The warrants situation is interesting, as at the end of next April, the warrants expire worthless. The problem is that the exercise price is near or above $2:

(b) Warrants 

As at September, 2012, the outstanding number of warrants exercisable into one common share is as follows:  

Date of issuance Number of warrants Exercise price  Recorded fair value  Expiry date 
April 28, 2011              7,567,568                   $2.25               $ 5,136,989           April 28, 2013 
April 28, 2011                 908,108                   $1.85               $945,340                April 28, 2013 
Anybody see a chance of the share price, currently around 50 pennies, getting up to the $2 level within 5 months?