"...It is more dilution..."

Yes and no. Yes, there are more outstanding shares. But the NAV of each share increases due to the reduction in debt.

The extra warrants don't really represent dilution. Not at this time, anyway. In the future, if the warrants get exercised at $0.95, while the share price is significantly higher, then, yes, there is a dilution effect at that time. But I suspect not many folks would be complaining about dilution if the share price is indeed significantly higher than $0.95.

For those interested in the terms of the convertible debentures, here is a portion of the terms the last quarterly report:

"The Debentures are convertible into common shares of the Company ("Common Shares") at the holder's option at any time prior to maturity at a conversion price of $1.75 per common share. The Debentures are convertible into Common Shares at the Company's option at any time prior to maturity, provided that the volume weighted average trading price of the Common Shares during the 20 consecutive trading days ending on the fifth trading day preceding the date on which notice of conversion is given is not less than $2.85."

So the debentures could also have had a dilution effect if the share exceeded $1.75, and the holder asked for conversion.