Breeze,

Its also very possible the warrant holders do not currently hold any common shares at all.  One scenario is that common shares obtained in the original financing (I think @ $0.36??) would have long being sold off by now, leaving those "investors" with free warrants to be excercised at any time before expiry date.  Therefore, they are more likely to sell shares at some point after excercise of warrants meaning little selling pressure leading up to expiry.  As you point out, they would still need to sell roughly half of their excercised warrants to cover the costs, however, maybe not until later in Nov or Dec, by which time the company could be on such a roll that it won't matter anymore :)   glass half full!