What happens to warrant at expiration?

If investors hold warrants until expiry:

• Loss: Investors receive nothing.
• Break-even: Investors receive nothing.
• Profit: The investor:
  Receives the price difference on T+5 = (Settlement Price – Exercise Price) x (Number of CW/Conversion Ratio)
  Pays a tax = 0.1% x Settlement Price x (Number of CW/Conversion Ratio)