EOM. Theres a large batch of warrants that have already expired.
Go through the latest financials and the company breaks down exercise price
AND expiry date. Any warrants converted are generally done once the price
of a company's shares are a decent percentage in excess of the exercise price.
I dont believe all the warrants on the books will be exercised, assuming we
get a bid before year end 2013. Attached is the following warrants and options
that I retrieved from the latest set of financials, some on sedar have already expired.
Calling a spade a spade, it would appear 145 M could be exercised if we reached higher
prices, some even at todays prices. With any dilution, cash would flow back into the company,
for reinvestment, dilution would affect net asset value per share, as the addition shares would
have to be offset to a reasonable degree by the cash the company receives for the warrant
exercise.. I believe the 180 M may not be exercised until the company achieves a significant
event, Ie. a possible takeover bid at the minimum 3rd or 4th quarter 2013.
Options on books... 47.7 M at 32 cents.
Warrants... 79 M at 35 cents, May 2014
180 M at 75 cents Oct 2014
28 M at 1.25 dollars November 2014
35 M at 20 cents 2015