I wrote to John Knowles last week to ask again about the soon-expiring warrants. In a previous conversation in March he had been open to suggestions on these May and June warrants. I heard back from John last night - unfortunately it was not what I was hoping to hear.
I and others in the company are small holders of warrants due to expire and so I sympathize with your suggestion. The board recently considered the outstanding warrants and no action on them is currently planned.
Factors considered included:
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Exercise price significantly above market;
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Overhang effect of extending a large number of warrants, even at higher prices;
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Likelihood of offering warrants with future private placements;
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Wildcat's historical treatment of warrants
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Upside potential in Wildcat from its own projects and in the camps where its projects are located.
I had hoped that the company might consider an extension, perhaps even at a higher exercise price, but that will now not be happening. At this point I will need to be satisfied that I was able to buy the shares I got at low cost (most from the .05 PP). I know there are others that bought at higher price levels earlier for whom this hurts more.
NL
