But don't forget that your payying your income taxes in 2016

which means (rounded numbers):

I have a 0,10$ warrant and the market price is 0,20$

I exerciced my warrant, therefore I trigger a capital gain of 0,10$ which is taxable at 50% where I come from.

If my yearly income is quite high (and for the benefit of this example let's say my taxable rate if 50%), than I'll owe the Taxman 0,025$ for every warrant exercised.

Which means that I would need to sale a quarter of my exercised warrants and new shares received and keep the money aside to pay the Taxman later in 2016.

Off course, this is assuming that I've no capital loss to off-set my capital gains and etciterus paribus

Regards,