Warrant-overhang calculator

Enter the underlying shares issuable, adjusted for the warrant’s share ratio, with the exercise price per underlying share. Include only tranches relevant to your scenario. Expiry, cashless exercise, changing terms and actual exercise eligibility are not determined here.

Scenario: all entered warrant shares issued for cash, before fees
Measure	Calculated value
Existing shares	100,000,000
Shares issuable from entered warrants	15,000,000
Warrant overhang relative to existing shares	15%
Shares after warrant exercise	115,000,000
New shares as a percentage of enlarged share count	13.0435%
Existing share block as a percentage of enlarged count	86.9565%
Gross cash proceeds if all entered shares are issued	CAD 10,000,000
Weighted average exercise price per share	CAD 0.6667

Overhang and ownership dilution use different denominators

Let S be existing shares, W the sum of shares issuable across the entered warrants, and P each tranche’s exercise price per share. This calculator defines warrant overhang as W ÷ S × 100. The new shares represent W ÷ (S + W) × 100 of the enlarged share count.

Gross exercise proceeds are the sum of each tranche’s shares issuable multiplied by its exercise price. The weighted average exercise price is total proceeds divided by W. No currency conversion takes place.

Worked example

With 100 million existing shares, 10 million warrant shares at CAD 0.50 and 5 million at CAD 1.00, W is 15 million. Overhang is 15%, shares after exercise are 115 million, and gross proceeds would be CAD 10 million. The new share block is about 13.0435% of the enlarged count; the original shares are about 86.9565%.

The original share block is not necessarily the same group of people after exercise. An existing holder who exercises warrants also receives new shares, so their personal ownership change requires their own holdings and participation.

Read the actual warrant terms

Warrants can give a right to acquire shares at a specified price within a defined period. The issuer FAQ filed on SEC EDGAR illustrates cash exercise and conditional proceeds. A separate issuer cashless-exercise disclosure illustrates why terms can change both cash received and shares issued. These are examples of contract mechanics, not inputs for the illustrative calculation above.

This scenario assumes all entered underlying shares are newly issued for cash at unchanged exercise prices. It excludes fees, cashless settlement, expiry, restrictions, anti-dilution adjustments, options, convertibles and other share changes. It is not the company’s fully diluted share count, a forecast of cash receipts, a warrant valuation or a share-price prediction.

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Method reviewed Sep 5, 2026. Inputs stay in this page and are not submitted or saved by this calculator. Examples are illustrative, not company data.