HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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MHO. If the warrants are trading on an exchange, then they have a value (ie what ever the market believes it is worth). If the take-out price is above the excercise price of the warrant, then the warrant has real value, and you can realise this value by tendering the warrant plus the excercise $$ to exchange for the share which is the subject to the buyout.

If the take-out price is not above the excercise price of the warrant, then the warrant will have speculative value.

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