Great Gulf has warrants to buy another 500k shares at C$8.50 expiring in August. I think they will bid $8.50 for the company by expiry if the stock isn't already above that price by then.
Management will do whatever it can to get the stock above that price by then as that capital will come in handy even though it will be dilutive to book value per share. In fact, the dividend, share consolidation and NCIB are all designed to get the stock price up above that warrant exercise price.