Ororico:

I don't want to belabor this subject but I believe there are several here who hold warrants and would be interested in having their status clarified. You feel that the company has the option to call the warrant at any time before the due date which in my case is Feb. 20, 2014. My understanding is that, once the warrant is issued, the company has no discretion with respect to the date the warrant expires. That is, the warrant will exist until the due date and cannot be "called" by the company at an earlier date.

Here is the definition of a warrant from the TMX Web site:

Warrant

A security giving the holder the right to purchase securities at a stipulated price within a specified time limit. Exercise of the warrant is solely at the discretion of the holder. Warrants are not exercisable after the expiry date. A warrant is often issued in conjunction with another security as part of a financing. A warrant may be traded as a listed security or it may be held privately.

And here is the wording used to describe the Feb. 20/14 warrant from ECU's 2009 annual report:

In February 2009 the Company completed an offering of 25,000,000 subscription receipts at a purchase price of $0.70 per subscription receipt, for an aggregate gross proceeds of $17,500,000. In connection with the offering the Company issued to the subscribers 25,000,000 common shares and 25,000,000 common share purchase warrants. Each warrant entitles its holder to acquire one additional common share at a price of $0.95 per share at any time until February 20, 2014. The gross proceeds of the offering were assigned $11,900,000 to common shares and $5,600,000 to warrants. The fair value of the warrants was estimated on the issued date based on the Black-Scholes option pricing model using the following assumptions: risk-free interest rate 1.55%, expected life 3 years, expected volatility 60%, and expected dividend yield 0%.

It appears to me that the company has no alternative but to wait for the due date to find out how many warrants will be converted to shares. Warrants, it seems to me, would be extremely risky investments if they were callable at any time at the company's discretion. The value of a warrant reflects the investor's expectation that he/she can covert at any time before the expiry date to a share and that the combined price paid for the warrant plus, in this case, an additional $0.95, would be lower in total than the market price of that same share at the exercise date.