Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Clearly Canadian Beverage Corporation - Exhibit 4.3

EXHIBIT 4.3

FORM OF COMMON SHARE PURCHASE WARRANT

[________] shares of Common Shares

WARRANT FOR THE PURCHASE OF 

  COMMON SHARES

  OF

  CLEARLY CANADIAN BEVERAGE CORPORATION

(A British Columbia corporation)

     FOR VALUE RECEIVED, Clearly Canadian
  Beverage Corporation. ("Company"), hereby certifies that [_____________________________________________
  ] or his registered assigns ("Holder"), is entitled, subject to the terms set
  forth below, to purchase from the Company, at any time or from time to time
  during the period commencing on [________________] and expiring on [________________],
  of the Company’s Common Shares ("Common Shares"), at a purchase price of
  USD $[____] per share. The number of Common Shares purchasable upon exercise
  of this Warrant, and the purchase price per share, each as adjusted from time
  to time pursuant to the provisions of this Warrant, are hereinafter referred
  to as the "Warrant Shares" and the "Exercise Price," respectively.

1. Exercise

     1.1 Procedure for Exercise.
  This Warrant may be exercised by the Holder, in whole or in part, by the surrender
  of this Warrant (with the Notice of Exercise Form attached hereto duly executed
  by such Holder) at the principal office of the Company, or at such other office
  or agency as the Company may designate, accompanied by payment in full, in lawful
  money of the United States of America, of an amount equal to the then applicable
  Exercise Price multiplied by the number of Warrant Shares then being purchased
  upon such exercise. 

     1.2 Date of Exercise. Each
  exercise of this Warrant shall be deemed to have been effected immediately prior
  to the close of business on the day on which this Warrant shall have been surrendered
  to the Company. At such time, the person or persons in whose name or names any
  certificates for Warrant Shares shall be issuable upon such exercise shall be
  deemed to have become the holder or holders of record of the Warrant Shares
  represented by such certificates. 

     1.3 Issuance of Certificate.
  As soon as practicable after each exercise of the purchase right represented
  by this Warrant, the Company at its expense shall cause to be issued in the
  name of, and delivered to, the Holder, or, subject to the terms and conditions
  hereof, to such other individual or entity as such Holder (upon payment by such
  Holder of any applicable transfer taxes) may direct: 

     (1) a certificate or certificates
  for the number of full shares of Warrant Shares to which such Holder shall be
  entitled upon such exercise (subject to Section 3 hereof), and

     (2) in case such exercise is in
  part only, a new warrant or warrants (dated the date hereof) of like tenor,
  stating on the face or faces thereof the number of Warrant Shares currently
  stated on the face of this Warrant, subject to adjustment further to the provisions
  of Section 2 hereof, minus the number of Warrant Shares purchased by the Holder
  upon such exercise as provided in subsection 1.1 above. 

2. Adjustments.

     2.1 Split, Subdivision or Combination
  of Shares. If the outstanding Common Shares at any time while this Warrant
  remains outstanding and unexpired shall be subdivided or split into a greater
  number of shares, or a dividend in Common Shares shall be paid in respect of
  Common Shares, the Exercise Price in effect immediately prior to such subdivision
  or at the record date of such dividend shall, simultaneously with the effectiveness
  of such subdivision or split or immediately after the record date of such dividend
  (as the case may be), shall be proportionately decreased. If the outstanding
  Common Shares shall be combined or reverse-split into a smaller 

 number of shares, the Exercise Price in effect immediately
  prior to such combination or reverse split shall, simultaneously with the effectiveness
  of such combination or reverse split, be proportionately increased. When any
  adjustment is required to be made in the Exercise Price, the number of shares
  of Warrant Shares purchasable upon the exercise of this Warrant shall be changed
  to the number determined by dividing (i) an amount equal to the number of Warrant
  Shares issuable upon the exercise of this Warrant immediately prior to such
  adjustment, multiplied by the Exercise Price in effect immediately prior to
  such adjustment, by (ii) the Exercise Price in effect immediately after such
  adjustment. 

      2.2 Reclassification Reorganization,
  Consolidation or Merger. In the case of any reclassification of the Common
  Shares (other than a change in par value or a subdivision or combination as
  provided for in subsection 2.1 above), or any reorganization, consolidation
  or merger of the Company with or into another corporation (other than a merger
  or reorganization with respect to which the Company is the continuing corporation
  and which does not result in any reclassification of the Common Shares), or
  a transfer of all or substantially all of the assets of the Company, or the
  payment of a liquidating distribution then, as part of any such reorganization,
  reclassification, consolidation, merger, sale or liquidating distribution, lawful
  provision shall be made so that the Holder of this Warrant shall have the right
  thereafter to receive upon the exercise hereof, the kind and amount of shares
  or other securities or property which such Holder would have been entitled to
  receive if, immediately prior to any such reorganization, reclassification,
  consolidation, merger, sale or liquidating distribution, as the case may be,
  such Holder had held the number of Common Shares which were then purchasable
  upon the exercise of this Warrant. In any such case, appropriate adjustment
  (as reasonably determined by the Board of Directors of the Company) shall be
  made in the application of the provisions set forth herein with respect to the
  rights and interests thereafter of the Holder of this Warrant such that the
  provisions set forth in this Section 2 (including provisions with respect to
  the Exercise Price) shall thereafter be applicable, as nearly as is reasonably
  practicable, in relation to any shares or other securities or property thereafter
  deliverable upon the exercise of this Warrant. 

      2.3 Price Adjustment.
  No adjustment in the per share Exercise Price shall be required unless such
  adjustment would require an increase or decrease in the Exercise Price of at
  least $0.01; provided, however, that any adjustments which by reason of
  this paragraph are not required to be made shall be carried forward and taken
  into account in any subsequent adjustment. All calculations under this Section
  2 shall be made to the nearest cent or to the nearest 1/100th of a share, as
  the case may be.

      2.4 Time Adjustment.
  The Company reserves the right to extend the expiration of the Warrant exercise
  period for any reason, including but not limited to, the financial condition
  of the Company and financial market conditions beyond the control of the Company.

      2.5 No Impairment. 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 to be observed or performed
  hereunder by the Company but will at all times in good faith assist in the carrying
  out of all the provisions of this Section 2 and in the taking of all such actions
  as may be necessary or appropriate in order to protect against impairment of
  the rights of the Holder of this Warrant to adjustments in the Exercise Price.

      2.6 Notice of Adjustment.
  Upon any adjustment of the Exercise Price or extension of the expiration of
  the Warrant exercise period, the Company shall forthwith give written notice
  thereto to the Holder of this Warrant describing the event requiring the adjustment,
  stating the adjusted Exercise Price and the adjusted number of shares purchasable
  upon the exercise hereof resulting from such event, and setting forth in reasonable
  detail the method of calculation and the facts upon which such calculation is
  based. 

 3. Fractional Shares. The Company shall not be required
  to issue fractions of Common Shares upon exercise. If any fractions of a share
  would, but for this Section 3, be issuable upon any exercise, in lieu of such
  fractional share the Company shall round up or down to the nearest whole number.

 4. Notices of Record Date. In case: (i) the Company
  shall take a record of the holders of its Common Shares (or other shares or
  securities at the time deliverable upon the exercise of this Warrant) for the
  purpose of entitling or enabling them to receive any dividend or other distribution,
  or to receive any right to subscribe for or purchase any shares of any class
  or any other securities, or to receive any other right, or (ii) of any capital
  reorganization of the 

 Company, any reclassification of the capital shares of the
  Company, any consolidation or merger of the Company with or into another corporation
  (other than a consolidation or merger in which the Company is the surviving
  entity), or any transfer of all or substantially all of the assets of the Company,
  or (iii) of the voluntary or involuntary dissolution, liquidation or winding-up
  of the Company, then, and in each such case, the Company will mail or cause
  to be mailed to the Holder of this Warrant a notice specifying, as the case
  may be, (i) the date on which a record is to be taken for the purpose of such
  dividend, distribution or right, and stating the amount and character of such
  dividend, distribution or right, or (ii) the effective date on which such reorganization,
  reclassification, consolidation, merger, transfer, dissolution, liquidation
  or winding-up is to take place, and the time, if any is to be fixed, as of which
  the holders of record of Common Shares (or such other shares or securities at
  the time deliverable upon the exercise of this Warrant) shall be entitled to
  exchange their Common Shares (or such other shares or securities) for securities
  or other property deliverable upon such reorganization, reclassification, consolidation,
  merger, transfer, dissolution, liquidation or winding-up. Such notice shall
  be mailed at least ten (10) calendar days prior to the record date or effective
  date for the event specified in such notice, provided that the failure to mail
  such notice shall not affect the legality or validity of any such action. 

 5. Reservation of Shares. The Company will at all times
  reserve and keep available, solely for issuance and delivery upon the exercise
  of this Warrant, such Common Shares and other shares, securities and property,
  as from time to time shall be issuable upon the exercise of this Warrant. The
  Company covenants and agrees that all Common Shares delivered upon exercise
  of this Warrant shall, upon delivery and payment therefor, be duly and validly
  authorized and issued, fully-paid and non-assessable, and free from all stamp
  taxes, liens, and charges with respect to the purchase thereof

 6. Replacement of Warrants. Upon receipt of evidence
  reasonably satisfactory to the Company of the loss, theft, destruction or mutilation
  of this Warrant and (in the case of loss, theft or destruction) upon delivery
  of an indemnity agreement (with surety if reasonably required) in an amount
  reasonably satisfactory to the Company, or (in the case of mutilation) upon
  surrender and cancellation of this Warrant, the Company will issue, in lieu
  thereof, a new Warrant of like tenor. 

 7. Transfers, etc. 

      7.1 Warrant Register.
  The Company will maintain a register containing the names and addresses of the
  Holders of this Warrant. Any Holder may change its, his or her address as shown
  on the warrant register by written notice to the Company requesting such change.

      7.2 Holder. Until any
  transfer of this Warrant is made in the warrant register, the Company may treat
  the Holder of this Warrant as the absolute owner hereof for all purposes; provided,
  however, that if and when this Warrant is properly assigned in blank, the Company
  may (but shall not be obligated to) treat the bearer hereof as the absolute
  owner hereof for all purposes, notwithstanding any notice to the contrary. 

 8. No Rights as Stockholder. Until the exercise of
  this Warrant, the Holder of this Warrant shall not, in respect of this Warrant,
  have or exercise any rights by virtue hereof as a stockholder of the Company.

 9. Successors. The rights and obligations of the parties
  to this Warrant will inure to the benefit of and be binding upon the parties
  hereto and their respective heirs, successors, assigns, pledgees, transferees
  and purchasers. Without limiting the foregoing, the registration rights set
  forth in this Warrant shall inure to the benefit of the Holder and all the Holder’s
  successors, heirs, pledgees, assignees, transferees and purchasers of this Warrant
  and the Warrant Shares.

 10. Change or Waiver. Any term of this Warrant may
  be changed or waived only by an instrument in writing signed by the party against
  which enforcement of the change or waiver is sought. 

 11. Survival. The various rights and obligations of
  the Holder hereof as set forth herein shall survive the exercise of the Warrant
  Shares represented hereby and the surrender of this Warrant.

 12. Headings. The headings in this Warrant are for
  purposes of reference only and shall not limit or otherwise affect the meaning
  of any provision of this Warrant. 

13. Governing Law. This Warrant shall be governed by and
  construed in accordance with the laws of the Province of British Columbia as
  such laws are applied to contracts made and to be fully performed entirely within
  that state between residents of that state. 

14. Notices. All notices required or permitted hereunder
  (except payment) shall be in writing and shall be deemed effectively given:
  (i) upon personal delivery to the party to be notified; (ii) when sent by confirmed
  telex or facsimile if sent during normal business hours of the recipient, if
  not, then on the next business day; (iii) five (5) calendar days after having
  been sent by registered or certified mail, return receipt requested, postage
  prepaid; or (iv) one (1) business day after deposit with a nationally recognized
  overnight courier, special next day delivery, with verification of receipt.
  All communications shall be sent:

to the Company at:

  Clearly Canadian Beverage Corporation

  2267 West 10th Avenue

  Vancouver, British Columbia

  V6K 2J1

to the Holder, at:

[________________] 

  [________________] 

  [________________]

or at such other address as the Company or the Holder may designate
  from time to time by written notice to the other parties hereto.

CLEARLY CANADIAN BEVERAGE CORPORATION

By: ____________________________________

  Name: __________________________________

  Title:___________________________________

NOTICE OF EXERCISE

TO: Clearly Canadian Beverage Corporation

     1. The undersigned hereby elects
  to purchase ________ Common Shares of Clearly Canadian Beverage Corporation
  pursuant to terms of the attached Warrant, and tenders herewith payment of the
  Exercise Price of such shares in full, together with all applicable transfer
  taxes, if any. 

     2. Please issue a certificate or
  certificates representing said Common Shares in the name of the undersigned
  or in such other name as is specified below: 

     3. The undersigned represents that
  it will sell the shares of Common Shares pursuant to (i) an effective Registration
  Statement under the Securities Act of 1933, as amended, or an exemption from
  registration thereunder; and (ii) Canadian securities laws and regulations.

	 	Witness: 
	 	 
	 	 
	 	(Name) 
	 	 
	 	 
	 	(Address) 
	 	 
	 	 
	  
	 	 
	(Print Name of Holder) 	 
	 	 
	Signature: _________________________________________________	 
	 	 
	Title: _____________________________________________________	 
	 	 
	Date: _____________________________________________________Filed by Automated Filing Services Inc. (604) 609-0244 - Clearly Canadian Beverage Corporation - Exhibit 4.4

EXHIBIT 4.4

FORM OF SERIES A SHARE PURCHASE WARRANT

"THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES
  SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"). THE HOLDER HEREOF, BY PURCHASING
  THIS SECURITY, AGREES FOR THE BENEFIT OF THE COMPANY THAT THIS SECURITY MAY
  NOT BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED TO A U.S. PERSON EXCEPT AFTER
  THE EXPIRY OF A 40 DAY DISTRIBUTION COMPLIANCE PERIOD AS PRESCRIBED IN REGULATION
  S."

"UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
  THE SECURITIES SHALL NOT TRADE THE SECURITIES IN CANADA BEFORE APRIL 28, 2006"

	 SERIES A WARRANT CERTIFICATE

       

SERIES A WARRANT FOR PURCHASE OF COMMON SHARES

THIS SERIES A WARRANT WILL BE VOID AND OF NO VALUE UNLESS EXERCISED
  WITHIN THE LIMITS HEREIN PROVIDED

THIS SERIES A WARRANT IS NOT TRANSFERABLE

CLEARLY CANADIAN BEVERAGE CORPORATION 

  (Incorporated under the laws of British Columbia)

	SERIES A WARRANT CERTIFICATE NO. A-1(Rev)	 [____________] SERIES A WARRANTS

      Each such warrant entitling the holder to purchase one (1) Common Share
        at the Exercise Price of $1.25 US per Common Share if exercised at or
        before 5:00 p.m. (Vancouver time) on that date which is two (2) years
        following the effective date on which the securities represented by this
        certificate have first been registered pursuant to a registration statement
        filed with the U.S. Securities and Exchange Commission.

DATE OF ISSUANCE: DECEMBER 28, 2005

THIS IS TO CERTIFY THAT [_____________________________] (herein
  called the "Holder") is entitled to acquire in the manner herein provided, subject
  to the restrictions herein contained, during the period commencing on the date
  hereof and ending at 5:00 p.m. (Vancouver time) on that date which is two (2)
  years following the effective date on which the securities represented by this
  certificate have first been registered pursuant to a registration statement
  filed with the U.S. Securities and Exchange Commission (the "Expiry Date"),
  the number of fully paid and non-assessable common shares ("Common Shares")
  without nominal or par value of Clearly Canadian Beverage Corporation (the “Company")
  as set forth above.

The Series A Warrants are governed by the Terms and Conditions
  attached.

Unless they are first registered pursuant to a registration statement
  filed with the U.S. Securities and Exchange Commission that is effective at
  the date of issue, any Common Shares issuable on exercise of the Series A Warrants
  represented by this Certificate will contain the following legend:

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES
  SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"). THE HOLDER HEREOF, BY PURCHASING
  THIS SECURITY, AGREES FOR THE BENEFIT OF THE COMPANY THAT THIS SECURITY MAY
  NOT BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED TO A U.S. PERSON EXCEPT AFTER
  THE EXPIRY OF A 40 DAY DISTRIBUTION COMPLIANCE PERIOD, OR 40 DAYS FROM THE DATE
  OF EXERCISE OF THIS WARRANT, AS PRESCRIBED IN REGULATION S.”

If any of the Series A Warrants represented by this Certificate
  are exercised within four months from the date of this Warrant, any Common Shares
  issued upon such exercise may also contain the following legend:

"UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
  THE SECURITIES SHALL NOT TRADE THE SECURITIES IN CANADA BEFORE APRIL 28, 2006"

THE FOLLOWING ARE THE TERMS AND CONDITIONS REFERRED TO IN THIS
  WARRANT:

ARTICLE 1

  INTERPRETATION

1.1 Definitions

     In these Terms and Conditions,
  unless there is something in the subject matter or context inconsistent therewith:

	 	(a) 	 “Common Shares” means the common shares in
        the capital of the Company as constituted at the date hereof and any shares
        resulting from any subdivision or consolidation of the Common Shares;

	 	(b) 	 “Company” means Clearly Canadian Beverage
        Corporation or its successor corporation as a result of consolidation,
        amalgamation or merger with or into any other corporation or corporations,
        or as a result of the conveyance or transfer of all or substantially all
        of the properties and estates of the Company as an entirety to any other
        corporation and thereafter “Company” will mean such successor
        corporation;

	 	(c) 	 “Company's Auditors” means an independent
        firm of accountants duly appointed as Auditors of the Company;

	 	(d) 	 “herein”, “hereby” and similar expressions
        refer to these Terms and Conditions as the same may be amended or modified
        from time to time; and the expression “Article” and “Section”
        followed by a number refer to the specified Article or Section of these
        Terms and Conditions;

	 	(e) 	 “person” means an individual, corporation,
        partnership, trustee or any unincorporated organization and words importing
        persons have a similar meaning;

	 	(f) 	 “Warrant Holders” or “Holders” means
        the holders of the Warrants; and

	 	(g) 	 “Warrants” mean share purchase warrants issued
        by the Company.

1.2 Gender

     Words importing the singular number
  include the plural and vice versa and words importing the masculine gender include
  the feminine and neuter genders.

1.3 Interpretation Not Affected by Headings

     The division of these Terms and
  Conditions into Articles and Sections, and the insertion of headings are for
  convenience of reference only and will not affect the construction or interpretation
  thereof.

1.4 Applicable Law

     The Warrants will be construed
  in accordance with the laws of the Province of British Columbia and the laws
  of Canada applicable thereto and will be treated in all respects as British
  Columbia contracts.

ARTICLE 2

  ISSUE OF ADDITIONAL WARRANTS

2.1 Additional Warrants

     The Company may at any time and
  from time to time issue additional warrants or grant options or similar rights
  to acquire or purchase Common Shares.

2.2 Issue in Substitution for Lost Warrants

	 	(a) 	 In case a Warrant becomes mutilated, lost, destroyed
        or stolen, the Company, at its discretion, may issue and deliver a new
        Warrant of like date and tenor as the one mutilated, lost, destroyed or
        stolen, in exchange for and in place of and upon cancellation of such
        mutilated Warrant, or in lieu of, and in substitution for such lost, destroyed
        or stolen Warrant and the substituted Warrant will be entitled to the
        benefit hereof and rank equally in accordance with its terms with all
        other Warrants issued or to be issued by the Company.

	 	(b) 	 The applicant for the issue of a new Warrant pursuant
        hereto will bear the cost of the issue thereof and in case of loss, destruction
        or theft furnish to the Company such evidence of ownership and of loss,
        destruction, or theft of the Warrant so lost, destroyed or stolen as will
        be satisfactory to the Company in its discretion and such applicant may
        also be required to furnish indemnity in amount and form satisfactory
        to the Company in its discretion, and will pay the reasonable charges
        of the Company in connection therewith.

2.3 Warrant Holder Not a Shareholder

     A Warrant Holder is not a shareholder
  of the Company, is not entitled to any rights or interests as a shareholder
  of the Company and has only the rights and interests expressly provided herein.

ARTICLE 3 

  NOTICE

3.1 Notice to Warrant Holders

     Any notice to be given to the Holders
  will be sent by prepaid registered post and will be deemed to have been received
  by the Holder on the fourth day following the mailing thereof or on the date
  of successful facsimile transmission or email. Any such notice will be addressed
  to the Holder at the address of the Holder appearing on the Holder's Warrant
  or to such other address as the Holder may advise the Company by notice in writing.

3.2 Notice to the Company

     Any notice to be given to the Company
  may be delivered personally, or sent by facsimile or other means of electronic
  communication providing a printed copy (“Electronic Communication”)
  or may be forwarded by first class prepaid registered mail to the addresses
  set forth below. Any notice delivered or sent by Electronic Communication shall
  be deemed to have been given and received at the time of delivery. Any notice
  mailed as aforesaid shall be deemed to have been given and received on expiration
  of 72 hours after it is posted, addressed as follows:

Clearly Canadian Beverage Corporation
  

  2267 West 10th Avenue 

  Vancouver, BC

  V6K 2J1

  Attention: The President 

  Facsimile No.: (604) 730-0133

ARTICLE 4 

  EXERCISE OF WARRANTS

4.1 Method of Exercise of Warrants

     The right to acquire Common Shares
  conferred by the Warrants may be exercised by the Holder of such Warrant by
  surrendering the Warrant Certificate representing same, together with a duly
  completed and executed Exercise Form in the form attached hereto and a bank
  draft or certified cheque payable to the Company at its principal office in
  the City of Vancouver, British Columbia, for the purchase price applicable at
  the time of exercise in respect of the number of Warrants exercised.

4.2 Effect of Exercise of Warrants

	 	(a) 	 Upon surrender and payment as aforesaid the Common Shares
        so subscribed for will be deemed to have been issued and such person or
        persons will be deemed to have become the holder or holders of record
        of such Common Shares on the date of such surrender.

	 	(b) 	 Within ten (10) business days after surrender as aforesaid,
        the Company will forthwith cause to be delivered to the person or persons
        in whose name or names the Common Shares so subscribed for are to be issued
        as specified in such subscription or mailed to him or them at his or their
        respective addresses specified in such subscription, a certificate or
        certificates for the appropriate number of Common Shares not exceeding
        those which the Warrant Holder is entitled to acquire pursuant to the
        Warrant surrendered.

4.3 Subscription for Less Than Entitlement

     The holder of any Warrant may subscribe
  for and acquire a number of Common Shares, less than the number which he is
  entitled to acquire pursuant to the surrendered Warrant. In the event of any
  acquisition of a number of Common Shares less than the number which can be acquired
  pursuant to a Warrant, the holder thereof upon exercise thereof will in addition
  be entitled to receive a new Warrant in respect of the balance of the Common
  Shares which he was entitled to acquire pursuant to the surrendered Warrant
  and which were not then acquired.

4.4 Warrants for Fractions of Shares

     To the extent that the holder of
  any Warrant is entitled to receive on the exercise or partial exercise thereof
  a fraction of a Common Share, such right may be exercised in respect of such
  fraction only in combination with another Warrant or other Warrants which in
  the aggregate entitle the holder to receive a whole number of such Common Shares.

4.5 Expiration of Warrants

     After the expiration of the period
  within which a Warrant is exercisable, all rights thereunder will wholly cease
  and terminate and such Warrant will no longer be valid and of no effect.

4.6 Time of Essence

Time will be of the essence hereof.

4.7 Adjustments

     The number of Common Shares deliverable
  upon the exercise of the Warrants will be subject to adjustment in the event
  and in the manner following:

	 	(a) 	 if and whenever the Common Shares at any time outstanding
        are subdivided into a greater or consolidated into a lesser number of
        Common Shares the number of Common Shares deliverable upon the exercise
        of the Warrants will be increased or decreased proportionately as the
        case may be;

	 	(b) 	 (i) in case of any capital reorganization or of any
        reclassification of the capital of the Company or in the case of the consolidation,
        merger or amalgamation of the Company with or into any other Company (hereinafter
        collectively referred to as a “Reorganization”), each Warrant
        will after such Reorganization confer the right to acquire the number
        of shares or other securities of the Company (or of the Company resulting
        from such Reorganization) which the Warrant Holder would have been entitled
        to upon Reorganization if the Warrant Holder had been a shareholder at
        the time of such Reorganization;

	 		(ii) in any such case, if necessary, appropriate adjustments
      will be made in the application of the provisions of this Article 4 relating
      to the rights and interest thereafter of the holders of the Warrants so
      that the provisions of this Article 4 will be made applicable as nearly
      as reasonably possible to any shares or other securities deliverable after
      the Reorganization or the exercise of the Warrants;
	 		(iii) the subdivision or consolidation of Common Shares at
      any time outstanding into a greater or lesser number of Common Shares (whether
      with or without par value) will not be deemed to be a Reorganization for
      the purposes of this Section 4.7(f);
	 	(c) 	 the adjustments provided for in this Section 4.7 are
        cumulative and will become effective immediately after the record date
        for or, if a record date is fixed, the effective date of the event which
        results in such adjustments.

4.8 Determination of Adjustments

     If any questions will at any time
  arise with respect to any adjustment provided for in Section 4.7, such question
  will be conclusively determined by the Company's Auditors, or, if they decline
  to so act any other firm of chartered accountants, in Vancouver, British Columbia,
  that the Company may designate and who will have access to all appropriate records
  and such determination will be binding upon the Company and the holders of the
  Warrants.

ARTICLE 5

  COVENANTS BY THE COMPANY

5.1 Reservation of Shares

     The Company will reserve and there
  will remain unissued out of its authorized capital a sufficient number of Common
  Shares to satisfy the rights provided for herein and in the Warrants should
  the holders of all the Warrants from time to time outstanding determine to exercise
  such rights in respect of all Common Shares which they are or may be entitled
  to acquire pursuant thereto and hereto.

5.2 Company may Purchase

     The Company may from time to time
  offer to purchase and purchase, for cancellation only, any Warrants in such
  manner, from such persons and on such terms and conditions as it determines.

ARTICLE 6

  WAIVER OF CERTAIN RIGHTS

6.1 Immunity of Shareholders, Etc.

     The Warrant Holder, as part of
  the consideration for the issue of the Warrants, waives and releases and will
  not have any right, cause of action or remedy now or hereafter existing in any
  jurisdiction against any past, present or future incorporator, shareholder,
  director or officer (as such) of the Company for the issue of Common Shares
  pursuant to any Warrant or on any covenant, agreement, representation or warranty
  by the Company herein contained or in the Warrant.

ARTICLE 7

  MODIFICATION OF TERMS, MERGER, SUCCESSORS

7.1 Modification of Terms and Conditions for Certain Purposes

     From time to time the Company may,
  subject to the provisions of these Terms and Conditions, modify the Terms and
  Conditions hereof, for the purpose of correction or rectification of any ambiguities,
  defective provisions, errors or omissions herein.

7.2 Transferability

The Warrant and all rights attached to it are not transferable
  or assignable.

IN WITNESS WHEREOF CLEARLY CANADIAN BEVERAGE CORPORATION has
  caused this Warrant to be signed by its duly authorized officers under its corporate
  seal, and this Warrant to be dated as of the date of issuance first above written.

SIGNED BY:

CLEARLY CANADIAN BEVERAGE CORPORATION

Per:  ______________________________

          Authorized Signatory

Date: ______________________________

EXERCISE FORM FOR WARRANTS

TO: CLEARLY CANADIAN BEVERAGE CORPORATION

1. The undersigned hereby irrevocably subscribes for and exercises
  the right to acquire ________________ Common Shares of Clearly Canadian Beverage
  Corporation. (or such number of other securities or property to which such Warrants
  entitle the undersigned in lieu thereof or in addition thereto under the provisions
  of the accompanying Warrant Certificate) and encloses a bank draft, certified
  cheque or money order in lawful money of the United States of America payable
  to Clearly Canadian Beverage Corporation for the aggregate Exercise Price.

	2. 	The Common Shares (or other securities or property) are to
      be issued as follows: 
	  	Name: ______________________________________________________________________________________________
	  	                 
                         (print
      clearly) 
	  	Address in full: __________________________________________________________________________________
	  	  
	  	Number of Common Shares: ______________________________________________________________________________________________
	3. 	Such securities should be sent by courier to: 
	  	Name: ______________________________________________________________________________________________
	  	                 
                         (print
      clearly) 
	  	Address in full: ________________________________________________________________________________

If the number of Warrants exercised is less than the number of
  Warrants represented hereby, the undersigned requests that the new Warrant Certificate
  representing the balance of the Warrants be registered in the name of the undersigned
  and should be sent by courier to:

          Name:
  ________________________________________________________________________________

                                  (print
  clearly)

          Address
  in full: _____________________________________________________

4. The undersigned represents, warrants and certifies as follows
  (one of the following must be checked):

	 	(a) 	[               ]	 the undersigned holder at the time of exercise of the
        Warrants is not in the United States, is not a "U.S. person" as defined
        in Regulation S under the U.S. Securities Act of 1933, as amended (the
        "U.S. Securities Act") and is not exercising the Warrants on behalf of,
        or for the account or benefit of a U.S. person or a person in the United
        States and did not execute or deliver this exercise form in the United
        States;

	 	 	 	 
	 	(b) 	[               ]	  the undersigned holder is resident in the United States
        or is a U.S. Person who is a resident of the jurisdiction referred to
        in the address appearing below, and: (i) is a U.S. Accredited Investor
        and has completed the U.S. Accredited Investor Status Certificate in the
        form attached to this Warrant Certificate; (ii) is purchasing the Warrant
        Shares for his or her own account or for the account of one or more U.S.
        Accredited Investors with respect to which the undersigned is exercising
        sole investment discretion, and not on behalf of any other person; (iii)
        is purchasing the Warrant Shares for investment purposes only and not
        with a view to resale, distribution or other disposition in violation
        of United States federal or state securities laws; and (iv) in the case
        of the purchase by the undersigned holder of the Warrant Shares as agent
        or trustee for any other person or persons (each a “Beneficial Owner”),
        the undersigned holder has due and proper authority to act as agent or
        trustee for and on behalf of each such Beneficial Owner in connection
        with the transactions contemplated hereby; provided that: (x) if
        the undersigned holder, or any Beneficial Owner, is a corporation or a
        partnership, syndicate, trust or other form of unincorporated organization,
        the undersigned holder or each such Beneficial Owner was not incorporated
        or created solely, nor is it being used primarily to permit purchases
        without a prospectus or registration statement under applicable law; and
        (y) each Beneficial Owner, if any, is a U.S. Accredited Investor;

	 	(c) 	[               ]	 the undersigned holder has delivered to the Company
        and the Company’s transfer agent an opinion of counsel (which will
        not be sufficient unless it is in form and substance satisfactory to the
        Company) or such other evidence satisfactory to the Company to the effect
        that with respect to the securities to be delivered upon exercise of this
        Warrant, the issuance of such securities has been registered under the
        U.S. Securities Act and applicable state securities laws or an exemption
        from the registration requirements of the U.S. Securities Act and applicable
        state securities laws is available.

"United States" and "U.S. person" are as defined in Regulation
  S under the U.S. Securities Act.

The undersigned holder understands that the certificate representing
  the Common Shares issued upon exercise of the Warrants will, unless the issuance
  of such securities has been registered under the U.S. Securities Act and applicable
  state securities laws, bear a legend restricting transfer without registration
  under the U.S. Securities Act and applicable state securities laws unless an
  exemption from registration is available.

Note: Certificates representing Common Shares will not be registered
  or delivered to an address in the United States unless Box 4(b) or 4(c) above
  is checked.

In the absence of instructions to the contrary, the securities
  or other property will be issued in the name of or to the holder hereof and
  will be sent by first class mail to the last address of the holder appearing
  on the register maintained for the Warrants.

	DATED the __________day of ________________, 200___.	 
	 	(Signature of Warrant holder) 
	 	 
	 	 
	 	Print full name 
	 	 
	 	 
	 	 
	 	  
	 	Print full address 

Instructions:

	1. 	 The registered holder may exercise its right to receive
        Common Shares by completing this form and surrendering this form and the
        Warrant Certificate representing the Warrants being exercised together
        with payment of the aggregate Exercise Price, by certified cheque, bank
        draft or money order payable to the order of the Company, to the Company
        at its principal office at 2267 West 10th Avenue, Vancouver,
        British Columbia, V6K 2J1, attention: The President, and such other documents
        as the Company may reasonably require. Certificates for Common Shares
        will be delivered or mailed within five Business Days after the exercise
        of the Warrants. The rights of the registered warrant holder hereof cease
        if the Warrants are not exercised prior to the Expiry Time.

	2. 	 If Box 4(c) is checked, any opinion tendered must be
        from counsel of recognized standing in form and substance reasonably satisfactory
        to the Company. Holders planning to deliver an opinion of counsel in connection
        with the exercise of the Warrants should contact the Company in advance
        to determine whether any opinions tendered will be acceptable to the Company.

 U.S. ACCREDITED INVESTOR STATUS CERTIFICATE

 In connection with the exercise of certain outstanding warrants
  of Clearly Canadian Beverage Corporation (the “Company”) by the holder,
  the holder hereby represents and warrants to the Company that the holder, and
  each beneficial owner (each a “Beneficial Owner”), if any, on whose
  behalf the holder is exercising such warrants, satisfies one or more of the
  following categories of Accredited Investor (please write “W/H” for
  the undersigned holder, and “B/O” for each beneficial owner, if any,
  on each line that applies):

	______	 (1) 	 Any bank as defined in Section 3(a)(2) of the U.S.
        Securities Act of 1933, as amended (the “U.S. Securities Act”)
        or any savings and loan association or other institution as defined in
        Section 3(a)(5)(A) of the U.S. Securities Act whether acting in its individual
        or fiduciary capacity; any broker or dealer registered pursuant to Section
        15 of the U.S. Securities Exchange Act of 1934 or any insurance company
        as defined in Section 2(13) of the U.S. Securities Act; any investment
        company registered under the U.S. Investment Company Act of 1940 or a
        business development company as defined in Section 2(a)(48) of that Act;
        any Small Business Investment Company licensed by the U.S. Small Business
        Administration under Section 301(c) or (d) of the U.S. Small Business
        Investment Act of 1958; any plan established and maintained by a state,
        its political subdivisions, or any agency or instrumentality of a state
        or its political subdivisions, for the benefit of its employees if such
        plan has total assets in excess of US$5,000,000; any employee benefit
        plan within the meaning of the U.S. Employee Retirement Income Security
        Act of 1974 if the investment decision is made by a plan fiduciary, as
        defined in Section 3(21) of such Act, which is either a bank, savings
        and loan association, insurance company, or registered investment adviser,
        or if the employee benefit plan has total assets in excess of US$5,000,000,
        or, if a self-directed plan, with investment decisions made solely by
        persons that are “accredited investors” (as such term is defined
        in Rule 501 of Regulation D of the U.S. Securities Act);

	 	 	 
	______	 (2) 	 Any private business development company as defined
        in Section 202(a)(22) of the U.S. Investment Advisers Act of 1940;

	 	 	 
	______	 (3) 	 Any organization described in Section 501(c)(3) of
        the U.S. Internal Revenue Code, corporation, Massachusetts or similar
        business trust, or partnership, not formed for the specific purpose of
        acquiring the securities offered, with total assets in excess of US$5,000,000;

	 	 	 
	______	 (4) 	 Any trust with total assets in excess of US$5,000,000,
        not formed for the specific purpose of acquiring the securities offered,
        whose purchase is directed by a sophisticated person (being defined as
        a person who has such knowledge and experience in financial and business
        matters that he or she is capable of evaluating the merits and risks of
        the prospective investment);

	 	 	 
	______	 (5) 	 Any natural person whose individual net worth, or
        joint net worth with that person’s spouse, at the time of his purchase
        exceeds US$1,000,000; or

	 	 	 
	______	 (6) 	 Any natural person who had an individual income in
        excess of US$200,000 in each of the two most recent years or joint
        income with that person’s spouse in excess of US$300,000 in each
        of those years and has a reasonable expectation of reaching the same income
        level in the current year.

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