Do I have to pay separately when exercising the warrant of a BW?

In principle, yes. Under the Commercial Act, a person who wishes to exercise a warrant must submit a request and pay the full issue price of the new shares, and becomes a shareholder upon payment.

However, where the issuance terms so provide, payment may be deemed made at the issue price in lieu of redemption of the bond with warrants instead of in cash (payment by substituting the bond), in which case that amount of the bond is treated as redeemed. In addition, the total issue price of the shares to be issued through the warrants attached to each bond cannot exceed the amount of that bond.