Absolutely nobody with tradebale warrants (ECU.WT) with a .95 cents exercise price and due in Feb 20, 2014 are selling or exercising warrants. Nobody holding these instruments is that stupid. Since they trade on the market at .62 cents right now (original purchase valuation of .22 cents) anyone not wishing to hold their warrants will sell them in the warrant market which is a lot easier than sending cheques and exercsing. No exercise of these warrants will occur until very near their expiry and then arbs will have a profit opportunity as they scoop large quantities of them for what is available.

There are 36.6 million tradeable warrants outstanding. Suggesting that warrants that are actively traded with years left yet before expiry in a precious metals bull market are being exercised shows how little someone knows about markets and how tradeable warrants work. I can assure everyone that those who hold these warrants are not that stupid. If you doubt what I say, call the company and ask how many warrants are being exercsied, zero.

The non-tradeable or non-transferable warrants are another matter and there are about 12.4 million of those due between Sept (4 million warrants) and Dec (8.4 million warrants) expiry in 2011. Of these none have been exercsied nor will they for a piddly .20 or .30 cents in a precious metal bull market when silver and gold stocks are just starting to breakout. I would expect some exercise of these warrants in late spring of 2011 after the next couple of runs higher in the share price and the impact will be minimal as demand for ECU shares should be much higher as will the expected share price. I would expect those holding the December untradeable warrants which is the bulk of those outstanding to not contemplate exercise until sometime in the fall of 2011, myself included.