Valuing warrants

[stevepa]

For fun I was reading through IPO's and came across the following:

Company is selling units for $12. One unit consists of a common share + a warrant allowing you to purchase one common share for $13.50 for a period of 3 years. First, knowing nothing else, is it possible to place an approximate value on the warrant?

What if the company is a close ended fund that has fees which seem far too high (2% + incentive payments if they increase the Net Asset Value of the company by >8%). Can we then put some value on the warrant?

Steve

P.S. I don't plan on investing in this company, just curious about the warrants.