I will go out on a limb an sugest that the majority of warrants (if not all) will be exercised regardless of the prevailing share price. Here's why I think so:

1) Me, as a retail investor has had access to enough information to believe that the ROF area will be the next major mining camp in Canada. From my perspective, all signs are pointing to this. If we as retail investors believe this story, there is a very good likelihood that the warrant holders believe the story more so than ourselves as they will have had access to more information that us retail smucks.

2) There is also the distinct possibility that the warrant holders recognize that this in all likelihood may be their last opportunity to acquire shares via a private placement.  (not to mention it will certainly be their last opportunity at these prices) I personally feel that the next monies raised by Mr. Nemis et al will be via a Major Buy-in. This would be consistent with what Richard conveyed to d12 about eventually having 80% control of the ROF and also the soon to be $10.00 - $12.00 share price as conveyed by a couple of different sources on this forum.

I guess the other truth machine, "time" will tell what transpires.

On a final note, we all know that we have three drills turning at present (with more to come) and news will start flowing with regularity in the near future. Stay the course gang!

Cheers,

Milsy1

Note: Again, most of your know my batting averge with respect to predictions, so you might want a pinch hitter to step up to the plate.