RE:warrants and options The vast majority of that number relates to the share placement over the summer to fund the drilling programme. The shares had warrants attached at an exercise price of 30 cents. Warrants are in the money but they don't expire until next summer.
The placement was done at market and the warrants priced at a huge premium to market. Transaction seemed fair to me and got the company funding to do the required drilling work. When you do valuation for this company assume everything will convert so calculate on a fully diluted basis.