RE: about the 2014 Warrants @$0.60/USNope.... it doesn't make sense to me either... The intrinsic value of the 2014 warrants would be 73 cents (1.32/share subtract a .59 CAD strike price), so currently they are actually trading 3 cents below that value. This is extremely rare, and usually is not sustainable since arbitrage investors come in and close that gap.
The 2015 warrants however have an intrinsic value of 35 cents (1.32 subtract .97 CAD strike price). Meaning there is a time value of 25 cents!!!
This is absurd how one class of warrants can have that much more of a time value attached to it, given both their expiration dates aren't for 3 and 4 years, respectively.
You can actually buy the warrants, convert to common, and sell in the open market for a 3 cent gain. I myself would never do this as it can be considered "picking up pennies in front of a steamroller". But nonetheless, you get the point, they're CHEAP!
You think if investors are giving a 25 cent time value to the 2015 warrants, the 2014 warrants should deserve at minimum 10-15 cents. That make them worth around 85 cents..... a little more reasonable.
Either way I cant really complain as I am sitting on a nice gain.