Some of you seem to assume that Baosteel wants to aquite more of Noront's shares.
I am not convinced of that idea.

I think Baosteel is mainly interested in securing a source of metal. To that end the warrants, and any other forms of such, are there merely to serve as an impediment should another party want to buy Noront.

Consider as an example that Xstrata makes an offer for Noront with not enough time going by for others to react, what would be Noront's sp then? I say immediately at least double of present and perhaps tripple.
Within a short time Baosteel or other interested parties would have to respond.

In such a case those $1.16 warrants of Baosteel are likely to be worthy of excercizing and even if the sp was not quite up to $1,16 they would be excercized to lock up shares and provide a tougher egg to crack for Xstrata.

I also suppose that Baosteel did not think of the possibility that things would be so delayed that the necessary announcements would not arrive before the warrant expiry date.
Are they likely to ask for an extension, you betcha.

Just sowing some seeds for other points of view. Kick over the bushel of apples and run Ed. (talking to myself) Cheers.