Unfortunately if you want to "load up" on warrants, you'll probably need to meet the ask at $4. Can only see "best" on the quote since it's OTC, but it looks like 10k warrants at $4 and 50k at $5 on the ask, pretty consistently. Bid has moved up and down much more.
My partial fill was 1.02 on a 1.05 bid and only 64 warrants - obviously a 2000 old / 100 new share holder. The big boys stepped in front of me immediately with a 1.10 bid on 50k. I expect that's how the fills will go on a GTC limit at such a low price.
I've never even done standard options, much less warrants. ~$8 premium to exercise (strike + warrant - current share price) "seems" high but four years is a long time. The flexibility the warrants offer is certainly appealing.