RE:No warrants issued on PPMy understanding is that if a warrant is exercised it becomes a common share, thus diluting the existing shareholders further.
Were the stockprice to rise beyond the value of the hypothetical warrants the holders would potentially exercise them to cash in, increasing supply, and retarding the rise of the stock price.
Thus by never issuing warrants, there is not a large unseen float of shares out there that could impede upward momentum.