narmac - Extending the warrants won't get them exercised. What gets them exercised is a combination of being in the money and the threat of expiry. Most of the warrants are held by those not interested in selling before a lot better share price unless they are forced by expiry so they don't lose them worthlessly. Even out of the money warrants are worth a lot to them if they believe in a high price down the road. They can exercise them out of the money even if they can get a better price in the open market as they can't get that price for the numbers they want on the open market. They can hold for a $20 or $40 price if they believe in that and never exercise if they won't expire on them. That is why extending the expiry brings the company nothing. Ken Dart exercised some a while back. He had got them at a very cheap exercise price so was well in the money and he still waited until almost the last minute before expiry to exercise. 

RVX offered a deal to try to shake some loose and got very limited response. They got the response they did because of a large reduction in the exercise price and it was still a small response. Most still held for the big deal. It also was for only a short time and any that didn't exercise within that time had the terms revert back to the original terms. If expiry doesn't force them, they will wait for the big deal.

If a big upfront payment partnership deal improves the share price to a decent level, we won't need the exercise as badly but they might not exercise them anyway if they believe there is a bigger payday before expiry. The only ones that would exercise are the ones that would dump a bunch into the market for profit which would be a drag on the price again. The ones that planned on holding the shares received from exercise would still hold them until closer to expiry. If it was a buy out that improved the share price, RVX wouldn't need the cash that much anyway unless it was to clean up a few debts before the deal went through.

I hope this answers your query on the warrant proceeds. They are no proceeds for the warrants until they are exercised. The WT.A warrants were confirmed issued by a NR stating closure on June 7th/19. The warrants were packaged into units of common shares and warrants. The proceeds of these unit sales went directly into RVX's coffers. The warrants were then listed but already owned by the unit purchasers so no more money exchanging except the trades on the market which is just between two parties other than RVX. If at some time, the warrants are exercised, that money will go to RVX coffers or if they expire nothing.

The key point though is that just an extension will not get these warrants exercised. Without something driving the share price up they will not get exercised unless pushed by threat of expiry. Share price, in or out of money and perceived value down the road will affect whether they exercise or let them expire when expiry nears but expiry will be what forces their decision.