You are right seahawks only the 3,000,000 dollars of the FT units have to be spent on exploration. That is if it is filled, or more if they get an over alotment. Looks like it will cost a penny a share today to get the .40 cent warrents. If a person does the work and sells his shares at market you can get yourself an option to get double your shares at a cost of .41 to exersize the warrent for a share. Not a bad way to keep way ahead of any dilution. If you think that Noront will be worth more than .41 in less than 36 months. You should make sure you can secure the amount of units you want before you sell any shares at this price.