Holders of record as of 8Apr get 1 "right" for every 3 shares owned.
One right gives you the ability to buy 1 share of SSN @ 2.5 cents Aussie$
For every 3 ADS, you'd get 20 rights, which gives you the right to buy 1 ADS.
As of now, the U.S. price you'd pay is close to 52 cents/ADS.
The rights expire as of Ap30 (unless extended). You use it or lose it.
For every share you buy with a right, you also get .4 warrants.
For every ADS you buy with rights, you get 8 warrants. You'd need 20 warrants to buy 1 ADS.
Say I've got 12,000 ADS. I will get rights to buy 4,000 @ about 52c (depends on exchange rate). Along with those 4,000 ADS, I'll get 32,000 warrants with I could use to buy 1,600 ADS @ about 79c.
The warrants are like options. With a warrant, you have the option to buy 1 share of SSN at 3.8 cents Au$.
For 20 warrants, you have the option to buy an ADS for about 79 cents U.S.
The warrants don't expire until March 31, 2017, which as a previous poster noted, makes them like a "LEAP" option. If at some point before that date, SSN is trading above 3.8c AU, or 79c US for the ADS, you could exercise your warrant by paying 3.8c for the Aussie shares or 79c for the U.S. ADS. If SSN ADS were to trade for say $2 at some point in the next 4 years, it would be worth it to exercise your warrant, paying 79c for a $2 stock. If SSN ADS never trade above 79c, it wouldn't make sense to exercise your warrant, since you could buy SSN cheaper on the open market.
In the presentation, TB referred to the warrants as options, and if you remember last year's exercise of a couple of hundred million options @1.9c AU$ when the stock was trading well above that on the ASX, you can see the value of the warrants.
The above all imho. I've seen some pretty wild comments by posters on this offering, and wanted to try to set the record straight. Hopefully I didn't get anything wrong, but be sure to do your own dd.