Bzam Ltd (BZAMF)

[Kaibr]

No Problem. Warrants came from Round 3 pre-ipo. Those are the ones that are currently being traded.

Here is a snippet explaining them from Sept 2017:

The Green Organic Dutchman Pre-IPO Financing

Dear Investors, as you probably already know, the imminent pre-IPO round of TGOD was announced this morning.

Most of you are fully aware of the TGOD STORY and many of you are already invested. For ourselves, we have invested in every round and we intend to invest in this round as well. Why would we do that you might ask. Well, the simple answer is that we think this round is even more attractive than the last one and we will explain why we think so.
Terms: Unit price C$1.65 includes 1x common share + 0.5x warrant (36 months, C$3)

The shares will have a 6 month hold period from the day of the IPO (planned for January 2018) but here's the beautiful twist that make us so attracted to this financing, the warrants will be listed and tradeable from TGOD's first day of listing.

In theory, this means that if the stock trades at C$4.50, the warrant should trade at C$1.50 ($4.50 - $3 = $1.50). And that doesn't take into account the time value of the warrant, three years is a long time and could potentially add to the price.

In this kind of scenario, one could pay C$1.65 for the units but get back the equivalent of 75 cents/share which would give us a purchase price of C$0.90 per share. Last financing was done at $1.15 just as a reminder.