There will be new shares, yeah, and it is possible that a number of people acquired or held rights and exercised because they believed the warrant was being priced too cheaply. Those people could be looking to sell shares to recover their principle, retaining the warrants as a bet.
It also depends on the timing of management's outlook, which surely they have already drafted and are just waiting to issue when the lawyers give them the high sign. A discussion regarding distributions will have a profound effect on the market, of course. I'm looking for 15 cents a quarter for the rest of 2010 and a projection of 20 cents or more sometime in 2011.