Yesterday's Message to Shareholders said:

"...we issued a $0.70 unit which consisted of common share plus a warrant. The warrant had an intrinsic value of approximately $0.20 using the Black-Scholes valuation methodology."

It should have said time value, instead of intrinsic value. The intrinsic value indicates by how much a warrant or option is in-the-money. Right now the intrinsic value is zero, and the time value about $0.20. The intrinsic value will be $0.20 when the share hits $1.15.