Document:

EXHIBIT 4.1

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THE  SECURITIES  REPRESENTED  HEREBY HAVE NOT BEEN  REGISTERED  UNDER THE UNITED
STATES  SECURITIES  ACT OF 1933, AS AMENDED (THE "US  SECURITIES  ACT"),  OR ANY
STATE  SECURITIES  LAWS IN RELIANCE ON  REGULATION  S AND MAY BE OFFERED,  SOLD,
PLEDGED,   TRANSFERRED  OR  OTHERWISE   DISPOSED  OF  ONLY  (A)  PURSUANT  TO  A
REGISTRATION  STATEMENT WITH RESPECT TO SUCH SECURITIES  WHICH HAS BEEN DECLARED
EFFECTIVE  UNDER THE US SECURITIES ACT; (B) IN AN OFFSHORE  TRANSACTION  MEETING
THE  REQUIREMENTS OF RULE 904 OF REGULATION S UNDER THE US SECURITIES ACT AND IN
COMPLIANCE  WITH  ANY  APPLICABLE  SECURITIES  LAWS;  (C)  FOR  SO  LONG  AS THE
SECURITIES  REPRESENTED HEREBY OR UNDERLYING  SECURITIES ARE ELIGIBLE FOR RESALE
PURSUANT TO RULE 144; OR (D) PURSUANT TO ANY OTHER AVAILABLE  EXEMPTION FROM THE
REGISTRATION REQUIREMENTS UNDER THE US SECURITIES ACT.
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                                          Certificate Number SW-
                                                                 ---------------
                                       SPECIAL WARRANTS
                       ---------------
                                   To Acquire
                  Common Shares and Share Purchase Warrants of
                                  ADSERO CORP.
              (subsisting under the laws of the State of Delaware)

EXERCISABLE  AT ANY TIME PRIOR TO 5:00 P.M.  (TORONTO  TIME) ON OCTOBER 27, 2004
(the "CLOSING DATE").

                  THIS CERTIFIES THAT, for value received,
                                                           ---------------------
(the  "HOLDER"),  is entitled to exercise  this  certificate  ("SPECIAL  WARRANT
CERTIFICATE")  at any time  prior to the Time of Expiry (as  defined  herein) to
acquire  upon  exercise,  for no  additional  consideration,  one  (1) A unit (a
"UNIT") of Adsero Corp. (the "CORPORATION") for each special warrant represented
by this  Special  Warrant  Certificate  (each a "SPECIAL  WARRANT"),  subject to
adjustment  as herein set forth.  Each Unit consists of one Common Share and one
Share Purchase Warrant (as such terms are defined herein).

                  The  following  provisions  shall be applicable to the Special
Warrants:

1.       INTERPRETATION

         1.1      CURRENCY

                  All dollar amounts referred to herein shall be in lawful money
                  of the United States of America.

         1.2      DEFINED TERMS

                  As used herein, the following words and phrases shall have the
                  following meanings respectively:

                  (a)      "BUSINESS  DAY" means a day other than a Saturday  or
                           Sunday on which the  principal  commercial  banks are
                           open  for  business  in the  City of  Toronto  during
                           normal business hours;

                  (b)      "CLOSE  OF  BUSINESS"   means  5:00  o'clock  in  the
                           afternoon (Toronto time);

                  (c)      "COMMON SHARE  CERTIFICATES"  means the  certificates
                           representing  the Common  Shares  forming part of the
                           Units which are issuable upon exercise of the Special
                           Warrants;

                  (d)      "COMMON SHARES" means common shares, $0.001 par value
                           per share, in the capital of the Corporation  whether
                           issued  or  unissued,  as  constituted  at  the  date

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                           hereof;  provided  that  in the  event  of a  change,
                           reclassification, subdivision, redivision, reduction,
                           combination,  or consolidation thereof, or successive
                           such   changes,   reclassifications,    subdivisions,
                           redivisions,      reductions,     combinations     or
                           consolidations,  and subject to  adjustment,  if any,
                           having been made in accordance with the provisions of
                           Section 2 below,  "COMMON  SHARES"  shall  thereafter
                           mean  the   shares   resulting   from  such   change,
                           reclassification,  subdivision, redivision, reduction
                           or combination;

                  (e)      "CONVERTIBLE   SECURITY"  means  a  security  of  the
                           Corporation  or any other issuer that is  convertible
                           into or  exchangeable  for or  otherwise  carries the
                           right to acquire Common Shares;

                  (F)      "CORPORATION" shall have the meaning ascribed thereto
                           in the preamble hereto;

                  (g)      "CURRENT MARKET PRICE",  at any date,  means the fair
                           market   value  of  the  Common   Shares  as  may  be
                           determined  by the  directors of the  Corporation  in
                           good faith;

                  (h)      "DIRECTOR"  means a director of the  Corporation  for
                           the  time   being  and   "DIRECTORS"   or  "BOARD  OF
                           DIRECTORS"  means  the  board  of  directors  of  the
                           Corporation  or, if duly  constituted  and empowered,
                           the executive  committee of the board of directors of
                           the  Corporation  for the time being,  and reference,
                           without  further   elaboration,   to  action  by  the
                           directors  means  action  by  the  directors  of  the
                           Corporation  as a board or  action  taken by the said
                           executive committee as such committee;

                  (i)      "EXCHANGE NUMBER",  at any time, means that number of
                           Common  Shares that the Holder is entitled to receive
                           (in addition to the number of Share Purchase Warrants
                           such holder is entitled to receive)  for each Special
                           Warrant held upon exercise of the rights  attached to
                           such Special Warrant as the number may be adjusted by
                           Section  2  hereof  and that  number,  as at the date
                           hereof,  is equal to one  Common  Share for each such
                           Special Warrant;

                  (j)      "EXERCISE  PERIOD"  shall have the  meaning  ascribed
                           thereto in Section 2.1 hereof;

                  (k)      "HOLDER" shall have the meaning  ascribed  thereto in
                           the preamble hereto;

                  (l)      "HEREIN", "HERETO",  "HEREUNDER",  "HEREOF", "HEREBY"
                           and similar expressions mean or refer to this Special
                           Warrant   Certificate   and  not  to  any  particular
                           Section,  clause,  subclause,  subdivision or portion
                           hereof, and the expressions,  "SECTION", "CLAUSE" and
                           "SUBCLAUSE"  followed  by a number or letter mean and
                           refer to the specified  Section,  clause or subclause
                           hereof;

                  (m)      "OFFERING"  means the  offering  for sale of  750,000
                           Special  Warrants by the  Corporation as completed on
                           September 27, 2004;

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                  (n)      "PERSON" means any individual,  corporation, company,
                           partnership, association or trust;

                  (o)      "PURCHASE PRICE" means $1.00 per Special Warrant;

                  (p)      "REGISTRAR AND TRANSFER  AGENT" means the Corporation
                           or such other company as the  Corporation may appoint
                           from time to time as the registrar and transfer agent
                           for the Special Warrants;

                  (q)      "SHAREHOLDER"    means   any   shareholder   of   the
                           Corporation;

                  (r)      "SHARE PURCHASE WARRANT CERTIFICATES" means the share
                           purchase warrant certificates which will evidence the
                           Share Purchase Warrants;

                  (s)      "SHARE  PURCHASE  WARRANTS"  means the share purchase
                           warrants which will comprise part of the Units,  each
                           of which will be issued  pursuant to a share purchase
                           warrant  indenture  to be entered  into  between  the
                           Corporation   and  ?  and  will  entitle  the  holder
                           thereof, subject to adjustment in accordance with the
                           terms of the Share Purchase Warrant Certificates,  to
                           acquire  one  Common  Share at any time from the date
                           hereof until 5:00 p.m., Toronto time on the date that
                           is 24  months  following  Closing  Date at a price of
                           $1.50;

                  (t)      "SPECIAL  WARRANTS"  shall have the meaning  ascribed
                           thereto in the preamble hereto;

                  (u)      "SPECIAL WARRANT  CERTIFICATE" shall have the meaning
                           ascribed thereto in the preamble hereto;

                  (v)      "SPECIAL  WARRANT  REGISTER" means the register to be
                           maintained  by  the  Registrar  and  Transfer   Agent
                           pursuant to Section 3 hereof wherein shall be entered
                           the name,  address and  description of the registered
                           holders of the Special  Warrants and  particulars  of
                           the Special Warrants;

                  (w)      "TIME OF EXPIRY"  means 5:00 p.m.,  Toronto  time, on
                           October 27, 2004; and

                  (x)      "UNIT" shall have the meaning ascribed thereto in the
                           preamble hereto.

         1.3      TIME OF EXPIRY

                  In the  event  that  the  Holder  exercises  Special  Warrants
represented hereby on or prior to the Time of Expiry,  Common Share Certificates
and Share  Purchase  Warrant  Certificates  evidencing  the aggregate  number of
Common Shares and Share Purchase  Warrants  issuable upon such exercise shall be
delivered to the Holder  within five (5) business  days of the  surrender to the
Registrar  and  Transfer  Agent of this  Special  Warrant  Certificate  with the
exercise form attached hereto as Schedule "A" duly completed.  Each Common Share
Certificate and each Share Purchase Warrant Certificate delivered shall evidence
the number of Common Shares and Share Purchase Warrants, respectively,  issuable
upon such  exercise  of Special  Warrants  and,  subject  to the  receipt by the
Registrar and Transfer Agent of contrary  instructions from the Holder, shall be

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registered in the name of the Holder.  The  Corporation  shall pay all taxes and
other expenses and charges payable in connection with the preparation, execution
and delivery of such  certificates  except that if such  certificates  are to be
registered  in a name or names  other  than that of the  Holder or its  nominee,
funds  sufficient  to pay all stock  transfer  taxes  which  shall be payable in
connection with the execution and delivery of such certificates shall be paid by
the Holder to the  Corporation at the time of the delivery of such  certificates
as set out above. For greater certainty and  notwithstanding any other provision
herein contained,  no certificates  representing  Units shall be issued upon the
exercise of any Special Warrants.

         1.4      DEEMED EXERCISE AT TIME OF EXPIRY

                  In the event  that the  Holder  has not  exercised  all of the
Special Warrants evidenced hereby in accordance with Section 1.3 hereof prior to
the Time of Expiry,  such  Special  Warrants  shall be deemed  exercised  by the
Holder  immediately  prior to the Time of Expiry and the Common Shares and Share
Purchase  Warrants  comprising  the Units  issuable upon exercise of the Special
Warrants  shall be deemed  to be issued to the  Holder as the owner of record of
such  securities  as of  the  Time  of  Expiry.  In  such  event,  Common  Share
Certificates  and Share Purchase Warrant  Certificates  evidencing the aggregate
number of Common Shares and Share  Purchase  Warrants  issuable upon exercise of
the Special  Warrants  not yet  exercised by the Holder as of such time shall be
registered  in the name of the Holder and delivered to the Holder at the address
of the  Holder  set  forth in the  Special  Warrant  Register  (unless  contrary
instructions  are given to the Registrar and Transfer  Agent by the Holder prior
to the delivery of such  certificates).  The Corporation shall pay all taxes and
other expenses and charges payable in connection with the preparation, execution
and delivery of  certificates  pursuant to this Section 1.4, except that if such
certificates  are to be registered in the name or names other than the Holder or
its nominee,  funds  sufficient to pay all stock  transfer  taxes which shall be
payable in connection with the execution and delivery of such certificates shall
be paid by the  Holder  to the  Corporation  at the  time  of  delivery  of such
certificates as set out above.

         1.5      SPECIAL WARRANTHOLDER NOT A SHAREHOLDER

                  The holding of the Special Warrants  evidenced by this Special
Warrant  Certificate  shall  not  constitute  the  Holder a  shareholder  of the
Corporation  or entitle the Holder to any right or  interest in respect  thereof
except as herein expressly provided.

         1.6      COMMON SHARES TO BE FULLY PAID

                  The  Corporation  covenants  and agrees that all Common Shares
issued  hereunder or on the due exercise of the Share  Purchase  Warrants  will,
upon issuance,  be fully paid and  non-assessable and free from all taxes, liens
and charges with respect to the issue thereof.

         1.7      NO FRACTIONAL SHARES

                  The  Corporation  shall not be  required  to issue  fractional
Common Shares or Share Purchase  Warrants upon the exercise by the Holder (or on
behalf of the  Holder) of its rights  hereunder.  To the extent  that the Holder
would  otherwise  have been  entitled  to  receive  on the  exercise  or partial
exercise  hereof a fraction of a Common Share or Share  Purchase  Warrant,  that
Holder may exercise  that right in respect of the fraction  only in  combination
with another Special Warrant or Special  Warrants that in the aggregate  entitle
the  Holder to  purchase  a whole  number of Common  Shares  and Share  Purchase

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Warrants,  in the absence of which the Holder shall receive the number of Common
Shares or Share  Purchase  Warrants to which the Holder is  otherwise  entitled,
rounded down to the nearest whole number.

         1.8      COMMON SHARES TO BE RESERVED

                  The  Corporation  shall,  so long as the Special  Warrants and
Share Purchase Warrants remain  outstanding,  ensure that there are a sufficient
number  of  Common  Shares  authorized  to be issued  upon the  exercise  of all
outstanding  Special Warrants issued pursuant to the Offering and to enable such
Share  Purchase  Warrants to be issued and exercised upon the basis and upon the
terms and conditions  herein provided and provided in the Share Purchase Warrant
Certificates,  provided that nothing herein  contained  shall affect or restrict
the right of the Corporation to issue Common Shares from time to time subject to
the terms and conditions of the Special Warrants.

         1.9      LEGENDS

         Upon the  issuance  thereof,  the  certificates  evidencing  the Common
Shares  and Share  Purchase  Warrants  comprising  the Units will  contain  such
legends as advised by counsel to the Corporation,  in accordance with applicable
law.

2.       ADJUSTMENTS

         2.1      ADJUSTMENTS TO EXCHANGE NUMBER

                  The Exchange  Number (or the number and kind of Common  Shares
or securities  to be received upon exercise of the Special  Warrants in the case
of subsections 2.1(d) and 2.1(e) below) shall be subject to adjustment from time
to time in the events and in the manner provided as follows:

                  (a)      If at any time from the date hereof until the Time of
                           Expiry (the "EXERCISE PERIOD") the Corporation shall:

                           (i)      issue  to  all  or  substantially   all  the
                                    holders  of the  Common  Shares  by way of a
                                    stock  dividend or otherwise,  Common Shares
                                    or Convertible Securities; or

                           (ii)     subdivide its outstanding Common Shares into
                                    a greater number of shares; or

                           (iii)    combine  or  consolidate   its   outstanding
                                    Common  Shares  into  a  smaller  number  of
                                    shares,

                           (any such event being herein  referred to as a "SHARE
                           REORGANIZATION")   the   Exchange   Number  shall  be
                           adjusted effective  immediately after the record date
                           at which the holders of Common Shares are  determined
                           for the purposes of the Share  Reorganization (or, if
                           there is no record date,  the effective date thereof)
                           to a number that is the  product of (1) the  Exchange
                           Number  in effect on the  record  date (or  effective
                           date) in respect of the Share Reorganization; and (2)
                           a fraction:

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                                    (A)      the numerator of which shall be the
                                             number of Common Shares outstanding
                                             immediately  after giving effect to
                                             the Share Reorganization; and

                                    (B)      the  denominator  of which shall be
                                             the   number   of   Common   Shares
                                             outstanding  on the record date (or
                                             effective  date) in  respect of the
                                             Share Reorganization  before giving
                                             effect to the Share Reorganization.

                  (b)      If during the Exercise Period the  Corporation  shall
                           issue rights,  options or warrants  (other than Share
                           Purchase  Warrants) to all or  substantially  all the
                           holders of the Common Shares  pursuant to which those
                           holders are  entitled to subscribe  for,  purchase or
                           otherwise   acquire   Common  Shares  or  Convertible
                           Securities  within a period  of 45 days from the date
                           of  issue  thereof  at a  price,  or at a  conversion
                           price,  of less than 95% of the Current  Market Price
                           at the record  date for such  distribution  (any such
                           issuance  being  herein  referred  to  as  a  "RIGHTS
                           OFFERING"  and  Common  Shares  that may be  acquired
                           pursuant to the Rights  Offering,  or upon conversion
                           of the Convertible Securities offered pursuant to the
                           Rights  Offering,  being  herein  referred  to as the
                           "OFFERED  SHARES"),  the  Exchange  Number  shall  be
                           adjusted effective  immediately after the record date
                           at which  holders  of Common  Shares  or  Convertible
                           Securities  are  determined  for the  purposes of the
                           Rights  Offering  to an  Exchange  Number that is the
                           product of (1) the Exchange  Number in effect on such
                           record date and (2) a fraction:

                           (i)      the  numerator  of which shall be the sum of
                                    (a) the number of Common Shares  outstanding
                                    on such  record  date plus (b) the number of
                                    Offered  Shares  offered   pursuant  to  the
                                    Rights  Offering  or the  maximum  number of
                                    Offered  Shares  into which the  Convertible
                                    Securities so offered pursuant to the Rights
                                    Offering may be  converted,  as the case may
                                    be; and

                           (ii)     the  denominator  of which  shall be the sum
                                    of:

                                    (A)      the   number   of   Common   Shares
                                             outstanding on the record date; and

                                    (B)      the  number  arrived  at  when  (I)
                                             either  (a)  the   product  of  the
                                             number of Offered Shares so offered
                                             and the price at which the  Offered
                                             Shares  are  offered;  or  (b)  the
                                             product of the conversion  price of
                                             the Convertible  Securities and the
                                             maximum  number of  Offered  Shares
                                             for or into  which the  Convertible
                                             Securities  offered pursuant to the
                                             Rights  Offering may be  converted,
                                             as the case may be, is  divided  by
                                             (II) the  Current  Market  Price of
                                             the  Common  Shares  on the  record
                                             date.

                           Any Offered  Shares  owned by or held for the account
                           of  the  Corporation   shall  be  deemed  not  to  be
                           outstanding  for the purpose of any  computation.  If

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                           all the rights, options or warrants are not so issued
                           or  if  all  rights,  options  or  warrants  are  not
                           exercised  prior  to  the  expiration  thereof,   the
                           Exchange  Number shall be  readjusted to the Exchange
                           Number  in  effect  immediately  prior to the  record
                           date,  and  the  Exchange  Number  shall  be  further
                           adjusted  based  upon the  number of  Offered  Shares
                           actually   delivered   (or   Convertible   Securities
                           actually  converted  into  Offered  Shares)  upon the
                           exercise of the rights,  options or warrants,  as the
                           case may be,  but  subject  to any  other  adjustment
                           required  hereunder  by reason  of any event  arising
                           after that record date.

                  (c)      If during the Exercise Period the  Corporation  shall
                           issue or distribute to all or  substantially  all the
                           holders  of Common  Shares,  (i)  shares of any class
                           other than Common  Shares;  (ii)  rights,  options or
                           warrants other than Share Purchase Warrants and other
                           than rights, options or warrants in connection with a
                           Rights Offering or rights, options or warrants (other
                           than   Share   Purchase   Warrants)   issued  by  the
                           Corporation  to  all  or  substantially  all  of  the
                           holders  of Common  Shares  pursuant  to which  those
                           holders are  entitled to subscribe  for,  purchase or
                           otherwise   acquire   Common  Shares  or  Convertible
                           Securities  within a period  of 45 days from the date
                           of  issue  thereof  at a  price,  or at a  conversion
                           price, of equal to or greater than 95% of the Current
                           Market   Price   at  the   record   date   for   such
                           distribution;  (iii)  evidences of  indebtedness;  or
                           (iv) any other assets  (excluding cash dividends that
                           a Holder  otherwise  is entitled to receive) and that
                           issuance or distribution  does not constitute a Share
                           Reorganization  (any such event being herein referred
                           to as a "SPECIAL DISTRIBUTION"),  the Exchange Number
                           shall be  adjusted  effective  immediately  after the
                           record date at which the holders of Common Shares are
                           determined  for purposes of the Special  Distribution
                           to an Exchange  Number that is the product of (1) the
                           Exchange Number in effect on such record date and (2)
                           a fraction:

                           (i)      the  numerator of which shall be the product
                                    of  (I)  the  sum of the  number  of  Common
                                    Shares  outstanding on such record date plus
                                    the  number  of  Common   Shares  which  all
                                    holders  of the  Special  Warrants  would be
                                    entitled  to receive  upon  exercise  of all
                                    their  outstanding  Special Warrants if they
                                    were  exercised on such record date and (II)
                                    the  Current  Market  Price  thereof on such
                                    record date; and

                           (ii)     the denominator of which shall be:

                                    (A)      the  product  of (I) the sum of the
                                             number of Common Shares outstanding
                                             on such record date plus the number
                                             of Common  Shares which the holders
                                             of all  Special  Warrants  would be
                                             entitled to receive  upon  exercise
                                             of all  their  outstanding  Special
                                             Warrants if they were  exercised on
                                             such   record  date  and  (II)  the
                                             Current  Market  Price  thereof  on
                                             such record date;

                                             less

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                                    (B)      the aggregate fair market value, as
                                             determined by the directors,  whose
                                             determination,    absent   manifest
                                             error, shall be conclusive,  of the
                                             shares, rights, options,  warrants,
                                             evidences of  indebtedness or other
                                             assets   issued   or    distributed
                                             pursuant     to     the     Special
                                             Distribution.

                           Any Common Shares owned by or held for the account of
                           the Corporation shall be deemed not to be outstanding
                           for  the  purpose  of any  such  computation.  To the
                           extent  that  the  distribution  of  shares,  rights,
                           options,  warrants,   evidences  of  indebtedness  or
                           assets  is not so  made  or to the  extent  that  any
                           rights,  options or warrants so  distributed  are not
                           exercised, the Exchange Number shall be readjusted to
                           the  Exchange  Number  that  would  then be in effect
                           based  upon  shares,   rights,   options,   warrants,
                           evidences   of   indebtedness   or  assets   actually
                           distributed or based upon the number of Common Shares
                           or Convertible Securities actually delivered upon the
                           exercise of the rights,  options or warrants,  as the
                           case may be,  but  subject  to any  other  adjustment
                           required  hereunder  by reason  of any event  arising
                           after the record date.

                  (d)      If   during   the   Exercise   Period   there   is  a
                           reorganization   of  the  Corporation  not  otherwise
                           provided for in this  Section 2.1 or a  consolidation
                           or merger or amalgamation of the Corporation  with or
                           into another body  corporate  including a transaction
                           whereby all or substantially all of the Corporation's
                           undertaking  and assets  become the  property  of any
                           other corporation (any such event being herein called
                           a  "CAPITAL  REORGANIZATION"),  if the Holder has not
                           exercised its Special Warrants prior to the effective
                           date of the Capital Reorganization,  the Holder shall
                           be  entitled to receive  and shall  accept,  upon the
                           exercise of its right at any time after the effective
                           date of the  Capital  Reorganization,  in lieu of the
                           number of Common Shares (and any other  securities or
                           properties  other than  Share  Purchase  Warrants  to
                           which the Holder is  entitled  upon  exercise  of the
                           Special   Warrants)  to  which  it  was   theretofore
                           entitled upon exercise of the Special  Warrants,  the
                           kind and  aggregate  number  of shares  and/or  other
                           securities  or  property  resulting  from the Capital
                           Reorganization   that  the  Holder  would  have  been
                           entitled  to  receive  as a  result  of  the  Capital
                           Reorganization if, on the effective date thereof,  it
                           had been the  holder of the  number of Common  Shares
                           (and any other  securities or  properties  other than
                           Share  Purchase  Warrants  to  which  the  Holder  is
                           entitled  upon  exercise of the Special  Warrants) to
                           which  immediately  before  the  transaction  it  was
                           entitled  upon  exercise of the Special  Warrants.  A
                           Capital  Reorganization  shall  not be  carried  into
                           effect  unless all  necessary  steps  shall have been
                           taken so that the Holder shall thereafter be entitled
                           to receive  the number of shares or other  securities
                           or    property    resulting    from    the    Capital
                           Reorganization,  subject to adjustment  thereafter in
                           accordance with provisions the same, as nearly as may
                           be possible, as those contained in this Section 2.1.

                  (e)      If the  Corporation  shall  reclassify  or  otherwise
                           change the  outstanding  Common Shares,  the exercise
                           right shall be adjusted  effective  immediately  upon
                           the  reclassification  becoming effective so that, if

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                           Holder were to  exercise  its right  thereafter,  the
                           Holder shall be entitled to receive such shares as it
                           would have  received  had the Special  Warrants  been
                           exercised  immediately prior to the effective date of
                           the  reclassification  or other  change,  subject  to
                           adjustment  thereafter in accordance  with provisions
                           the  same,  as nearly  as may be  possible,  as those
                           contained in this Section 2.1.

         2.2      ADJUSTMENTS CUMULATIVE

                  The adjustments provided for in Section 2.1 are cumulative and
shall apply (without  duplication) to successive Share  Reorganizations,  Rights
Offerings,  Special  Distributions and Capital  Reorganizations  or other events
resulting in any adjustment under the provisions of Section 2.1;  provided that,
notwithstanding  any other  provision of this Section 2, no adjustment  shall be
made in the number of Common Shares which may be acquired on the exercise hereof
unless it would result in a change of at least  one-hundredth  of a Common Share
(provided, however, that any adjustments which by reason of this Section 2.2 are
not  required to be made shall be carried  forward and taken into account in any
subsequent adjustment).

         2.3      NO ADJUSTMENT

                  No  adjustment  in the  number of Common  Shares  which may be
acquired  upon  the  exercise  hereof  shall  be made in  respect  of any  event
described in Section 2.1 if the Holder is entitled to  participate in such event
on the same terms  mutatis  mutandis as if the Holder had  exercised or had been
deemed to have exercised its Special  Warrants prior to or on the effective date
or record date of such event.

         2.4      ADJUSTMENT BY DIRECTORS

                  In the event that the Corporation  after the date hereof shall
take any action  affecting the Common Shares other than action described in this
Section  2, which in the  opinion  of the  directors  of the  Corporation  would
materially affect the rights of holders of the Special  Warrants,  the number of
Common Shares which may be acquired  upon the exercise  hereof shall be adjusted
in such  manner  and at such  time,  by action by the  directors,  in their sole
discretion as they may determine to be equitable in the  circumstances.  Failure
of the  directors to make such an adjustment  shall be conclusive  evidence that
the directors have  determined that it is equitable to make no adjustment in the
circumstances.  In the event that any such  adjustment is made, the  Corporation
shall deliver a new certificate to the Holder  representing the Special Warrants
to which such Holder is entitled following any such adjustment,  together with a
notice describing such adjustment.

         2.5      ABANDONING CAPITAL REORGANIZATION

                  If the  Corporation  shall set a record date to determine  the
holders of the Common  Shares for the purpose of  entitling  them to receive any
issue or  distribution  or for the issue of any rights,  options or warrants and
shall  thereafter  and before such  distribution  or issue to such  shareholders
legally abandon its plan to make such  distribution or issue, then no adjustment
in the number of Common  Shares which may be acquired  upon the exercise  hereof
shall be required by reason of the setting of such record date.

                                       9
<PAGE>

         2.6      CONDITION PRECEDENT

                  As a  condition  precedent  to the taking of any action  which
would require an adjustment  pursuant to Section 2.1, the Corporation shall take
any action which may, in the opinion of counsel,  be necessary in order that the
Corporation may validly and legally issue as fully paid and  non-assessable  all
Common Shares which all holders of outstanding  Special Warrants issued pursuant
to the  Offering  are  entitled  to  receive  on the full  exercise  thereof  in
accordance with the provisions thereof.

         2.7      NOTICE

                  Forthwith  after any adjustment in the number of Common Shares
to which the Holder is  entitled  pursuant  to this  Section 2, the  Corporation
shall  deliver  a notice  of such  adjustment  to the  Holder  setting  forth in
reasonable  detail the method of  calculation  of such  adjustment and the facts
upon which such calculation is based.

         2.8      REFERENCE TO AUDITORS

                  In case a state of facts shall  exist to which the  provisions
of this Section 2 are not strictly applicable, or if strictly applicable operate
in an unclear  manner or in a manner that would not fairly  adjust the rights of
the Holder against  dilution in accordance with the intent and purposes  hereof,
the  Corporation  shall  execute and deliver to the Holder an  amendment  hereto
providing  for an  adjustment  in the  application  of such  provisions so as to
adjust  such  rights  as  aforesaid  in  accordance  with  the  opinion  of  the
Corporation's  auditors (or such  independent  third party as the  Corporation's
auditors may appoint) to whom the Corporation may refer any such question.

3.       SPECIAL WARRANT REGISTER

                  The Special  Warrant  Register  shall be kept by the Registrar
and Transfer Agent at its principal office in the City of Denver,  Colorado, and
at such other offices as may be required by law.

4.       ISSUE IN SUBSTITUTION FOR LOST SPECIAL WARRANTS

         4.1      ISSUE OF NEW CERTIFICATES

                  In  case  this  Special  Warrant   Certificate   shall  become
mutilated  or  be  lost,  destroyed  or  stolen,  the  Corporation,  subject  to
applicable  law and to Section 4.2,  shall issue and thereupon the Registrar and
Transfer  Agent shall  certify and  deliver a new  certificate  of like date and
tenor as this Special Warrant  Certificate upon surrender of and in place of and
upon  cancellation  of this  Special  Warrant  Certificate  or in lieu of and in
substitution   for  this  Special   Warrant   Certificate  and  the  substituted
certificate  shall be in a form approved by the Registrar and Transfer Agent and
shall  rank  equally in  accordance  with its terms  with this  Special  Warrant
Certificate.

         4.2      RESTRICTIONS TO ISSUE OF NEW CERTIFICATES

                  The applicant for the issue of a new certificate  representing
the Special Warrants pursuant to this Section 4 shall bear the cost of the issue
thereof  and in case  of  loss,  destruction  or  theft  shall,  as a  condition

                                       10
<PAGE>

precedent to the issue thereof,  furnish to the Corporation and to the Registrar
and Transfer  Agent such evidence of ownership and of the loss,  destruction  or
theft of this  Special  Warrant  Certificate  as shall  be  satisfactory  to the
Corporation and to the Registrar and Transfer Agent in their  discretion and the
applicant  may also be  required  to  furnish  an  indemnity  in amount and form
satisfactory to them in their discretion,  and shall pay the reasonable  charges
of the Corporation and the Registrar and Transfer Agent in connection therewith.

5.       EXCHANGE OF SPECIAL WARRANTS

         5.1      EXCHANGES FOR NEW CERTIFICATES

                  This Special Warrant Certificate may, upon compliance with the
reasonable  requirements  of the Registrar and Transfer  Agent, be exchanged for
one or more certificates  representing the Special Warrants entitling the Holder
to  acquire  an equal  aggregate  number of  Common  Shares  and Share  Purchase
Warrants as represented by this Special Warrant Certificate.

         5.2      RESTRICTIONS TO EXCHANGES FOR NEW CERTIFICATES

                  Special  Warrants  Certificates  may be exchanged  only at the
principal  transfer  office of the Registrar and Transfer  Agent or at any other
place that is designated by the  Corporation.  Any Special Warrant  Certificates
tendered for exchange  shall be  surrendered to the Registrar and Transfer Agent
and  cancelled.  The  Corporation  shall sign all Special  Warrant  Certificates
necessary to carry out exchanges as aforesaid.

6.       TRANSFER OF SPECIAL WARRANTS

                  The Holder may transfer the Special Warrants  evidenced hereby
either in whole or in part by completing  Schedule "B" hereto and delivering the
same,  together  with this  Special  Warrant  Certificate  and such  evidence of
identity or title as the Registrar and Transfer Agent may reasonably require, to
the Registrar and Transfer Agent,  whereupon the transfer will be registered and
duly noted by  endorsement  hereon signed by the  Registrar and Transfer  Agent.
Every  transfer  of Special  Warrants  must be in writing  under the hand of the
Holder or the Holder's legal personal representatives or the attorney authorized
in writing of such Holder.  If only a portion of the Special Warrants  evidenced
hereby is  transferred,  the  Registrar  and Transfer  Agent will deliver to the
Holder  replacement  certificates  substantially  in the  form of  this  Special
Warrant Certificate representing the Special Warrants not so transferred.

                  TRANSFERS  OF THE  SPECIAL  WARRANTS  EVIDENCED  HEREBY MAY BE
SUBJECT TO RESTRICTIONS  UNDER  APPLICABLE  SECURITIES  LAW.  HOLDERS OF SPECIAL
WARRANTS SHOULD CONSULT THEIR OWN  PROFESSIONAL  ADVISERS IN ORDER TO ASSESS THE
LEGAL ASPECTS OF A TRANSFER OF THE SPECIAL WARRANTS EVIDENCED HEREBY.

7.       NOTICES

                  All  payments  required  to be made or given  pursuant to this
Special  Warrant  Certificate  shall be sent by prepaid  courier and all notices
required to be made or given pursuant to this Special Warrant  Certificate shall
be sent by prepaid  courier or  telecopier.  All payments  and notices  shall be
deemed to have been received on the day of delivery if delivered, or on the date

                                       11
<PAGE>

of  transmission  (as  evidenced by  confirmation  of  transmission)  if sent by
telecopier,  as the case may be. All notices hereunder shall be made or given at
the addresses set forth below:

                  (a)      in the case of the Corporation:

                           Adsero Corp.
                           2085 Hurontario Street, Suite 300
                           Mississauga, Ontario  L4A 4G1

                           Attention: President
                           Telecopier number: (905) 629-7025
                           With a copy to:

                           Gottbetter & Partners LLP
                           488 Madison Ave., 12th Floor
                           New York, New York
                           10022-5717

                           Attention: Scott E. Rapfogel
                           Telecopier number: (212) 400-6901

                  (b)      in the  case of the  Holder,  at the  address  of the
                           Holder as set forth on the Special Warrant Register.

                  (c)      in the case of the Registrar and Transfer Agent:

                           Corporate Stock Transfer
                           3200 Cherry Creek Drive South
                           Suite 430
                           Denver, Colorado
                           80209

                           Attention: Carlyn K. Bell
                           Telephone number: (303) 282-4800
                           Telecopier number: (303) 282-5800
                           With a copy to:

                           Gottbetter & Partners LLP
                           488 Madison Ave., 12th Floor
                           New York, New York
                           10022-5717

                           Attention: Scott E. Rapfogel
                           Telecopier number: (212) 400-6901

8.       GOVERNING LAW

                  This Special Warrant Certificate shall be governed by the laws
of the province of Ontario and the laws of Canada applicable therein.

                                       12
<PAGE>

9.       TIME OF THE ESSENCE

                  Time shall be of the essence hereof.

10.      BUSINESS DAY

                  In the event  that any date upon or by which any other  action
is required to be taken by the Corporation,  the Registrar and Transfer Agent or
the Holder is not a business day, then such action shall be required to be taken
on or by the next succeeding day which is a business day.

11.      NUMBER AND GENDER

                  Words  importing  the singular  number only include the plural
and vice versa and words importing any gender include all genders.

12.      HEADINGS

                  The  division  of  this  Special  Warrant   Certificate   into
Sections,  clauses,  subclauses  or  other  subdivisions  and the  insertion  of
headings  are for  convenience  of  reference  only and  shall  not  affect  the
construction or interpretation hereof.

13.      BINDING EFFECT

                  The terms and  conditions  of the Special  Warrants as set out
herein shall enure to the benefit of and be binding upon the Holder hereof,  the
heirs,  executors,  administrators,  successors and assigns of the Holder to the
extent provided herein and shall enure to the benefit of and be binding upon the
Corporation and its successors.

14.      SEVERABILITY

                  In the  event  that  any  provision  hereof  shall  be void or
unenforceable  for any reason,  it shall be severed  from the  remainder  of the
provisions  hereof  and such  remainder  shall  remain in full  force and effect
notwithstanding  such severance.  Any court with  jurisdiction  over any dispute
with  respect to the Special  Warrants  may amend the  provisions  hereof to the
minimum extent required to render the impugned provision valid and enforceable.

                  IN WITNESS  WHEREOF the  Corporation has executed this Special
Warrant Certificate this 27th day of September, 2004.

                                                  ADSERO CORP.

                                                  Per:
                                                       ------------------------
                                                   Name:  William M. Smith
                                                   Title: C.F.O.

                                       13
<PAGE>

                                  SCHEDULE "A"
                                 SPECIAL WARRANT
                                  EXERCISE FORM

TO:               ADSERO CORP.

                  The undersigned Holder of the Special Warrants  represented by
the within Special  Warrant  Certificate  hereby  exercises the right to acquire
Units of Adsero Corp. (the "Corporation") pursuant to the within Special Warrant
Certificate,  which Special  Warrant  Certificate  is hereby  surrendered to the
Corporation  and which will,  upon due  issuance of the Common  Shares and Share
Purchase Warrants comprising the aforesaid Units, be null and void.

                  The Common Shares and Share Purchase  Warrants  comprising the
aforesaid  Units  will be issued  as set  forth  below and will be mailed to the
address set forth below.

----------------------------------------    ------------------------------------
Witness                                     Signature of Holder

                                            ------------------------------------
                                            Print Name in Full

                                            ------------------------------------
                                            Address in Full

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

Guaranteed by1:

----------------------------------------    ------------------------------------
Name of Guarantor                           Authorized Signature Number

----------------------------------------
Signature of Authorized Signatory of
Guarantor

----------------------------------------
Print Name of Authorized Signatory of
Guarantor

 (1)     If the Common Shares and Share  Purchase  Warrants are to be registered
         in a name other than the name of the Holder, the Holder must pay to the
         Registrar  and Transfer  Agent all exigible  taxes and the signature of
         the Holder must be guaranteed by a bank or trust company or by a member
         of a Canadian stock exchange.

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

                                       14
<PAGE>

Print  below  the name  and  address  in full of the  person  in whose  name the
certificates evidencing the Common Shares and Share Purchase Warrants subscribed
for  are  to be  issued.  If the  Common  Shares  and  Share  Purchase  Warrants
subscribed  for are to be issued to more than one  person,  similar  information
must be provided  for each such person,  as well as the number of Common  Shares
and Share  Purchase  Warrants to be issued to each.  If any of the Common Shares
and Share  Purchase  Warrants are to be issued to a person or persons other than
the Holder of the within Special Warrant Certificate, the Holder must pay to the
Corporation all requisite taxes.

Name
         -----------------------------------------------------------------------
Address
         -----------------------------------------------------------------------

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

         -----------------------------------------------------------------------
                                                                     Postal Code

                                       15
<PAGE>

                                  SCHEDULE "B"
                                FORM OF TRANSFER

FOR VALUE  RECEIVED  the  undersigned  Holder of the Special  Warrants of ADSERO
CORP.  evidenced by the within Special Warrant Certificate hereby sells, assigns
and transfers such Special Warrants unto

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

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

--------------------------------------------------------------------------------
of:
         -----------------------------------------------------------------------

DATED this      day of              , 2004.
           ----        -------------

---------------------------------------    -------------------------------------
Witness                                    Signature of Holder

                                           -------------------------------------
                                           Print Name in Full

                                           -------------------------------------
                                           Address in Full

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

Guaranteed by:2

---------------------------------------    -------------------------------------
Name of Guarantor                          Authorized Signature Number

---------------------------------------
Signature of Authorized Signatory of
Guarantor

---------------------------------------
Print Name of Authorized Signatory of
Guarantor

(1)      The signature of the person  executing this transfer must be guaranteed
         by a bank or trust company or by a member of a Canadian stock exchange.

Note:    The  signatures to this transfer must  correspond  with the name of the
         Holder  as  recorded  on  the  Special  Warrant  Certificate  in  every
         particular without enlargement or alteration or any change whatsoever.

                                       16EXHIBIT 4.2

                               WARRANT CERTIFICATE

THE WARRANTS  EVIDENCED  HEREBY ARE EXERCISABLE ON OR BEFORE 5:00 P.M.  (TORONTO
TIME) ON SEPTEMBER  27, 2006,  AFTER WHICH TIME THE  WARRANTS  EVIDENCED  HEREBY
SHALL BE DEEMED TO BE VOID AND OF NO FURTHER FORCE OR EFFECT.
                               WARRANT CERTIFICATE
                                  ADSERO CORP.
                    (incorporated under the laws of Delaware)

CERTIFICATE NUMBER __________            ______________________________ WARRANTS
                                         (each entitling the holder to acquire,
                                         subject to adjustment, one common share
                                         for each Warrant)

THE WARRANTS  REPRESENTED BY THIS CERTIFICATE MAY NOT BE EXERCISED BY ANY PERSON
OTHER THAN THE REGISTERED HOLDER HEREOF. THE WARRANTS REPRESENTED HEREBY WILL BE
VOID AFTER SEPTEMBER 27, 2006 PURSUANT TO THE TERMS OF THE WARRANT INDENTURE (AS
DESCRIBED BELOW). DO NOT DESTROY THIS CERTIFICATE.

THIS IS TO  CERTIFY  that,  for value  received,  [INSERT  NAME OF HOLDER  HERE]
(herein called the  "WARRANTHOLDER" or "HOLDER") is the registered holder of the
number  of  warrants   ("WARRANTS")   specified   above  of  ADSERO  CORP.  (the
"CORPORATION"),  each Warrant  entitling the holder to subscribe for, subject to
adjustment,  one fully paid and non-assessable common share ("Warrant Share") of
the  Corporation  upon payment of an exercise price of US$1.50 per Warrant Share
at any time on or before the Expiry Time (as hereinafter defined).

The Warrants  represented by this certificate are issued under and pursuant to a
certain  warrant  indenture  (herein  called the  "WARRANT  INDENTURE")  made on
September  27,  2004  between the  Corporation  and Beard  Winter LLP  ("WARRANT
AGENT"),  as  warrant  agent  to which  Warrant  Indenture  and any  instruments
supplemental or ancillary  thereto or in amendment  thereof  reference is hereby
made for a full description of the rights of the holders of the Warrants and the
terms and  conditions  upon which such  Warrants  are, or are to be,  issued and
held, all to the same effect as if the  provisions of the Warrant  Indenture and
all instruments  supplemental or ancillary  thereto or in amendment thereof were
herein set forth,  to all of which  provisions  the holder of these  Warrants by
acceptance hereof assents.

Unless otherwise defined herein,  all terms defined in the Warrant Indenture are
used herein as so defined. In the event of any conflict or inconsistency between
the  provisions  of the Warrant  Indenture  and the  provisions  of this Warrant
Certificate,  the provisions of the Warrant Indenture shall prevail. The Warrant
Agent will furnish to the holder of this Warrant  Certificate,  upon request and
upon payment of  reasonable  photocopying  and delivery  charges,  a copy of the
Warrant Indenture.

EXERCISE PERIOD

The Warrants  represented  by this Warrant  Certificate  may be exercised by the
holder (including, if applicable,  any agent under any power of attorney granted

                                       1
<PAGE>

by such holder) at any time during the period  commencing on the date hereof and
ending at 5:00 p.m.  (Toronto  time) on  September  27,  2006 (such time on such
date, the "EXPIRY TIME").

EFFECT OF EXERCISE OF WARRANTS

A  Warrantholder  may,  at any time  (and  from time to time) at or prior to the
Expiry Time, exercise all or any number of the then outstanding Warrants held by
it, by surrendering this Warrant  Certificate to the Warrant Agent at its office
in Toronto,  Ontario or to any other person or at any other place  designated by
the Corporation  with the approval of the Warrant Agent,  during normal business
hours on a Business Day at such place, with a duly completed and executed notice
of exercise in the form set forth herein.

Surrender of this Warrant  Certificate will be deemed to have been effected only
on  personal  delivery  thereof  to,  or,  if sent by mail  or  other  means  of
transmission,  on actual receipt  thereof by, the Warrant Agent at its office in
Toronto,  Ontario  or to such  other  person  or at such  other  place as may be
acceptable to the Warrant Agent.

Any  notice  of  exercise  in the form set  forth  herein  must be signed by the
Warrantholder,  or its executors,  administrators or other legal representatives
or its or their  attorney duly appointed by an instrument in writing in form and
executed in a manner satisfactory to the Warrant Agent, acting reasonably,  and,
if any Warrant Shares  thereby  issuable are to be issued to a person or persons
other than the Warrantholder,  must specify the name or names and the address or
addresses of each such person or persons and the number of Warrant  Shares to be
issued to each such person if more than one is so specified.

The holder may in certain  circumstances  exercise less than all of the Warrants
evidenced by this Warrant Certificate,  in which event a new Warrant Certificate
representing the Warrants not then exercised will be issued to the holder.

Upon the exercise of any Warrants,  the Warrant Shares thereby issuable shall be
deemed to have been  issued,  and the  person or  persons  to whom such  Warrant
Shares are to be issued  shall be deemed to have become the holder or holders of
record thereof,  on the day on which this Warrant  Certificate is surrendered in
accordance with the terms of the Warrant Indenture (the "EXERCISE DATE"), unless
the transfer  registers for the Warrant Shares are closed on that date, in which
case such Warrant  Shares shall be deemed to have been issued and such person or
persons  shall be deemed to have become the holder or holders of record  thereof
on the date on which such  transfer  registers  are  reopened,  but such Warrant
Shares  shall be issued on the basis of the  number of  Warrant  Shares to which
such person or persons were entitled on the Exercise Date.

Within five (5) Business  Days  following  the surrender to the Warrant Agent of
the  Warrant  Certificates  in  accordance  with the  provisions  of the Warrant
Indenture,  the  Corporation  shall,  subject to certain  exceptions,  cause the
Warrant  Agent to mail to the  person  or  persons  in whose  name or names  the
Warrant  Shares  thereby  issued have been  issued,  at its or their  respective
addresses, or, if so specified,  cause to be delivered to such person or persons
at the place  where the  Warrant  Certificates  evidencing  such  Warrants  were
surrendered, certificates representing the Warrant Shares so issued.

If any Warrant  Shares  issuable  pursuant to any Warrants are to be issued to a
person or persons other than the  Warrantholder,  the Warrantholder  must pay to
the  Corporation  or to the Warrant  Agent on its behalf an amount  equal to all

                                       2
<PAGE>

exigible transfer taxes or other government charges, and neither the Corporation
nor the Warrant  Agent will be  required  to issue or deliver  any  certificates
representing  any such  Warrant  Shares  unless or until such amount has been so
paid or the Warrantholder has established to the satisfaction of the Corporation
that such taxes and charges  have been paid or that no such taxes or charges are
owing.

If at the time of exercise of the Warrants there remain trading  restrictions on
the  Warrant  Shares  pursuant  to  applicable   securities   legislation,   the
Corporation  or the Warrant Agent may,  upon the advice of counsel,  endorse any
Warrant Share to such effect.

WARRANTS VOID AFTER EXPIRY TIME

After the Expiry Time, no holder of a Warrant Certificate representing a Warrant
which has not been validly  exercised has any rights under the Warrant Indenture
or a Warrant,  and the Warrants are void and of no value or effect. No holder of
a Warrant  Certificate  will receive any notice from the Warrant Agent notifying
the holder thereof of the expiry date of the Warrant.

OTHER PROVISIONS

The Warrants and the Warrant  Shares have not been  registered  under the United
States  Securities  Act of  1933,  as  amended  ("U.S.  Securities  Act") or the
securities  laws of any state,  and this  Warrant  may not be  exercised  in the
United  States or by or on behalf of a U.S.  person (as defined in  Regulation S
under the U.S.  Securities Act) unless an exemption from registration  under the
U.S.  Securities Act and applicable state securities laws is available,  and the
Corporation  receives an opinion of counsel to such effect in form and substance
satisfactory to it.

The  Corporation  will not be obligated to issue any fraction of a Warrant Share
on the  exercise of any Warrant.  To the extent that a holder of Warrants  would
otherwise  have been  entitled to receive on exercise of the Warrants a fraction
of a Warrant Share,  the number of Warrant Shares received shall be rounded down
to the next  whole  Warrant  Share  and the  Corporation  will  not,  in lieu of
delivering  the  fractional  Warrant  Share,  make any  payment to the holder or
satisfy  the  right to  receive  such  fractional  interest  by  payment  to the
Warrantholder of an amount in cash.

No Warrant Shares will be issued  pursuant to any exercise of any Warrant if the
issue of such security would  constitute a violation of the  securities  laws of
any applicable jurisdiction.

The Warrant  Indenture  provides for adjustments to the rights of the holders of
Warrants,  including  the number of Warrant  Shares  issuable  upon the exercise
thereof, on the happening of certain stated events, including the subdivision or
consolidation  of the  outstanding  Common  Shares of the  Corporation,  certain
distributions  of Common  Shares of the  Corporation,  or of certain  securities
convertible  into or  exchangeable  for Common Shares or of other  securities or
assets of the Corporation,  certain offerings of rights, warrants or options and
certain capital reorganizations.

The  Warrant  Indenture  contains  provisions  making  binding on all holders of
Warrants outstanding  thereunder  resolutions passed at meetings of such holders
held in accordance  with such  provisions  and  instruments in writing signed by
holders of a specified majority of all outstanding Warrants.

On presentation  at the office of the Warrant Agent in Toronto,  Ontario subject
to the provisions of the Warrant Indenture and on compliance with the reasonable
requirements  of the Warrant  Agent,  one or more  Warrant  Certificates  may be

                                       3
<PAGE>

exchanged  at no cost to the  holder  for one or more  Warrant  Certificates  of
different denominations  evidencing in the aggregate the same number of Warrants
as the Warrant Certificate or Warrant Certificates being exchanged.

The Warrants evidenced by this Warrant  Certificate may only be transferred upon
compliance with the conditions  prescribed in the Warrant  Indenture,  including
surrender to the Warrant Agent of this Warrant Certificate accompanied by a Form
of Transfer in the form attached hereto, on the register of transfers to be kept
at the  office of the  Warrant  Agent in  Toronto,  Ontario by the holder or his
executors,  administrators  or  other  legal  representatives  or his  or  their
attorney  duly  appointed by an  instrument in writing in form and executed in a
manner  satisfactory  to the  Warrant  Agent  and,  upon  compliance  with  such
requirements and such other reasonable requirements as the Warrant Agent and the
Corporation  may  prescribe,  such transfer will be recorded on such register of
transfers by the Warrant Agent.  Notwithstanding the foregoing,  the Corporation
will be  entitled,  and may direct the  Warrant  Agent,  to refuse to record any
transfer of any Warrant on such  register if such  transfer  would  constitute a
violation of the securities laws of any jurisdiction.

The  holding  of this  Warrant  Certificate  will not  constitute  the  holder a
shareholder  of the  Corporation or entitle such holder to any right or interest
in respect thereof except as otherwise provided in the Warrant Indenture.

This  Warrant  Certificate  will not be valid for any purpose  until it has been
certified  by or on behalf of the  Warrant  Agent for the time  being  under the
Warrant Indenture.

Time is of the essence hereof.

This Warrant  Certificate  will be construed in accordance  with the laws of the
Province of Ontario and of Canada applicable  therein and will be treated in all
respects as an Ontario contract.

To exercise  your rights  hereunder,  please  complete and execute the notice of
exercise attached hereto as Exhibit "1" and deliver this Warrant  Certificate to
the Warrant Agent.

This  Warrant  Certificate  and the  Warrants  represented  hereby have not been
registered  under  the  U.S.  Securities  Act  or  any  state  securities  laws.
Accordingly, this Warrant Certificate and the Warrants may not be distributed in
the United States or to, or for the benefit of, any resident or national thereof
in  contravention  of the laws of any  such  jurisdiction.  Compliance  with the
securities  laws of any  jurisdiction  is the  responsibility  of the  holder of
Warrants or its transferee.

IN WITNESS  WHEREOF THE  CORPORATION  has caused this Warrant  Certificate to be
signed  by its  officer  or other  individual  authorized  in that  behalf as of
September 27, 2004.

                                            ADSERO CORP.

                                            By
                                               ------------------------------
                                               Name:  William M. Smith
                                               Title: C.F.O.

This Warrant Certificate is one of the Warrant  Certificates  referred to in the
Warrant Indenture.

                                            BEARD WINTER LLP, as Warrant Agent

                                            By:
                                                -----------------------------
                                                Name:  Julian L. Doyle
                                                Title: Partner

                                       4
<PAGE>

                                   EXHIBIT "1"

TO:      ADSERO CORP. (the "CORPORATION")

AND TO:  BEARD WINTER LLP

                               NOTICE OF EXERCISE

The  undersigned  holder of the Warrants  evidenced by this Warrant  Certificate
hereby  exercises the right of such holder to be issued,  and hereby  subscribes
for Warrant  Shares,  which Warrant Shares are issuable upon the terms specified
in such Warrant Certificate and in the Warrant Indenture.

The  undersigned  hereby  acknowledges  that the  undersigned  is aware that the
Warrant  Shares  received on exercise may be subject to  restrictions  on resale
under applicable securities legislation.

The  undersigned  hereby  irrevocably  directs that the said  Warrant  Shares be
issued, registered and delivered as follows:

Name(s) in Full and Social    Address(es)              Number of Warrant Shares
Insurance  Number(s)
(if applicable)

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

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

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

Please print full name in which certificates representing the Warrant Shares are
to be  issued.  If any  Warrant  Shares  are to be issued to a person or persons
other than the holder,  the holder must pay to the  Warrant  Agent all  exigible
transfer taxes or other government charges, and the signature of the holder must
be guaranteed by a member of a recognized  Medallion Signature Guarantee program
or a Canadian Schedule I Chartered Bank.

Once completed and executed, this Notice of Exercise must be mailed or delivered
to 130 Adelaide St. W., Suite 701, Toronto, Ontario, M5H 2K4

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

A. [ ]   The undersigned holder at the time of exercise of this Warrant;  (i) is
         not in the  United  States;  (ii) is not a "U.S.  PERSON" as defined in
         Regulation S under the United States Securities Act of 1933, as amended
         (the  "U.S.  SECURITIES  ACT") and is not  exercising  this  Warrant on
         behalf of a "U.S.  PERSON";  and (iii) did not execute or deliver  this
         Exercise Form in the United States.

                                       5
<PAGE>

B. [ ]   The undersigned  holder;  (i) purchased the Warrants  directly from the
         Corporation  pursuant  to a  written  subscription  agreement  for  the
         purchase of Warrants;  (ii) is exercising  the Warrants  solely for its
         own account or for the account of an  "accredited  investor" as defined
         in Rule 501(a) of Regulation D under the U.S.  Securities  Act for whom
         it  exercises  sole  investment  discretion  and for whose  account  it
         obtained the Warrants, and not on behalf of any other person; and (iii)
         (and any person for whose account the  undersigned  is  exercising  the
         Warrants) was an  "ACCREDITED  INVESTOR"  both on the date the Warrants
         were purchased from the  Corporation and on the date of exercise of the
         Warrants.

C. [ ]   An exemption from  registration  under the U.S.  Securities Act and any
         applicable state securities law is available, and attached hereto is an
         opinion of counsel to such effect, it being understood that any opinion
         of counsel tendered in connection with the exercise of Warrants must be
         in form and substance satisfactory to the Corporation.

The  undersigned  holder  understands  that unless box A above is  checked,  the
certificate  representing  the  Warrant  Shares  will 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.

It is  understood  that the  Corporation  may  require  evidence  to verify  the
foregoing representation.

Because  any  opinion of counsel  tendered in  connection  with the  exercise of
Warrants must be in form and substance  satisfactory to the  Corporation,  it is
strongly  recommended that any holder planning to exercise a Warrant by checking
Box C above submit a draft of any proposed opinion to the Corporation in advance
of exercise.

IF NOT EXERCISED ON OR PRIOR TO 5:00 P.M.  (TORONTO TIME) ON THE EXPIRY DATE (AS
DEFINED IN THE WARRANT CERTIFICATE),  THE WARRANTS EVIDENCED BY THIS CERTIFICATE
WILL BE CANCELLED AND BECOME ABSOLUTELY VOID.

                                       6
<PAGE>

It is  understood  that the  Corporation  may  require  evidence  to verify  the
foregoing representation.

DATED this day of _________________, 200__.
                                    )
                                    )
                                    )
                                    )
                                    )   ----------------------------------------
                                    )   Signature of Registered Holder
                                    )
                                    )
                                    )
                                    )
------------------------------------)   ----------------------------------------
Witness                                 Name of Registered Holder

[ ]      Please check if the certificates Name of Registered Holder representing
         the Warrant Shares are to be delivered at the office where this Warrant
         Certificate is  surrendered,  failing which such  certificates  will be
         mailed to the address set out above.  Certificates will be delivered or
         mailed as soon as  practicable  after  the  surrender  of this  Warrant
         Certificate to the Warrant Agent.

                                       7
<PAGE>

                                FORM OF TRANSFER

FOR VALUE  RECEIVED  the  undersigned  hereby  sells,  assigns and  transfers to
______________________________________  (insert name and address of  transferee)
the  Warrants  represented  by this  Warrant  Certificate  and  hereby  appoints
____________________________  as its attorney with full power of substitution to
transfer the Warrants on the appropriate register of the Warrant Agent.

DATED this day of _________________, 200__.
                                    )
                                    )
                                    )
                                    )
                                    )   ----------------------------------------
                                    )   Signature of Transferor
                                    )
                                    )
                                    )
                                    )
------------------------------------)   ----------------------------------------
Witness                                 Name of Transferor

Except  pursuant to alternative  arrangements  satisfactory to the Warrant Agent
and ADSERO CORP.,  the  signature of  Transferor  must be guaranteed by a member
firm  of a  recognized  Medallion  Signature  Guarantee  program  or a  Canadian
Schedule I Chartered Bank.

                                       8

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