written by reader Sandstorm warrants

By xiexgp@gmail.com, March 9, 2013

TSX: SSL.WT
TSX: SSL.WT.A
TSX: SSL.WT.B
Exercise Price:
=US$3.00
Exercise Price:
=US$5.00
Exercise Price:
=US$14.00
Expire: April 23, 2014
Expire: October 19, 2015
Expire: September 7, 2017

* It takes 5 SSL.WT warrants to convert into 1 Common Share
* It takes 5 SSL.WT.A warrants to convert into 1 Common Share
* SSL.WT.B convert on a 1:1 ratio

I am confused – aren’t the 2014 warrants exercisable at $15.00 per share, 2015 warrants at $25.00 per share and 2017 warrants at $14 per share? How are the 2014 and 2105 roughly equivalent?

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Travis Johnson, Stock Gumshoe
March 9, 2013 12:25 pm

No, the exercise price for the WT and the WT.A is already multiplied by five (it had been 60 cents and a dollar). So you need five warrants plus $3 or plus $5, depending on which warrant. If the WT.A is at 90 cents, then you’re effectively betting on better than a $9.50 share price by October 2015 (5 X .90 + $5).

The B warrants were launched after SSL’s 1:5 consolidation so they are 1:1.

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mark w.
Member
mark w.
March 10, 2013 7:46 pm

i have sandstorm warrants , snxxf, and sttyf how are these excerciseable and when can i excercise them anytime? thanks mark

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Travis Johnson, Stock Gumshoe
March 10, 2013 8:30 pm
Reply to  mark w.

You’d have to talk to your broker about exercising — at least some of them can only be exercised by Canadians. I have no intention of exercising, for most small shareholders its easier to just sell the warrants and buy the stock if you choose — the arbitrageurs keep the price extremely close almost all the time.

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