Exhibit 4.11

           WARRANT AGREEMENT dated as of March 22, 2001 between E-Cruiter.com
Inc., a corporation incorporated under the Canada Business Corporation Act (the
"Company"), and BlueStone Capital Corp., formerly known as Whale Securities Co.,
L.P. (hereinafter referred to as the "Underwriter").

                              W I T N E S S E T H:
                              - - - - - - - - - -

           WHEREAS, the Company proposes to issue to the Underwriter and/or its
Designees warrants (the "Warrants") to purchase up to 245,000 (as such number
may be adjusted from time to time pursuant to Article 8 of this Agreement)
Common Shares of the Company, at the fair market value of the Shares;

           NOW, THEREFORE, in consideration of the premises, the payment by the
Underwriter to the Company of One Hundred Dollars ($100.00), the agreements
herein set forth and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

           1. Grant.

           The Underwriter and/or the Designees are hereby granted the right to
purchase, at any time from March 22, 2001, until 5:00 P.M., New York time, on
March 22, 2005 (the "Warrant Exercise Term"), up to 245,000 fully-paid and



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non-assessable Shares at an initial exercise price (subject to adjustment as
provided in Article 8 hereof) of US$1.00 per Share.

           2. Warrant Certificates.

           The warrant certificates delivered and to be delivered pursuant to
this Agreement (the "Warrant Certificates") shall be in the form set forth in
Exhibit A attached hereto and made a part hereof, with such appropriate
insertions, omissions, substitutions and other variations as required or
permitted by this Agreement.

           3. Exercise of Warrant.

           3.1 Cash Exercise. The Warrants initially are exercisable at a price
of US$1.00 per Share, payable in cash or by check to the order of the Company,
or any combination thereof, subject to adjustment as provided in Article 8
hereof. Upon surrender of the Warrant Certificate with the annexed Form of
Election to Purchase duly executed, together with payment of the Exercise Price
(as hereinafter defined) for the Shares purchased, at the Company's principal
offices in Ottawa, Canada, (currently located at 495 March Road, Suite 300,
Ottawa, Ontario K2K 3G1) the registered holder of a Warrant Certificate("Holder"
or "Holders") shall be entitled to receive a certificate or certificates for the
Shares so purchased. The purchase rights represented by each Warrant Certificate
are exercisable at the option of the Holder thereof, in whole or in part (but




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not as to fractional Shares). In the case of the purchase of less than all the
Shares purchasable under any Warrant Certificate, the Company shall cancel said
Warrant Certificate upon the surrender thereof and shall execute and deliver a
new Warrant Certificate of like tenor for the balance of the Shares purchasable
thereunder.

           3.2 Cashless Exercise. At any time during the Warrant Exercise Term,
the Holder may, at the Holder's option, exchange, in whole or in part, the
Warrants represented by such Holder's Warrant Certificate (a "Warrant
Exchange"), into the number of Shares determined in accordance with this Section
3.2, by surrendering such Warrant Certificate at the principal office of the
Company or at the office of its transfer agent, accompanied by a notice stating
such Holder's intent to effect such exchange, the number of Warrants to be so
exchanged and the date on which the Holder requests that such Warrant Exchange
occur (the "Notice of Exchange"). The Warrant Exchange shall take place on the
date specified in the Notice of Exchange or, if later, the date the Notice of
Exchange is received by the Company (the "Exchange Date"). Certificates for the
Shares issuable upon such Warrant Exchange and, if applicable, a new Warrant
Certificate of like tenor representing the Warrants which were subject to the



                                       3
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surrendered Warrant Certificate and not included in the Warrant Exchange, shall
be issued as of the Exchange Date and delivered to the Holder within three (3)
business days following the Exchange Date. In connection with any Warrant
Exchange, the Holder shall be entitled to subscribe for and acquire (i) the
number of Shares (rounded to the next highest integer) which would, but for the
Warrant Exchange, then be issuable pursuant to the provision of Section 3.1
above upon the exercise of the Warrants specified by the Holder in its Notice of
Exchange (the "Total Number") less (ii) the number of Shares equal to the
quotient obtained by dividing (a) the product of the Total Number and the
existing Exercise Price (as hereinafter defined) by (b) the Market Price (as
hereinafter defined) of a Public Share on the day preceding the Exchange Date.
"Market Price" at any date shall be deemed to be the last reported sale price,
or, in case no such reported sales takes place on such day, the average of the
last reported sale prices for the last three (3) trading days, in either case as
officially reported by the principal securities exchange on which the Common
Shares are listed or admitted to trading or as reported in the NASDAQ National
Market System, or, if the Common Shares are not listed or admitted to trading on
any national securities exchange or quoted on the NASDAQ National Market System,



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the closing bid price as furnished by (i) the National Association of Securities
Dealers, Inc. through Nasdaq or (ii) a similar organization if Nasdaq is no
longer reporting such information.

           4. Issuance of Certificates.

           Upon the exercise of the Warrants, the issuance of certificates for
the Shares purchased shall be made forthwith (and in any event within three (3)
business days thereafter) without charge to the Holder thereof including,
without limitation, any tax which may be payable in respect of the issuance
thereof, and such certificates shall (subject to the provisions of Article 5
hereof) be issued in the name of, or in such names as may be directed by, the
Holder thereof; provided, however, that the Company shall not be required to pay
any tax which may be payable in respect of any transfer involved in the issuance
and delivery of any such certificates in a name other than that of the Holder
and the Company shall not be required to issue or deliver such certificates
unless or until the person or persons requesting the issuance thereof shall have
paid to the Company the amount of such tax or shall have established to the
satisfaction of the Company that such tax has been paid.

           The Warrant Certificates and the certificates representing the Shares
shall be executed on behalf of the Company by the manual or facsimile signature
of the present or any future Chairman or Vice Chairman of the Board of
Directors, Chief Executive Officer or President or Vice President of the Company



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and the Secretary of the Company under its corporate seal reproduced thereon,
attested to by the manual or facsimile signature of the present or any future
Secretary or Assistant Secretary of the Company. Warrant Certificates shall be
dated the date of execution by the Company upon initial issuance, division,
exchange, substitution or transfer.

           Upon exercise, in part or in whole, of the Warrants, certificates
representing the Shares shall bear a legend substantially similar to the
following:

                     "The securities represented by this certificate have not
                     been registered for purposes of public distribution under
                     the Securities Act of 1933, as amended (the "Act"), and may
                     not be offered or sold except (i) pursuant to an effective
                     registration statement under the Act, (ii) to the extent
                     applicable, pursuant to Rule 144 under the Act (or any
                     similar rule under such Act relating to the disposition of
                     securities), or (iii) upon the delivery by the holder to
                     the Company of an opinion of counsel, reasonably
                     satisfactory to counsel to the Company, stating that an
                     exemption from registration under such Act is available."

           5. Restriction on Transfer of Warrants.

           The Holder of a Warrant Certificate, by the Holder's acceptance
thereof, covenants and agrees that the Warrants are being acquired as an
investment and not with a view to the distribution thereof, and that the



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Warrants may not be sold, transferred, assigned, hypothecated or otherwise
disposed of, in whole or in part, for a period of one (1) year from the date
hereof, except to the Designees.

           6. Price.

           6.1. Initial and Adjusted Exercise Price. The initial exercise price
of each Warrant shall be US$1.00 per Share. The adjusted exercise price per
Share shall be the price which shall result from time to time from any and all
adjustments of the initial exercise price per Share in accordance with the
provisions of Article 8 hereof.

           6.2. Exercise Price. The term "Exercise Price" herein shall mean the
initial exercise price or the adjusted exercise price, depending upon the
context.

           7. Registration Rights.

           7.1. Registration Under the Securities Act of 1933. None of the
Warrants or Shares have been registered for purposes of public distribution
under the Securities Act of 1933, as amended (the "Act").

           7.2. Registrable Securities. As used herein the term "Registrable
Security" means each of the Warrants, the Shares and any Common Shares issued
upon any share split or share dividend in respect of such Shares; provided,



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however, that with respect to any particular Registrable Security, such security
shall cease to be a Registrable Security when, as of the date of determination,
(i) it has been effectively registered under the Act and disposed of pursuant
thereto, (ii) registration under the Act is no longer required for the
subsequent public distribution of such security or (iii) it has ceased to be
outstanding. The term "Registrable Securities" means any and/or all of the
securities falling within the foregoing definition of a "Registrable Security."
In the event of any merger, reorganization, consolidation, recapitalization or
other change in corporate structure affecting the Common Shares, such adjustment
shall be made in the definition of "Registrable Security" as is appropriate in
order to prevent any dilution or enlargement of the rights granted pursuant to
this Article 7.

           7.3. Piggyback Registration. If, at any time during the seven years
following the date hereof, the Company proposes to prepare and file one or more
post-effective amendments to the registration statement filed in connection with
the Public Offering or any new registration statement or post-effective
amendments thereto under the Act covering equity securities (or debt securities
convertible into equity securities) of the Company, or any such securities of



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<PAGE>
the Company held by its shareholders (in any such case, other than in connection
with a merger, acquisition or pursuant to Form S-8 or successor form), (for
purposes of this Article 7, collectively, the "Registration Statement"), it will
give written notice of its intention to do so by registered mail ("Notice"), at
least thirty (30) business days prior to the filing of each such Registration
Statement, to all holders of the Registrable Securities. Upon the written
request of such a holder (a "Requesting Holder"), made within twenty (20)
business days after receipt of the Notice, that the Company include any of the
Requesting Holder's Registrable Securities in the proposed Registration
Statement, the Company shall, as to each such Requesting Holder, use its best
efforts to effect the registration under the Act of the Registrable Securities
which it has been so requested to register ("Piggyback Registration"), at the
Company's sole cost and expense and at no cost or expense to the Requesting
Holders (except as provided in Section 7.5(b) hereof). In the event that any
registration pursuant to this Section 7.3 shall be, in whole or in part, an
underwritten public offering of Common Shares, the number of Registrable
Securities to be included in such an underwriting may be reduced if and to the
extent that the managing underwriter shall be of the opinion that such inclusion



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<PAGE>
would adversely affect the marketing of the securities to be sold by the Company
therein, provided, however, that such reduction shall be applied to the
Registrable Securities requested to be included by the Requesting Holders in
such manner that the securities to be sold shall be allocated among the
Requesting Holders pro rata based on their ownership of Registrable Securities;
and provided, further, that such number of Registrable Securities shall not be
reduced if any securities are to be included in such underwriting for the
account of any person other than the Company or Requesting Holders holding
Registrable Securities. Notwithstanding the foregoing provisions, the Company
may withdraw any Registration Statement referred to in this Section 7.3.

           7.4. Demand Registration.

           (a) At any time during the Warrant Exercise Term, any "Majority
Holder" (as such term is defined in Section 7.4(d) below) of the Registrable
Securities shall have the right (which right is in addition to the piggyback
registration rights provided for under Section 7.3 hereof), exercisable by
written notice to the Company (the "Demand Registration Request"), to have the
Company prepare and file with the Securities and Exchange Commission (the
"Commission"), on one occasion, at the sole expense of the Company (except as



                                       10
<PAGE>
provided in Section 7.5(b) hereof), a Registration Statement and such other
documents, including a prospectus, as may be necessary (in the opinion of both
counsel for the Company and counsel for such Majority Holder), in order to
comply with the provisions of the Act, so as to permit a public offering and
sale of the Registrable Securities by the holders thereof. The Company shall use
its best efforts to cause the Registration Statement to become effective under
the Act, so as to permit a public offering and sale of the Registrable
Securities by the holders thereof. Once effective, the Company will use its best
efforts to maintain the effectiveness of the Registration Statement until the
earlier of (i) the date that all of the Registrable Securities have been sold or
(ii) the date that the holders of the Registrable Securities receive an opinion
of counsel to the Company that all of the Registrable Securities may be freely
traded (without limitation or restriction as to quantity or timing and without
registration under the Act) under Rule 144(k) promulgated under the Act or
otherwise.

           (b) The Company covenants and agrees to give written notice of any
Demand Registration Request to all holders of the Registrable Securities within
ten (10) business days from the date of the Company's receipt of any such Demand
Registration Request. After receiving notice from the Company as provided in



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this Section 7.4(b), holders of Registrable Securities may request the Company
to include their Registrable Securities in the Registration Statement to be
filed pursuant to Section 7.4(a) hereof by notifying the Company of their
decision to have such securities included within ten (10) days of their receipt
of the Company's notice.

           (c) Notwithstanding anything to the contrary set forth in this
Section 7.4, the Company's obligation to register Registrable Securities under
the Act pursuant to a Demand Registration Request may, upon the reasonable
determination of the Board of Directors of the Company made only once during any
12-month period, be suspended in the event of a transaction or the occurrence of
an event which would require additional disclosure of material information by
the Company in the Registration Statement as to which the Company has a bona
fide business purpose for preserving confidentiality or which renders the
Company unable to comply with Commission requirements (such unforeseen
circumstances a "Suspension Event") which would make it impractical or
unadvisable for the Company to file the Registration Statement or to cause such
to become effective. Such suspension shall continue only for so long as such
event is continuing but in no event for a period longer than sixty (60) days.



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The Company shall notify holders of Registrable Securities of the existence and
nature of any Suspension Event.

           (d) The term "Majority Holder" as used in Section 7.4 hereof shall
mean any holder or any combination of holders of Registrable Securities, if
included in such holders' Registrable Securities are that aggregate number of
Common Shares (including Shares already issued and Shares issuable pursuant to
the exercise of outstanding Warrants) as would constitute a majority of the
aggregate number of Shares (including Shares already issued and Shares issuable
pursuant to the exercise of outstanding Warrants) included in all the
Registrable Securities.

           7.5. Covenants of the Company With Respect to Registration. The
Company covenants and agrees as follows:

           (a) In connection with any registration under and except as otherwise
permitted under Section 7.4 hereof, the Company shall file the Registration
Statement as expeditiously as possible, but in any event no later than thirty
(30) days following receipt of any demand therefor, shall use its best efforts
to have any such Registration Statement declared effective at the earliest
possible time, and shall furnish each holder of Registrable Securities such



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number of prospectuses as shall reasonably be requested.

           (b) The Company shall pay all costs, fees and expenses (other than
underwriting fees, discounts and nonaccountable expense allowance applicable to
the Registrable Securities and the fees and expenses of counsel retained by the
holders of Registrable Securities) in connection with all Registration
Statements filed pursuant to Sections 7.3 and 7.4(a) hereof including, without
limitation, the Company's legal and accounting fees, printing expenses, and blue
sky fees and expenses.

           (c) The Company will take all necessary action which may be required
in qualifying or registering the Registrable Securities included in the
Registration Statement for offering and sale under the securities or blue sky
laws of such states as are reasonably requested by the holders of such
securities; provided that no such qualification will be required in any
jurisdiction where, solely as a result thereof, the Company would be subject to
service of general process or to taxation or qualification as a foreign
corporation doing business in such jurisdiction.

           (d) The Company shall indemnify any holder of the Registrable
Securities to be sold pursuant to any Registration Statement and any underwriter
or person deemed to be an underwriter under the Act and each person, if any, who



                                       14
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controls such holder or underwriter or person deemed to be an underwriter within
the meaning of Section 15 of the Act or Section 20(a) of the Securities Exchange
Act of 1934, as amended ("Exchange Act"), against all loss, claim, damage,
expense or liability (including all expenses reasonably incurred in
investigating, preparing or defending against any claim whatsoever) to which any
of them may become subject under the Act, the Exchange Act or otherwise, arising
from such Registration Statement to the same extent and with the same effect as
the provisions pursuant to which the Company has agreed to indemnify the
Underwriter as set forth in Section 7 of the Underwriting Agreement and to
provide for just and equitable contribution as set forth in Section 8 of the
Underwriting Agreement.

           (e) Any holder of Registrable Securities to be sold pursuant to a
Registration Statement, and such holder's successors and assigns, shall
severally, and not jointly, indemnify, the Company, its officers and directors
and each person, if any, who controls the Company within the meaning of Section
15 of the Act or Section 20(a) of the Exchange Act, against all loss, claim,
damage or expense or liability (including all expenses reasonably incurred in
investigating, preparing or defending against any claim whatsoever) to which



                                       15
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they may become subject under the Act, the Exchange Act or otherwise, arising
from information furnished by or on behalf of such holder, or such holder's
successors or assigns, for specific inclusion in such Registration Statement to
the same extent and with the same effect as the provisions pursuant to which the
Underwriter has agreed to indemnify the Company as set forth in Section 7 of the
Underwriting Agreement and to provide for just and equitable contribution as set
forth in Section 8 of the Underwriting Agreement.

           (f) Nothing contained in this Agreement shall be construed as
requiring any Holder to exercise the Warrants held by such Holder prior to the
initial filing of any Registration Statement or the effectiveness thereof.

           (g) The Company shall promptly deliver copies of all correspondence
between the Commission and the Company, its counsel or auditors and all
memoranda relating to discussions with the Commission or its staff with respect
to the Registration Statement to each holder of Registrable Securities included
for such registration in such Registration Statement pursuant to Section 7.3
hereof or Section 7.4 hereof requesting such correspondence and memoranda and to
the managing underwriter, if any, of the offering in connection with which such
holder's Registrable Securities are being registered and shall permit each



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holder of Registrable Securities and such underwriter to do such reasonable
investigation, upon reasonable advance notice, with respect to information
contained in or omitted from the Registration Statement as it deems reasonably
necessary to comply with applicable securities laws or rules of the National
Association of Securities Dealers, Inc. Such investigation shall include access
to books, records and properties and opportunities to discuss the business of
the Company with its officers and independent auditors, all to such reasonable
extent and at such reasonable times and as often as any such holder of
Registrable Securities or underwriter shall reasonably request. Holders of
Registrable Securities shall be subject to the same confidentiality obligations
as are applicable to the Underwriter pursuant to Section 13 of the Underwriting
Agreement, with respect to any non-public information disclosed by the Company
during such investigation.

           8. Adjustments of Exercise Price and Number of Shares.

           8.1. Computation of Adjusted Price. In case the Company shall at any
time after the date hereof pay a dividend in Common Shares or make a
distribution in Common Shares, then upon such dividend or distribution the
Exercise Price in effect immediately prior to such dividend or distribution



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shall forthwith be reduced to a price determined by dividing:

           (a) an amount equal to the total number of Common Shares outstanding
immediately prior to such dividend or distribution multiplied by the Exercise
Price in effect immediately prior to such dividend or distribution, by

           (b) the total number of Common Shares outstanding immediately after
such issuance or sale.

           For the purposes of any computation to be made in accordance with the
provisions of this Section 8.1, the Common Shares issuable by way of dividend or
other distribution on any shares of the Company shall be deemed to have been
issued immediately after the opening of business on the date following the date
fixed for the determination of shareholders entitled to receive such dividend or
other distribution.

           8.2. Subdivision and Combination. In case the Company shall at any
time subdivide or combine the outstanding Common Shares, the Exercise Price
shall forthwith be proportionately decreased in the case of subdivision or
increased in the case of combination.

           8.3. Adjustment in Number of Shares. Upon each adjustment of the
Exercise Price pursuant to the provisions of this Article 8, the number of
Shares issuable upon the exercise of each Warrant shall be adjusted to the



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nearest full number by multiplying a number equal to the Exercise Price in
effect immediately prior to such adjustment by the number of Shares issuable
upon exercise of the Warrants immediately prior to such adjustment and dividing
the product so obtained by the adjusted Exercise Price.

           8.4. Reclassification, Consolidation, Merger, etc. In case of any
reclassification or change of the outstanding Common Shares (other than a change
in par value to no par value, or from no par value to par value, or as a result
of a subdivision or combination), or in the case of any consolidation of the
Company with, or merger of the Company into, another corporation (other than a
consolidation or merger in which the Company is the surviving corporation and
which does not result in any reclassification or change of the outstanding
Common Shares, except a change as a result of a subdivision or combination of
such shares or a change in par value, as aforesaid), or in the case of a sale or
conveyance to another corporation of the property of the Company as an entirety,
the Holders shall thereafter have the right to purchase the kind and number of
shares and other securities and property receivable upon such reclassification,
change, consolidation, merger, sale or conveyance as if the Holders were the



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owners of the Common Shares underlying the Warrants immediately prior to any
such events at a price equal to the product of (x) the number of Common Shares
issuable upon exercise of the Holder's Warrants and (y) the Exercise Price in
effect immediately prior to the record date for such reclassification, change,
consolidation, merger, sale or conveyance as if such Holders had exercised the
Warrants.

           8.5. Determination of Outstanding Common Shares. The number of Common
Shares at any one time outstanding shall include the aggregate number of Common
Shares issued and the aggregate number of Common Shares issuable upon the
exercise of options, rights, warrants and upon the conversion or exchange of
convertible or exchangeable securities.

           8.6. Dividends and Other Distributions with Respect to Outstanding
Securities. In the event that the Company shall at any time prior to the
exercise of all Warrants make any distribution of its assets to holders of its
Common Shares as a liquidating or a partial liquidating dividend, then the
holder of Warrants who exercises its Warrants after the record date for the
determination of those holders of Common Shares entitled to such distribution of
assets as a liquidating or partial liquidating dividend shall be entitled to
receive for the Warrant Price per Warrant, in addition to each Common Share, the



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amount of such distribution (or, at the option of the Company, a sum equal to
the value of any such assets at the time of such distribution as determined by
the Board of Directors of the Company in good faith) which would have been
payable to such holder had he been the holder of record of the Common Shares
receivable upon exercise of his Warrant on the record date for the determination
of those entitled to such distribution. At the time of any such dividend or
distribution, the Company shall make appropriate reserves to ensure the timely
performance of the provisions of this Subsection 8.6.

           8.7. Subscription Rights for Common Shares or Other Securities. In
the case that the Company or an affiliate of the Company shall at any time after
the date hereof and prior to the exercise of all the Warrants issue any rights,
warrants or options to subscribe for Common Shares or any other securities of
the Company or of such affiliate to all the shareholders of the Company, the
Holders of unexercised Warrants on the record date set by the Company or such
affiliate in connection with such issuance of rights, warrants or options shall
be entitled, in addition to the Common Shares or other securities receivable
upon the exercise of the Warrants, to receive such rights, warrants or options




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that such Holders would have been entitled to receive had they been, on such
record date, the holders of record of the number of whole Common Shares then
issuable upon exercise of their outstanding Warrants (assuming for purposes of
this Section 8.7, that the exercise of the Warrants is permissible immediately
upon issuance).

           9. Exchange and Replacement of Warrant Certificates.

           Each Warrant Certificate is exchangeable without expense, upon the
surrender thereof by the registered Holder at the principal executive office of
the Company, for a new Warrant Certificate of like tenor and date representing
in the aggregate the right to purchase the same number of securities in such
denominations as shall be designated by the Holder thereof at the time of such
surrender.

           Upon receipt by the Company of evidence reasonably satisfactory to it
of the loss, theft, destruction or mutilation of any Warrant Certificate, and,
in 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 the Warrant
Certificate, if mutilated, the Company will make and deliver a new Warrant
Certificate of like tenor, in lieu thereof.




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<PAGE>
           10. Elimination of Fractional Interests.

           The Company shall not be required to issue certificates representing
fractions of Shares, nor shall it be required to issue scrip or pay cash in lieu
of fractional interests, it being the intent of the parties that all fractional
interests shall be eliminated by rounding any fraction up to the nearest whole
number of Shares.

           11. Reservation and Listing of Securities.

           The Company shall at all times reserve and keep available out of its
authorized Common Shares, solely for the purpose of issuance upon the exercise
of the Warrants, such number of Common Shares as shall be issuable upon the
exercise thereof. The Company covenants and agrees that, upon exercise of the
Warrants and payment of the Exercise Price therefor, all Shares issuable upon
such exercise shall be duly and validly issued, fully paid, non-assessable and
not subject to the preemptive rights of any shareholder. As long as the Warrants
shall be outstanding, the Company shall use its best efforts to cause all Common
Shares issuable upon the exercise of the Warrants to be listed on or quoted by
Nasdaq or listed on such national securities exchange, in the event the Common
Shares are listed on a national securities exchange.




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<PAGE>
           12. Notices to Warrant Holders.

           Nothing contained in this Agreement shall be construed as conferring
upon the Holder or Holders the right to vote or to consent or to receive notice
as a shareholder in respect of any meetings of shareholders for the election of
directors or any other matter, or as having any rights whatsoever as a
shareholder of the Company. If, however, at any time prior to the expiration of
the Warrants and their exercise, any of the following events shall occur:

           (a) the Company shall take a record of the holders of its Common
Shares for the purpose of entitling them to receive a dividend or distribution
payable otherwise than in cash, or a cash dividend or distribution payable
otherwise than out of current or retained earnings, as indicated by the
accounting treatment of such dividend or distribution on the books of the
Company; or

           (b) the Company shall offer to all the holders of its Common Shares
any additional capital shares of the Company or securities convertible into or
exchangeable for capital shares of the Company, or any option, right or warrant
to subscribe therefor; or

           (c) a dissolution, liquidation or winding up of the Company (other
than in connection with a consolidation or merger) or a sale of all or



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substantially all of its property, assets and business as an entirety shall be
proposed; or

           (d) reclassification or change of the outstanding Common Shares
(other than a change in par value to no par value, or from no par value to par
value, or as a result of a subdivision or combination), consolidation of the
Company with, or merger of the Company into, another corporation (other than a
consolidation or merger in which the Company is the surviving corporation and
which does not result in any reclassification or change of the outstanding
Common Shares, except a change as a result of a subdivision or combination of
such shares or a change in par value, as aforesaid), or a sale or conveyance to
another corporation of the property of the Company as an entirety is proposed;
or

           (e) The Company or an affiliate of the Company shall propose to issue
any rights to subscribe for Common Shares or any other securities of the Company
or of such affiliate to all the shareholders of the Company; then, in any one or
more of said events, the Company shall give written notice to the Holder or
Holders of such event at least fifteen (15) days prior to the date fixed as a
record date or the date of closing the transfer books for the determination of



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the shareholders entitled to such dividend, distribution, convertible or
exchangeable securities or subscription rights, options or warrants, or entitled
to vote on such proposed dissolution, liquidation, winding up or sale. Such
notice shall specify such record date or the date of closing the transfer books,
as the case may be. Failure to give such notice or any defect therein shall not
affect the validity of any action taken in connection with the declaration or
payment of any such dividend or distribution, or the issuance of any convertible
or exchangeable securities or subscription rights, options or warrants, or any
proposed dissolution, liquidation, winding up or sale.

           13. Notices.

           All notices, requests, consents and other communications hereunder
shall be in writing and shall be deemed to have been duly made when delivered,
or mailed by registered or certified mail, return receipt requested:

           (a) If to a registered Holder of the Warrants, to the address of such
Holder as shown on the books of the Company; or

           (b) If to the Company, to the address set forth in Section 3 of this
Agreement or to such other address as the Company may designate by notice to the
Holders.




                                       26
<PAGE>
           14. Supplements and Amendments.

           The Company and the Underwriter may from time to time supplement or
amend this Agreement without the approval of any Holders of Warrant Certificates
in order to cure any ambiguity, to correct or supplement any provision contained
herein which may be defective or inconsistent with any provisions herein, or to
make any other provisions in regard to matters or questions arising hereunder
which the Company and the Underwriter may deem necessary or desirable and which
the Company and the Underwriter deem not to adversely affect the interests of
the Holders of Warrant Certificates.

           15. Successors.

           All the covenants and provisions of this Agreement by or for the
benefit of the Company and the Holders inure to the benefit of their respective
successors and assigns hereunder.

           16. Termination.

           This Agreement shall terminate at the close of business on March 22,
2007. Notwithstanding the foregoing, this Agreement will terminate on any
earlier date when all Warrants have been exercised and all the Shares issuable
upon exercise of the Warrants have been resold to the public; provided, however,



                                       27
<PAGE>
that the provisions of Section 7 shall survive any termination pursuant to this
Section 16 until the close of business on March 22, 2010.

           17. Governing Law.

           This Agreement and each Warrant Certificate issued hereunder shall be
deemed to be a contract made under the laws of the State of New York and for all
purposes shall be construed in accordance with the laws of said State.

           18. Benefits of This Agreement.

           Nothing in this Agreement shall be construed to give to any person or
corporation other than the Company and the Underwriter and any other registered
holder or holders of the Warrant Certificates, Warrants or the Shares any legal
or equitable right, remedy or claim under this Agreement; and this Agreement
shall be for the sole and exclusive benefit of the Company and the Underwriter
and any other holder or holders of the Warrant Certificates, Warrants or the
Shares.




                                       28
<PAGE>
           19. Counterparts.

           This Agreement may be executed in any number of counterparts and each
of such counterparts shall for all purposes be deemed to be an original, and
such counterparts shall together constitute but one and the same instrument.


           IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed, as of the day and year first above written.


                                   E-CRUITER.COM INC.

                                   By: /s/ Gerry Stanton
                                       ------------------------------------
                                       Gerry Stanton
                                       President and
                                       Chief Executive Officer



                                   BLUESTONE CAPITAL CORP.

                                   By: /s/ William G. Walters
                                       ------------------------------------
                                       William G. Walters
                                       Chairman




                                       29
<PAGE>

                                                                    EXHIBIT A



THE WARRANTS REPRESENTED BY THIS CERTIFICATE AND THE OTHER SECURITIES ISSUABLE
UPON EXERCISE THEREOF HAVE NOT BEEN REGISTERED FOR PURPOSES OF PUBLIC
DISTRIBUTION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), AND MAY
NOT BE OFFERED OR SOLD EXCEPT (i) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE ACT, (ii) TO THE EXTENT APPLICABLE, PURSUANT TO RULE 144
UNDER SUCH ACT (OR ANY SIMILAR RULE UNDER SUCH ACT RELATING TO THE DISPOSITION
OF SECURITIES), OR (iii) UPON THE DELIVERY BY THE HOLDER TO THE COMPANY OF AN
OPINION OF COUNSEL, REASONABLY SATISFACTORY TO COUNSEL FOR THE COMPANY, STATING
THAT AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT IS AVAILABLE.
THE TRANSFER OR EXCHANGE OF THE WARRANTS REPRESENTED BY THIS CERTIFICATE IS
RESTRICTED IN ACCORDANCE WITH THE WARRANT AGREEMENT REFERRED TO HEREIN.

                            EXERCISABLE ON OR BEFORE
                    5:00 P.M., NEW YORK TIME, MARCH 22, 2005

No. W-                                                         Warrants
                                                         -----

                               WARRANT CERTIFICATE

           This Warrant Certificate certifies that ____________________ or
registered assigns, is the registered holder of _________ Warrants to purchase,
at any time from March 22, 2001 until 5:00 P.M. New York City time on March 22,
2005("Expiration Date"), up to ________fully-paid and non-assessable common
shares ("Shares") no par value per share (the "Common Shares"), of E-Cruiter.com
Inc., a corporation registered under the Canada Business Corporation Act (the
"Company"), at the initial exercise price, subject to adjustment in certain
events (the "Exercise Price"), of US$1.00 per Share upon surrender of this
Warrant Certificate and payment of the Exercise Price at an office or agency of
the Company, but subject to the conditions set forth herein and in the warrant
agreement dated as of March 22, 2001 between the Company and BlueStone Capital
Corp. (the "Warrant Agreement"). Payment of the Exercise Price may be made in
cash, or by certified or official bank check in New York Clearing House funds
payable to the order of the Company, or any combination thereof.


<PAGE>
           No Warrant may be exercised after 5:00 P.M., New York City time, on
the Expiration Date, at which time all Warrants evidenced hereby, unless
exercised prior thereto, shall thereafter be void.

           The Warrants evidenced by this Warrant Certificate are part of a duly
authorized issue of Warrants issued pursuant to the Warrant Agreement, which
Warrant Agreement is hereby incorporated by reference in and made a part of this
instrument and is hereby referred to for a description of the rights, limitation
of rights, obligations, duties and immunities thereunder of the Company and the
holders (the words "holders" or "holder" meaning the registered holders or
registered holder) of the Warrants.

           The Warrant Agreement provides that upon the occurrence of certain
events, the Exercise Price and the type and/or number of the Company's
securities issuable thereupon may, subject to certain conditions, be adjusted.
In such event, the Company will, at the request of the holder, issue a new
Warrant Certificate evidencing the adjustment in the Exercise Price and the
number and/or type of securities issuable upon the exercise of the Warrants;
provided, however, that the failure of the Company to issue such new Warrant
Certificates shall not in any way change, alter, or otherwise impair, the rights
of the holder as set forth in the Warrant Agreement.

           Upon due presentment for registration of transfer of this Warrant
Certificate at an office or agency of the Company, a new Warrant Certificate or
Warrant Certificates of like tenor and evidencing in the aggregate a like number
of Warrants shall be issued to the transferee(s) in exchange for this Warrant
Certificate, subject to the limitations provided herein and in the Warrant
Agreement, without any charge except for any tax, or other governmental charge
imposed in connection therewith.


<PAGE>
           Upon the exercise of less than all of the Warrants evidenced by this
Certificate, the Company shall forthwith issue to the holder hereof a new
Warrant Certificate representing such number of unexercised Warrants.

           The Company may deem and treat the registered holder(s) hereof as the
absolute owner(s) of this Warrant Certificate (notwithstanding any notation of
ownership or other writing hereon made by anyone), for the purpose of any
exercise hereof, and of any distribution to the holder(s) hereof, and for all
other purposes, and the Company shall not be affected by any notice to the
contrary.



<PAGE>
           All terms used in this Warrant Certificate which are defined in the
Warrant Agreement shall have the meanings assigned to them in the Warrant
Agreement.

           IN WITNESS WHEREOF, the Company has caused this Warrant Certificate
to be duly executed under its corporate seal.



Dated as of March 22, 2001              E-CRUITER.COM INC.

                                        By:
                                            ----------------------------------
                                            Name:  Gerry Stanton
                                            Title: President and
                                                   Chief Executive Officer



<PAGE>
                         [FORM OF ELECTION TO PURCHASE]


           The undersigned hereby irrevocably elects to exercise the right,
represented by this Warrant Certificate, to purchase _________ Common Shares and
herewith tenders in payment for such securities cash or a certified or official
bank check payable in New York Clearing House Funds to the order of
E-Cruiter.com Inc. in the amount of $ _____, all in accordance with the terms
hereof. The undersigned requests that a certificate for such securities be
registered in the name of __________, whose address is __________________, and
that such Certificate be delivered to __________________, whose address is
_____________.



Dated:                               Signature: ____________

                                               (Signature must conform in all
                                               respects to name of holder as
                                               specified on the face of the
                                               Warrant Certificate.)


                        --------------------------------

                        --------------------------------
                        (Insert Social Security or Other
                          Identifying Number of Holder)


<PAGE>
                              [FORM OF ASSIGNMENT]

             (To be executed by the registered holder if such holder
                  desires to transfer the Warrant Certificate.)


                     FOR VALUE RECEIVED _________________

hereby sells, assigns and transfers unto

 -------------------------------
(Please print name and address of transferee)

this Warrant Certificate, together with all right, title and interest therein,
and does hereby irrevocably constitute and appoint _______________, Attorney, to
transfer the within Warrant Certificate on the books of the within-named
Company, with full power of substitution.


Dated:                                  Signature: ___________

                                                  (Signature must conform in
                                                  all respects to name of
                                                  holder as specified on the
                                                  face of the Warrant
                                                  Certificate)


-------------------------------

-------------------------------
(Insert Social Security or Other
Identifying Number of Assignee)