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Valuing Warrants Companies with  Market Cap   Canadian Expiration   Canadian the money   Canadian     Canadian     Canadian Historic   Canadian   Fair  
  Trading Warrants     Warrant Date   Warrant (Intrinsic   Warrant Leverage   Warrant Warrant   Warrant Volatility   Warrant Warrant Market Comments
        Symbol     Symbol Value)   Symbol     Symbol Price   Symbol Annualized   Symbol Price Value  
Expiration Date Aberdeen International Inc 30,738,122.68   CBK.WT 30-Jun-09   FAY-WT.TO 1.27   CMP.WT.B nt   TRT.WT 0.005   CNM.WT  1432.1%   RF.WT 0.04 $2.61 Bargain
The last day the warrants  Agnico-Eagle 9,971,737,558.56   PME.WT  30-Jun-09   TCP.WT 0.65   PME.WT  1080   FTF.WT  0.005   CRP.WT 313.8%   CRP.WT 0.125 $5.91 Bargain
can be exercised. If Global Agribusiness Trust 18,000,000.00   URB.WT.A  12-Jul-09   FFI.WT 0.65   FTF.WT  850   CBK.WT 0.005   TRT.WT 249.2%   CIW.WT.A 0.015 $0.44 Bargain
warrants aren't being  Atlas Minerals 674,479.58   TRF-WT.TO 23-Jul-09   RIT-WT.TO 0.19   RF.WT 475   PME.WT  0.005   GBP.WT.A 126.3%   GBP.WT.A 0.04 $0.94 Bargain
exercised then they Ainsworth Lumber 134,858,568.00   RIT-WT.TO 23-Jul-09   BRK.WT -0.06   CBK.WT 472   EPD.WT 0.01   GBP.WT 126.3%   EPD.WT 0.01 $0.23 Bargain
must be sold the day  Acuity Small Cap 14,490,000.00   EWP-WT.TO 23-Jul-09   TRT.WT -0.2   EPD.WT 420   CNM.WT  0.01   PNP.WT.A  110.7%   CNM.WT  0.01 $0.15 Bargain
before the expiry date. Avnel Gold Mining 13,461,822.13   FAY-WT.TO 23-Jul-09   EWP-WT.TO -0.28   ASF.WT  345   ASF.WT  0.01   PNP.WT  110.7%   FIT.WT.A 0.1 $1.01 Bargain
The longer the time to  Banro Corp 158,706,662.52   GBP.WT 31-Jul-09   OGO.WT -0.3   CIW.WT.A 305.33   URB.WT.A  0.01   PNP.WT.B 110.7%   GFT.WT 0.035 $0.35 Bargain
expiry the more Bear Creek Mining 138,642,557.50   CIW.WT 31-Aug-09   MPM.WT  -0.44   OGN.WT 197.09   CIW.WT.A 0.015   CBB.WT  108.2%   AGB.WT 0.06 $0.56 Bargain
valuable the warrants. Baffinland Iron Mns Corp 97,914,557.58   FFI.WT 15-Sep-09   CGL.WT -0.62   EWP-WT.TO 186.67   GBP.WT 0.02   FIT.WT.A 106.5%   DPF.WT  0.04 $0.34 Bargain
  Bankers Petroleum 418,708,838.70   XHM.WT 30-Oct-09   AAB.WT -0.68   CIW.WT 152.67   EWP-WT.TO 0.03   AAB.WT 88.5%   TRF-WT.TO 0.27 $1.51 Bargain
Leverage Brick Group 50,920,865.02   FGX.WT 30-Oct-09   EDV.WT.A -0.81   URB.WT.A  150   CBB.WT  0.03   BRK.WT 82.4%   PNP.WT  0.16 $0.83 Bargain
The leverage of a warrant Breakwater Resources 230,439,995.62   GRE.WT 31-Oct-09   SCP.WT -0.99   GBP.WT 149.5   CIW.WT 0.03   FGX.WT 76.6%   OGO.WT 0.165 $0.80 Bargain
is a measure of how much Copernican British Banks Fund 23,323,370.40   FRE.WT 09-Nov-09   PNP.WT.B -1.08   GFT.WT 139.14   GFT.WT 0.035   FGX.WT 76.6%   PNP.WT.A  0.285 $1.36 Bargain
you can increase your Copernican World Banks Fund 9,201,021.68   CGL.WT 28-Nov-09   TRF-WT.TO -1.09   GRE.WT 131.33   RF.WT 0.04   TRF-WT.TO 72.1%   TRT.WT 0.005 $0.02 Bargain
exposure to a share if Coalcorp Mining 35,466,445.05   OGN.WT 30-Nov-09   OGN.WT -1.16   DPF.WT  120   GBP.WT.A 0.04   DPF.WT  69.5%   OGE.WT 0.105 $0.43 Bargain
you bought warrants Caspian Energy 10,956,042.54   UF.WT 15-Dec-09   GFT.WT -1.18   XHM.WT 95.56   DPF.WT  0.04   AGB.WT 67.2%   GRE.WT 0.045 $0.17 Bargain
instead of making a Claymore Gold Bullion Trust 375,200,000.00   ASF.WT  15-Jan-10   FRE.WT -1.46   HAY.WT 79.14   GRE.WT 0.045   CBK.WT.A 66.6%   FGX.WT 0.52 $1.92 Bargain
direct investment. It is  Challenger Energy Corp 19,326,874.68   HAY.WT 26-Feb-10   XHM.WT -1.75   AGB.WT 75   GUR.WT  0.05   CBK.WT 66.6%   FRE.WT 0.11 $0.30 Bargain
calculated dividing the  Chesapeake Gold 170,861,694.62   OGO.WT 31-Mar-10   FGX.WT -2.01   GBP.WT.A 74.75   OGN.WT 0.055   ASF.WT  65.5%   MPM.WT  0.58 $1.59 Bargain
current share price by Calstar Oil & Gas Ltd 9,316,299.09   FIT.WT.A 30-Apr-10   FGX.WT -2.01   OGE.WT 73.81   AGB.WT 0.06   CIW.WT.A 64.8%   PNP.WT.B 0.71 $1.74 Bargain
the current price of the  C M P Gold Trust 32,324,422.90   FGX.WT 31-May-10   URB.WT.A  -2.25   OGO.WT 70.91   UF.WT 0.06   CIW.WT 64.8%   BRK.WT 0.21 $0.48 Bargain
warrant. Creston Moly 16,942,540.58   CPM.WT.A 31-May-10   GRE.WT -2.29   GUR.WT  62   CBK.WT.A 0.065   OCF.WT  64.7%   OCF.WT  0.33 $0.72 Bargain
  Canadian Income Mgmt Tr 686,320.65   CBB.WT  14-Jun-10   CNM.WT  -2.45   UF.WT 61   HAY.WT 0.07   URB.WT.A  59.3%   EWP-WT.TO 0.03 $0.06 Bargain
Intrinsic Value Coxe Commodity Strategy Fund 222,336,260.30   CBK.WT.A 30-Jun-10   GBP.WT.A -2.96   TRF-WT.TO 59.96   AAB.WT 0.075   CPM.WT.A 55.0%   FAY-WT.TO 0.76 $1.45 Bargain
The difference between  Copernican Int'l Premium Dividend Fund  19,367,505.50   GUR.WT  30-Jun-10   CIW.WT -2.99   FRE.WT 52.64   XHM.WT 0.09   PME.WT  55.0%   TCP.WT 1.2 $2.25 Bargain
the exercise price and Claude Resources 106,602,364.80   GFT.WT 05-Jul-10   CBK.WT -2.99   CRP.WT 51.52   FIT.WT.A 0.1   MPM.WT  54.3%   FFI.WT 0.52 $0.97 Bargain
the actual trading price  Ceres Global Ag Corp 83,034,655.20   MPM.WT  10-Jul-10   CIW.WT.A -3.07   CBB.WT  44   CPM.WT.A 0.1   HAY.WT 53.2%   FGX.WT 0.52 $0.97 Bargain
of the common stock. Colossus Minerals 180,938,422.49   FTF.WT  30-Jul-10   CBK.WT.A -3.09   RIT-WT.TO 38.86   OGE.WT 0.105   FRE.WT 49.2%   OGN.WT 0.055 $0.10 Bargain
Once the common has  Copper Mountain 20,872,501.32   GBP.WT.A 31-Jul-10   COX.WT -3.55   CBK.WT.A 36.31   FRE.WT 0.11   EPD.WT 48.7%   RIT-WT.TO 0.185 $0.33 Bargain
gone over the exercise Copper Mesa Mining 3,127,754.67   OCF.WT  31-Jul-10   FIT.WT.A -3.7   CPM.WT.A 35   CRP.WT 0.125   EDV.WT.A 44.4%   XHM.WT 0.09 $0.16 Bargain
price the warrants are  Crosshair Exploration & Mining Corp 30,668,208.76   DPF.WT  13-Aug-10   PNP.WT.A  -4.08   FIT.WT.A 34.5   PNP.WT  0.16   GUR.WT  41.9%   CBK.WT.A 0.065 $0.10 Bargain
said to be 'in the money'. Davie Yards 16,204,006.00   CIW.WT.A 31-Aug-10   OGE.WT -4.25   COX.WT 21.1   OGO.WT 0.165   GRE.WT 39.6%   SCP.WT 0.4 $0.59 Undervalued
  Dioro Exploration 54,032,441.90   TRT.WT 10-Oct-10   CPM.WT.A -4.25   FAY-WT.TO 20.16   RIT-WT.TO 0.185   SCP.WT 37.6%   AAB.WT 0.075 $0.09 Undervalued
Volatility Denison Mines 465,653,554.90   EPD.WT 12-Nov-10   CMP.WT.A -4.3   OCF.WT  17.27   BRK.WT 0.21   UF.WT 33.7%   COX.WT 0.365 $0.37 Fair Market Value
The higher the volatility  DPF India Opportunities Fund 118,574,400.00   AGB.WT 30-Nov-10   UF.WT -4.34   FGX.WT 15.37   TRF-WT.TO 0.27   FFI.WT 31.9%   CMP.WT.A 0.83 $0.81 Fair Market Value
rating the higher the price Dundee Precious Metals 185,327,022.20   CRP.WT 21-Dec-10   OCF.WT  -4.55   FGX.WT 15.37   PNP.WT.A  0.285   GFT.WT 30.8%   CGL.WT 0.67 $0.64 Fair Market Value
of the warrant will be. ECU Silver Mining Inc.  212,324,563.00   OGE.WT 31-Dec-10   HAY.WT -4.71   PNP.WT  15.13   OCF.WT  0.33   FTF.WT  30.3%   EDV.WT.A 0.53 $0.51 Fair Market Value
A measure of actual  Endeavour Financial 165,151,704.38   SCP.WT 31-Dec-10   RF.WT -4.75   CNM.WT  15   COX.WT 0.365   TCP.WT 27.2%   CBB.WT  0.03 $0.03 Fair Market Value
stock price changes over  Etruscan Resources 40,581,188.33   CMP.WT.A 25-Jan-11   AGB.WT -5.5   FFI.WT 14.04   SCP.WT 0.4   OGE.WT 25.7%   ASF.WT  0.01 $0.01 Overvalued
a specific period of time.  EarthFirst 2,066,076.36   TCP.WT 28-Feb-11   EPD.WT -5.8   CGL.WT 14   FGX.WT 0.52   XHM.WT 25.7%   CPM.WT.A 0.1 $0.08 Overvalued
Historical volatility is  EMC Metals 7,885,618.66   COX.WT 31-May-11   PME.WT  -6.6   MPM.WT  12.17   FFI.WT 0.52   CMP.WT.A 25.0%   CIW.WT 0.03 $0.02 Overvalued
calculated by using the  European Premium Dividend 12,537,420.00   RF.WT 30-Sep-11   FTF.WT  -6.75   CMP.WT.A 9.28   FGX.WT 0.52   CMP.WT.B 25.0%   HAY.WT 0.07 $0.03 Very Overvalued
standard deviation of an Erdene Gold 24,984,645.56   CNM.WT  28-Feb-12   CRP.WT -7.06   TCP.WT 9.08   EDV.WT.A 0.53   CGL.WT 25.0%   FTF.WT  0.005 $0.00 Very Overvalued
underlying stock price. First Asset Pipes & Power...  45,477,353.60   PNP.WT  16-Apr-12   GUR.WT  -7.15   TRT.WT 9   MPM.WT  0.58   FAY-WT.TO 22.2%   GBP.WT 0.02 $0.00 Very Overvalued
  First Asset Yield Opportunity...  70,711,068.60   AAB.WT 06-Jun-12   GBP.WT -7.26   PNP.WT.A  8.49   CGL.WT 0.67   RF.WT 21.6%   GUR.WT  0.05 $0.00 Very Overvalued
In the Money Fortress Energy Inc 7,807,318.52   PNP.WT.A  23-Oct-12   CMP.WT.B -7.3   SCP.WT 8.15   PNP.WT.B 0.71   RIT-WT.TO 20.6%   UF.WT 0.06 $0.00 Very Overvalued
When the price of the  Flaherty & Crumrine 48,066,039.70   CMP.WT.B 25-Jan-13   DPF.WT  -7.7   BRK.WT 4.48   FAY-WT.TO 0.76   OGO.WT 18.8%   CBK.WT 0.005 $0.00 Very Overvalued
common is higher than  Faircourt Gold Income 18,744,540.00   PNP.WT.B 11-Jul-13   ASF.WT  -8.55   AAB.WT 4.33   CMP.WT.A 0.83   EWP-WT.TO 18.8%   PME.WT  0.005 $0.00 Very Overvalued
the exercise price Int'l Fin. Income and Growth Trust 5,083,630.20   EDV.WT.A 04-Feb-14   CBB.WT  -8.68   PNP.WT.B 3.41   TCP.WT 1.2   COX.WT 18.5%   URB.WT.A  0.01 $0.00 Very Overvalued
  Franco-Nevada 3,009,000,000.00   BRK.WT 27-May-14   PNP.WT  -12.58   EDV.WT.A 3.19   CMP.WT.B nt   OGN.WT 14.0%   CMP.WT.B nt $1.40 Not Trading
At the Money First Majestic Silver Corp 212,441,420.88                                        
When the price of the  Front Street Resource Perf. Fund 68,587,952.07                                        
underlying is equivalent Fortune Minerals 29,441,556.71                                        
or close to the strike price. Focused Global Trends Fund 14,419,438.25                                        
  Goldcorp 29,571,931,427.92                                        
Exercise ratio Great Basin 54,111,008.00                                        
The number of warrants  Global Banks Premium Income Trust  13,657,832.63                                        
related to one share and Distinction Group 54,794,772.00                                        
specifies the amount of  CC&L Global Financials Fund II  56,943,819.12                                        
underlying that the owner Gold Wheaton 442,855,875.42                                        
of a single warrant is  Geovic Mining Corp 66,886,745.90                                        
entitled to buy. Sentry Select Global Real Estate 17,762,061.75                                        
  Global Uranium 25,652,760.40                                        
Time Value Stone Agribusiness 23,889,094.94                                        
The time value is the  High Desert Gold Corp 1,078,569.60                                        
difference between the High River Gold Mines 135,744,544.79                                        
current warrant price  I C S Copper Systems Ltd 57,347,767.17                                        
and its intrinsic value. Ivanhoe Energy 92,195,791.71                                        
The time value is to be  I M A Exploration 23,980,749.44                                        
interpreted as the Kinross 14,394,698,004.21                                        
consideration paid for  Katanga Mining 156,785,311.88                                        
the advantage that the Labrador Iron Mines 58,694,552.58                                        
warrant buyer has over  Added Capital 15,915,314.50                                        
the direct investor. It Marathon PGM 28,366,267.20                                        
is greatest when the  Melco China Resorts (Holding) Ltd. 5,683,557.36                                        
warrants are 'at the money' Metrobridge Networks  2,189,870.56                                        
but decreases as the Mega Uranium 355,787,790.80                                        
exercise date draws closer. Mines Management 47,994,524.20                                        
The decreased value is  Mercator Minerals Ltd 180,618,586.14                                        
called time decay and  Markland AGF Precious Metals...  13,573,287.72                                        
decreases at a faster  Metanor Resources 39,478,891.00                                        
pace as the expiry date Norbord 656,257,504.16                                        
draws closer. New Gold Inc. 638,522,238.00                                        
  Northrock Resources 888,437.23                                        
  Oilsands Canada Corp 13,823,856.60                                        
  Oroco Resource Corp 5,794,639.41                                        
  O'Leary Global Equity Income 28,468,346.25                                        
  O'Leary Global Infrastructure 52,790,800.00                                        
  O'Leary Global Income Opp Fund 107,932,500.00                                        
  Osisko Exploration 1,760,796,820.50                                        
  Orsu Metals  52,521,561.11                                        
  Olympus Pacific Minerals Inc 72,041,793.11                                        
  North American Palladium Ltd. 242,947,776.40                                        
  Phoenix Coal Inc. 41,252,273.70                                        
  Primary Petroleum 2,960,876.76                                        
  Polaris Minerals 154,293,345.80                                        
  Sentry Select Primary Metals 85,982,844.60                                        
  Pinetree Capital 317,779,850.96                                        
  Petro Rubiales Energy 1,730,544,121.20                                        
  ProSep 16,110,862.75                                        
  Quadra Mining 852,384,059.10                                        
  Redcorp Ventures 3,983,561.71                                        
  CA Bancorp Cdn Realty Fin. Corp 67,686,740.00                                        
  First Asset REIT Income Fund  91,038,140.68                                        
  Rusoro Mining 188,343,020.93                                        
  Ranaz Corp 7,217,170.20                                        
  Rye Patch Gold 11,491,857.00                                        
  Sprott Resource Corp 266,952,350.24                                        
  Silver Wheaton 3,337,385,069.61                                        
  Sandstorm Resources Ltd. 8,696,160.00                                        
  Thompson Creek Metals 1,359,456,217.84                                        
  Trident Performance Corp 34,622,149.60                                        
  Tembec 61,000,000.00                                        
  First Asset Energy & Resource...  22,802,967.40                                        
  TriNorth Capital Inc. 6,783,629.27                                        
  Terrane Metals 41,317,452.50                                        
  Uranium Focused 62,578,486.02                                        
  Urbana 100,650,000.00                                        
  U S Gold 218,492,908.00                                        
  Visible Gold Mines 3,298,090.77                                        
  Western Canada Coal 346,031,292.75                                        
  Star Hedge Managers Corp 64,500,000.00                                        
  Yukon-Nevada Gold 45,208,314.45                                        
  Yamana Gold      8,721,724,664.10                                        
  Zazu Metals Corp 8,432,537.03                                        
                                             
                                             
                                             
                                             
                                             
                                             

 

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