Ron, I'm not clear on what you're getting at, so I'm not sure how to answer your question.

First of all, I haven't heard anything about the company issuing new warrants, but I suppose they might attach some to shares from the shelf registration.

Suppose they sold "units" consisting of 1 share of stock and a warrant to purchase 1/2 share of stock - that could happen. If the units sold for, say, $2.35, I could imagine the warrant attached might be exercisable for four years or so at a price of maybe $3.00 per share. So if you bought 10,000 units, you'd pay $23,500, get 10,000 shares and 10,000 warrants that would be good to purchase 5,000 more shares anytime prior to expiry of the warrants, at a price of $3.00 per share. I could see that happening.

I doubt they would just sell a warrant all by itself, but they might (I just haven't seen that done by anyone in years). The strike price would be above the price of the stock on the day of the offering, but by how much would depend on the price of the warrant and the duration of the warrant.

Again, I'm not anticipating any warrants being offered, and I hope they are not, as they always are a sweetener for a new offering, and I hope we don't need to sweeten things!

I guess many here are awaiting the offering of the Jan 2015 options - was it the consensus that would be coming later this month? It will be interesting to see the price those will command!