RE:RE:RE:GlencoreFundamentall incorrect again. It's actually very basic math and you do not understand it.
To maintain it's % share in Trevali, Glencore negotiated the right to purchase shares equivalent to it's percentage owned at the time they sold their assets to Trevali during any capital raise (around 25.6% I think). Glencore's share has increased slightly due to Trevali buying back shares, to around 26%.
If there are 1000 shares outstanding, Glencore owns 260.
During a 100 share offereing, glencore can purcahse 26 shares
They now own 286 shares, or, you guessed it, 26%. Or the same percentage at the beginning of this example.
If the warrants are all exercised (obvious if the share price is North of 23 cts/share), then Glencore still retains its 26% share of the company. I guess there is a scenario where the investment bank does not exercise its warrants, but I can't imagine the scenario if they are in the money. If they are out of the money they would just purchase the shares on the market.
Warrants are good for both Glencore and the bank making the investment. Most likely the bank required it in order to consider making an investment. They are obviously not good for regular investors, but new money can set the terms when a company needs an infusion of money.
use your brain before writing sth