The rules of the Vancouver exchange for Tier II companies do not allow them to extend warrants issued for a 2 year period. 1 year warrants can be extended up to 2 years total. Tier I TSX.V companies can issue or extend warrants up to 5 years total. Also $.05 warrants can not be issued. Have to be minimum $0.10 on TSX.V. When Cougar moves to TSX.V their $.05 warrants become $0.10 immediately.