These are rights to purchase Pricemart stock (PSMT) at $8/share. Each right allows you to purchase 1.5 shares of PSMT @ $8. The rights expire on 1/31/06, so you have to convert them quickly or sell the rights, but its a great bargain right now.
The simple math:
If you own 2 warrants at 15 cents each, your cost is 30 cents. It enables you to purchase 3 shares of PSMT at $8. PSMT is currently trading at $8.15. You can then sell your 3 shares at $8.15, making a profit of 15 cents for each 2 shares of PSMTR purchased. In other words, if you purchase 13,333 shares of PSMTR at 15 cents, and convert them this week to PSMT stock, and then flip PSMT immediately, you will profit $1,000. The scheme requires capital and cheap trading (online perhaps).
In the least, those with lots of money will realize the huge potential involved at this deflated price, and will purchase the rights up to 22.5 cents, the current actual value of the rights. Buying at 15 cents and selling at 22.5 is also a great deal.