With the expiry date of the 32m warrants a year away they probably would not get exercised anytime soon. If they know the share price could be a lot higher by then, why not wait to convert all the way up. 

Of course, if you have shorters holding them, then they could lock in the price and short the stock also as it increases. But at least we would know by short volume. 

So hopefully just the 12m warrants would slow the price increase and only that would be the over the next 3 weeks. 

The way they are advertising on BNN with LOI changed to Definitive agreement and possibly annouceing extended deals or contracts with the JV, over the next few weeks that have value tied to it, this could move the sp nicely, regardless of warrant overhang.

Come on Poet.