The Exercise of Warrants Creates New Shares Which

The exercise of warrants creates new shares which:

A) increases the total number of shares but does not affect share value.
B) increases the total number of shares which can reduce an individual's share value.
C) does not change the number of shares outstanding similar to options.
D) increases share value because cash is paid into the firm at the time of warrant exercise.
E) None of the above.