RE: Warrants The dilutive value of the outstanding warrants and options are already factored into the value of the company and reflected in the share price; but on a positive note, exercising same does result in a certain degree of liquidity that never hurts, kind of like a bought deal financing. IMHO BNK is due for a rightsizing of its sp, when the current playing is done and majors positions are filled, the market makers will allow it to rise, I'm guessing to the $7.50 level, then gradual growth as reserves and revenue streams climb, the unknown factor being the success, or lack thereof, of the SAGD. Since SAGD is not the rocket science it was 10-15 years ago, I'm betting the results will be positive enough to pop the price even more once news is released.