No matter how many warrants they get exercised by the time they expire...  because of the shape of the deposit the drilling costs are up there to get 43-101 compliant Measured and Indicated to do at  least a PEA.  


That is more money than all the exercisable warrants.  A project like Quatre Milles they are drilling 50 meter to 100 meter holes while at Zen some of the longer holes needed will be close to 500 to 600 meters.   You can get away with drilling out Quatre Milles and putting a resource and PEAfor it under $5M. 


You would think if the statements about ZEN being made true this company would have closed $20M by now at $1.50.