MSR EXPLORATION LTD.
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January 13, 1995
Banque Paribas
0000 Xxx Xxxxxxx Xxxxxx
Xxxxx 000
Xxxxxx, Xxxxx 00000
Attention: Xxxxxx X. Xxxxxx, XX
Re: Warrant to Purchase Common Shares
Gentlemen:
The purpose of this letter is to confirm the commitment of MSR Exploration,
Ltd. to issue a warrant to purchase Common Shares to Banque Paribas, which
warrant shall include the following terms and conditions:
Number of Shares: 280,000.
Exercise Price: US$3.375 per share.
Warrantholder: Banque Paribas.
Exercise Period: Five years, commencing January 13, 1995.
Anti-Dilution
Provisions: None.
Registration
Rights: One demand registration right exercisable during the
warrant exercise period.
If you have any questions, please feel free to call.
Yours very truly,
MSR Exploration, Ltd.
By: /s/ Xxxx X. Xxxx
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Xxxx X. Xxxx
Chairman and
Chief Executive Officer
