RE:RE:RE:RE:RE:RE:RE:Lumina,Grail I found this comment on reddit. Can't vouch for the accuracy though.
The answer is that it depends.
You should read the term of your warrant. I assume you are holding a warrant in a Canadian public company? If so, the warrant indenture was filed on SEDAR when the warrant offering originally closed. This will set out what happens on a change of control of the company.
If the acquisition of the company requires a shareholder vote, the proxy circular that is sent to shareholders to describe the transaction and to solicit the vote will describe what is happening to warrants. For example, in a plan of arrangement in Canada, the holder may be entitled to a cash payment for the in-the-money value (without any need to exercise) or the holder may just be getting a replacement warrant (with necessary adjustments to reflect the consideration under the deal).