Does anyone know if the warrants are exercisable on a  pre or post consolidation basis?  I'm curious as to whether they're entitled to roughly 28 million shares of Euro Sun or a reduced 20:1 conversion ratio.

Black Iron Annnounces $4M Investment Into Carpathian Gold & Appointment of Representatives to Carpathian Gold Board and Management Team 

TORONTO, ONTARIO--(Marketwired - May 19, 2016) - 
Black Iron Inc. ("Black Iron" or the "Company") (TSX:BKI) has entered into an agreement with Carpathian Gold Inc. (CSE:CPN) ("Carpathian") to acquire 57,142,857 units (the "Units"), or 6.3% of the issued and outstanding shares of Carpathian, at a price of CAD$0.07 per Unit, for total consideration of CAD$4 million. Each Unit consist of one common share of Carpathian and one-half of a common share purchase warrant ("Warrant"). Each whole Warrant will allow Black Iron to acquire one common share of Carpathian at a price of CAD$0.12 for a period of two years from the date of issuance. The Warrant exercise period may be accelerated if the common shares of Carpathian trade at a price above CAD$0.15 for a period of 20 consecutive trading days.