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Books
THE INVESTOR'S GUIDE TO WARRANTS:
Capitalize on
the Fastest Growing Sector of the
Stock Market, Second Edition (Hardcover)
by Andrew McHattie
Rating: ISBN-10: 027303751X
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Warrant News - 2002
Warrant News Archive (1984 – Present)
| Date | Sym | Company | News |
| 19-Dec-02 | DTC | Domtar Inc | Warrants Called to Trade |
| 13-Dec-02 | TOS | TSO3 Inc | Warrants Called to Trade |
| 4-Dec-02 | AED | Atlas Energy Ltd | Warrants Called to Trade |
| 4-Dec-02 | K | Kinross Gold Corp | Warrants Called to Trade |
| 2-Dec-02 | K | Kinross Gold Corp | Additional Warrants Listed |
| 28-Oct-02 | AGN | American Nevada Gold Corp | Warrants Called to Trade |
| 10-Oct-02 | ASX | Alberta Star Development Corp | Warrants Called to Trade |
| 30-Aug-02 | ABV | Abington Ventures Inc | Warrants Called to Trade |
| 2-Aug-02 | FLO | Flowing Energy Corp | Warrants Called to Trade |
| 30-Jul-02 | TDC | Tyhee Development Corp | Warrants Called to Trade |
| 27-Jun-02 | CXP | Northern Crown Mines Ltd | Warrants Called to Trade |
| 26-Jun-02 | NGT | National Gold Corp | Warrants Called to Trade |
| 21-Jun-02 | NGX | Northgate Exploration Ltd | Warrants Called to Trade |
| 10-Jun-02 | BZA | American Bonanza Gold Mining Corp | Warrants Called to Trade |
| 27-May-02 | HGO | Hawkeye Gold International Inc | Warrants Called to Trade |
| 3-May-02 | CBS | Bard Ventures Ltd | Warrants Called to Trade |
| 22-Apr-02 | RED | Red Emerald Resource Corp | Warrants Called to Trade |
| 25-Mar-02 | IW | Infowave Software Inc | Warrants Called to Trade |
| 25-Mar-02 | TOS | Tech of Sterilization with Ozone TSO3 | Warrants Called to Trade |
| 22-Mar-02 | CBJ | Cambior Inc | Warrants Called to Trade |
| 22-Feb-02 | IW | Infowave Software Inc | Warrants Called to Trade |
| 20-Feb-02 | FNV | Franco-Nevada Corp | Ceased Trading |
| 13-Feb-02 | ADD | Arctic Star Diamond | New Listing |
| 8-Jan-02 | JZZ | Jazz Golf Equipment | Warrants Expire |
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Intrinsic (Per Warrant)
$0.00
Fair Value (Per Warrant)
$0.00
Warrant Terms
- Expiration Date: The last day the warrants can be exercised. If warrants aren't going to be exercised then they must be sold the day before the expiry date. The longer the time to expiry the more valuable the warrants.
- Leverage: A measure of how much you can increase your exposure to a share if you bought warrants instead of making a direct investment. It is the current share price divided by the current price of the warrant.
- Intrinsic Value: The difference between the exercise price and the actual trading price of the common stock. Once the common has gone over the exercise price, the warrants are "In the Money."
- Volatility: The higher the volatility rating, the higher the price of the warrant. Historical volatility is calculated by using the standard deviation of an underlying stock price over a specific period.
- Time Value: The difference between the current warrant price and its intrinsic value. Interpreted as the consideration paid for the advantage the warrant buyer has over the direct investor.
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What Exactly is a Canadian Stock Warrant:
In Canada, a warrant is a security issued directly by a corporation (not by other traders like options) that gives you the right to buy their stock at a fixed price (the strike) for a set period (usually 2 to 5 years).Key Terms You’ll See on the TSX/TSXV:The Strike Price: The price you pay to "exercise" the warrant.The Expiry Date: The "drop-dead" date. In Canada, these are often longer than US-listed options, giving you years for your thesis to play out.The Acceleration Clause: A uniquely Canadian feature. If the company’s stock stays above a certain price for a set number of days, they can force you to exercise your warrants early. - Visualizing the Lifecycle: Visualizing the Lifecycle Unlike a stock that you can hold "forever," a warrant has a clear beginning, middle, and end.Issuance: Usually bundled into a "Unit" (1 Share + 1/2 Warrant) during a private placement or IPO.Separation: After a short period, the warrants "detach" and begin trading under their own symbol.The Exercise Window: Your opportunity to profit.Expiration: If the stock is below the strike price on this day, the warrant becomes worthless.
- How to Read Canadian Warrant Symbols: If you are looking for these on your brokerage platform you need to know the suffixes. Exchange Suffix Example: Toronto Stock Exchange SHOP.WT.TO, TSX Venture VABC.WT.VN, Canadian Securities Exchange GROW.WT.CN. Pro Tip: If a company has multiple warrants, they are lettered (e.g., ABC.WT.A, ABC.WT.B). Always check the specific terms for the letter you are buying!"
- The Math: Intrinsic vs. Time Value: Why does a warrant cost $2.00 when the stock is only $1.00 above the strike price?Intrinsic Value: The immediate "cash" value. (Stock Price - Strike Price). Time Value: The "hope" value. You are paying for the potential growth over the next few years. As the expiry date gets closer, this value disappears (a process called Time Decay).
- Tax Considerations for Canadians: Warrants behave differently than stocks in the eyes of the CRA:Capital Gains: If you buy a warrant for $0.50 and sell it for $1.50, the $1.00 profit is treated as a standard Capital Gain (only 50% is taxable). TFSA/RRSP Eligibility: Most warrants listed on a "Designated Stock Exchange" (like the TSX) are qualified investments for your TFSA or RRSP. However, unlisted warrants from private placements often are not—be careful to avoid the 50% "prohibited investment" tax! Summary: The "Hockey Stick" Payoff The reason people love warrants is the Payoff Curve. While the stock moves in a straight line, the warrant stays flat until it hits the strike price, then it curves upward with extreme speed.