As I ununderstand it Warrants are like options - they are the right to buy shares during a certain period of time at a fixed price. From what I can recall there are several series of KWG warrants with exercise prices of between 10 cents and 12 cents a share with expiries between May of this year and 2017. Frank bought a lot of warrants for .005 cents per share from someone who did not believe KWG would exceed 10 or 12 cents per share before the expiry. Frank is obviously betting big that they will. If they don't exceed 10 or 12 cents per share before expiry his half million is gone. If they hit 20 cents by expiry he has scored big and of course if they hit a dollar as some speculate, he picks up roughly $9,000,000 for his investment. Would be very interested to know which warrant series he bought.