Perhaps I misread this bit - I took it to mean that the lock-in period would apply to warrants AFTER exercise, but probably not:
"Caledon has subscribed to 23,852,117 units of Afcan representing 19% of the
issued and outstanding shares of the company post-closing on an undiluted basis
and 26% on a partially diluted basis assuming exercise of its warrants. Each
unit is priced at $Cdn 0.25 and consists of one common share and one half
warrant. Each two half warrants entitle Caledon to purchase one common share at
a price of $Cdn 0.375 per share on or prior to 19 November 2006, or such other
later date following receipt by Afcan of the approval of the TSX to the issuance
of the units. The shares and the warrants to be issued as part of the units will
be subject to a 4 month hold period from the closing date."
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