RE: Petrobank arranges $250-million (U.S.) debt"Petrobank Energy & Resources Ltd. intends to make an offering of up to $250-million (U.S.) in principal amount of convertible notes due 2012. The amount of the offering includes an option in respect of up to $50-million (U.S.) in principal amount of notes that Petrobank has granted to.."
When I read the words "up to $250m US" and the offering "includes an option" and doesn't use the the words "includes an option 'for an additional' $50 million..." I concluded that the max amount of the offering was US$250m.
Definitely this stock is being driven down today and I find it disturbing that the conversiion factor is not based on the wtd avg price of shares traded for the preceeding 30 days. That is a garbage term and rather surprising given the professional and fair way that this company operates!!!