"...are selling and taking the .05 to .10 loss to get the warrant...."
True. I didn't own any ECU, but if I did I would have looked at replacing ECU shares with the units. It seems like a good opportunity to pick up a not-too-far out of the money five-year warrant at an excellent price.
A few thousand of those warrrants would do nicely sitting around in a TFSA for a few years. Doesn't use up much contribution room, and has excellent upside potential, if the shares break out beyond the $0.95 exercise price.