RE:"Stanley if Brigus warrants are not in the money and will not be exercised, what impact if any will this have to Brigus?"
Some contributors to this (and the Yahoo) board DO make a significant contribution to the advancement of our understanding of certain issues related to BRD's situation. In this case, I believe that your question was addressed by Firecracker74 on Jan 25 in a post (32074912) entitled Warrants. I'll put the response in point form to illustrate the pros & cons contained in their response:
" Warrants ...................
1. It appears very likely that the 6M warrants at $1.008 will not be exercised.
2. I see this as very good news. All those new shares being issued would be a drag on the market.
3. BRD has about $30M-$35M in cash on hand right now IMHO and doesn't need the additional cash.
4. My guess is that a warrant holder sold about 2M shares short in November at $1.05. Knowing they could buy those shares back at $1.01 they were guaranteed a 4% profit by February.
5. If the stock went lower, as it has, they could make even more with no risk.
6. This may account for the bashing of the stock in an attempt to drive it lower to cover the short at a lower price.
7. My guess is that those shares will be covered by buying in the open market as February 20 approaches.
8. Once the warrants expire the short position is not protected by the warrants and they would be at risk.
9. With the warrants gone BRD goes into 2013 with over $30M IMHO in cash and about $15M in cash flow coming in each quarter.
10. They should be well positioned to get through 2013 without any additional cash needs."
11. Read more at http://www.stockhouse.com/bullboards/messagedetail.aspx?p=0&m=32074912&l=0&r=0&s=BRD&t=LIST#82p62H26eAbxYQI8.99
[S] Bottomline is that most times we can check to see who got the (broker's) warrants. Using Canada Stockwatch or other similar package it possible to track a host of activity (including the HFT's). Like firecracker I suspect that these warrant holders who (allegedly) shorted the 2 mln shares of stock will most likely buy the stock on the open market to deliver against their short position. I believe that after Feb 15th that this "overhang" could result in BRD PPS being a little more reflective of it's underlying value.
BWDIK?? Rest assured the warrant holders will be gone to more fertile hunting grounds once the securityprovided by warrants expire. And we can be 100% certain they will be covered b4 the BFS/FFS is announced, i.e. squeeze post Feb 20th not withstanding for the stragglers.
Hope this Helps