AP Strat

AP Strat: XR of 5 rights shares for every 1 AP Strat, issue price at $0.02 and 1 warrant for every 1 rights share subscribed, exercise price at $0.02. Theoretical pricing of AP Strat on XR: Assuming only the rights shares are subscribed : [(0.455 * 1) + (0.02 * 5)] / 6 = $0.0925 Assuming all warrants are exercised (since they are in-the-money): [(0.455 * 1) + (0.02 * 5) + (0.02 * 5) ] / 11 = $0.0595 Hence, you can expect a theoretical ex-price of AP Strat of between $0.0595-$0.0925 on XR. Do note that warrants do not have an immediate dilutive impact on share price. However, as the warrants are deep in the money, the mother share can be expected to eventually trade towards the lower band of the price range.