So something is taking longer than expected, once again

Yes! To me it's clear that when they said, they believed the warrnats would be exercised.  They had significant news to achieve this and the delay of the DL sales is the reason it hasn't materialised.  If not, then that news would have surely been forthcoming already??. 

So why would the DL sales be holding up further news? Could be many reasons.  The fact the TSX has granetd another extension, suggests they are well aware of what's going on.  Perhaps they've even allowed them to withold information until it's done.  

I think it's entirely plausible that if management forsee this concluding in the next few weeks.  Then it makes sense that time is of the essence and it's highly likely that a potential deluge of warrant holders converting would cause an issue.  There are millions of them out there afterall.

Also, their confidence that they will be converted, suggests there might be an agreement in place with some institutional investors to convert.  Is that something that has precedent?   Perhaps warrant holders on this board could confirm if they have had communication from the company?