The warrants that are the closest to expiring are priced at 25 cents and expire in May. It was both Frank's and Sasha's opinion that the share price will be high enough, Sasha mentionned 40 cents, where most will exercise their warrants. This should inject some good cash in the till but may act as a small brake on the share price above 35 cents.

Even knowing this, the news the company expects to put out should drive us to higher levels. Personally, I cannot see myself buying my warrants till the share price is minimum 35 cents as it takes about 2 weeks to get this done and without a good safety margin, it is just not worth exercising them. Just my thoughts on my personal situation, not sure how others feel.

From the companies point of view, not only does this put some more needed cash in the treasury but it eliminates the need for a PP this year where they would have to issue more warrants. So in effect, getting these warrants exercised would be a good thing for the company on many levels including the fact that our share price would be at least 50% higher than we are right now-that part is good for everyone including those without warrants!

Glorieux