I think it is only fair, that the same price ratio between warrant and share at the moment of announcing the proposed merger, i.e. 1:2, will apply for the situation after the merger.

So in case the day after the merger Golden Minerals is at CAD 20, warrant holders should be required to pay a maximum of CAD 10 for the right to obtain one share in the new company by 2014, not CAD 19.