Document:

<PAGE>

                         SHARE SUBSCRIPTION AGREEMENT
                         ----------------------------

THIS AGREEMENT made as of the 28/th/ day of December, 2000

BETWEEN

          GOLDEN STAR RESOURCES LTD. a company incorporated under the laws of
          --------------------------
          Canada with an office at 1660 Lincoln Street, Denver, Colorado 80264

          ("GSR")

AND:

          RIO TINTO MINING AND EXPLORATION LIMITED, a company registered in
          -------------------------------------------
          England, whose registered address is 6 St. James's Square, London,
          SW1Y 4LD

          ("RTME")

WITNESSES that, in consideration of the covenants and agreements herein
contained, the parties hereto agree as follows:

1.    DEFINITIONS AND INTERPRETATION

1.1.  Definitions
      -----------

      Where used in this Agreement, the following terms have the meanings
      ascribed to them as follows:

      1.1.1.  "Affiliate" means any corporation which directly or indirectly
              controls, is controlled by, or is under common control with, a
              party. For purposes of the preceding sentence, "control" means the
              right to the exercise of more than 50% of the voting rights
              attributable to the shares of the controlled corporation. In the
              case of RTME, an Affiliate shall include any corporation, wherever
              situate, in which Rio Tinto PLC or Rio Tinto Limited owns or
              controls directly or indirectly such voting rights;

      1.1.2.  "Closing" means the closing of the transactions contemplated in
              subsection 9.1;

      1.1.3.  "Closing Date" means January 18, 2001 or such date not later than
              February 22, 2001 as shall be specified by GSR on not less than
              three days' notice.

      1.1.4.  "Guyanor" means Guyanor Resources S.A., a French Guianan corporate
              entity of Lotissement Calimbe II, Route du Tigre, 97337 Cayenne,
              French Guiana;
<PAGE>

                                       2

     1.1.5.    "Heads of Agreement" means the agreement dated December 28, 2000
               among Guyanor, SOTRAPMAG and RTME, a copy of which is attached as
               Schedule A;

     1.1.6.    "Project" means the Paul Isnard Property in French Guiana that is
               described in Schedule 1-A to the Heads of Agreement and defined
               therein as the "Property";

     1.1.7.    "Securities Commissions" means the Securities Commissions or
               similar regulatory authorities appointed under the Securities
               Laws;

     1.1.8.    "Securities Laws" means the securities laws of the Provinces of
               British Columbia, Alberta, Saskatchewan, Manitoba, Ontario,
               Quebec, New Brunswick, Nova Scotia, Prince Edward Island and
               Newfoundland including the requirements and provisions of the
               Securities Act of each such province and the regulations and
               rules thereunder and all policy statements, blanket orders and
               interpretation notes adopted or applied by the Securities
               Commission of each such province;

     1.1.9.    "Shares" means common shares without par value in the capital of
               GSR as constituted at the date hereof;

     1.1.10.   "SOTRAPMAG" means Societe de Travaux Publics et de Mines
               Auriferes en Guyane SARL a French Guianan corporate entity of
               Lotissement Calimbe II, Route du Tigre, 97337 Cayenne, French
               Guiana;

     1.1.11.   "$" means United States dollars.

1.2. Interpretation
     --------------

     1.2.1.    Wherever any provision of any Schedule to this Agreement
               conflicts with any provision in the body of this Agreement, the
               provisions of the body of this Agreement shall prevail.
               References herein to a particular Schedule shall mean a reference
               to such Schedule to this Agreement.

     1.2.2.    References herein to a section, subsection, paragraph or
               subparagraph shall mean a reference to such section, subsection,
               paragraph or subparagraph, as the case may be, within the body of
               this Agreement.

     1.2.3.    The headings of sections and subsections herein and in the
               Schedules are inserted for convenience of reference only and
               shall not affect or be considered to affect the construction of
               the provisions hereof.

     1.2.4.    In this Agreement, unless the context otherwise requires, words
               importing the singular number only shall include the plural and
               vice versa, words importing persons shall include individuals,
               corporations, partnerships, associations, trusts and
               unincorporated organizations and vice versa and words importing
<PAGE>

                                       3

               the masculine gender shall include the feminine and neuter
               genders and vice versa.

1.3.  Schedules
      ---------

      Attached to and forming part of this Agreement are the following
      Schedules:

           Schedule A  -  Heads of Agreement

           Schedule B  -  U.S. Securities Laws Representations and Warranties

2.    PURCHASE AND SALE OF SHARES
      ---------------------------

2.1.  Upon and subject to the terms and conditions set out in this Agreement,
      RTME hereby subscribes for and agrees to purchase from GSR, and GSR hereby
      agrees to allot, issue and sell to RTME or order 500,000 Shares (the
      "Subscribed Shares") for an aggregate purchase price of $1,000,000 (the
      "Proceeds").

2.2.  RTME hereby directs GSR to allot and issue the Subscribed Shares to, and
      issue the certificate for the Subscribed Shares in the name of, Kennecott
      Canada Exploration Inc. ("KCEI"), a Canadian corporation with its head
      office at Suite 354, 200 Granville Street, Vancouver, British Columbia,
      V6C 1S4.

3.    REPRESENTATIONS AND WARRANTIES OF GSR
      -------------------------------------

3.1.  GSR hereby represents and warrants to RTME as follows (and acknowledges
      that RTME is relying on such representations and warranties in entering
      into this Agreement):

      3.1.1.  GSR is a company duly organized, existing and in good standing
              under the laws of Canada and has all necessary corporate power and
              capacity to enter into this Agreement and to carry out the
              transactions contemplated hereby;

      3.1.2.  the execution and delivery of this Agreement and the performance
              of the terms hereof by GSR will have been duly authorized by all
              necessary corporate proceedings at the Closing and, upon the
              execution hereof, this Agreement will constitute a legal, valid
              and binding agreement enforceable against GSR in accordance with
              its terms, except to the extent that enforcement may be limited by
              laws of general application affecting the enforcement of
              creditors' rights and that certain remedies are discretionary in
              nature and may not be available in all circumstances;

      3.1.3.  Each of GSR, Guyanor and SOTRAPMAG has all necessary corporate
              power and capacity to own its respective properties and assets,
              including, without limitation, the properties comprised in the
              Project, and to carry on its business as now conducted by it and
              is registered as required and in good standing under the laws of
              all jurisdictions in which such business is carried on and in
              which such property and assets are located;
<PAGE>

                                       4

      3.1.4.  GSR is a reporting issuer under the Securities Laws and is not in
              default of any of the requirements thereof;

      3.1.5.  the authorized capital of GSR consists of an unlimited number of
              Shares of which 37,588,988 Shares are validly issued and
              outstanding as fully paid and non-assessable shares in the capital
              of GSR as at the date hereof;

      3.1.6.  the Subscribed Shares will be, upon their issuance, duly
              authorized and validly allotted and issued as fully paid and non-
              assessable shares in the capital of GSR, free and clear of any and
              all mortgages, liens, pledges, charges and other encumbrances and
              listed for trading on The Toronto Stock Exchange; and

      3.1.7.  the representations and warranties in section 9.1 of the Heads of
              Agreement are true and correct.

4.    REPRESENTATIONS, WARRANTIES
      AND ACKNOWLEDGEMENTS OF RTME
      ----------------------------

4.1.  RTME hereby represents and warrants to GSR as follows (and acknowledges
      that GSR is relying on such representations and warranties in entering
      into this Agreement):

      4.1.1.  it is duly organized, existing and in good standing under the laws
              of its jurisdiction of incorporation and has all necessary
              corporate power and capacity to enter into this Agreement and to
              carry out the transactions contemplated hereby; and

      4.1.2.  KCEI is purchasing the Subscribed Shares being purchased by it
              hereunder as principal for its own account.

4.2.  RTME on behalf of itself and KCEI hereby acknowledges to and in favour of
      GSR as follows:

      4.2.1.  the Subscribed Shares being purchased hereunder are not being
              purchased as a result of any material information concerning GSR
              that has not been publicly disclosed and the decision to purchase
              such Subscribed Shares has not been made as a result of any verbal
              or written representation as to fact or otherwise made by or on
              behalf of GSR or any other person other than as set out in this
              Agreement and is based entirely upon currently available public
              information concerning GSR; and

      4.2.2.  no person has made to it any written or oral representations:

              4.2.2.1.  that any person will resell or repurchase the Subscribed
                        Shares being purchased by it hereunder;

              4.2.2.2.  that any person will refund the purchase price of such
                        securities;
<PAGE>

                                       5

         4.2.2.3.  as to the future price or value of such securities; or

         4.2.2.4.  that any of such securities will be listed and posted for
                   trading on a stock exchange other than The Toronto Stock
                   Exchange.

4.2.3.   KCEI is purchasing the Subscribed Shares as principal for its own
         ccount and not for the benefit of any other person;

4.2.4.   RTME is not a resident of any province of Canada or of the United
         States;

4.2.5.   KCEI is only a resident of the province of British Columbia;

4.2.6.   KCEI is purchasing a sufficient number of Subscribed Shares so that the
         aggregate acquisition cost (the "Minimum Cost") to KCEI of the
         Subscribed Shares is not less than the amount of the Proceeds;

4.2.7.   neither RTME nor KCEI has been formed solely to permit the purchase of
         securities without a prospectus by groups of individuals whose
         individual share of the aggregate acquisition cost is less than the
         Minimum Cost;

4.2.8.   the purchase of the Subscribed Shares, as distinct from the issue or
         sale thereof, does not contravene any of the applicable securities
         legislation in any jurisdiction in which either of RTME or KCEI are
         resident and does not trigger any obligation to prepare and file a
         prospectus or similar document, or any other report with respect to
         such purchase;

4.2.9.   the decision of RTME to enter into this Agreement and for KCEI to
         purchase the Subscribed Shares has not been made upon any verbal or
         written representation as to fact or otherwise made by or on behalf of
         GSR or any other person associated therewith, other than as set forth
         herein. RTME and KCEI have not received or reviewed any material which
         appears or purports to describe the business and affairs of GSR and
         which was prepared primarily for delivery to and review by prospective
         investors in connection with the offering of the Subscribed Shares;

4.2.10.  RTME and KCEI have such knowledge in financial and business affairs as
         to be capable of evaluating the merits and risks of their investment
         and are able to bear the economic risk of loss of their investment;

4.2.11.  the addresses set forth in this Agreement are the true and correct
         addresses of a place of business of RTME and KCEI;

4.2.12.  upon acceptance by GSR, this subscription will constitute a valid and
         legally binding contract of RTME enforceable against RTME in accordance
         with its terms;

4.1.14   RTME acknowledges and agrees that the foregoing representations and
         warranties are made with the intention that they may be relied upon in
<PAGE>

                                       6

              determining eligibility to purchase the Subscribed Shares under
              relevant securities legislation. GSR and its counsel shall be
              entitled to rely on the foregoing representations and warranties
              and RTME shall indemnify and hold harmless each of GSR and its
              counsel for any loss, claim, costs, expenses, damages or
              liabilities any of them may suffer as a result of any
              misrepresentations contained in this paragraph.

4.3.  RTME acknowledges and agrees that the issue and delivery of the Shares
      will be conditional upon (i) such issuance and delivery being exempt from
      the requirement to file a prospectus or similar document under any
      applicable Securities Laws or (ii) the receipt by GSR of such orders,
      consents or approvals as may be required to permit such sale without the
      requirement of filing a prospectus or similar document. RTME acknowledges
      and agrees that GSR may be required to provide applicable securities
      regulatory authorities with the identity of the purchaser of the Shares.
      In addition to the representations, warranties and covenants set out in
      Sections 4.1 and 4.2 of this Agreement, RTME also makes the
      representations, warranties and covenants contained in Schedule B to this
      agreement with the intention that they may be relied upon by GSR and its
      counsel in determining its eligibility to receive the Shares under
      applicable securities laws. RTME further agrees that by accepting delivery
      of the Shares on the Closing Date, it shall be representing and warranting
      that the foregoing representations and warranties are true and correct as
      at the Closing Date with the same force and effect as if they had been
      made at the time of Closing and that they shall survive the issuance and
      delivery of the Shares and shall continue in full force and effect
      notwithstanding any subsequent disposition by RTME of any Shares. GSR and
      its respective counsel shall be entitled to rely on the representations
      and warranties of RTME contained in Schedule B and Sections 4.1 and 4.2
      and RTME shall indemnify and hold harmless each of GSR and its counsel for
      any losses any of them may suffer as a result of any misrepresentations or
      breaches of representations and warranties contained in Schedule B.

5.    COVENANTS OF GSR AND RTME
      -------------------------

5.1.  Covenants of GSR
      ----------------

      GSR shall:

      5.1.1.  forthwith use its best efforts to obtain all necessary consents,
              approvals or waivers to the transactions contemplated hereby,
              including without limitation the consents or approvals of The
              Toronto Stock Exchange and of any governmental or regulatory
              agency having jurisdiction in respect of such transactions;

      5.1.2.  shall not enter into or become bound by any agreement, contract or
              arrangement or undertake any obligation with any other person or
              party, the effect of which may prohibit, conflict or interfere
              with or limit the ability of GSR to carry out in full its
              obligations to RTME pursuant to this Agreement;
<PAGE>

                                       7

      5.1.3.   cause Guyanor to enter into the Heads of Agreement concurrently
               with the execution hereof; and

      5.1.4.   use the Proceeds as follows:

               5.1.4.1.  to advance $750,000 to Guyanor for Guyanor and/or
                         SOTROPMAG to use exclusively to fund a work program or
                         programs in accordance with the Heads of Agreement and
                         in particular to carry out the work programme
                         attributable to RTME's Minimum Expenditure under Clause
                         2.9(a) of the Heads of Agreement; and

               5.1.4.2.  the remaining $250,000 shall be applied first to pay
                         the costs of the re-organization of Guyanor,
                         particularly retrenchment costs under French law, and
                         second any monies remaining to be applied to subsequent
                         work programs carried out by Guyanor pursuant to the
                         Heads of Agreement. RTME also agrees that GSR's costs
                         and Guyanor's costs associated with completing this
                         Share Subscription may be funded from this $250,000.

                  GSR hereby undertakes to timely take all such measures as are
                  within its power to ensure that the Proceeds are protected
                  for, made available for and used for the above purposes.

5.2.  Covenants of RTME
      -----------------

      RTME shall:

      5.2.1.   execute and deliver to GSR prior to the Closing, a private
               placement questionnaire and undertaking in such form as is
               reasonably required by The Toronto Stock Exchange in respect of
               the purchase by it of the Subscribed Shares at the Closing as
               contemplated hereby; and

      5.2.2.   comply with the Securities Laws and the requirements of The
               Toronto Stock Exchange, the American Stock Exchange or any other
               stock exchange on which the Shares may be listed for trading from
               time to time applicable to it in connection with the transactions
               contemplated hereby.

6.    REPRESENTATIONS, WARRANTIES
      AND COVENANTS TO SURVIVE CLOSING
      --------------------------------

      All of the representations, warranties and covenants of the parties hereto
      contained in this Agreement and any certificates or documents delivered in
      connection with the transactions contemplated hereby shall be true and
      complete at the time of Closing and as if made at the Closing and shall
      survive the closing of the transactions contemplated hereby, the issuance
      of the Subscribed Shares and any reorganization, amalgamation, sale or
      transfer of or by any of the parties hereto and shall continue in full
      force and effect thereafter as
<PAGE>

                                       8

      representations, warranties and covenants which are required to be true,
      correct and performed as of the time of Closing.

7.    CONDITIONS PRECEDENT TO THE
      OBLIGATIONS OF RTME TO CLOSE
      ----------------------------

7.1.  The obligations of RTME to consummate the transactions herein contemplated
      at the Closing are subject to the fulfilment of each of the following
      conditions:

      7.1.1.  the representations and warranties of GSR contained herein shall
              be true and complete, and the covenants and agreements of GSR
              contained herein, including without limitation the covenants in
              section 5.1.3 and section 8.1, shall have been performed, in each
              case at or before the Closing;

      7.1.2.  all necessary consents and approvals to the consummation of the
              transactions contemplated by this Agreement shall have been
              obtained and The Toronto Stock Exchange shall have approved the
              Heads of Agreement and the Subscribed Shares shall have been
              accepted for listing on The Toronto Stock Exchange; and

      7.1.3.  on or before the Closing, no federal, provincial, territorial,
              regional or municipal government or any agency thereof in Canada
              or French Guiana shall have enacted any statute or regulation or
              announced any policy that would materially adversely affect the
              business or assets of GSR, Guyanor or SOTRAPMAG or the rights of
              RTME as a shareholder of GSR.

7.2.  The conditions set out in subsection 7.1 are for the exclusive benefit of
      RTME and may be waived in whole or in part by RTME at any time.

7.3.  In case any of the conditions set out in subsection 7.1 shall not be
      fulfilled or performed by GSR at or before the Closing or the Closing has
      not been consummated by February 22, 2001 through no fault of RTME, RTME
      may rescind its obligations under this Agreement by notice in writing to
      GSR and in such event RTME shall be released from all obligations
      hereunder but GSR shall be obliged to compensate RTME for all expense and
      loss incurred by it as a result of any misrepresentation, breach of
      warranty or covenant of GSR hereunder.

8.    TRANSACTIONS AT CLOSING
      -----------------------

8.1.  At the Closing, GSR shall deliver to RTME:

      8.1.1.  certificates representing the Subscribed Shares, duly and validly
              issued as fully paid and non-assessable Shares and in compliance
              with and as directed by section 2.2

      8.1.2.  a certificate of an officer of GSR dated the date of the Closing
              certifying to the best of his knowledge after due inquiry that at
              and as of the Closing the representations and warranties of GSR
              contained in this Agreement are true
<PAGE>

                                       9

              and correct and all covenants, agreements and conditions required
              by this Agreement to be performed or complied with by GSR prior to
              or at the Closing have been performed and complied with except as
              otherwise specifically agreed by RTME and containing such other
              information as counsel for RTME may reasonably request;

      8.1.3.  an opinion of Canadian counsel for GSR dated the date of the
              Closing to the effect that:

              8.1.3.1.  the issue of the Subscribed Shares by GSR is exempt from
                        the registration and prospectus requirements of the
                        Securities Laws and no prospectus is required nor are
                        any other documents required to be filed, proceedings
                        taken or approvals, permits, consents or authorizations
                        of regulatory authorities obtained under the Securities
                        Laws to permit the offering, sale and delivery of the
                        Subscribed Shares by GSR to RTME;

              8.1.3.2.  all requisite corporate proceedings have been taken by
                        or on behalf of GSR to authorize the creation and issue
                        of the Subscribed Shares and upon payment therefor, the
                        Subscribed Shares will be duly and validly allotted and
                        issued as fully paid and non-assessable shares in the
                        capital of GSR; and

              8.1.3.3.  the Subscribed Shares will be subject to restrictions on
                        resale for a 12 month period following Closing under
                        applicable Securities Laws, but such securities will not
                        be subject to any other restriction on resale, except
                        that any sale by RTME of any of the Subscribed Shares
                        which comprises a distribution from the holdings of a
                        control person must be made in compliance with or on the
                        basis of an exemption from the registration and
                        prospectus requirements of the applicable Securities
                        Laws.

8.2.  In providing the foregoing opinions, GSR's counsel may rely on
      certificates of officers of GSR as to questions of fact.

8.3.  At the Closing, RTME shall pay to GSR the Proceeds in consideration for
      the Subscribed Shares by the delivery of a cheque or cheques or by
      transfer of funds by wire in the amount thereof.

9.    THE CLOSING
      -----------

9.1.  The Closing of the issue and sale of the Subscribed Shares shall take
      place at 9:00 a.m. (Vancouver time) on the Closing Date or at such other
      date and time as may be mutually agreed in writing between the parties
      hereto, at the office of Lawson Lundell Lawson & McIntosh, 1600 - 925 West
      Georgia Street, Vancouver, British Columbia.
<PAGE>

                                       10

10.    GENERAL PROVISIONS
       ------------------

10.1.  The expenses incurred by each party hereto in connection with this
       Agreement and the transactions provided for herein shall be borne by such
       party.

10.2.  Time is of the essence of this Agreement and each of the terms and
       conditions of this Agreement.

10.3.  Any notices to be given to one party by the other may be sent by telecopy
       or may be personally delivered addressed as follows:

                 To RTME:
                 -------

                 Rio Tinto Mining and  Exploration Limited
                 354 - 200 Granville Street
                 Vancouver, British Columbia
                 V6C 1S4
                 Attention:  Mr. F.D. Hegner
                 ---------
                 Telecopy number:  (604) 669-5255

                 To GSR:
                 ------

                 Golden Star Resources Ltd.
                 1660 Lincoln Street
                 Denver, Colorado  80264
                 Attention:  President
                 ---------
                 Telecopy number:  303-830-9092

      or at such other address as any party hereto may from time to time
      designate by written notice to the other parties hereto and any such
      notice shall be deemed to have been given and received by the party to
      which it is addressed on delivery if delivered and on the day following
      transmission if telecopied.

10.4. Neither party hereto shall be liable for or otherwise incur any obligation
      to any other party in respect of any commissions or finder's fees to any
      broker, intermediary or finder generated on the sale or purchase of the
      Subscribed Shares or any of the other transactions contemplated hereby.

10.5. This Agreement is entered into to give effect to the requirement in
      paragraph 2.7(a) of the Heads of Agreement that RTME (or an affiliate)
      shall take a $1,000,000 private placement in shares of GSR. Subject to the
      foregoing, the Heads of Agreement shall continue in full force and effect.

10.6. This Agreement shall enure to the benefit of and be binding upon the
      parties hereto and their respective successors and permitted assigns. GSR
      shall not be permitted to assign or otherwise transfer any of its rights
      hereunder. Subject to applicable securities laws,
<PAGE>

                                       11

      RTME shall be permitted to assign or otherwise transfer any or all of its
      rights hereunder to an Affiliate.

10.7. This Agreement shall be construed and enforced in accordance with, and the
      rights of the parties shall be governed by, the laws of British Columbia,
      Canada.

10.8. The parties hereto shall consult with each other before issuing any press
      release or making any public announcement with respect to the transactions
      contemplated by this Agreement and, except to the extent required by any
      applicable law or regulatory requirement, neither party will issue any
      such press release or make any such public announcement without the prior
      written consent of the other party, which consent will not be unreasonably
      withheld or delayed. Each party will review and may provide comments on
      any such press release or other public announcement mentioning another
      party hereto proposed to be made by another party within 24 hours after
      receipt.

10.9. This Agreement may be executed in counterparts and may be delivered by
      facsimile and, upon the execution and delivery of one such counterpart by
      each party hereto, such counterparts shall together constitute one
      agreement and shall be construed as if all parties hereto had executed one
      copy of this Agreement.

IN WITNESS WHEREOF this Agreement has been executed as of the day and year first
above written.

GOLDEN STAR RESOURCES LTD.

By:   /s/ Peter Bradford
      ----------------------------------------
      Peter Bradford
      President

RIO TINTO MINING AND EXPLORATION LIMITED

By:   /s/ K. H. Haddow
      ----------------------------------

      Kenneth H. Haddow

      General Manager Commercial
<PAGE>

                                  SCHEDULE A
                                  ----------

                              Heads of Agreement

                                (See attached)
<PAGE>

                                  SCHEDULE B
                                  ----------

               REPRESENTATIONS, WARRANTIES AND COVENANTS OF RTME
               -------------------------------------------------

RTME hereby represents, warrants and covenants to GSR as follows:

1.   RTME is not a resident of the United States or any State thereof.

2.   RTME (a) is a limited partnership, corporation, partnership or limited
     liability company duly organized and validly existing under the laws of the
     jurisdiction of its formation and (b) has the requisite partnership,
     corporate or limited liability company, as the case may be, power and
     authority to execute, deliver and perform its obligations under this
     Agreement.

3.   The acquisition of Shares by RTME pursuant to this Agreement does not (i)
     violate, conflict with or result in any breach or contravention of, or the
     creation of any Lien under, any Contractual Obligation of RTME or any
     Requirement of Law applicable to RTME or (ii) violate, conflict with or
     result in any breach or contravention of any judgment, injunction, writ,
     award, decree or order of any nature of any Governmental Authority against,
     or binding upon, RTME.

4.   No approval, consent, compliance, exemption, authorization or other action
     by, or notice to, or filing with, any Governmental Authority or any other
     Person, and no lapse of a waiting period under any Requirement of Law, is
     necessary or required in connection with the acquisition by RTME of Shares
     (as distinct from the issue or sale of Shares to RTME or KCEI) pursuant to
     this Agreement.

5.   This Agreement has been and as of the Closing Date will have been, duly
     executed and delivered by RTME, and this Agreement constitutes and will, as
     of the Closing Date, constitute, the legal, valid and binding obligations
     of such Seller, enforceable against it in accordance with its terms, except
     as enforceability may be limited by applicable bankruptcy, insolvency,
     reorganization, fraudulent conveyance or transfer, moratorium or similar
     laws affecting the enforcement of creditors' rights generally or by
     equitable principles relating to enforceability (regardless of whether
     considered in a proceeding at law or in equity).

6.   The Shares to be acquired by RTME or KCEI pursuant to this Agreement are
     being or will be acquired for its own account and with no intention of
     distributing or reselling such Shares or any part thereof in any
     transaction that would be in violation of any North American Securities
     Laws, without prejudice, however, to the rights of RTME at all times to
     sell or otherwise dispose of all or any part of such Shares under a
     prospectus or an effective registration statement under any North American
     Securities Laws, or under an exemption from such prospectus or registration
     requirements available under such North American Securities Laws, and
     subject, nevertheless, to the disposition of RTME's property being at all
     times within its control. If RTME should in the future decide to dispose of
     any Shares, RTME understands and agrees that it may do so only in
     compliance with all applicable North American Securities Laws as then in
     effect. RTME agrees to the
<PAGE>

                                       2

     imprinting, so long as required by law, of legends on certificates
     representing all of its Shares to the following effect:

          "THE SHARES EVIDENCED HEREBY (THE "SHARES") WERE ORIGINALLY ISSUED IN
          A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE U.S.
          SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND MAY NOT
          BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH
          REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. THE HOLDER OF THE
          SHARES HEREBY AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) SUCH
          SHARES MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (1) IN A
          TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES
          ACT, (2) IN AN OFFSHORE TRANSACTION MEETING THE REQUIREMENTS OF RULE
          903 OR 904 AND OF RULE 905 UNDER THE SECURITIES ACT, (3) TO AN
          INSTITUTIONAL "ACCREDITED INVESTOR" AS DEFINED IN RULE 501(A)(1), (2),
          (3) OR (7) OF THE SECURITIES ACT THAT, PRIOR TO SUCH TRANSFER,
          FURNISHES THE ISSUER A SIGNED LETTER CONTAINING CERTAIN
          REPRESENTATIONS AND AGREEMENTS AND AN OPINION OF COUNSEL THAT SUCH
          TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT, (4) IN ACCORDANCE
          WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
          SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL AND SUCH OTHER
          CERTIFICATIONS AS THE ISSUER MAY REQUEST), OR (5) PURSUANT TO AN
          EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH
          ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR
          ANY OTHER APPLICABLE JURISDICTION, (B) THE HOLDER WILL NOT CONDUCT ANY
          HEDGING TRANSACTIONS INVOLVING THE SHARES EXCEPT IN COMPLIANCE WITH
          THE SECURITIES ACT AND (C) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER
          IS REQUIRED TO, NOTIFY ANY PURCHASER FROM IT OF THE SHARES OF THE
          RESALE RESTRICTIONS SET FORTH IN (A) AND (B) ABOVE.

          "THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN
          TRADING RESTRICTIONS UNDER APPLICABLE SECURITIES LAWS OF THE PROVINCES
          OF CANADA.

          "DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" OF
          SETTLEMENT OF TRANSACTIONS ON ANY STOCK EXCHANGE IN CANADA."

7.   RTME understands that the Shares will not be registered at the time of
     their issuance under any North American Securities Laws for the reason that
     the sale provided for in this Agreement is intended to be exempt therefrom
     and that the reliance of RTME on such exemption is predicated in part on
     RTME's representations set forth herein.
<PAGE>

                                       3

8.   There are no brokerage commissions, finder's fees or similar fees or
     commissions payable by RTME in connection with the transactions
     contemplated hereby based on any agreement, arrangement or understanding
     with RTME or any action taken by RTME.

9.   RTME is an "Accredited Investor" within the meaning of Rule 501 of
     Regulation D under the United States Securities Act of 1933, as presently
     in effect.

10.  RTME covenants that it will not take any action for the purpose of, or that
     could reasonably be expected to have the effect of, preparing the market in
     any jurisdiction, or creating a demand in any jurisdiction, for the Shares.

11.  RTME has not and will not engage in any hedging transactions involving any
     equity securities of GSR until all resale restrictions applicable to the
     Shares have expired.

12.  RTME has not received any prospectus, registration statement or offering
     memorandum (as such term is defined in applicable Canadian Securities
     Laws).

13.  RTME will effect any and all sales of Shares in accordance with all
     applicable Requirements of Law.

Defined Terms Used in this Schedule:

"Canadian Securities Laws" means all applicable securities laws in each of the
Provinces of Canada and the respective regulations made thereunder, together
with applicable published fee schedules, prescribed forms, policy statements,
orders, blanket rulings and other regulatory instruments of the securities
regulatory authorities in such provinces.

"Contractual Obligations" means, as to any Person, any provision of any security
issued by such Person or of any agreement, undertaking, contract, indenture,
mortgage, deed of trust or other instrument to which such Person is a party or
by which it or any of its property is bound.

"Governmental Authority" means the government of any nation, state, city,
locality or other political sub-division thereof, any entity exercising
executive, legislative, judicial, regulatory or administrative functions of or
pertaining to government, and any corporation or other entity owned or
controlled, through stock or capital ownership or otherwise, by any of the
foregoing.

"Lien" means any mortgage, deed of trust, pledge, hypothecation, assignment,
encumbrance, lien (statutory or other) or preference, priority, right or other
security interest or preferential arrangement of any kind or nature whatsoever
(excluding preferred stock and equity related preferences).

"North American Securities Laws" means, collectively the Canadian Securities
Laws and the U.S. Securities Laws.

"Person" means any individual, firm, corporation, partnership, trust,
incorporated or unincorporated association, joint venture, joint stock company,
limited liability company,
<PAGE>

                                       4

Governmental Authority or other entity of any kind, and shall include any
successor (by merger or otherwise) of such entity.

"Requirements of Law" means, as to any Person, any law (including, without
limitation, North American Securities Laws), statute, treaty, rule, regulation,
right, privilege, qualification, license or franchise or determination of an
arbitrator or a court or other Governmental Authority or stock exchange, in each
case applicable or binding upon such Person or any of its property or to which
such Person or any of its property is subject or pertaining to any or all of the
transactions contemplated or referred to herein.

"U.S. Securities Laws" means, collectively, the United States Securities Act of
1933, as amended; the United States Securities Act of 1934, as amended, and all
of the rules, regulations thereunder.<PAGE>

THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE THEREOF HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR
ANY STATE SECURITIES LAWS, AND MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED,
HYPOTHECATED OR OTHERWISE TRANSFERRED UNLESS THERE IS (i) AN EFFECTIVE
REGISTRATION STATEMENT UNDER SUCH ACT RELATED THERETO, OR (ii) AN OPINION OF
COUNSEL FOR THE HOLDER, REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH
REGISTRATION IS NOT REQUIRED.

                        THE TRANSFER OF THIS WARRANT IS
                        RESTRICTED AS DESCRIBED HEREIN.

                                                                     EXHIBIT 4.9

                             MEDI-JECT CORPORATION

              Warrant for the Purchase of Shares of Common Stock,
                           $.01 par value per Share

No. 00-1                                                           26,500 Shares

THIS CERTIFIES that, for value received, PLEXUS VENTURES, LTD. (the "Holder"),
is entitled to subscribe for and purchase from MEDI-JECT CORPORATION, a
Minnesota corporation (the "Company"), upon the terms and conditions set forth
herein, at any time or from time to time after September 12, 2000, and before
5:00 P.M. on September 12, 2005, Minnesota time (the "Exercise Period"), 26,500
shares of the Company's Common Stock, $.01 par value ("Common Stock"), at a
price of $4.656 per share (the "Exercise Price").  This Warrant may be
transferred subject to the following conditions: (i) during the first year after
the date of this Warrant, it may not be sold, transferred, assigned or
hypothecated except to persons who are (x) both officers and shareholders of
Holder, or (y) both officers and employees of Holder, and (ii) after such
period, the Warrant shall be transferable without restriction, subject to the
opinion of counsel as provided in Paragraph 4 herein that such transfer is not
in violation of federal or state securities laws.  The term the "Holder" as used
herein shall include any transferee to whom this Warrant has been transferred in
accordance with the above.The number of shares of Common Stock issuable upon
exercise of the Warrants (the "Warrant Shares") and the Exercise Price may be
adjusted from time to time as hereinafter set forth.

     1.   This Warrant may be exercised during the Exercise Period, as to the
whole or any lesser number of whole Warrant Shares, by the surrender of this
Warrant (with the election at the end hereof duly executed) to the Company at
its office at 161 Cheshire Lane, Suite 100, Minneapolis, Minnesota 55441, or at
such other place as is designated in writing by the Company, together with a
certified or bank cashier's check payable to the order of the Company in an
amount equal to the Exercise Price multiplied by the number of Warrant Shares
for which this Warrant is being exercised (the "Stock Purchase Price").

     2.   (a)  In lieu of the payment of the Stock Purchase Price, the Holder
shall have the right (but not the obligation), to require the Company to convert
this Warrant, in whole or in part, into shares of Common Stock (the "Conversion
Right") as provided for in this Section 2. Upon exercise of the Conversion
Right, the Company shall deliver to the Holder (without payment by the Holder of
any of the Stock Purchase Price) that number of shares of Common Stock (the
"Conversion Shares") equal to the quotient obtained by dividing (x) the value of
this Warrant (or portion thereof as to which the Conversion Right is being
exercised if the Conversion Right is being exercised in part) at the time the
Conversion Right is exercised (determined by subtracting the aggregate Stock
Purchase Price of the shares of Common Stock as to which the Conversion Right is
being exercised in effect immediately prior to the exercise of the Conversion
Right from the aggregate Current Market Price (as defined in Section 6(b)
hereof) of the shares of Common Stock as to which the Conversion Right is being
exercised immediately prior to the exercise of the Conversion Right) by (y) the
Current Market Price of one share of Common Stock immediately prior to the
exercise of the Conversion Right.

          (b)  The Conversion Rights provided under this Section 2 may be
exercised in whole or in part and at any time and from time to time while any
Warrants remain outstanding. In order to exercise the Conversion Right, the
Holder shall surrender to the Company, at its offices, this Warrant with the
Notice of Conversion at the end hereof duly
<PAGE>

executed. The presentation and surrender shall be deemed a waiver of the
Holder's obligation to pay all or any portion of the aggregate purchase price
payable for the shares of Common Stock as to which such Conversion Right is
being exercised. This Warrant (or so much thereof as shall have been surrendered
for conversion) shall be deemed to have been converted immediately prior to the
close of business on the day of surrender of such Warrant for conversion in
accordance with the foregoing provisions.

     3.   Upon each exercise of the Holder's rights to purchase Warrant Shares
or Conversion Shares, the Holder shall be deemed to be the holder of record of
the Warrant Shares or Conversion Shares issuable upon such exercise or
conversion, notwithstanding that the transfer books of the Company shall then be
closed or certificates representing such Warrant Shares or Conversion Shares
shall not then have been actually delivered to the Holder. As soon as
practicable after each such exercise or conversion of this Warrant, the Company
shall issue and deliver to the Holder a certificate or certificates for the
Warrant Shares or Conversion Shares issuable upon such exercise or conversion,
registered in the name of the Holder or its designee. If this Warrant should be
exercised or converted in part only, the Company shall, upon surrender of this
Warrant for cancellation, execute and deliver a new Warrant evidencing the right
of the Holder to purchase the balance of the Warrant Shares (or portions
thereof) subject to purchase hereunder.

     4.   Any Warrants issued upon the transfer or exercise or conversion in
part of this Warrant shall be numbered and shall be registered in a Warrant
Register as they are issued. The Company shall be entitled to treat the
registered holder of any Warrant on the Warrant Register as the owner in fact
thereof for all purposes and shall not be bound to recognize any equitable or
other claim to or interest in such Warrant on the part of any other person, and
shall not be liable for any registration or transfer of Warrants which are
registered or to be registered in the name of a fiduciary or the nominee of a
fiduciary unless made with the actual knowledge that a fiduciary or nominee is
committing a breach of trust in requesting such registration or transfer, or
with the knowledge of such facts that its participation therein amounts to bad
faith. This Warrant shall be transferable only on the books of the Company upon
delivery thereof duly endorsed by the Holder or by the Holder's duly authorized
attorney or representative, or accompanied by proper evidence of succession,
assignment, or authority to transfer. In all cases of transfer by an attorney,
executor, administrator, guardian, or other legal representative, duly
authenticated evidence of the authority of such person or entity shall be
produced. Upon any registration of transfer, the Company shall deliver a new
Warrant or Warrants to the person entitled thereto. Notwithstanding the
foregoing, the Company shall have no obligation to cause Warrants to be
transferred on its books to any person if, in the opinion of counsel to the
Company, such transfer does not comply with the provisions of the Securities Act
of 1933, as amended (the "Act"), and the rules and regulations thereunder.

     5.   The Company shall seek at its next annual meeting of shareholders to
amend its Articles of Incorporation to increase its authorized common stock and
if the shareholders approve such amendment, it shall at all times thereafter
reserve and keep available out of its authorized and unissued Common Stock,
solely for the purpose of providing for the exercise of the rights to purchase
all Warrant Shares and/or Conversion Shares granted pursuant to the Warrants,
such number of shares of Common Stock as shall, from time to time, be sufficient
therefor. The Company covenants that all shares of Common Stock issuable upon
exercise of this Warrant, upon receipt by the Company of the full Exercise Price
therefor, and all shares of Common Stock issuable upon conversion of this
Warrant, shall be validly issued, fully paid, and nonassessable, without any
personal liability attaching to the ownership thereof, and will not be issued in
violation of any preemptive rights of stockholders, optionholders,
warrantholders and any other persons and the Holders will receive good title to
the securities purchased by them, respectively, free and clear of all liens,
security interests, pledges, charges, encumbrances, stockholders' agreements and
voting trusts which might be created by acts or omissions to act of the Company.

     6.   (a)  In case the Company shall at any time after the date the Warrants
were first issued (i) declare a dividend on the outstanding Common Stock payable
in shares of its capital stock, (ii) subdivide the outstanding Common Stock,
(iii) combine the outstanding Common Stock into a smaller number of shares, or
(iv) issue any shares of its capital stock by reclassification of the Common
Stock (including any such reclassification in connection with a consolidation or
merger in which the Company is the continuing corporation), then, in each case,
the Exercise Price, and the number and kind of securities issuable upon exercise
or conversion of this Warrant, in effect at the time of the record date for such
<PAGE>

dividend or of the effective date of such subdivision, combination, or
reclassification, shall be proportionately adjusted so that the Holder after
such time shall be entitled to receive the aggregate number and kind of shares
which, if such Warrant had been exercised or converted immediately prior to such
time, the Holder would have owned upon such exercise or conversion and been
entitled to receive by virtue of such dividend, subdivision, combination, or
reclassification. Such adjustment shall be made successively whenever any event
listed above shall occur.

          (b)  For the purpose of any computation under this Warrant, the
Current Market Price per share of Common Stock on any date shall be deemed to be
the average of the daily closing prices for the 30 consecutive trading days
immediately preceding the date in question. The closing price for each day shall
be the last reported sales price regular way or, in case no such reported sale
takes place on such day, the closing bid price regular way, in either case on
the principal national securities exchange (including, for purposes hereof, the
Nasdaq SmallCap Market) on which the Common Stock is listed or admitted to
trading or, if the Common Stock is not listed or admitted to trading on any
national securities exchange, the highest reported bid price for the Common
Stock as furnished by the National Association of Securities Dealers, Inc.
through Nasdaq or a similar organization if Nasdaq is no longer reporting such
information. If on any such date the Common Stock is not listed or admitted to
trading on any national securities exchange and is not quoted by Nasdaq or any
similar organization, the fair value of a share of Common Stock on such date, as
determined in good faith by the board of directors of the Company, whose
determination shall be conclusive absent manifest error, shall be used.

          (c)  No adjustment in the Exercise Price shall be required if such
adjustment is less than $.05; provided, however, that any adjustments which by
                              -----------------
reason of this Section 6 are not required to be made shall be carried forward
and taken into account in any subsequent adjustment. All calculations under this
Section 6 shall be made to the nearest cent or to the nearest one-thousandth of
a share, as the case may be.

          (d)  In any case in which this Section 6 shall require that an
adjustment in the Exercise Price be made effective as of a record date for a
specified event, the Company may elect to defer, until the occurrence of such
event, issuing to the Holder, if the Holder exercised or converted this Warrant
after such record date, the shares of Common Stock, if any, issuable upon such
exercise or conversion over and above the shares of Common Stock, if any,
issuable upon such exercise or conversion on the basis of the Exercise Price in
effect prior to such adjustment; provided, however, that the Company shall
                                 -----------------
deliver to the Holder a due bill or other appropriate instrument evidencing the
Holder's right to receive such additional shares upon the occurrence of the
event requiring such adjustment.

          (e)  Upon each adjustment of the Exercise Price as a result of the
calculations made in this Section 6, this Warrant shall thereafter evidence the
right to purchase, at the adjusted Exercise Price, that number of shares
(calculated to the nearest thousandth) obtained by dividing (i) the product
obtained by multiplying the number of shares purchasable upon exercise of this
Warrant prior to adjustment of the number of shares by the Exercise Price in
effect prior to adjustment of the Exercise Price, by (ii) the Exercise Price in
effect after such adjustment of the Exercise Price.

          (f)  Whenever there shall be an adjustment provided in this Section 6,
the Company shall promptly cause written notice thereof to be sent by registered
mail or overnight courier, postage prepaid, to the Holder, at its address as it
shall appear in the Warrant Register, which notice shall be accompanied by an
officer's certificate setting forth the number of Warrant Shares purchasable
upon the exercise of this Warrant and the Exercise Price after such adjustment
and setting forth a brief statement of the facts requiring such adjustment and
the computation thereof, which officer's certificate shall be conclusive
evidence of the correctness of any such adjustment absent manifest error.

          (g)  The Company shall not be required to issue fractions of shares of
Common Stock or other capital stock of the Company upon the exercise or
conversion of this Warrant. If any fraction of a share would be issuable on the
exercise or conversion of this Warrant (or specified portions thereof), the
Company shall purchase such fraction for an amount in cash equal to the same
fraction of the Current Market Price of such share of Common Stock on the date
of exercise or conversion of this Warrant.
<PAGE>

     7.   (a)  In case of any consolidation with or merger of the Company with
or into another corporation (other than a merger or consolidation in which the
Company is the surviving or continuing corporation), or in case of any sale,
lease, or conveyance to another corporation of all or substantially all of the
property and assets of the Company, such successor, leasing, or purchasing
corporation, as the case may be, shall (i) execute with the Holder an agreement
providing that the Holder shall have the right thereafter to receive upon
exercise or conversion of this Warrant solely the kind and amount of shares of
stock and other securities, property, cash, or any combination thereof
receivable upon such consolidation, merger, sale, lease, or conveyance by a
holder of the number of shares of Common Stock for which this Warrant might have
been exercised or converted immediately prior to such consolidation, merger,
sale, lease, or conveyance, and (ii) make effective provision in its certificate
of incorporation or otherwise, if necessary, to effect such agreement. Such
agreement shall provide for adjustments which shall be as nearly equivalent as
practicable to the adjustments in Section 6.

          (b)  In case of any reclassification or change of the shares of Common
Stock issuable upon exercise or conversion of this Warrant (other than a change
in par value or from no par value to a specified par value, or as a result of a
subdivision or combination, but including any change in the shares into two or
more classes or series of shares), or in case of any consolidation or merger of
another corporation into the Company in which the Company is the continuing
corporation and in which there is a reclassification or change (including a
change to the right to receive cash or other property) of the shares of Common
Stock (other than a change in par value, or from no par value to a specified par
value, or as a result of a subdivision or combination, but including any change
in the shares into two or more classes or series of shares), the Holder shall
have the right thereafter to receive upon exercise or conversion of this Warrant
solely the kind and amount of shares of stock and other securities, property,
cash, or any combination thereof receivable upon such reclassification, change,
consolidation, or merger by a holder of the number of shares of Common Stock for
which this Warrant might have been exercised or converted immediately prior to
such reclassification, change, consolidation, or merger. Thereafter, appropriate
provision shall be made for adjustments which shall be as nearly equivalent as
practicable to the adjustments in Section 6.

          (c)  The above provisions of this Section 7 shall similarly apply to
successive reclassifications and changes of shares of Common Stock and to
successive consolidations, mergers, sales, leases, or conveyances.

     8.   In case at any time the Company shall propose:

          (i)     to pay any dividend or make any distribution on shares of
Common Stock in shares of Common Stock or make any other distribution (other
than regularly scheduled cash dividends which are not in a greater amount per
share than the most recent such cash dividend) to all holders of Common Stock;
or

          (ii)    to issue any rights, warrants, or other securities to all
holders of Common Stock entitling them to purchase any additional shares of
Common Stock or any other rights, warrants, or other securities; or

          (iii)   to effect any reclassification or change of outstanding shares
of Common Stock, or any consolidation, merger, sale, lease, or conveyance of
property, described in Section 7; or

          (iv)    to effect any liquidation, dissolution, or winding-up of the
Company; or

          (v)     to take any other action which would cause an adjustment to
the Exercise Price;

then, and in any one or more of such cases, the Company shall give written
notice thereof, by registered mail, postage prepaid, to the Holder at the
Holder's address as it shall appear in the Warrant Register, mailed at least 15
days prior to (i) the date as of which the holders of record of shares of Common
Stock to be entitled to receive any such dividend, distribution, rights,
warrants, or other securities are to be determined, (ii) the date on which any
such reclassification, change of outstanding shares of Common Stock,
consolidation, merger, sale, lease, conveyance of property, liquidation,
dissolution, or winding-up is expected to become effective, and the date as of
which it is expected that holders of record
<PAGE>

of shares of Common Stock shall be entitled to exchange their shares for
securities or other property, if any, deliverable upon such reclassification,
change of outstanding shares, consolidation, merger, sale, lease, conveyance of
property, liquidation, dissolution, or winding-up, or (iii) the date of such
action which would require an adjustment to the Exercise Price.

     9.   The issuance of any shares or other securities upon the exercise or
conversion of this Warrant, and the delivery of certificates or other
instruments representing such shares or other securities, shall be made without
charge to the Holder for any tax or other charge in respect of such issuance.
The Company shall not, however, be required to pay any tax which may be payable
in respect of any transfer involved in the issue and delivery of any certificate
in a name other than that of the Holder and the Company shall not be required to
issue or deliver any such certificate unless and until the person or persons
requesting the issue thereof shall have paid to the Company the amount of such
tax or shall have established to the satisfaction of the Company that such tax
has been paid.

     10.  If the Company proposes to claim an exemption under Section 3(b) for a
public offering of any of its securities or to register under the Securities Act
of 1933 (except by a claim of exemption or registration statement on a form that
does not permit the inclusion of shares by its security holders) any of its
securities, it will give written notice to all registered holders of Warrants,
and all registered holders of shares of common stock acquired upon the exercise
of Warrants (the "Common Shares"), of its intention to do so and, on the written
request of any such registered holders given within twenty (20) days after
receipt of any such notice (which request must be made within five (5) years
from the date of this Warrant), the Company will use its best efforts to cause
all Common Shares which such holders shall have requested the registration or
qualification thereof, to be included in such notification or registration
statement proposed to be filed by the Company; provided, however, that nothing
herein shall prevent the Company from, at any time, abandoning or delaying any
such registration initiated by it. If any such registration shall be
underwritten in whole or in part, the Company may require that the shares
requested for inclusion pursuant to this section be included in the underwriting
on the same terms and conditions as the securities otherwise being sold through
the underwriters. In the event that, in the good faith judgment of the managing
underwriter of such public offering, the inclusion of all of the shares
originally covered by a request for registration would reduce the number of
shares to be offered by the Company or interfere with the successful marketing
of the shares of stock offered by the Company, the number of shares otherwise to
be included pursuant to this Section in the underwritten public offering may be
reduced; provided, however, that any such required reduction shall be pro rata
among all persons (other than the Company) who are participating in such
offering. Those shares which are thus excluded from the underwritten public
offering shall be withheld from the market for a period, not to exceed 90 days,
which the managing underwriter reasonably determines is necessary in order to
effect the underwritten public offering. All expenses of such offering, except
the fees of special counsel to such holders and brokers' commissions or
underwriting discounts payable by such holders, shall be borne by the Company.

          (b)  If and whenever the Company is required by Section 10(a) hereof
to effect the registration of Warrants and/or shares issued upon the exercise of
the Warrants under the Securities Act, the Company will:

          (i)    prepare and file with the Commission a registration statement
with respect to such securities, and use its best efforts to cause such
registration statement to become and remain effective for such period as may be
reasonably necessary to effect the sale of such securities not to exceed one (1)
year;

          (ii)   prepare and file with the Commission such amendments to such
registration statement and supplements to the prospectus contained therein as
may be necessary to keep such registration statement effective for such period
as may be reasonably necessary to effect the sale of such securities not to
exceed one (1) year;

          (iii)  furnish to the security holders participating in such
registration and to the underwriters of the securities being registered such
reasonable number of copies of the registration statement, preliminary
prospectus, final prospectus and such other documents as such underwriters may
reasonably request in order to facilitate the public offering of such
securities;
<PAGE>

          (iv)   use its best efforts to register or qualify the securities
covered by such registration statement under such state securities or blue sky
laws of such jurisdictions as such participating holders may reasonably request
in writing within 30 days following the original filing of such registration
statement, except that the Company shall not for any purpose be required to
execute a general consent to service of process or to qualify to do business as
a foreign corporation in any jurisdiction wherein it is not so qualified;

          (v)    notify the security holders participating in such registration,
promptly after it shall receive notice thereof, of the time when such
registration statement has become effective or a supplement to any prospectus
forming a part of such registration statement has been filed;

          (vi)   notify such holders promptly of any request by the Commission
for the amending or supplementing of such registration statement or prospectus
or for additional information;

          (vii)  prepare and file with the Commission, promptly upon the request
of any such holders, any amendments or supplements to such registration
statement or prospectus which, in the opinion of counsel for such holders (and
concurred in by counsel for the Company), is required under the Securities Act
or the rules and regulations thereunder in connection with the distribution of
the Warrants or shares by such holder;

          (viii) prepare and promptly file with the Commission and promptly
notify such holders of the filing of such amendment or supplement to such
registration statement or prospectus as may be necessary to correct any
statements or omissions if, at the time when a prospectus relating to such
securities is required to be delivered under the Securities Act, any event shall
have occurred as the result of which any such prospectus or any other prospectus
as then in effect would include an untrue statement of a material fact or omit
to state any material fact necessary to make the statements therein, in the
light of the circumstances in which they were made, not misleading;

          (ix)   advise such holders, promptly after it shall receive notice or
obtain knowledge thereof, of the issuance of any stop order by the Commission
suspending the effectiveness of such registration statement or the initiation or
threatening of any proceeding for that purpose and promptly use its best efforts
to prevent the issuance of any stop order or to obtain its withdrawal if such
stop order should be issued;

          (x)    not file any amendment or supplement to such registration
statement or prospectus to which a majority in interest of such holders shall
have reasonably objected on the grounds that such amendment or supplement does
not comply in all material respects with the requirements of the Securities Act
or the rules and regulations thereunder, after having been furnished with a copy
thereof at least five business days prior to the filing thereof, unless in the
opinion of counsel for the Company the filing of such amendment or supplement is
reasonably necessary to protect the Company from any liabilities under any
applicable federal or state law and such filing will not violate applicable law;
and

          (xi)   at the request of any such holder, furnish on the effective
date of the registration statement and, if such registration includes an
underwritten public offering, at the closing provided for in the underwriting
agreement: (i) opinions, dated such respective dates, of the counsel
representing the Company for the purposes of such registration, addressed to the
underwriters, if any, and to the holder or holders making such request, covering
such matters as such underwriters and holder or holders may reasonably request;
and (ii) letters, dated such respective dates, from the independent certified
public accountants of the Company, addressed to the underwriters, if any, and to
the holder or holders making such request, covering such matters as such
underwriters and holder or holders may reasonably request, in which letter such
accountants shall state (without limiting the generality of the foregoing) that
they are independent certified public accountants within the meaning of the
Securities Act and that in the opinion of such accountants the financial
statements and other financial data of the Company included in the registration
statement or the prospectus or any amendment or supplement thereto comply in all
material respects with the applicable accounting requirements of the Securities
Act.

          (d)    The Company hereby indemnifies the holder of this Warrant and
of any common stock issued or issuable hereunder, its officers and directors,
and any person who controls such Warrant Holder or such Holder of common
<PAGE>

stock within the meaning of Section 15 of the Securities Act of 1933, against
all losses, claims, damages and liabilities caused by any untrue statement of a
material fact contained in any registration statement, prospectus, notification
or offering circular (and as amended or supplemented if the Company shall have
furnished any amendments or supplements thereto) or any preliminary prospectus
or caused by any omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading except
insofar as such losses, claims, damages or liabilities are caused by any untrue
statement or omission contained in information furnished in writing to the
Company by such Warrant Holder or such holder of common stock expressly for use
therein; and provided further, however, that the foregoing indemnity agreement
is subject to the condition that, insofar as it relates to any untrue statement,
alleged untrue statement, omission or alleged omission made in any preliminary
prospectus but eliminated or remedied in a subsequent prospectus, such indemnity
agreement shall not inure to the benefit of a holder if a copy of such
subsequent prospectus was not sent or given with or prior to the written
confirmation of the sale of any of shares, if available at or prior to such
written confirmation, to the person asserting any loss, liability, claim or
damage. Each such Holder by its acceptance hereof severally agrees that it will
indemnify and hold harmless the Company and each of its officers who signs such
registration statement and each of its directors and each person, if any, who
controls the Company within the meaning of Section 15 of the Securities Act of
1933 with respect to losses, claims, damages or liabilities which are caused by
any untrue statement or omission contained in information furnished in writing
to the Company by such holder expressly for use therein.

     11.  The Warrant Shares issued upon exercise of the Warrants shall be
subject to a stop transfer order and the certificate or certificates evidencing
such Warrant Shares shall bear the following legend:

"THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE THEREOF HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR
ANY STATE SECURITIES LAWS, AND MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED,
HYPOTHECATED OR OTHERWISE TRANSFERRED UNLESS THERE IS (i) AN EFFECTIVE
REGISTRATION STATEMENT UNDER SUCH ACT RELATED THERETO, OR (ii) AN OPINION OF
COUNSEL FOR THE HOLDER, REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH
REGISTRATION IS NOT REQUIRED."

     12.  Upon receipt of evidence satisfactory to the Company of the loss,
theft, destruction, or mutilation of any Warrant (and upon surrender of any
Warrant if mutilated), and upon reimbursement of the Company's reasonable
incidental expenses, the Company shall execute and deliver to the Holder thereof
a new Warrant of like date, tenor, and denomination.

     13.  The Holder of any Warrant shall not have, solely on account of such
status, any rights of a stockholder of the Company, either at law or in equity,
or to any notice of meetings of stockholders or of any other proceedings of the
Company, except as provided in this Warrant.

     14.  This Warrant shall be construed in accordance with the laws of the
State of Minnesota applicable to contracts made and performed within such State,
without regard to principles of conflicts of law.

Dated as of: September 12, 2000

                                    MEDI-JECT CORPORATION

                                    By: /s/ Franklin Pass
                                       -----------------------------------------
                                       Name:  Franklin Pass, M.D.
                                       Title: President, Chief Executive Officer
                                              and Chairman of the Board of
                                              Directors
<PAGE>

FORM OF ASSIGNMENT

(To be executed by the registered holder if such holder desires to transfer the
attached Warrant.)

     FOR VALUE RECEIVED, PLEXUS VENTURES, LTD. hereby sells, assigns, and
transfers unto _____________________________ a Warrant to purchase _____________
shares of Common Stock, $.01 per share, of Medi-Ject Corporation (the
"Company"), together with all right, title, and interest therein, and does
hereby irrevocably constitute and appoint _______________________ attorney to
transfer such Warrant on the books of the Company, with full power of
substitution.

Dated: _________________________________

PLEXUS VENTURES, LTD.

By:  ___________________________________
     Name:
     Its:

NOTICE

          The signature on the foregoing Assignment must correspond to the name
as written upon the face of this Warrant in every particular, without alteration
or enlargement or any change whatsoever.
<PAGE>

To:  Medi-Ject Corporation
     161 Cheshire Lane, Suite 100
     Minneapolis, MN 55441

          CASHLESS EXERCISE FORM
(To be executed upon conversion of the attached Warrant)

             The undersigned hereby irrevocably elects to surrender its Warrant
for the number of shares of Common Stock as shall be issuable pursuant to the
cashless exercise provisions of the within Warrant, in respect of ___________
shares of Common Stock underlying the within Warrant, and requests that
certificates for such securities be issued in the name of, and delivered to:

                   (Print Name, Address and Social Security
                         or Tax Identification Number)

and, if such number of shares shall not be all the shares exchangeable or
purchasable under the within Warrant, that a new Warrant for the balance of the
Warrant Shares covered by the within Warrant be registered in the name of, and
delivered to, the undersigned at the address stated below.

Dated: ____________________________   Name: _______________________________
                                            (Print)

Address: __________________________         _______________________________
         __________________________         (Signature)

<PAGE>

To:  Medi-Ject Corporation
     161 Cheshire Lane, Suite 100
     Minneapolis, MN 55441

ELECTION TO EXERCISE

          The undersigned hereby exercises his or its rights to purchase
____________ Warrant Shares covered by the within Warrant and tenders payment
herewith in the amount of $___________ in accordance with the terms thereof, and
requests that certificates for such securities be issued in the name of, and
delivered to:

                   (Print Name, Address and Social Security
                         or Tax Identification Number)

and, if such number of Warrant Shares shall not be all the Warrant Shares
covered by the within Warrant, that a new Warrant for the balance of the Warrant
Shares covered by the within Warrant be registered in the name of, and delivered
to, the undersigned at the address stated below.

Dated: ____________________________     Name: _______________________________
                                              (Print)

Address: __________________________           _______________________________
         __________________________           (Signature)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00024-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00024-of-00352.parquet"}]]