>Would the warrants decrease in numbers as would the issued stock would?

Absolutely.

“Each Unit will consist of one common share in the capital of Falcon (each a "Common Share") and three quarters (3/4) of one common share purchase warrant (a "Warrant").”

So, presently there are 420 million new shares with 3/4 common share purchase warrant attached.

420,000,000 x .75 = 315 million.

Let’s assume a 2 for 1 consolidation, and then 420 million would become 210 million shares with 3/4 common share purchase warrant attached.

210,000,000 x .75 = 157.5 million

However, there is no compelling reason for this consolidation.