Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Ikona Gear International, Inc. - Exhibit 4.2

THIS WARRANT AND THE SHARES ISSUABLE UPON THE EXERCISE OF THIS
WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “ACT”) NOR UNDER ANY STATE SECURITIES LAW AND MAY NOT BE PLEDGED, SOLD,
ASSIGNED, HYPOTHECATED OR OTHERWISE TRANSFERRED UNTIL (1) A REGISTRATION
STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE ACT AND ANY APPLICABLE
STATE SECURITIES LAW OR (2) THE COMPANY RECEIVES AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH NOTE MAY BE PLEDGED, SOLD,
ASSIGNED, HYPOTHECATED OR TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE ACT OR APPLICABLE STATE SECURITIES LAWS.

THE HOLDER OF THIS WARRANT MUST NOT SELL THIS WARRANT OR THE
SHARES ISSUABLE UPON CONVERSION OF THIS WARRANT TO A RESIDENT OF BRITISH
COLUMBIA, CANADA, INTO BRITISH COLUMBIA, CANADA OR THROUGH A MARKET IN BRITISH
COLUMBIA, CANADA BEFORE THE DATE THAT IS 4 MONTHS AND A DAY AFTER THE
DISTRIBUTION DATE.

________________________________________

IKONA GEAR INTERNATIONAL, INC. 
1850 HARTLEY AVENUE, UNIT
#1 
COQUITLAM, BC V3K 7A1 
CANADA

STOCK PURCHASE WARRANT

	Warrant No.: ______	Right to Purchase: ________________
	Date: 	  

          THIS
CERTIFIES THAT, for value received, ______________ (the “Holder”), is
entitled to purchase from IKONA GEAR INTERNATIONAL, INC., a Nevada
corporation (the “Company”), at any time from __________ until 5:00
p.m. (EST) on ___________ [5 years]  ______________ [number] fully paid and
nonassessable shares of the Company’s common stock, par value $0.00001 per share
(“Common Stock”), at an exercise price of $0.59 per share (the “Exercise
Price”), as adjusted.

          1.      The
Company is issuing this Warrant to the Holder pursuant to a Subscription
Agreement under a confidential private placement (the “Subscription Agreement”).
This Warrant constitutes part of a unit subscribed to by the Holder in the
Subscription Agreement.

          2.      (a)      To
exercise this Warrant or any part of this Warrant, the Holder must deliver to
the Company (collectively, the “Exercise Documentation”): (i) a completed
exercise agreement, a form of which is attached hereto; (ii) this Warrant; and
(iii) a check payable to the Company in an amount equal to the product of the
exercise price and the number of shares the Holder desires to purchase. The
Company will, without charge, use its best efforts to issue certificates for
shares of Common Stock purchased upon exercise of this Warrant within five days
after receipt of the Exercise Documentation. Unless this Warrant has expired, or
all of the purchase rights represented by this Warrant have been exercised, the
Company will also prepare a new Warrant, substantially identical to this
Warrant, representing the rights formerly represented by this Warrant which have
not expired or been exercised.

                    Notwithstanding
  the foregoing, this Warrant my be exercised only by persons who represent at
  the time of exercise: (i) that they are the original purchaser hereof and confirm
  the representations and warranties made by such person in the Subscription Agreement
  as of the date of exercise, (ii) that they are not located in the United States,
  are not a “U.S. Person” (as defined in Rule 902 under the Securities
  Act, and are not acquiring the Common Stock for the account or benefit of a
  U.S. Person or a person in the United States, or (iii) that they have delivered,
  with the Exercise Documentation, a representation letter containing representations
  and warranties substantially the same as those contained in the Subscription
  Agreements.

1

                    (b)     
If, but only if, at any time after one year from the date of issuance of this
Warrant there is no effective registration statement registering the resale of
the Common Stock underlying this Warrant by the Holder, this Warrant may also be
exercised, in whole or in part, at such time by means of a “cashless exercise”
in which the Holder shall be entitled to receive a certificate for the number of
shares of Common Stock equal to the quotient obtained by dividing [(A-B) (X)] by
(A), where:

	 	(A) = the closing bid price on the trading day
      preceding the date of such election; 
	 	(B) = the Exercise Price of the Warrants, as
      adjusted; and 
	 	(X) = the number of shares of Common Stock
      issuable upon exercise of the Warrants in accordance with the terms of
      this Warrant. 

          3.      The
Company will at all times reserve and keep available for issuance upon the
exercise of this Warrant such number of its authorized but unissued shares of
Common Stock as will be sufficient to permit the exercise in full of this
Warrant, and upon such issuance such shares of Common Stock will be validly
issued, fully paid and nonassessable.

          4.      This
Warrant does not and will not entitle the Holder to any voting rights or other
rights as a stockholder of the Company.

          5.     
Certain Adjustments.

          (a)      Stock
Splits, etc. The number and kind of securities purchasable upon the exercise
of this Warrant and the exercise price shall be subject to adjustment from time
to time upon the happening of any of the following. In case the Company shall
(i) pay a dividend in shares of Common Stock or make a distribution in shares of
Common Stock to holders of its outstanding Common Stock, (ii) subdivide its
outstanding shares of Common Stock into a greater number of shares, (iii)
combine its outstanding shares of Common Stock into a smaller number of shares
of Common Stock, or (iv) issue any shares of its capital stock in a
reclassification of the Common Stock, then the number of shares purchasable upon
exercise of this Warrant immediately prior thereto shall be adjusted so that the
Holder shall be entitled to receive the kind and number of shares or other
securities of the Company which it would have owned or have been entitled to
receive had such Warrant been exercised in advance thereof. Upon each such
adjustment of the kind and number of shares or other securities of the Company
which are purchasable hereunder, the Holder shall thereafter be entitled to
purchase the number of shares or other securities resulting from such adjustment
at an exercise price per share or other security obtained by multiplying the
exercise price in effect immediately prior to such adjustment by the number of
shares purchasable pursuant hereto immediately prior to such adjustment and
dividing by the number of shares or other securities of the Company resulting
from such adjustment. An adjustment made pursuant to this paragraph shall become
effective immediately after the effective date of such event retroactive to the
record date, if any, for such event.

          

2

(b)      Subsequent
  Equity Sales. If the Company or any subsidiary thereof, as applicable, at
  any time while this Warrant is outstanding, shall offer, sell, grant any option
  to purchase or offer, sell or grant any right to reprice its securities, or
  otherwise dispose of or issue (or announce any offer, sale, grant or any option
  to purchase or other disposition) any Common Stock or any securities of the
  Company or the subsidiaries which would entitle the holder thereof to acquire
  at any time Common Stock, including without limitation, any debt, preferred
  stock, rights, options, warrants or other instrument that is at any time convertible
  into or exchangeable for, or otherwise entitles the holder thereof to receive,
  Common Stock (“Common Stock Equivalents”) at an effective price
  per share less than the then exercise price of this Warrant (such lower price,
  the “Base Share Price” and such issuances collectively, a “Dilutive
  Issuance”), as adjusted hereunder (if the holder of the Common Stock
  or Common Stock Equivalents so issued shall at any time, whether by operation
  of purchase price adjustments, reset provisions, floating conversion, exercise
  or exchange prices or otherwise, or due to warrants, options or rights per share
  which is issued in connection with such issuance, be entitled to receive shares
  of Common Stock at an effective price per share which is less than the exercise
  price of this Warrant, such issuance shall be deemed to have occurred for less
  than the exercise price), then, the Exercise Price shall be reduced and shall
  be determined by multiplying the Exercise Price by a fraction, the numerator
  of which is the number of shares of Common Stock issued and outstanding immediately
  prior to the Dilutive Issuance plus the number of shares of Common Stock which
  the offering price for such Dilutive Issuance would purchase at the then Exercise
  Price, and the denominator of which shall be the sum of the number of shares
  of Common Stock issued and outstanding immediately prior to the Dilutive Issuance
  plus the number of shares of Common Stock so issued or issuable in connection
  with the Dilutive Issuance, the number of Warrant Shares issuable hereunder
  shall be increased such that the aggregate Exercise Price payable hereunder,
  after taking into account the decrease in the Exercise Price, shall be equal
  to the aggregate Exercise Price prior to such adjustment and the number of shares
  of Common Stock issuable hereunder shall be increased such that the aggregate
  Exercise Price payable hereunder, after taking into account the decrease in
  the Exercise Price, shall be equal to the aggregate Exercise Price prior to
  such adjustment. Such adjustments shall be made whenever such Common Stock or
  Common Stock Equivalents are issued. The Company shall notify the Holder in
  writing, no later than the three business days following the issuance of any
  Common Stock or Common Stock Equivalents subject to this section, indicating
  therein the applicable issuance price, or the applicable reset price, exchange
  price, conversion price and other pricing terms (such notice the “Dilutive
  Issuance Notice”). Notwithstanding the foregoing, no adjustments,
  alternate consideration nor notices shall be made, paid or issued under this
  Section in respect of an issuance of (a) shares of Common Stock or options to
  employees, officers or directors of the Company pursuant to any stock or option
  plan duly adopted by a majority of the non-employee members of the Board of
  Directors of the Company or a majority of the members of a committee of non-employee
  directors established for such purpose, (b) securities upon the exercise of
  or conversion of any securities issued hereunder, and (c) securities issued
  pursuant to acquisitions or strategic transactions, provided any such issuance
  shall only be to a person or entity which is, itself or through its subsidiaries,
  an operating company in a business synergistic with the business of the Company
  and in which the Company receives benefits in addition to the investment of
  funds, but shall not include a transaction in which the Company is issuing securities
  primarily for the purpose of raising capital or to an entity whose primary business
  is investing in securities.

          (c)     
  Pro Rata Distributions. If the Company, at any time prior to the termination
  date or exercise date of this Warrant, shall distribute to all holders of Common
  Stock (and not to Holders of the Warrants) evidences of its indebtedness or
  assets or rights or warrants to subscribe for or purchase any security other
  than the Common Stock (which shall be subject to the above section), then in
  each such case the exercise price of this Warrant shall be adjusted by multiplying
  the exercise price in effect immediately prior to the record date fixed for
  determination of stockholders entitled to receive such distribution by a fraction
  of which the denominator shall be the closing bid price determined as of the
  record date mentioned above, and of which the numerator shall be such closing
  bid price on such record date less the then per share fair market value at such
  record date of the portion of such assets or evidence of indebtedness so distributed
  applicable to one outstanding share of the Common Stock as determined by the
  Board of Directors in good faith. In either case the adjustments shall be described
  in a statement provided to the Holders of the portion of assets or evidences
  of indebtedness so distributed or such subscription rights applicable to one
  share of Common Stock. Such adjustment shall be made whenever any such distribution
  is made and shall become effective immediately after the record date mentioned
  above.

3

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

          Whenever
the number of shares or number or kind of securities or other property
purchasable upon the exercise of this Warrant or the exercise price is adjusted,
as herein provided, the Company shall give notice thereof to the Holder, which
notice shall state the number of shares (and other securities or property)
purchasable upon the exercise of this Warrant and the exercise price of such
shares (and other securities or property) after such adjustment, setting forth a
brief statement of the facts requiring such adjustment and setting forth the
computation by which such adjustment was made.

          6.      Whenever
the number of shares or number or kind of securities or other property
purchasable upon the exercise of this Warrant or the exercise price is adjusted,
as herein provided, the Company shall give notice thereof to the Holder, which
notice shall state the number of shares (and other securities or property)
purchasable upon the exercise of this Warrant and the exercise price of such
shares (and other securities or property) after such adjustment, setting forth a
brief statement of the facts requiring such adjustment and setting forth the
computation by which such adjustment was made.

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

          (a)     
the Company shall take a record of the holders of its Common Stock for the
purpose of entitling them to receive a dividend or other distribution, or any
right to subscribe for or purchase any evidences of its indebtedness, any shares
of stock of any class or any other securities or property, or to receive any
other right, or

          (b)      there
shall be any capital reorganization of the Company, any reclassification or
recapitalization of the capital stock of the Company or any consolidation or
merger of the Company with, or any sale, transfer or other disposition of all or
substantially all the property, assets or business of the Company to, another
corporation or,

          (c)      there
  shall be a voluntary or involuntary dissolution, liquidation or winding up of
  the Company, then, in any one or more of such cases, the Company shall give
  to the Holder (i) at least 20 days’ prior written notice of the date on
  which a record date shall be selected for such dividend, distribution or right
  or for determining rights to vote in respect of any such reorganization, reclassification,
  merger, consolidation, sale, transfer, disposition, liquidation or winding up,
  and (ii) in the case of any such reorganization, reclassification, merger, consolidation,
  sale, transfer, disposition, dissolution, liquidation or winding up, at least
  20 days’ prior written notice of the date when the same shall take place.
  Such notice in accordance with the foregoing clause also shall specify the date
  on which any such record is to be taken for the purpose of such dividend, distribution
  or right, the date on which the holders of Common Stock shall be entitled to
  any such dividend, distribution or right, and the amount and character thereof,
  and the time, if any such time is to be fixed, as of which the holders of Common
  Stock shall be entitled to exchange their shares for securities or other property
  deliverable upon such disposition, dissolution, liquidation or winding up. Each
  such written notice shall be sufficiently given if addressed to Holder at the
  last address of Holder appearing on the books of the Company and delivered in
  accordance with this Section 7. Delivery shall be deemed to be made upon the
  mailing, by first class mail, of all notices required to be delivered hereunder.

4

          8.      The
construction, validity and interpretation of this Warrant will be governed by
the laws of the State of New York, without giving effect to conflict of laws
principles..

          IN
WITNESS WHEREOF, the Company has caused this Warrant to be signed and attested
by its duly authorized officers under its corporate seal.

	 	IKONA GEAR INTERNATIONAL, INC. 	 	ATTEST: 
	 	  	 	  
	 	By: __________________________________________________	 	 
    
	 	Name:    Laith Nosh 	 	Secretary 
	 	Title:      President and CEO 	 	  

5

EXHIBIT

EXERCISE AGREEMENT

To:            
 Ikona Gear International, Inc.

                    (1)     
The undersigned hereby elects to purchase ________shares of Ikona Gear
International, Inc. pursuant to the terms of the attached Warrant (only if
exercised in full), and tenders herewith payment of the exercise price in full,
together with all applicable transfer taxes, if any.

                    (2)      Payment
shall take the form of (check applicable box):

[ ] in lawful money of the United
States; or

[ ] the cancellation of such number of
shares as is necessary, in accordance with the formula set forth in subsection
2(b), to exercise this Warrant with respect to the maximum number of Warrant
Shares purchasable pursuant to the cashless exercise procedure set forth in
subsection 2(b).

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

_______________________________

                    (4)      The
undersigned hereby represents, as of the date hereof (please check one box):

[ ] we are the original purchaser of
the attached Warrant and confirm the representations and warranties made by us
in the subscription agreement pursuant to which we acquired Warrant (the
“Subscription Agreement”),

[ ] we are not located in the United
States, we are not a “U.S. Person” (as defined in Rule 902 under the Securities
Act, and we are not acquiring the Common Stock for the account or benefit of a
U.S. Person or a person in the United States, or 

[ ] we have delivered, with the
Exercise Documentation, a representation letter containing representations and
warranties substantially the same as those contained in the Subscription
Agreement.

Capitalized terms used herein and not defined herein have the
meaning given to them in the Subscription Agreement.

The shares shall be delivered to the following:

_______________________________

_______________________________

_______________________________

[HOLDER]

By:
______________________________
       Name:

       Title:

Dated: ___________________________

6Filed by Automated Filing Services Inc. (604) 609-0244 - Ikona Gear International, Inc. - Exhibit 4.3

THIS PROMISSORY NOTE AND THE SHARES ISSUABLE UPON CONVERSION OF
THIS PROMISSORY NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “ACT”), NOR UNDER ANY STATE SECURITIES LAW AND MAY NOT BE
PLEDGED, SOLD, ASSIGNED, HYPOTHECATED OR OTHERWISE TRANSFERRED UNTIL (1) A
REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE ACT AND ANY
APPLICABLE STATE SECURITIES LAW OR (2) THE COMPANY RECEIVES AN OPINION OF
COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH NOTE MAY BE PLEDGED,
SOLD, ASSIGNED, HYPOTHECATED OR TRANSFERRED WITHOUT EFFECTIVE REGISTRATION
STATEMENT UNDER THE ACT OR APPLICABLE STATE SECURITIES LAWS.

THE HOLDER OF THIS PROMISSORY NOTE MUST NOT SELL THIS
PROMISSORY NOTE OR THE SHARES ISSUABLE UPON CONVERSION OF THIS PROMISSORY NOTE
TO A RESIDENT OF BRITISH COLUMBIA, CANADA, INTO BRITISH COLUMBIA, CANADA OR
THROUGH A MARKET IN BRITISH COLUMBIA, CANADA BEFORE THE DATE THAT IS 4 MONTHS
AND A DAY AFTER THE DISTRIBUTION DATE.

  

  Ikona Gear International, Inc.

  10% Convertible Promissory Note

	DATED: 	           
                         
                         
                         
                         
                         
         March __, 2006 
	PRINCIPAL AMOUNT (US$):     $
      ______

FOR VALUE RECEIVED, Ikona Gear International, Inc., a
  Nevada corporation (the “Company”), hereby promises to pay to ________________________,
  residing at ______________________________or registered assigns (the “Payee”
  or “Holder”) upon due presentation and surrender of this promissory
  note (the “Note”) on the Repayment Date (as hereinafter defined) the
  principal amount of _________________________________($___________), and accrued
  interest thereon as hereinafter provided. 

1. PAYMENT OF PRINCIPAL AND INTEREST; METHOD OF PAYMENT.

	 	 1.1 Payment. Payment of the principal and accrued
        interest on this Note shall be made in such coin or currency of the United
        States of America as at the time of payment shall be legal tender for
        the payment of public and private debts. Interest (computed for the actual
        number of days elapsed on the basis of a year consisting of 365 days)
        on the unpaid portion of said principal amount from time to time outstanding
        shall be paid by the Company at the rate of ten percent (10%) per annum
        (the “Stated Interest Rate”). The Interest will accrue and be
        added to the then outstanding principal amount of the Notes, daily. The
        principal shall be due and payable on the Repayment Date, which payment
        shall be made only upon presentation and surrender of this Note to the
        Company at its address set forth herein. The Company will pay or cause
        to be paid all principal and interest becoming due hereon by check sent
        to the Holder’s above address or to such other address as the Holder
        may designate for such purpose from time to time by written notice to
        the Company. 

1

1.2        Repayment Date.

	 	(a) 	
      For purposes hereof, unless sooner repaid by the Company,
      the “Repayment Date” shall mean the earlier of the following dates: (i)
      the date which is within five (5) business days of receipt of funds by the
      Company of any single offering, raising gross proceeds to the Company of
      at least $1,000,000 or (ii) the date which is three hundred and sixty-five
      (365) days after the above- stated issuance date of this Note (the
      “Initial One Year Term”).

	 	 	 
	 	(b) 	
      The Company may, by written notice by registered mail, to
      the Holder within ten (10) days prior to the end of the Initial Six-Month
      Term and the delivery to the Holder of the Note a number of warrants with
      the same terms as the detachable warrants issued in conjunction with the
      Notes, equal to 50% of the number of shares underlying the Note (as
      provided in Section 2.1), extend the Repayment Date for an additional
      ninety (90) days (the “First Extension Period”); provided, however, that
      the Company may, by written notice to the Holder within ten (10) days
      prior to the end of the First Extension Period and the delivery to the
      Holder of the Note an additional number of warrants, with the same terms
      as the detachable warrants issued in conjunction with the Notes, equal to
      50% of the number of shares underlying the Note (as provided in Section
      2.1), extend the Repayment Date for a second ninety (90) day period (the
      “Second Extension Period”), in which case all principal and any accrued
      and unpaid interest thereon shall be due and payable on the last day of
      the Second Extension Period.

	 	 	 
	 	(c) 	
      The Company may, at its option and in its sole
      discretion, repay the principal of this Note, together with any accrued
      and unpaid interest, at any time prior to the Repayment Date on 15 days
      written notice by registered mail to the Holder.

2.       CONVERSION AT THE ELECTION
  OF THE HOLDER. 

	 	2.1 	
      This Note may be converted at the option of the Holder at
      any time, including without limitation, for up to 10 business days after
      Holder receives written notice by registered mail from the Company of its
      intent to prepay this Note. Conversion by the Holder shall require written
      notice to the Company duly executed and delivered by the Holder, together
      with the original of this Note. Upon delivery of such conversion notice to
      the Company, the Company shall convert the unpaid principal balance of
      this Note and all interest accrued thereon into such number of shares of
      Common Stock of the Company, equal to the unpaid principal plus accrued
      interest thereon divided by $0.50 per share (subject to adjustment, as
      provided in Section 8.6, the “Conversion Price”).

 

2

 

  3.        RANKING OF NOTE. 

3.1
          Senior to all
Debt. The Company, for itself, its successors and assigns, covenants and
agrees, and the Payee and each successive Holder by acceptance of this Note,
likewise covenants and agrees that the payment of the principal of and interest
on this Note is senior to all other Indebtedness. The Company covenants and
agrees that it will not incur any additional pari passu Indebtedness unless this
Note has been converted.

3.2
           Indebtedness.
“Indebtedness” means:

		(a) 	
      any liability of the Company (i) for borrowed money,
        or (ii) evidenced by a note, debenture, bond or other instrument of indebtedness
        (including, without limitation, a purchase money obligation), given in
        connection with the acquisition of property, assets or services;

	 	 	 
	 	(b) 	any liability of others described in the preceding clause
      (a) which the Company has guaranteed or which is otherwise its legal liability;
      and
	 	 	 
	 	(c)	
      any modification, renewal, extension, replacement or
        refunding of any such liability described in the preceding clauses (a)
        and (b) except that Indebtedness.

    

4.      REPRESENTATIONS AND
WARRANTIES OF THE COMPANY.

          The
Company represents and warrants to the Holder that the Company:

	 	(a) 	
      is a corporation duly organized, validly existing and in
      good standing under the laws of the State of Nevada;

	 	 	 
	 	(b) 	
      has all requisite power and authority and all necessary
      licenses and permits to own and operate its properties and to carry on its
      business as now conducted and as presently proposed to be conducted, the
      failure of which would not have a material adverse effect on the business,
      operations, properties, liabilities or condition (financial or otherwise)
      of the Company; and

	 	 	 
	 	(c) 	
      has adequate authority, power and legal right to enter
      into, execute and deliver the Note. On execution and delivery, the Note
      will be a legal, valid and binding obligation of the Company enforceable
      in accordance with its terms.

3

5.  EVENTS OF DEFAULT.

     It shall be an “Event of Default”
  with respect to this Note upon the occurrence and continuation uncured of any
  of the following events:

  

	      5.1
	Default in Payment, Etc.
	 	 	 
	 	(a) 	 A default in the payment of any interest or principal
        payments on this Note that continues uncured for fifteen (15) days after
        due; or

	 	 	 
	 	(b) 	 default in the performance, or breach, of any other
        covenant of the Company in this Note, the subscription sgreement pursuant
        to which this Note was issued (“Subscription Agreement”) and
        continuance of such default or breach uncured for a period of ten (10)
        business days after (i) receipt by the Company of notice as to such breach
        or (ii) after the Chief Financial Officer of the Company had actual knowledge
        of such default or breach.

      5.2   Bankruptcy.
  The entry of a decree or order by a court having jurisdiction adjudging the
  Company bankrupt or insolvent, or approving a petition seeking reorganization,
  arrangement, adjustment or composition of or in respect of the Company, under
  Federal bankruptcy law, as now or hereafter constituted, or any other applicable
  Federal or state bankruptcy, insolvency or other similar law, and the continuance
  of any such decree or order unstayed and in effect for a period of sixty (60)
  days; or the commencement by the Company of a voluntary case under Federal bankruptcy
  law, as now or hereafter constituted, or any other applicable Federal or state
  bankruptcy, insolvency, or other similar law, or the consent by it to the institution
  of bankruptcy or insolvency proceedings against it, or the filing by it of a
  petition or answer or consent seeking reorganization or relief under Federal
  bankruptcy law or any other applicable Federal or state law, or the consent
  by it to the filing of such petition or to the appointment of a receiver, liquidator,
  assignee, trustee, sequestrator or similar official of the Company or of any
  substantial part of its property, or the making by it of an assignment for the
  benefit of creditors, or the admission by it in writing of its inability to
  pay its debts generally as they become due, or the taking of corporate action
  by the Company in furtherance of any such action.

6.         REMEDIES UPON
  DEFAULT.

	 	6.1 	
      Acceleration. Upon an Event of Default and at any
      time during the continuation thereof, the Holder, by notice in writing
      given to the Company, may declare the entire principal and any accrued
      interest of this Note then outstanding to be due and payable immediately,
      and upon any such declaration the same shall become and be due and payable
      immediately, anything herein contained to the contrary
    notwithstanding.

4

	 	6.2 	
      Proceedings and Actions. During the continuation
      of any Event of Default, the Holder may institute such actions or
      proceedings in law or equity as it shall deem expedient for the protection
      of its rights and may prosecute and enforce its claims against all assets
      of the Company, and in connection with any such action or proceeding shall
      be entitled to receive from the Company payment of the principal amount of
      this Note plus accrued interest to the date of payment plus reasonable
      expenses of collection including, without limitation, attorney’s fees and
      expenses.

7.          RESTRICTIONS
  ON TRANSFER.

             The
  Holder acknowledges that he has been advised by the Company that this Note have
  not been registered under the Act, that they are being issued on the basis of
  the statutory exemption provided by Section 4(2) of the Act and/or Regulation
  D promulgated thereunder relating to transactions by an issuer not involving
  any public offering, and that the Company’s reliance thereon is based in
  part upon the representations made by the Holder in the Subscription Agreement.
  The Holder acknowledges that he has been informed by the Company of, or is otherwise
  familiar with, the nature of the limitations imposed by the Act and the rules
  and regulations thereunder on the transfer of securities. In particular, the
  Holder agrees that no sale, assignment or transfer of the Note shall be valid
  or effective, and the Company shall not be required to give any effect to any
  such sale, assignment or transfer, unless (i) the sale, assignment or transfer
  is registered under the Act, it being understood that the Note is not currently
  registered for sale and that the Company has no obligation or intention to so
  register it, or (ii) the Note is sold, assigned or transferred in accordance
  with all the requirements and limitations of Rule 144 under the Act, it being
  understood that Rule 144 is not available at the present time for the sale of
  the Note and that there can be no assurance that Rule 144 sales will be available
  at any time in the future, or (iii) such sale, assignment, or transfer is otherwise
  exempt from registration under the Act. The Holder of the Note and each transferee
  thereof further agrees that if any distribution of this Note is proposed to
  be made by them otherwise than by delivery of a prospectus meeting the requirements
  of Section 10 of the Act, such action shall be taken only after submission to
  the Company of an opinion of counsel, reasonably satisfactory in form and substance
  to the Company’s counsel, to the effect that the proposed distribution
  will not be in violation of the Act or of applicable state law. 

8.          MISCELLANEOUS.

	 	8.1. 	
      No Recourse. No recourse whatsoever, either
      directly or through the Company or any trustee, receiver or assignee,
      shall be had in any event or in any manner against any past, present or
      future stockholder, director or officer of the Company for the payment of
      the principal of, or interest on, this Note or for any claim based thereon
      or otherwise in connection with this Note, this Note being a corporate
      obligation only.

	 	 	 
	 	8.2. 	 Notices. All communications provided hereunder
        shall be in writing and, if to the Company, delivered, mailed by registered
        or certified mail, or shipped for overnight delivery by a nationally recognized
        overnight delivery service addressed to Ikona Gear International, Inc.,
        1850 Hartley Avenue, Unit #1, Coquitlam, BC, Canada, V3K 7A1, or, if to
        the Holder, at __________,_______.

5

 

	 	8.3. 	 Lost, Stolen or Mutilated Note. In case this
        Note shall be mutilated, lost, stolen destroyed, the Company shall issue
        and deliver in exchange and substitution for and upon cancellation of
        the mutilated Note, or in lieu of and substitution for the Note, lost,
        stolen or destroyed, a new Note of like tenor and representing an equivalent
        right or interest, but only upon receipt of evidence satisfactory to the
        Company of such loss, theft or destruction and an indemnity, if requested,
        also satisfactory to it.

	 	 	 
	 	8.4. 	 Waiver of Presentment. Except as provided herein,
        the Company hereby waives presentment, diligence in the collection or
        protection, protest, notice of protest and default, and notice of dishonor.
        No delay by Holder in the exercise of any right or remedy shall operate
        as a waiver thereof, and no single or partial exercise by Holder of any
        right or remedy shall preclude any other or further exercise thereof or
        the exercise of any other right or remedy.

	 	 	 
	 	8.5. 	 Note Holder not deemed a Stockholder. Nothing
        contained in this Note or in any of the Notes which may be issued from
        time to time in substitution for this Note shall be construed as conferring
        upon the Holder hereof the right to vote or to consent or to receive notice
        as a stockholder in respect of the meetings of stockholders for any purpose,
        or any other rights whatsoever, as a stockholder of the Company.

	 	 	 
	 	8.6. 	 Interest; Fractional Shares. The Company shall
        pay all interest on this Note or the portion thereof surrendered for conversion
        accrued to the date upon which the conversion shall have been effected,
        to the extent such interest is not to be converted. In case this Note
        is not converted, the Company shall pay to the holder the remaining principal
        balance of this Note at the Repayment Date, together with interest thereon
        in accordance with the terms of this Note. No fractional share shall be
        issued upon conversion of this Note, but if the conversion results in
        a fraction, an amount equal to such fraction multiplied by the Conversion
        Price shall be paid in cash to the holder of this Note.

	 	 	
	 	8.7. 	Anti-dilution Adjustments. 

	 	 	(a) 	 Stock Dividends and Stock Splits. The number
        and kind of securities issuable upon the conversion of this Note and the
        conversion price shall be subject to adjustment from time to time upon
        the happening of any of the following. In case the Company shall (i) pay
        a dividend in shares of Common Stock or make a distribution in shares
        of Common Stock to holders of its outstanding Common Stock, (ii) subdivide
        its outstanding shares of Common Stock into a greater number of shares,
        (iii) combine its outstanding shares of Common Stock into a smaller number
        of shares of Common Stock, or (iv) issue any shares of its capital stock
        in a reclassification of the Common Stock, then the number of shares received
        upon conversion of this Note immediately prior thereto shall be adjusted
        so that the Holder shall be entitled to receive the kind and number of
        shares or other securities of the Company which it would have owned or
        have been entitled to receive had such Note been converted in advance
        thereof. Upon each such adjustment of the kind and number of shares or
        other securities of the Company which are received hereunder, the Holder
        shall thereafter be entitled to receive the number of shares or other
        securities resulting from such adjustment at a conversion price per share
        or other security obtained by multiplying the conversion price in effect
        immediately prior to such adjustment by the number of shares convertible
        pursuant hereto immediately prior to such adjustment and dividing by the
        number of shares or other securities of the Company resulting from such
        adjustment. An adjustment made pursuant to this paragraph shall become
        effective immediately after the effective date of such event retroactive
        to the record date, if any, for such event.

6

	 	(b) 	 Subsequent Equity Sales. If the Company or any
        of its subsidiaries thereof, as applicable, at any time while this Note
        is outstanding, shall offer, sell, grant any option to purchase or offer,
        sell or grant any right to reprice its securities, or otherwise dispose
        of or issue (or announce any offer, sale, grant or any option to purchase
        or other disposition) any Common Stock or any securities of the Company
        or the subsidiaries which would entitle the holder thereof to acquire
        at any time Common Stock, including without limitation, any debt, preferred
        stock, rights, options, warrants or other instrument that is at any time
        convertible into or exchangeable for, or otherwise entitles the holder
        thereof to receive, Common Stock (“Common Stock Equivalents”),
        at an effective price per share less than the then Conversion Price (“Dilutive
        Issuance”), as adjusted hereunder (if the holder of the Common
        Stock or Common Stock Equivalents so issued shall at any time, whether
        by operation of purchase price adjustments, reset provisions, floating
        conversion, exercise or exchange prices or otherwise, or due to warrants,
        options or rights per share which is issued in connection with such issuance,
        be entitled to receive shares of Common Stock at an effective price per
        share which is less than the Conversion Price, such issuance shall be
        deemed to have occurred for less than the Conversion Price), then the
        Conversion Price shall be reduced to equal the effective conversion, exchange
        or purchase price for such Common Stock or Common Stock Equivalents. Such
        adjustment shall be made whenever such Common Stock or Common Stock Equivalents
        are issued. The Company shall notify the Holder in writing, no later than
        the business day following the issuance of any Common Stock or Common
        Stock Equivalents subject to this section, indicating therein the applicable
        issuance price, or of applicable conversion Price, exchange price, conversion
        price and other pricing terms. Notwithstanding the foregoing, no adjustments,
        Alternate Consideration nor notices shall be made, paid or issued under
        this sub-

7

	 		
      section in respect of an issuance of (a) shares of Common
      Stock or options to employees, officers or directors of the Company
      pursuant to any stock or option plan duly adopted by a majority of the
      non-employee members of the Board of Directors of the Company or a
      majority of the members of a committee of non-employee directors
      established for such purpose, (b) securities upon the exercise of or
      conversion of any securities issued hereunder, and (c) securities issued
      pursuant to acquisitions or strategic transactions, provided any such
      issuance shall only be to a person or entity which is, itself or through
      its subsidiaries, an operating company in a business synergistic with the
      business of the Company and in which the Company receives benefits in
      addition to the investment of funds, but shall not include a transaction
      in which the Company is issuing securities primarily for the purpose of
      raising capital or to an entity whose primary business is investing in
      securities.

	 	 	 
	 	(c) 	
      Pro Rata Distributions. If the Company, at any
      time while Notes are outstanding, shall distribute to all holders of
      Common Stock (and not to Holders) evidences of its indebtedness or assets
      or rights or warrants to subscribe for or purchase any security, then in
      each such case the Conversion Price shall be determined by multiplying
      such Conversion Price in effect immediately prior to the record date fixed
      for determination of stockholders entitled to receive such distribution by
      a fraction of which the denominator shall be the closing bid price
      determined as of the record date mentioned above, and of which the
      numerator shall be such closing bid price on such record date less the
      then fair market value at such record date of the portion of such assets
      or evidence of indebtedness so distributed applicable to one outstanding
      share of the Common Stock as determined by the Board of Directors in good
      faith. In either case the adjustments shall be described in a statement
      provided to the Holders of the portion of assets or evidences of
      indebtedness so distributed or such subscription rights applicable to one
      share of Common Stock. Such adjustment shall be made whenever any such
      distribution is made and shall become effective immediately after the
      record date mentioned above.

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

8

	8.8. 	
      Reservation of Shares, etc. The Company shall at
      all times keep reserved out of its authorized and unissued shares and/or
      shares held in its treasury a number of shares of Common Stock sufficient
      to provide for the conversion of all outstanding Notes, including this
      Note.

	 	 
	8.9. 	
      Amendments. This Note may be amended only by a
      written instrument executed by the Company and the Holder hereof. Any
      amendment shall be endorsed upon this Note, and all future holders shall
      be bound thereby.

	 	 
	8.10. 	
      Governing Law. This Note shall be construed in
      accordance with and governed by the laws of the State of New York, without
      giving effect to conflict of laws principles.

DATED the date first written above.

IKONA GEAR INTERNATIONAL, INC.

9

	               
                         
                         
                         
                         
                         
         By:________________________________ 
	                 
                           
                           
                           
                           
                           Laith
      Nosh, 
	                 
                           
                           
                           
                           
                           President
      and CEO 
	(SEAL) 
	  
	Attest: 
	  
	  
	_________________________________
	  
	_________________________________, Secretary

10

ANNEX A

NOTICE OF CONVERSION

     The undersigned hereby elects to
convert principal under the 10% Convertible Promissory Note (the “Note”)
of Ikona Gear International, Inc., a Nevada corporation (the “Company”),
due on _____, 2007, into shares of common stock, par value $0.00001 per share
(the “Common Stock”), of the Company according to the conditions hereof
and contained in the Note, as of the date written below. If shares are to be
issued in the name of a person other than the undersigned, the undersigned will
pay all transfer taxes payable with respect thereto and is delivering herewith
such certificates and opinions of counsel as reasonably requested by the Company
in accordance therewith. No fee will be charged to the holder for any
conversion, except for such transfer taxes, if any.

     By the delivery of this Notice of
Conversion the undersigned represents and warrants to the Company that its
ownership of the Common Stock does not exceed the amounts, as determined in
accordance with Section 13(d) of the Exchange Act, specified under Section 4 of
this Note.

     The undersigned agrees to comply
with the prospectus delivery requirements under the applicable securities laws
in connection with any transfer of the aforesaid shares of Common Stock.

	Conversion calculations: 
	               
                         
                         
                         
                         
         Date to Effect Conversion: 
	 
	               
                         
                         
                         
                         
         Principal Amount of Notes to be Converted: 
	 
	               
                         
                         
                         
                         
         Number of shares of Common Stock to be issued: 
	 
	               
                         
                         
                         
                         
         Signature: 
	 
	                                                                                                   Name:
    
	 
	               
                         
                         
                         
                         
         Address: 

11

Schedule 1

CONVERSION SCHEDULE

	The 10% Convertible Promissory Note (the
      “Note”) is due on __, 2007 in the aggregate principal amount of
      $____________and issued by Ikona Gear International, Inc., a Nevada
      corporation. This Conversion Schedule reflects conversions made under
      Section 4 of the above referenced Note. 

Dated: 

	

Date of Conversion 
(or for first entry,
      Original 
Issue Date) 	
       

      Amount of Conversion  
	
Aggregate Principal 
Amount
      Remaining 
Subsequent to 
Conversion 
(or original
Principal
      Amount) 	

Company Attest
  

	  	 		 
    
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

12

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