Le Penseur, I don't think that anyone would sell because of a lack of funds to exercise, as long as the stock is not a thinly traded one. Any brokerage would be willing to assist in a situation like that as long as the warrants were in the money, and the brokerage got a cut.

For instance, if the warrants had the exercise price at 10 cents and the stock was trading reasonable volumes and was hovering around 13 cents, there would be the certainty that the warrants could be exercised and then the stock could almost immediately be dumped into the open market for a gain of around $300k. Lots of brokerages would look at that and say that they'd finance the transaction for a cut of the profits. The cut that they'd expect would be based partly on the average volumes for the stock, the expected returns if sold in the open market, and the profile of the investor holding the warrants.