RE:RE:RE:RE:At 38.5¢...Seven: Your number does not match to what management says in the MD&A posted on SEDAR on Apr 7 2014 for the year ended Dec 31, 2014.
According to this document (from our friend SEDAR) there were 18,629,437 warrants outstanding on Dec 31, 2014 at a weighthed average price of .35c (meaning that many of them had a price bellow .35). Subsequent to Dec 31 2.4million of those warrants were exercised. This will leave another 16+ million warrants. This does not account for any warrants issued after that and most importantly does not account for all those shares issued in the 20 cents range that can easily be sold for a nice profit.