I don't know about the warrant holders being in a good position at this time for two reasons; First, the warrants will expire so they must decide before that time whether to excercise them or not and plus they must pay a premium over today price. Second, and related to the first, when and what will EVG announce as results from their first holes? You can bet the warrant holders would love to see good news and fast sending the pps above .65 so their options don't involve so much guessing and risk or even if bad results they'd like to know that, too. For the longs the die is cast one way or the other and they don't have the time pressure of laying out more money or not.

Now more directly to what you pose that the warrrant holders can purchase at the lower price now. That is true, but it is not dilutional like the excercise of the warrants. Good or great results pose an interesting question for them, but moot if past the excercise date. They must decide at this time a 21 percent question (as of today's price).

If I were one of those warrant holders I'd buy now and let the warrants expire. I wouldn't be diluting my own position and as long as I playing for the big pot might as well get to play to improve my hand at a lower cost. Of course, the company might not agree as they get no cash. But, their hand is dealt and raising money later at a possible higher pps just may not be that hard and less dilutional.