For what it's worth, here is my assessment of the news sequence:

1. Week of May 25th - Q1 financials and M.D.&A.;
2. Week of June 1st - Receipt of Tranche 4, final instalment;
3. Week of June 8th thru June 19th - SV receives new options to replace expired options at the market price when granted;
4. Week of July 6th thru July 17th - Tier 1 news (won't speculate on content).

Presumably, the warrants will get exercised based on #4 above which is based entirely upon the comments from TM. Until then, and knowing or atleast believing that significant news is imminent, the wait is excruiating.