Document:

NEITHER  THIS  WARRANT  NOR THE  COMMON  STOCK  WHICH MAY BE  ACQUIRED  UPON THE
EXERCISE HEREOF HAS BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE  "ACT"),  OR UNDER  THE  SECURITIES  LAWS OF ANY STATE AND MAY NOT BE SOLD,
PLEDGED,  TRANSFERRED  OR ASSIGNED IN THE ABSENCE OF AN  EFFECTIVE  REGISTRATION
STATEMENT WITH RESPECT  THERETO UNDER THE ACT AND COMPLIANCE WITH ANY APPLICABLE
STATE  SECURITIES  LAW,  OR UNLESS THE  COMPANY  RECEIVES AN OPINION OF COUNSEL,
SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED.

VOID AFTER 5:00 P.M. EASTERN TIME, FEBRUARY 10, 2002.

                                                             For the Purchase of
                                                                56,000 shares of
                                                                    Common Stock

                           WARRANT FOR THE PURCHASE OF
                             SHARES OF COMMON STOCK
                                       OF
                              INFOCAST CORPORATION

                             (A Nevada corporation)

         Infocast  Corporation,  a Nevada  corporation (the  "Company"),  hereby
certifies that for value received,  The Cuttyhunk Fund Limited (the  "Registered
Holder"),  residing at c/o Optima  Management  Partners  L.P.,  75 Front Street,
Hamilton HM 12, Bermuda,  is entitled,  subject to the terms set forth below, to
purchase from the Company, pursuant to this Warrant ("Warrant"),  at any time or
from time to time on or after  February  11,  2000,  and at or before 5:00 p.m.,
Eastern Time, February 10, 2002 ("Expiration Date"), but not thereafter,  56,000
shares of Common Stock,  $.001 par value, of the Company ("Common Stock"),  at a
purchase price (the "Purchase  Price") equal to $5.00 per share of Common Stock.
The number of shares of Common Stock  purchasable upon exercise of this Warrant,
and the purchase price per share, each as adjusted from time to time pursuant to
the  provisions of this  Warrant,  are  hereinafter  referred to as the "Warrant
Shares" and the "Purchase Price," respectively.

         1.       Exercise.

                  (a) This Warrant may be exercised by the Registered Holder, in
whole or in part,  by the surrender of this Warrant (with the Notice of Exercise
Form attached hereto as Exhibit I duly executed, completed and delivered by such
Registered  Holder) at the  principal  office of the  Company,  or at such other
office or agency as the Company may designate, accompanied by

<PAGE>

payment in full, in lawful money of the United States, of an amount equal to the
then applicable  Purchase Price  multiplied by the number of Warrant Shares then
being purchased upon such exercise.  If the rights  represented hereby shall not
be exercised at or before 5:00 p.m.,  Eastern Time, on the Expiration Date, this
Warrant shall become and be void and without  further  force or effect,  and all
rights represented hereby shall cease and expire.

                  (b) Each exercise of this Warrant shall be deemed to have been
effected  immediately  prior to the close of  business  on the day on which this
Warrant  shall have been  surrendered  to the Company as provided in  subsection
l(a)  above.  At such  time,  the  person or  persons in whose name or names any
certificates for Warrant Shares shall be issuable upon such exercise as provided
in  subsection  I (c) below shall be deemed to have become the holder or holders
of record of the Warrant Shares represented by such certificates.

                  (c) As soon as practicable  after the exercise of the purchase
right represented by this Warrant,  the Company at its expense will use its best
efforts to cause to be issued in the name of the Registered Holder and delivered
to you:

                           (i) a certificate or  certificates  for the number of
full shares of Warrant Shares to which such Registered  Holder shall be entitled
upon  such  exercise  plus,  in lieu  of any  fractional  share  to  which  such
Registered Holder would otherwise be entitled,  a Warrant Share representing the
remainder of the fractional share to the next whole Warrant Share, and

                           (ii) in case such  exercise  is in part  only,  a new
warrant or warrants  (dated the date hereof) of like tenor,  stating on the face
or faces  thereof  the  number  of shares  currently  stated on the face of this
Warrant minus the number of such shares purchased by the Registered  Holder upon
such exercise as provided in subsection l(a) above.

         2.       Adjustments.

                  (a)  Split,  Subdivision  or  Combination  of  Shares.  If the
outstanding  shares of the Company's Common Stock at any time while this Warrant
remains  outstanding  and unexpired  shall be subdivided or split into a greater
number of shares,  or a  dividend  in Common  Stock  shall be paid in respect of
Common Stock, or a similar change in the Company's  capitalization  occurs which
affects the  outstanding  Common Stock,  as a class,  then the Purchase Price in
effect  immediately  prior to such  subdivision  or at the  record  date of such
dividend shall,  simultaneously  with the  effectiveness  of such subdivision or
split or  immediately  after the record date of such  dividend  (as the case may
be), be  proportionately  decreased.  If the outstanding  shares of Common Stock
shall be combined or reverse-split into a smaller number of shares, the Purchase
Price in effect  immediately  prior to such  combination or reverse split shall,
simultaneously  with the  effectiveness of such combination or reverse split, be
proportionately  increased.  When any  adjustment  is required to be made in the
Purchase  Price,  the number of shares of Warrant  Shares  purchasable  upon the
exercise of this Warrant  shall be changed to the number  determined by dividing
(i) an amount equal to the number of shares  issuable  upon the exercise of this
Warrant immediately prior to such

                                       -2-

<PAGE>

adjustment, multiplied by the Purchase Price in effect immediately prior to such
adjustment,  by (ii)  the  Purchase  Price  in  effect  immediately  after  such
adjustment.

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

         3. Limitation on Sales.  Each holder of this Warrant  acknowledges that
this  Warrant  and the  Warrant  Shares  have  not  been  registered  under  the
Securities Act of 1933, as now in force or hereafter  amended,  or any successor
legislation (the "Act"), and agrees not to sell, pledge,  distribute,  offer for
sale, transfer or otherwise dispose of this Warrant or any Warrant Shares issued
upon its  exercise in the  absence of (a) an  effective  registration  statement
under the Act as to this  Warrant or such  Warrant  Shares and  registration  or
qualification  of this Warrant or such Warrant Shares under any applicable  Blue
Sky or state  securities  law  then in  effect  or (b) an  opinion  of  counsel,
satisfactory to the Company,  that such  registration and  qualification are not
required. Without limiting the generality of the foregoing,  unless the offering
and sale of the Warrant Shares to be issued upon the particular  exercise of the
Warrant shall have been effectively  registered under the Act, the Company shall
be under no obligation to issue the shares  covered by such exercise  unless and
until the Registered Holder shall have executed an investment letter in form and
substance satisfactory to the Company,  including a warranty at the time of such
exercise  that it is  acquiring  such shares for its own  account,  and will not
transfer  the  Warrant  Shares  unless  pursuant  to an  effective  and  current
registration  statement  under  the Act or an  exemption  from the  registration
requirements of the Act and any other  applicable  restrictions,  in which event
the Registered Holder shall be bound by the provisions of a legend or legends to
such effect which shall be endorsed  upon the  certificate(s)  representing  the
Warrant Shares issued pursuant to such exercise. The Warrant

                                       -3-

<PAGE>

Shares  issued  upon  exercise  thereof  shall  be  imprinted  with  legends  in
substantially the following form:

         "THE  SECURITIES   REPRESENTED  BY  THIS   CERTIFICATE  HAVE  NOT  BEEN
         REGISTERED  UNDER THE  SECURITIES ACT OF 1933, AS AMENDED  ("ACT"),  OR
         APPLICABLE  STATE  SECURITIES  LAWS,  AND MAY NOT BE SOLD,  PLEDGED  OR
         OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE  REGISTRATION STATEMENT WITH
         RESPECT  THERETO  UNDER THE ACT OR  PURSUANT TO AN  EXEMPTION  FROM THE
         REGISTRATION   REQUIREMENTS   OF  SAID  ACT  AND  COMPLIANCE  WITH  ANY
         APPLICABLE  STATE  SECURITIES  LAW, OR UNLESS THE  COMPANY  RECEIVES AN
         OPINION OF COUNSEL,  SATISFACTORY TO THE COMPANY AND ITS COUNSEL,  THAT
         SUCH REGISTRATION IS NOT REQUIRED."

         4. Notices of Record Date. In case:

                  (a) the  Company  shall  take a record of the  holders  of its
Common  Stock (or other stock or  securities  at the time  deliverable  upon the
exercise of this  Warrant)  for the  purpose of  entitling  or enabling  them to
receive  any  dividend  or  other   distribution   (other  than  a  dividend  or
distribution  payable  solely in  capital  stock of the  Company or out of funds
legally  available  therefor),  or to  receive  any  right to  subscribe  for or
purchase  any shares of any class or any other  securities,  or to  receive  any
other right, or

                  (b)  of  any  capital   reorganization  of  the  Company,  any
reclassification  of the capital  stock of the  Company,  any  consolidation  or
merger  of  the  Company  with  or  into  another   corporation  (other  than  a
consolidation  or merger in which the Company is the surviving  entity),  or any
transfer of all or substantially all of the assets of the Company, or

                  (c) of the voluntary or involuntary  dissolution,  liquidation
or winding-up of the Company,

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

                                       -4-

<PAGE>

         5. Reservation of Stock. The Company will at all times reserve and keep
available,  solely for issuance and delivery  upon the exercise of this Warrant,
such shares of Warrant Shares and other stock,  securities and property, as from
time to time shall be issuable upon the exercise of this Warrant.

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

         7.  Non-transferability  of Warrants.  This Warrant is not transferable
and may be exercised solely by the Registered  Holder.  Any attempt to transfer,
assign,  pledge or otherwise dispose of, or to subject to execution,  attachment
or similar process, this Warrant contrary to the provisions hereof shall be void
and ineffective and shall give no right to the purported transferee.

         8. No Rights as  Shareholder.  Until the exercise of this Warrant,  the
Registered  Holder of this  Warrant  shall not have or  exercise  any  rights by
virtue hereof as a shareholder of the Company.

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

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

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

         12. Mailing of Notices, etc. All notices and other communications under
this  Warrant  (except  payment)  shall be in writing and shall be  sufficiently
given if delivered to the  addressees in person,  by Federal  Express or similar
receipt  delivery,  by facsimile  delivery or, if mailed,  postage  prepaid,  by
certified mail, return receipt requested, as follows:

Registered Holder:         To his or her address on page 1 of this Warrant.

                                       -5-

<PAGE>

The Company:      Infocast Corporation
                  One Richmond Street West
                  Suite 901
                  Toronto, Ontario M5H3W4
                  Canada
                  Attn: A.T. Griffis

with a copy to:

                  Olshan Grundman Frome Rosenzweig & Wolosky LLP
                  505 Park Avenue
                  New York, New York 10022
                  Attn: Jeffrey S. Spindler, Esq.

or to such other  address as any of them,  by notice to the others may designate
from time to time.  Time shall be counted  to, or from,  as the case may be, the
delivery in person or by mailing.

                                        INFOCAST CORPORATION

                                        By:
                                           -------------------------------------
Date:    February 11, 2000                 Name:
                                           Title:

                                       -6-

<PAGE>

                                                                       EXHIBIT I

                               NOTICE OF EXERCISE

TO:      Infocast Corporation
         One Richmond Street West
         Suite 901
         Toronto, Ontario M5H3W4
         Canada

         1. The  undersigned  hereby  elects to purchase  _______  shares of the
Common Stock of Infocast Corporation, pursuant to terms of the attached Warrant,
and tenders  herewith  payment of $________ in payment of the purchase  price of
such shares in full, together with all applicable transfer taxes, if any.

         2. Please issue a certificate or certificates  representing said shares
of the Common Stock in the name of the undersigned.

         3. The  undersigned  represents  that it will sell the shares of Common
Stock only pursuant to an effective  Registration Statement under the Securities
Act of 1933, as amended, or an exemption from registration thereunder.

                                        ________________________________________
                                        (Name)

                                        ________________________________________
                                        (Address)

                                        ________________________________________

                                        ________________________________________

                                        ________________________________________
                                        (Taxpayer Identification Number)

___________________________________
[print name of Registered Holder]

By:________________________________

Title: ____________________________

Date:______________________________

                                       -7-FORM OF
                      7% CONVERTIBLE SUBORDINATED DEBENTURE

"THIS  SECURITY HAS NOT BEEN  REGISTERED  UNDER THE  SECURITIES  ACT OF 1933, AS
AMENDED,  OR APPLICABLE STATE  SECURITIES LAWS, AND MAY NOT BE SOLD,  PLEDGED OR
OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF THE SECURITIES
ACT,  PURSUANT TO  REGISTRATION  UNDER THE SECURITIES  ACT AND APPLICABLE  STATE
SECURITIES LAWS, OR PURSUANT TO AN EXEMPTION FROM THE REGISTRATION  REQUIREMENTS
OF THE SECURITIES  ACT AND APPLICABLE  STATE  SECURITIES  LAWS,  SUPPORTED BY AN
OPINION OF COUNSEL, REASONABLY SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT
SUCH  REGISTRATION  IS NOT REQUIRED.  THIS SECURITY MAY NOT BE SOLD,  PLEDGED OR
OTHERWISE  TRANSFERRED  BY A HOLDER THAT IS NOT RESIDENT IN CANADA TO ANY PERSON
RESIDENT IN CANADA UNTIL 90 DAYS FOLLOWING ITS DATE OF ISSUE."

                                                                       $
                                                                        ________
                              INFOCAST CORPORATION

                                ___________, 2000

                  Infocast Corporation,  a Nevada corporation (together with its
successors and assigns,  "Issuer"), for value received hereby promises to pay to
____________  ("Holder") and its successors,  transferees  and assigns,  by wire
transfer of immediately  available  funds to an account  designated by Holder by
notice  to  Issuer  the  principal  sum  of  ____________________   ($_________)
("Debenture  Amount")  on March  31,2005  (the  "Maturity  Date"),  unless  this
Debenture shall have been repaid or converted prior thereto as provided  herein,
plus  accrued  and unpaid  interest  on such date and as  specified  below.  The
transferability of this 7% Convertible  Subordinated  Debenture is restricted as
provided in Section 6 below.

                  The  Debenture  Amount shall bear  interest  accruing from the
date hereof to the date this  Debenture  shall have been  converted or repaid in
full at seven percent (7.0%) per annum.  All  computations  of interest  payable
hereunder  shall be on the basis of a year of 365 days,  or 366 days in the case
of a leap year, and actual days elapsed in the period for which such interest is
payable.  The Issuer shall pay interest  semi-annually on March 31 and September
30, commencing  September 30,2000 to holders of record on March 15 and September
15, respectively.

<PAGE>

                  The Issuer  shall use its  reasonable  best  efforts to file a
registration statement with the United States Securities and Exchange Commission
to  register  the shares of common  stock,  par value  $.001 of the Issuer  (the
"Common  Stock")  issuable to the Holder upon  conversion of this Debenture (the
"Registration  Statement")  within  180 days from the date of  issuance  of this
Debenture and shall use its  reasonable  best efforts to have such  Registration
Statement  declared  effective as soon as possible  thereafter  and to keep such
Registration  Statement  current  until such time as the shares of Common  Stock
issuable upon conversion of this Debenture are freely tradeable pursuant to Rule
144(k)  promulgated  under the U.S.  Securities  Act of 1933,  as  amended  (the
"Securities  Act"), all at the Issuer's cost and expense (except  commissions or
discounts and attorney's fees and cost of the Holder).

                  Issuer  shall keep at its  principal  office a  register  (the
"Register")  in which shall be entered  the name and  address of the  registered
holder of this Debenture and of all transferees of this Debenture. The ownership
of this  Debenture  shall be proven by the  Register.  For the purpose of paying
principal and any interest on this  Debenture,  Issuer shall be entitled to rely
on the name and  address in the  Register  and  notwithstanding  anything to the
contrary  contained  in this  Debenture,  no Event of Default  shall occur under
Section  3.1(a) or (b) if  payment  of  principal  and any  interest  is made in
accordance with the name and address contained in the Register.

                  Section 1. Definitions. Capitalized terms used but not defined
in this  Debenture  shall have the  meanings  given to them in the  Subscription
Agreement.  In addition,  the  following  terms  (except as otherwise  expressly
provided) for all purposes of this Debenture shall have the respective  meanings
specified  below.  All  accounting  terms used herein and not expressly  defined
shall have the meanings given to them in accordance with U.S. generally accepted
accounting principles as in effect from time to time.

                  "Business  Day" shall mean any day on which banks in the State
of New York are not required or permitted by law to close.

                  "Default" shall mean any condition or event which  constitutes
an Event of  Default or which with the giving of notice or lapse of time or both
would, unless cured or waived, become an Event of Default.

                  "Debt" shall have the meaning set forth in Section 4.2.

                  "Debenture"  shall  mean  this  7%  Convertible   Subordinated
Debenture.

                  "Event of Default" shall have the meaning set forth in Section
3.1.

                  "Memorandum"  shall mean the  Confidential  Private  Placement
Memorandum,  dated  June  1,  2000,  received  by the  original  Holder  of this
Debenture  from the Issuer  containing  the terms and  conditions of the sale of
this Debenture.

                                        2

<PAGE>

                  "Qualified  Offering"  shall  have the  meanings  set forth in
Section 5.1

                  "Senior Debt" shall have the meaning set forth in Section 4.2.

                  "Subscription  Agreement" shall mean that certain subscription
agreement  between the Issuer and the Holder with respect to the subscription by
the Holder for this Debenture.

                  "Trading  Day" shall mean any day on which trading in the U.S.
equity markets of the principal national securities exchange is held.

                  Section 2. Payment Obligation.  No provision of this Debenture
shall  alter or  impair  the  obligations  of  Issuer,  which are  absolute  and
unconditional,  to pay the principal of and interest on this Debenture in lawful
money of the United States of America in immediately  available  funds not later
than 5:00 p.m.,  Eastern  Standard  Time on the date each such payment is due in
accordance  with this  Debenture,  subject to the conversion  provisions of this
Debenture as provided  herein.  Whenever any payment of this Debenture  shall be
stated to be due on a day which is not a Business  Day,  such  payment  shall be
made on the next succeeding Business Day and such extension of time shall not be
included in the computation of the payment of interest on this Debenture.

                  Section 3. Events of Default and Remedies.

                  Section  3.1.  Event  of  Default  Defined;   Acceleration  of
Maturity;  Waiver of Default.  In case one or more of the following events (each
an "Event of  Default")  (whatever  the reason  for such  Event of  Default  and
whether it shall be voluntary or  involuntary or be effected by operation of law
or pursuant to any judgment,  decree or order of any court or any order, rule or
regulation of any  administrative or governmental  body) shall have occurred and
be continuing:

                  (a) default in the payment of interest on this  Debenture when
the same  becomes due and payable and the default  continues  for a period of 30
days; or

                  (b) default in the payment of all or any part of the principal
of this  Debenture  when the same  becomes  due and  payable at  maturity,  upon
redemption, or otherwise; or

                  (c)  failure on the part of Issuer  duly to observe or perform
any other of the  agreements on the part of Issuer  contained in this  Debenture
(other than those  covered by clauses (a) and (b) above) for a period of 30 days
after the date on which written  notice  specifying  such failure,  stating that
such notice is a "Notice of Default"  hereunder and demanding that Issuer remedy
the same, shall have been given by registered or certified mail,  return receipt
requested, to Issuer; or

                  (d)  Issuer  pursuant  to or within  the  meaning  of any U.S.
Bankruptcy Law:

                                        3

<PAGE>

                           (i) commences a voluntary case or proceeding,

                           (ii)  consents  to the entry of an order  for  relief
                  against it in an involuntary case or proceeding,

                           (iii)  consents to the  appointment of a Custodian of
                  it or for all or substantially all of its property,

                           (iv) makes a general  assignment  for the  benefit of
                  its creditors, or

                           (v) admits in writing its  inability to pay its debts
                  as the same become due; or

                  (e) a court  of  competent  jurisdiction  enters  an  order or
decree under any U.S. Bankruptcy Law that:

                           (i) is for relief  against  Issuer in an  involuntary
                  case,

                           (ii)  appoints  a  Custodian  of Issuer or for all or
                  substantially all of the property of Issuer, or

                           (iii) orders the liquidation of Issuer,

         and such order or decree remains unstayed and in effect for 60 days;

then,  in each  case  where an Event of  Default  occurs,  Holder,  by notice in
writing to Issuer,  may declare  the  aggregate  Debenture  Amount to be due and
payable  immediately,  and upon  any such  declaration  the  same  shall  become
immediately due and payable;  provided that if an Event of Default  specified in
clause (d) or (e) of this Section 3.1 occurs,  the Debenture Amount shall become
and be immediately  due and payable  without any declaration or other act on the
part of Holder.

                  The term "U.S.  Bankruptcy  Law" means title 11, United States
Code or any  similar  United  States  federal  or state  law for the  relief  of
debtors. The term "Custodian" means any receiver, trustee, assignee,  liquidator
or similar official under any U.S. Bankruptcy Law.

                  Section 3.2. Powers and Remedies Cumulative; Delay or Omission
Not Waiver of Default.  No right or remedy herein  conferred upon or reserved to
Holder is intended to be exclusive of any other right or remedy, and every right
and remedy shall, to the extent  permitted by law, be cumulative and in addition
to every other right and remedy given hereunder or now or hereafter  existing at
law or in equity or  otherwise.  The  assertion  or  employment  of any right or
remedy hereunder,  or otherwise,  shall not prevent the concurrent  assertion or
employment of any other appropriate right or remedy.

                                        4

<PAGE>

                  No delay or omission of Holder to exercise  any right or power
accruing upon any Event of Default  occurring and continuing as aforesaid  shall
impair any such right or power or shall be  construed to be a waiver of any such
Event of Default or an acquiescence therein; and every power and remedy given by
this  Debenture  or by law may be exercised  from time to time,  and as often as
shall be deemed expedient, by Holder.

                  Section  3.3.  Waiver of Past  Defaults.  Holder may waive any
past Event of Default  hereunder and its  consequences.  In the case of any such
waiver, Issuer and Holder shall be restored to their former positions and rights
hereunder,  respectively;  but no such waiver shall extend to any  subsequent or
other Event of Default or impair any right consequent thereon.

                  Upon any such waiver, such Default shall cease to exist and be
deemed to have been  cured and not to have  occurred,  and any Event of  Default
arising  therefrom shall be deemed to have been cured,  and not to have occurred
for every purpose of this  Debenture,  and the interest rate hereon shall not be
deemed to have  increased;  but no such waiver shall extend to any subsequent or
other Event of Default or impair any right consequent thereon.

                  Section 4. Covenants. Issuer and Holder agree that, so long as
any amount payable under this Debenture remains unpaid:

                  Section 4.1. Payment of Debenture.  The Issuer will punctually
pay or cause to be paid the  Debenture  Amount and accrued  and unpaid  interest
thereon.  Any sums  required  to be withheld  from any payment of the  Debenture
Amount,  or interest on this  Debenture  by  operation of law or pursuant to any
order, judgement,  execution,  treaty, rule or regulation may be withheld by the
Issuer and paid over in accordance therewith.

                  Section 4.2. Subordination.  The Issuer agrees, and the Holder
by accepting  this Debenture  agrees,  that the  indebtedness  evidenced by this
Debenture  and the  payment  of  principal  thereof  and  interest  thereon  are
subordinated in right of payment to the prior payment in full of all Senior Debt
and that the  subordination is for the benefit of the holders of Senior Debt. By
its acceptance of this Debenture,  the Holder agrees to execute and deliver such
documents with respect to subordination as may be reasonably requested from time
to time by Issuer or a lender of Senior Debt.

                  "Debt"  means  the  principal  of  and  interest  on  (a)  all
indebtedness for borrowed money (including all indebtedness  evidenced by notes,
bonds,  debentures or other  securities  sold for money),  (b) all  indebtedness
incurred in the acquisition (whether by way of purchase,  merger,  consolidation
or otherwise) of any business,  real property or other assets (c)  guarantees of
indebtedness  described  in clauses (a),  (b) and (d) of any other  person,  (d)
capitalized  lease  obligations  and  (e)  renewals,   extensions,   refundings,
deferrals,   restructurings,   amendments   and   modifications   of  any   such
indebtedness, obligations or guarantee.

                                        5

<PAGE>

                  "Senior Debt" means Debt of the Issuer outstanding at any time
other than Debt which,  pursuant to its terms, is expressly  subordinate to this
Debenture.

                  Section 5. Conversion.

                  Section  5.1.  Conversion.  (a)  Holder  shall have the right,
exercisable  at any time before the Maturity  Date, by written notice to Issuer,
to convert this Debenture (in whole or in part) into such whole number of shares
of Common Stock as is equal to the quotient  obtained by dividing the  principal
amount to be converted by the conversion price in effect on the conversion date.
The initial conversion price for purposes of this Section 5 is $6.00, subject to
adjustment in certain  events  pursuant to the next sentence of this Section 5.1
and Section 7. If a  Registration  Statement has not been declared  effective by
the U. S. Securities and Exchange Commission by ______________  (that date being
300 days after the first issuance of Debentures pursuant to the Memorandum), the
initial conversion price shall be reduced from $6.00 to $5.70.

                  (b)  The  date  on  which  the  Holder  satisfies  all  of the
requirements  for  conversion is the  conversion  date.  As soon as  practicable
following the conversion  date,  the Issuer shall deliver a certificate  for the
number of full shares of Common Stock  issuable upon the  conversion and a check
in lieu of any  fractional  share in  accordance  with  Section 5.4 hereof.  The
person  in whose  name the  certificate  is  registered  shall be  treated  as a
stockholder of record on and after the conversion date.

                  (c) No payment or adjustment will be made for accrued interest
on a converted  Debenture.  If the conversion  date falls during the period from
the close of business on a record date preceding an interest payment date to the
opening of business on such interest  payment date, this Debenture shall (unless
this Debenture or a portion  thereof being  converted shall have been called for
redemption  on a  redemption  date  between  such record date and such  interest
payment date) also be  accompanied by payment of an amount equal to the interest
payable on such interest  payment date on the principal amount of the portion of
this Debenture then being  converted;  provided,  however,  that no such payment
need be made if there shall exist,  at the conversion  date, an Event of Default
in the payment of interest on this Debenture.

                  (d) Upon  surrender  of this  Debenture  that is  converted in
part,  the Issuer shall  authenticate  for the Holder a new  Debenture  equal in
principal amount to the unconverted portion of this Debenture surrendered.

                  (e) If the last day on which this  Debenture  may be converted
is not a Business Day, this  Debenture may be  surrendered  to the Issuer on the
next succeeding day that is a Business Day.

                                        6

<PAGE>

                  (f) To convert  this  Debenture,  the Holder must (1) complete
and sign the  conversion  notice on the back of this  Debenture and deliver such
notice to the Issuer,  (2) surrender this  Debenture to the Issuer,  (3) furnish
appropriate  endorsements  and transfer  documents if required by the Issuer and
(4) pay any  transfer  or similar  tax if  required.  The  Holder may  convert a
portion  of this  Debenture  if the  portion  is $1,000 or a whole  multiple  of
$1,000.

                  Section  5.2.  Other  Conversion/Redemption.  (a) In the event
that  Issuer  effects  the sale of Common  Stock in a public  offering  in North
America  with gross  proceeds  to the Issuer of not less than  $50,000,000  at a
public  offering  price per  share of at least  $12  prior to March 31,  2001 (a
"Qualified  Offering"),  the Issuer  shall give the Holder at least  thirty (30)
days prior written  notice to elect to, and the Holder must elect to (i) convert
all or a portion of this  Debenture  into such whole numbers of shares of Common
Stock as is equal to the quotient  obtained by dividing the principal  amount to
be  converted by the then  conversion  price or (ii) permit the Issuer to redeem
for cash all or a portion of this Debenture at a redemption price of 110% of the
principal amount of this Debenture together with accrued interest to the date of
redemption.  The redemption or conversion  shall be effected on the later of (i)
seven days after closing the Qualified  Offering or (ii) the date upon which the
shares of Common Stock issuable upon conversion of the Debenture and exercise of
the Warrants  issued  together  with this  Debenture  are  registered  under the
Securities Act.

                  (b) The Issuer shall send to the Holder in the manner provided
in Section 9 (the  "Issuer  Notice  Date") a notice from the Issuer (the "Issuer
Notice"). Such Issuer Notice shall contain the following information:

                           (i) that  the  Issuer  has  consummated  a  Qualified
                  Offering and that the Holder must elect to either convert this
                  Debenture  or permit  the Issuer to redeem  the  Debenture  in
                  accordance with this Section 5.2.

                           (ii)  that  the  Holder  must  complete  and sign the
                  conversion  notice attached to this Debenture  within ten days
                  of the Issuer Notice Date if the Holder elects to convert this
                  Debenture; and

                           (iii) the conversion price.

                  If the Holder does not provide the Issuer with the  conversion
notice as required,  the Issuer shall then be permitted to redeem this Debenture
pursuant to this Section 5.2 and the Issuer shall  provide  notice to the Holder
that shall identify the principal amount to be redeemed and shall state:

                  1.       The redemption price (including the amount of accrued
                           interest to be paid);

                  2.       The redemption date; and

                                        7

<PAGE>

                  3.       That interest on this  Debenture  ceases to accrue on
                           or after the redemption date.

                  Section 5.3. Other Conversion.  (a) If at any time after March
31, 2003,  the closing bid price of the Common Stock,  as reported by the Nasdaq
Small Cap Market, or the Issuer's then principal trading market,  exceeds $18.00
for 15 consecutive Trading Days, the Issuer shall have the right, at any time or
from time to time on at least thirty (30) days prior written notice,  to require
the Holder to convert all or a portion of this  Debenture  (plus all accrued and
unpaid interest thereon) at the then conversion price.

                  (b) At least 30 days before a conversion date pursuant to this
Section  5.3,  the Issuer  shall mail in the  manner  prescribed  in Section 9 a
notice of conversion to the Holder.

                  The notice shall identify the principal amount to be converted
and shall state:

                  1.       the conversion date;

                  2.       The conversion price; and

                  3.       that interest on the portion of this  Debenture to be
                           converted   ceases   to   accrue  on  and  after  the
                           conversion date.

                  If the  Issuer  elects to  require  the  Holder  to  convert a
portion  of this  Debenture,  the  Issuer  shall  deliver  to the  Holder  a new
Debenture  equal  in  principal  amount  to  the  unconverted  portion  of  this
Debenture.

                  Section 5.4.  Fractional  Shares.  Upon the conversion of this
Debenture  pursuant to either  Section 5.1, 5.2 or 5.3, no fractional  shares or
scrip  representing  fractional  shares  shall be  issued.  With  respect to any
fraction of a share  called for upon the  conversion  of this  Debenture  or any
portion  hereof,  a cash amount equal to the then  current  market value of such
fraction shall be paid to Holder.  The current market price of a share of Common
Stock is the closing  price of the Common Stock on the last Trading Day prior to
the  conversion  date.  In the  absence of such a  quotation,  the Issuer  shall
determine the then current market price as it considers appropriate.

                  Section 6. Restrictions Upon  Transferability and Registration
Requirement.  This Debenture has not been registered  under the U.S.  Securities
Act,  and  may  not  be  offered,  sold,  pledged,  hypothecated,   assigned  or
transferred except (i) pursuant to a Registration Statement, or (ii) pursuant to
a specific  exemption from registration under the Securities Act but only upon a
holder hereof first having obtained the written  opinion of U.S.  counsel to the
Issuer,  that  the  proposed  disposition  is  consistent  with  all  applicable
provisions of the Securities  Act as well as any applicable  "blue sky" or other
state securities law in the United States of America.  Furthermore,  no transfer
of

                                        8

<PAGE>

this Debenture  shall be effected until,  and a transferee  shall succeed to the
rights of the Holder,  only upon  registration  of the transfer by the Issuer in
the  Register  of the Issuer.  Prior to the  registration  of any  transfer by a
Holder as provided herein,  the Issuer (and any agent of the Issuer) shall treat
the person in whose name this  Debenture is  registered as the owner thereof for
all purposes.  Notwithstanding  anything herein to the contrary,  this Debenture
and the Company's  Common Stock Purchase  Warrants issued as part of a Unit with
this  Debenture are not  detachable  and  separately  transferable  prior to the
one-year anniversary of the date of issuance of this Debenture.

                  Section   7.   Reorganization;   Adjustments.   (a)   If   any
reorganization  or  reclassification  of the  capital  stock of the  Issuer,  or
consolidation  or merger of the Issuer with  another  corporation  (other than a
consolidation  or merger in which the Issuer is the continuing  corporation  and
which  does not  result in any  reclassification  or  change of the  outstanding
Common Stock),  or the sale of all or substantially all of its assets to another
corporation  shall be effected,  then,  as a condition  of such  reorganization,
reclassification,  consolidation,  merger or sale, lawful and adequate provision
shall be made whereby Holder shall thereafter have the right to receive upon the
terms and conditions  herein specified and in lieu of the shares of Common Stock
of the Issuer immediately theretofore convertible and receivable upon conversion
of this Debenture  such  securities or property as may be issued or payable with
respect to or in exchange  for a number of  outstanding  shares of Common  Stock
equal  to  the  number  of  shares  of  Common  Stock  immediately   theretofore
purchasable and receivable upon the conversion of this Debenture and in any such
case  appropriate  provision  shall  be made  with  respect  to the  rights  and
interests of Holder to the end that the  provisions  hereof shall  thereafter be
applicable,  as nearly as may be, in  relation  to any  securities  or  property
thereafter deliverable upon the exercise hereof. The Issuer shall not effect any
such  reorganization,   consolidation,  merger  or  sale  unless,  prior  to  or
contemporaneously  with the consummation  thereof, the successor corporation (if
other  than the  Issuer)  resulting  from  such  consolidation  or merger or the
corporation  purchasing such assets shall assume by written instrument  executed
and delivered to Holder,  the obligation to deliver to Holder such securities or
property as, in accordance with the foregoing provisions, Holder may be entitled
to purchase or receive.

                  (b) If the Issuer:

                      1.   pays a dividend or makes a distribution on its Common
                           Stock in shares of its Common Stock;

                      2.   subdivides  its  outstanding  shares of Common  Stock
                           into a greater number of shares;

                      3.   combines its outstanding  shares of Common Stock into
                           a smaller number of shares;

                                        9

<PAGE>

                      4.   pays a dividend or makes a distribution on its Common
                           stock in  shares  of its  capital  stock  other  than
                           Common Stock; or

                      5.   issues by  reclassification  of its Common  Stock any
                           shares of its capital stock,

then the conversion  price in effect  immediately  prior to such action shall be
adjusted so that the Holder may receive the number of shares of capital stock of
the Issuer which he would have owned immediately following such action if he had
converted this Debenture immediately prior to such action.

                  The adjustment  shall become effective  immediately  after the
record date in the case of a dividend or distribution and immediately  after the
effective date in the case of a subdivision, combination or reclassification.

                  (c) If the  Issuer  distributes  to all  holders of its Common
Stock any of its assets or debt securities or any rights or warrants to purchase
securities of the Issuer,  the conversion  price shall be adjusted in accordance
with the formula:

                                  AC = CC x M-F
                                                                  M
where

                  AC =     the adjusted conversion price.
                  CC =     the current conversion price.
                   M =     the current  market price per share of Common Stock
                           on the record date mentioned below.
                   F =     The fair  market  value on the  record  date of the
                           assets, securities,  rights or warrants applicable to
                           one share of Common Stock.  The Board of Directors of
                           the Company shall determine the fair market value.

                  The adjustment  shall become effective  immediately  after the
record  date for the  determination  of  stockholders  entitled  to receive  the
distribution.

                  This  Section  does  not  apply  to  cash  dividends  or  cash
distributions.

                  Section 8.  Modification  of Debenture.  This Debenture may be
modified,  amended or supplemented only by the written consent of the Holder and
the Issuer.

                  Section 9. Notices. Any notice or other communication required
or permitted  hereunder  shall be in writing and shall be delivered  personally,
telegraphed  or sent by certified  mail,

                                       10

<PAGE>

postage  prepaid , and  shall be  deemed  given  when so  delivered  personally,
telegraphed  or , if  mailed,  five (5) days  after the date of  deposit  in the
United States or Canada mail as follows:

                  (i)      if to the Issuer, to:

                           Infocast Corporation
                           One Richmond Street West, Suite 902
                           Toronto, Ontario M5h 3W4
                           Attention:  Secretary
                           with a copy to:

                           Olshan Grundman Frome Rosenzweig & Wolosky LLP
                           505 Park Avenue, 16th Floor
                           New York, New York 10022
                           Attention:  Jeffrey S. Spindler, Esq.

                  (ii)     if to the  Holder,  to the  address of such holder as
                           shown in the Register of the Issuer.

                  Section 10. Miscellaneous. This Debenture shall be governed by
and be  construed  in  accordance  with the laws of the State of New York in the
United  States of America  without  regard to the conflicts of law rules of such
state. Issuer hereby waives presentment,  demand,  notice, protest and all other
demands and notices in connection with the delivery, acceptance, performance and
enforcement of this  Debenture,  except as  specifically  provided  herein,  and
assent to extensions of the time of payment,  or forbearance or other indulgence
without notice. Holder by acceptance of this Debenture agrees to be bound by the
provisions of this  Debenture.  The Section  headings herein are for convenience
only and shall not affect the construction hereof.

                                       11

<PAGE>

                  IN WITNESS  WHEREOF,  Issuer has caused this  instrument to be
duly executed as of this ____ day of ___________, 2000.

b
                                           INFOCAST CORPORATION

                                           By:
                                               ---------------------------------
                                               Name:
                                               Title:

                                       12

<PAGE>

                                CONVERSION NOTICE

To convert this Debenture into Common Stock of the Issuer, check the box:   / /

To convert only part of this Debenture, state the amount to be converted: $_____

If you want the stock certificate made out in another person's name, fill in the
form below:

(Insert other person's social security or tax I.D. no.)_________________________

(Print or type other person's name, address and zip code):

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

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

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

Date: _______________________            Your Signature: _______________________
                                                         (Sign  exactly  as your
                                                         name   appears  on  the
                                                         face of this Debenture)

                                       13

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