Not quite, because if ratio is 4 to 1 you have to have 4 warrants so cost is premium x 4.
Isn't this what happens ... you buy 4 warrants for $0.80 (.20 each). Then, if you exercise you hand over 4 warrants, pay $12.50 and get one share. Total cost is $13.30 for the share = strike plus 4 x premium. Isn't that what happens?
