In order to obtain a tangible "valuation" of NOT's warrant requires Noront to do two things that it has obviously resisted and a third it may have thought of:

!) It needs to be listed on an an exchange with a tight governance regime regarding dilution. That is not the TSX.V :

2) It needs to not have an even-handed approach to shareholder groups and the corresponding degree of transparency;

Without these, there is no limit to the degree of dilution that may be propagated underneath the Warrant strike, say at $4.

3) The strike price could be lowered, to say $ 3 , so the dilution in favor of the institutions would be seriously limited.

Noront really needs to decide whether it is prepared to walk the talk when it comes to dilution. Reducing the strike significantly costs absolutely nothing but is is the only meaningful route in the context of this offer. You are not dealing with dummies.