golfyeti - Yes some warrant holders were offered a reduced conversion price as RVXOT pointed out. Something very important was missed in the copied material that OT provided though. In the next sentence down it stated that "none" of the 15,593,428 warrants were "listed" for trading.

The issue that the TSX has with changing the terms of "listed" warrants is that it stinks of favouritism for one group of the "same" class of the same security. When the financing of the $10 million that created these warrants closed on 20 June 2017 there were only 2,552,489 warrants issued to subscribers of that issue that were not connected to Hepa Link or Eastern that took up the balance of the 10 million. The warrants that Hepa Link and Eastern received were none tradable. Since the issue date many of the listed warrants have either been exercised or traded into other hands. To change the terms of these listed or tradable warrants today would be giving an advantage to one group of holders of the same security over another group of the "same" security.

The TSX generally frowns on giving holders of one class of securities an advantage over any investors owning or have owned the "same class" of the same security.

With none tradable warrants it is a different story, you either exercise or have them expire worthless. There is no trading of that class of security so no one had an opportunity for advantage. If the terms of the none tradable warrants are changed the others in the same class of security are not disadvantaged. You can argue that some may have exercised and then sold the shares they acquired through that exercise but all holders of warrants have the ability to do the same within the parameters of the issue. It is the warrants that were traded that may give some an advantage over others. It is not a perfect system but they do try to make it fair.

As to your question about Joe warrant holder. If Joe was an accredited investor and held those unlisted warrants he would have a much better chance of negotiating a change. With listed warrants I don't believe the exchange would allow it.

tada