Document:

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

VOID AFTER 5:00 P.M. EASTERN TIME, APRIL 6, 2005
                                                             For the Purchase of
                                                               200,000 shares of
                                                                    Common Stock

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

                             (A Nevada corporation)

            Infocast Corporation,  a Nevada corporation (the "Company"),  hereby
certifies that for value received,  SmallCaps  Online Group LLC (the "Registered
Holder"),  residing at 1285 Avenue of the Americas,  35th Floor,  New York,  NY,
10019,  is entitled,  subject to the terms set forth below, to purchase from the
Company, pursuant to this Warrant ("Warrant"),  at any time or from time to time
on or after April 7, 2000,  and at or before 5:00 p.m.,  Eastern Time,  April 6,
2005 ("Expiration  Date"),  but not thereafter,  200,000 shares of Common Stock,
$.001 par value,  of the  Company  ("Common  tock"),  at a  purchase  price (the
"Purchase Price") equal to $6.50 per share of Common Stock. The number of shares
of Common Stock  purchasable  upon  exercise of this  Warrant,  and the purchase
price per share,  each as adjusted from time to time pursuant to the  provisions
of this Warrant,  are  hereinafter  referred to as the "Warrant  Shares" and the
"Purchase Price," respectively.

            1. Exercise.

               (a) This Warrant may be exercised by the  Registered  Holder,  in
whole or in part,  by the surrender of this Warrant (with the Notice of Exercise
Form attached hereto as Exhibit I duly executed, completed and delivered by such
Registered  Holder) at the  principal  office of the  Company,  or at such other
office or agency as the Company may  designate,  accompanied by payment in full,
in lawful money of the United States,  of an amount equal to the then applicable
Purchase Price  multiplied by

<PAGE>

the number of Warrant Shares then being  purchased  upon such  exercise.  If the
rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern
Time, on the Expiration  Date, this Warrant shall become and be void and without
further  force or effect,  and all rights  represented  hereby  shall  cease and
expire.

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

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

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

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

            2. Adjustments.

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

                                      -2-
<PAGE>

proportionately  increased.  When any  adjustment  is required to be made in the
Purchase  Price,  the number of shares of Warrant  Shares  purchasable  upon the
exercise of this Warrant  shall be changed to the number  determined by dividing
(i) an amount equal to the number of shares  issuable  upon the exercise of this
Warrant  immediately prior to such adjustment,  multiplied by the Purchase Price
in effect  immediately  prior to such adjustment,  by (ii) the Purchase Price in
effect immediately after such adjustment.

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

            3 Limitation on Sales. Each holder of this Warrant acknowledges that
this  Warrant  and the  Warrant  Shares  have  not  been  registered  under  the
Securities Act of 1933, as now in force or hereafter  amended,  or any successor
legislation (the "Act"), and agrees not to sell, pledge,  distribute,  offer for
sale, transfer or otherwise dispose of this Warrant or any Warrant Shares issued
upon its  exercise in the  absence of (a) an  effective  registration  statement
under the Act as to this  Warrant or such  Warrant  Shares and  registration  or
qualification  of this Warrant or such Warrant Shares under any applicable  Blue
Sky or state  securities  law  then in  effect  or (b) an  opinion  of  counsel,
satisfactory to the Company,  that such  registration and  qualification are not
required. Without limiting the generality of the foregoing,  unless the offering
and sale of the Warrant Shares to be issued upon the particular  exercise of the
Warrant shall have been effectively  registered under the Act, the Company shall
be under no obligation to

                                      -3-

<PAGE>

issue the shares covered by such exercise unless and until the Registered Holder
shall have executed an investment  letter in form and substance  satisfactory to
the  Company,  including  a  warranty  at the time of such  exercise  that it is
acquiring  such shares for its own  account,  and will not  transfer the Warrant
Shares unless pursuant to an effective and current registration  statement under
the Act or an exemption from the  registration  requirements  of the Act and any
other  applicable  restrictions,  in which event the Registered  Holder shall be
bound by the  provisions  of a legend or legends to such  effect  which shall be
endorsed upon the certificate(s) representing the Warrant Shares issued pursuant
to such  exercise.  The Warrant  Shares  issued upon  exercise  thereof shall be
imprinted with legends in substantially the following form:

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

            4  Notices of Record Date. In case:

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

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

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

then,  and in each such case, the Company will mail or cause to be mailed to the
Registered Holder of this Warrant a notice  specifying,  as the case may be, (i)
the date

                                      -4-
<PAGE>

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

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

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

            7 Non-transferability of Warrants.  This Warrant is not transferable
and may be  exercised  solely by the  Registered  Holder  during his lifetime or
after his death by the person or persons  entitled thereto under his will or the
laws of descent and  distribution.  Any attempt to transfer,  assign,  pledge or
otherwise dispose of, or to subject to execution, attachment or similar process,
this Warrant contrary to the provisions hereof shall be void and ineffective and
shall give no right to the purported transferee.

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

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

            10  Headings.  The  headings  in this  Warrant  are for  purposes of
reference  only and shall not  limit or  otherwise  affect  the  meaning  of any
provision of this Warrant.
                                      -5-

<PAGE>

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

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

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

The Company:            Infocast Corporation
                        One Richmond Street West
                        Suite 902
                        Toronto, Ontario M5H3W4
                        Canada
                        Attn: Chief Financial Officer

with a copy to:

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

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

                                        INFOCAST CORPORATION

                                        By:
Date: April 7, 2000                     Name:
                                             Title:

                                      -6-
<PAGE>

                                                                       EXHIBIT I

                               NOTICE OF EXERCISE

TO:         Infocast Corporation
            One Richmond Street West
            Suite 902
            Toronto, Ontario M5H3W4
            Canada

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

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

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

                                                (Name)

                                                (Address)

                                                (Taxpayer Identification Number)

[print name of Registered Holder]

By:

Title:

Date:------------------------------------------------------

                           SMALLCAPS ONLINE GROUP LLC
             Corporate Finance o Venture Management o Communications
             ------------------------------------------------------

April 7, 2000

Infocast Corporation
1 Richmond Street West
Suite 902
Toronto, Ontario M5H 3W4

Attention: James W. Leech
Title: President & CEO

Dear Sirs:

         The purpose of this letter is to confirm the  appointment  of SmallCaps
Online Group LLC  ("SmallCaps"  or the "Advisor")  upon the terms and conditions
set forth herein as  financial  consultant  and advisor to Infocast  Corporation
('the Company") in connection  with the Company's  general  corporate  financial
advisory and investor and media relations needs. In this connection,  SmallCaps,
in its capacity as  financial  advisor,  will assist the Company by  undertaking
certain  activities,  to the extent  that such  activities  are  required by the
status of a project, including the following:

         1)       Meet with appropriate  Company  management to discuss and help
                  the Company formulate an appropriate strategy, familiarization
                  of product and technology, milestones, etc.;

         2)       At the request of Company,  advise the Company with respect to
                  business  development  and  technology  licensing,   including
                  appropriate  structure of a proposed transaction and assist in
                  the negotiations;

         3)       At the request of the Company, advise the Company with respect
                  to  mergers  and  acquisitions,  including  identification  of
                  counterparties, approach strategy and structure, and assist in
                  the negotiations;

         4)       Advise  the  Company  with  respect  to  financing   strategy,
                  including public and private equity and debt;

         5)       Advise the Company with  respect to financial  and trade media
                  relations,  including  development of presentation  materials,
                  websites,  press  releases,  introduction to and scheduling of
                  meetings with investment managers and brokers, and analysis of
                  ownership;

         6)       Assist in such other  capacity as may be reasonably  requested
                  by the Company to effect the foregoing.

        1285 AVENUE OF THE AMERICAS, 35TH FLOOR, NEW YORK NEW YORK 10019
                    Telephone: 212-554-4158 Fax: 212-554-4058
                         www.SmallCapsOnline.comInfocast

<PAGE>

Infocast Corporation
April 7, 2000
Page 2

         It is the  practice  of  SmallCaps  to provide  financial  advice  with
respect to corporate  finance and investor  and media  relations  partially on a
retainer basis. Our retainer for services to be rendered hereunder is $9,000 per
month,  payable at the beginning of each month, and 200,000  five-year  warrants
(with cashless exercise provisions) to purchase the Company's common stock at an
exercise  price  of  $6.50  per  share.   The  warrants  will  have  "piggyback"
registration rights on the Company's next registration statement

         In the event a corporate finance  transaction  contemplated in items 2)
or 3) above is completed with any party which  SmallCaps,  at the request of the
Company,  identified,  approached and negotiated  with on behalf of the Company,
the  Company  will pay  SmallCaps  a success  fee for its  advisory  services in
accordance with the following schedule:

                                                Percentage-Fee-Applicable
   Aggregate Value Level                          to Value Level (%)
   ---------------------                          ------------------
First $5 million                                        5.00%
From $5 million thru $10 million                        3.75%
From $10 million and above                              2.50%

         In  the  event  a  corporate  finance  private  placement   transaction
contemplated  in item 4) above is  initiated  by SmallCaps at the request of the
Company and completed with any party which SmallCaps identified,  approached and
negotiated  with on behalf of the  Company,  the  Company  will pay  SmallCaps a
success fee of 7% (plus warrant coverage,  at sale price of the common stock, of
10%) of the Aggregate Value of the  transaction,  Notwithstanding  the above, in
the event that any party which SmallCaps  identified,  approached and negotiated
with on behalf of the  Company  participates  in a private  or public  placement
transaction  contemplated  in  paragraph  4) above,  which  placement is lead by
agents other than SmallCaps, the Company will pay SmallCaps its prorata share of
the placement fee paid to the placement agent syndicate on the transaction.

         For the purposes of this letter,  the term  Aggregate  Value shall mean
the total amount of cash and the fair market value of all other property paid or
payable,  directly or indirectly,  to the Company and its security  holders.  In
addition,  Aggregate  Value  shall  include  the net  amount of any debt  and/or
contingent  liability repaid or assumed by the purchaser from the Company,  both
directly or indirectly.

         For purposes of this letter, a "transaction" shall mean any transaction
or series or combination of  transactions,  other than in the ordinary course of
trade or business, whereby, directly or indirectly, a significant portion of the
capital stock of the Company or a significant  portion of its respective  assets
is  transferred  for  consideration,  including  without  limitation,  a sale or
exchange  of  capital  stock or  assets,  a lease of  assets  with or  without a
purchase  option,  a merger or  consolidation,  a tender or  exchange  offer,  a
leveraged  buy-out,  the formation of a joint  venture,  minority  investment or
partnership, a licensing deal or any similar transaction.

         In addition to any fees  payable to  SmallCaps  under the terms of this
letter,  the Company agrees to reimburse the Advisor,  upon a monthly basis, for
its  out-of-pocket  expenses,  which  expenses  will not exceed $1,000 per month
without the prior written consent of the Company.

                                       -2-

<PAGE>

Infocast Corporation
April 7, 2000
Page 3

         The Company  agrees to indemnify  SmallCaps and each of its  respective
affiliates  and their  respective  directors,  officers,  employees,  agents and
controlling  persons  (each such person being an  "Indemnified  Party") from and
against any and all losses, claims,  damages and liabilities,  joint or several,
to which such Indemnified Party may become subject under any applicable  federal
or state  law,  or  otherwise,  related  to or  arising  out of any  transaction
contemplated  by this letter or the  engagement of the Advisor  pursuant to, and
the performance by the Advisor of the services  contemplated by, this letter and
will reimburse any Indemnified  Party for all expenses  (including  counsel fees
and expenses,  whether  incurred in connection with third party claims or direct
claims  against  the  Company)  as they  are  incurred  in  connection  with the
investigation of,  preparation for or defense of any pending or threatened claim
or any action or proceeding arising  therefrom,  whether or not such Indemnified
Party  is  a  party.  The  Company  will  not  be  liable  under  the  foregoing
indemnification  provision to the extent that any loss, claim, damage, liability
or expense is found in a final judgment by a court of competent  jurisdiction to
have resulted  primarily  from the Advisor's  bad faith,  willful  misconduct or
negligence.

         If a transaction is consummated by the Company with any party which the
Advisor  identified,  approached  or  negotiated  with on behalf of the  Company
within one year from the date of termination of this agreement, or any amendment
or extension  thereto,  the Company agrees to pay the Advisor a transaction  fee
determined as provided in the foregoing paragraphs.

         SmallCaps  agrees that it will keep all  proprietary  and  confidential
information  owned by or concerning the Company,  its products,  business plans,
financial data, trade secrets,  software,  documents,  specifications  and other
affairs  ("Information")  provided to it hereunder in confidence,  shall not use
such  Information  for any  purpose  other than to provide  the  services to the
Company described  hereunder and shall not disclose any Information  without the
prior written  consent of the Company.  SmallCaps  shall be responsible  for any
breach of this agreement by any of its employees,  directors and officers.  Upon
termination of this  Agreement,  SmallCaps  shall promptly  return all copies of
information in its possession.

         The  Advisor's  engagement  hereunder  may be  terminated by either the
Company or the Advisor  after twelve  months from the date hereof upon the first
day of any month upon  thirty  days  written  notice to that effect to the other
party, it being understood that the provisions relating to the  confidentiality,
payment of fees, expenses and indemnification will survive any such termination.

         This agreement  shall be construed and  interpreted in accordance  with
the laws of the State of New York.

                                       -3-

<PAGE>

Infocast Corporation
April 7, 2000
Page 4

         If the  foregoing  is in  accordance  with your  understanding,  please
confirm  acceptance  by signing and returning to us the duplicate of this letter
attached herewith.

                                   SMALLCAPS ONLINE GROUP LLC

                                   By: /s/ Steven H. Rouhandeh
                                       ---------------------------
                                       Name:  Steven H. Rouhandeh
                                       Title: Chairman

                                   INFOCAST CORPORATION

                                   By: /s/ James W. Leech
                                       ---------------------------
                                       Name:    James W. Leech
                                       Title:   President & CEO

                             -4-

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