
      its
      subsidiaries or their respective businesses, properties, prospects, operations
      or financial condition, which, under applicable law, rule or regulation,
      requires public disclosure or announcement by the Company but which has not
      been
      so publicly announced or disclosed.

     

    (k)  Indebtedness.
      The
      Commission Documents set forth as of a recent date all outstanding secured
      and
      unsecured Indebtedness of the Company or any subsidiary, or for which the
      Company or any subsidiary has commitments. For the purposes of this Agreement,
      “Indebtedness”
shall
      mean (a) any liabilities for borrowed money or amounts owed in excess of
      $500,000 (other than trade accounts payable incurred in the ordinary course
      of
      business), (b) all guaranties, endorsements and other contingent obligations
      in
      respect of Indebtedness of others, whether or not the same are or should be
      reflected in the Company’s balance sheet (or the notes thereto), except
      guaranties by endorsement of negotiable instruments for deposit or collection
      or
      similar transactions in the ordinary course of business; and (c) the present
      value of any lease payments in excess of $25,000 due under leases required
      to be
      capitalized in accordance with GAAP. Except as set forth in the Commission
      Documents, neither the Company nor any subsidiary is in default with respect
      to
      any Indebtedness.

     

    (l)  Title
      to Assets.
      Each of
      the Company and the subsidiaries has good and marketable title to all of its
      real and personal property reflected in the Form 10-KSB, free and clear of
      any
      mortgages, pledges, charges, liens, security interests or other encumbrances,
      except for those disclosed in the Form 10-KSB or such that, individually or
      in
      the aggregate, do not cause a Material Adverse Effect. All leases of the Company
      and each of its subsidiaries are valid and subsisting and in full force and
      effect.

     

    (m)  Actions
      Pending.
      Except
      as set forth in the Commission Documents, there is no action, suit, claim,
      investigation, arbitration, alternate dispute resolution proceeding or any
      other
      proceeding pending or, to the knowledge of the Company, threatened against
      the
      Company or any subsidiary which questions the validity of this Agreement or
      any
      of the other Transaction Documents or the transactions contemplated hereby
      or
      thereby or any action taken or to be taken pursuant hereto or thereto. Except
      as
      set forth in the Commission Documents, there is no action, suit, claim,
      investigation, arbitration, alternate dispute resolution proceeding or any
      other
      proceeding pending or, to the knowledge of the Company, threatened, against
      or
      involving the Company, any subsidiary or any of their respective properties
      or
      assets. Except as set forth in the Commission Documents, there are no
      outstanding orders, judgments, injunctions, awards or decrees of any court,
      arbitrator or governmental or regulatory body against the Company or any
      subsidiary or any officers or directors of the Company or subsidiary in their
      capacities as such.

     

    (n)  Compliance
      with Law.
      The
      business of the Company and the subsidiaries has been and is presently being
      conducted in accordance with all applicable federal, state and local
      governmental laws, rules, regulations and ordinances, except for such
      noncompliance that, individually or in the aggregate, would not cause a Material
      Adverse Effect. The Company and each of its subsidiaries have all franchises,
      permits, licenses, consents and other governmental or regulatory authorizations
      and approvals necessary for the conduct of its business as now being conducted
      by it unless the failure to possess such franchises, permits, licenses, consents
      and other governmental or regulatory authorizations and approvals, individually
      or in the aggregate, could not reasonably be expected to have a Material Adverse
      Effect.

     

    (o)  Taxes.
      The
      Company and each of the subsidiaries has accurately prepared and filed all
      federal, state and other tax returns required by law to be filed by it, has
      paid
      or made provisions for the payment of all taxes shown to be due and all
      additional assessments, and adequate provisions have been and are reflected
      in
      the financial statements of the Company and the subsidiaries for all current
      taxes and other charges to which the Company or any subsidiary is subject and
      which are not currently due and payable. None of the federal income tax returns
      of the Company or any subsidiary have been audited by the Internal Revenue
      Service. The Company has no knowledge of any additional assessments, adjustments
      or contingent tax liability (whether federal or state) of any nature whatsoever,
      whether pending or threatened against the Company or any subsidiary for any
      period, nor of any basis for any such assessment, adjustment or
      contingency.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    (p)  Certain
      Fees.
      Except
      as set forth in Schedule 9(p), no brokers, finders or financial advisory fees
      or
      commissions will be payable by the Company or any subsidiary or any Investor
      with respect to the transactions contemplated by this Agreement.

     

    (q)  Disclosure.
      Neither
      this Agreement or the Schedules hereto nor any other documents, certificates
      or
      instruments furnished to the Investors by or on behalf of the Company or any
      subsidiary in connection with the transactions contemplated by this Agreement
      contain any untrue statement of a material fact or omit to state a material
      fact
      necessary in order to make the statements made herein or therein, in the light
      of the circumstances under which they were made herein or therein, not
      misleading.

     

    (r)  Operation
      of Business.
      The
      Company and each of the subsidiaries owns or possesses all patents, trademarks,
      domain names (whether or not registered) and any patentable improvements or
      copyrightable derivative works thereof, websites and intellectual property
      rights relating thereto, service marks, trade names, copyrights, licenses and
      authorizations as set forth in the Commission Documents, and all rights with
      respect to the foregoing, which are necessary for the conduct of its business
      as
      now conducted without any conflict with the rights of others.

     

    (s)  Books
      and Record Internal Accounting Controls.
      The
      books and records of the Company and its subsidiaries accurately reflect in
      all
      material respects the information relating to the business of the Company and
      the subsidiaries, the location and collection of their assets, and the nature
      of
      all transactions giving rise to the obligations or accounts receivable of the
      Company or any subsidiary. The Company and each of its subsidiaries maintain
      a
      system of internal accounting controls sufficient, in the judgment of the
      Company, to provide reasonable assurance that (i) transactions are executed
      in
      accordance with management’s general or specific authorizations, (ii)
      transactions are recorded as necessary to permit preparation of financial
      statements in conformity with GAAP and to maintain asset accountability, (iii)
      access to assets is permitted only in accordance with management’s general or
      specific authorization and (iv) the recorded accountability for assets is
      compared with the existing assets at reasonable intervals and appropriate
      actions is taken with respect to any differences.

     

    (t)  Material
      Agreements.
      Except
      as discussed in the Commission Documents, the Company has no other material
      agreements. 

     

    (u)  Transactions
      with Affiliates.
      Except
      as set forth in the Commission Documents and excluding certain working capital
      loans made to the Company by affiliates of the Company, there are no loans,
      leases, agreements, contracts, royalty agreements, management contracts or
      arrangements or other continuing transactions between (a) the Company or any
      subsidiary on the one hand, and (b) on the other hand, any officer or director
      of the Company, or any of its subsidiaries, or any person owning 5% or greater
      interest in the capital stock of the Company or any subsidiary or any member
      of
      the immediate family of such officer, director or stockholder or any corporation
      or other entity controlled by such officer, director or stockholder, or a member
      of the immediate family of such officer, director or stockholder.

     

    (v)  Securities
      Act of 1933.
      Based
      in material part upon the representations herein of the Investors, the Company
      has complied and will comply with all applicable federal and state securities
      laws in connection with the offer, issuance and sale of the Shares and the
      Warrants hereunder. Neither the Company nor anyone acting on its behalf,
      directly or indirectly, has or will sell, offer to sell or solicit offers to
      buy
      any of the Shares, the Warrants or similar securities to, or solicit offers
      with
      respect thereto from, or enter into any preliminary conversations or
      negotiations relating thereto with, any person, or has taken or will take any
      action so as to bring the issuance and sale of any of the Shares and the
      Warrants under the registration provisions of the Securities Act and applicable
      state securities laws, and neither the Company nor any of its affiliates, nor
      any person acting on its or their behalf, has engaged in any form of general
      solicitation or general advertising (within the meaning of Regulation D under
      the Securities Act) in connection with the offer or sale of any of the Shares
      and the Warrants.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    (w)  Governmental
      Approvals.
      Except
      for the filing of any notice prior or subsequent to the Closing Date that may
      be
      required under applicable state and/or Federal securities laws (which if
      required, shall be filed on a timely basis), including the filing of a Form
      D
      and a registration statement or statements pursuant to the Registration Rights
      Agreement, no authorization, consent, approval, license, exemption of, filing
      or
      registration with any court or governmental department, commission, board,
      bureau, agency or instrumentality, domestic or foreign, is or will be necessary
      for, or in connection with, the execution or delivery of the Debentures and
      the
      Warrants, or for the performance by the Company of its obligations under the
      Transaction Documents.

     

    (x)  Employees.
      Except
      as discussed in the Commission Documents or Offering Documents, neither the
      Company nor any subsidiary has any employment contract, agreement regarding
      proprietary information, non-competition agreement, non-solicitation agreement,
      confidentiality agreement, or any other similar contract or restrictive
      covenant, relating to the right of any officer, employee or consultant to be
      employed or engaged by the Company or such subsidiary. No officer, consultant
      or
      key employee of the Company or any subsidiary whose termination, either
      individually or in the aggregate, could have a Material Adverse Effect, has
      terminated or, to the knowledge of the Company, has any present intention of
      terminating his or her employment or engagement with the Company or any
      subsidiary.

     

    (y)  Absence
      of Certain Developments.
      Except
      as set forth in the Commission Documents, since June 30, 2006, neither the
      Company nor any subsidiary has:

     

    a)  issued
      any stock, bonds or other corporate securities or any rights, options or
      warrants with respect thereto, excluding the securities listed on Schedule
      9(c);

     

    b)  discharged
      or satisfied any lien or encumbrance or paid any obligation or liability
      (absolute or contingent) of material value, other than current liabilities
      paid
      in the ordinary course of business;

     

    c)  declared
      or made any payment or distribution of cash or other property to stockholders
      with respect to its stock, or purchased or redeemed, or made any agreements
      so
      to purchase or redeem, any shares of its capital stock;

     

    d)  sold,
      assigned or transferred any other material tangible assets, or canceled any
      debts or claims of material value, except in the ordinary course of
      business;

     

    e)  sold,
      assigned or transferred any patent rights, trademarks, trade names, copyrights,
      trade secrets or other intangible assets or intellectual property rights, or
      disclosed any proprietary confidential information to any person except to
      customers in the ordinary course of business or to the Investors or their
      representatives;

     

    f)  suffered
      any substantial losses or waived any rights of material value, whether or not
      in
      the ordinary course of business, or suffered the loss of any material amount
      of
      prospective business;

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    g)  made
      any
      changes in employee compensation except in the ordinary course of business
      and
      consistent with past practices;

     

    h)  except
      in
      the ordinary course of business, made capital expenditures or commitments
      therefor that aggregate in excess of $100,000;

     

    i)  entered
      into any other transaction other than in the ordinary course of business, or
      entered into any other material transaction, whether or not in the ordinary
      course of business;

     

    j)  made
      charitable contributions or pledges in excess of $25,000;

     

    k)  suffered
      any material damage, destruction or casualty loss, whether or not covered by
      insurance;

     

    l)  experienced
      any material problems with labor or management in connection with the terms
      and
      conditions of their employment; or

     

    m)  entered
      into an agreement, written or otherwise, to take any of the foregoing
      actions.

     

    (z)  Investment
      Company Act Status.
      The
      Company is not, and as a result of and immediately upon the Closing will not
      be,
      an “investment company” or a company “controlled” by an “investment company,”
within the meaning of the Investment Company Act of 1940, as
      amended.

     

    (aa)  Dilutive
      Effect.
      The
      Company understands and acknowledges that its obligation to issue Conversion
      Shares upon conversion of the Debenture in accordance with this Agreement and
      the Debenture and its obligations to issue the Warrant Shares upon the exercise
      of the Warrants in accordance with this Agreement and the Warrants, is, in
      each
      case, absolute and unconditional regardless of the dilutive effect that such
      issuance may have on the ownership interest of other stockholders of the
      Company.

     

    (bb)  No
      Integrated Offering.
      Neither
      the Company, nor any of its affiliates, nor any person acting on its or their
      behalf, has directly or indirectly made any offers or sales of any security
      or
      solicited any offers to buy any security under circumstances that would cause
      the offering of the Shares pursuant to this Agreement to be integrated with
      prior offerings by the Company for purposes of the Securities Act which would
      prevent the Company from selling the Shares pursuant to Rule 506 under the
      Securities Act, or any applicable exchange-related stockholder approval
      provisions, nor will the Company or any of its affiliates or subsidiaries take
      any action or steps that would cause the offering of the Shares to be integrated
      with other offerings. The Company does not have any registration statement
      pending before the Commission or currently under the Commission’s review and
      since January
      1, 2006, the Company has not offered or sold any of its equity securities or
      debt securities convertible into shares of Common Stock.

     

    (cc)  Sarbanes-Oxley
      Act.
      The
      Company is in compliance with the applicable provisions of the Sarbanes-Oxley
      Act of 2002 (the “Sarbanes-Oxley
      Act”),
      and
      the rules and regulations promulgated thereunder, that are effective, and
      intends to comply with other applicable provisions of the Sarbanes-Oxley Act,
      and the rules and regulations promulgated thereunder, upon the effectiveness
      of
      such provisions.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    (dd)  Intentionally
      Left Blank.  

     

    (ee)  Transfer
      Agent.
      Transfer Agent: First American Stock, Inc. of Arizona, address, telephone
      number: 954-726-4954, fax number 954-726-6305,
      contact person: René Garcia of the Company’s transfer agent.

    

    10.
      Investor
      Representations and Warranties.
      I
      acknowledge, represent and warrant to, and agree with, the Company as
      follows:

    

    (a) I
      am
      aware that my investment involves a high degree of risk as disclosed in the
      Offering Documents and have read carefully the Offering Documents and Commission
      Documents.

    

    (b) I
      acknowledge and am aware that there is no assurance as to the future performance
      of the Company.

    

    (c)  I
      acknowledge that there may be certain adverse tax consequences to me in
      connection with my purchase of Units, and the Company has advised me to seek
      the
      advice of experts in such areas prior to making this investment.

    

    (d)  I
      am
      purchasing the Units for my own account for investment purposes and not with
      a
      view to or for sale in connection with the distribution of the Units, the
      Debentures, the Warrants, or the shares of Common Stock or other securities
      issuable upon conversion of the Debentures and exercise of the Warrants, nor
      with any present intention of selling or otherwise disposing of all or any
      part
      of the foregoing securities. I agree that I must bear the entire economic risk
      of my investment for an indefinite period of time because, among other reasons,
      the Units have not been registered under the Act or under the securities laws
      of
      any state and, therefore, cannot be resold, pledged, assigned or otherwise
      disposed of unless they are subsequently registered under the Act and under
      applicable securities laws of certain states or an exemption from such
      registration is available. Furthermore, I hereby acknowledge and agree that
      I
      will not sell, transfer, pledge, encumber, give or otherwise dispose of, either
      publicly or privately, the Units, the Debentures, or the shares of Common Stock
      or other securities issuable upon conversion of the Debentures and exercise
      of
      the Warrants, except in compliance with securities law. I hereby authorize
      the
      Company to place a legend denoting the restrictions on the Units that may be
      issued to me, as well as the Debentures, Warrants, and shares of Common Stock
      or
      other securities issuable upon conversion of the Debentures and exercise of
      the
      Warrants.

    

    (e)  I
      am not
      a member of the National Association of Securities Dealers, Inc. (“NASD”); I am
      not and have not, for a period of 12 months prior to the date of this Agreement,
      been affiliated or associated with any company, firm, or other entity which
      is a
      member of the NASD; and I do not own any stock or other interest in any member
      of the NASD (other than interests acquired in open market
      purchases).

    

    (f)  I
      recognize that the Units, as an investment, involve a high degree of risk
      including, but not limited to, the risk of economic losses from operations
      of
      the Company and the total loss of my investment. I believe that the investment
      in the Units is suitable for me based upon my investment objectives and
      financial needs, and I have adequate means for providing for my current
      financial needs and contingencies and have no need for liquidity with respect
      to
      my investment in the Company.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    

    (g)  I
      have
      been given access to full and complete information regarding the Company and
      have utilized such access to my satisfaction for the purpose of obtaining
      information in addition to, or verifying information included in, the Offering
      Documents and related documents, and I have either met with or been given
      reasonable opportunity to meet with officers of the Company for the purpose
      of
      asking questions of, and
      receiving answers from, such officers concerning the terms and conditions of
      the
      offering of the Units and the business and operations of the Company and to
      obtain any additional information, to the extent reasonably
      available.

    

    (h)  I
      have
      such knowledge and experience in financial and business matters as to be capable
      of evaluating the merits and risks of an investment in the Units and have
      obtained, in my judgment, sufficient information from the Company to evaluate
      the merits and risks of an investment in the Company. I have not utilized any
      person as my purchaser representative as defined in Regulation D under the
      Act
      in connection with evaluating such merits and risks.

    

    (i)  I
      have
      relied solely upon my own investigation in making a decision to invest in the
      Company.

    

    (j)  I
      have
      received no representation or warranty from the Company or any of its officers,
      directors, employees or agents in respect of my investment in the Company and
      I
      have received no information (written or otherwise) from them relating to the
      Company or its business other than as set forth in the Offering Documents.
      I am
      not participating in the offer as a result of or subsequent to: (i) any
      advertisement, article, notice or other communication published in any
      newspaper, magazine or similar media or broadcast over television or radio
      or
      (ii) any seminar or meeting whose attendees have been invited by any general
      solicitation or general advertising.

    

    (k)  I
      have
      had full opportunity to ask questions and to receive satisfactory answers
      concerning the offering and other matters pertaining to my investment and all
      such questions have been answered to my full satisfaction.

    

    (l)  I
      have
      been provided an opportunity to obtain any additional information concerning
      the
      offering and the Company and all other information to the extent the Company
      possesses such information or can acquire it without unreasonable effort or
      expense.

    

    (m)  
      I am an
“accredited investor” as defined in Section 2(15) of the Act and in Rule 501
      promulgated thereunder. I can bear the entire economic risk of the investment
      in
      the Units for an indefinite period of time and I am knowledgeable about and
      experienced in investments in the equity securities of small publicly traded
      companies, including early stage companies. I am acquiring the Units for my
      own
      account for investment purposes only and not with a view to the resale or
      distribution of such securities within the meaning of the Act, as amended.
      I am
      not acting as an underwriter or a conduit for sale to the public or to others
      of
      unregistered securities, directly or indirectly, on behalf of the Company or
      any
      person with respect to such securities.

    

    (n)  I
      understand that (i) the Units and the underlying securities have not been
      registered under the Act, or the securities laws of certain states in reliance
      on specific exemptions from registration, (ii) no securities administrator
      of
      any state or the federal government has recommended or endorsed this Offering
      or
      made any finding or determination relating to the fairness of an investment
      in
      the Company and (iii) the Company is relying on my representations and
      agreements for the purpose of determining whether this transaction meets the
      requirements of the exemptions afforded by the Act and certain state securities
      laws.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    

    (o)  I
      understand that (i) since neither the offer nor sale of the Units has been
      registered under the Act or the securities laws of any state, the Units may
      not
      be sold, assigned, pledged or otherwise disposed of unless they are so
      registered or an exemption from such registration is available, and (ii) it
      is
      not anticipated that there will be any market for the resale of the
      Units.

    

    (p)  I
      have
      been urged to seek independent advice from my professional advisors relating
      to
      the suitability of an investment in the Company in view of my overall financial
      needs and with respect to the legal and tax implications of such
      investment.

    

    (q)  If
      the
      Investor is a corporation, company, trust, employee benefit plan, individual
      retirement account, Keogh Plan, or other tax-exempt entity, it is authorized
      and
      qualified to become an Investor in the Company and the person signing this
      Agreement on behalf of such entity has been duly authorized by such entity
      to do
      so.

    

    (r)  The
      information contained herein, as well as any information which I have furnished
      to the Company with respect to my financial position and business experience,
      is
      correct and complete as of the date of this Agreement and, if there should
      be
      any material change in such information prior to the Closing of the Offering,
      I
      will furnish such revised or corrected information to the Company.

    

    I
      hereby
      acknowledge and am aware that except for any rescission rights that may be
      provided under applicable laws, I am not entitled to cancel, terminate or revoke
      this subscription, and any agreements made in connection herewith shall survive
      my death or disability.

    

    11.
      Subsequent
      Financings.
      Each
      Investor in this Offering investing $2,000,000 or greater (including any amounts
      represented by the Prior Securities being exchanged for the Units herein) (the
      “Lead Investor”) shall be entitled to the following:

    

    (A)
       For
      a
      period of fifteen (15) months following the Public Offering, the Company
      covenants and agrees to promptly notify (in no event later than five (5) days
      after making or receiving an applicable offer) in writing (a "Rights Notice")
      the Investor of the terms and conditions of any proposed offer or sale to,
      or
      exchange with (or other type of distribution to) any third party, of Common
      Stock or any debt or equity securities convertible, exercisable or exchangeable
      into Common Stock or other securities of the Company that the Company chooses
      to
      accept (a “Subsequent Financing”). The Rights Notice shall describe, in
      reasonable detail, the proposed Subsequent Financing, the names and investment
      amounts of all investors participating in the Subsequent Financing, the proposed
      closing date of the Subsequent Financing, which shall be within twenty (20)
      calendar days from the date of the Rights Notice, and all of the material terms
      and conditions thereof. The Rights Notice shall provide the Investor an option
      (the “Rights Option”) during the ten (10) Trading Days following delivery of the
      Rights Notice (the “Option Period”) to inform the Company whether such Investor
      will purchase up to 50% of the securities being offered in such Subsequent
      Financing on the same, absolute terms and conditions as contemplated by such
      Subsequent Financing and the amount of securities the Investor will purchase,
      which shall not exceed $2,000,000.
      Delivery
      of any Rights Notice constitutes a representation and warranty by the Company
      that there are no other material terms and conditions, arrangements, agreements
      or otherwise, except for those disclosed in the Rights Notice, to provide
      additional compensation to any party participating in any proposed Subsequent
      Financing, including, but not limited to, additional compensation based on
      changes in the Purchase Price or any type of reset or adjustment of a purchase
      or conversion price or to issue additional securities at any time after the
      closing date of a Subsequent Financing. If the Company does not receive notice
      of exercise of the Rights Option from the Investor within the Option Period,
      the
      Company shall have the right to close the Subsequent Financing on the scheduled
      closing date with a third party; provided that all of the material terms and
      conditions of the closing are the same as those provided to the Purchaser in
      the
      Rights Notice. If the closing of the proposed Subsequent Financing does not
      occur on that date, any closing of the contemplated Subsequent Financing or
      any
      other Subsequent Financing shall be subject to all of the provisions of this
      Section 11(A) including, without limitation, the delivery of a new Rights
      Notice. The provisions of this Section 11(A) shall not apply to issuances of
      securities in a Permitted Financing. 

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    

    (B)
       For
      purposes of this Agreement, a Permitted Financing (as defined hereinafter)
      shall
      not be considered a Subsequent Financing. A "Permitted Financing" shall mean
      (i)
      securities issued in a Public Offering, (ii) securities issued (other than
      for
      cash) in connection with a merger, acquisition, or consolidation, (iii)
      securities issued pursuant to the conversion or exercise of convertible or
      exercisable securities issued or outstanding on or prior to the date of this
      Agreement or issued pursuant to this Agreement (so long as the conversion or
      exercise price in such securities are not amended to lower such price and/or
      adversely affect the Investor), (iv) securities issued in connection with bona
      fide strategic license agreements or other partnering arrangements so long
      as
      such issuances are not for the primary purpose of raising capital, (v) Common
      Stock issued or the issuance or grants of options to purchase Common Stock
      pursuant to the Company’s stock option plans and employee stock purchase plans,
      and, (vi) any warrants issued to the placement agent and its designees for
      the
      transactions contemplated by the Offering Documents.

    

    (C) For
      a
      period of two (2) years following the Closing Date, the Company shall be
      prohibited from effecting or entering into an agreement to effect a subsequent
      financing involving a “Variable
      Rate Transaction”.
      The
      term “Variable
      Rate Transaction”
shall
      mean a transaction in which the Company issues or sells (i) any debt or equity
      securities that are convertible into, exchangeable or exercisable for, or
      include the right to receive additional shares of Common Stock either (A) at
      a
      conversion, exercise or exchange rate or other price that is based upon and/or
      varies with the trading prices of or quotations for the shares of Common Stock
      at any time after the initial issuance of such debt or equity securities, or
      (B)
      with a conversion, exercise or exchange price that is subject to being reset
      at
      some future date after the initial issuance of such debt or equity security
      or
      upon the occurrence of specified or contingent events directly or indirectly
      related to the business of the Company or the market for the Common Stock or
      (ii) enters into any agreement, including, but not limited to, an equity line
      of
      credit, whereby the Company may sell securities at a future determined price.
      Notwithstanding the foregoing, except for any equity line of credit or similar
      agreement referred to in subclause (ii) of this Section 11, the prohibition
      against Variable Rate Transactions shall not apply in connection with a
      transaction that contains a definite minimum price of $1.00 upon conversion
      or
      issuance below which such securities cannot be converted or issued.  

    

    (D) Disclosure
      of Material Information. The Company covenants and agrees that neither it nor
      any other person acting on its behalf has provided or will provide the Investor
      or its agents or counsel with any information that the Company believes
      constitutes material non-public information, unless prior thereto the Company
      shall have given three (3) business days notice that it intends to disclose
      such
      information to the Investor and such Investor shall have agreed in writing
      that
      it is willing to accept such information. If the Investor does not agree to
      accept such information, it will be deemed to have waived its rights pursuant
      Section 11(A) for the purpose of the Subsequent Financing at issue but not
      for
      any additional Subsequent Financings for which it may be entitled to receive
      notice hereunder. The Company understands and confirms that the Investor will
      rely on the foregoing representations in effecting transactions in securities
      of
      the Company.

    

    12.
      Other
      Agreements.
      The
      Company shall not enter into any agreement in which the terms of such agreement
      would restrict the right or ability to perform of the Company or any subsidiary
      under any Transaction Documents.

    

    13.
      Reporting
      Status. So
      long
      as the Investor beneficially owns any of the Shares, the Company shall timely
      file all reports required to be filed with the Commission pursuant to the
      Exchange Act, and the Company shall not terminate its status as an issuer
      required to file reports under the Exchange Act even if the Exchange Act or
      the
      rules and regulations thereunder would permit such termination. 

    

    14. Indemnification.
      I
      hereby agree to indemnify and hold harmless the Company and its officers,
      directors, stockholders, employees, agents, and counsel against any and all
      losses, claims, demands, liabilities, and expenses (including reasonable legal
      or other expenses, including reasonable attorneys' fees) incurred by each such
      person in connection with defending or investigating any such claims or
      liabilities, whether or not resulting in any liability to such person, to which
      any such indemnified party may become subject under the Act, under any other
      statute, at common law or otherwise, insofar as such losses, claims, demands,
      liabilities and expenses (a) arise out of or are based upon any untrue statement
      or alleged untrue statement of a material fact made by me and contained in
      this
      Agreement, or (b) arise out of or are based upon any breach by me of any
      representation, warranty, or agreement made by me contained herein or therein.
      Notwithstanding anything to the contrary contained herein, my liability under
      this Section 14 shall be limited to the amount I have invested pursuant to
      this
      Agreement.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    15. Severability.
      In the
      event any parts of this Agreement are found to be void, the remaining provisions
      of this Agreement shall nevertheless be binding with the same effect as though
      the void parts were deleted.

    

    16. Choice
      of Law.
      This
      Agreement shall be governed by the laws of the State of New York as applied
      to
      contracts entered into and to be performed entirely within the State of New
      York.

    

    17. Counterparts.
      This
      Agreement may be executed in one or more counterparts, each of which shall
      be
      deemed an original but all of which together shall constitute one and the same
      instrument. The execution of this Agreement may be by actual or facsimile
      signature.

    

    18. Benefit.
      This
      Agreement shall be binding upon and inure to the benefit of the parties
      hereto.

    

    19. Notices
      and Addresses.
      All
      notices, offers, acceptance and any other acts under this Agreement (except
      payment) shall be in writing, and shall be sufficiently given if delivered
      to
      the addresses in person, by Federal Express or similar courier delivery or
      by
      facsimile delivery, as follows:

    

    Investor: At
      the
      address designated on the signature page of this Agreement.

     

    

    The
      Company:              
China
      Digital Media Corporation

    Room
      2505-06, 25/F, Stelux House,

    698
      Prince Edward Road East

    Kowloon,
      Hong Kong

    Attention:
      Ng Chi Shing (a.k.a. Daniel Ng)

    

    With
      a
      copy to:           
  Cozen
      O’Connor

                        
         1900 Market Street

                            Philadelphia,
      PA 19013

    Attention:
      Cavas S. Pavri, Esq.

    Telephone:
      (215) 665-5542

    Facsimile:
      (215) 701-2478

    

    or
      to
      such other address as any of them, by notice to the others may designate from
      time to time. The transmission confirmation receipt from the sender's facsimile
      machine shall be conclusive evidence of successful facsimile delivery. Time
      shall be counted to, or from, as the case may be, the delivery in person or
      by
      mailing.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    

    20. Entire
      Agreement.
      This
      Agreement constitutes the entire agreement between the parties with respect
      to
      the subject matter hereof and supersedes all prior oral and written agreements
      between the parties hereto with respect to the subject matter hereof. This
      Agreement may not be changed, waived, discharged, or terminated orally but,
      rather, only by a statement in writing signed by the party or parties against
      which enforcement or the change, waiver, discharge or termination is
      sought.

    

    21. Section
      Headings.
      Section
      headings herein have been inserted for reference only and shall not be deemed
      to
      limit or otherwise affect, in any matter, or be deemed to interpret in whole
      or
      in part, any of the terms or provisions of this Agreement.

    

    22. Survival
      of Representations, Warranties and Agreements.
      The
      representations, warranties and agreements contained herein shall survive the
      delivery of, and the payment for, the Units.

    

    23. Acceptance
      of Subscription.
      The
      Company may accept this Agreement at any time for all or any portion of the
      Units subscribed for by executing a copy hereof as provided and notifying me
      within a reasonable time thereafter.

    

    RESIDENTS OF ALL STATES:
      THE
      UNITS
      OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION AND ARE
      BEING
      OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS
      OF
      SAID ACT AND SUCH LAWS. THE UNITS ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY
      AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER SAID
      ACT AND SUCH LAWS PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS
      SHOULD BE AWARE THAT THEY WILL BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS
      INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE UNITS HAVE NOT BEEN APPROVED
      OR
      DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION, ANY STATE SECURITIES
      COMMISSION OR OTHER REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING
      AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF THIS OFFERING OR THE ACCURACY
      OR ADEQUACY OF THE OFFERING DOCUMENTS. ANY REPRESENTATION TO THE CONTRARY IS
      UNLAWFUL.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    

    Manner
      in
      Which Title is to be Held. (check one)

    

    ___
      Individual Ownership

    ___
      Community Property

    ___
      Joint
      Tenant with Right of Survivorship (both parties must sign)

    ___
      Partnership

    ___
      Tenants in common

    ___
      Corporation

    ___
      Trust

    ___
      IRA
      or Keough

    ___
      Other
      (please indicate)

     

     

                                                                               
      Dated:________________________     

    

    INDIVIDUAL
      INVESTORS                               
ENTITY
      INVESTORS*

    ______________________                               
      Name
      of
      entity, if any _____________________

    Signature
      (Individual)

    Foreign
      individual investors must
      provide                
By:____________________________      

    a
      photocopy of his/her
      passport                            
 *Signature

     

     

     _________________________                        
      Its ____________________________      

    Signature
      (Joint)                                                          
Title

    (all
      record holders must sign)

    Foreign
      individual investors must provide

    a
      photocopy of his/her passport

    

    

    ___________________                                      
_______________________________

    Name(s)
      Typed or
      Printed                                     
Name
      Typed or Printed

    

    Address
      to Which
      Correspondence                        
Address
      to Which Correspondence

    Should
      be
      Directed                                                Should
      be
      Directed

     

    ________________________                             ________________________

     

     

    City,
      State and Zip
      Code                                       
 City,
      State and Zip Code

    _________________                                          
__________________

    Tax
      Identification
      or                                              
Tax
      Identification or

    Social
      Security
      Number                                         
Social
      Security Number

    

    
      	*	
              If
                Units are being subscribed for by any entity, the Certificate of
                Signatory
                on the next page must also be completed and
                if
                the entity is a foreign entity, must also submit a Certificate of
                Incorporation. 

            

    

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    The
      foregoing subscription is accepted and the Company hereby agrees to be bound
      by
      its terms.

     

                                                                       CHINA
      DIGITAL MEDIA CORPORATION

    

    Dated:
      ______________                           
By: ________________________________

                                                                      
      Ng
      Chi Shing (a.k.a. Daniel Ng), President and Chief Executive Officer

    

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    CERTIFICATE
      OF SIGNATORY

    

    

    (To
      be
      completed if Units are being subscribed for by an entity)

    

    

    

    

             
      I, ____________________________________, the
      ______________________________

    (name
      of signatory)     (title)

    

    of______________________________
      “Entity”), a _______________________________

    (name
      of entity)

      
      _________________________________________

    (type
      of entity)

    

    

    hereby
      certify that I am empowered and duly authorized by the Entity to execute the
      Agreement and to purchase the Units, and certify further that the Agreement
      has
      been duly and validly executed on behalf of the Entity and constitutes a legal
      and binding obligation of the Entity.

    

    IN
      WITNESS WHEREOF, I have set my hand this_______ day
      of
      __________,
      2006.

    

    

                                                                                                                     

    (Signature)

                                                                                                                           
      

                                                                                                                            
      ___________________________________

     

    

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    Form
      of Debenture

     

     

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    Form
      of Series A Warrant

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    

    Form
      of Series B Warrant

     

     

     

     

     

     

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    

    Form
      of Series C Warrant

     

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        26

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