"So I certainly can see warrants at the 1.2p level probably exercised around 1p."14 Oct 2021 11:50
I think it is more likely that the warrant holders would be tempted to buy a significant quantity of shares at a deeply discounted price [say 0.5p] with warrants attached at a premium [say 0.7p]. The millions raised [say £3m] would be then used to pay off the CLN and for working capital.
And, hey presto, existing private investors are massively diluted just before the bumper pay day arrives. It may seem a cynical view but experience with some companies listed in the UK breeds cynicism... and many acknowledge concern that cash for general day to day spending [like directors pay and the tea and biscuits] might now be stretched.