Still not right the warrants are still in the money.
1 new img .wt is a srike at $8.93. IMG is about $10.75 so the warrant is in the money by $1.82.
Now take the warrant price of $1.70 and times by 2.38 to get true cost of 1 IMG.wt(3.95) for 1 share of IMG.
Leveridge of 3 to 1 for an in the money warrant.
Iamgold outlines Cambior warrant conversions
2006-11-17 10:14 ET - News Release
Ms. Lisa Doddridge reports
IAMGOLD PROVIDES DETAILS OF CAMBIOR WARRANT CONVERSION
In Stockwatch news Nov. 8, 2006, Iamgold Corp. reported the successful completion of its transaction with Cambior Inc., by which the company acquired all the outstanding shares of Cambior. As part of the acquisition, all outstanding warrants exercisable for Cambior shares are exchangeable for warrants of the company on a one-for-one basis. Each Iamgold warrant is exercisable, upon payment of $3.75, for 0.42 of a common share of the company; however, no fractional shares will be issued and any resulting fractional share shall be rounded up or down to the nearest whole number. Effectively, every 2.38 Iamgold warrants are exercisable for one Iamgold share at a price of $8.93. All other terms and conditions of the Iamgold warrants are substantially the same as the terms and conditions of the Cambior warrants, including, without limitation, the expiry date of Aug. 12, 2008.
As of the closing date of the acquisition, 20 million Cambior warrants were cancelled in exchange for 20 million Iamgold warrants. The 20 million Iamgold warrants are exercisable for a total of 8.4 million common shares of the company. The Iamgold warrants are traded on the Toronto Stock Exchange under the symbol IMG.WT.
As of the closing date of the acquisition, the Cambior warrants were automatically replaced. Therefore, no action is required by holders of Cambior warrants. However, if holders of Cambior warrants wish to obtain a new Iamgold warrant certificate, please contact Computershare Trust Company's call centre toll-free at 1-800-564-6253. |
