What I was curious about was the strike price of the warrants. If the warrants are trading at 56 cents and have a strike price of 90 cents, than the ecu share price would need to be above $1.46 fo most holders to trade the warrants for shares. My guess is that the 900,000 increase in shares was from warrents that were about to expire or options to an insider that took advantage of the high ECU share price in Q4, 2010.

Reguardless, this is money that was added to the ECU treasury. These flows could become substantial if our share price continues to rise or as the warrents become close to experation.