hummmmm,,,not sure that the math works well for warrant holders hedging by shorting the stock. That $2.05 makes for a big spread!,,the only time these warrants will be exercised is if the bid ask spread is so far apart on the TSX that it outweighs the cost to actually exercise or they mature in ones account....there is an extra cost to exercising but knowing the TSX the spread will make exercising look like the best way to go,,that is if our share price actual gets to where we thinks its going (up)!,,jmo