I think this has been planned and orchestrated This company knew it couldn't find an underwriter even if it's very existence depended on it.
When it switched very abruptly from Cormark to Research Capital after that financing was denied it had reached the end of the road, so to speak.
I remember very specifically the company announcing they had completed a $5 million financing with RC only 13 days after saying they'd be working with Cormark "over the next few weeks" to address the AMF’s concerns about its viability as a going concern.
The company issued 9 news releases in the 6 weeks prior to the warrant repricing.
I think the intention all along has been to get the price higher and ensure a cash inflow by making the warrants so in-the-money that they would undoubtedly be exercised.
Voila $3 million.
I think this is at a very critical juncture..
The fate of these warrants may shape the whole future of the company.
The outcome if these warrants aren't exercised is likely to be bleak.
There's very much hanging in the balance.
If the stock breaks from here over the next days or weeks, I think it's going to be very very ugly.