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FL

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FL

Re: None

Friday, 04/16/2004 9:52:11 AM

Friday, April 16, 2004 9:52:11 AM

Post# of 2138

Cassidy (CDY.TO) seems to be in "dilution dive". New shares and warrants were issued. How much of this kind of reaction is due to the warrants? Are these typical Canadian "units" deals, with stock+warrant, generally fair?

I have some CDY, and I've remarked on the likely diluting effect of Champion (CHA.TO which I also have) warrants and options in the Red Back merger. About 12 million total CHA shares outstanding get squeezed by about 8 million CHA options and warrants. Some ratio.

FL

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