"Why do you assume that the company cannot give this notice until after the hold period has expired? Simply because the securities have a hold period does not prevent holders from exercising warrants."

I'm not assuming anything. Warrants are also securities and therefore are also subject to a 4 month hold. So, they could not have been excercised or forced to be exercised until after the hold period.

from TSX website ...http://tsx.complinet.com/en/display/...

Participating securities" of an organization, whether incorporated or unincorporated, are those of its securities outstanding from time to time which entitle the holders thereof to participation, limited or unlimited, in the earnings or profits of the issuing organization, either alone or in addition to a claim for interest or dividends at a fixed rate, and include, except where the reference is to "outstanding" participating securities, those securities which entitle the holders thereof, on conversion, exchange, the exercise of rights under a warrant, or otherwise, to acquire participating securities.