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EXHIBIT 2



FORM OF "5% REDEEMABLE CONVERTIBLE DEBENTURE DUE MAY 31, 2007"

CHINESEWORLDNET.COM INC.

No. _______

5% REDEEMABLE CONVERTIBLE DEBENTURE DUE MAY 31, 2007



THIS 5% REDEEMABLE CONVERTIBLE DEBENTURE comprises part of a
duly authorized debenture of Chineseworldnet.com Inc., a corporation organized
under the laws of the Cayman Islands and having its principal address at Suite
510, 1199 West Pender Street, Vancouver, BC, V6E 2R1 (the "Company"),
designated as its 5% Redeemable Convertible Debentures due May 31, 2007 in an
aggregate principal amount of $______________ in lawful money of United States
(the "Debentures", each individual debenture being referred to as a "Debenture").



FOR VALUE RECEIVED, the Company promises to pay to the order
of ____________________________________________________________having an address
at ______________________________________________________________________,the holder hereof, or its registered assigns (the "Subscriber"), the
principal sum of US$___________ on May 31, 2007 (the "Maturity Date")
and to pay interest on the principal sum outstanding under this Debenture, at
the simple interest rate of 5% per annum, with such interest payments being
payable semi-annually on October 31 and May 31 of each year during the term of
this Debenture (each such date, "Interest Date"), provided however that
no interest shall accrue on or after a Conversion Date on that portion of the
principal sum outstanding under this Debenture converted into Common Shares.



Monies received by the Subscriber shall be allocated firstly
to payment of all accrued and unpaid interest before any monies shall be paid on
account of the principal sum. Interest shall be calculated based on a 365-day
year.



The interest so payable will be paid to the person in whose
name this Debenture is registered on the records of the Company regarding
registration and transfers of the Debentures (the "Debenture Register")
at the close of business on the record date for interest accrued or payable on
such Interest Date; provided, however, that the Company's obligation to a
transferee of this Debenture arises only if the transfer, sale or other
disposition is made in accordance with Paragraph 2. The record date for any
interest payment or accrual is the close of business on the date five (5)
Business Days prior to the Interest Date



Each Debenture, which is part of the Debentures, shall be
equal in all respects (except as to the quantum of the principal sum advanced by
each Subscriber) and rank pari passu with every other Debenture constituting the
Debentures and without preference or priority on maturity, redemption or
payments to Subscribers. The Subscriber shall receive that proportion of all
moneys due in respect of the Debentures, which the principal amount of the
Debenture held by the Subscriber is of the aggregate principal amount of all
Debentures then outstanding.



The Company is entitled to pre-pay and redeem this Debenture
in whole or in part at any time without bonus or penalty, provided that the
Company provides the Subscriber with thirty (30) days prior written notice of
its interest to pre-pay to allow the Subscriber time to exercise its right of
conversion if it so elects.

The Debenture is subject to the following additional provisions:

|1.  | DEFINITIONS                                                                                                                         
|--- | ------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                     
|(a) | For purposes hereof, the
    following terms shall have the following meanings:                                                     
|    |                                                                                                                                     
|    | "Business Day" means any
    day other than a Saturday, Sunday or statutory holiday in the province of
    British Columbia, Canada;
|    |                                                                                                                                     



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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | "Common Shares" means common shares of the Company
    and any other security into which such Common Shares shall be converted or
    for which they shall be exchanged pursuant to any recapitalization,
    reorganization, merger, consolidation, share exchange or similar
    transaction;                                                                                                                                                                                                                                                                                                                                                        
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | "Conversion Date" shall have the meaning set forth
    in Paragraph 3(d)(i);                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | "Conversion Notice" shall have the meaning set
    forth in Paragraph 3(d)(i);                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | "Conversion Rate" shall have the meaning set forth
    in Paragraph 3(c);                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | "Event of Default" shall have the meaning set
    forth in Paragraph 9;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | "Outstanding Amount" means the principal sum
    outstanding under this Debenture from time to time and all accrued but
    unpaid interest thereon;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | "person" means an individual, partnership,
    venture, unincorporated association, organization, syndicate, corporation,
    limited liability company, or other entity, trust and trustee, executor,
    administrator or other legal or personal representative or any government or
    any agency or political subdivision thereof;                                                                                                                                                                                                                                                                                                               
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|(b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | Whenever the sense of this Debenture requires, words in
    the singular shall be deemed to include the plural and words in the plural
    shall be deemed to include the singular. Paragraph headings are for
    convenience only and shall not affect the interpretation of this document.                                                                                                                                                                                                                                                                                                                                                          
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|2.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | TRANSFERS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|The Subscriber may transfer or
    assign this Debenture or any interest herein (but in no event in an amount
    less than $5,000 in Outstanding Amount); provided, however, that it shall be
    a condition of such transfer or assignment that the Subscriber will furnish
    the Company in advance with evidence reasonably acceptable to the Company to
    the effect that such transfer or assignment is exempt from the registration
    and prospectus requirements under applicable securities laws.
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|3.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | CONVERSION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|(a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | Subscriber's Right to Convert.
    The Outstanding Amount shall be convertible, in whole or in part, at the
    option of the Subscriber at any time and from time to time prior to the
    Maturity Date, into Common Shares of the Company.                                                                                                                                                                                                                                                                                                                                                                                                          
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|(b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | The Company's Right to Shorten
    Conversion Period. At any time during the term of the Debenture, should
    the Common Shares of the Company trade for a period of 30 consecutive
    trading days at an average closing price exceeding $0.80 per Common Share,
    the Company shall have the option, exercisable by providing the Subscriber
    with written notice, of shortening the Subscriber's right to convert the
    Outstanding Amount to a period of thirty (30) days from the date of such
    notice. If the Subscriber does not exercise his right of conversion, the
    Debenture will no longer be convertible to Common Shares.
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|(c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | Conversion Price. The
    Outstanding Amount shall be convertible into one fully paid and
    non-assessable Common Share of the Company (the "Conversion Rate") at a
    price per share that is equal to the higher of 1.) the 30-day closing
    average price of its Common Shares on its principal market which shall be
    initially be the OTC Bulletin Board discounted 20% calculated from the date
    the Conversion Notice is received by the Issuer or 2.) US$0.60 per share,
    subject to adjustment under Paragraph 3(d)(i).                                                                                                         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|(d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | Mechanics of Conversion.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               



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|    | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Mechanics of Conversion by the
    Subscriber. In order to convert the Outstanding Amount into Common
    Shares, the Subscriber shall surrender this Debenture, together with written
    notice in the form of Schedule B, attached hereto (the "Conversion Notice"),
    to the Company that the Subscriber elects to convert all or the portion of
    the Outstanding Amount as specified therein. The aforesaid notice and
    election shall be irrevocable by the Subscriber unless the Company shall
    default in or fail to fulfill any or all of its obligations arising
    hereunder or otherwise by reason of such notice or election, in which case,
    in addition to and not in lieu of any and all other rights and remedies to
    which the Subscriber may thereby be and become entitled, such notice and
    election, by further notice to the Company, may be revoked and rescinded at
    the election of the Subscriber exercised in its sole discretion. Each
    Conversion Notice shall provide for the Subscriber's election to convert at
    least $1,000 of the Outstanding Amount. The date on which a Conversion
    Notice is given (the "Conversion Date") shall be deemed to be the later
    of:(i) the date the Company received by mail or facsimile a duly executed
    Conversion Notice, and (ii) the date specified for conversion in the
    relevant Conversion Notice. Upon receipt of any Conversion Notice, the
    Company shall immediately verify the Subscriber's calculation of the
    Conversion Rate. Unless the Company objects, in writing, to the Subscriber's
    calculation within five (5) Business Days after receipt of the Conversion
    Notice, the Company will be deemed to have accepted such calculation;
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Issuance of Certificates.
    Upon receipt by the Company of a Conversion Notice, the Company shall use
    reasonable commercial efforts to cause the Company's transfer agent for the
    Common Shares to issue and deliver a certificate for the number of Common
    Shares to which the Subscriber shall be entitled upon such conversion as
    promptly as practicable to such Subscriber (or to its direction) and
    thereafter the Outstanding Amount shall be reduced accordingly. Upon
    delivery of the originally signed copy of the Debenture to the Company, the
    Company will deliver to the Subscriber a Debenture for the remaining
    Outstanding Amount;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|(e) | No fractional Common Shares
    shall be issuable hereunder. The number of Common Shares that are issuable
    upon any conversion shall be rounded down to the nearest whole share;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|(f) | The Company shall reserve and
    keep available at all times after the issuance of this Debenture, free of
    preemptive rights, sufficient Common Shares for the purpose of enabling the
    Company to satisfy any obligation to issue Common Shares upon conversion
    into Common Shares of the aggregate Outstanding Amount of the Debentures
    from time to time.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|4.  | SHARE SPLITS, DIVIDENDS, REORGANIZATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|(a) | Common Share Splits, Dividends.
    In case the Company shall at any time subdivide the outstanding Common
    Shares into a greater number of shares, whether by share dividend, share
    split or otherwise, the Conversion Rate in effect immediately prior to such
    subdivision shall be proportionately reduced and the number of Common Shares
    into which the Outstanding Amount is convertible shall be proportionately
    increased. In case the outstanding Common Shares shall be combined into a
    smaller number of shares, the Conversion Rate in effect immediately prior to
    such combination shall be proportionately increased and the number of Common
    Shares into which the Outstanding Amount is convertible hereunder shall be
    proportionately reduced;                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|(b) | Reclassifications of Common
    Shares. After the date hereof, in case of any reclassification or change
    in the outstanding Common Shares, or in case of any consolidation or merger
    to which the Company is a party (except a merger in which the Company is the
    surviving corporation and which does not result in any reclassification or
    change in the outstanding Common Shares), or in case of any sale or
    conveyance to another person or entity of all or substantially all of the
    property of the Company, effective provision shall be made by the Company or
    by the successor or purchasing person that the Subscriber shall have the
    right, upon conversion of this Debenture, at the Conversion Rate in effect
    immediately prior to such reclassification, change, consolidation, merger,
    sale or conveyance for the number of Common Shares that, but for such
    transaction, the Subscriber would have received upon conversion hereunder,
    to receive the kind and amount of Common Shares receivable in such
    transaction by the Company and/or its affiliates;



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|(c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | No Other Anti-dilution Rights.
    Except as expressly set forth herein, the Subscriber shall not be entitled
    to any anti-dilution rights with respect to either (i) the number and kind
    of shares subject to this Debenture or (ii) the Conversion Rate.                                                                                                            
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                              
|5.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | COVENANTS OF THE COMPANY                                                                                                                                                                                                                                                                                                                                                     
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|Operations. The Company
    covenants and agrees with the Subscriber that from and after the date of
    this Debenture until all Outstanding Amounts are paid in full (and/or
    converted into Common Shares), the Company shall:                                                                                                                                                                                                                                                                                                                                                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                              
|(a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Do or cause to be done all
    things necessary to keep in full force and effect its corporate existence
    and all rights, franchises, licenses and qualifications to carry on its
    business or to own property in each jurisdiction in which it carries on a
    material part of its business or owns material property;                                              
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                              
|(b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Duly and punctually pay or
    cause to be paid all principal, interest and other amounts payable by the
    Company under this Debenture on the dates, at the places and in the moneys
    and manner set forth herein; and                                                                                                                                                 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                              
|(c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Promptly advise the Subscriber
    of the occurrence of any Event of Default or any event which, with the
    giving of notice or the passage of time or both, would constitute an Event
    of Default.                                                                                                                                                                     
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                              
|6.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | OBLIGATIONS ABSOLUTE                                                                                                                                                                                                                                                                                                                                                         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|No provision of this Debenture,
    other than those provisions relating to the conversion of the Debentures,
    shall alter or impair the obligation of the Company, which is absolute and
    unconditional, to pay the Outstanding Amount at the time, place and rate,
    and in the manner, herein prescribed.                                                                                                                                                                                                                                                                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                              
|7.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | WAIVERS                                                                                                                                                                                                                                                                                                                                                                      
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|The Company hereby expressly
    waives demand and presentment for payment, notice of nonpayment, protest,
    notice of protest, notice of dishonor, notice of intent to accelerate, prior
    notice of bringing of suit and diligence in taking any action to collect
    amounts called for hereunder and will be directly and primarily liable for
    the payments of all sums owing and to be owing hereon, regardless of and
    without any notice (except as required by law), diligence, act or omission
    as or with respect to the collection of any amount called for hereunder.
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                              
|8                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | REPLACEMENT DEBENTURES                                                                                                                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|Upon receipt by the Company of
    evidence reasonably satisfactory to it of the loss, theft, destruction or
    mutilation of this Debenture, and, in the case of loss, theft or
    destruction, of indemnity or security reasonably satisfactory to it, and
    reimbursement to the Company of all reasonable expenses incidental thereto,
    and upon surrender and cancellation of this Debenture, if mutilated, the
    Company will make and deliver a replacement Debenture of like tenor, in lieu
    of this Debenture.                                                             
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                              
|9.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | DEFAULT                                                                                                                                                                                                                                                                                                                                                                      
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|If one or more of the following
    events (each called an "Events of Default") shall occur:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                              
|(a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | The Company shall fail to
    perform or observe any material covenant, term, provision, condition,
    agreement or obligation of the Company under this Debenture, and such
    failure shall continue uncured for a period of five (5) Business Days after
    written notice from the Subscriber of such failure;                                                        
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                              
|(b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | The Company shall fail to make
    any interest payments when due under this Debenture or fail to issue Common
    Shares upon conversion of this Debenture (other than in accordance with the
    terms of this Debenture), and such failure shall continue uncured for a
    period of five (5) Business Days after written notice from the Subscriber of
    such failure;
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                              
|(c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | The Company shall: (i) become
    insolvent; (ii) admit in writing its inability to pay its debts generally as
    they mature; (iii) make a general assignment for the benefit of creditors or
    commence proceedings for its                                                                                                                                             



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|    | dissolution; or (iv) apply for
    or consent to the appointment of a trustee, liquidator or receiver for it or
    for a substantial part of its property or business;                                                                                                                                                                                                                                                                                                                                                                                                      
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|(d) | A trustee, liquidator or
    receiver shall be appointed for the Company or for a substantial part of its
    property or business without its consent and shall not be discharged within
    sixty (60) days after such appointment;                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|(e) | Any governmental agency or any
    court of competent jurisdiction shall assume custody or control of the whole
    or any substantial portion of the properties or assets of the Company and
    shall not be dismissed within sixty (60) days thereafter;                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|(f) | Bankruptcy, reorganization,
    insolvency or liquidation proceedings or other proceedings, or relief under
    any bankruptcy law or any law for the relief of debt, shall be instituted by
    or against the Company and, if instituted against the Company, shall not be
    dismissed within sixty (60) days after such institution, or the Company
    shall by any action or answer approve of, consent to, or acquiesce in any
    such proceedings or admit to any material allegations of, or default in
    answering a petition filed in, any such proceeding; or
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|(g) | The Company shall make a bulk
    sale of its assets or cease to carry on business;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          



|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|then, or at any time thereafter
    prior to the date on which all continuing Events of Default have been cured,
    and in each and every such case, unless such Event of Default shall have
    been waived in writing by the Subscriber (which waiver shall not be deemed
    to be a waiver of any subsequent default) at the option of the Subscriber
    and in the Subscriber's sole discretion, the Subscriber may, by notice to
    the Company declare this Debenture immediately due and payable, and the
    Subscriber may immediately, and without expiration of any period of grace,
    enforce any and all of the Subscriber's rights and remedies provided herein,
    or any other rights or remedies afforded by law.
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|10.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|In case any provision of this
    Debenture is held by a court of competent jurisdiction to be excessive in
    scope or otherwise invalid or unenforceable, such provision shall be
    adjusted rather than voided, if possible, so that it is enforceable to the
    maximum extent possible, and the validity and enforceability of the
    remaining provisions of this Debenture will not in any way be affected or
    impaired thereby. If such provision is not capable of being adjusted, it
    shall be deemed to be severed herefrom and the validity and enforceability
    of the remaining provisions of this Debenture will not in any way be
    affected or impaired thereby.                                         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|11.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|This Debenture and the
    subscription agreement pursuant to which this Debenture was issued
    constitutes the full and entire understanding and agreement between the
    Company and the Subscriber with respect to the subject hereof. Neither this
    Debenture nor any term hereof may be amended, waived, discharged or
    terminated other than by a written instrument signed by the Company and the
    Subscriber.                                                                                                                                                                                                                                                                                                        
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|12.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|This Debenture shall be binding
    upon the Company and its successors and shall ensure to the benefit of the
    Subscriber and its heirs, executors, legal personal representatives,
    successors and/or assignees, as the case may be. Prior to due presentment
    for transfer of this Debenture, the Company may treat the person in whose
    name this Debenture is duly registered on the Debenture Register as the
    owner hereof for the purpose of receiving payment as herein provided and all
    other purposes, whether or not this Debenture is then overdue, and the
    Company shall not be affected by notice to the contrary.                                                                                 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|13.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|No failure on the part of the
    Subscriber to exercise, and no delay in exercising, any right, remedy or
    power hereunder shall operate as a waiver thereof, nor shall any single or
    partial exercise by the Subscriber of any right, remedy or power hereunder
    preclude any other or future exercise of any other right, remedy or power.
    Each and                                                                                                                                                                                                                                                                                                                                                                     



- 6-

|    | every right, remedy or power
    hereby granted to the Subscriber or allowed it by law or other agreement
    shall be cumulative and not exclusive of any other, and may be exercised by
    the Subscriber from time to time.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|14. | NO RIGHTS AS SHAREHOLDERS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    | Nothing contained in this
    Debenture shall be construed as conferring upon the Subscriber the right to
    vote or to receive dividends or to consent or to receive notice as a
    shareholder in respect of any meeting of shareholders of the Company for the
    election of the directors of the Company or any matter, or any rights
    whatsoever as a shareholder of the Company. The Subscriber shall have no
    rights as a shareholder with respect to any Common Shares receivable upon
    conversion of this Debenture until the Conversion Date. Except as expressly
    set forth herein, no adjustment shall be made for dividends or any other
    rights for which the record date occurs prior to the Conversion Date.                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|15. | NOTICE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    | Unless otherwise provided
    herein, any notice or other communication to a party hereunder (including a
    Conversion Notice) shall be deemed to have been duly given if personally
    delivered or sent by registered mail, postage prepaid with a copy in each
    case sent on the same day to the party by facsimile, or overnight delivery
    or courier service to said party at its address set forth herein or such
    other address as either may designate for itself in such notice to the
    other. Any notice or other communication shall be deemed to have been duly
    given and received when delivered in person, three (3) days after the date
    when posted by registered mail, the next Business Day when posted via
    overnight delivery or courier service, on the date of delivery if delivered
    during normal business hours and, otherwise, the next Business Day when
    transmitted by facsimile, except for a notice changing a party's address,
    which shall be deemed given at the time of receipt thereof. Any notice given
    by other means permitted by this Paragraph shall be deemed given at the time
    of receipt thereof.

Notices to the Company shall be sent to:

| | ChineseWorldNet.com Inc.
    #510 - 1199 West Pender Street
    Vancouver, B.C. V6E 2R1
    Facsimile No. (604) 488-0868
    Attention: Mr. Joe Tai, CEO &
    President
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                         

Notices to the Subscriber shall
    be sent to:

| |                                    
| | -----------------------------------
| | Attn:______________________________
| | Address:___________________________
| | ___________________________________
| | Facsimile No.:                     

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                        
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------
|16.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | CHOICE OF LAW AND VENUE
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|This Debenture shall be
    construed under the laws of the province of British Columbia and the laws of
    Canada applicable therein. Each of the Company and the Subscriber hereby: (i)
    irrevocably submits to the exclusive jurisdiction of the courts in the
    Province of British Columbia for the purposes of any suit, action or
    proceeding arising out of or relating to this Debenture and (ii) waives, and
    agrees not to assert in any such suit, action or proceeding, any claim that
    it is not personally subject to the jurisdiction of such court, that the
    suit, action or proceeding is brought in an inconvenient forum or that the
    venue of the suit, action or proceeding is improper. The Company consents to
    process being served in any such suit, action or proceeding by mailing a
    copy thereof to the Company at the address in effect for notices to it under
    this Debenture and agrees that such service shall constitute good and
    sufficient service of process and notice thereof. Nothing in this paragraph
    shall affect or limit any right to serve process in any other manner
    permitted by law.



- 7-

|17.                                                                                                                                                                                                                                                                                                                                                                                                                                             | TERMINATION AND DISCHARGE
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                               
|Upon the conversion of any or all of the
    Outstanding Amount and the payment by the Company of any Outstanding Amount,
    including accrued interest, not converted hereunder and the issuance of
    Common Shares in respect of any conversion right hereunder, this Debenture
    shall terminate and the Company shall be released and discharged by the
    Subscriber from all of the Company's obligations and agreements hereunder.

IN WITNESS WHEREOF, the Company has caused this Debenture to be duly
executed this ____________ day of May 2004.



| | CHINESEWORLDNET.COM INC.                             
| | -----------------------------------------------------
| |                                                      
| |                                                      
| |                                                      
| | By:
    _____________________________________________
| | Joe Tai, CEO & President