"Under the terms of the business combination, shareholders of ECU will receive 0.05 common shares of Golden Minerals (the "Exchange Ratio") and $0.000394 in cash (approximately $125,000 in the aggregate) for each share of ECU held. All of ECU's unexercised options and warrants will be exchanged for Golden Minerals options and warrants, respectively, with the number and exercise prices of such options and warrants to be adjusted based on the Exchange Ratio."

There are 30,000,000 (round number) shares of Newco.

Each warrant entitles the holder to buy one additional (equal) share which then has the value of 1/30,000,000 of the holdings of the company - at a cost of $19.

There are approximately 46 million ECU warrants outstanding just now - these will become 2.3 million Newco warrants when the deal closes, and a new warrant allows you to buy 1 share (not additional share) at $19. Does this low number of warrants influence your calculation? Would it increase the volatility (desirability) of the warrants?

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