Thanks TDL. I was wondering about the cross-over point but was too lazy to do the numbers.

The benefit of warrants is truly significant if the share price rises to something like $5.00.

Then, for example, 50,000 warrants would have cost (e.g. at $0.15 per warrant) $7,500 plus the purchase price of the shares of $50,000 = $57,500 and the shares would be worth $250,000 for a profit of $192,500.

Buying $7,500 worth of shares at $0.35 would have provided about 21,500 shares. At $5.00 each they would be worth $107,000 for a profit of $100,000. That's $92,500 less than the warrants would generate.