Void after 5:00 p.m. Central Standard Time, on ____________ ___, 20__ Warrant to Purchase ____________Shares of Common Stock. FORM OF WARRANT TO PURCHASE COMMON STOCK OF SPECTRASCIENCE, INC.
EXHIBIT
4.6
THIS
WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "ACT") NOR
UNDER ANY STATE SECURITIES LAW AND MAY NOT BE PLEDGED, SOLD, ASSIGNED OR
OTHERWISE TRANSFERRED UNTIL (1) A REGISTRATION STATEMENT UNDER THE ACT AND ANY
APPLICABLE STATE SECURITIES LAW HAS BECOME EFFECTIVE WITH RESPECT THERETO, OR
(2)RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL TO THE COMPANY TO THE EFFECT
THAT REGISTRATION UNDER THE ACT OR APPLICABLE STATE SECURITIES LAW IS NOT
REQUIRED IN CONNECTION WITH THE PROPOSED TRANSFER.
Void
after 5:00 p.m. Central Standard Time, on ____________ ___,
20__
Warrant
to Purchase ____________Shares of Common Stock.
FORM OF
WARRANT TO PURCHASE COMMON STOCK
OF
SPECTRASCIENCE, INC.
This is
to Certify That, FOR VALUE RECEIVED, _____________________("Holder") is entitled
to purchase, subject to the provisions of this Warrant, from SpectraScience,
Inc., a Minnesota corporation ("Company"), _______________fully paid, validly
issued and nonassessable shares of Common Stock, $0.01 par value per share, of
the Company ("Common Stock") at an initial price of $0.35 per share at any time
or from time to time during the period from the date hereof to 5:00 p.m. Central
Standard Time, on _____________ __, 20__. The number of shares of Common Stock
to be received upon the exercise of this Warrant and the price to be paid for
each share of Common Stock may be adjusted from time to time as hereinafter set
forth. The exercise price and the number of shares issuable upon exercise of the
Warrants will be proportionately adjusted for stock splits, stock dividends,
recapitalizations and similar transactions. The shares of Common Stock
deliverable upon such exercise, and as adjusted from time to time, are
hereinafter sometimes referred to as "Warrant Shares" and the exercise price of
a share of Common Stock in effect at any time and as adjusted from time to time
is hereinafter sometimes referred to as the "Exercise Price".
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(a)
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EXERCISE
OF WARRANT.
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(1) This
Warrant may be exercised in whole or in part at any time or from time to time on
or after the date hereof and until 5:00 p.m. Central Standard Time on
___________ __, 20__; provided, however, that if either such day is a day on
which banking institutions in the State of California are authorized by law to
close, then on the next succeeding day which shall not be such a day. This
Warrant may be exercised by presentation and surrender hereof to the Company at
its principal office with the Purchase Form annexed hereto duly executed and
accompanied by payment of the Exercise Price for the number of Warrant Shares
specified in such form. The Exercise Price may be paid in cash or in Common
Stock of the Company (cashless exercise). As soon as practicable after each such
exercise of the warrants, but not later than seven (7) days from the date of
such exercise, the Company shall issue and deliver to the Holder a certificate
or certificate for the Warrant Shares issuable upon such exercise, registered in
the name of the Holder or its designee. If this Warrant should be exercised in
part only, the Company shall, upon surrender of this Warrant for cancellation,
execute and deliver a new Warrant evidencing the rights of the Holder thereof to
purchase the balance of the Warrant Shares purchasable thereunder. Upon receipt
by the Company of this Warrant at its office in proper form for exercise, the
Holder shall be deemed to be the holder of record of the shares of Common Stock
issuable upon such exercise, notwithstanding that the stock transfer books of
the Company shall then be closed or that certificates representing such shares
of Common Stock shall not then be physically delivered to the
Holder.
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(b)
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RESERVATION
OF SHARES. The Company shall at all times reserve for issuance and/or
delivery upon exercise of this Warrant such number of shares of its Common
Stock as shall be required for issuance and delivery upon exercise of the
Warrants.
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(c)
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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 any exercise hereof, the Company shall pay to
the Holder an amount in cash equal to such fraction multiplied by the
current market value of a share, determined as
follows:
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(1) If
the Common Stock (or the common stock of the Company that would be exchanged or
admitted to unlisted trading privileges on such exchange or listed for trading
on the NASDAQ system, the current market value shall be the last reported sale
price of the Common Stock on such exchange or system on the last business day
prior to the date of exercise of this Warrant or if no such sale is made on such
day, the average closing bid and asked prices for such day on such exchange or
system; or
(2)
If the Common Stock is not so listed or admitted to unlisted trading privileges,
the current market value shall be the mean of the last reported bid and asked
prices reported by the National Quotation Bureau, Inc. on the last business day
prior to the date of the exercise of this Warrant; or
(3)
If the Common Stock is not so listed or admitted to unlisted trading privileges
and bid and asked prices are not so reported, the current market value shall be
an amount, not less than the book value thereof as at the end of the most recent
fiscal year of the Company ending prior to the date of the exercise of the
Warrant, determined in such reasonable manner as may be prescribed by the Board
of Directors of the Company.
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(d)
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EXCHANGE,
TRANSFER, ASSIGNMENT OR LOSS OF WARRANT. This Warrant is exchangeable,
without expense, at the option of the 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. Upon
surrender of this Warrant to the Company at its principal office 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 promptly be cancelled. 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 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 evidence
satisfactory to it of the loss, theft, destruction or mutilation of this
Warrant, and (in the case of loss, theft or destruction) of reasonably
satisfactory indemnification, and upon surrender and cancellation of this
Warrant, if mutilated, the Company will execute and deliver a new Warrant
of like tenor and date. Any such new Warrant executed and delivered shall
constitute an additional contractual obligation on the part of the
Company, whether or not this Warrant so lost, stolen, destroyed, or
mutilated shall be at any time enforceable by
anyone.
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(e)
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RIGHTS
OF THE HOLDER. The Holder shall not, by virtue hereof, be entitled to any
rights of a shareholder in the Company, either at law or equity, and the
rights of the Holder are limited to those expressed in the Warrant and are
not enforceable against the Company except to the extent set forth
herein.
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(f)
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ANTI-DILUTION
PROVISIONS. The Exercise Price in effect at any time and the number and
kind of securities purchasable upon the exercise of the Warrants shall be
subject to adjustment from time to time upon the happening of certain
events as follows:
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(1)
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In
case the Company shall (i) declare a dividend or make a distribution on
its outstanding shares of Common Stock in shares of Common Stock, (ii)
subdivide or reclassify its outstanding shares of Common Stock into a
greater number of shares, or (iii) combine or reclassify its outstanding
shares of Common Stock into a smaller number of shares, the Exercise Price
in effect at the time of the record date for such dividend or distribution
or of the effective date of such subdivision, combination or
reclassification shall be adjusted so that the Exercise Price shall be
proportionately increased (as in the case of (iii), above) or decreased
(as in the case of (i) or (ii), above). Such adjustment shall be made
successively whenever any event listed above shall
occur.
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(2)
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Whenever
the Exercise Price payable upon exercise of each Warrant is adjusted
pursuant to Subsections (1) above, the number of Shares purchasable upon
exercise of this Warrant shall simultaneously be adjusted by multiplying
the number of Shares initially issuable upon exercise of this Warrant by
the Exercise Price in effect on the date hereof and dividing the product
so obtained by the Exercise Price, as
adjusted.
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(3)
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No
adjustment in the Exercise Price shall be required unless such adjustment
would require an increase or decrease of at least two cents ($0.02) in
such price; provided, however, that any adjustments which by reason of
this Subsection (5) are not required to be made shall be carried forward
and taken into account in and subsequent adjustment required to be made
hereunder. All calculations under this Section (f) shall be made to the
nearest cent or to the nearest one-hundredth of a share, as the case may
be. Anything in this Section (f) to the contrary notwithstanding, the
Company shall be entitled, but shall not be required, to make such changes
in the Exercise Price, in addition to those required by this Section (f),
as it shall determine, in its sole discretion, to be advisable in order
that any dividend or distribution in shares of Common Stock, or any
subdivision, reclassification or combination of Common Stock, hereafter
made by the Company shall not result in any Federal income tax liability
to the holders of Common Stock or securities convertible into Common or
Common Stock (including Warrants).
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(4)
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Whenever
the Exercise Price is adjusted, as herein provided, the Company shall
promptly but no later than 20 days after any request for such an
adjustment by the Holder, cause a notice setting forth the adjusted
Exercise Price and adjusted number of Shares issuable upon exercise of
each Warrant, and, if requested, information describing the transactions
giving rise to such adjustments, to be mailed to the Holder at his last
address appearing in the Warrant Register, and shall cause a certified
copy thereof to be mailed to its transfer agent, if any. The Company may
retain a firm of independent certified public accountants selected by the
Board of Directors (who may be the regular accountants employed by the
Company) to make any computation required by this Section (t), and a
certificate signed by such firm shall be conclusive evidence of the
correctness of such adjustment.
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(5)
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In
the event that at any time, as a result of an adjustment made pursuant to
Subsection (1) above, the Holder of this Warrant thereafter shall become
entitled to receive any shares of the Company, other than Common Stock,
thereafter the number of such other shares so receivable upon exercise of
this Warrant shall be subject to adjustment from time to time in a manner
and on terms as nearly equivalent as practicable to the provisions with
respect to the Common Stock contained in Subsections (1) to (4), inclusive
above.
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(6)
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Irrespective
of any adjustments in the Exercise Price or the number or kind of shares
purchasable upon exercise of this Warrant, Warrants theretofore or
thereafter issued may continue to express the same price and number and
kind of shares as are stated in the similar Warrants initially issuable
pursuant to this Agreement.
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(g)
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OFFICER'S
CERTIFICATE. Whenever the Exercise Price shall be adjusted as required by
the provisions of the foregoing Section, the Company shall forthwith file
in the custody of its Secretary or an Assistant Secretary at its principal
office an officer's certificate showing the adjusted Exercise Price
determined as herein provided, setting forth in reasonable detail the
facts requiring such adjustment, including a statement of the number of
additional shares of Common Stock, if any, and such other facts as shall
be necessary to show the reason for and the manner of computing such
adjustment. Each such officer's certificate shall be made available at all
reasonable times for inspection by the Holder or any holder of a Warrant
executed and delivered pursuant to Section (a) and the Company shall,
forthwith after each such adjustment, mail a copy by certified mail of
such certificate to the Holder or any such
holder.
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(h)
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NOTICES
TO WARRANT HOLDERS. So long as this Warrant shall be outstanding, (i) if
the Company shall pay any dividend or make any distribution upon the
Common Stock or (ii) if the Company shall offer to the holders
of Common Stock for subscription or purchase by them any share of any
class or any other rights or (iii) if any capital reorganization of the
Company, reclassification of the capital stock of the Company,
consolidation or merger of the Company with or into another corporation,
sale, lease or transfer of all or substantially all of the property and
assets of the Company to another corporation, or voluntary or involuntary
dissolution, liquidation or winding up of the Company shall be effected,
then in any such case, the Company shall cause to be mailed by certified
mail to the Holder, at least fifteen days prior to the date specified in
(x) or (y) below, as the case may be, a notice containing a brief
description of the proposed action and stating the date on which (x) a
record is to be taken for the purpose of such dividend, distribution or
rights, or (y) such reclassification, reorganization, consolidation,
merger, conveyance, lease, dissolution, liquidation or winding up is to
take place and the date, if any is to be fixed, as of which the holders of
Common Stock or other securities shall receive cash or other property
deliverable upon such reclassification, reorganization, consolidation,
merger, conveyance, dissolution, liquidation or winding
up.
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(i)
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RECLASSIFICATION,
REORGANIZATION OR MERGER. In case of any reclassification,
capital reorganization or other change of outstanding shares of Common
Stock of the Company, or in case of any consolidation or merger of the
Company with or into another corporation (other than a merger with a
subsidiary in which merger the Company is the continuing corporation and
which does not result in any reclassification, capital reorganization or
other change of outstanding shares of Common Stock of the class issuable
upon exercise of this Warrant) or in case of any sale, lease or conveyance
to another corporation of the property of the Company as an entirety, the
Company shall, as a condition precedent to such transaction, cause
effective provisions to be made so that the Holder shall have the right
thereafter by exercising this Warrant at any time prior to the expiration
of the Warrant, to purchase the kind and amount of shares of stock and
other securities and property receivable upon such reclassification,
capital reorganization and other change, consolidation, merger, sale or
conveyance by a holder of the number of shares of Common Stock which might
have been purchased upon exercise of this Warrant immediately prior to
such reclassification, change, consolidation, merger, sale or conveyance.
Any such provision shall include provision for adjustments which shall be
as nearly equivalent as may be practicable to the adjustments provided for
in this Warrant. The foregoing provisions of this Section (i) shall
similarly apply to successive reclassifications, capital reorganizations
and changes of shares of Common Stock and to successive consolidations,
mergers, sales or conveyances. In the event that in connection with any
such capital reorganization or reclassification, consolidation, merger,
sale or conveyance, additional shares of Common Stock shall be issued in
exchange, conversion, substitution or payment, in whole or in part, for a
security of the Company other than Common Stock, any such issue shall be
treated as an issue of Common Stock covered by the provisions of
Subsection (1) of Section (f)
hereof.
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(k)
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RESTRICTIVE
LEGEND. Each Warrant Share, when issued, shall include a legend in
substantially the following form:
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THESE
SHARES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE
"ACT") NOR UNDER ANY STATE SECURITIES LAW AND MAY NOT BE PLEDGED, SOLD,
ASSIGNED OR OTHERWISE TRANSFERRED UNTIL A (1) REGISTRATION STATEMENT UNDER
THE ACT AND ANY APPLICABLE STATE SECURITIES LAW HAS BECOME EFFECTIVE WITH
RESPECT THERETO, OR (2) RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL TO
THE COMPANY TO THE EFFECT THAT REGISTRATION UNDER THE ACT OR APPLICABLE
STATE SECURITIES LAW IS NOT REQUIRED IN CONNECTION WITH THE PROPOSED
TRANSFER.
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The Company will not, by amendment of
its charter or through reorganization, consolidation, merger, dissolution, sale
of assets or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms of this Warrant, but will at all times in
good faith assist in the carrying out of all such terms and in the taking of all
such action as may be necessary or appropriate in order to protect the rights of
the Holder of this Warrant against impairment.
Dated: ____________ __,
2009
SPECTRASCIENCE,
INC.
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Attest:
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By:
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Xxxxx
Xxxxxxx
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Xxxxx
Xxxxxxx
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Title:
Chairman and CEO
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Title: Secretary
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PURCHASE
FORM
Dated _____________
20__
The
undersigned hereby irrevocably elects to exercise the within Warrant to the
extent of Purchasing ________ shares of Common Stock and hereby makes payment of
______________ in payment of the actual exercise price thereof.
___________________
INSTRUCTIONS FOR
REGISTRATION OF STOCK
Name
___________________________________________________________________________
(Please
typewrite or print in block letters)
Address
___________________________________________________________________________
Signature
__________________________________________________________________________
________________________
ASSIGNMENT
FORM
FOR VALUE
RECEIVED, _____________________________________ hereby sells, assigns and
transfers unto
Name
_____________________________________________________________________________
(Please
typewrite or print in block letters)
Address
___________________________________________________________________________
the right
to purchase Common Stock represented by this Warrant to the extent of _________
shares as to which such right is exercisable and does hereby irrevocably
constitute and appoint ______________ Attorney, to transfer the same on the
books of the Company with full power of substitution in the
premises.
Date
_________, 20___
Signature
_______________________