It is interesting to note that there has been no pressure on the warrant holders to exercise warrants. It appears that they do not want the share price suppressed by any more selling by warrant holders to exercise $5 warrants. Most of that is behind us now with much smaller numbers in the next tranches.

At any rate I expect we will learn more about this in the upcoming AGM. Speculation appears to be building for another JV. But whatever the reason it is a good sign that management is not relying on debenture holders to exercise.