Yes, I think SAND warrants are just for trading if you live in USA. I used to hold pretty big position in SNXXF. Actually, I even bought some on Canadian exchange through ETrade Global trading account. ETrade representative claimed that there would be no problem to exercise those Canada-bought warrants. Still... he sounded not very confident :), so I sold them and switched to the stock. I think for Canadian residents it will be profitable arbitrage play closer to the expiration date: sell TSX warrants and buy US version much cheaper.
BTW, you can check how it works for you by trying to exercise some warrants right now, when you still have enough time.
IMO.
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