RE:RE:WarrantsOn a fully diluted basis you always look at the number of issued shares, warrants and options that are currently outstanding. On a non diluted basis yes they do increase the number of outstanding shares. If however you did a placement it would increase the number of shares outstanding and would probably have additional warrants as well. So in the end on a diluted basis you would still have the former warrants outstanding as well as new shares and new warrants. With the exercise of the warrants only( ie no new placement and new warrants) the fully diluted number does not change. If you are looking at stocks that is a far more meaningful number! Warrants tend to be exercised when they are in the money which these are and would be very unlikely to expire if they are in the money!