I think you're referring to the $1.54 warrants. The $1.45 warrants are part of the PP that is to be voted on Monday.
To my knowledge, the $1.54 warrants that expire OCT 2011 have no option to be called like the $0.65 warrants or the $1.45 warrants do/did. Therefore, they're not really even part of the equation. If the SP is above $1.54 before OCT 2011, the warrant holders may exercise their right to purchase those warrants and make a profit. Otherwise they'll probably just expire.
The $1.45 warrants, which have the option to be called ahead of their expiry date, are the company's incentive to drive the SP higher. However, the SP needs to avg above CAD $2 for 30 consecutive days on the TSX. Calling those warrants would flood PTQ with cash - upwards of CAD $43.5M. At $1300 gold, that's the equivalent of mining over 33K ozs of gold, which is greatly more than we've ever processed in a single quarter.
"I would rather be exposed to the inconveniences attending too much liberty than to those attending too small a degree of it." -- Thomas Jefferson
