RE:thoughts? 1. People don't exercise unless the warrants are " in the money" otherwise it's cheaper to just buy the shares on the open market. Prior to expiry the warrants were out of the money. It's only recently that the SP has improved. Having said that, some insiders exercised at lower prices or near or below SP, despite the exercise price being higher. ( sometimes done so as not to chase the SP higher)
2. Some insiders would rather hold onto their cash than part with it... perhaps knowing that more goodies will be granted in the future. It's totally risk free and a good gig if you can get it. Risk free in the sense that you only pit your capital at risk when you know that you have a guaranteed positive return. Some may not have access to capital and a bank won't finance an out of the money, or at par purchase - especially for sub $1 equities
3. My understanding is that blackout periods don't typically apply to warrants that may be expiring. Even if they did, the holders could easily plan around it.
4. Others may not want to trigger taxable transactions, while others might given recent capital gains tax rule changes in Canada.
AP can correct where I might have gone wrong.
MM