Silver I disagree. The warrant does not have to be in the money to have a value. Given the choice which share woiuld you rather own: one that gives you the right to purchase shares at a 20% premium to the issue price in the future , or a share with no rights attached. The price differential is going to be based upon shareholders evaluation of what that future right is worth. If you believed that shares would be showing significant appreciation in the future that warrant would be a very valuable commodity.
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