Just a reminder.  Though its possible warrants from the disastrous financing are connected to the recent increase in share count, it also could be attributed to debenture holders converting to shares.  Upon conversion, holders receive common shares and an equal number of common share purchase warrants.  The common shares cost the debenture holder $0.40, so could be sold immediately at a respectable ~35% ROI.  The holder will still have the all of their share purchase warrants @ $0.50 (also in the money) and good for 4 years.  In this scenario, there is no immediate cash injection for the company, and is now a zero risk investment for the holder.  Of course, if things take off, they will have sold their "risk" portion too soon!