CliffCLF will probably exercise its warrants at 0.05 USD/share with its latest debt financing...
From the April 15th press release:
As a result of the conversion of the Debenture, Cliffs now holds an aggregate of 71,584,056 Common Shares and 31,535,623 Warrants representing 19.9% of the issued and outstanding Common Shares on a fully diluted basis. Each Warrant entitles Cliffs to purchase one (1) Common Share at US
.05 until March 16, 2010 and US
.10 thereafter (subject to the undertaking of KWG to reduce such price to US
.05 upon regulatory approval) and is exercisable for 20 business days following the issuance by KWG of 5 Common Shares upon the exercise of any of the warrants, options and other rights to purchase or obligations of KWG to issue Common Shares outstanding as at January 20, 2009. To the extent not previously exercised the Warrants will expire on March 16, 2014, at the latest.
SB