RE:Warrants or shares?Owning a warrant entitles you to buy a share for the price stated on the warrants. The company is the one who issues the share and the company is the one who receives the money. If you owned 10,000 warrants, you would pay the company $3,750, they would give you 10,000 shares and you could sell them at any time you like.
There's also cashless exercise done through your broker and a margin account. He does it for you and no cash is exchanged. You end up with the net of the sale price, less exercise price, less fees from the broker.