The transaction described is a combination of a debt instrument (10% Debentures) and an equity instrument (Share Warrants). The debentures represent a financial liability and the share warrants represent equity.

The share warrants give the holder the option to purchase shares at a predetermined price. This option has a fair value that can be measured, so the share warrants themselves can be considered a financial instrument under IAS 32 and IFRS 9.

However, the overall transaction cannot be considered a single financial instrument, as it includes both a financial liability (the debentures) and an equity instrument (the share warrants

Share warrants give the holder the right, but not the obligation, to buy the underlying shares at a certain price and within a certain time period. As such, they have some characteristics of derivative instruments. However, it ultimately depends on the specific terms and conditions of the share warrants and how they are accounted for in the financial statements.