Document:

Exhibit10.2

                          REGISTRATION RIGHTS AGREEMENT
                                       OF
                             GLOBAL GOLD CORPORATION

                  Registration Rights Agreement ("Agreement") made as of the 3rd
day of November, 2004 by and among Global Gold Corporation, a Delaware
corporation currently having its office and principal place of business at 104
Field Point Road, Greenwich, Connecticut 06830 (the "Corporation"), and each
party purchasing shares of the common stock and/or warrants exercisable for
shares of the common stock of the Corporation pursuant to the Confidential
Private Placement Memorandum of the Corporation dated October 18, 2004 (the
"Memorandum"; each of the purchasers shall hereinafter be referred to
individually as a "Shareholder" and collectively as the "Shareholders").

                  WHEREAS, the Corporation and the Shareholders are each party
to a certain Stock Subscription and Stockholder Agreement ("Stock Subscription
and Stockholder Agreement") dated on or about the date hereof pursuant to which
the Shareholders have subscribed for shares of common stock of the Corporation,
par value $0.001 per share (the "Common Stock") pursuant to an offering of up to
a maximum of 3,000,000 shares of Common Stock effected pursuant to the
Memorandum, with the purchase of each such share also entitling each Shareholder
for no additional consideration to a warrant to purchase one additional share of
Common Stock, exercisable for a per share purchase price of $0.75 in accordance
with the terms set forth in the warrant issued on or about the date hereof
(collectively, the "Warrants"); and

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                  WHEREAS, to induce the Shareholders to enter into the Stock
Subscription and Stockholder Agreement and invest in the Corporation, the
Corporation and the Shareholders hereby agree that this Agreement shall govern
the rights of the Shareholders to cause the Corporation to register shares of
Common Stock issued or issuable to the Shareholders and certain other matters as
set forth herein.

                  NOW, THEREFORE, in consideration of the mutual covenants and
conditions herein contained, each of the parties hereby agrees as follows:

                  1.    Registration Rights.

                  1.1   Request for Registration.

                        (a) If the Corporation shall receive, at any time after
the date hereof, a written request from a Holder or Holders (as defined below)
that the Corporation file a registration statement under the Securities Act of
1933, as amended (the "Act"), covering the registration of Registrable
Securities (as defined below) the anticipated aggregate offering price for which
would exceed $3,000,000, then the Corporation shall: (i) within ten (10) days of
the receipt thereof, give written notice of such request to all Holders; and
(ii) file as soon as practicable, and in any event within thirty (30) days of
the receipt of such request and use commercially reasonable efforts to cause to
be declared effective, the registration under the Act of all shares of
Registrable Securities which the Holders request to be registered, subject to
the limitations of subsection 1.1(b), within twenty (20) days of the mailing of
such notice by the Corporation. For purposes of this Section 1, a "Holder" or
"Holders" shall mean any person owning or having the right to acquire
Registrable Securities or any assignee thereof in accordance with the provisions
of this Agreement. The term "Registrable Securities" shall mean (i) the shares
of Common Stock issued by the Corporation to a Shareholder, including any shares

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issued pursuant to the Stock Subscription and Stockholder Agreement and any
shares issued or issuable upon the exercise of the Warrants, and (ii) any shares
of Common Stock issued as (or issuable upon the conversion or exercise of any
warrant, right or other security which is issued as) a dividend or other
distribution with respect to, or in exchange for or in replacement of the shares
referenced in (i) above, excluding in all cases, however, (1) shares of Common
Stock with respect to which a registration statement shall have been declared
effective under the Act and where such shares of Common Stock shall have been
disposed of in accordance with such registration statement, (2) shares of Common
Stock that have been distributed to the public in accordance with Securities and
Exchange Commission ("SEC") Rule 144 (or any successor provision; hereinafter,
"Rule 144") or (3) shares of Common Stock that are otherwise sold by a person in
a transaction in which the rights under this Section 1 are not assigned.

                        (b) If the Holders initiating the registration request
hereunder (the "Initiating Holders") intend to distribute the shares of
Registrable Securities covered by their request by means of an underwriting,
they shall so advise the Corporation as a part of their request made pursuant to
subsection 1.1(a) and the Corporation shall include such information in the
written notice referred to in subsection 1.1(a). The underwriter will be
selected by a majority in interest of the Initiating Holders and shall be
reasonably acceptable to the Corporation. In such event, the right of any Holder
to include its shares of Registrable Securities in such registration shall be
conditioned upon such Holder's participation in such underwriting and the
inclusion of such Holder's shares of Registrable Securities in the underwriting
(unless otherwise mutually agreed by a majority in interest of the Initiating
Holders) to the extent provided herein. All Holders proposing to distribute
their securities through such underwriting shall (together with the Corporation
as provided in subsection 1.4(e)) enter into an underwriting agreement in

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customary form and reasonably acceptable to the Corporation with the underwriter
or underwriters selected for such underwriting. Notwithstanding any other
provision of this Section 1.1, if the underwriter advises the Initiating Holders
in writing that marketing factors require a limitation of the number of shares
to be underwritten, then the Initiating Holders shall so advise all Holders of
shares of Registrable Securities which would otherwise be underwritten pursuant
hereto, and the number of shares of Registrable Securities that may be included
in the underwriting shall be allocated among all Holders thereof, including the
Initiating Holders, in proportion (as nearly as practicable) to the amount of
shares of Registrable Securities of the Corporation requested and entitled to be
included in such registration by each Holder; provided, however, that the number
of shares of Registrable Securities to be included in such underwriting shall
not be reduced unless all other securities are first entirely excluded from the
underwriting.

                        (c) Notwithstanding the foregoing, if the Corporation
shall furnish to Holders requesting a registration statement pursuant to this
Section 1.1, a certificate signed by the Chief Executive Officer of the
Corporation stating that in the good faith judgment of the Board of Directors of
the Corporation, it would be seriously detrimental to the Corporation and its
stockholders for such registration statement to be filed and it is therefore
essential to defer the filing of such registration statement, the Corporation
shall have the right to defer taking action with respect to such filing for a
period of not more than ninety (90) days after receipt of the request of the
Initiating Holders; provided, however, that the Corporation may not utilize this
right more than twice or for periods aggregating more than ninety (90) days in
any twelve (12) month period.

                        (d) In addition, the Corporation shall not be obligated
to effect, or to take any action to effect, any registration pursuant to this
Section 1.1: (i) pursuant to a request by the Holders after the Corporation has

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effected pursuant to this Section 1.1 two (2) registrations at the request of
such Holders and such registration has been declared or ordered effective;
(ii) during the period starting with the date thirty (30) days prior to the
Corporation's good faith estimate of the date of filing of, and ending on a date
ninety (90) days after the effective date of, a registration subject to Section
1.2 hereof; provided that the Corporation is actively employing in good faith
all reasonable efforts to cause such registration statement to become effective;
or (iii) if the Initiating Holders propose to dispose of shares of Registrable
Securities all of which may be disposed of without registration pursuant to Rule
144 under the Act during a three-month period or all of which may be disposed of
pursuant to a registration statement filed pursuant to Section 1.3 below.

                  With a view to making available to the Holders the benefits of
certain rules and regulations of the SEC which may permit the sale of such
Holders' shares to the public without registration, the Corporation agrees to
use its reasonable efforts to: (i) make and keep public information available at
all times, as those terms are understood and defined in Rule 144 or any similar
or analogous rule promulgated under the Act; (ii) file with the SEC, in a timely
manner, all reports and other documents required of the Corporation under the
Exchange Act of 1934, as amended (the "1934 Act"); and (iii) so long as the
Holders own Registrable Securities, furnish to the Holders forthwith upon
request a written statement by the Corporation as to its compliance with the
reporting requirements of Rule 144(c) of the Act, a copy of the most recent
annual or quarterly report of the Corporation, and such other reports and
documents as the Holder may reasonably request in availing itself of any rule or
regulation of the SEC allowing it to sell any such securities without
registration.

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                  1.2 Corporation Registration. If (but without any obligation
to do so) the Corporation proposes to register (including for this purpose a
registration effected by the Corporation for stockholders other than the
Holders) any of its stock or other securities under the Act in connection with
the public offering of such securities solely for cash (other than a
registration relating solely to the sale of securities to participants in a
Corporation stock or option plan or a registration on any form which does not
permit the inclusion of the Registered Securities), the Corporation shall, at
such time, promptly give each Holder written notice of such registration. Upon
the written request of each Holder given within thirty (30) days after receipt
of such notice by the Corporation, the Corporation shall, subject to the
provisions of Section 1.9, cause to be registered under the Act all of the
shares of Registrable Securities that each such Holder has requested to be
registered.

                  1.3 S-3 Registration. If the Corporation shall receive from
any Holder or Holders a written request or requests that the Corporation effect
a registration on Form S-3 and any related qualification or compliance with
respect to all or a part of the shares of Registrable Securities owned by such
Holder or Holders, the Corporation will:

                      (a) promptly give written notice of the proposed
registration, and any related qualification or compliance, to all other Holders;
and

                      (b) as soon as practicable, file such registration and all
such qualifications and compliances as may be so requested and as would permit
or facilitate the sale and distribution of all or such portion of such Holder's
or Holders' shares of Registrable Securities as are specified in such request,
together with all or such portion of the shares of Registrable Securities of any
other Holder or Holders joining in such request as are specified in a written
request given within twenty (20) days after receipt of such written notice from

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the Corporation; provided, however, that the Corporation shall not be obligated
to effect any such registration, qualification or compliance, pursuant to this
Section 1.3: (1) if Form S-3 is not available for such offering by the Holders;
(2) if the Holders, together with the holders of any other securities of the
Corporation entitled to inclusion in such registration, propose to sell shares
of Registrable Securities and such other securities (if any) at an aggregate
price to the public (net of any underwriters' discounts or commissions) of less
than $1,000,000; (3) if the Corporation shall furnish to the Holders a
certificate signed by the Chief Executive Officer of the Corporation stating
that in the good faith judgment of the Board it would be seriously detrimental
to the Corporation and its stockholders for such Form S-3 registration to be
effected at such time, in which event the Corporation shall have the right to
defer the filing of the Form S-3 registration statement for a period of not more
than ninety (90) days after receipt of the request of the Holder or Holders
under this Section 1.3; provided, however, that the Corporation shall not
utilize this right more than twice or for periods aggregating more than ninety
(90) days in any twelve (12)-month period; (4) if the Corporation has, within
the twelve (12)-month period preceding the date of such request, already
effected two registrations on Form S-3 for the Holders pursuant to this Section
1.3; or (5) if the Holders initially making such request propose to dispose of
shares of Registrable Securities that may be disposed of without registration
pursuant to Rule 144 under the Act during any ninety (90)-day period.

                      Subject to the foregoing,  the Corporation shall file a
registration  statement covering the shares of Registrable Securities and other
securities so requested to be registered as soon as practicable after receipt of
the request or requests of the Holders. Registrations prepared and filed
pursuant to this Section 1.3 shall not be counted as requests for registration
or registrations effected pursuant to Sections 1.1 or 1.2, respectively.

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                  1.4 Obligations of the Corporation. Whenever required under
this Section 1 to effect the registration of any shares of Registrable
Securities, the Corporation shall, as expeditiously as reasonably possible:

                      (a) Prepare and file with the SEC a registration statement
with respect to such shares of Registrable Securities and use its reasonable
commercial efforts to cause such registration statement to become effective, and
except for a registration filed pursuant to Section 1.3 hereto, upon the request
of the Holders of a majority of the shares of Registrable Securities registered
thereunder keep such registration statement effective for a period of up to one
hundred twenty (120) days; provided, however, that such 120-day period shall be
extended for a period of time equal to the period the Holder refrains from
selling any securities included in such registration at the request of an
underwriter of common stock (or other securities) of the Corporation.

                      (b) Prepare and file with the SEC such amendments and
supplements to such registration statement and the prospectus used in connection
with such registration statement as may be necessary to comply with the
provisions of the Act with respect to the disposition of all securities covered
by such registration statement.

                      (c) Furnish to the Holders such numbers of copies of a
prospectus, including a preliminary prospectus, in conformity with the
requirements of the Act, and such other documents as they may reasonably request
in order to facilitate the disposition of shares of Registrable Securities owned
by them.

                      (d) Use its reasonable efforts to register and qualify the
securities covered by such registration statement under such other securities or
"Blue Sky" laws of such jurisdictions as shall be reasonably requested by the
Holders; provided that the Corporation shall not be required in connection

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therewith or as a condition thereto to qualify to do business or to file a
general consent to service of process in any such states or jurisdictions,
unless the Corporation is already subject to service in such jurisdiction and
except as may be required by the Act.

                      (e) In the event of any underwritten public offering,
enter into and perform its obligations under an underwriting agreement
reasonably satisfactory to the Corporation, in usual and customary form, with
the managing underwriter of such offering. Each Holder participating in such
underwriting shall also enter into and perform its obligations under such an
agreement.

                      (f) Notify each Holder of Registrable Securities covered
by such registration statement at any time when a prospectus relating thereto is
required to be delivered under the Act of the happening of any event as a result
of which the prospectus included in such registration statement, as then in
effect, includes an untrue statement of a material fact or omits to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading in the light of the circumstances then existing.

                      (g) Notify each Holder participating in such registration
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.

                      (h) Notify each Holder participating in such registration
of any request by the SEC for the amending or supplementing of such registration
statement or prospectus or for additional information.

                      (i) Prepare and file with the SEC, promptly upon the
request of the Holder, any amendments or supplements to such registration

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statement or prospectus relating to such Holder or the distribution of the
shares of Registrable Securities held by such Holder being included in such
Registration Statement, which, in the opinion of counsel for such Holder, is
required under the Act or the rules and regulations thereunder in connection
with the distribution of the shares of Registrable Securities by the Holder.

                      (j) Prepare and promptly file with the SEC and promptly
notify the Holder 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.

                      (k) Advise each Holder participating in such registration,
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 initiating or threatening of any proceeding for that purpose
and use its reasonable efforts to prevent the issuance of any stop order or to
obtain its withdrawal if such stop order should be issued.

                      (l) Not file any amendment or supplement to such
registration statement or prospectus to which the Holder shall have reasonably
objected on the grounds that such amendment or supplement does not comply in all
material respects with the requirements of the Act or the rules and regulations
thereunder, after having been furnished with a copy thereof at least five (5)
business days prior to the filing thereof, unless in the opinion of counsel for
the Corporation the filing of such amendment or supplement is reasonably

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necessary to protect the Corporation from any liabilities under any applicable
federal or state law and such filing will not violate applicable law. For the
avoidance of doubt, no filings by the Corporation incorporated by reference into
the registration statement or prospectus shall be deemed an amendment or
supplement hereunder.

                      (l) At the request of a Holder and if required by the
underwriters, furnish: (i) an opinion of counsel to the Corporation, addressed
to the Holder, and to the underwriters, covering such matters as such Holder and
underwriters may reasonably request; and (ii) letters dated as of the effective
date of the registration statement from the independent certified public
accountants of the Corporation, addressed to the Holder and to the underwriters,
covering such matters as such Holder and underwriters may reasonably request.

                      (m) Cause all such shares of Registrable Securities
registered pursuant hereto to be listed on each securities exchange or automated
quotation system on which similar securities issued by the Corporation are then
listed.

                      (n) Provide a transfer agent and registrar for all shares
of Registrable Securities  registered  pursuant hereto and a CUSIP number for
all such shares of Registrable  Securities,  in each case not later than the
effective date of such registration.

                  1.5 Furnish Information.

                      (a) It shall be a condition precedent to the obligations
of the Corporation to take any action pursuant to this Section 1 with respect to
the shares of Registrable Securities of any selling Holder that such Holder
shall furnish to the Corporation such information regarding itself, the shares
of Registrable Securities held by it, and the intended method of disposition of
such securities as shall be required to effect the registration of such Holder's
shares of Registrable Securities.

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                      (b) The Corporation shall have no obligation with respect
to any registration requested pursuant to Section 1.1 or Section 1.3 if, due to
the operation of subsection 1.5(a), the anticipated aggregate offering price of
the shares of Registrable Securities to be included in the registration does not
equal or exceed the anticipated aggregate offering price required to originally
trigger the Corporation's obligation to initiate such registration as specified
in subsection 1.1(a) or subsection 1.3(b)(ii), whichever is applicable.

                  1.6 Expenses of Demand Registration. All expenses other than
underwriting discounts and commissions incurred in connection with
registrations, filings or qualifications pursuant to Section 1.1, including
(without limitation) all registration, filing, NASD and qualification fees,
printers' and accounting fees, fees and disbursements of counsel for the
Corporation and the reasonable fees and disbursements of one counsel for the
selling Holders shall be borne by the Corporation; provided, however, that the
Corporation shall not be required to pay for any expenses of any registration
proceeding begun pursuant to Section 1.1 that is subsequently withdrawn at the
request of the Holders; provided further, however, that if at the time of such
withdrawal, the Holders have learned of a material adverse change in the
condition, business, or prospects of the Corporation from that known to the
Holders at the time of their request and have withdrawn the request with
reasonable promptness following disclosure by the Corporation of such material
adverse change, then the Holders shall not be required to pay any of such
expenses and shall retain their rights pursuant to Section 1.1.

                  1.7 Expenses of Corporation Registration. The Corporation
shall bear and pay all expenses incurred in connection with any registration,
filing or qualification of shares of Registrable Securities with respect to the
registrations pursuant to Section 1.2 for each Holder, including (without
limitation) all registration, filing, and qualification fees, printers and

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accounting fees relating to or apportionable thereto and the reasonable fees and
disbursements of one counsel for the selling Holders selected by them but
excluding underwriting discounts and commissions relating to shares of
Registrable Securities.

                  1.8 Expenses of Form S-3 Registration. All expenses incurred
in conection with a registration filed pursuant to Section 1.3, including
(without limitation) all registration, filing, qualification, printer's and
accounting fees and the reasonable fees and disbursements of one counsel for the
selling Holders selected by them and counsel for the Corporation shall be borne
by the Corporation.

                  1.9 Underwriting Requirements. In connection with any offering
involving an underwriting of shares of the Corporation's capital stock, the
Corporation shall not be required under Section 1.2 to include any of the
Holders' securities in such underwriting unless they accept the terms of the
underwriting as agreed upon between the Corporation and the underwriters and
then only in such quantity as the underwriters determine in their sole
discretion will not jeopardize the success of the offering by the Corporation.
If the total amount of securities, including shares of Registrable Securities,
requested by stockholders to be included in any underwritten offering exceeds
the amount of securities sold other than by the Corporation that the
underwriters determine in their sole discretion is compatible with the success
of the offering, then the Corporation shall be required to include in the
offering only that number of such securities, including shares of Registrable
Securities, which the underwriters determine in their sole discretion will not
jeopardize the success of the offering (the securities so included to be
apportioned pro rata among the selling stockholders according to the total
amount of securities requested and entitled to be included therein by each
selling stockholder or in such other proportions as shall mutually be agreed to
by such selling stockholders). For purposes of the preceding parenthetical

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concerning apportionment, for any selling stockholder which is a holder of
shares of Registrable Securities and which is a partnership or corporation, the
partners, retired partners and stockholders of such holder, or the estates and
family members of any such partners and retired partners and any trusts for the
benefit of any of the foregoing persons shall be deemed to be a single "selling
stockholder," and any pro-rata reduction with respect to such "selling
stockholder" shall be based upon the aggregate amount of shares carrying
registration rights owned by all entities and individuals included in such
"selling stockholder," as defined in this sentence, which were requested to be
included in such registration statement.

                  1.10 Delay of Registration. No Holder shall have any right to
obtain or seek an injunction restraining or otherwise delaying any such
registration as the result of any controversy that might arise with respect to
the interpretation or implementation of this Section 1.

                  1.11 Indemnification. In the event any shares of Registrable
Securities are included in a registration statement under this Section 1:

                       (a) To the extent permitted by law, the Corporation will
indemnify and hold harmless each Holder, its officers and directors, any
underwriter (as defined in the Act) for such Holder and each person, if any, who
controls such Holder or underwriter within the meaning of the Act or the 1934
Act, against any losses, claims, damages, or liabilities (joint or several) to
which they may become subject under the Act, the 1934 Act or other federal or
state law, insofar as such losses, claims, damages, or liabilities (or actions
in respect thereof) arise out of or are based upon any of the following
statements, omissions or violations (collectively a "Violation"): (i) any untrue
statement or alleged untrue statement of a material fact contained in such
registration statement, including any preliminary prospectus or final prospectus

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contained therein or any amendments or supplements thereto, (ii) the omission or
alleged omission to state therein a statement required to be stated therein, or
necessary to make the statements therein not misleading, or (iii) any violation
or alleged violation by the Corporation of the 1934 Act, any state securities
law or any rule or regulation promulgated under the Act, the 1934 Act, or any
state securities law; and the Corporation will pay to each such Holder,
underwriter or controlling person any legal or other expenses reasonably
incurred by them in connection with investigating or defending any such loss,
claim, damage, liability, or action; provided, however, that the indemnity
agreement contained in this subsection 1.11(a) shall not apply to amounts paid
in settlement of any such loss, claim, damage, liability, or action if such
settlement is effected without the consent of the Corporation (which consent
shall not be unreasonably withheld), nor shall the Corporation be liable in any
such case for any such loss, claim, damage, liability, or action to the extent
that it arises out of or is based upon a Violation which occurs in reliance upon
and in conformity with written information furnished expressly for use in
connection with such registration by any such Holder, underwriter or controlling
person.

                       (b) To the extent permitted by law, each selling Holder
will indemnify and hold harmless the Corporation, each of its directors, each of
its officers who has signed the registration statement, each person, if any, who
controls the Corporation within the meaning of the Act, any underwriter, any
other Holder selling securities in such registration statement and any
controlling person of any such underwriter or other Holder, against any losses,
claims, damages, or liabilities (joint or several) to which any of the foregoing
persons may become subject, under the Act, the 1934 Act or other federal or
state law, insofar as such losses, claims, damages, or liabilities (or actions
in respect thereto) arise out of or are based upon any Violation, in each case

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to the extent (and only to the extent) that such Violation occurs in reliance
upon and in conformity with written information furnished by such Holder
expressly or used in connection with such registration; and each such Holder
will pay any legal or other expenses reasonably incurred by any person intended
to be indemnified pursuant to this subsection 1.11(b), in connection with
investigating or defending any such loss, claim, damage, liability, or action;
provided, however, that the indemnity agreement contained in this subsection
1.11(b) shall not apply to amounts paid in settlement of any such loss, claim,
damage, liability or action if such settlement is effected without the consent
of the Holder, which consent shall not be unreasonably withheld; provided, that,
with respect to each Holder, in no event shall any indemnity under this
subsection 1.11(b) exceed the net proceeds from the offering received by such
Holder.

                       (c) Promptly after receipt by an indemnified party under
this Section 1.11 of notice of the commencement of any action (including any
governmental action), such indemnified party will, if a claim in respect thereof
is to be made against any indemnifying party under this Section 1.11 deliver to
the indemnifying party a written notice of the commencement thereof and the
indemnifying party shall have the right to participate in, and, to the extent
the indemnifying party so desires, jointly with any other indemnifying party
similarly noticed, to assume the defense thereof with counsel mutually
satisfactory to the parties; provided, however, that an indemnified party
(together with all other indemnified parties which may be represented without
conflict by one counsel) shall have the right to retain one separate counsel,
with the fees and expenses to be paid by the indemnifying party, if
representation of such indemnified party by the counsel retained by the
indemnifying party would be inappropriate due to actual or potential differing
interests between such indemnified party and any other party represented by such

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counsel in such proceeding. The failure to deliver written notice to the
indemnifying party within a reasonable time of the commencement of any such
action, if prejudicial to its ability to defend such action, shall relieve such
indemnifying party of any liability to the indemnified party under this Section
1.11, but the omission so to deliver written notice to the indemnifying party
will not relieve it of any liability that it may have to any indemnified party
otherwise than under this Section 1.11.

                       (d) If the indemnification provided for in this Section
1.11 is held by a court of competent jurisdiction to be unavailable to an
indemnified party with respect to any loss, liability, claim, damage, or expense
referred to therein, then the indemnifying party, in lieu of indemnifying such
indemnified party hereunder, shall contribute to the amount paid or payable by
such indemnified party as a result of such, loss, liability, claim, damage, or
expense in such proportion as is appropriate to reflect the relative fault of
the indemnifying party on the one hand and of the indemnified party on the other
in connection with the statements or omissions that resulted in such loss,
liability, claim, damage, or expense as well as any other relevant equitable
considerations. The relative fault of the indemnifying party and of the
indemnified party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the
omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties' relative intent,
knowledge, access to information, and opportunity to correct or prevent such
statement or omission; provided, however, that in no event shall the amount of
contribution under this Section 1.11(d) exceed the net proceeds from the
offering received by such Holder.

                       (e) Notwithstanding the foregoing, to the extent that the
provisions on indemnification and contribution contained in the underwriting

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agreement entered into in connection with the underwritten public offering are
in conflict with the foregoing provisions, the provisions in the underwriting
agreement shall control.

                       (f) The obligations of the Corporation and Holders under
this Section 1.11 shall survive the completion of any offering of shares of
Registrable Securities in a registration statement under this Section 1, and
otherwise.

                  1.12 Assignment of Registration Rights. The rights to cause
the Corporation to register shares of Registrable Securities pursuant to this
Section 1 may be assigned (but only with all related obligations) by a Holder to
(a) any partner or retired partner of any Holder which is a partnership or
member or retired member of any Holder which is a limited liability company,
(b) any family member or trust for the benefit of any individual Holder, (c) any
affiliate of such Holder, or (d) any transferee or assignee of such securities
who, after such assignment or transfer, holds at least 100,000 shares of
Registrable Securities (subject to appropriate adjustment for stock splits,
stock dividends, combinations and other recapitalizations), provided: (i) the
Corporation is, within a reasonable time after such transfer, furnished with
written notice of the name and address of such transferee or assignee and the
securities with respect to which such registration rights are being assigned;
(ii) such transferee or assignee agrees in writing to be bound by and subject to
the terms and conditions of this Agreement; and (iii) such assignment shall be
effective only if immediately following such transfer the further disposition of
such securities by the transferee or assignee is restricted under the Act.

                  1.13 Limitations on Subsequent Registration Rights. From and
after the date of this Agreement, the Corporation shall not, without the prior
written consent of the Holders of a majority of the outstanding shares of
Registrable Securities, enter into any agreement with any holder or prospective

                                       18

<PAGE>

holder of any securities of the Corporation which would grant registration
rights which rank senior to the rights granted herein or otherwise allow such
holder or prospective holder (i) to include such securities in any registration
filed under Section 1.1 hereof, unless under the terms of such agreement, such
holder or prospective holder may include such securities in any such
registration only to the extent that the inclusion of his securities will not
reduce the amount of the shares of Registrable Securities of the Holders which
is included or (ii) to make a demand registration which could result in such
registration statement being declared effective within one hundred twenty (120)
days of the effective date of any registration effected pursuant to Section 1.

                  1.14 Termination of Registration Rights. All rights and duties
provided for in this Section 1 shall terminate on the date on which all shares
of Registrable Securities held or entitled to be held upon exercise by each
Holder may immediately be sold under Rule 144 during any ninety (90)-day period.

                  2.   MISCELLANEOUS.

                       2.1. Notices. All notices or other communications
required or permitted to be given pursuant to this Agreement shall be in writing
and shall be considered as duly given on (a) the date of delivery, if delivered
in person, by nationally recognized overnight delivery service or by facsimile
or (b) three days after mailing if mailed from within the continental United
States by registered or certified mail, return receipt requested to the party
entitled to receive the same, if to the Corporation, Global Gold Corporation,
104 Field Point Road, Greenwich, Connecticut 06830, with a copy to Law Offices
of Stephen R. Field, 240 Madison Avenue, New York, New York 10016, Attn: Stephen
R. Field, Esq.; and if to any Holder, at his or its address as set forth in the
books and records of the Corporation. Any party may change his or its address by

                                       19

<PAGE>

giving notice to the other party stating his or its new address. Commencing on
the 10th day after the giving of such notice, such newly designated address
shall be such party's address for the purpose of all notices or other
communications required or permitted to be given pursuant to this Agreement.

                       2.2  Governing Law. This Agreement and the rights of the
parties  hereunder  shall be governed by and construed in accordance with the
laws of the State of New York, without regard to the conflict of laws principles
of such State or of any other jurisdiction that would result in the application
of the laws of a jurisdiction other than such State. All parties hereto
(i) agree that any legal suit, action or proceeding arising out of or relating
to this Agreement shall be instituted only in a federal or state court in the
City of New York in the State of New York, and applicable appellate courts
therefrom (ii) waive any objection which they may now or hereafter have to the
laying of the venue of any such suit, action or proceeding, and
(iii) irrevocably submit to the jurisdiction of any federal or state court in
the City of New York in the State of New York in any such suit, action or
proceeding, but such consent shall not constitute a general appearance or be
available to any other person who is not a party to this Agreement. All parties
hereto agree that the mailing of any process in any suit, action or proceeding
in accordance with the notice provisions of this Agreement shall constitute
personal service thereof.

                       2.3  Entire Agreement; Waiver of Breach.  This  Agreement
constitutes the entire agreement among the parties and supersedes any prior
agreement or understanding among them with respect to the subject matter hereof,
and it may not be modified or amended in any manner other than as provided
herein; and no waiver of any breach or condition of this Agreement shall be
deemed to have occurred unless such waiver is in writing, signed by the party

                                       20

<PAGE>

against whom enforcement is sought, and no waiver shall be claimed to be a
waiver of any subsequent breach or condition of a like or different nature.

                       2.4  Binding Effect; Assignability. This Agreement and
all the terms and provisions hereof shall be binding upon and shall inure to the
benefit of the parties and their respective heirs, successors and permitted
assigns. This Agreement and the rights of the parties hereunder shall not be
assigned except as otherwise set forth herein or with the written consent of all
parties hereto.

                       2.5  Captions. Captions contained in this Agreement are
inserted only as a matter of convenience and in no way define, limit or extend
the scope or intent of this Agreement or any provision hereof.

                       2.6  Number and Gender. Wherever from the context it
appears appropriate, each term stated in either the singular or the plural shall
include the singular and the plural, and pronouns stated in either the
masculine, the feminine or the neuter gender shall include the masculine,
feminine and neuter.

                       2.7  Severability. If any provision of this Agreement
shall be held invalid or unenforceable, such invalidity or unenforceability
shall attach only to such provision and shall not in any manner affect or render
invalid or unenforceable any other severable provision of this Agreement, and
this Agreement shall be carried out as if any such invalid or unenforceable
provision were not contained herein.

                       2.8  Amendments. This Agreement may not be amended except
in a writing signed by all of the parties hereto.

                       2.9  Compliance with Securities Laws. The Corporation
will use its best efforts to comply at all times with all applicable provisions
of the Act and the 1934 Act.

                                       21

<PAGE>

                       2.10 Counterparts. This Agreement may be executed in
several counterparts, each of which shall be deemed an original but all of which
shall constitute one and the same instrument. In addition, this Agreement may
contain more than one counterpart of the signature page and this Agreement may
be executed by the affixing of such signature pages executed by the parties to
one copy of the Agreement; all of such counterpart signature pages shall be read
as though one, and they shall have the same force and effect as though all of
the signers had signed a single signature page.

                  [REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]

                                       22
<PAGE>

                    IN WITNESS WHEREOF, the undersigned have executed this
Agreement on the date first above written.

                                            GLOBAL GOLD CORPORATION

                                            By: ________________________________
                                                Drury J. Gallagher, Chairman
                                                and Chief Executive Officer

No. of Shares
Purchased                                   FIREBIRD GLOBAL MASTER FUND, LTD.
---------

1,500,000
                                            By:_________________________________
                                               Name:
                                               Title:

No. of Shares
Purchased                                   FIREBIRD REPUBLICS FUND, LTD.
---------

 750,000
                                            By:_________________________________
                                               Name:
                                               Title:
No. of Shares
Purchased                                   FIREBIRD AVRORA FUND, LTD.
---------

750,000
                                            By:_________________________________
                                               Name:
                                               Title:

                                       23Exhibit 10.3

         THIS WARRANT AND THE UNDERLYING SHARES OF COMMON STOCK ISSUABLE UPON
ITS EXERCISE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "ACT"), OR ANY STATE SECURITIES LAWS, AND NO SALE OR TRANSFER
THEREOF MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT OR AN
OPINION OF COUNSEL FOR THE HOLDER, SATISFACTORY TO THE COMPANY, THAT SUCH
REGISTRATION IS NOT REQUIRED UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES
LAWS.

No. U-4                              Right to Purchase up to 1,500,000 Shares of
                                         Common Stock of Global Gold Corporation

                             Global Gold Corporation

                          Common Stock Purchase Warrant

         Global Gold Corporation a Delaware corporation (the "Company"), hereby
certifies that, for value received, Bear Stearns FBO Firebird Global Master Fund
, Ltd., a Cayman Islands corporation with offices at c/o Citco Fund Services
(Cayman Islands) Limited, Regatta Office Park, West Bay Road, PO Box 31106 SMB
Grand Cayman, Cayman Islands. ("Firebird GMF"), or registered permitted assigns,
is entitled, subject to the terms set forth below, to purchase from the Company
at any time or from time to time before 5:30 P.M., Eastern Standard Time, on
December 1, 2006, up to One Million Five Hundred Thousand (1,500,000) fully paid
and nonassessable shares of Common Stock, $.001 par value, of the Company, at a
purchase price per share of Seventy Five Cents ($0.75) (such purchase price per
share as adjusted from time to time as herein provided is referred to herein as
the "Purchase Price"). The number and character of such shares of Common Stock
and the Purchase Price are subject to adjustment as provided herein.

         As used herein the following terms, unless the context otherwise
requires have the following respective meanings:

         (a)      The term "Company" shall include Global Gold Corporation and
                  any corporation which shall succeed or assume the obligations
                  of the Company hereunder.

         (b)      The term "Common Stock" includes the Company's Common Stock,
                  $.001 par value per share, as authorized on the date of this
                  Warrant and any other securities into which or for which any
                  of such Common Stock may be converted or exchanged pursuant to
                  a plan of recapitalization, reorganization, merger, sale of
                  assets or otherwise.

                                       1

<PAGE>

1. Exercise of Warrant.

         1.1. Manner of Exercise: Payment of the Purchase Price.

                  (a) This Warrant may be exercised by the holder hereof, in
whole or in part, at any time or from time to time prior to the expiration date,
by surrendering to the Company at its principal office this Warrant, with the
form of Election to Purchase Shares attached hereto (or a reasonable facsimile
thereof) duly executed by the holder and accompanied by payment of the purchase
price for the number of shares of Common Stock specified in such form.

                  (b) Payment of the purchase price may be made as follows (or
by any combination of the following): (i) in United States currency by cash or
delivery of a certified check or bank draft payable to the order of the Company
or by wire transfer to the Company, (ii) by cancellation of such number of the
shares of Common Stock otherwise issuable to the holder upon such exercise as
shall be specified in such Election to Purchase Shares, such that the excess of
the aggregate Current Market Price of such specified number of shares on the
date of exercise over the portion of the purchase price attributable to such
shares shall equal the purchase price attributable to the shares of Common Stock
to be issued upon such exercise, in which case such amount shall be deemed to
have been paid to the Company and the number of shares issuable upon such
exercise shall be reduced by such specified number, or (iii) by surrender to the
Company for cancellation certificates representing shares of Common Stock of the
Company owned by the holder (properly endorsed for transfer in blank) having a
Current Market Price on the date of Warrant exercise equal to the purchase
price.

         1.2. When Exercise Effective. Each exercise of this Warrant shall be
deemed to have been effected immediately prior to the close of business on the
business day on which this Warrant shall have been surrendered to, and the
purchase price shall have been received by, the Company as provided in Section
1.1, and at such time the person or persons in whose name or names any
certificate or certificates for shares of Common Stock shall be issuable upon
such exercise and shall be deemed to have become the holder or holders of record
thereof for all purposes.

         1.3 Definitions. As used herein, unless the context otherwise requires,
the following terms shall have the meanings as set forth below:

            (a) "Current Market Price" shall mean, on any date specified herein,
the average of the daily Market Price during the 10 consecutive trading days
commencing 15 trading days before such date, except that, if on any such date
the shares of Common Stock are not listed or admitted for trading on any
national securities exchange or quoted in the over-the-counter market, the
Current Market Price shall be the Market Price on such date.

                                       2
<PAGE>

            (b) "Market Price" shall mean, on any date specified herein, the
amount per (a) share of the Common  Stock,  equal to (a) the last  reported sale
price of such Common  Stock,  regular way, on such date or, in case no such sale
takes  place on such date,  the  average  of the  closing  bid and asked  prices
thereof, regular way, on such date, in either case as officially reported on the
principal national securities exchange on which such Common Stock is then listed
or  admitted  for  trading,  or (b) if such  Common  Stock is not then listed or
admitted for trading on any national  securities exchange but is designated as a
national market system security by the NASD, the last reported  trading price of
the  Common  Stock on such date,  or (c) if there  shall have been no trading on
such  date or if the  Common  Stock is not so  designated,  the  average  of the
closing  bid and asked  prices of the Common  Stock on such date as shown by the
NASD automated  quotation system, or (d) if such Common Stock is not then listed
or   admitted   for  trading  on  any   national   exchange  or  quoted  in  the
over-the-counter market, the fair value thereof (as of a date which is within 20
days of the date as of which the determination is to be made) determined in good
faith by the Board of Directors of the Company.

         1.4. Trustee for Warrantholders. In the event that a bank or trust
company shall have been appointed as trustee for the holders of the Warrants
pursuant to Section 4.2, such bank or trust company shall have all the powers
and duties of a warrant agent appointed pursuant to Section 12 and shall accept,
in its own name for the account of the Company or such successor person as may
be entitled thereto, all amounts otherwise payable to the Company or such
successor, as the case may be, on exercise of this Warrant pursuant to this
Section 1.

2. Delivery of Stock Certificates. etc. on Exercise. As soon as practicable
after the exercise of this Warrant in full or in part, and in any event within 2
business days thereafter, the Company at its expense (including the payment by
it of any applicable issue taxes) will cause to be issued in the name of and
delivered to the holder hereof, or as such holder (upon payment by such holder
of any applicable transfer taxes and, if requested by the Company, demonstration
by such holder of compliance with applicable securities laws) may direct, a
certificate or certificates for the number of fully paid and nonassessable
shares of Common Stock to which such holder shall be entitled on such exercise,
plus, in lieu of any fractional share to which such holder would otherwise be
entitled, cash equal to such fraction multiplied by the then Current Market
Price of one full share, together with any other stock or other securities and
property (including cash, where applicable) to which such holder is entitled
upon such exercise pursuant to Section 1 or otherwise.

3. Adjustment for Dividends in Other Stock, Property, etc.; Reclassification,
etc. In case at any time or from time to time, the holders of Common Stock shall
have received, or (on or after the record date fixed for the determination of
shareholders eligible to receive) shall have become entitled to receive, without
payment therefor,

                                       3

<PAGE>

         (a)      other or additional stock or other securities or property
                  (other than cash) by way of dividend, or

         (b)      any cash (excluding cash dividends payable solely out of
                  earnings or earned surplus of the Company), or

        (c)      other or additional stock or other securities or property
                  (including cash) by way of spin-off, split-up,
                  reclassification, recapitalization, combination of shares or
                  similar corporate rearrangement,

other than additional shares of Common Stock issued as a stock dividend or in a
stock-split (adjustments in respect of which are provided for in Section 5.3),
then and in each such case the holder of this Warrant, on the exercise hereof as
provided in Section 1, shall be entitled to receive the amount of stock and
other securities and property (including cash in the cases referred to in
clauses (b) and (c) of this Section 3) which such holder would hold on the date
of such exercise if on the date hereof he had been the holder of record of the
number of shares of Common Stock called for on the face of this Warrant and had
thereafter, during the period from the date hereof to and including the date of
such exercise, retained such shares and all such other or additional stock and
other securities and property (including cash in the cases referred to in
clauses (b) and (c) of this Section 3) receivable by him as aforesaid during
such period, giving effect to all adjustments called for during such period by
Sections 4 and 5.

4. Adjustment for Reorganization, Consolidation, Merger, etc.

         4.1 Reorganization. In case at any time or from time to time, the
Company shall (a) effect a reorganization, (b) consolidate with or merge into
any other person, or (c) transfer all or substantially all of its properties or
assets to any other person or other similar event shall be effected, then, in
each such case, the holder of this Warrant, on the exercise hereof as provided
in Section 1 at any time after the consummation of such reorganization,
consolidation or merger or the effective date of such asset sale or other event
as the case may be, shall receive, in lieu of the Common Stock issuable on such
exercise prior to such consummation or such effective date, the stock and other
securities and property (including cash) to which such holder would have been
entitled upon such consummation or in connection with such asset sale or other
event, as the case may be, if such holder had so exercised this Warrant
immediately prior thereto, all subject to further adjustment thereafter as
provided in Sections 3 and 5.

         4.2 Dissolution. In the event of any dissolution of the Company
following the transfer of all or substantially all of its properties or assets,
the Company, prior to such dissolution, shall at its expense deliver or cause to
be delivered the stock and other securities and property (including cash, where
applicable) receivable by the holders of the Warrants after the effective date
of such dissolution pursuant to this Section 4 to a bank or trust company having
its principal office in New York, New York, as trustee for the holder or holders
of the Warrants.

                                       4
<PAGE>

         4.3 Continuation of Terms. Upon any reorganization, consolidation,
merger or transfer (and any dissolution following any transfer) referred to in
this Section 4, this Warrant shall continue in full force and effect and the
terms hereof shall be applicable to the shares of stock and other securities and
property receivable on the exercise of this Warrant after the consummation of
such reorganization, consolidation or merger or the effective date of
dissolution following any such transfer, as the case may be, and shall be
binding upon the issuer of any such stock or other securities, including, in the
case of any such transfer, the person acquiring all or substantially all of the
properties or assets of the Company, whether or not such person shall have
expressly assumed the terms of this Warrant as provided in Section 6.

5.       Adjustment for Issue or Sale of Common Stock
         at Less Than The Purchase Price in Effect; Other Adjustment.

         5.1 General. If the Company shall, at any time or from time to time,
issue any additional shares of Common Stock (other than shares of Common Stock
excepted from the provisions of this Section 5 by Section 5.4) without
consideration or for a Net Consideration Per Share less than the Purchase Price
in effect immediately prior to such issuance, then, and in each such case:

                  (a) the Purchase Price shall be lowered to an amount
determined by multiplying such Purchase Price then in effect by a fraction:

                           (1) the numerator of which shall be (a) the number of
shares of Common Stock
outstanding (excluding treasury shares, but including for this purpose shares of
Common Stock issuable upon the exercise of any warrants) immediately prior to
the issuance of such additional shares of Common Stock, plus (b) the number of
shares of Common Stock which the net aggregate consideration, if any, received
by the Company for the total number of such additional shares of Common Stock so
issued would purchase at the Purchase Price in effect immediately prior to such
issuance, and

                           (2) the denominator of which shall be (a) the number
of shares of Common Stock
outstanding (excluding treasury shares, but including for this purpose shares of
Common Stock issuable upon the exercise of the any warrants) immediately prior
to the issuance of such additional shares of Common Stock, plus (b) the number
of such additional shares of Common Stock so issued; and

                  (b) the holder of this Warrant shall thereafter, on the
exercise hereof as provided in Section 1, be entitled to receive the number of
shares of Common Stock determined by multiplying the number of shares of Common
Stock which would otherwise (but for the provisions of this Section 5.1) be
issuable on such exercise by the fraction of which (i) the numerator is the
Purchase Price which would otherwise (but for the provisions of this Section 5.
1) be in effect, and (ii) the denominator is the Purchase Price in effect on the
date of such exercise.

                                       5

<PAGE>

         5.2      Definitions, etc.  For purposes of this Section 5 and Section
7:

         The issuance of any warrants, options or other subscription or purchase
rights with respect to shares of Common Stock and the issuance of any securities
convertible into or exchangeable for shares of Common Stock (or the issuance of
any warrants, options or any rights with respect to such convertible or
exchangeable securities) shall be deemed an issuance at such time of such Common
Stock if the Net Consideration Per Share which may be received by the Company
for such Common Stock (as hereinafter determined) shall be less than the
Purchase Price at the time of such issuance and, except as hereinafter provided,
an adjustment in the Purchase Price and the number of shares of Common Stock
issuable upon exercise of this Warrant shall be made upon each such issuance in
the manner provided in Section 5.1. Any obligation, agreement or undertaking to
issue warrants, options, or other subscription or purchase rights at any time in
the future shall be deemed to be an issuance at the time such obligation,
agreement or undertaking is made or arises. No adjustment of the Purchase Price
and the number of shares of Common Stock issuable upon exercise of this Warrant
shall be made under Section 5.1 upon the issuance of any shares of Common Stock
which are issued pursuant to the exercise of any warrants, options or other
subscription or purchase rights or pursuant to the exercise of any conversion or
exchange rights in any convertible securities if any adjustment shall previously
have been made upon the issuance of any such warrants, options or other rights
or upon the issuance of any convertible securities (or upon the issuance of any
warrants, options or any rights therefor) as above provided. Any adjustment of
the Purchase Price and the number of shares of Common Stock issuable upon
exercise of this Warrant with respect to this Section 5.2 which relates to
warrants, options or other subscription or purchase rights with respect to
shares of Common Stock shall be disregarded if, as, and to the extent that such
warrants, options or other subscription or purchase rights expire or are
canceled without being exercised, so that the Purchase Price effective
immediately upon such cancellation or expiration shall be equal to the Purchase
Price that otherwise would have been in effect at the time of the issuance of
the expired or canceled warrants, options or other subscriptions or purchase
rights, with such additional adjustments as would have been made to that
Purchase Price had the expired or cancelled warrants, options or other
subscriptions or purchase rights not been issued.

         For purposes of this Section 5.2, the "Net Consideration Per Share"
which may be received by the Company shall be determined as follows:

                  (A) The "Net Consideration Per Share" shall mean the amount
equal to the total amount of consideration, if any, received by the Company for
the issuance of such warrants, options, subscriptions, or other purchase rights
or convertible or exchangeable securities, plus the minimum amount of
consideration, if any, payable to the Company upon exercise or conversion
thereof, divided by the aggregate number of shares of Common Stock that would be
issued if all such warrants, options, subscriptions, or other purchase rights or
convertible or exchangeable securities were exercised, exchanged or converted.

                                       6

<PAGE>

                  (B) The "Net Consideration Per Share" which may be received by
the Company shall be determined in each instance as of the date of issuance of
warrants, options, subscriptions or other purchase rights, or convertible or
exchangeable securities without giving effect to any possible future price
adjustments or rate adjustments which may be applicable with respect to such
warrants, options, subscriptions or other purchase rights or convertible
securities.

        For purposes of this Section 5, if a part or all of the consideration
received by the Company in connection with the issuance of shares of the Common
Stock or the issuance of any of the securities described in this Section 5
consists of property other than cash, such consideration shall be deemed to have
the same value as shall be determined in good faith by the Board of Directors of
the Company.

         This Section 5.2 shall not apply under any of the circumstances
described in Section 5.4.

         5.3. Extraordinary Events. In the event that the Company shall (i)
issue additional shares of the Common Stock as a dividend or other distribution
on outstanding Common Stock, (ii) subdivide its outstanding shares of Common
Stock, or (iii) combine its outstanding shares of the Common Stock into a
smaller number of shares of the Common Stock, then, in each such event, the
Purchase Price shall, simultaneously with the happening of such event, be
adjusted by multiplying the then Purchase Price by a fraction, the numerator of
which shall be the number of shares of Common Stock outstanding immediately
prior to such event and the denominator of which shall be the number of shares
of Common Stock outstanding immediately after such event, and the product so
obtained shall thereafter be the Purchase Price then in effect. The Purchase
Price, as so adjusted, shall be readjusted in the same manner upon the happening
of any successive event or events described herein in this Section 5.3. The
holder of this Warrant shall thereafter, on the exercise hereof as provided in
Section 1, be entitled to receive that number of shares of Common Stock
determined by multiplying the number of shares of Common Stock which would
otherwise (but for the provisions of this Section 5.3) be issuable on such
exercise by a fraction of which (i) the numerator is the Purchase Price which
would otherwise (but for the provisions of this Section 5.3) be in effect, and
(ii) the denominator is the Purchase Price in effect on the date of such
exercise.

         5.4. Excluded Shares. Section 5.1 shall not apply to the (i) issuance
of shares of Common Stock, or options therefor, to directors, officers,
employees, advisors and consultants of the Company pursuant to any stock option,
stock purchase, stock ownership or compensation plan approved by the
compensation committee of the Company's Board of Directors, (ii) issuance of
shares of Common Stock upon the exercise of the warrants to purchase shares of
Common Stock issued pursuant to the offering of Convertible Notes made by the
Company pursuant to the Confidential Private Placement Memorandum dated May 17,
1995 and (iii) the issuance of shares pursuant to the exercise of the warrants
issued by the Company dated October 31, 2000.

                                       7

<PAGE>

         5.5 Other Adjustment. In case any event shall occur as to which the
provisions of Sections 3, 4 or 5 are not strictly applicable, but the failure to
make any adjustment would not fairly protect the purchase rights represented by
this Warrant in accordance with the essential intent and principles of Sections
3, 4 and 5, then, in each such case, the Company shall determine the adjustment,
if any, on a basis consistent with the essential intent and principles
established in Sections 3, 4 and 5 hereof necessary to preserve without dilution
the purchase rights represented by the Warrant.

6. No Dilution or Impairment. The Company will not, by amendment of its
Certificate of Incorporation or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities or any other
voluntary action, avoid or seek to avoid the observance or performance of any of
the terms of the Warrants, but will at all times in good faith assist in the
carrying out of all such terms and in the taking of all such action as may be
necessary or appropriate in order to protect the rights of the holders of the
Warrants against dilution or other impairment. Without limiting the generality
of the foregoing, the Company (a) will not increase the par value of any shares
of stock receivable on the exercise of the Warrants above the amount payable
therefor on such exercise, (b) will take all such action as may be necessary or
appropriate in order that the Company may validly and legally issue fully paid
and nonassessable shares of stock on the exercise of all Warrants from time to
time outstanding, and (c) will not transfer all or substantially all of its
properties and assets to any other person (corporate or otherwise), or
consolidate with or merge into any other person or permit any such person to
consolidate with or merge into the Company (if the Company is not the surviving
person), unless such other person shall expressly assume in writing and will be
bound by all the terms of the Warrants.

7. Accountants' Certificate as to Adjustments. In each case of any adjustment or
readjustment in the shares of Common Stock issuable on the exercise of the
Warrants, the Company at its expense will promptly cause its Treasurer or Chief
Financial Officer or, if the holder of a Warrant so requests, independent
certified public accountants selected by the Company to compute such adjustment
or readjustment in accordance with the terms of the Warrants and prepare a
certificate setting forth such adjustment or readjustment and showing in detail
the facts upon which such adjustment or readjustment is based, including a
statement of (a) the consideration received or receivable by the Company for any
additional shares of Common Stock issued or sold or deemed to have been issued
or sold, (b) the number of shares of Common Stock outstanding or deemed to be
outstanding, and (c) the Purchase Price and the number of shares of Common Stock
to be received upon exercise of this Warrant, in effect immediately prior to
such issue or sale and as adjusted and readjusted as provided in this Warrant.
The Company will forthwith mail a copy of each such certificate to each holder
of a Warrant, and will, on the written request at any time of any holder of a
Warrant, furnish to such holder a like certificate setting forth the Purchase
Price at the time in effect and showing how it was calculated.

                                       8

<PAGE>

8. Notices of Record Date, etc. In the event of

                  (a) any taking by the Company of a record of the holders of
any class or securities for the purpose of determining the holders thereof who
are entitled to receive any dividend or other distribution, or any right to
subscribe for, purchase or otherwise acquire any shares of stock of any class or
any other securities or property, or to receive any other right, or

                  (b) any capital reorganization of the Company, any
reclassification or recapitalization of the capital stock of the Company or any
transfer of all or substantially all the assets of the Company to or
consolidation or merger of the Company with or into any other person, or

                  (c) any voluntary or involuntary dissolution, liquidation or
winding-up of the Company, or

                  (d) any proposed issue or grant by the Company of any shares
of stock of any class or any other securities, or any right or option to
subscribe for, purchase or otherwise acquire any shares of stock of any class or
any other securities (other than the issue of Common Stock on the exercise of
any warrants),

                  then and in each such event the Company will mail or cause to
be mailed to each registered holder of a Warrant a notice specifying (i) the
date on which any such record is to be taken for the purpose of such dividend,
distribution or right, and stating the amount and character of such dividend,
distribution or right, (ii) the date on which any such reorganization,
reclassification, recapitalization, transfer, consolidation, merger,
dissolution, liquidation or winding-up is to take place, and the time, if any is
to be fixed, as of which the holders of record of Common Stock shall be entitled
to exchange their shares of Common Stock for securities or other property
deliverable on such reorganization, reclassification, recapitalization,
transfer, consolidation, merger, dissolution, liquidation or winding-up, and
(iii) the amount and character of any stock or other securities, or rights or
options with respect thereto, proposed to be issued or granted, the date of such
proposed issue or grant and the persons or class of persons to whom such
proposed issue or grant is to be offered or made. Such notice shall be mailed at
least 20 days prior to the date specified in such notice on which any such
action is to be taken.

9. Reservation of Stock, etc., Issuable on Exercise of Warrants. The Company
will at all times reserve and keep available, solely for issuance and delivery
on the exercise of the Warrants, all shares of Common Stock from time to time
issuable on the exercise of the Warrants represented by this certificate.

10. Exchange of Warrants. On surrender for exchange of any Warrant, properly
endorsed, to the Company, the Company at its expense will issue and deliver to
or on the order of the holder thereof a new Warrant or warrants of like tenor,

                                       9

<PAGE>

in the name of such holder or as such holder (upon payment by such holder of any
applicable transfer taxes and, if requested by the Company, demonstration by
such holder of compliance with applicable securities laws) may direct, calling
in the aggregate on the face or faces thereof for the number of shares of Common
Stock called for on the face or faces of the Warrant or Warrants so surrendered.

11. Replacement of Warrants. On receipt of evidence reasonably satisfactory to
the Company of the loss, theft, destruction or mutilation of any Warrant and, in
the case of any such loss, theft or destruction of any Warrant, on delivery of
an indemnity agreement or security reasonably satisfactory in form and amount to
the Company or, in the case of any such mutilation, on surrender and
cancellation of such warrant, the Company at its expense will execute and
deliver, in lieu thereof, a new Warrant of like tenor.

12. Warrant Agent. The Company hereby appoints American Registrar and Transfer
Company, with offices in Salt Lake City, Utah, as its agent for the purpose of
issuing Common Stock on the exercise of the Warrants pursuant to Section 1,
exchanging Warrants pursuant to Section 10, and replacing Warrants pursuant to
Section 11, or any of the foregoing, and thereafter any such issuance, exchange
or replacement, as the case may be, shall be made at such office by such agent.
The Company may change such agent and designate a new agent in the United States
for the above-described purposes by written notice to each holder of a Warrant.

13. Remedies. The Company stipulates that the remedies at law of the holder of
this Warrant in the event of any default or threatened default by the Company in
the performance of or compliance with any of the terms of this Warrant are not
and will not be adequate, and that a holder of this Warrant may suffer
irreparable harm and that such terms may be specifically enforced by a decree by
a court of competent jurisdiction for the specific performance of any agreement
contained herein or by an injunction against a violation of any of the terms
hereof or otherwise.

14. Negotiability. This Warrant is issued upon the following terms, to all of
which each holder or owner hereof by the taking hereof consents and agrees:

         (a) subject to compliance with all applicable securities laws, title to
this Warrant may be transferred by endorsement (by the holder hereof executing
the form of assignment at the end hereof) and delivery in the same manner as in
the case of a negotiable instrument transferable by endorsement and delivery;

         (b) any person in possession of this Warrant properly endorsed is
authorized to represent himself as absolute owner hereof and is empowered to
transfer absolute title hereto by endorsement and delivery hereof to a bona fide
purchaser hereof for value; each prior taker or owner waives and renounces all
of his equities or rights in this Warrant in favor of each such bona fide
purchaser, and each such bona fide purchaser shall acquire absolute title hereto
and to all rights represented hereby; and

                                       10

<PAGE>

         (c) until this Warrant is transferred on the books of the Company, the
Company may treat the registered holder hereof as the absolute owner hereof for
all purposes, notwithstanding any notice to the contrary.

15. Registration Rights. Upon exercise of this Warrant, the shares of Common
Stock issued pursuant hereto shall be subject to, and the purchaser of such
shares shall be entitled to and bound by all of the rights and obligations set
forth in that certain Registration Rights Agreement dated on or about the date
hereof among the Company and certain purchasers of shares of Common Stock as set
forth in such agreement.

15. Notices. All notices or other communications required or permitted to be
given pursuant to this Warrant shall be in writing and shall be considered as
duly given on (a) the date of delivery, if delivered in person, by nationally
recognized overnight delivery service or by facsimile or (b) three days after
mailing if mailed from within and to the continental United States by registered
or certified mail, return receipt requested to the party entitled to receive the
same, if to the Company, Global Gold Corporation, 104 Field Point Road,
Greenwich, CT 06830, and if to the holder of a Warrant, at the address of such
holder shown on the books of the Company. Any party may change his or its
address by giving notice to the other party stating his or its new address.
Commencing on the 10th day after the giving of such notice, such newly
designated address shall be such party's address for the purpose of all notices
or other communications required or permitted to be given pursuant to this
Warrant.

16. Governing Law. This Warrant and the rights of the parties hereunder shall be
governed by and construed in accordance with the laws of the State of New York,
without regard to the conflict of laws principles of such State or of any other
jurisdiction that would result in the application of the laws of a jurisdiction
other than such State. All parties hereto (i) agree that any legal suit, action
or proceeding arising out of or relating to this Agreement shall be instituted
only in a federal or state court in the City of New York in the State of New
York in the United States of America and applicable appellate courts therefrom
(ii) waive any objection which they may now or hereafter have to the laying of
the venue of any such suit, action or proceeding, and (iii) irrevocably submit
to the jurisdiction of such federal or state court in the City of New York in
the State of New York in any such suit, action or proceeding, but such consent
shall not constitute a general appearance or be available to any other person
who is not a party to this Warrant. All parties hereto agree that the mailing of
any process in any suit, action or proceeding in accordance with the notice
provisions of this Warrant shall constitute personal service thereof.

17. Entire Agreement; Waiver of Breach. This Warrant constitutes the entire
agreement among the parties and supersedes any prior agreement or understanding
among them with respect to the subject matter hereof, and it may not be modified
or amended in any manner other than as provided herein; and no waiver of any
breach or condition of this Warrant shall be deemed to have occurred unless such

                                       11

<PAGE>

waiver is in writing, signed by the party against whom enforcement is sought,
and no waiver shall be claimed to be a waiver of any subsequent breach or
condition of a like or different nature.

18. Severability. If any provision of this Warrant shall be held invalid or
unenforceable, such invalidity or unenforceability shall attach only to such
provision and shall not in any manner affect or render invalid or unenforceable
any other severable provision of this Warrant, and this Agreement shall be
carried out as if any such invalid or unenforceable provision were not contained
herein.

19. Amendment. This Warrant and any term hereof may be changed, waived,
discharged or terminated only by an instrument in writing signed by the party
against which enforcement of such change, waiver, discharge or termination is
sought.

20. Expiration. The right to exercise this Warrant shall expire at 5:30 P.M.,
Eastern Standard Time, on December 1, 2006.

21. Restrictions on Transferability; Restrictive Legend. The holder acknowledges
that the shares of Common Stock issuable upon exercise of this Warrant are
subject to restrictions under applicable Federal and state securities laws. Each
certificate representing shares of Common Stock issued shall, upon the exercise
of this Warrant, bear the following legend in addition to such other restrictive
legends as may be required by law:

                  "The shares represented by this certificate have not been
registered under the Securities Act of 1933, as amended (the "Act"), or any
state securities laws, and no sale or transfer thereof may be effected without
an effective registration statement or an opinion of counsel for the holder,
satisfactory to the company, that such registration is not required under the
act and any applicable state securities laws."

Dated:   November 4, 2004

                                                Global Gold Corporation

                                                By: __________________________
                                                    Drury J. Gallagher, Chairman

                                       12
<PAGE>

                                    [FORM OF]
                           ELECTION TO PURCHASE SHARES

To:      Global Gold Corporation

         The undersigned hereby irrevocably elects to exercise the Warrant to
purchase ____ shares of Common Stock, par value $.001 per share ("Common
Stock"), of Global Gold Corporation and hereby [makes payment of $________
therefor [or] [makes payment therefor by reduction pursuant to Section
1.1(b)(ii) of the Warrant of the number of shares of Common Stock otherwise
issuable to the Holder upon Warrant exercise by _____ shares] [or] [makes
payment therefor by delivery of the following Common Stock certificates of the
Company (properly endorsed for transfer in blank) for cancellation by the
Company pursuant to Section 1.1(b)(iii) of the Warrant, certificates of which
are attached hereto for cancellation [list certificates by number and amount]].
The undersigned hereby requests that certificates for such shares be issued and
delivered as follows: ISSUE TO:

                                     (NAME)

                          (ADDRESS, INCLUDING ZIP CODE)

                  (SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER)

DELIVER
TO:

                                     (NAME)

                          (ADDRESS, INCLUDING ZIP CODE)

         If the number of shares of Common Stock purchased (and/or reduced)
hereby is less than the number of shares of Common Stock covered by the Warrant,
the undersigned requests that a new Warrant representing the number of shares of
Common Stock not so purchased (or reduced) be issued and delivered as follows:

ISSUE
TO:
                                (NAME OF HOLDER)

                          (ADDRESS, INCLUDING ZIP CODE)

                                       17
<PAGE>

DELIVER
TO:
                                (NAME OF HOLDER)

                          (ADDRESS, INCLUDING ZIP CODE)

Dated: _________________________

                                                      [NAME OF HOLDER]

                                                       By
                                                            Name:
                                                            Title:

                                                     (Signature)
                                       (Signature must conform to name of holder
                                        as specified on the face of the Warrant)

                                                (Print Name)

                                                (Street Address)

                                                (City, State and Zip Code)

                                                (Person's Social Security Number
                                                   or Tax Identification Number)

                                       17
<PAGE>

                               FORM OF ASSIGNMENT

(To be signed only on transfer of warrant)

                  For value received, the undersigned hereby sells, assigns, and
transfers unto _________________________________ the right represented by the
within Warrant to purchase shares of Common Stock of Global Gold Corporation to
which the within Warrant relates, and appoints ____________________________as
its attorney to transfer such right on the books of Global Gold Corporation with
full power of substitution in the premises.

Dated:    ________________

                                                     (Signature)
                                    (Signature must conform to name of holder
                                       as specified on the face of the Warrant)

                                                   (Print Name)

                                                   (Street Address)

                                                   (City, State and Zip Code)

                                               (Person's Social Security Number
                                                 or Tax Identification Number)

Signed in the presence of:

                                       17

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