3.5 million lie with Pinetree. It will be fascinating to see whether those actually get exercised.
Keep in mind that the majority of warrants expire on Monday Sept 7th (Labour Day) and Sunday Sept. 13, both non-business days. Any shares sold to exercise them would already have been sold by now, to take into account 3 business days settlement, plus another week for the paperwork to go through with the company and transfer agent.