EXHIBIT
4.9
NEITHER THIS SECURITY
NOR THE SECURITY INTO WHICH THI8S SECURITY IS EXERCISABLE HAVE BEEN
REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(“SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE
OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
REGISTRATION REGUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL
OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT. THE SUBSTANCE
OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.
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#W-2007-0010
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2,000,000 Warrants
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Void after 5:00 p.m.,
Eastern Standard Time on May 22, 2009
COMMON STOCK
PURCHASE
WARRANT
OF
TACTICAL SOLUTION
PARTNERS, INC.
TACTICAL SOLUTION
PARTNERS, INC., a Delaware corporation (the Company
”), hereby certifies that, for value received, Trilogy
Capital Partners, Inc. (“ Trilogy ” or “
Warrant Holder ” and together with other holders
hereunder as a result of permitted transfers hereof, collectively,
“ Holders ”) is the owner of the number of
common stock purchase warrants (“ Warrants” )
specified above, each of which entitles the Holder to purchase, at
any time during the period commencing on the Commencement Date (as
defined herein) and ending on the Expiration Date (as defined
herein), one fully paid and non-assessable share of common stock,
par value $.0001 per share (“ common Stock ”),
of the Company at a purchase price equal to the Exercise Price of
$1.00 per share in lawful money of the United States of America in
cash (or as may otherwise be purchased pursuant to the provisions
herein), subject to adjustment as hereinafter provided.
1.
WARRANT; EXERCISE
PRICE
1.1
Each Warrant shall
entitle the Warrant Holder the right to purchase one share of
Common Stock of the Company (individually, a “ Warrant
Share ” severally, the “ Warrant Shares
”).
1.2
The purchase price
payable upon exercise of each Warrant (“ Exercise
Price ”) shall be $1.00 per Warrant Share. The Exercise
Price and number of Warrant Shares purchasable pursuant to each
Warrant are subject to adjustment as provided in
Section 8.
2.
EXERCISE OF WARRANT;
EXPIRATION DATE.
2.1
(a)
This Warrant is
exercisable at any time and from time to time commencing the date
hereof (“ Commencement Date ”) and ending at
5:00p.m., Eastern Standard Time on May 22, 2009, or if such
date shall in the State of Delaware be a holiday or a day on which
banks are authorized to close, then 5:00 p.m., Eastern Standard
Time the next following day which in the State of Delaware is not a
holiday or a day on which banks are authorized to close (the
“ Expiration Date ”), in whole or from time to
time in part, at the option of the Warrant Holder, upon surrender
of this Warrant to the Company together with a duly completed
Notice of Exercise in the form attached
hereto and payment of
an amount equal to the then applicable Exercise Price multiplied by
the number of Warrant Shares then being purchased upon such
exercise, except as provided in Section 2.1(b)
hereunder.
(b)
If the Common Stock is
registered under Section 12 of the Securities Exchange Act of
1934, as amended, the Warrant Holder may elect to pay all or part
of the Exercise Price by surrendering shares of Common Stock to the
Company, including by allowing the Company to deduct from the
number of Warrant Shares deliverable upon exercise of this Warrant,
a number of such shares which has an aggregate Fair Market Value,
determined as of the average of the last sale price (defined
hereunder) of the Common Stock for the 20 consecutive trading days
immediately preceding the date of exercise of this Warrant, equal
to the aggregate Exercise Price. In the event that the Warrant
Holder elects to utilize the “cashless exercise”
procedure contained in Section 2.1(b), this Warrant is
exercisable upon surrender of this Warrant to the Company together
with a duly completed Notice of Exercise in the form attached
hereto and surrender of that number of shares of Common Stock equal
to the aggregate Exercise Price determined in accordance with this
Section 2.1(b)(i) or (ii). “Fair Market Value” per
share of Common Stock on any relevant date shall be determined in
accordance with the following provisions:
(i)
If the Common Stock is
at the time traded on the NASD OTC Bulletin Board or other
electronic quotation service, then the Fair Market Value shall be
the average of the last sale price per share of the Common
Stock for the 20 consecutive trading days preceding the date
of exercise of this Warrant; or
(ii)
If the Common Stock is
at the time listed on any Exchange, the Fair Market Value shall be
the average of the last sale price per share of the Common Stock
for the 20 consecutive trading days preceding the date of exercise
of this Warrant, on the Exchange determined to be the primary
market for the Common Stock. “Exchange” shall mean any
organization, association, or group of persons, whether
incorporated, which constitutes, maintains, or provides a market
place or facilities for bringing together purchasers and sellers of
securities or for otherwise performing with respect to securities
the functions commonly performed by a stock exchange as that term
is generally understood, and includes the market place and the
market facilities maintained by such exchange.
2.2
Each exercise of this
Warrant shall be deemed to have been effected immediately prior to
the close of business on the day on which this Warrant shall have
been surrendered to the Company as provided in Section 2.1. At
such time, the person or persons in whose name or names any
certificates for Warrant Shares shall be issuable upon such
exercise as provided in subsection 2.3 below shall be deemed
to have become the holder or holders of record of the Warrant
Shares represented by such certificates.
2.3
Within three business
days after the exercise of the purchase right represented by this
Warrant, the Company at its expenses will use its best efforts to
cause to be issued in the name of, and delivered to, the Warrant
Holder, or, subject to the terms and conditions hereof, to such
other individual or entity as such Warrant Holder (upon payment by
such Warrant Holder of any applicable transfer taxes) may
direct:
(a)
a certificate or
certificates for the number of full Warrant Shares to which such
Warrant Holder shall be entitled upon such exercise plus, in lieu
of any fractional share to which such Warrant Holder would
otherwise be entitled, cash in an amount determined pursuant to
Section 2.4 hereof, and
(b)
in case such exercise
is in part only, a new Warrant or Warrants (dated the date hereof)
of like tenor, stating on the face or faces thereof the number of
shares currently stated on the face of this Warrant minus the
number of such shares purchased by the Warrant Holder upon such
exercise as provided in subsection 2.1 (in each case prior to
any adjustments made thereto pursuant to the provisions of this
Warrant).
2.4
the Company shall not
be required upon the exercise of this Warrant to issue any
fractional shares, but shall make an adjustment thereof in cash on
the basis of the “last sale price” (as defined below)
of the Company’s Common Stock on the trading day immediately
prior to the date of exercise. For purposes of Sections 2.1
and 2.4, “last sale price” shall mean (i) if the Common
Stock is listed on an Exchange or quoted on the Nasdaq markets or
NASD OTC Bulletin Board (or successor such as the Bulletin Board
Exchange), the last sale price of the Common Stock in the principal
trading market for the Common Stock as reported by the Exchange,
Nasdaq or the NASD, as the case may be; (ii) if the Common Stock is
not listed on an Exchange or quoted on the Nasdaq markets, or the
NASD OTC Bulletin Board (or successor such as the Bulletin Board
Exchange), but is traded in the over-the-counter market, the
closing bid price for the Common Stock on the last trading day
preceding the date in question for which such quotations are
reported by the Pink Sheets, LLC or similar publisher of
such
quotations; and (iii)
if the fair market value of the Common Stock cannot be determined
pursuant to clause (i) or (ii) above, such price as the Board of
Directors of the Company shall determine, in good faith, in the
Board’s sole discretion.
3.
REGISTRATION AND
TRANSDER ON COMPANY BOOKS .
3.1
The Company (or an
agent of the Company) will maintain a register containing the names
and addresses of the Warrant Holders. Any Warrant Holder may change
its, his or her address as shown on the warrant register by written
notice to the Company requesting such change.
3.2
The Company shall
register upon its books any transfer of a Warrant upon surrender of
same as provided in Section 5.
4.
RESERVATION OF
SHARES .
The Company will at all times reserve and keep available,
solely for issuance and delivery upon the exercise of this Warrant,
such Warrant Shares and other stock, securities and property, as
from time to time shall be issuable upon the exercise of this
Warrant. As long as the Warrant shall be outstanding, the Company
shall use its commercially reasonable efforts to cause all Warrant
Shares issuable upon exercise of the Warrants to be listed (subject
to official notice of issuance) on each Exchange (or, if applicable
on Nasdaq, NASD OTC Bulletin Board or Pink Sheets, LLC or any
successor electronic quotation service and trading market) on which
the Common Stock is then listed and/or quoted, if any.
5.
EXCHANGE, TRANSFER,
ASSIGNMENT OR LOSS OR MUTILATION OF WARRANTS
. This Warrant is
exchangeable, without expense, at the option of the Warrant Holder,
upon presentation and surrender hereof to the Company for other
warrants of different denominations entitling the holder thereof to
purchase in the aggregate the same number of shares of Common Stock
purchasable hereunder. Subject to the terms of Section 6, upon
surrender of this Warrant to the Company at its principal office or
at the office of its transfer agent, if any, with the Assignment
Form annexed hereto duly executed and funds sufficient to pay any
transfer tax, the Company shall, without charge, execute and
deliver a new Warrant in the name of the assignee named in such
instrument of assignment and this Warrant shall be promptly
canceled. This Warrant may be divided or combined with other
warrants which carry the same rights upon presentation hereof at
the principal office of the Company together with a written notice
specifying the names and denominations in which new Warrants are to
be issued and signed by the Warrant Holder hereof. The term
“Warrant” as used herein includes any Warrants into
which this Warrant may be divided or exchanged. Upon receipt by the
Company of reasonable evidence of the ownership of and the loss,
theft, destruction or mutilation of this Warrant and, in the case
of loss, theft or destruction, of indemnity reasonably satisfactory
to the Company, or, in the case of mutilation, upon surrender and
cancellation of the mutilated Warrant, the Company shall execute
and deliver in lieu thereof a new Warrant of like tenor and date
representing an equal number of Warrants.
6.
LIMITATION ON
EXERCISE AND SALES .
(a)
Each holder of this
Warrant acknowledges that this Warrant and the Warrant Shares have
not been registered under the Securities Act, as of the date of
issuance hereof. This Warrant only may be transferred to a
transferee who certifies in writing to the Warrant Holder and to
the Company that such transferee is an “accredited
investor” within the meaning of Rule 501 of
Regulation D promulgated by the Commission under the
Securities Act. The Company shall be under no obligation to issue
the shares covered by such exercise unless and until the Warrant
Holder shall have executed the form of exercise annexed hereto that
states that at the time of such exercise that it is then an
“accredited investor” within the meaning of
Rule 501 of Regulation D, is acquiring such shares for
its own account, and will not transfer the Warrant Shares unless
pursuant to an effective and current registration statement under
the Securities Act or an exemption from the registration
requirements of the Securities Act and any other applicable
restrictions, in which event the Warrant Holder shall be bound by
the provisions of a legend or legends to such effect that shall be
endorsed upon the certificate(s) representing the Warrant Shares
issued pursuant to such exercise. In such event, the Warrant Shares
issued upon exercise hereof shall be imprinted with a legend in
substantially the form provided in Section 7(b).
(b)
Warrant Holder
represents and warrants that it is acquiring this Warrant for its
own account, for purposes of investment, and not with a view to, or
for sale in connection with, any distribution thereof within the
meaning of the Securities Act and the rules and regulations
promulgated thereunder. Warrant Holder represents,
warrants and agrees
that it will not sell, exercise, transfer or otherwise dispose of
this Warrant (or any interest therein) or any of the Common Stock
purchasable upon exercise hereof, except pursuant to (i) an
effective registration statement under the Securities Act and
applicable state securities laws or (ii) an opinion of counsel,
satisfactory to Company, that an exemption from registration under
the Securities Act and such laws is available. Warrant Holder
further acknowledges and agrees that Company is not required,
legally or contractually, so to register or qualify the Warrant or
such Common Stock or to take any action to make such an exemption
available. Warrant Holder understands that Company will be relying
upon the truth and accuracy of the representations and warranties
contained in this Section 6 in issuing this Warrant and such
Common Stock without first registering the issuance thereof under
the Securities Act or qualifying or registering the issuance
thereof under any state securities laws that may be
applicable.
(c)
Warrant Holder
acknowledges that (i) there is not now, and there will not be in
the future, any public market for the Warrant, (ii) although there
currently is a public trading market for the Common Stock, there
can be no assurance that any such market will be sustained, and
(iii) there can be no assurance that Warrant Holder will be able to
liquidate its investment in Company. Warrant Holder represents and
warrants that it is familiar with and understands the terms and
conditions of Rule 144 promulgated under the Securities
Act.
(d)
Warrant Holder
represents and warrants to Company that (i) it has such knowledge
and experience in financial and business matters as is necessary to
enable it to evaluate the merits and risks of any investments in
Company and is not utilizing any other person to be a purchaser
representative in connection with evaluation of such merits and
risks; and (ii) it has no need for liquidity in an investment in
Company and is able to bear the risk of that investment for an
indefinite period and to afford a complete loss thereof.
(e)
Warrant Holder
represents and warrants that it has had access to, and has been
furnished with, all of the information it has requested from
Company and has had an opportunity to review the books and records
of Company and to discuss with management and members of the board
of directors of Company the business and financial affairs of
Company.
(f)
Warrant Holder agrees
that at the time of each exercise of this Warrant, unless the
issuance of shares of Common Stock issuable thereupon is pursuant
to an effective registration statement under the Securities Act and
under applicable state blue sky laws, Warrant Holder will provide
Company with a letter embodying the representations and warranties
set forth in subsections (b) through (e), in form and substance
satisfactory to Company, and agrees that the certificates(s)
representing any shares issued to it upon any exercise of this
Warrant may bear such restrictive legend as Company may deem
necessary to reflect the restricted status of such shares under the
Securities Act unless Company shall have received from Warrant
Holder an opinion of counsel to Warrant Holder, reasonably
satisfactory in form and substance to Company and its counsel, that
such restrictive legend is not required.
7.
TRANSFER
RESTRICTIONS .
(a)
Transfer Restrictions.
If, at the time of the surrender of this Warrant in connection with
any transfer of this Warrant, the transfer of this Warrant shall
not be registered pursuant to an effective registration statement
under the Securities Act and under applicable state securities or
blue sky laws, the Company may require, as a condition of allowing
such transfer (i) that the Warrant Holder or transferee of this
Warrant, as the case may be, furnish to the Company a written
opinion of counsel (which opinion shall be in form, substance, and
scope customary for opinions of counsel in comparable transactions
and reasonably satisfactory to counsel for the Company) to the
effect that such transfer may be made without registration under
the Securities Act and under applicable state securities or blue
sky laws, (ii) that the holder or transferee execute and deliver to
the Company an investment letter in form and substance acceptable
to the Company and (iii) that the transferee be an
“accredited investor” as defined in Regulation D
promulgated under the Securities Act.
(b)
Legend. The Common
Stock issuable on the exercise of the Warrant shall bear the
following legend:
THESE SECURITIES MAY
NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(“SECURITIES ACT”) OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
REGISTRATION
REQUIREMENTS OF THE
SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR
TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY
ACCEPTABLE TO THE COMPANY.
(c)
Restrictions
. The Holder
acknowledges that the Warrant Shares acquired upon the exercise of
this Warrant, if not registered, will have restrictions upon resale
imposed by state and federal securities laws.
8.
ADJUSTMENT OF
PUCHASE PRICE AND NUMBER OF SHARES DELIVERABLE
. The Exercise Price and
the number of Warrant Shares purchasable pursuant to each Warrant
shall be subject to adjustment from time to time as