RE: Warrants killed thisTo follow up on the warrant issue a bit here is what investors got in the April 2003 placement that just saw its warrants extended:
0.15 bought them a share and a warrant to buy a share at 0.20 by October this year.
The time period on those warrants has just been extended to the middle of next year.
I am not sure how you can argue with the fairness of that. The return on the 0.15 shares has been negligible. Without such an extension the upside to those that invested would have been negligible as well.
If you want people or institutions to invest in high risk ventures like this there has to be a reasonable upside.
Here is the notice:
TSX Venture Exchange has accepted to extend the expiry date of the following warrants:
Number of Warrants: 2,666,667
Original Expiry Date of Warrants: October 25, 2004
New Expiry Date of Warrants: April 25, 2005
Exercise Price of Warrants: $0.20