Hard to imagine exercising warrants at $3.91 when you can get the stock in the public or through PP at $.57 U.S. Or, you hold enough leverage to work out another deal of some kind. Also, imagine the impact on the RVX pps if they did exercise at that price level haha ... that would be a STATEMENT

Interesting point about the looming debenture though ... how interesting would it be if Hepa took the $6m in the form of stock (or equivalents) at today's valuation rather than the cold hard cash? That would be smooth, and also a statement. Of course, hoping that Covid trial results make $.57 or even $3.91 look like a bargain at the time, relative to future valuation!

$6m @ $.57 (U.S. today ish) would be roughly 10,550,000 shares at today's current pricing. If Hepa (with their inside view from the board room) didn't want the shares at this valuation, well then ... um

Of course they could always take the position that that really want the IP, and de facto control/ownership over RVX and its key assets. So, come up with the dough, or we are foreclosing and throwing the widow and her babies out into the snow?!

But, if Covid shows any signs of promise, the shares would be awesome in lieu of cash ... and if push came to shove, Don can probably find "another" $6m laying around out there somewhere for a deal with either Eastern, Morocco, a mysterious Sheikh somewhere, or out of his own private holdings in return for more low valued stock or interest for a period.

Go Covid and RVX ... good Covid results will make a lot of people happy and sleep better, unless they are partying too much over the results and with the windfall. 

Just rambling ... peace out