Document:

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EXHIBIT 10.5

"THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, (THE "ACT") AND HAVE BEEN ISSUED PURSUANT TO AN EXEMPTION PROVIDED BY
REGULATION S UNDER THE ACT. UNTIL ONE YEAR AFTER THE DATE OF PURCHASE, NO AMOUNT
OF THE SHARES MAY BE OFFERED, SOLD OR TRANSFERRED TO ANY U.S. PERSON. OFFERS,
SALES OR TRANSFERS IN THE U.S. OR TO A U.S. PERSON (AS DEFINED IN REGULATION S
PROMULGATED UNDER THE ACT) OR FOR THE ACCOUNT AND BENEFIT OF A U.S. PERSON ARE
NOT PERMITTED, EXCEPT AS PROVIDED IN SAID REGULATION S, UNLESS THE SECURITIES
ARE REGISTERED UNDER THE ACT OR AN EXEMPTION FROM SUCH REGISTRATION UNDER THE
ACT IS APPLICABLE."

                     REGULATION "S" STOCK PURCHASE AGREEMENT
                     ---------------------------------------

         This Stock Purchase Agreement is made as of June 21, 2007, by and
between ARCOBEL INVESTMENT, INC., S.A., a Sociedad Anonima Corporation
constituted according to the laws of the Republic of Panama, inscribed at File
N(degree) 37836, Roll N(degree) 2045, Image N(degree) 163, of the Mercantile
Microfilms Section of the Public Registry of the Republic of Panama, since April
the 6th, 1979, domiciled at the Republic of Panama, Panama City ("BUYER"), and
Dhanoa Minerals Ltd.,15 Oceanview Road, Lions Bay, B.C. V0N 2E0 Canada
("SELLER").

         WHEREAS, the SELLER desires to sell Two Million Ninety Thousand One
Hundred Sixty Four (2,090,164) Shares of Regulation "S" Common Stock of the
SELLER, at the Purchase Price (as hereinafter defined), to the BUYER;

         WHEREAS, the BUYER will also receive, at no extra cost, one warrant for
the purchase of Two Million Ninety Thousand One Hundred Sixty Four (2,090,164)
Shares of Regulation "S" Common Stock of the SELLER at the exercise price of
$.61(U.S.) per share exercisable for a period of two (2) years from the date
hereof, (the "Warrant"). The Warrant may be exercised in whole or in part on a
pro rata basis, based upon the price referenced above.

         WHEREAS, the BUYER desires to purchase the Regulation "S" Shares from
the SELLER in accordance with the terms and conditions of this Agreement.

         NOW, THEREFORE, in consideration of the mutual promises, covenants and
agreements of the parties contained herein, the parties, intending to be legally
bound hereby, agree as follows:

         1. SALE OF SHARES. The SELLER shall sell and deliver to the BUYER, at
the Purchase Price, the Shares of the SELLER and the BUYER shall purchase and
receive the Shares from the SELLER, at such Purchase Price.

         2. CLOSING DATE. This transaction shall be closed pursuant to the terms
and conditions of this Agreement on June 21, 2007, 1:00 PM (local time) at the
offices of the SELLER, or its designee. The date of closing of this transaction
is herein called the "Closing Date". The actions outlined in Sections 3 and 10,
which are to take place on the Closing Date, are herein called the "Closing".

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         3. CLOSING. At Closing, the parties shall take the following actions:

                  3.1 TRANSFER OF SHARES. The SELLER shall sell, transfer,
assign, and deliver to the BUYER, the Shares, all of which shall be issued and
outstanding as of the Closing Date, upon the terms and subject to the conditions
set forth in this Agreement. The SELLER shall deliver to the BUYER, free and
clear of all claims and encumbrances, certificate(s) for the Shares which the
SELLER is selling in accordance with Section 3.3 hereof, registered in the name
of the BUYER or, if not so registered, then in fully negotiable form.

                  3.2 PURCHASE PRICE. BUYER does agree to purchase and SELLER
does hereby agree to sell Two Million Ninety Thousand One Hundred Sixty Four
(2,090,164) Shares of Regulation "S" Common Stock of the SELLER at the price of
$1,275,000 (U.S.) at $.61 per share, payment as follows:

         a.) The purchase price shall be evidenced by a wire transfer, in favor
of SELLER in the amount of $1,275,000 (U.S.);

         For the Account of:

         Dhanoa Minerals Ltd.
         15 Oceanview Road
         Lions Bay, B.C. V0N  2E0
         Canada

         The parties hereto agree that the purchase price has been adjusted to
reflect a discount of 15% of the closing bid price of the Common Stock of the
SELLER on the day of the sale.

         4. SECURITIES ACT OF 1933 AND HOLDING PERIOD. The BUYER covenants and
agrees as follows:

                  4.1 The BUYER understands that the Shares acquired pursuant to
this Agreement have not been registered under the United States ("US")
Securities Act of 1933 ("1933 Act") with the Securities and Exchange Commission
in reliance upon the exemption from such registration requirements afforded by
Regulation "S" under the 1933 Act, governing the offer and sale of securities
that occur outside the U.S., nor with any state securities commission. The BUYER
agrees and acknowledges that the SELLER shall have cause to issue Stop Transfer
instructions to its registrar or transfer agent prohibiting the transfer of the
Shares delivered under this Agreement for a period of 12 months after the date
of Closing and as set forth herein below.

                  4.2 The BUYER hereby represents and warrants that: it is a
Sociedad Anonima Corporation constituted according to the laws of the Republic
of Panama, with principal executive and administrative offices located outside
the US within the meaning of Rule 902(o) of Regulation "S".

                  4.3 The BUYER agrees that the Shares acquired by the BUYER
pursuant to this Agreement shall not be voluntarily sold, transferred or
otherwise disposed of for a minimum period of 12 months from the date of
Closing.

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                  4.4 The BUYER understands that any disposition of the Shares
in violation of this Agreement, as well as Sections 4.1, 4.3, or this Section
4.4, shall be null and void. No transfer of the Shares shall be made by the
SELLER'S registrar or transfer agent upon the SELLER'S stock transfer books or
records unless there has been compliance with the terms of this Agreement,
including Sections 4.1, 4.3, and this Section 4.4. The SELLER shall have cause
to issue Stop Transfer instructions to its registrar, or transfer agent, to the
effect that the certificate(s) evidencing the Shares may not be transferred for
a period of 12 months after the date of Closing and thereafter may be
transferred immediately thereafter except as provided in Sections 2 and 3.1
hereof. The BUYER agrees to indemnify and hold the SELLER harmless from and
against all Material Damages, as defined in Section 10, that result from or
arise out of any disposition of the Shares in violation of this Agreement.

         5. CONDITIONS OF BUYER'S AND SELLER'S OBLIGATION TO CLOSE. The
following shall be conditions of the BUYER'S and the SELLER'S obligation to
close hereunder, which either the BUYER or the SELLER, in each's sole
discretion, may waive in whole or in part:

                  5.1 REPRESENTATIONS AND WARRANTIES OF THE BUYER AND THE
SELLERS. Representations and Warranties made by the BUYER, and the SELLER, in
this Agreement shall be true and correct as of the Closing Date as fully made at
this time.

                  5.2 NO DEFAULT - COVENANTS AND AGREEMENTS. Neither the BUYER
nor the SELLER shall be in material default with respect to any obligation under
this Agreement and it shall have performed or compiled with all covenants,
agreements and conditions to be performed or compiled with by it prior to or at
the Closing.

         6. REPRESENTATIONS AND WARRANTIES OF THE SELLER. The SELLER represent
and warrant to the BUYER that the statement contained in Sections 6.1 through
6.9 are true and correct on the date hereof and will be true and correct on and
as of the Closing Date as follows:

                  6.1 CORPORATE STANDING. The SELLER is a corporation duly
organized, validly existing, and in good standing under the laws of the State of
Nevada, and it has full power and authority to enter into this Agreement and to
carry out the transactions contemplated hereby. The SELLER has full power and
authority to carry on its business as it is now being conducted and to own its
assets. The SELLER is duly qualified to transact business in each jurisdiction
where the nature of its business requires it to be so qualified and where the
failure so to qualify would have a material adverse effect on the business of
the SELLER. The execution and delivery of this Agreement by the SELLER does not,
and the consummation of the transactions contemplated hereby will not, violate
or result in a breach of any provisions of SELLER'S Charter or Bylaws.

                  6.2 CAPITAL STOCK. The authorized capital stock of the SELLER
consists of One Hundred Fifteen Million (115,000,000) shares of authorized
common stock, $.001 par value per share, of which approximately Forty Million
(40,000,000) shares of Common Stock (excluding treasury Shares), have been
validly issued and are outstanding, fully paid and non-assessable as of June 21,
2007.

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                  6.3 AUTHORITY. The SELLER has full power and authority to
enter into this Agreement and have taken all action or will use their best
efforts to take all action necessary to authorize the execution, delivery and
performance of this Agreement, the completion of the transactions contemplated
hereby and the execution and delivery on behalf of the SELLER of any and all
instruments necessary or appropriate in order to effectuate fully the terms and
conditions of this Agreement. Upon delivery of the Shares and payment of the
purchase price, good and clear title to the Shares will pass, free and clear of
all restrictions on transfer, liens, encumbrances, security interest and claims
whatsoever, to the BUYER, subject, however, to the provisions of Section 2, 3,
and 4 inclusive.

         No consent or approval of any court, governmental agency or other
public authority, or of any other person, corporation or entity with any actual
or alleged interest in the SELLER is required as a condition to (a) the validity
or enforceability of this Agreement or any other instruments to be executed by
the SELLER to effectuate this Agreement, or (b) the completion or validity of
any of the transactions contemplated by this Agreement. This Agreement has been
properly executed and delivered by the SELLER, and constitutes the valid and
legally binding agreement of the SELLER and is enforceable against the SELLER in
accordance with its terms.

                  6.4 FINANCIAL STATEMENTS. The SELLER shall furnish, or make
available to the BUYER, financial statements contained in the SELLER'S annual
report on Form 10-KSB for the year ended April 30, 2007, and its most recent
quarterly report on Form 10-QSB ("Financial Statements"). There has been no
material adverse change in, material loss or destruction of, or material amount
of damage to the financial condition or business of the SELLER since the filing
of the most recent Form 10-QSB, whether or not arising from transactions in the
ordinary course of business. The regular books of account of the SELLER fairly
and accurately reflect all transactions since the filing of the most recent Form
10-QSB, are true, correct and complete, and are maintained and kept in
accordance with generally accepted accounting principles consistently applied.
The SELLER has no liabilities or obligations, whether accrued, absolute,
contingent or otherwise, which would materially and adversely affect the
condition (financial and otherwise) of the SELLER, except and to the extent
reflected or reserved against in the balance sheets included in the Financial
Statements. No dividends are due or unpaid by the SELLER.

                  6.5 LAWSUITS AND PROCEEDINGS. There are no actions at law or
in equity, proceeding, governmental proceedings or investigations pending or
threatened against the SELLER, or against or with respect to the business or
assets of the SELLER, and the SELLER is not in material default with respect to
any decree, injunction or other order of any court or government authority. The
SELLER is in substantial compliance with all (and has not received any notice of
any claimed violation of any) applicable, federal, state, county or municipal
laws, ordinances, and regulations. There is no action at law or in equity,
arbitration proceeding, governmental proceeding or investigation, or motion or
request to any court, pending or threatened, against, or with respect to the
SELLER, with respect to this Agreement or any of the transactions contemplated
hereby.

                  6.6 TAXES. The SELLER knows of no outstanding claims against
it for taxes which constitute a lien on the Shares being sold hereunder.

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                  6.7 EXTRAORDINARY TRANSACTIONS. Since the filing of the
SELLER'S most recent Form 10-QSB, the SELLER has not (i) mortgaged, pledged or
subjected to lien, charge or any other encumbrance any of its assets; (ii)
canceled any claim of or debts owed to it, or, except in each case in the
ordinary course of business, sold or transferred any of its assets; (iii) made
any management decisions involving any material change in its policies with
regard to the provision of services, sales, purchasing or other business,
financial, accounting (including reserves and the amounts thereof) or tax
policies or practices; or (iv) declared or paid any dividends on, or made any
distributions in respect of any outstanding Shares of capital stock of the
SELLER.

                  6.8 ADVERSE CIRCUMSTANCES. To the best knowledge of the
SELLER, there are no facts, developments or circumstances, existing or
threatened, of a special or unusual nature that may be materially adverse to the
assets, business, financial condition or future prospects of the SELLER.

                  6.9 LIABILITIES. The SELLER has no material liabilities of any
nature, whether accrued, absolute, contingent or otherwise, existing, or which
may hereafter arise out of any transaction entered into prior to the Closing
Date or out of any act or failure to act on the part of the SELLER, or any of
its employees, or agents, prior to the Closing Date, except (i) as and to the
extent and in the amounts reflected or reserved against in the Financial
Statements, and (ii) current liabilties incurred in the ordinary course of
business since its filing of the SELLER'S most recent Form 10-QSB.

         7. COVENANTS AND AGREEMENTS OF THE BUYER. The BUYER hereby covenants
and agrees as follows:

                  7.1 CORPORATION ACTION. The BUYER shall duly take all action,
corporate or otherwise, necessary or appropriate to authorize the execution and
delivery of this Agreement and the consummation of the transactions contemplated
hereby.

                  7.2 IMPAIRMENT - REPRESENTATIONS AND WARRANTIES. The BUYER
shall not take any action or fail to take any action without the prior written
approval of the SELLER, which would or might cause any representation or
warranty of the SELLER made herein not to be true on the Closing Date, or impair
the SELLER'S ability to carry out their obligations under this Agreement.

                  7.3 DUE DILIGENCE. The BUYER or its agents, have had a full
opportunity to conduct its due diligence of the SELLER in connection with this
Agreement to its complete satisfaction. The BUYER is familiar with the SELLER,
its financial condition, business and prospects, has been provided with such
information concerning the SELLER'S financial and other affairs as the BUYER
deems necessary to enter into and perform this Agreement, has had sufficient
opportunity to ask questions and receive answers to verify the accuracy of such
information, and is not in any way relying upon any information, representation
or warranty (without implying that the supplying of any such information or the
making of any such representation or warranty has occurred) that the SELLER, or
its officers, directors, employees, agents and attorneys have provided, or have
failed to provide, to the BUYER in entering into or performing this Agreement.

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         8. CONDITIONS OF THE SELLER'S OBLIGATION TO CLOSE. The obligations of
the SELLER to close this transaction and transfer and deliver to the BUYER the
Shares, as set forth in Section 4.1 hereof, and to perform his obligations
pursuant to the terms and conditions of this Agreement, are subject to the
fulfillment as of the Closing Date of each of the following conditions
precedent, any or all of which may be waived in writing by the SELLER;

                  8.1 PAYMENT OF PURCHASE PRICE. The BUYER has paid the Purchase
Price;

          9. DELIVERY OF DOCUMENTS BY THE SELLER. At the Closing, and in
addition to all other documents and instruments, which the SELLER is required to
deliver, pursuant to this Agreement, the SELLER shall deliver to the BUYER the
following documents duly executed by the SELLER, or the directors, officers, or
employees of or counsel to the SELLER, or appropriate governmental officials, in
form and substance satisfactory to the BUYER and its counsel.

         10. INDEMNIFICATION.

                  10.1 INDEMNIFICATION. The SELLER and the BUYER agree to
jointly and severally indemnify each other and hold each other harmless from and
against all material damages, losses, costs, liabilities, expenses and
deficiencies, including, without limitation, additional taxes, and interest
expenses, attorneys fees and expenses and accountant and expert witness fees and
expenses (collectively "Material Damages") that result from or arise out of any
misrepresentation, breach of warranty, or non-fulfillment of any agreement,
covenant or obligation on the part of the other under this Agreement. Upon
written demand, the indemnifying person(s) shall reimburse the indemnified
person(s) immediately for all Material Damages for and against which indemnified
person(s) is(are) to be indemnified and held harmless pursuant to this Section.
The obligation of the SELLER and the BUYER to indemnify each other, under this
Section, shall terminate on the Third (3rd) anniversary of the Closing Date
except as to matters to which the indemnified person(s) had(have) made a claim
for indemnification or given written notice of a possible claim for
indemnification on or prior to such date.

         11. BROKERAGE FEES. The BUYER and the SELLER each represent and warrant
that no broker, finder or intermediary is entitled to receive any brokerage or
similar type of commission or payment payable by any other and each will hold
the others harmless against and in respect of any claim for brokerage or similar
type of commission or payment.

         12. TERMINATION OF AGREEMENT. This Agreement and the transaction
contemplated hereby may be terminated by the BUYER or the SELLER without
liability of any kind to the BUYER or the SELLER by written instrument, signed
by the BUYER or the SELLERS and delivered at any time on or prior to the Closing
Date, giving notice of termination, if:

                  (a) There has been a material misrepresentation or material
breach of warranty on the part of the BUYER, or the SELLERS, in the
representations and warranties set forth herein or in any Exhibit hereto or in
any certificate delivered pursuant hereto, or the BUYER, the SELLERS shall have
failed to perform or comply with in any material respect any covenant, agreement
or condition to be performed or complied with by either of them prior to, or at
Closing, due to the non-fulfillment of any condition set forth herein;

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                  (b) In the reasonable judgment of the BUYER or the SELLER the
transactions contemplated by this Agreement have become inadvisable or
impracticable by reasons of (i) the enactment of new federal, state or local
legislation since the date of this Agreement, or (ii) the announcement or the
institution by federal, state or local authorities of an investigation of or
litigation or proceedings against the SELLER, which may have a material and
adverse effect on the SELLER, or the transactions contemplated hereby, or (iii)
the institution since the date of this Agreement by any other person,
corporation or entity of litigation or proceedings against or in regard to the
SELLER, which may have a material and adverse effect upon the authority, or
ability, of the SELLER to consummate the transactions contemplated hereby; or,

                  (c) The business, assets, result of operations, financial
condition or future prospects of the SELLER have been significantly and
adversely affected by reason of changes or developments in operations, other
than in the ordinary course of business, since the filing of the SELLER'S most
recent Form 10-QSB.

         13. AFFECT OF TERMINATION. In the event that this Agreement shall be
terminated in accordance with the provisions of the Agreement, then all further
obligations of the BUYER, and the SELLER under this Agreement shall terminate
without further liability of any one party to the others.

         14. EXPENSES. All legal, accounting and other costs and fees incurred
by the BUYER, or the SELLER, in connection with the transactions contemplated by
this Agreement shall be borne and paid for by that party.

         15. MISCELLANEOUS PROVISIONS.

                  15.1 SURVIVAL OF REPRESENTATIONS, WARRANTIES AND COVENANTS.
The respective representations, warranties, covenants and agreements made in
this Agreement by the BUYER, the SELLER shall survive the Closing. The
respective representations and warranties of each contained herein or in any
certificates delivered pursuant hereto shall not be deemed to be waived or
otherwise affected by an investigation or audit made by any other or by any
action taken by any other at the request of any other hereto.

                  15.2 ASSIGNMENT. Neither this Agreement nor any rights or
obligations hereunder may be assigned by the BUYER, or the SELLER, in whole or
in part, without the prior written consent of the others.

                  15.3 NOTICES. Any notice, request, instruction or other
document or communication required or permitted to be given upon delivery in
person or upon being deposited in the mail, postage prepaid, for mailing by
certified or registered mail, as follows:

If to the SELLER, delivered and mailed to:
Dhanoa Minerals Ltd.
15 Oceanview Road,
Lions Bay, B.C. V0N  2E0
Canada

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If to the BUYER, delivered or mailed to:
ARCOBEL INVESTMENT, INC., S.A.,
%Lcdo. Jaime E. Vega G.
CAMARENA, MORALES Y  VEGA
Calle Ricardo Arias, Campo Alegre,
Edificio Proconsa II, Segundo Piso
Oficina No  2-A
Apartado 0823-01308
Panama City, Panama

                  15.4 SECTION  HEADINGS. Section headings are for convenience
only and shall not limit or otherwise affect any of the provisions of this
Agreement.

                  15.5 ENTIRE AGREEMENT. This Agreement and any Exhibits hereto
constitute the entire agreement and understanding of the parties hereto with
respect to the matters herein set forth, and all prior negotiations, writings
and understandings relating to the subject matter of this Agreement are merged
herein and are superseded and canceled by this Agreement.

                  15.6 WAIVERS - AMENDMENTS. Any of the terms or conditions of
this Agreement may be waived, but only in writing by the party which is entitled
to the benefit thereof, and this Agreement may be amended, or modified in whole,
or in part only by an agreement in writing, executed by all the parties to this
Agreement.

                  15.7 BINDING NATURE OF AGREEMENT. This Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective
heirs, personal representatives, successors and permitted assigns. As used
herein, any reference to the masculine, feminine or neuter gender shall include
all genders, the plural shall include the singular, and the singular shall
include the plural.

                  15.8 GOVERNING LAW. This Agreement shall be construed and
enforced in accordance with the laws of the State of Nevada without regard to
conflicts of law.

                  15.9 COUNTERPARTS. This Agreement may be executed in two or
more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

AGREED TO AND ACCEPTED JUNE 21, 2007

BUYER:                                 SELLER:

ARCOBEL INVESTMENT, INC., S.A.         DHANOA MINERALS LTD.

By: /s/ Licimaco Herrera Soto          By: /s/ Lee A. Balak
    -------------------------              -------------------------------------
    Licimaco Herrera Soto                  Lee A. Balak
    President                              Chief Executive Officer and President

                                       8<PAGE>

EXHIBIT 10.6

"THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, (THE "ACT") AND HAVE BEEN ISSUED PURSUANT TO AN EXEMPTION PROVIDED BY
REGULATION S UNDER THE ACT. UNTIL ONE YEAR AFTER THE DATE OF PURCHASE, NO AMOUNT
OF THE SHARES MAY BE OFFERED, SOLD OR TRANSFERRED TO ANY U.S. PERSON. OFFERS,
SALES OR TRANSFERS IN THE U.S. OR TO A U.S. PERSON (AS DEFINED IN REGULATION S
PROMULGATED UNDER THE ACT) OR FOR THE ACCOUNT AND BENEFIT OF A U.S. PERSON ARE
NOT PERMITTED, EXCEPT AS PROVIDED IN SAID REGULATION S, UNLESS THE SECURITIES
ARE REGISTERED UNDER THE ACT OR AN EXEMPTION FROM SUCH REGISTRATION UNDER THE
ACT IS APPLICABLE."

                          COMMON STOCK PURCHASE WARRANT
                          -----------------------------

                            Void After June 20, 2009

                  Dhanoa Minerals Ltd. (the "Company"), a Nevada corporation,
hereby certifies that, for value received, Arcobel Investment, Inc., S.A. or
registered assigns (hereinafter referred to as the "Warrantholder"), is
entitled, subject to the terms and conditions set forth in this Warrant (said
Warrant and any warrants issued in exchange or transfer or replacements hereof
being hereinafter collectively referred to as the "Warrants"), to purchase from
the Company, for cash, Two Million Ninety Thousand One Hundred Sixty Four
(2,090,164) fully paid and assessable shares of Common Stock of the Company,
$.001 par value (the "Common Stock," which term is further defined in Paragraph
IV C. hereof), at any time or from time to time until 5 p.m. local Toronto time
on June 20, 2009, at an exercise price of Sixty One Cents ($.61 (U.S.) per share
(the "Exercise Price"), the number of such shares of Common Stock and the
Exercise Price being subject to adjustment as provided herein. This warrant is
redeemable by the Company for no consideration upon providing the Warrandholder
a 30 day written notice of redemption.

         I. EXERCISE OF WARRANT. The rights represented by this Warrant may be
exercised by the Warrantholder, in whole or in part (but not as to a fractional
share of Common Stock), by the presentation and surrender of this Warrant with
written notice of Warrantholder' election to purchase, at the principal
executive office of the Company, or at such other address as the Company may
designate by notice in writing to the Warrantholder at the address of such
Warrantholder appearing on the books of the Company, and upon payment to the
Company of the Exercise Price for such shares of Common Stock. Such payment
shall be made by certified or cashier's check payable to the order of the
Company. The Company agrees that the shares so purchased (the "Warrant Shares")
shall be deemed to have been issued to the Warrantholder as the record owner of
such Warrant Shares as of the close of business on the date on which this
Warrant shall have been surrendered together with the aforementioned written
notice of election to purchase, and payment for such Warrant Shares shall have
been made as aforesaid. Certificates for the Warrant Shares so purchased shall
be delivered to the Warrantholder within a reasonable time, not exceeding five
(5) business days, after the rights represented by this Warrant shall have been
so exercised, and, unless this Warrant has expired, a new Warrant representing
the number of shares, if any, with respect to which this Warrant shall not then
have been exercised shall also be issued to the Warrantholder within such time.

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         II. EXERCISE PRICE. Warrant Shares shall be purchased at the Exercise
Price set forth above, subject to adjustment as provided herein.

         III. WARRANTHOLDER NOT DEEMED STOCKHOLDERS. Subject to the provisions
of the Company's Articles of Incorporation, as amended, and By-Laws, copies of
which will be delivered to the Warrantholder upon request, the Warrantholder
shall not be entitled to vote or receive dividends or be deemed the holders of
Common Stock, nor shall anything contained herein be construed to confer upon
the Warrantholder, as holders of Warrants, any of the rights of a stockholder of
the Company or any right to vote upon any matter submitted to stockholders at
any meeting thereof, or to give or withhold consent to any corporate action
(whether upon any recapitalization, issue of stock, reclassification of stock,
change of par value or change of stock to no par value, consolidation, merger,
conveyance, or otherwise) or to receive notice of meetings, or to receive
dividends, except as otherwise provided herein, until this Warrant shall have
been duly exercised and the Warrant Shares receivable upon the exercise hereof
shall have become deliverable as provided in Paragraph I above.

         IV. ADJUSTMENT OF NUMBER OF SHARES, EXERCISE PRICE AND NATURE OF
SECURITIES ISSUABLE UPON EXERCISE OF WARRANTS.

                  A. STOCK DIVIDEND, RECAPITALIZATION, MERGER, ETC. If and
whenever after the date hereof (i) any change occurs in the outstanding shares
of any class or series of Common Stock by reason of any stock dividend, stock
split, recapitalization, consolidation or merger; or (ii) the Company pays any
distribution or dividend in cash or property of the Company, the holder of this
Warrant shall thereafter, upon exercise of this Warrant, be entitled to receive
the number of shares of stock or other securities or the cash or property of the
Company (or of the successor corporation resulting from any consolidation or
merger) to which the shares of Common Stock (and any other securities)
deliverable upon the exercise of this Warrant would have been entitled if this
Warrant had been exercised immediately prior to the earlier of (i) such event,
and (ii) the record date, if any, set for determining the holders entitled to
participate in such event and the Exercise Price shall be adjusted appropriately
so that the aggregate amount payable by the holder hereof upon the full exercise
of this Warrant remains the same. The Company shall not effect any
recapitalization, consolidation or merger unless, upon the consummation thereof,
the successor corporation shall assume by written instrument the obligation to
deliver to the holder hereof such shares of stock, securities, cash or property
as such holder shall be entitled to purchase in accordance with the foregoing
provisions.

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                           If pursuant to the provisions of this Paragraph IV A.
the holder of this Warrant would be entitled to receive shares of stock or other
securities upon the exercise of this Warrant in addition to the shares of Common
Stock issuable upon exercise of this Warrant, the Company shall at all times
reserve and keep available sufficient shares or other securities to permit the
Company to issue such additional shares or other securities upon the exercise of
this Warrant. If pursuant to the provisions of this Paragraph I A. the holder of
this Warrant would be entitled to receive cash or property upon the exercise of
this Warrant, the Company shall set aside and hold in trust as the property of
the holder of this Warrant a sufficient amount of such cash or property to
permit payment in full of all such cash or property that would be payable upon
the exercise of this Warrant.

                  B. ACCOUNTANTS' CERTIFICATE. In each case of an adjustment in
the number of shares of Common Stock or other stock, securities or property
receivable on the exercise of the Warrants, the Company at its expense shall
cause independent public accountants of recognized standing selected by the
Company and acceptable to the Warrantholder to compute such adjustment in
accordance with the terms of this Warrant and prepare a certificate setting
forth such adjustment and showing in detail the facts upon which such adjustment
is based, including a statement of (a) the consideration received or to be
received by the Company for any additional shares of Common Stock, rights,
options or convertible securities issued or sold or deemed to have been issued
or sold, (b) the number of shares of Common Stock of each class and/or series
outstanding or deemed to be outstanding, (c) the adjusted Exercise Price and (d)
the number of shares issuable upon exercise of this Warrant. The Company will
forthwith mail a copy of each such certificate to each Warrantholder.

                  C. DEFINITION OF COMMON STOCK. As used herein, the term
"Common Stock" shall mean and include the Company's authorized common stock of
any class, classes or series, and shall also include any capital stock of any
class or series of the Company hereafter authorized which shall not be limited
to a fixed sum or percentage of par value in respect of the rights of the
holders thereof to participate in dividends and in the distribution of assets
upon the voluntary or involuntary liquidation, dissolution or winding up of the
Company, and shall include any common stock of any class, classes or series
resulting from any reclassification or reclassifications thereof.

V. SPECIAL AGREEMENTS OF THE COMPANY.

                  A. RESERVATION OF SHARES. The Company covenants and agrees
that all Warrant Shares will, upon issuance, be validly issued, fully paid and
nonassessable and free from all preemptive rights of any stockholder, and from
all taxes, liens and charges with respect to the issue thereof (other than taxes
in respect to any transfer occurring contemporaneously with such issue). The
Company further covenants and agrees that during the period within which the
rights represented by this Warrant may be exercised, the Company will at all
times have authorized, and reserved, a sufficient number of shares of Common
Stock to provide for the exercise of the rights represented by this Warrant.

                                       3
<PAGE>

                  B. AVOIDANCE OF CERTAIN ACTIONS. The Company will not, by
amendment of its Articles of Incorporation or through any reorganization,
transfer of assets, consolidation, merger, issue or sale of securities or
otherwise, avoid or take any action which would have the effect of avoiding the
observance or performance of any of the terms to be observed or performed
hereunder by the Company, but will at all times in good faith assist in carrying
out all of the provisions of this Warrant and in taking all of such action as
may be necessary or appropriate in order to protect the rights of the
Warrantholder against dilution as provided herein or other impairment of their
rights hereunder.

                  C. COMMUNICATION TO SHAREHOLDERS. Any notice, document or
other communication given or made by the Company to holders of Common Stock as
such shall at the same time be provided to the Warrantholder.

                  D. COMPLIANCE WITH LAW. The Company shall comply with all
applicable laws, rules and regulations of the United States and of all states,
municipalities and agencies and of any other jurisdiction applicable to the
Company and shall do all things necessary to preserve, renew and keep in full
force and effect and in good standing its corporate existence and authority
necessary to continue its business.

         VI. FRACTIONAL SHARES. No fractional shares or scrip representing
fractional shares shall be issued upon the exercise of this Warrant. With
respect to any fraction of a share called for upon exercise hereof, the Company
shall pay to the Warrantholder an amount in cash equal to such fraction
multiplied by the current fair value of one share of Common Stock.

         VII. NOTICES OF STOCK DIVIDENDS, SUBSCRIPTIONS, RECLASSIFICATIONS,
CONSOLIDATIONS, MERGERS, ETC. If at any time: (i) the Company shall declare a
cash dividend (or an increase in the then existing dividend rate), or declare a
dividend on Common Stock payable otherwise than in cash out of its net earnings
after taxes for the prior fiscal year; or (ii) the Company shall authorize the
granting to the holders of Common Stock of rights to subscribe for or purchase
any shares of capital stock of any class or of any other rights; or (iii) there
shall be any capital reorganization, or reclassification, or redemption of the
capital stock of the Company, or consolidation or merger of the Company with, or
sale of all or substantially all of its assets to, another corporation or firm;
or (iv) there shall be a voluntary or involuntary dissolution, liquidation or
winding up of the Company, then the Company shall give to the Warrantholder at
the addresses of such Warrantholder as shown on the books of the Company, at
least twenty (20) days prior to the applicable record date hereinafter
specified, a written notice summarizing such action or event and stating the
record date for any such dividend or rights (or, if a record date is not to be
selected, the date as of which the holders of Common Stock of record entitled to
such dividend or rights are to be determined), the date on which any such
reorganization, reclassification, consolidation, merger, sale of assets,
dissolution, liquidation or winding up is expected to become effective, and the
date as of which it is expected the holders of Common Stock of record shall be
entitled to effect any exchange of their shares of Common Stock for cash (or
cash equivalent) securities or other property deliverable upon any such
reorganization, reclassification, consolidation, merger, sale of assets,
dissolution, liquidation or winding up.

                                       4
<PAGE>

         VIII. REGISTERED HOLDER; TRANSFER OF WARRANTS OR WARRANT SHARES.

                  A. MAINTENANCE OF REGISTRATION BOOKS; OWNERSHIP OF THIS
WARRANT. The Company shall keep at its principal office a register in which,
subject to such reasonable regulations as it may prescribe, the Company shall
provide for the registration, transfer and exchange of this Warrant. The Company
shall not at any time, except upon the dissolution, liquidation or winding-up of
the Company, close such register so as to result in preventing or delaying the
exercise or transfer of this Warrant.

                  The Company may deem and treat the person in whose name this
Warrant is registered as the holder and owner hereof (notwithstanding any
notations of ownership or writing hereon made by anyone other than the Company)
for all purposes and shall not be affected by any notice to the contrary, until
presentation of this Warrant for registration or transfer as provided in this
Paragraph VIII.

                  B. EXCHANGE AND REPLACEMENT. This Warrant is exchangeable upon
surrender hereof by the registered holder to the Company at its principal office
for new Warrants of like tenor and date representing in the aggregate the right
to purchase the number of shares purchasable hereunder, each of such new
Warrants to represent the right to purchase such number of shares as shall be
designated by said registered holder at the time of surrender. Subject to
compliance with the provisions of Paragraphs VIII and IX, this Warrant and all
rights hereunder are transferable in whole or in part upon the books of the
Company by the registered holder hereof in person or by duly authorized
attorney, and a new Warrant shall be made and delivered by the Company, of the
same tenor and date as this Warrant but registered in the name of the
transferee, upon surrender of this Warrant, duly endorsed, to said office of the
Company. Upon receipt by the Company of evidence reasonably satisfactory to it
of the loss, theft, destruction or mutilation of this Warrant, and upon
surrender and cancellation of this Warrant, if mutilated, the Company will make
and deliver a new Warrant of like tenor, in lieu of this Warrant, upon the
delivery of an appropriate bond if required by the Company. This Warrant shall
be promptly canceled by the Company upon the surrender hereof in connection with
any exchange, transfer or replacement. The Company shall pay all expenses, taxes
and other charges payable in connection with the preparation, execution and
delivery of Warrants pursuant to this Paragraph VIII.

                  C. WARRANTS AND WARRANT SHARES NOT REGISTERED. The holder of
this Warrant, by accepting this Warrant, represents and acknowledges that this
Warrant and the Warrant Shares have not been registered under the Securities Act
of 1933, as amended, or any state securities laws.

         IX. MISCELLANEOUS PROVISIONS.

                                       5
<PAGE>

                  GOVERNING LAW AND VENUE. This Warrant shall be deemed to have
been made in the State of Nevada and the validity of this Warrant, the
construction, interpretation, and enforcement thereof, and the rights of the
parties thereto shall be determined under, governed by, and construed in
accordance with the internal laws of the State of Nevada, without regard to
principles of conflicts of law. The parties agree that all actions or
proceedings arising in connection with this Warrant shall be tried and litigated
only in the state or federal courts located in Clark County in the State of
Nevada or, at the sole option of a Warrantholder, in any other court in which a
Warrantholder shall initiate legal or equitable proceedings and which has
subject matter jurisdiction over the matter in controversy. The Warrantholder
and the Company each waive the right to a trial by jury and any right each may
have to assert the doctrine of FORUM NON CONVENIENS or to object to venue to the
extent any proceeding is brought in accordance with this Paragraph IX(a).
Service of process, sufficient for personal jurisdiction in any action against
the Company, may be made by registered or certified mail, return receipt
requested, to its address indicated in Paragraph IX A.

                  A. NOTICES. All notices hereunder shall be in writing and
shall be deemed to have been given one (1) business day after being sent by
facsimile or five (5) days after being mailed by certified mail, addressed to
the address below stated of the party to which notice is given, or to such
changed address as such party may have fixed by notice:

         To the Company:            Dhanoa Minerals Ltd.
                                    Attention: Mr. Lee A. Balak
                                    15 Oceanview Road
                                    Lions Bay, B.C. V0N  2E0
                                    Canada

         With copy to:              Stephen A. Zrenda, Jr., P.C.
                                    5700 N.W. 132nd Street
                                    Oklahoma City, OK 73142

         To the Warrantholder:      Arcobel Investment, Inc., S.A.
                                    c/o Lcdo. Jaime E. Vega G.
                                    CAMARENA, MORALES Y VEGA
                                    Calle Ricardo Arias, Campo Alegre,
                                    Edificio Proconsa II, Segundo Piso
                                    Oficina No 2-A
                                    Apartado 0823-01308
                                    Panama City, Panama

provided, however, that any notice of change of address shall be effective only
upon receipt.

                  B. ASSIGNMENT. This Warrant shall be binding upon and inure to
the benefit of the Company, the Warrantholder and the holders of Warrant Shares
and the successors, assigns and transferees of the Company, the Warrantholder
and the holders of Warrant Shares.

                                       6
<PAGE>

                  C. ATTORNEYS' FEES. If any legal action or any arbitration or
other proceeding is brought for the enforcement of this Warrant, or because of
an alleged dispute, breach, default, or misrepresentation in connection with any
of the provisions of this Warrant, the successful or prevailing party or parties
shall be entitled to recover such reasonable attorneys' fees and other costs
incurred in that action or proceeding, in addition to any other relief to which
it or they may be entitled, as may be ordered in connection with such
proceeding.

                  D. ENTIRE AGREEMENT; AMENDMENTS AND WAIVERS. This Warrant sets
forth the entire understanding of the parties with respect to the transactions
contemplated hereby. The failure of any party to seek redress for the violation
or to insist upon the strict performance of any term of this Warrant shall not
constitute a waiver of such term and such party shall be entitled to enforce
such term without regard to such forbearance. This Warrant may be amended, the
Company may take any action herein prohibited or omit to take action herein
required to be performed by it, and any breach of or compliance with any
covenant, agreement, warranty or representation may be waived, only if the
Company has obtained the written consent or written waiver of the majority in
interest of the Warrantholder, and then such consent or waiver shall be
effective only in the specific instance and for the specific purpose for which
given.

                  E. SEVERABILITY. If any term of this Warrant as applied to any
person or to any circumstance is prohibited, void, invalid or unenforceable in
any jurisdiction, such term shall, as to such jurisdiction, be ineffective to
the extent of such prohibition or invalidity without in any way affecting any
other term of this Warrant or affecting the validity or enforceability of this
Warrant or of such provision in any other jurisdiction.

                  F. HEADINGS. The headings in this Warrant are inserted only
for convenience of reference and shall not be used in the construction of any of
its terms.

         IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by
its duly authorized officer on the date first written above.

                                       Dhanoa Minerals Ltd.
                                       a Nevada corporation

                                       By: /s/ Lee A. Balak
                                           -------------------------------------
                                           Lee A. Balak
                                           Chief Executive Officer and President

                                       7

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