Document:

THIS WARRANT WILL BE VOID AND OF NO VALUE UNLESS EXERCISED ON OR BEFORE AFTER
                  4:30 P.M. (TORONTO TIME) ON NOVEMBER 23, 2002

                    Right to Purchase 500,000 Common shares

NO.  C-1

                  SERIES C WARRANT TO PURCHASE COMMON SHARES OF

                                LINGO MEDIA INC.
            (Incorporated under the laws of the Province of Ontario)

THIS  IS TO CERTIFY THAT for value received RBC Dominion Securities is entitled,
subject  to  the  terms hereof, upon completion of the subscription form annexed
hereto  and  upon  presentation and surrender of this Warrant at any time before
4:30 p.m., Toronto time, on November 23, 2002 (Expiry Time or Time of Expiry) to
purchase  500,000 fully paid and non-assessable common shares (Common Shares) of
LINGO  MEDIA  INC. (hereinafter called the "Company"), as such Common Shares are
constituted  at  the  date  hereof, upon payment at the price of $0.15 per share
(the  Exercise  Price)  in  lawful  money  of  Canada.

     The  rights  of  the  holder  of  this Warrant are subject to the terms and
conditions  annexed  hereto  which  shall  be  deemed to be incorporated herein.

     This  Warrant  is  non-transferable.

     The certificate evidencing the Common Shares will bear the following legend
imposed  by  the  Canadian  Venture  Exchange:

Without  prior  written approval of the Canadian Venture Exchange and compliance
with  all  applicable securities legislation, the securities represented by this
certificate may not be sold, transferred, hypothecated or otherwise traded on or
through  the  facilities of the Canadian Venture Exchange or otherwise in Canada
or  to  for  the  benefit  of  a  Canadian  resident  until  March  23,  2002.

     In  witness  whereof  the Company has caused this Warrant Certificate to be
signed  by  its  duly  authorized  officers.

Date:          November  23,  2001.

LINGO  MEDIA  INC.
By:

/s/ Michael P. Kraft
---------------------
Michael  P.  Kraft
President

<PAGE>

                                  SUBSCRIPTION

TO:     LINGO  MEDIA  INC.
        151  BLOOR  ST.  WEST,  SUITE  890
        TORONTO,  ONTARIO  M5S  1S4

     The  undersigned  Holder  of  Series  C  Warrants  hereby:

(a)     subscribes  for  Common  shares  without par value in the capital of the
Company at a price of $0.15 per share on the terms and conditions referred to in
the  Warrant  Certificate, and encloses herewith certified cheque payable to the
order  of  Lingo  Media  Inc.  in  payment  of  the  subscription price thereof;

(b)     delivers  herewith  Series  C  Warrants  entitling  the  undersigned  to
subscribe  for  the  above-mentioned  number  of  Common  shares;

(c)     specifies  that  the  above-mentioned  number of Common shares are to be
issued  as  follows:

     Name:
                        -------------------------------

     Address  in  full:
                        -------------------------------

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

     Number  of  Shares:
                        -------------------------------

Dated  this     day  of         ,  200  .
           -----       ---------      --

---------------------------------------
     (SIGNATURE  OF  SUBSCRIBER)

---------------------------------------
     (PRINT  NAME  OF  SUBSCRIBER)

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

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

---------------------------------------
     (ADDRESS  IN  FULL)

NOTE:

(1)     Please  refer  to  the  Series  C Warrant to determine the amount of the
purchase  price of the shares subscribed for, the methods of paying the purchase
price  and  other  information relating to the exercise of the right to purchase
conferred  by  the  Series  C  Warrants.

(2)     The  above  form  of  subscription  is  to  be signed by the Subscriber.

<PAGE>

                    TERMS AND CONDITIONS OF SERIES C WARRANT
                  TO PURCHASE COMMON SHARES OF LINGO MEDIA INC.

1.     All  share  purchase  warrants  shall  be  signed  by  the President or a
Vice-President  and  by  the  Secretary or an Assistant Secretary of the Company
holding  office  at the time of signing and notwithstanding any change in any of
the  persons  holding  said  offices  between the time of actual signing and the
delivery  of  the share purchase warrants and notwithstanding that the President
or  Vice-President or Secretary or Assistant Secretary signing may not have held
office  at  the  date  of the delivery of the share purchase warrants, the share
purchase  warrants  so  signed  shall  be  valid  and  binding upon the Company.

2.     All  rights  under any of the share purchase warrants in respect of which
the  right  of  subscription  and  purchase  therein  provided  for  shall  not
theretofore  have been exercised shall wholly cease and determine and such share
purchase  warrants  shall  be  wholly  void  and of no value or effect after the
Expiry  Date  set  forth  on  the  face  of  the  share  purchase  warrant.

3.     The  holder  of  any  share  purchase warrant who desires to exercise the
right of purchase therein provided for shall deliver such warrant to the Company
at its registered office together with a subscription duly signed by such holder
of  the  number  of shares which such holder is entitled and desires to purchase
and  the purchase price applicable at the time of such delivery of the shares so
desired to be purchased calculated in accordance with the provisions hereof.  To
the  extent  that  a warrant confers the right to purchase a fraction of a share
such right may only be exercised in respect of such fraction in combination with
another  warrant  which  in the aggregate entitle the bearer to purchase a whole
number  of  shares.

The  purchase price of shares subscribed for under share purchase warrants shall
be  paid  by  certified  cheque  payable  to  the  order  of  the  Company.

4.     Upon  such  delivery and payment as aforesaid, the Company shall cause to
be issued the holder hereof the number of shares of the Company to be issued and
the  holder  hereof shall become a shareholder of the Company in respect of such
shares  with  effect  from  the  date  of such delivery and payment and shall be
entitled to delivery of a certificate or certificates evidencing such shares and
the  Company  shall  cause  such certificate or certificates to be mailed to the
holder  hereof at the address or addresses specified in such subscription within
fifteen  (15)  days  of such delivery and payment as herein provided.  No person
who  is  a  resident  of  the  United  States  of  America or its territories or
possessions  may  subscribe  for  shares  of  he  Company  hereunder.

5.     The  holding  of a share purchase warrant shall not constitute the holder
thereof a shareholder of the Company nor entitle him to any right or interest in
respect  thereof  except  as herein and in the share purchase warrants expressly
provided.

<PAGE>

6.     The  Company covenants and agrees that until the Expiry Date while any of
the  share  purchase  warrants  shall be outstanding, it shall reserve and there
shall  remain  unissued  out  of  its  authorized capital a sufficient number of
shares  to  satisfy the right of purchase herein provided for should the holders
of all the share purchase warrants at any time outstanding determine to exercise
such  right  in  respect of all the shares for the time being called for by such
outstanding  share purchase warrants.  All shares which shall be issued upon the
exercise  of the right to purchase herein provided for, upon payment therefor of
the  amount  at  which  such shares may at the time be purchased pursuant to the
provisions  hereof,  shall be issued as fully paid and non-assessable shares and
the  holders  thereof  shall  not  be  liable to the Company or its creditors in
respect  thereof.

7.     The  Company  covenants  and  agrees  that  so  long  as any of the share
purchase  warrants  are  outstanding  it will not up to and including the Expiry
Date  (i)  give  rateably  to  holders  of  its  shares  rights to subscribe for
additional  shares or (ii) sell or lease the whole or substantially the whole of
the  assets  of  the  Company  to  any  other  company  or  corporation or (iii)
distribute to holders of its shares any property or other assets of the Company,
until it shall have given the lesser of (i) twenty-one (21) days' notice or (ii)
the number of days to the expiry date less one (1) days' notice of its intention
so to do, and of the particulars of the right to subscribe for additional shares
and/or of the general terms of such sale or lease or distribution of property or
assets  of  the  Company,  by  notice to the holder hereof.  The Company further
covenants  and  agrees  that  it  will  not  during the period of such notice as
aforesaid  close  its  share  transfer  books or take any other corporate action
which  might deprive the holder of any share purchase warrant of the opportunity
of  exercising  the  right to participate as a shareholder in any such rights or
dividends  or  such  other  proposed  action  as aforesaid; provided always that
nothing  contained  in  this  clause  shall be deemed to affect the right of the
Company to do or take part in any of the things referred to above in this clause
nor  to  pay cash dividends on the shares of any class or classes in its capital
from time to time outstanding nor (subject to the provisions of clause 6 hereof)
to  issue  any of its authorized but unissued shares in its capital or be deemed
to  require  the  Company  to  give any notice of intention to pay any such cash
dividends  on  any  shares  other  than  shares  of the same class as those then
issuable  pursuant  to  the  warrants  or  to issue any of such unissued shares.

8.     In  the  event of any subdivision, re-division or change or subdivisions,
re-divisions or changes of the shares of the Company at any time while any share
purchase  warrant  is  outstanding  into a greater number of shares, the Company
shall  thereafter deliver at the time of purchase of shares under share purchase
warrants,  in  lieu  of  the  number  of shares in respect of which the right to
purchase  is  then being exercised, such greater number of shares of the Company
as  would  result  from said subdivision, re-division or change or subdivisions,
re-divisions  or  changes  had  the right of purchase been exercised before such
subdivision,  re-division or change or sub-divisions, re-divisions or changes or
giving  any  other  consideration  therefor.

In the event of any consolidation or consolidations of the shares of the Company
at any time while any share purchase warrant is outstanding into a lesser number
of shares, the Company shall thereafter deliver, and the subscribers under share
purchase  warrants  shall  accept, at the time of purchase of shares under share
purchase warrants, in lieu of the number of shares in respect of which the right
to purchase is then being exercised, such lesser number of shares of the Company
as  would  result  from  such  consolidation  or consolidations had the right of
purchase  been  exercised  before  such  consolidation  or  consolidations.

<PAGE>

In  the  event of any reclassification or reclassifications of the shares of the
Company  or  any  consolidation,  amalgamation or merger of the Company with any
other  company  or  corporation  at any time while any share purchase warrant is
outstanding,  the  Company  shall  thereafter deliver at the time of purchase of
shares  under the share purchase warrants the number of shares of the Company of
the  appropriate  class  or  classes  resulting  from  said  reclassification or
reclassifications  or  said consolidation, amalgamation or merger of the Company
with any other company or corporation as the subscriber would have been entitled
to  receive  in respect of the number of shares in respect of which the right of
purchase is then being exercised had the right of purchase been exercised before
such  reclassification  or reclassifications or such consolidation, amalgamation
or  merger  of  the  Company  with  any  other  company  or  corporation.

If  the  Company,  at  any time while any share purchase warrant is outstanding,
shall make any distribution payable in shares or pay any stock dividend or stock
dividends upon shares of the Company of the class or classes in respect of which
the  right to purchase is then given under the share purchase warrants, then the
Company  shall  thereafter  deliver  at  the  time  of purchase of shares of the
Company  under  share  purchase warrants, in addition to the number of shares in
respect  of  which the right of purchase is then being exercised, the additional
number  of shares of the appropriate class or classes as would have been payable
on  the  shares  of the Company so purchased if the shares so purchased had been
outstanding  on  the  record  date for the payment of the said stock dividend or
stock  dividends.

The adjustment in the number of shares issuable pursuant to the rights attaching
to  the  warrants  provided  for  in  this  clause  8  shall  be  cumulative.

On  the  happening of each and every such event the applicable provisions of the
share  purchase  warrants  and  each  of them shall, ipso facto, be deemed to be
amended  accordingly  and  the  Company shall take all necessary action so as to
comply  with  such  provisions  as  so  amended.

At  least  twenty-one (21) days prior to the efective date or the record date of
every  such event, the Company shall give written notice to the holders of share
purchase  warrants  of the particulars of such event and the required adjustment
pursuant  to  this  Section  8.

9.     The  Company  shall  not  be  required to deliver certificates for shares
while the share transfer books of the Company are properly closed, having regard
to  the  provisions  of clause 7 hereof, prior to any meeting of shareholders or
for  the  payment  of dividends or for any other purpose and in the event of the
surrender of any share purchase warrant in accordance with the provisions hereof
and the making of any subscription and payment for the shares called for thereby
during  any such period delivery of certificates for shares may be postponed for
not  exceeding  five  (5)  days  after  the date of the re-opening of said share
transfer  books.  Provided  however  that  any  such postponement of delivery of
certificates  shall  be  without  prejudice to the right of the holders of share
purchase warrants so surrendering the same and making payment during such period
to  receive such certificates for the shares called for after the share transfer
books  shall  have  been  re-opened.

<PAGE>

10.     Subject as hereinafter provided, all or any of the rights conferred upon
the  holders  of  any  of  the share purchase warrants by the term of such share
purchase warrants may be enforced by the holders of such share purchase warrants
by  appropriate  legal  proceedings.  No  recourse under or upon any obligation,
covenant  or agreement contained herein or in any of the share purchase warrants
issued  hereunder  shall  be had against any shareholder, officer or director of
the  Company  either  directly or through the Company, it being expressly agreed
and  declared  that  the  obligations under the said share purchase warrants are
solely  corporate  obligations  and  that  no  personal liability whatever shall
attach  to  or  be  incurred  by  the shareholders, officers or directors of the
Company or any of them in respect thereof, any and all rights and claims against
every  such  shareholder, officer or director being hereby expressly waived as a
condition  of  and  as  a  consideration  for  the  issue  of the share purchase
warrants.

11.     The  holder  hereof  may  subscribe  for and purchase any less number of
shares  than the number of shares expressed in such warrant.  In the case of any
subscription  for  a  less number of shares than expressed in any share purchase
warrant  the  holder  hereof  shall  be entitled to receive a new share purchase
warrant or warrants in respect of the balance of such shares not then subscribed
for.

12.     If  any  share  purchase  warrant  becomes  stolen,  lost,  mutilated or
destroyed  the  Company  may,  on such terms as it may in its discretion impose,
respectively  issue  and  countersign  a  new  share  purchase  warrant  of like
denomination,  tenor  and  date  as  the share purchase warrant so stolen, lost,
mutilated  or  destroyed.

13.     The holders of share purchase warrants shall have the power from time to
time  by  an  extraordinary  resolution  (as  hereinafter  defined):

(a)     to  sanction  any  modification, abrogation, alteration or compromise of
the  rights of the bearers of warrants against the Company which shall be agreed
to  by  the  Company  and/or

(b)     to  assent  to  any  modification  of  or change in or omission from the
provisions contained in the warrants or any instrument ancillary or supplemental
hereto  which  shall  be  agreed  to  by  the  Company;  and/or

(c)     to  restrain any holder of a warrant from taking or instituting any suit
or  proceedings  against the Company for the enforcement of any of the covenants
on  the part of the Company conferred upon the holders of any of the warrants by
the  terms  of  such  warrants.

Any  such  extraordinary  resolution  as aforesaid shall be binding upon all the
holders  of  warrants  whether  or  not  assenting  in  writing  to  any  such
extraordinary  resolution and each  holder of any of the warrants shall be bound
to  give effect thereto accordingly.  Such extraordinary resolution shall, where
applicable,  be  binding  on  the  Company  which  shall  give  effect  thereto
accordingly.

The  expression  "extraordinary  resolution"  when  used  herein  shall  mean  a
resolution  assented  to in writing, in one or more counterparts, by the holders
of  warrants  calling  in  the aggregate for not less than seventy-five per cent
(75%) of the aggregate number of common shares called for by all of the warrants
for  the  time  being  outstanding.

<PAGE>

14.     All  notices to be sent hereunder shall be deemed to be validly given to
the holders of the share purchase warrants if delivered personally or if sent by
registered  letter  through  the  post  addressed  to such holders at their post
office  addresses appearing in a register of warrant holders to be maintained by
the  Company,  and  such notice shall be deemed to have been given, if delivered
personally when so delivered, and if sent by post on the fifth business day next
following  the  posting  thereof.

15.     Time  shall  be  of  the  essence  of  this  Warrant.

16.     This  Warrant  is  not  valid  unless  originally signed by the Company.

17.     THE  HOLDER,  BY ACCEPTANCE OF THIS WARRANT CERTIFICATE, AGREES THAT THE
WARRANTS  REPRESENTED  HEREBY ARE NON-TRANSFERRABLE AND ALL RIGHTS TO THE SHARES
UPON EXERCISE HEREUNDER ARE SUBJECT TO AND TRANSFERRABLE ONLY IN ACCORDANCE WITH
THE  PROVISIONS  OF THE SECURITIES LEGISLATION OF THE JURISDICTION IN WHICH SUCH
TRANSFER  OR  SALE  TAKES  PLACE.

18.     This  Warrant  shall be governed by and construed in accordance with the
laws  of  the  Province  of  Ontario.

<PAGE>WITHOUT PRIOR WRITTEN APPROVAL OF THE CANADIAN VENTURE EXCHANGE AND COMPLIANCE
WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS
CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR
THROUGH THE FACILITIES OF THE CANADIAN VENTURE EXCHANGE OR OTHERWISE IN CANADA
OR TO FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL JULY 31, 2002.

THIS WARRANT WILL BE VOID AND OF NO VALUE UNLESS EXERCISED ON OR BEFORE 4:30
P.M. (TORONTO TIME) ON MARCH 30, 2003

                   CLASS D WARRANTS TO PURCHASE COMMON SHARES
                                        OF
                                LINGO MEDIA INC.

CERTIFICATE  NO.  D-000               RIGHT TO PURCHASE            COMMON SHARES
                                                        -----------
THIS  IS TO CERTIFY THAT for value received              is entitled, subject to
                                           --------------
the  terms  hereof,  upon completion of the subscription form annexed hereto and
upon  presentation  and  surrender of this Warrant at any time before 4:30 p.m.,
Toronto  time,  on  March  30,  2003 (Expiry Time or Time of Expiry) to purchase
         fully  paid  and  non-assessable common shares (Common Shares) of LINGO
---------
MEDIA  INC.  (hereinafter  called  the  "Company"),  as  such  Common Shares are
constituted  at  the  date  hereof, upon payment at the price of $0.10 per share
(the  Exercise  Price)  in  lawful  money  of  Canada.

     The  rights  of  the  holder  of  this Warrant are subject to the terms and
conditions  annexed  hereto  which  shall  be  deemed to be incorporated herein.

     This  Warrant  is  non-transferable.

     The certificate evidencing the Common Shares will bear the following legend
imposed  by  the  Canadian  Venture  Exchange:

Without  prior  written approval of the Canadian Venture Exchange and compliance
with  all  applicable securities legislation, the securities represented by this
certificate may not be sold, transferred, hypothecated or otherwise traded on or
through  the  facilities of the Canadian Venture Exchange or otherwise in Canada
or  to  for  the  benefit  of  a  Canadian  resident  until  July  31,  2002.

     In  witness  whereof  the Company has caused this Warrant Certificate to be
signed  by  its  duly  authorized  officers.

Date:          March  30,  2002.

LINGO  MEDIA  INC.
By:                         By:

/s/ Michael P. Kraft             /s/ Imran Atique
--------------------             -----------------
Michael  P.  Kraft               Imran  Atique
President                        Secretary

<PAGE>

                                  SUBSCRIPTION

TO:     LINGO  MEDIA  INC.
        151  BLOOR  ST.  WEST,  SUITE  890
        TORONTO,  ONTARIO  M5S  1S4

     The  undersigned  Holder  of  Class  D  Warrants  hereby:

(a)  subscribes for            Common shares without par value in the capital of
                   ------------
the  Company  at a price of $0.10 per share on the terms and conditions referred
to in the Warrant Certificate, and encloses herewith certified cheque payable to
the  order  of  Lingo  Media  Inc. in payment of the subscription price thereof;

(b)  delivers  herewith  Class D Warrants entitling the undersigned to subscribe
for  the  above-mentioned  number  of  Common  shares;

(c)  specifies that the above-mentioned number of Common shares are to be issued
as  follows:

     Name:
                       --------------------------------------

     Address  in  full:
                       --------------------------------------

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

     Number  of  Shares:
                       --------------------------------------

Dated  this    day  of         ,  200   .
           ----       --------       ---

----------------------------------------
     (SIGNATURE  OF  SUBSCRIBER)

----------------------------------------
     (PRINT  NAME  OF  SUBSCRIBER)

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

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

----------------------------------------
     (ADDRESS  IN  FULL)

NOTE:

(1)     Please  refer  to  the  Class  D  Warrant to determine the amount of the
purchase  price of the shares subscribed for, the methods of paying the purchase
price  and  other  information relating to the exercise of the right to purchase
conferred  by  the  Class  D  Warrants.

(2)     The  above  form  of  subscription  is  to  be signed by the Subscriber.

<PAGE>

                     TERMS AND CONDITIONS OF CLASS D WARRANT
                  TO PURCHASE COMMON SHARES OF LINGO MEDIA INC.

1.     All  share  purchase  warrants  shall  be  signed  by  the President or a
Vice-President  and  by  the  Secretary or an Assistant Secretary of the Company
holding  office  at the time of signing and notwithstanding any change in any of
the  persons  holding  said  offices  between the time of actual signing and the
delivery  of  the share purchase warrants and notwithstanding that the President
or  Vice-President or Secretary or Assistant Secretary signing may not have held
office  at  the  date  of the delivery of the share purchase warrants, the share
purchase  warrants  so  signed  shall  be  valid  and  binding upon the Company.

2.     All  rights  under any of the share purchase warrants in respect of which
the  right  of  subscription  and  purchase  therein  provided  for  shall  not
theretofore  have been exercised shall wholly cease and determine and such share
purchase  warrants  shall  be  wholly  void  and of no value or effect after the
Expiry  Date  set  forth  on  the  face  of  the  share  purchase  warrant.

3.     The  holder  of  any  share  purchase warrant who desires to exercise the
right of purchase therein provided for shall deliver such warrant to the Company
at its registered office together with a subscription duly signed by such holder
of  the  number  of shares which such holder is entitled and desires to purchase
and  the purchase price applicable at the time of such delivery of the shares so
desired to be purchased calculated in accordance with the provisions hereof.  To
the  extent  that  a warrant confers the right to purchase a fraction of a share
such right may only be exercised in respect of such fraction in combination with
another  warrant  which  in the aggregate entitle the bearer to purchase a whole
number  of  shares.

The  purchase price of shares subscribed for under share purchase warrants shall
be  paid  by  certified  cheque  payable  to  the  order  of  the  Company.

4.     Upon  such  delivery and payment as aforesaid, the Company shall cause to
be issued the holder hereof the number of shares of the Company to be issued and
the  holder  hereof shall become a shareholder of the Company in respect of such
shares  with  effect  from  the  date  of such delivery and payment and shall be
entitled to delivery of a certificate or certificates evidencing such shares and
the  Company  shall  cause  such certificate or certificates to be mailed to the
holder  hereof at the address or addresses specified in such subscription within
fifteen  (15)  days  of such delivery and payment as herein provided.  No person
who  is  a  resident  of  the  United  States  of  America or its territories or
possessions  may  subscribe  for  shares  of  he  Company  hereunder.

5.     The  holding  of a share purchase warrant shall not constitute the holder
thereof a shareholder of the Company nor entitle him to any right or interest in
respect  thereof  except  as herein and in the share purchase warrants expressly
provided.

<PAGE>

6.     The  Company covenants and agrees that until the Expiry Date while any of
the  share  purchase  warrants  shall be outstanding, it shall reserve and there
shall  remain  unissued  out  of  its  authorized capital a sufficient number of
shares  to  satisfy the right of purchase herein provided for should the holders
of all the share purchase warrants at any time outstanding determine to exercise
such  right  in  respect of all the shares for the time being called for by such
outstanding  share purchase warrants.  All shares which shall be issued upon the
exercise  of the right to purchase herein provided for, upon payment therefor of
the  amount  at  which  such shares may at the time be purchased pursuant to the
provisions  hereof,  shall be issued as fully paid and non-assessable shares and
the  holders  thereof  shall  not  be  liable to the Company or its creditors in
respect  thereof.

7.     The  Company  covenants  and  agrees  that  so  long  as any of the share
purchase  warrants  are  outstanding  it will not up to and including the Expiry
Date  (i)  give  rateably  to  holders  of  its  shares  rights to subscribe for
additional  shares or (ii) sell or lease the whole or substantially the whole of
the  assets  of  the  Company  to  any  other  company  or  corporation or (iii)
distribute to holders of its shares any property or other assets of the Company,
until it shall have given the lesser of (i) twenty-one (21) days' notice or (ii)
the number of days to the expiry date less one (1) days' notice of its intention
so to do, and of the particulars of the right to subscribe for additional shares
and/or of the general terms of such sale or lease or distribution of property or
assets  of  the  Company,  by  notice to the holder hereof.  The Company further
covenants  and  agrees  that  it  will  not  during the period of such notice as
aforesaid  close  its  share  transfer  books or take any other corporate action
which  might deprive the holder of any share purchase warrant of the opportunity
of  exercising  the  right to participate as a shareholder in any such rights or
dividends  or  such  other  proposed  action  as aforesaid; provided always that
nothing  contained  in  this  clause  shall be deemed to affect the right of the
Company to do or take part in any of the things referred to above in this clause
nor  to  pay cash dividends on the shares of any class or classes in its capital
from time to time outstanding nor (subject to the provisions of clause 6 hereof)
to  issue  any of its authorized but unissued shares in its capital or be deemed
to  require  the  Company  to  give any notice of intention to pay any such cash
dividends  on  any  shares  other  than  shares  of the same class as those then
issuable  pursuant  to  the  warrants  or  to issue any of such unissued shares.

8.     In  the  event of any subdivision, re-division or change or subdivisions,
re-divisions or changes of the shares of the Company at any time while any share
purchase  warrant  is  outstanding  into a greater number of shares, the Company
shall  thereafter deliver at the time of purchase of shares under share purchase
warrants,  in  lieu  of  the  number  of shares in respect of which the right to
purchase  is  then being exercised, such greater number of shares of the Company
as  would  result  from said subdivision, re-division or change or subdivisions,
re-divisions  or  changes  had  the right of purchase been exercised before such
subdivision,  re-division or change or sub-divisions, re-divisions or changes or
giving  any  other  consideration  therefor.

<PAGE>

In the event of any consolidation or consolidations of the shares of the Company
at any time while any share purchase warrant is outstanding into a lesser number
of shares, the Company shall thereafter deliver, and the subscribers under share
purchase  warrants  shall  accept, at the time of purchase of shares under share
purchase warrants, in lieu of the number of shares in respect of which the right
to purchase is then being exercised, such lesser number of shares of the Company
as  would  result  from  such  consolidation  or consolidations had the right of
purchase  been  exercised  before  such  consolidation  or  consolidations.

In  the  event of any reclassification or reclassifications of the shares of the
Company  or  any  consolidation,  amalgamation or merger of the Company with any
other  company  or  corporation  at any time while any share purchase warrant is
outstanding,  the  Company  shall  thereafter deliver at the time of purchase of
shares  under the share purchase warrants the number of shares of the Company of
the  appropriate  class  or  classes  resulting  from  said  reclassification or
reclassifications  or  said consolidation, amalgamation or merger of the Company
with any other company or corporation as the subscriber would have been entitled
to  receive  in respect of the number of shares in respect of which the right of
purchase is then being exercised had the right of purchase been exercised before
such  reclassification  or reclassifications or such consolidation, amalgamation
or  merger  of  the  Company  with  any  other  company  or  corporation.

If  the  Company,  at  any time while any share purchase warrant is outstanding,
shall make any distribution payable in shares or pay any stock dividend or stock
dividends upon shares of the Company of the class or classes in respect of which
the  right to purchase is then given under the share purchase warrants, then the
Company  shall  thereafter  deliver  at  the  time  of purchase of shares of the
Company  under  share  purchase warrants, in addition to the number of shares in
respect  of  which the right of purchase is then being exercised, the additional
number  of shares of the appropriate class or classes as would have been payable
on  the  shares  of the Company so purchased if the shares so purchased had been
outstanding  on  the  record  date for the payment of the said stock dividend or
stock  dividends.

The adjustment in the number of shares issuable pursuant to the rights attaching
to  the  warrants  provided  for  in  this  clause  8  shall  be  cumulative.

On  the  happening of each and every such event the applicable provisions of the
share  purchase  warrants  and  each  of them shall, ipso facto, be deemed to be
amended  accordingly  and  the  Company shall take all necessary action so as to
comply  with  such  provisions  as  so  amended.

At  least twenty-one (21) days prior to the effective date or the record date of
every  such event, the Company shall give written notice to the holders of share
purchase  warrants  of the particulars of such event and the required adjustment
pursuant  to  this  Section  8.

<PAGE>

9.     The  Company  shall  not  be  required to deliver certificates for shares
while the share transfer books of the Company are properly closed, having regard
to  the  provisions  of clause 7 hereof, prior to any meeting of shareholders or
for  the  payment  of dividends or for any other purpose and in the event of the
surrender of any share purchase warrant in accordance with the provisions hereof
and the making of any subscription and payment for the shares called for thereby
during  any such period delivery of certificates for shares may be postponed for
not  exceeding  five  (5)  days  after  the date of the re-opening of said share
transfer  books.  Provided  however  that  any  such postponement of delivery of
certificates  shall  be  without  prejudice to the right of the holders of share
purchase warrants so surrendering the same and making payment during such period
to  receive such certificates for the shares called for after the share transfer
books  shall  have  been  re-opened.

10.     Subject as hereinafter provided, all or any of the rights conferred upon
the  holders  of  any  of  the share purchase warrants by the term of such share
purchase warrants may be enforced by the holders of such share purchase warrants
by  appropriate  legal  proceedings.  No  recourse under or upon any obligation,
covenant  or agreement contained herein or in any of the share purchase warrants
issued  hereunder  shall  be had against any shareholder, officer or director of
the  Company  either  directly or through the Company, it being expressly agreed
and  declared  that  the  obligations under the said share purchase warrants are
solely  corporate  obligations  and  that  no  personal liability whatever shall
attach  to  or  be  incurred  by  the shareholders, officers or directors of the
Company or any of them in respect thereof, any and all rights and claims against
every  such  shareholder, officer or director being hereby expressly waived as a
condition  of  and  as  a  consideration  for  the  issue  of the share purchase
warrants.

11.     The  holder  hereof  may  subscribe  for and purchase any less number of
shares  than the number of shares expressed in such warrant.  In the case of any
subscription  for  a  less number of shares than expressed in any share purchase
warrant  the  holder  hereof  shall  be entitled to receive a new share purchase
warrant or warrants in respect of the balance of such shares not then subscribed
for.

12.     If  any  share  purchase  warrant  becomes  stolen,  lost,  mutilated or
destroyed  the  Company  may,  on such terms as it may in its discretion impose,
respectively  issue  and  countersign  a  new  share  purchase  warrant  of like
denomination,  tenor  and  date  as  the share purchase warrant so stolen, lost,
mutilated  or  destroyed.

13.     The holders of share purchase warrants shall have the power from time to
time  by  an  extraordinary  resolution  (as  hereinafter  defined):

(a)  to  sanction  any modification, abrogation, alteration or compromise of the
rights  of  the bearers of warrants against the Company which shall be agreed to
by  the  Company  and/or

<PAGE>

(b)  to  assent  to  any  modification  of  or  change  in  or omission from the
provisions contained in the warrants or any instrument ancillary or supplemental
hereto  which  shall  be  agreed  to  by  the  Company;  and/or

(c)  to  restrain any holder of a warrant from taking or instituting any suit or
proceedings  against  the Company for the enforcement of any of the covenants on
the part of the Company conferred upon the holders of any of the warrants by the
terms  of  such  warrants.

Any  such  extraordinary  resolution  as aforesaid shall be binding upon all the
holders  of  warrants  whether  or  not  assenting  in  writing  to  any  such
extraordinary  resolution and each  holder of any of the warrants shall be bound
to  give effect thereto accordingly.  Such extraordinary resolution shall, where
applicable,  be  binding  on  the  Company  which  shall  give  effect  thereto
accordingly.

The  expression  "extraordinary  resolution"  when  used  herein  shall  mean  a
resolution  assented  to in writing, in one or more counterparts, by the holders
of  warrants  calling  in  the aggregate for not less than seventy-five per cent
(75%) of the aggregate number of common shares called for by all of the warrants
for  the  time  being  outstanding.

14.     All  notices to be sent hereunder shall be deemed to be validly given to
the holders of the share purchase warrants if delivered personally or if sent by
registered  letter  through  the  post  addressed  to such holders at their post
office  addresses appearing in a register of warrant holders to be maintained by
the  Company,  and  such notice shall be deemed to have been given, if delivered
personally when so delivered, and if sent by post on the fifth business day next
following  the  posting  thereof.

15.     Time  shall  be  of  the  essence  of  this  Warrant.

16.     This  Warrant  is  not  valid  unless  originally signed by the Company.

17.     THE  HOLDER,  BY ACCEPTANCE OF THIS WARRANT CERTIFICATE, AGREES THAT THE
WARRANTS  REPRESENTED  HEREBY ARE NON-TRANSFERRABLE AND ALL RIGHTS TO THE SHARES
UPON EXERCISE HEREUNDER ARE SUBJECT TO AND TRANSFERRABLE ONLY IN ACCORDANCE WITH
THE  PROVISIONS  OF THE SECURITIES LEGISLATION OF THE JURISDICTION IN WHICH SUCH
TRANSFER  OR  SALE  TAKES  PLACE.

18.     This  Warrant  shall be governed by and construed in accordance with the
laws  of  the  Province  of  Ontario.

<PAGE>

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