The warrants right now, the last trade was at 99 cent, so let's call it a buck to keep the math simple.

The exercise price is $2.05....so to turn those warrants into shares, you'd be spending a total of $3.05 and the PPS is only $2.40 right now, so the shares converted from warrants would be under water by .65 cents.

It might seem that shares would be a better bet right now.....but not necessarily.

If the PPS goes to $4, not even half of Beacon's 12 month target, then warrants purchased at $1 would be trading for at least $1.95 ($1.95 + $2.05 = $4).  

From $2.40 to $4 is an increase of $1.60 or a 67% return.  But warrants going from $1 to $1.95 is a 95% return.  And the higher the PPS goes the bigger the discreptency is.

So it still looks like warrants represent the best risk/reward.