Sounds like a call option to me. The company is trying to raise money by selling these Special Warrants (never heard that term before), but it's basically giving you the opportunity to buy at $.65/share anytime in the next 2 years. They raise money from you by selling you the option (warrant), and you have an option to buy their shares. If the price ever rises above $.65/share, you can exercise the option to buy the shares from the company at $.65/share, then sell them in the open market for the going rate. However, it looks like the price of the warrant (option) is $.55 for 1 share. Most options are sold allowing the option holder to buy in lots of 100 shares, so essentially this is a very expensive option. The share price would have to rise to $1.21/share in order for you to exercise the option and come out ahead by $.01/share.
Now, you could always buy the warrant for the purposes of selling it later, the idea there being that if you don't think the underlying stock price will actually hit $1.21/share and instead come closer to $.90/share, you can sell the warrant for more than you bought it for when the stock is at $.90 because it will be worth more than you paid for it ($.90 - $.55 = $.35, the new additional value of the warrant). The important thing to note about options/warrants is that they're depreciating assets. The longer you hold them, the less they're worth because there's less time for the underlying stock to rise to profitable levels, so options can be very risky investments if you don't know what you're doing with them.
Edit* typo