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Gold/Mining/Energy : Kensington Resources

KRT 24.47

+2.0%

Jan 30 9:30 AM EST

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To: Robert Kwan who wrote (5294)	6/10/1997 11:03:00 PM
From: Zeev Hed	of 5597

Robert, what you are missing is the value of time and money. They have the right, not the duty to buy at $.7, if they were to buy the whole two shares now they woould have to commit $.8, but they commit only $.55 and get a full year to decide whthere they want more. If the price is $2 they'll want more, if it is $.4 they will simply not excercise, and if they still like the prospects of the company they'll buy in the open market at $.4. Of course, if the company is strapped for cahs they may offer to lower the price of the warrants ( that was done before, you know). Zeev

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