Bear,,,,,,the $15 is hypothetical of course,,and it is just my opinion if one is bullish on RVX longer term than say a few months here,,if we ever get to higher single digits by year end it is very possible to get to the twin digits within the following 3 years. The warrants came out in July of 2017 and were leaped out for 4 years,,so we are now trading forward from here on the remaining 3 years as the expiry will be in July of 2021. I think these warrants are a very nice way to play RVX, especially when we are coming into a time period where good news could get RVX to a multi year high!,,,again,,,speculation carries risk but based on this instrument the leverage is wonderful and an alternative to owning the common shares which most traders play. I will only execise these warrants if the spread is not close enuff to the existing trading price at the time coupled with the cost of the transaction. I also agree with fouremms' break down of these warrants..............jmo