-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EEPDoR4ErEl0x7C1BCaHqOhiUbatM8RS3I9UCmxfQp5WLxJCB+3gaX2PIbaptHCE /pEmt6XKyJ/Pj28GObYN7Q== 0001193125-09-189974.txt : 20090910 0001193125-09-189974.hdr.sgml : 20090910 20090910161543 ACCESSION NUMBER: 0001193125-09-189974 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20090910 DATE AS OF CHANGE: 20090910 GROUP MEMBERS: FGS ADVISORS, LLC GROUP MEMBERS: HARVEY SAWIKIN GROUP MEMBERS: JAMES PASSIN FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: FIREBIRD GLOBAL MASTER FUND LTD CENTRAL INDEX KEY: 0001265599 IRS NUMBER: 980398358 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D MAIL ADDRESS: STREET 1: 152 WEST 57TH STREET 24TH FL CITY: NEW YORK STATE: NY ZIP: 10023 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: IVANY MINING INC CENTRAL INDEX KEY: 0001096555 STANDARD INDUSTRIAL CLASSIFICATION: METAL MINING [1000] IRS NUMBER: 880258277 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-61201 FILM NUMBER: 091063013 BUSINESS ADDRESS: STREET 1: 8720 DUFROST CITY: ST. LEONARD STATE: A8 ZIP: H1P 2Z5 BUSINESS PHONE: 5148664638 MAIL ADDRESS: STREET 1: 8720 DUFROST CITY: ST. LEONARD STATE: A8 ZIP: H1P 2Z5 FORMER COMPANY: FORMER CONFORMED NAME: PLANET411 COM INC DATE OF NAME CHANGE: 19991008 SC 13D 1 dsc13d.htm SCHEDULE 13D Schedule 13D

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

SCHEDULE 13D

 

Under the Securities Exchange Act of 1934

 

 

 

Ivany Mining Inc.

(Name of Issuer)

 

 

Common Stock, par value $0.001 per share

(Title of Class of Securities)

 

 

465819100

(CUSIP Number)

 

 

Joanne Tuckman

Chief Financial Officer

FGS Advisors, LLC

152 West 57th Street, 24th Floor

New York, New York 10019

(212) 698-9260

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

 

 

July 10, 2009

(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 249.13d-1(g), check the following box.  ¨

Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

 

*   The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

SEC 1746 (3-06)


CUSIP NO. 465819100

 

  1.  

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only)

 

            Firebird Global Master Fund, Ltd.

   
  2.  

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)  ¨

(b)  ¨

   
  3.  

SEC Use only

 

   
  4.  

Source of funds (See Instructions)

 

            WC

   
  5.  

Check if disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

 

  ¨
  6.  

Citizenship or Place of Organization

 

            Cayman Islands

   

Number of  

Shares  

Beneficially  

Owned by  

Each  

Reporting  

Person  

With:  

 

  7.    Sole Voting Power

 

 

  8.    Shared Voting Power

 

                30,000,000

 

  9.    Sole Dispositive Power

 

 

10.    Shared Dispositive Power

 

                30,000,000

11.  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

            30,000,000

   
12.  

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ¨
13.  

Percent of Class Represented by Amount in Row (11)

 

            52.6%

   
14.  

Type of Reporting Person (See Instructions)

 

            OO

   

 

2


CUSIP NO. 465819100

 

  1.  

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only)

 

            FGS Advisors, LLC

   
  2.  

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)  ¨

(b)  ¨

   
  3.  

SEC Use only

 

   
  4.  

Source of funds (See Instructions)

 

            OO

   
  5.  

Check if disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

 

  ¨
  6.  

Citizenship or Place of Organization

 

            New York

   

Number of  

Shares  

Beneficially  

Owned by  

Each  

Reporting  

Person  

With:  

 

  7.    Sole Voting Power

 

 

  8.    Shared Voting Power

 

                30,000,000

 

  9.    Sole Dispositive Power

 

 

10.    Shared Dispositive Power

 

                30,000,000

11.  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

            30,000,000

   
12.  

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ¨
13.  

Percent of Class Represented by Amount in Row (11)

 

            52.6%

   
14.  

Type of Reporting Person (See Instructions)

 

            IA

   

 

3


CUSIP NO. 465819100

 

   

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only)

 

            James Passin

   
   

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)  ¨

(b)  ¨

   
   

SEC Use only

 

   
   

Source of funds (See Instructions)

 

            OO

   
   

Check if disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

 

  ¨
   

Citizenship or Place of Organization

 

            United States of America

   

Number of  

Shares  

Beneficially  

Owned by  

Each  

Reporting  

Person  

With:  

 

  7.    Sole Voting Power

 

 

  8.    Shared Voting Power

 

                30,000,000

 

  9.    Sole Dispositive Power

 

 

10.    Shared Dispositive Power

 

                30,000,000

   

Aggregate Amount Beneficially Owned by Each Reporting Person

 

            30,000,000

   
   

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ¨
   

Percent of Class Represented by Amount in Row (11)

 

            52.6%

   
   

Type of Reporting Person (See Instructions)

 

            IN

   

 

4


CUSIP NO. 465819100

 

   

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only)

 

            Harvey Sawikin

   
   

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)  ¨

(b)  ¨

   
   

SEC Use only

 

   
   

Source of funds (See Instructions)

 

            OO

   
   

Check if disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

 

  ¨
   

Citizenship or Place of Organization

 

            United States of America

   

Number of  

Shares  

Beneficially  

Owned by  

Each  

Reporting  

Person  

With:  

 

  7.    Sole Voting Power

 

 

  8.    Shared Voting Power

 

                30,000,000

 

  9.    Sole Dispositive Power

 

 

10.    Shared Dispositive Power

 

                30,000,000

   

Aggregate Amount Beneficially Owned by Each Reporting Person

 

            30,000,000

   
   

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ¨
   

Percent of Class Represented by Amount in Row (11)

 

            52.6%

   
   

Type of Reporting Person (See Instructions)

 

            IN

   

 

5


Item 1. Security and Issuer

This Schedule 13D relates to the Common Stock, par value $0.001 per share (the “Common Stock”) of Ivany Mining Inc., a Delaware corporation (the “Issuer”). The address of the executive offices of the Issuer is 8720 A Rue Du Frost, St. Leonard, Quebec, Canada H1P 2Z5.

 

Item 2. Identity and Background

(a-f) This Schedule 13D is being filed by Firebird Global Master Fund, Ltd. (the “Fund”), FGS Advisors, LLC (“FGS”), James Passin (“Mr. Passin”) and Harvey Sawikin (“Mr. Sawikin” and together with FGS, the Fund and Mr. Passin, the “Reporting Persons”).

James Passin, a citizen of the United States of America, has a business address of 152 West 57th Street, 24th Floor, New York, NY 10019. His principal occupation is manager and controlling principal of FGS and of FG2 Advisors, LLC (“FG2”). Harvey Sawikin, a citizen of the United States of America, has a business address of 152 West 57th Street, 24th Floor, New York, NY 10019. His principal occupation is manager and controlling principal of Firebird Management, LLC, and he is also a controlling principal of FGS and of FG2.

FGS is a New York limited liability company which has its principal office at 152 West 57th Street, 24th Floor, New York, NY 10019. The principal business of FGS is to serve as investment manager to the Fund and to control the investing and trading in securities of the Fund. The principal business of the Fund is to invest and trade in securities.

During the past five years, none of the Reporting Persons have been: (i) convicted in any criminal proceeding, or (ii) a party to any civil proceeding commenced before a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is now subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

 

Item 3. Source and Amount of Funds or Other Consideration

The source of the $500,000 used by the Fund on July 10, 2009 to purchase units (the “Units”), each of which is comprised of one share of Common Stock and one warrant to purchase one share of Common Stock, was the working capital of the Fund.

 

Item 4. Purpose of Transaction

On behalf of the Fund, FGS has directed the purchase of the Units as an investment for the Fund. FGS and the Fund share investment power and voting power with respect to the Units reported by them. Mr. Passin and Mr. Sawikin, who serve as the control persons of FGS, share investment power and voting power with respect to the Units reported by FGS and the Fund. The Fund acquired the Units because FGS considered them to be an attractive investment opportunity. FGS may cause the Fund to make further acquisitions of Units or of other types of securities of the Issuer from time to time or to dispose of any or all of the Units held by the Fund at any time.

FGS intends to review continuously the Fund’s investment in the Issuer and may in the future change its present course of action. Depending upon a variety of factors, including, without limitation, current and anticipated future trading prices of the Issuer’s common stock (the “Common Stock”) or other securities of the Issuer, the financial condition, results of operations and prospects of the Issuer and general economic, financial market and industry conditions, FGS may cause the sale of all or part of the Units held by the Fund, or may cause the purchase of additional securities of the Issuer, in privately negotiated transactions, as part of a cash tender offer or exchange offer, or otherwise. Any such purchases or sales may be made at any time without prior notice. Depending upon the foregoing factors or other factors not listed herein, the Reporting Persons may formulate other purposes, plans or proposals with respect to the Issuer, the Common Stock or other equity securities of the Issuer.

The foregoing is subject to change at any time, and there can be no assurance that the Reporting Persons will take any of the actions set forth above. Except as otherwise described in this Item 4, the Reporting Persons currently have no plan or proposal which relates to, or would result, in any of the events or transactions described in Item 4(a) through (j) of Schedule 13D, although the Reporting Persons reserve the right to formulate such plans or proposals in the future.

 

6


Item 5. Interest in Securities of the Issuer

(a and b) As of the date of this Schedule 13D, the Reporting Persons beneficially own an aggregate of 30,000,000 shares of Common Stock (the “Shares”), which includes 20,000,000 shares of Common Stock issuable upon the exercise of warrants. The holdings of the Reporting Persons represent 52.6% of Issuer’s total outstanding Common Stock (including 20,000,000 shares of Common Stock issuable upon the exercise of the warrants held by the Reporting Persons), and they share voting and dispositive power over the Shares.

(c) During the past sixty days, FGS, on behalf of the Fund, effected only one transaction with respect to the Common Stock, in which the Fund purchased the Units from the Issuer, for a price of $0.05 per Unit.

(d) Other than the Fund, which directly holds the Shares, and except as set forth in this Item 5, no person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Shares.

(e) Not applicable.

 

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer

On July 10, 2009, the Fund purchased an aggregate of 10,000,000 Units at a price of $0.05 per Unit. The Units included warrants for the purchase of up to 10,000,000 shares of Common Stock at a price of $0.10 per share, at any time prior to June 22, 2012 (which warrants were subsequently adjusted according to their terms such that, as of the date hereof, the warrants are exercisable for an aggregate of up to 20,000,000 shares of Common Stock). The form of the warrant is attached hereto as Exhibit 2. The Fund also entered into a registration rights agreement granting the Fund the right to demand registration of the Shares acquired by it pursuant to the subscription agreement with the Issuer.

By virtue of the relationship between the Reporting Persons, as described in Item 2, the Reporting Persons may be deemed to be a “group” under the Federal securities laws. Except as otherwise set forth in this Schedule 13D, Mr. Passin, Mr. Sawikin, and FGS expressly disclaim beneficial ownership of any of the shares of Common Stock beneficially owned by the Fund and the filing of this Statement shall not be construed as an admission, for the purposes of Sections 13(d) and 13(g) or under any provision of the Exchange Act or the rules promulgated thereunder or for any other purpose, that any of Mr. Passin, Mr. Sawikin, or FGS is a beneficial owner of any such shares.

 

Item 7. Material to Be Filed as Exhibits

1. Joint Filing Agreement.

2. Form of Warrant acquired by the Fund on July 10, 2009.

 

7


SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

Date: September 10, 2009   FGS Advisors, LLC
 

/s/ James Passin

  Name:   James Passin
  Title:   Principal
  Firebird Global Master Fund, Ltd.
 

/s/ James Passin

  Name:   James Passin
  Title:   Director
 

/s/ James Passin

  Name:   James Passin
 

/s/ Harvey Sawikin

  Name:   Harvey Sawikin
EX-1 2 dex1.htm JOINT FILING AGREEMENT JOINT FILING AGREEMENT

Exhibit 1

JOINT FILING AGREEMENT

FGS Advisors, LLC, Firebird Global Master Fund, Ltd., James Passin, and Harvey Sawikin, in compliance with Rule 13d-1(k) of the Securities and Exchange Commission, hereby agree that the statement on Schedule 13D to which this Agreement is attached as an exhibit is, and any amendments thereto filed by any of us will be, filed on behalf of each such person or entity, that each such person or entity is responsible for the timely filing of the Schedule 13D and any amendments thereto and for the completeness and accuracy of the information concerning such person or entity contained therein.

 

Date: September 10, 2009   FGS Advisors, LLC
 

/s/ James Passin

  Name:   James Passin
  Title:   Principal
  Firebird Global Master Fund, Ltd.
 

/s/ James Passin

  Name:   James Passin
  Title:   Director
 

/s/ James Passin

  Name:   James Passin
 

/s/ Harvey Sawikin

  Name:   Harvey Sawikin


NEITHER THIS WARRANT NOR THE SHARES ISSUABLE UPON EXERCISE HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR ANY OTHER APPLICABLE SECURITIES LAWS IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH OTHER SECURITIES LAWS. NEITHER THIS WARRANT NOR THE SHARES ISSUABLE UPON EXERCISE HEREOF MAY BE SOLD, PLEDGED, TRANSFERRED, ENCUMBERED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR IN A TRANSACTION WHICH IS EXEMPT FROM REGISTRATION UNDER THE PROVISIONS OF THE SECURITIES ACT.

Dated: June [    ], 2009

STOCK PURCHASE WARRANT

To Purchase                      Shares of Common Stock of

Ivany Mining, Inc.

THIS CERTIFIES that, for value received, [ENTITY NAME] (together with any transferee of this Warrant, the “Holder”), shall have the right to purchase from Ivany Mining, Inc., a Delaware corporation (the “Company”),                      fully paid and nonassessable shares of common stock (the “Common Stock”) of the Company (each such share, a “Warrant Share” and all such shares, the “Warrant Shares”) at an exercise price of US$0.10 per share (subject to further adjustment as set forth in Section 3 hereof, the “Exercise Price”), at any time until 5:00 P.M., Pacific time, at the end of                      , 2012 which is thirty-six (36) months from the date of this Warrant’s issuance (the “Termination Date”).

1. Title to Warrant. Prior to the Termination Date and subject to compliance with applicable laws, this Warrant and all rights hereunder are transferable, in whole or in part, at the office or agency of the Company by the Holder in person or by duly authorized attorney, upon surrender of this Warrant together with the Assignment Form annexed hereto properly endorsed.

2. Authorization of Shares. The Company covenants that all shares of Common Stock which may be issued upon the exercise of rights represented by this Warrant will, upon exercise of the rights represented by this Warrant, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

3. Exercise of Warrant. Exercise of this Warrant may be made at any time or times on or after the date hereof and before the Termination Date, by the delivery of a Notice of Exercise Form, as annexed hereto, duly executed, to the office of the Company (or such other office or agency of the Company as it may designate by notice in writing to the registered holder hereof at the address of such holder appearing on the books of the Company) and upon payment of the Exercise Price of the Warrant Shares thereby purchased by wire transfer or cashier’s check drawn on a United States bank, and the date such items are delivered to the Company (as

 

1


determined in accordance with the notice provisions hereof) is an “Exercise Date.” The holder of this Warrant shall be entitled to receive the number of shares of Common Stock so purchased and a certificate evidencing such shares. The Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder until the Holder has purchased all of the Warrant Shares available hereunder. Execution and delivery of the Exercise Notice shall have the same effect as cancellation of the original Warrant and issuance of a new Warrant evidencing the right to purchase the remaining number of Warrant Shares.

4. Delivery of Warrant Shares.

(a) Upon exercise of this Warrant, the Company shall promptly (but in no event later than three Business Days after the Exercise Date, a “Business Day” being any day that banks are open and operating in New York, New York other than a Saturday or Sunday) issue or cause to be issued and cause to be delivered to the Holder, or upon the written order of the Holder in such name or names and to such persons as the Holder may designate, a certificate for the Warrant Shares issuable upon such exercise, free of restrictive legends unless a registration statement covering the resale of the Warrant Shares and naming the Holder (or the Holder’s designee) as a selling stockholder thereunder is not then effective and the Warrant Shares are not freely transferable without volume restrictions pursuant to Rule 144 under the Securities Act. The Holder, or any person so designated by the Holder to receive Warrant Shares, shall be deemed to have become holder of record of such Warrant Shares as of the Exercise Date. The Company shall, upon request of the Holder, use its best efforts to deliver Warrant Shares hereunder electronically through the Depository Trust Corporation or another established clearing corporation performing similar functions, if the Company is then a participant in any such system.

(b) This Warrant is exercisable, either in its entirety or, from time to time, for any portion of the number of Warrant Shares. Upon surrender of this Warrant following one or more partial exercises, the Company shall issue or cause to be issued, at its expense, a new Warrant evidencing the right to purchase the remaining number of Warrant Shares.

(c) In addition to any other rights available to a Holder, if the Company fails to deliver to the Holder a certificate representing Warrant Shares by the end of the third Business Day after the Exercise Date, and if after such third Business Day the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of some or all of the Warrant Shares that the Holder anticipated receiving from the Company (a “Buy-In”), then the Company shall, within five Business Days after the Holder’s request and in the Holder’s discretion, either (i) pay cash to the Holder in an amount equal to the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased (the “Buy-In Price”), at which point the Company’s obligation to deliver such certificate (and to issue such Common Stock) shall terminate, or (ii) promptly honor its obligation to deliver to the Holder a certificate or certificates representing such Common Stock and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of shares of Common Stock, times (B) the closing price quoted on the stock exchange, market or trading or quotation service where the shares of Common Stock are predominantly (by volume) listed or quoted on the date of the event giving rise to the Company’s obligation to deliver such certificate.

 

2


(d) The Company’s obligations to issue and deliver Warrant Shares in accordance with the terms hereof are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder or any other person of any obligation to the Company or any violation or alleged violation of law by the Holder or any other person, and irrespective of any other circumstance which might otherwise limit such obligation of the Company to the Holder in connection with the issuance of Warrant Shares. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely issue, and deliver certificates representing, shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

5. Charges, Taxes and Expenses. Issuance of certificates for shares of Common Stock upon the exercise of this Warrant shall be made without charge to the holder hereof for any issue or transfer tax, withholding tax, transfer agent fee or other incidental tax or expense in respect of the issuance of such certificates, all of which taxes and expenses shall be paid by the Company and such certificates shall be issued in the name of the holder of this Warrant or in such name or names as may be directed by the holder of this Warrant; provided, however, that in the event certificates for shares of Common Stock are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder; and if the certificates are to be issued in a name other than that of the Holder or an affiliate thereof, the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.

6. Transfer, Division and Combination.

(a) Subject to compliance with any applicable securities laws, transfer of this Warrant and all rights hereunder, in whole or in part, shall be registered on the books of the Company to be maintained for such purpose, upon surrender of this Warrant at the principal office of the Company, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. A Warrant, if properly assigned, may be exercised by a new holder for the purchase of shares of Common Stock without having a new Warrant issued.

(b) This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by Holder or its agent or attorney. Subject to compliance with Section 6(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice.

 

3


(c) The Company shall prepare, issue and deliver at its own expense (other than transfer taxes payable by the Holder pursuant Section 4) the new Warrant or Warrants under this Section 6.

(d) The Company agrees to maintain, at its aforesaid office, books for the registration and the registration of transfer of the Warrants.

7. No Rights as Shareholder until Exercise. This Warrant does not entitle the Holder to any voting rights or other rights as a shareholder of the Company prior to the exercise hereof. Upon the surrender of this Warrant or delivery of the Notice of Exercise Form, as annexed hereto, and the payment of the Exercise Price, the Warrant Shares so purchased shall be, and be deemed to be, issued to such Holder as the record owner of such Warrant Shares as of the close of business on the later of the date of such surrender (or delivery) or payment.

8. Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, customary and reasonable indemnity or security if requested (which shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

9. Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall be a Saturday, Sunday or a legal holiday in the United States, then such action may be taken or such right may be exercised on the next succeeding day not a Saturday, Sunday or legal holiday.

10. Adjustments of Exercise Price and Number of Warrant Shares.

(a) Stock Splits, etc. The number and kind of securities purchasable upon the exercise of this Warrant and the Exercise Price shall be subject to adjustment from time to time upon the happening of any of the following. If the Company shall: (i) pay a dividend or make a distribution in shares of Common Stock to holders of any class of its capital stock, (ii) subdivide its outstanding shares of Common Stock into a greater number of shares of Common Stock, (iii) combine its outstanding shares of Common Stock into a smaller number of shares of Common Stock, or (iv) issue any shares of its capital stock in a reclassification of the Common Stock, then in each such case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to clause (i) of this paragraph shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution, and any adjustment pursuant to clause (ii) or (iii) of this paragraph shall become effective immediately after the effective date of such subdivision or combination.

 

4


(b) Reorganization, Reclassification, Merger, Consolidation or Disposition of Assets. If the Company shall reorganize its capital, reclassify its capital stock, consolidate or merge with or into another corporation or entity (where the Company is not the surviving corporation or entity or where there is a change in or distribution with respect to the Common Stock of the Company), or sell, transfer or otherwise dispose of all or substantially all its property, assets or business to another corporation or entity and, pursuant to the terms of such reorganization, reclassification, merger, consolidation or disposition of assets, shares of common stock (or other equity interests) of the successor or acquiring corporation or entity, or any cash, shares of stock or other securities or property of any nature whatsoever (including warrants or other subscription or purchase rights) in addition to or in lieu of common stock (or other equity interests) of the successor or acquiring corporation or entity (“Other Property”), are to be received by or distributed to the holders of Common Stock of the Company, then Holder shall have the right thereafter to receive, upon exercise of this Warrant, the number of shares of common stock (or, if applicable, the proportion of the equity interests) of the successor or acquiring corporation or entity or of the Company, if it is the surviving corporation, and Other Property receivable upon or as a result of such reorganization, reclassification, merger, consolidation or disposition of assets by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such event. In case of any such reorganization, reclassification, merger, consolidation or disposition of assets, the successor or acquiring corporation (if other than the Company) shall expressly assume the due and punctual observance and performance of each and every covenant and condition of this Warrant to be performed and observed by the Company and all the obligations and liabilities hereunder, subject to such modifications as may be deemed appropriate (as determined in good faith by resolution of the Board of Directors of the Company) in order to provide for adjustments of shares of Common Stock for which this Warrant is exercisable which shall be as nearly equivalent as practicable to the adjustments provided for in this Section 10. For purposes of this Section 10, “common stock of the successor or acquiring corporation or entity” shall include stock of such corporation (or equity interests of such entity) of any class which is not preferred as to dividends or assets over any other class of stock of such corporation and which is not subject to redemption and shall also include any evidences of indebtedness, shares of stock or other securities which are convertible into or exchangeable for any such stock or equity interests, either immediately or upon the arrival of a specified date or the happening of a specified event and any warrants or other rights to subscribe for or purchase any such stock or equity interests. The foregoing provisions of this Section 10 shall similarly apply to successive reorganizations, reclassifications, mergers, consolidations or disposition of assets.

(c) Subsequent Equity Sales. If the Company or any subsidiary thereof, as applicable, at any time while this Warrant is outstanding, shall sell or grant any option to purchase, or sell or grant any right to reprice, or otherwise dispose of or issue (or announce any offer, sale, grant or any option to purchase or other disposition) any Common Stock or common stock equivalents entitling any person to acquire shares of Common Stock, at an effective price per share less than the then Exercise Price at such time (such lower effective price per share, the “Base Share Price” and such issuances collectively, a “Dilutive Issuance”) (if the holder of the Common Stock or common stock equivalents, including without limitation any stock or securities convertible into or exercisable or exchangeable for, or rights, warrants or options to subscribe for or purchase Common Stock, so issued shall at any time, whether by operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to

 

5


warrants, options or rights per share which are issued in connection with such issuance, be entitled to receive shares of Common Stock at an effective price per share which is less than the Exercise Price, such issuance shall be deemed to have occurred for less than the Exercise Price on such date of the Dilutive Issuance), then the Exercise Price shall be reduced to equal the Base Share Price and the number of shares of Common Stock issuable hereunder shall be increased such that the aggregate Exercise Price payable hereunder, after taking into account the decrease in the Exercise Price, shall be equal to the aggregate Exercise Price prior to such adjustment. Such adjustment shall be made whenever such Common Stock or common stock equivalents are issued. The Company shall notify the Holder in writing, no later than the Business Day following the issuance of any Common Stock or common stock equivalents, indicating therein the applicable issuance price, or applicable reset price, exchange price, conversion price and other pricing terms (such notice the “Dilutive Issuance Notice”). For purposes of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section (c), upon the occurrence of any Dilutive Issuance, after the date of such Dilutive Issuance the Holder is entitled to receive a number of shares of Common Stock based upon the Base Share Price regardless of whether the Holder accurately refers to the Base Share Price in a Notice of Exercise.

11. Notice of Adjustment. Whenever the number of Warrant Shares or number or kind of securities or other property purchasable upon the exercise of this Warrant or the Exercise Price is adjusted, as herein provided, the Company shall promptly compute such adjustment in accordance with the terms of this Warrant and prepare and mail by registered or certified mail, return receipt requested, to the holder of this Warrant a notice of such adjustment or adjustments setting forth the number of Warrant Shares (and other securities or property) purchasable upon the exercise of this Warrant and the Exercise Price of such Warrant Shares (and other securities or property) after such adjustment, setting forth a brief statement of the facts requiring such adjustment and setting forth in detail the computation by which such adjustment was made; provided, however, that the Company’s failure to deliver any notice pursuant to this Section 11 shall not have any effect on the Holder’s right to any adjustment in the property purchasable upon the exercise of this Warrant or in the Exercise Price.

12. Notice of Corporate Action. If at any time:

(a) the Company declares a dividend or other distribution or any right to subscribe for or purchase any evidences of its indebtedness, any shares of stock of any class or a subsidiary thereof or any other securities or property of the Company or a subsidiary thereof, or to receive any other right; or

(b) there shall be any capital reorganization of the Company, any reclassification or recapitalization of the capital stock of the Company or any consolidation or merger of the Company with, or any sale, transfer or other disposition of all or substantially all the property, assets or business of the Company to, another corporation or entity or any authorization or entering into any agreement contemplating any of the foregoing or soliciting stockholder approval for any of the foregoing; or

(c) there shall be a voluntary or involuntary dissolution, liquidation or winding up of the Company;

 

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then the Company shall deliver to Holder a written notice describing the material terms and conditions of such transaction, at least 14 calendar days prior to the applicable record or effective date on which a person would need to hold Common Stock in order to participate in or vote with respect to such transaction, and the Company will take all steps reasonably necessary in order to insure that the Holder is given adequate opportunity to exercise this Warrant prior to such time so as to participate in or vote with respect to such transaction. Each such written notice shall be sufficiently delivered if addressed to Holder at the last address of Holder appearing on the books of the Company and delivered in accordance with Section 14(d).

13. Authorized Shares. The Company covenants that during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of shares solely to provide for the issuance of the Warrant Shares then issuable and deliverable upon the exercise of this entire Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant Shares upon the exercise of this Warrant. The Company will take all such reasonable action as may be necessary so that such Warrant Shares are issued without violation of any applicable law or regulation, or of any requirements of any stock exchange or quotation service upon which the Common Stock is listed or quoted.

The Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities 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 actions as may be necessary or appropriate to protect the rights of Holder against impairment. Without limiting the generality of the foregoing, the Company will (a) not increase the par value of any shares of Common Stock receivable upon the exercise of this Warrant above the amount payable therefor upon such exercise, (b) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant, (c) not close its stockholder books or records in any manner which interferes with the timely exercise of this Warrant, and (d) use its best efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof as may be necessary to enable the Company to perform its obligations under this Warrant.

Upon the request of Holder, the Company will at any time during the period this Warrant is outstanding acknowledge in writing, in form reasonably satisfactory to Holder, the continuing validity of this Warrant and the obligations of the Company hereunder.

Before taking any action which would cause an adjustment reducing the current Exercise Price below the then par value, if any, of the shares of Common Stock issuable upon exercise of the Warrants, the Company shall take any corporate action which may be necessary in order that the Company may validly and legally issue fully paid and non-assessable shares of such Common Stock at such adjusted Exercise Price.

 

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14. Miscellaneous.

(a) Jurisdiction. This Warrant shall be binding upon any successors or assigns of the Company. This Warrant shall constitute a contract under the laws of New York without regard to its principles or rules regarding conflicts of laws.

(b) Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, may have restrictions upon resale imposed by state and federal securities laws.

(c) Non-waiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice Holder’s rights, powers or remedies, notwithstanding all rights hereunder terminate on the Termination Date. If the Company fails to comply with any provision of this Warrant or breaches any term of this Warrant, the Company shall pay to Holder such amounts as shall be sufficient to cover any losses, damages, costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

(d) Notices. Any notice or other communication given hereunder (including without limitation any Exercise Notice) shall be deemed given and effective if in writing and sent by registered or certified mail, return receipt requested, addressed to the Company, at 8720-A Dufrost, St. Leonard, Quebec, Canada H1P 2Z5, Attention: Mr. Derek Ivany, Chief Executive Officer, and to the Holder at the Holder’s address indicated on the last page of this subscription agreement pursuant to which the Holder subscribed for this Warrant (as such address may be amended from time to time). Notices shall be deemed to have been given on the date of mailing, except notices of change of address, which shall be deemed to have been given when received.

(f) Remedies. Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive any defense in any action for specific performance, including that a remedy at law would be adequate.

(g) Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors of the Company and the successors and assigns of Holder.

(h) Indemnification. The Company agrees to indemnify and hold harmless Holder from and against any liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, costs, attorneys’ fees, expenses and disbursements of any kind which may be imposed upon, incurred by or asserted against Holder in any manner relating to or arising out of any failure by the Company to perform or observe in any material respect any of its covenants, agreements, undertakings or obligations set forth in this Warrant; provided, however, that the Company will not be liable hereunder to the extent that any liabilities, obligations, losses,

 

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damages, penalties, actions, judgments, suits, claims, costs, attorneys’ fees, expenses or disbursements are found in a final non-appealable judgment by a court to have resulted from Holder’s negligence, bad faith or willful misconduct in its capacity as a stockholder or warrant holder of the Company.

(j) Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

(k) Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Warrant.

(l) Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized.

Dated              , 2009

 

  Ivany Mining, Inc.
By:  

 

  Authorized Representative

 

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NOTICE OF EXERCISE

 

To: Ivany Mining, Inc.

(1) The undersigned hereby elects to purchase              shares of Common Stock (the “Common Stock”), of Ivany Mining, Inc. pursuant to the terms of the attached Warrant, and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

(2) Please issue a certificate or certificates representing said shares of Common Stock in the name of the undersigned or in such other name as is specified below:

 

 

 

 
  (Name)    
 

 

 
  (Address)    
 

 

 
 

 

 
  Social Security or Tax Identification Number

Dated:                     

 

 

Signature

 

Print Name


ASSIGNMENT FORM

(To assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

                                                                                                                                                            whose address is

                                                                                                                                                                                        .

 

    Dated:                     ,           
  Holder’s Signature:  

 

 
  Holder’s Address:  

 

 
   

 

 

Signature Guaranteed:                                                      

NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

-----END PRIVACY-ENHANCED MESSAGE-----