The Warrant is nothing but a financing instrument for Kinross . Take a look at it...it costs Kinross nothing...absolutly nothing to offer .1429 of a future Warrant that might or might not be exercised.

It will never be exercised unless the price of Kinross stock goes over $32 in the next five years !! If it never goes over $ 32 it will never be exercised as no one in their right mind would ever pay $ 32 plus the useless warrant they have to buy a share of Kinross that is only worth say $ 29 on the open market!

If it does go over $ 32 then Kinross will get $ 32 per share of stock for each warrant exercised....not a bad financing for Kinross for no cost to them !

These offered Warrants are what undergraduate finance students study in how to get something for nothing in Finance 202 !

These warrants appeal only to the stocktrader type "high flyer" trader who loves the "game" and the "chance" to hit it big if Kinross stock runs to $ 100...and he/she can make a fortune trading warrants.....it may happen but....you must remember that all this from Kinross's point of view costs them nothing now in this acquisition.