I'm reading this as good news. According to the warrant documents as well as exercising the warrant Crede also had the right to force Unilife to 'buy' the warrants off them for cash - at a much inflated value. I was concerned that UNS were getting ripped off because of this clause.
The fact that they've forked out $4m at $1 more than the trading price instead of selling the warrants for ~$3m cash is a very bullish sign IMO.
Interesting to see why they've exercised them now, rather than just sitting on them. No way you'd exercise at $3 to sell into the market at $2.
UNS Price at posting:
33.0¢ Sentiment: LT Buy Disclosure: Held
