warrants, page-3

g'day gself,

heres all the info on the warrants;
http://www.apexminerals.com.au/reports/ASXAnnouncementFinal29September.pdf

i think what people where thinking of was the condition of bullet point 2.

"The Warrants entitle the holders to subscribe for a total of 43.5 million ordinary shares. The exercise
price is calculated according to a specified formula based on the time of exercise, an initial exercise
price of $0.335 and the price of Apex shares at 180 and 270 days after the date of issue of the
Warrant. The exercise price may not in any circumstance be less than 70% ($0.2345) nor more than
100% of the initial exercise price of $0.335. The initial exercise price of $0.335 represents a 15%
premium to the 5 day VWAP of the Company’s shares as at 24 September 2008."


it actually has nothing to do with the 29th of march as i read it, (you pointed out the relevance of that date in your post).

its a complicated calculation but they give examples on the final two pages of the document.


cheers
Davo