Your comments regarding the Warrants "overhang" do not make sense.
Warrants are essentially a risk free betting slip. Warrant holders choose when to exercise them.
The fact that a significant proportion of the $0.35c warrants remain not exercised, when they could be for a very attractive profit of 74.2%, tells the market that the holders are holding onto those Warrants for a bigger profit.
If that is not a bullish sign, nothing is.
Now read the PP completion NR.