Personally I think this is a very good plan as RVX will raise cash through incentivizing the early exercise of warrants that would be exercised in the event of success/good news in the near term. Doing this means they will not have to issue new shares to raise capital, shares which would likely come with new warrants. In short I think this is the less dilutive choice. 

I imagine the warrants are mostly held by large investors like Eastern, NGN and CD Ventures as well as some other investors who have taken part in private placements. I don't recall any warrants attached to Bloom Burton financing that would be eligible for this program as I believe they are all publicly traded. I would guess that most of these new shares will remain with those investors as many would be part of financings in which the unit price was higher than current prices therefore this is an opportunity to "average down" on those units.

Like others have said, and I agree, the timing of this might suggest that management feels that near term news might see this stock re-rated higher. I wouldn't doubt that this may have been somehow suggested to the holders of eligible warrants. I have sometimes been critical of RVX's management of financings. I think they may be spot on with this one, I think it is a win/win for warrant holders and existing shareholders. JMO