Management and Board of Directors have a cozy, perhaps too cozy releationship. Same thing as with all junior exploration companies and the tendancy to be overly generous with granting of options/warrants on shares while not taking cash out of the company does come out of shareholders pockets by diluting ownership.

The TSE provides limited oversight only insisting that warrants issued be based on a minimum of the average of a weeks trading price (also tax considerations for those getting warrants if price set lower). I'm positive Management have been pushing for these warrants and wanted them right now rather than a week or two from now since price would have been set much higher.

While it's highly unlikely management had anything to do with share price errosion it's always distasteful to see price drop, warrants handed out and then share price recovery on favourable news. What was the incentive for Dick and Harvey to do everything they could to keep share price up when it was going to cost them dearly when warrants issued them?