WARRANT AGREEMENT
(Made June 10, 1994, Issued November, 1995)
ELEPHANT & CASTLE GROUP, INC.
THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933
AND MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF
A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT
OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS
NOT REQUIRED.
NO. WARRANT TO PURCHASE 25,000 SHARES OF
THE COMMON STOCK OF
ELEPHANT & CASTLE GROUP, INC.
WARRANT TO PURCHASE 25,000 SHARES
OF
THE COMPANY
Void after Novebmer 25, 2000
This certifies that, for value received, Securities Trading Services,
Inc., a Swiss Corporation, or registered assign ("Holder") is entitled, subject
to the terms set forth below, to purchase from Elephant & Castle Group, Inc.
(the "Company"), a corporation organized under the laws of the province of
British Columbia, Canada, Twenty-Five Thousand (25,000) shares of the Common
Stock of the Company upon surrender hereof, at the principal office of the
Company referred to below, with the subscription form attached hereto duly
executed, and simultaneous payment therfor.
