Although there is quite a high number of outstanding Warrants (31M) compared to the Issued number of just under 50M shares, one has to note that nearly all Warrants are issued at (much) higher prices:

Exercise Price($) Expiry Date

500,000 0.16 March 12, 2012
1,999,999 0.30 April 30, 2012
199,999 0.175 April 30, 2012
1,500,000 0.30 April 30, 2012
877,000 0.30 May 26, 2012
1,300,000 0.30 May 26, 2012
2,702,702 0.40 July 12,2012
270,270 0.185 July 12, 2012
2,670,000 0.30 November 26, 2012
2,630,000 0.25/0.30 Dec. 17-31, 2012
5,780,000 0.15/0.20 August 12, 2013
7,180,000 0.15/0.20 September 22, 2013

So, some expire shortly (March 12) @ 0.16, a big chunk in April (3.5M @ 0.30! and 200k @ 0.175), and another big chunk in May (2.2M @ 0.30) and in July (2.7M @ 0.40 and 270k @ 0.185).

We have to see quite a substantial price increase for those short-term Warrants to get into the money.

FANTOMAS