If the exercise is at $5.00 Canadian, it's not nearly as big an ask by the company.

Not in agreement with your points, MMud. If the vast majority of those warrants were already exercised, then there probably wouldn't be enough left to raise much money, so I doubt it. Additionally, exercising warrants early is almost never a smart play  

Further, if the exercise price is $5 Canadian, those warrants are certainly not worthless.