OK, let me explain:

Let us say, PNP has 200K CAD cash and 2M warrants.

So they can exercise 200K warrants the first day, then they have to sell these shares giving them 220 k CAD.

So then they can exercise 220 k warrants... It would take them 8 days to exercise all 2 M warrants assuming that one round would take one day...

And finally: PNP would earn another 200 k CAD.

So I can see that PNP will not be a significant shareholder after that, and these additional 200k CAD will not save them. So in my eyes PNP is a no event!