narmac, ...when you think about Resverlogix is selling share purchase warrants for approx $0.40 with the "Proposed Offering Of Units" at $4.00 based on yesterday's closing share price of $3.63.

The exercise price of $2.05 or $4.60 of a share purchase warrant only comes to play should one decide to exercise it. And that will only take place primarily with the success of BOM.  And one would only exercise a warrant if it's in the money no matter what one pays for it. 

Bottom line, ... the "proposed Offering Of Units" is a good deal, base on what we know to date. :o)  

Koo