<PAGE>

                                                                     Exhibit 4.3

         THE WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT
         (COLLECTIVELY, THE "SECURITIES") HAVE NOT BEEN REGISTERED UNDER THE
         SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE
         OF THE UNITED STATES (COLLECTIVELY, THE "ACTS"). THE SECURITIES MAY NOT
         BE SOLD, DISTRIBUTED, OFFERED, PLEDGED, ENCUMBERED, ASSIGNED OR
         OTHERWISE TRANSFERRED IN THE ABSENCE OF THE FOLLOWING: (1) AN EFFECTIVE
         REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE ACTS COVERING THE
         TRANSACTION, (2) THE COMPANY RECEIVES AN OPINION OF COUNSEL REASONABLY
         SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED
         UNDER THE ACTS, OR (3) THE COMPANY OTHERWISE SATISFIES ITSELF THAT
         REGISTRATION IS NOT REQUIRED UNDER THE ACTS.

WARRANT NO.: ________                                  NUMBER OF SHARES: 515,625
DATE OF ISSUANCE: FEBRUARY 4, 2004                       (SUBJECT TO ADJUSTMENT)

                             STOCK PURCHASE WARRANT

                          TO SUBSCRIBE FOR AND PURCHASE
                                 COMMON STOCK OF

                            DELPHAX TECHNOLOGIES INC.

                  THIS CERTIFIES THAT, for value received, Tate Capital Partners
Fund, LLC ("Investor"), or registered assigns, is entitled to subscribe for and
purchase from Delphax Technologies Inc. (the "Company"), a corporation organized
and existing under the laws of the State of Minnesota, at the price specified
below (subject to adjustment as noted below) at any time after August 5, 2004 to
and including February 4, 2008 (the "Expiration Date") (the "Share Number")
fully paid and nonassessable shares of common stock (the "Common Stock")
(subject to adjustment as noted below). This Warrant has been issued pursuant to
a Securities Purchase Agreement dated as of the date hereof by and among the
Investor, the other Investors named on the signature pages thereto and the
Company (the "Purchase Agreement"), pursuant to which, among other things, the
Company issued a 7% Convertible Subordinated Note in the original principal
amount of $3,000,000, dated as of the date hereof to the Investor (the
"Convertible Note").

                  The warrant purchase price (subject to adjustment as noted
below) shall be $3.51 per share ("Initial Exercise Price").

                  This Warrant is subject to the following provisions, terms and
conditions:

<PAGE>

                  1.       The rights represented by this Warrant may be
exercised by the holder hereof, in whole or in part, by written notice of
exercise delivered to the Company and by the surrender of this Warrant (properly
endorsed if required) at the principal office of the Company and upon payment to
it by wire transfer, certified check, bank draft or cash of the purchase price
for such shares or by cashless exercise pursuant to paragraph 10. The Company
agrees that the shares so purchased shall be and are deemed to be issued to the
holder hereof as the record owner of such shares as of the close of business on
the date on which this Warrant shall have been surrendered and payment made for
such shares as aforesaid. Subject to the provisions of the next succeeding
paragraph, certificates for the shares of stock so purchased, together with a
check in payment of any fractional share and, in the case of a partial exercise,
a new warrant evidencing the shares remaining subject to this Warrant, shall be
delivered to the holder hereof within a reasonable time, not exceeding 5
business days, after the rights represented by this Warrant shall have been so
exercised.

                  2.       Notwithstanding the foregoing, however, the Company
shall not be required to deliver any certificate for shares of stock upon
exercise of this Warrant except in accordance with the provisions, and subject
to the limitations, of paragraph 6 hereof.

                  3.       The Company represents and warrants that this Warrant
has been duly authorized by all necessary corporate action, has been duly
executed and delivered and is a legal and binding obligation of the Company. The
Company covenants and agrees that all shares which may be issued upon the
exercise of the rights represented by this Warrant according to the terms hereof
will, upon issuance, be duly authorized and issued, fully paid and
nonassessable. The Company further covenants and agrees that during the period
within which the rights represented by this Warrant may be exercised, the
Company will at all times have authorized, and reserved for the purpose of issue
or transfer upon exercise of the subscription rights evidenced by this Warrant,
a sufficient number of shares of its Common Stock to provide for the exercise of
the rights represented by this Warrant. The Company further covenants and agrees
that the Company will not, by amendment of its Articles of Incorporation or
through any reorganization, transfer of assets, consolidation, merger,
dissolution, issue or sale of securities or any other voluntary action, avoid or
seek to avoid the observance or performance of any of the terms of this Warrant,
but will at all times in good faith assist in the carrying out of all such items
and in the taking of all such action as may be necessary or appropriate in order
to protect the rights of the holder hereof against dilution or other impairment.
Without limiting the generality of the foregoing, the Company will not increase
the par value of any shares of stock receivable on the exercise of this Warrant
above the amount payable therefor on such exercise.

                  4.       The above provisions are, however, subject to the
following:

                  (a)      The Initial Exercise Price shall, from and after the
date of issuance of this Warrant, be subject to adjustment from time to time as
hereinafter provided. Upon each adjustment of the Initial Exercise Price, the
holder of this Warrant shall thereafter be entitled to purchase, at the Initial
Exercise Price resulting from such adjustment, the number of shares obtained by
multiplying the warrant purchase price in effect immediately prior to such
adjustment by the number of shares purchasable pursuant hereto immediately prior
to such

                                       2
<PAGE>

adjustment and dividing the product thereof by the warrant purchase price
resulting from such adjustment.

                  (b)      In case the Company shall (i) declare a dividend upon
the Common Stock payable in Common Stock (other than a dividend declared to
effect a subdivision of the outstanding shares of Common Stock, as described in
subparagraph (c) below) or any obligations or any shares of stock of the Company
which are convertible into or exchangeable for Common Stock (such obligations or
shares of stock being hereinafter referred to as "Convertible Securities"), or
in any rights or options to purchase any Common Stock or Convertible Securities,
or (ii) declare any other dividend or make any other distribution upon the
Common Stock payable otherwise than out of earnings or earned surplus, then
thereafter the holder of this Warrant upon the exercise hereof will be entitled
to receive the number of shares of Common Stock to which such holder shall be
entitled upon such exercise, and, in addition and without further payment
therefor, such number of shares of Common Stock, such that upon exercise hereof,
such holder would receive such number of shares of Common Stock as a result of
each dividend described in clause (i) above and each dividend or distribution
described in clause (ii) above which such holder would have received by way of
any such dividend or distribution if continuously since the record date for any
such dividend or distribution such holder (i) had been the record holder of the
number of shares of Common Stock then received, and (ii) had retained all
dividends or distributions in stock or securities (including Common Stock or
Convertible Securities, or in any rights or options to purchase any Common Stock
or Convertible Securities) payable in respect of such Common Stock or in respect
of any stock or securities paid as dividends or distributions and originating
directly or indirectly from such Common Stock. For the purposes of the
foregoing, a dividend or distribution other than in cash shall be considered
payable out of earnings or surplus only to the extent that such earnings or
surplus are charged an amount equal to the fair value of such dividend as
determined by the Board of Directors of the Company.

                  (c)      In case the Company shall at any time subdivide its
outstanding shares of Common Stock into a greater number of shares, the warrant
purchase price in effect immediately prior to such subdivision shall be
proportionately reduced, and conversely, in case the outstanding shares of
Common Stock of the Company shall be combined into a smaller number of shares,
the warrant purchase price in effect immediately prior to such combination shall
be proportionately increased.

                  (d)      If any capital reorganization or reclassification of
the capital stock of the Company, or consolidation or merger of the Company with
another corporation, or the sale of all or substantially all of its assets to
another corporation shall be effected in such a way that holders of Common Stock
shall be entitled to receive stock, securities or assets with respect to or in
exchange for Common Stock, then, as a condition of such reorganization,
reclassification, consolidation, merger or sale, lawful and adequate provision
shall be made whereby the holder hereof shall thereafter have the right to
purchase and receive, upon the basis and upon the terms and conditions specified
in this Warrant and in lieu of the shares of the Common Stock of the Company
immediately theretofore purchasable and receivable upon the exercise of the
rights represented hereby, such shares of stock, securities or assets as may be
issued or payable with

                                       3
<PAGE>

respect to or in exchange for a number of outstanding shares of such Common
Stock equal to the number of shares of such stock immediately theretofore
purchasable and receivable upon the exercise of the rights represented hereby
had such reorganization, reclassification, consolidation, merger or sale not
taken place, and in any such case appropriate provision shall be made with
respect to the rights and interests of the holder of this Warrant to the end
that the provisions hereof (including without limitation provisions for
adjustments of the warrant purchase price and of the number of shares
purchasable upon the exercise of this Warrant) shall thereafter be applicable,
as nearly as may be, in relation to any shares of stock, securities or assets
thereafter deliverable upon the exercise hereof. The Company shall not effect
any such consolidation, merger or sale, unless prior to the consummation thereof
the successor corporation (if other than the Company) resulting from such
consolidation or merger or the corporation purchasing such assets shall assume,
by written instrument executed and mailed to the registered holder hereof at the
last address of such holder appearing on the books of the Company, the
obligation to deliver to such holder such shares of stock, securities or assets
as, in accordance with the foregoing provisions, such holder may be entitled to
purchase.

                  (e)      Upon any adjustment of the warrant purchase price,
then and in each such case the Company shall give written notice thereof, by
first-class mail, postage prepaid, addressed to the registered holder of this
Warrant at the address of such holder as shown on the books of the Company,
which notice shall state the warrant purchase price resulting from such
adjustment and the increase or decrease, if any, in the number of shares
purchasable at such price upon the exercise of this Warrant, setting forth in
reasonable detail the method of calculation and the facts upon which such
calculation is based.

                  (f)      In case any time:

                           (1)      the Company shall declare any cash dividend
         on its capital stock at a rate in excess of the rate of the last cash
         dividend theretofore paid;

                           (2)      the Company shall pay any dividend payable
         in stock upon its capital stock or make any distribution (other than
         regular cash dividends) to the holders of its capital stock;

                           (3)      the Company shall offer for subscription pro
         rata to the holders of its capital stock any additional shares of stock
         of any class or other rights;

                           (4)      there shall be any capital reorganization,
         or reclassification of the capital stock of the Company, or
         consolidation or merger of the Company with, or sale of all or
         substantially all of its assets to, another corporation; or

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

                                       4
<PAGE>

then, in any one or more of said cases, the Company shall give written notice,
by first-class mail, postage prepaid, addressed to the registered holder of this
Warrant at the address of such holder as shown on the books of the Company, of
the date on which (aa) the books of the Company shall close or a record shall be
taken for such dividend, distribution or subscription rights, or (bb) such
reorganization, reclassification, consolidation, merger, sale, dissolution,
liquidation or winding up, or conversion or redemption shall, or is expected to,
take place, as the case may be. Such notice shall also specify the date as of
which the holders of capital stock of record shall participate in such dividend,
distribution or subscription rights, or shall be entitled to exchange their
capital stock for securities or other property deliverable upon such
reorganization, reclassification, consolidation, merger, sale, dissolution,
liquidation or winding up, or conversion or redemption, as the case may be. Such
written notice shall be given at least 20 days prior to the action in question
and not less than 20 days prior to the record date or the date on which the
Company's transfer books are closed in respect thereto.

                  (g)      If any event occurs as to which in the opinion of the
Board of Directors of the Company the other provisions of this paragraph 4 are
not strictly applicable or if strictly applicable would not fairly protect the
purchase rights of the holder of this Warrant or of Common Stock in accordance
with the essential intent and principles of such provisions, then the Board of
Directors shall make an adjustment in the application of such provisions, in
accordance with such essential intent and principles, so as to protect such
purchase rights as aforesaid.

                  (h)      No fractional shares of Common Stock shall be issued
upon the exercise of this Warrant, but, instead of any fraction of a share which
would otherwise be issuable, the Company shall pay a cash adjustment (which may
be effected as a reduction of the amount to be paid by the holder hereof upon
such exercise) in respect of such fraction in an amount equal to the same
fraction of the Market Price per share of Common Stock as of the close of
business on the date of the notice required by paragraph l above. "Market Price"
shall mean, if the Common Stock is traded on a securities exchange or on the
NASDAQ National Market System, the average of the closing prices of the Common
Stock on such exchange or the NASDAQ National Market System on the 20 trading
days ending on the trading day prior to the date of determination, or, if the
Common Stock is otherwise traded in the over-the-counter market, the average of
the closing bid prices on the 20 trading days ending on the trading day prior to
the date of determination. If at any time the Common Stock is not traded on an
exchange or the NASDAQ National Market System, or otherwise traded in the
over-the-counter market, the Market Price shall be deemed to be the higher of
(i) the book value thereof as determined by any firm of independent public
accountants of recognized standing selected by the Board of Directors of the
Company as of the last day of any month ending within 60 days preceding the date
as of which the determination is to be made, or (ii) the fair value thereof
determined in good faith by the Board of Directors of the Company as of a date
which is within 15 days of the date as of which the determination is to be made.

                  (i)      Notwithstanding anything to the contrary contained in
this Warrant, the payment of the PIK Interest Shares (as defined in the Purchase
Agreement) by the Company to holders of the Company's 7% convertible
subordinated notes issued pursuant to the Purchase Agreement shall not trigger
any of the anti-dilution provisions specified under this paragraph 4.

                                       5
<PAGE>

                  5.       This Warrant shall not entitle the holder hereof to
any voting rights or other rights as a shareholder of the Company.

                  6.       The holder of this Warrant, by acceptance hereof,
agrees to give written notice to the Company before transferring this Warrant or
transferring any Common Stock issuable or issued upon the exercise hereof (if
and only if there is no effective Registration Statement) of such holder's
intention to do so, describing briefly the manner of any proposed transfer of
this Warrant or such holder's intention as to the disposition to be made of
shares of Common Stock issuable or issued upon the exercise hereof. If
applicable, such holder shall also provide the Company with an opinion of
counsel satisfactory to the Company to the effect that the proposed transfer of
this Warrant or disposition of shares may be effected without registration or
qualification (under any federal or state law) of this Warrant or the shares of
Common Stock issuable or issued upon the exercise hereof. Upon receipt of such
written notice and opinion (if applicable) by the Company, such holder shall be
entitled to transfer this Warrant, or to exercise this Warrant in accordance
with its terms and dispose of the shares received upon such exercise or to
dispose of shares of Common Stock received upon the previous exercise of this
Warrant, all in accordance with the terms of the notice delivered by such holder
to the Company, provided that an appropriate legend respecting the aforesaid
restrictions on transfer and disposition may be endorsed on this Warrant or the
certificates for such shares.

                  7.       Subject to the provisions of paragraph 6 hereof, this
Warrant and all rights hereunder are transferable, in whole or in part, at the
principal office of the Company by the holder hereof in person or by duly
authorized attorney, upon surrender of this Warrant properly endorsed. Each
taker and holder of this Warrant, by taking or holding the same, consents and
agrees that the bearer of this Warrant, when endorsed, may be treated by the
Company and all other persons dealing with this Warrant as the absolute owner
hereof for any purpose and as the person entitled to exercise the rights
represented by this Warrant, or to the transfer hereof on the books of the
Company, any notice to the contrary notwithstanding; but until such transfer on
such books, the Company may treat the registered holder hereof as the owner for
all purposes.

                  8.       This Warrant is exchangeable, upon the surrender
hereof by the holder hereof at the principal office of the Company, for new
Warrants of like tenor representing in the aggregate the right to subscribe for
and purchase the number of shares which may be subscribed for and purchased
hereunder, each of such new Warrants to represent the right to subscribe for and
purchase such number of shares as shall be designated by said holder hereof at
the time of such surrender.

                  9.       The Company covenants and agrees that the holder
hereof shall have the rights of an Investor under the Purchase Agreement and
Registration Rights Agreement, each dated as of the date hereof among the
Company and the Investors named on the signature pages thereto.

                  10. (a)  In addition to and without limiting the rights of the
holder of this Warrant under the terms of this Warrant, the holder of this
Warrant shall have the right (the "Conversion

                                       6
<PAGE>

Right") to convert this Warrant or any portion thereof into shares of Common
Stock as provided in this paragraph 10 at any time or from time to time prior to
its expiration. Upon exercise of the Conversion Right with respect to a
particular number of shares subject to this Warrant (the "Converted Warrant
Shares"), the Company shall deliver to the holder of this Warrant, without
payment by the holder of any exercise price or any cash or other consideration,
that number of shares of Common Stock equal to the quotient obtained by dividing
the Net Value (as hereinafter defined) of the Converted Warrant Shares by the
fair market value (as defined in paragraph (c) below) of a single share of
Common Stock, determined in each case as of the Conversion Date (as hereinafter
defined). The "Net Value" of the Converted Warrant Shares shall be determined by
subtracting the aggregate warrant purchase price of the Converted Warrant Shares
from the aggregate fair market value of the Converted Warrant Shares.
Notwithstanding anything in this paragraph 10 to the contrary, the Conversion
Right cannot be exercised with respect to a number of Converted Warrant Shares
having a Net Value below $100. No fractional shares shall be issuable upon
exercise of the Conversion Right, and if the number of shares to be issued in
accordance with the foregoing formula is other than a whole number, the Company
shall pay to the holder of this Warrant an amount in cash equal to the fair
market value of the resulting fractional share.

                  (b)      For purposes of this paragraph 10, the "fair market
value" of a share of Common Stock as of a particular date shall be its Market
Price, calculated as described in paragraph 4(f) hereof (assuming for this
purpose that references to "date of determination" (or words of similar import)
in paragraph 4(f) shall be deemed references to "Conversion Date").

                  11.      No holder of this Warrant shall have the right to
exercise this Warrant, to the extent that after giving effect to such exercise,
such holder (together with such holder's affiliates) would beneficially own in
excess of 4.99% of the shares of the Common Stock outstanding immediately after
giving effect to such exercise. For purposes of the foregoing sentence, the
aggregate number of shares of Common Stock beneficially owned by such holder and
its affiliates shall include the number of shares of Common Stock issuable upon
exercise of this Warrant with respect to which the determination of such
sentence is being made, but shall exclude shares of Common Stock which would be
issuable upon (i) exercise of the remaining, unexercised portion of this Warrant
beneficially owned by such holder and its affiliates and (ii) exercise or
conversion of the unexercised or unconverted portion of any other securities of
the Company beneficially owned by such holder and its affiliates (including,
without limitation, any convertible notes or convertible preferred stock or
warrants) subject to a limitation on conversion or exercise analogous to the
limitation contained herein. Except as set forth in the preceding sentence, for
purposes of this paragraph, beneficial ownership shall be calculated in
accordance with Section 13(d) of the Securities Exchange Act of 1934, as
amended. For purposes of this Warrant, in determining the number of outstanding
shares of Common Stock, a holder may rely on the number of outstanding shares of
Common Stock as reflected in (1) the Company's most recent Quarterly Report on
Form 10-Q, Annual Report on Form 10-K or other public filing with the SEC, as
the case may be, (2) a more recent public announcement by the Company or (3) any
other notice by the Company or its transfer agent setting forth the number of
shares of Common Stock outstanding. For any reason at any time, upon the written
or oral request of the holder of this Warrant, the Company shall, within three
(3) business days, confirm orally or in writing to

                                       7
<PAGE>

the holder of this Warrant the number of shares of Common Stock then
outstanding. In any case, the number of outstanding shares of Common Stock shall
be determined after giving effect to the conversion or exercise of securities of
the Company by the holder of this Warrant and its affiliates since the date as
of which such number of outstanding shares of Common Stock was reported. The
restriction described in this paragraph 11 may be revoked upon 60 days prior
written notice by the holder hereof to the Company.

                  12.      All questions concerning this Warrant will be
governed and interpreted and enforced in accordance with the internal law, not
the law of conflicts, of the State of Minnesota.

                  13.      If this Warrant is lost, stolen, mutilated or
destroyed, the Company may, upon the making of an affidavit of the fact that the
person claiming the Warrant to be lost, stolen, mutilated or destroyed and on
such terms as to indemnity or otherwise as the Company may reasonably impose
(which shall, in the case of a mutilated Warrant, include the surrender
thereof), issue a new Warrant of like denomination and tenor as the Warrant so
lost, stolen, mutilated or destroyed.

                  14.      Receipt of this Warrant by the holder hereof shall
constitute acceptance of and agreement to all of the terms and conditions
contained herein.

                            [signature page follows]

                                       8
<PAGE>

         IN WITNESS WHEREOF, Delphax Technologies Inc. has caused this Warrant
to be signed by its duly authorized officer and this Warrant to be dated as of
the date first written above.

                                              DELPHAX TECHNOLOGIES INC.

                                              By /s/ Robert M. Barniskis
                                                 -------------------------------
                                                 Robert M. Barniskis

                                              Its VICE PRESIDENT,CHIEF FINANCIAL
                                                  OFFICE AND SECRETARY


                                       9
<PAGE>

                                SUBSCRIPTION FORM

           To be Executed by the Holder of this Warrant if such Holder
              Desires to Exercise this Warrant in Whole or in Part:

To:  Delphax Technologies Inc. (the "Company")

         The undersigned ___________________________________

                     Please insert Social Security or other
                        identifying number of Subscriber:

hereby irrevocably elects to exercise the right of purchase represented by this
Warrant for, and to purchase thereunder, ___________ shares of the Common Stock
(the "Common Stock") provided for therein and [CIRCLE EITHER (A) OR (B)] (a)
tenders payment herewith to the order of the Company in the amount of
$___________, such payment being made as provided on the face of this Warrant;
or (b) hereby exercises the Conversion Right as to the number of shares of
Common Stock set forth above in accordance with paragraph 10 of the Warrant.

         By delivering this exercise notice, the undersigned owner represents
and warrants ("X" next to applicable provision):

[__]     1.       that it does not now, nor after giving effect to this exercise
                  will it, beneficially own in excess of 4.99% of the
                  outstanding shares of Common Stock of the Company, calculated
                  pursuant to the provisions of Paragraph 11 of the Warrant; or

[__]     2.       that it has provided, at least 60 days prior to the date of
                  this notice of exercise, notice to the Company of its
                  revocation of the application of Paragraph 11 of the Warrant.

                  The undersigned requests that certificates for such shares of
Common Stock be issued as follows:

Name: __________________________________________________________________________

Address: _______________________________________________________________________

Deliver to: ____________________________________________________________________

Address: _______________________________________________________________________

                                       10
<PAGE>

and, if such number of shares of Common Stock shall not be all the shares of
Common Stock purchasable hereunder, that a new Warrant for the balance remaining
of the shares of Common Stock purchasable under this Warrant be registered in
the name of, and delivered to, the undersigned at the address stated above.

Dated:

                                              Signature ________________________
                                                   Note: The signature on this
                                                   Subscription Form must
                                                   correspond with the name as
                                                   written upon the face of this
                                                   Warrant in every particular,
                                                   without alteration or
                                                   enlargement or any change
                                                   whatever.

                                       11
<PAGE>

                               FORM OF ASSIGNMENT
                       (To Be Signed Only Upon Assignment)

                  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto this Warrant, and appoints_______________________________________
to transfer this Warrant on the books of the Company with the full power of
substitution in the premises.

Dated: ________________

In the presence of:

_______________________

                                             ___________________________________

                                             (Signature  must  conform in all
                                             respects  to the name of the holder
                                             as  specified  on the  face  of
                                             this  Warrant  without alteration,
                                             enlargement  or any  change
                                             whatsoever, and the signature must
                                             be guaranteed in the usual manner)

                                       12