Document:

EXHIBIT
      10.8

    

    THE
      SECURITY REPRESENTED BY THIS INSTRUMENT HAS NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED OR APPLICABLE STATE SECURITIES LAWS. THE
      SECURITY MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN
      THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITY UNDER
      THE SECURITIES ACT OF 1933, AS AMENDED, AND QUALIFICATION UNDER ANY APPLICABLE
      STATE SECURITIES LAWS OR (B) AN OPINION OF COUNSEL REASONABLY SATISFACTORY
      TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE
      STATE SECURITIES LAWS OR (II) UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID
      ACT. ANY PURPORTED TRANSFER OR OTHER DISPOSITION OF THE SECURITY REPRESENTED
      BY
      THIS INSTRUMENT IN ANY MANNER WHICH IS IN VIOLATION OF THE FOREGOING LIMITATIONS
      IS INVALID AND THE COMPANY WILL NOT TRANSFER SUCH INVALIDLY TRANSFERRED SECURITY
      ON THE BOOKS OF THE COMPANY.

    

    IF
      THE
      HOLDER OF THIS SECURITY IS A NON-UNITED STATES RESIDENT, APPLICABLE EXEMPTIONS
      FROM SUCH REGISTRATION REQUIREMENTS MAY INCLUDE SALE THROUGH A DESIGNATED
      OFFSHORE SECURITIES MARKET. UNLESS THE SECURITIES REPRESENTED BY THIS
      CERTIFICATE HAS BEEN REGISTERED UNDER THE SECURITIES ACT, THE SALE, TRANSFER,
      PLEDGE OR OTHER DISPOSITION OF THIS SECURITY IN THE UNITED STATES IS PROHIBITED
      EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S (RULE 901 THROUGH
      905
      AND THE PRELIMINARY NOTES) PROMULGATED UNDER THE SECURITIES ACT.

    

    SILVER
      RESERVE CORP.

    

    CONVERTIBLE
      DEBENTURE

    

    $________________

    Silver
      Reserve Corp.

    C/o
      Medallion Capital Corp.

    146
      Trelawn Avenue

    Oakville,
      ON L6J 2R4

    

    May
      __,
      2006

    

    FOR
      VALUE RECEIVED,
      SILVER
      RESERVE CORP,
      a
      Delaware corporation (the "Payor" or the "Company"), promises to pay to the
      order of the undersigned party identified on the Signature Page hereof (the
      "Payee”) the principal sum of ________________________________________________________________________
      ($_______________)
      and
      interest on the outstanding principal balance as set forth herein.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    1.    Conversion
      Right and restrictions on Transfer.

    

    This
      Convertible Debenture may be converted into “Units” at $0.50 per Unit with each
      such “Unit” comprised of: (i) one share of common stock of the Company, par
      value $0.0001 per share (the “Shares”) and (ii) one warrant to purchase a Share
      (a “Purchase Warrant”) at a price of $0.75 per Share for a term of twelve (12)
      months following the date of issuance of such Purchase Warrant (which date
      shall
      be deemed to be the date of conversion of this Convertible Debenture).

    

    No
      Sale or Transfer.
      Neither
      this Convertible Debenture nor the Underlying Securities have been registered
      under either the United States Securities Act of 1933, as amended (the
“Securities Act”), or the applicable law of any state or other jurisdiction. The
      sale or resale of this Convertible Debenture or the Underlying Securities will
      not be permitted unless this Convertible Debenture or the Underlying Securities,
      as the case may be, are first so registered or the sale or transfer is affected
      in a transaction that is exempt from such registration under applicable federal
      and state law. Payee shall not sell or transfer this Convertible Debenture
      or
      the Underlying Securities, as the case may be, except pursuant to such
      registration or exemption from such registration. 

    

    2.    Interest
      Rate; Payment.

    

    (a)    The
      outstanding principal balance of this Convertible Debenture shall bear simple
      interest at an annual rate equal to two percent (2.0%), with interest accruing,
      from and including the date hereof, on a annual basis. Interest shall be
      computed on the basis of a 365 day year and the actual number of days elapsed
      and, subject to the provisions of Section 3 below, shall accrue but not be
      payable prior to conversion of this Convertible Debenture or the Maturity Date.
      Upon conversion, hereunder may be paid through the issuance of Shares at $0.49
      per Share, as provided herein.

    

    (b)    The
      outstanding principal balance and all accrued and unpaid interest shall be
      paid
      in full no later than December 31, 2007 (the "Maturity Date"), unless repaid
      earlier pursuant to the provisions of Section 3 (the date of any payment
      pursuant to Section 3 and the Maturity Date are collectively referred to as
      a
      "Repayment Date"). On a Repayment Date, the Payor shall pay the applicable
      amount of principal and interest in lawful money of the United States of America
      by wire or bank transfer of immediately available funds to an account designated
      by the Payee in writing from time to time or by the issuance of Shares as
      provided herein.

    

    3.    Prepayment.
      Upon
      the occurrence of an Event of Default (as defined in Section 6), the outstanding
      principal balance of and all accrued interest on this Convertible Debenture
      shall be accelerated and shall automatically become immediately due and payable,
      without presentment, demand, protest or notice of any kind, all of which are
      expressly waived by the Payor, notwithstanding anything contained herein to
      the
      contrary.

    
      
        
          
          

        

        
          -2-

          
            

          

        

        
          
          

        

      

    

     

    4.    Conversion.

    

    (a)    At
      the
      option of the Payee, and prior to the Maturity Date, the entire principal amount
      of this Convertible Debenture outstanding may be converted into Units based
      upon
each
      Unit
      having a value of $0.50.
      No
      partial conversion shall be available. All accrued but unpaid interest hereunder
      shall be payable at the Company’s option in cash or Shares at $0.49 per share.
      The option to convert pursuant to this Section 4 shall be exercised by giving
      written notice to the Company. If the option to convert remains unexercised
      after the Maturity Date, the Payee’s right to convert shall expire, and the
      outstanding principal balance of this Convertible Debenture, and all accrued
      and
      unpaid interest thereon, shall become due and payable.

    

    (b)    Promptly
      after the Payee opts to convert the Company shall deliver or cause to be
      delivered to the holder of this Convertible Debenture a certificate or
      certificates representing the Shares into which this Convertible Debenture
      has
      been be converted and a Purchase Warrant and the person or persons entitled
      to
      receive such Shares and Purchase Warrant upon conversion of this Convertible
      Debenture shall be treated for all purposes as having become the record holders
      of such Shares at such time. Prior to conversion, this Convertible Debenture
      shall not entitle its holder to any of the rights of a shareholder or equity
      holder of the Company.

    

    (c)    Once
      registered the Shares issued on conversion of the Debenture will be subject
      to a
      Lock Up Agreement providing that up to 25% of the Shares may be re-sold when
      the
      registration statement becomes effective, 25% may be re-sold six months from
      the
      date of effectiveness, 25% may be re-sold twelve months from the date of
      effectiveness and 25% may be re-sold eighteen months from the date of
      effectiveness. Each subscriber will be issued four certificates for the Shares
      received on conversion and three of those certificates will be legended to
      reflect the forgoing restrictions on re-sale. With respect to Shares issued
      upon
      exercise of the Warrants (assuming a current prospectus covering the issuance
      of
      the underlying Shares is in place when the Warrant is exercised), 50% of the
      Shares received on exercise of the Warrants will be free trading with the
      remaining 50% will become free trading six months following the exercise of
      the
      Warrants. The shares issued upon exercise of the Warrants will be legended
      accordingly 

     

    5.    Registration
      of Underlying Shares.
      The
      Company undertakes to file a registration statement on Form SB-2 (or such other
      form as may be appropriate) with the Securities and Exchange Commission (the
      “SEC”) in order to register the sale of its Shares, and Shares underlying the
      Purchase Warrants pursuant to conversion of this Convertible Debenture and
      exercise of Purchase Warrants, under the Securities Act. The date on which
      the
      SEC makes such registration statement effective is referred to herein as the
      “Effective Date.” The Company makes no representation that the registration of
      its securities can be effected. The Company will endeavor to maintain a current
      prospectus covering the issuance of the Shares, and the Shares underlying the
      Purchase Warrants until the Maturity Date of the Warrants. The Company will
      send
      the Payee prompt notice

      
        
          
          

        

        
          -3-

          
            

          

        

        
          
          

        

      

    of
      the
      Effective Date. The Company will not register this Covertibel
      Debenture,

    

    6.    Events
      of Default.
      An
      "Event of Default" shall occur if:

    

    (a)    the
      Payor
      shall default in the payment of the principal of or interest payable on this
      Convertible Debenture, when and as the same shall become due and payable,
      whether at maturity or by acceleration or otherwise and such default with
      respect to the payment of interest shall continue unremedied for twenty (20)
      days;

    

    (b)    an
      involuntary proceeding shall be commenced or an involuntary petition shall
      be
      filed in a court of competent jurisdiction seeking (i) relief in respect of
      Payor or of a substantial part of Payor's respective property or assets, under
      Title 11 of the United States Code, as now constituted or hereafter amended,
      or
      any other Federal or state bankruptcy, insolvency, receivership or similar
      law
      (any such law, a "Bankruptcy Law"), (ii) the appointment of a receiver, trustee,
      custodian, sequestrator, conservator or similar official for a substantial
      part
      of the property or assets of any Payor, (iii) the winding up or liquidation
      of
      any Payor; and such proceeding or petition shall continue undismissed for 60
      days, or an order or decree approving or ordering any of the foregoing shall
      be
      entered;

    

    (c)    the
      Payor
      shall (i) voluntarily commence any proceeding or file any petition seeking
      relief under a Bankruptcy Law, (ii) consent to the institution of or the entry
      of an order for relief against it, or fail to contest in a timely and
      appropriate manner, any proceeding or the filing of any petition described
      in
      clause (d) above, (iii) apply for or consent to the appointment of a receiver,
      trustee, custodian, sequestrator, conservator or similar official for a
      substantial part of the property or assets of the Payor, (iv) file an answer
      admitting the material allegations of a petition filed against it in any such
      proceeding or (v) make a general assignment for the benefit of
      creditors.

    

    7.    Suits
      for Enforcement.
      This
      Convertible Debenture shall be governed by and construed in accordance with
      the
      laws of the state of Delaware, without regard to the conflicts of law principles
      thereof. Any legal action or proceeding arising from this Convertible Debenture
      shall be brought in a state court in the State of Delaware.

    

    8.    Notices.
      All
      notices, demands and other communications provided for or permitted hereunder
      shall be made in writing and shall be hand delivered or mailed by first-class
      mail, postage prepaid, or sent by a recognized courier service, addressed to
      the
      Company or the Payee, as the case may be, to the address given in the signature
      block of this Convertible Debenture or, in any case, at such other address
      or
      addresses as shall have been furnished in writing by one party to the other.
      The
      address given by the Payee to the Company in the Subscription Agreement covering
      the placement of this Convertible Debenture shall be the address for notice
      unless the Company is advised otherwise by the Payee in writing.

    

    9.    Successors
      and Assigns.
      This
      Convertible Debenture shall inure to the benefit of

      
        
          
          

        

        
          -4-

          
            

          

        

        
          
          

        

      

    and
      be
      binding upon the successors and permitted assigns of the Payee. Neither the
      Payor nor the Payee may assign any of its rights under this Convertible
      Debenture without the prior written consent of the other party
      hereto.

    

    10.    Amendment
      and Waiver.

    

    (a)    No
      failure or delay on the part of the Payor in exercising any right, power or
      remedy hereunder shall operate as a waiver thereof, nor shall any single or
      partial exercise of any such right, power or remedy preclude any other or
      further exercise thereof or the exercise of any other right, power or remedy.
      The remedies provided for herein are cumulative and are not exclusive of any
      remedies that may be available to the Payor or Payee at law, in equity or
      otherwise.

    

    (b)    Any
      amendment, supplement or modification of or to any provision of this Convertible
      Debenture, any waiver of any provision of this Convertible Debenture and any
      consent to any departure by the Payor from the terms of any provision of this
      Convertible Debenture, shall be effective (i) only if it is made or given in
      writing and signed by the Payor and the Payee and (ii) only in the specific
      instance and for the specific purpose for which made or given.

    

    11.    Headings.
      The
      headings in this Convertible Debenture are for convenience of reference only
      and
      shall not limit or otherwise affect the meaning hereof.

    

    12.    Severability.
      If any
      one or more of the provisions contained herein, or the application thereof
      in
      any circumstance, is held invalid, illegal or unenforceable in any respect
      for
      any reason, the validity, legality and enforceability of any other provisions
      hereof shall not be in any way impaired, unless the provisions held invalid,
      illegal or unenforceable shall substantially impair the benefits of the
      remaining provisions hereof.

    

    13.    Entire
      Agreement.
      This
      Convertible Debenture, together with the Subscription Agreement between the
      Company and Payee covering the purchase of this Convertible Debenture, is
      intended by the parties as a final expression of their agreement and
      understanding of the parties hereto in respect of the subject matter hereof,
      including without limitation the timing of the re-sale of the Underlying
      Securities. There are no restrictions, promises, warranties or undertakings
      of
      the Company, other than those set forth or referred to herein or in such
      subscription agreement.

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    

    
      	
              PAYOR:

               

              SILVER
                RESERVE CORP.

              C/o
                Medallion Capital Corp.

              146
                Trelawn Avenue

              Oakville,
                ON L6J 2R4

               

               

              By:
                __________________________________

               

              Stafford
                Kelley, Secretary

            	 
	 	 

    

    

    
      
        
        

      

      -6-EXHIBIT
      10.9

    

    NEITHER
      THIS WARRANT, THE DEBENTURE UNDERLYING THIS WARRANT NOR THE UNDERLYING SHARES
      AND WARRANTS INTO WHICH THE DEBENTURE MAY BE CONVERTED, HAVE
      NOT BEEN
      REGISTERED UNDER THE UNITED
      STATES SECURITIES
      ACT OF 1933,
      AS
      AMENDED (THE “SECURITIES ACT”)
      OR
      UNDER
      ANY
      APPLICABLE STATE SECURITIES LAWS
      (THE
“STATE LAWS”). THIS WARRANT HAS BEEN ACQUIRED FOR INVESTMENT
      PURPOSES
      AND MAY
      NOT BE SOLD, TRANSFERRED,
      PLEDGED
      OR
      OTHERWISE DISPOSED OF EXCEPT
      IN
      COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND
      APPLICABLE STATE LAWS, OR PURSUANT TO APPLICABLE EXEMPTIONS FROM SUCH
      REGISTRATION REQUIREMENTS WHICH MAY INCLUDE SALE THROUGH A DESIGNATED OFFSHORE
      SECURITIES MARKET. FURTHER, UNLESS THIS WARRANT OR THE UNDERLYING SECURITIES
      HAVE BEEN REGISTERED UNDER THE SECURITIES ACT, THE SALE, TRANSFER, PLEDGE OR
      OTHER DISPOSITION IN THE UNITED STATES OF THIS WARRANT OR THE UNDERLYING
      SECURITIES, IS PROHIBITED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION
      S (RULE 901 THROUGH 905 AND THE PRELIMINARY NOTES) PROMULGATED UNDER THE
      SECURITIES ACT.

    

    No.
      «Warrant»

    

    
      	
              Warrant
                to subscribe for

            	 
	
              Convertible
                Debenture

            	
              «Date_Accepted»

            

    

    

    SILVER
      RESERVE CORP.

    WARRANT
      TO PURCHASE CONVERTIBLE DEBENTURE

    

    VOID
      AFTER June 30, 2007 (the “Expiration Date”)

    ________________

    

    THIS
      CERTIFIES that, for value received, ___________________________________________
      (the
      “Holder”), is entitled, subject to the terms hereof, to subscribe for and
      purchase from Silver Reserve Corp., a Delaware corporation (hereinafter called
      the “Company”), at any time and from time to time on or before the Expiration
      Date, a Convertible Debenture issued by the Company for consideration of
$___________(
      the “Warrant Price”) payable in U.S. funds at the time of
      exercise
      .
The
      Convertible Debenture shall bear interest at the rate of 2% per annum, payable
      on conversion of the Convertible Debenture or maturity. The Convertible
      Debenture shall mature on December 31, 2007. The Convertible Debenture may
      be
      converted into “Units” consisting of one common share of the Corporation (a
“Share” or the “Shares”) and one common share purchase warrant (a “Purchase
      Warrant”) at the rate of one Unit for each $0.50 of principal outstanding under
      the Convertible Debenture at the time of conversion. Each Share shall be valued
      at $0.49 and each Purchase Warrant at $0.01. Each Purchase Warrant shall entitle
      the holder to purchase one Share at $0.75 per Share for a term of 12 months
      following issuance of the Purchase Warrant. The Convertible Debenture shall
      be
      convertible at any time following the registration (as described below) of
      the
      Shares and the Purchase Warrants underlying the Units under the Securities
      Act
      of 1933, as amended (the “Securities Act”) and before maturity of the
      Convertible Debenture. 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    Section
      1.
      Exercise
      of Warrant.
      (a) This
      Warrant may be exercised by the Holder hereof, in whole only by the completion
      of the subscription form attached hereto and by the surrender of this Warrant
      (properly endorsed) at the office of the Company at 1226 White Oaks Blvd.,
      Suite
      10A, Oakville ON L6H 2B9 (or at such other agency or office of the Company
      in
      the United States or Canada as it may designate by notice in writing to the
      Holder hereof at the address of the Holder hereof appearing on the books of
      the
      Company), and by payment to the Company of the full amount of the Warrant Price,
      by certified check or official bank check.

    

    In
      the
      event of an exercise of the rights represented by this Warrant, a Convertible
      Debenture so purchased, registered in the name of the Holder hereof, shall
      be
      delivered to the Holder hereof within a reasonable time, not exceeding ten
      business days, after the rights represented by this Warrant shall have been
      so
      exercised. With respect to any such exercise, the Holder hereof shall for all
      purposes be deemed to have become the Holder of record of the Convertible
      Debenture from the date on which this Warrant was surrendered and payment of
      the
      Warrant Price was made irrespective of the date of delivery of such Convertible
      Debenture, except that, if the date of such surrender and payment is a date
      on
      which the stock transfer books of the Company are closed, such person shall
      be
      deemed to have become the Holder of such Convertible Debenture at the close
      of
      business on the next succeeding date on which the stock transfer books are
      open.
      No fractional shares shall be issued upon exercise of this Warrant.

    

    Section
      2. Registration
      The
      Corporation undertakes to register the issuance and sale of the Shares to be
      issued upon conversion of the Convertible
      Debenture,
      the
      Purchase Warrants and the Shares underlying the Purchase Warrants under the
      Securities Act. The Convertible Debenture, by its terms, will not be convertible
      into Units prior to the time that the registration statement covering the issue
      and sale of such securities is made effective by the Securities and Exchange
      Commission (the “SEC”). The Corporation undertakes to maintain a current
      prospectus covering such securities until the maturity date of the Convertible
      Debentures. There is no guaranty that the registration statement covering the
      issue and sale of such securities will be made effective by the SEC or that
      a
      current prospectus can be maintained by the Corporation until the maturity
      date
      of the Convertible Debenture.

    

    Section 3.
      Lock
      Up Agreement Once
      registered the Shares issued on conversion of the Convertible Debenture will
      be
      subject to a Lock Up Agreement providing that up to 25% of the Shares may be
      re-sold when the registration statement becomes effective, 25% may be re-sold
      six months from the date of effectiveness, 25% may be re-sold twelve months
      from
      the date of effectiveness and 25% may be re-sold eighteen months from the date
      of effectiveness. Each subscriber will be issued four certificates for the
      Shares received on conversion and three of those certificates will be legended
      to reflect the forgoing restrictions on re-sale. With respect to Shares issued
      upon exercise of the Purchase Warrants (assuming a current prospectus covering
      the issuance of the underlying Shares is in place when the Purchase Warrant
      is
      exercised), 50% of the Shares received on exercise of the Purchase Warrants
      will
      be free trading with the remaining 50% will become free trading six months
      following the exercise of the Purchase Warrants. The shares issued upon exercise
      of the Purchase Warrants will be legended accordingly 

    

    Section
      4. Lost,
      Stolen, Mutilated, or Destroyed Warrant.
      If this
      Warrant is lost, stolen, mutilated or destroyed, the Company may, on such terms
      as to indemnify the Company or otherwise as it may in its discretion reasonably
      impose (which shall, in the case of a mutilated Warrant, include the surrender
      thereof), issue a new Warrant of like denomination and tenor as the Warrant
      so
      lost, stolen, mutilated or destroyed. Any such new Warrant shall constitute
      an
      original contractual obligation of the Company, whether or not the allegedly
      lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable
      by anyone.

      
        
          
          

        

        
          -2-

          
            

          

        

        
          
          

        

      

    Section
      5. Notices.
      All
      notices, requests and other communications required or permitted to be given
      or
      delivered hereunder shall be in writing, and shall be delivered, or shall be
      sent by certified or registered mail, postage prepaid and addressed, if to
      the
      Holder to such Holder at the address shown on the records of the Company or
      at
      such other address as shall have been furnished to the Company by notice from
      such Holder. All notices, requests and other communications required or
      permitted to be given or delivered hereunder shall be in writing, and shall
      be
      delivered, or shall be sent by certified or registered mail, postage prepaid
      and
      addressed to the Company at the offices of the Company at 1226 White Oaks Blvd.,
      Suite 10A, Oakville, Ontario L6H 2B9, or at such other address as shall have
      been furnished to the Holder by notice from the Company.

    

    Section
      6. Binding
      Effect.
      This
      Warrant and all of its provisions shall enure to the benefit of the Holder
      and
      its successors and shall be binding upon the Company and its successors and
      permitted assigns. 

    

    Section
      7. Governing
      Law.
      This
      Warrant shall be governed by the laws of the State of Delaware.

    

    Section
      8. Corporate
      Obligations Rather Than Individual.
      Except
      as hereinafter provided, all or any of the rights conferred upon the Holder
      by
      the terms of this Warrant Certificate may be enforced by the Holder by
      appropriate legal proceedings. No recourse under or upon any obligation,
      covenant or agreement contained herein shall be had against any shareholder,
      officer or director of the Company either directly or through the Company,
      it
      being expressly agreed and declared that the obligations under this Warrant
      are
      solely corporate obligations of the Company and that no personal liability
      whatever shall attach to or be incurred by the shareholders, officers or
      directors of the Company or any of them in respect thereof, any and all rights
      and claims against every such shareholder, officer or director being hereby
      expressly waived as a condition of and as a consideration for the issue of
      this
      Warrant.

    

    IN
      WITNESS WHEREOF, SILVER RESERVE CORP. has executed this Warrant on and as of
      the
      day and year first above written.

    

    SILVER
      RESERVE CORP.

     

    By:
      
      
        

      

    

    Stafford
      Kelley, Secretary

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    ELECTION
      TO PURCHASE

    

    

    The
      undersigned Holder of a Warrant to Purchase a Convertible Debenture issued
      by
      Silver Reserve Corp. (a Delaware company) hereby irrevocably elects to exercise
      such Warrant to purchase a $_____________
      Convertible
      Debenture, and requests that such Convertible Debenture be issued in his/her/its
      name and delivered to him/her/it at the following address:

     

    
      
        

      

       

      
        

      

       

       

    

    Date:_________________

     

     

     

    
      

    

    Signature(s)
      (*)

     

     

    
      

    

    Print
      Name(s)

     

    Upon
      execution of this Exercise Form and delivery of the Warrant to the Company,
      the
      undersigned also presents a certified cheque or bank draft payable to the
      Company for an amount totalling U.S.$___________________

    

    *
      Signature(s) must conform exactly to the names(s) of the Holder as set forth on
      the first page of this Warrant.

      
        
          
          

        

        
          -4-

          
            

          

        

        
          
          

        

      

    ASSIGNMENT

    

    

    FOR
      VALUE RECEIVED, the
      undersigned hereby sells, assigns and transfers the within Warrant to purchase
      a
      $ ______________ Convertible
      Debenture to _________________________________, whose
      __________________________________________________________________________________address
      is
      ______________________________________________________________________________________________________ and
      hereby irrevocably constitute and appoint
      _____________________________________________ his/her/its
      Attorney to transfer said Warrant on the book of the Company, with full power
      of
      substitution.

     

    The
      undersigned hereby certifies that the transfer of these securities is not being
      made to, and the offer of these securities was not made to, and the person
      named
      below is not, a person in the United States or a U.S. Person (as such terms
      are
      defined in Regulation S under the United States Securities Act of
      1933).

     

     

    Date:
      ____________________

     

     

    
      

    

    Signature(s)
      (*)

     

     

    
      

    

    
      Print
        Name(s)

       

    

    

    *
      Signature(s) must conform exactly to the names(s) of the Holder as set forth
      on
      the first page of this Warrant.

    
      
        
        

      

      -5-

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