RE:RE:RE:RE:RE:WarrantsNever seen it but i think i understand it. The warrants will act like restrictable cash for the institutions and pension funds. The first tranche is the bought deal shares and the pension funds get to see what Phm does with it. If they are successful and the market takes it up over $2.20 it triggers the second tranche and puts more cash on the balance sheet without coming to the market again. It will bring in new players and the street obviously loved it. It adds in a measure of safety to bring in some bigger funds.