Petrobank investors opt to convert all convertibles due July 10, 2015

By Devika Patel

Knoxville, Tenn., April 23 - Petrobank Energy and Resources Ltd. said that all holders of its convertible notes due July 10, 2015 have converted their securities to common shares as part of the company's previously announced early conversion period.

The investors paid $27.4 million to convert the notes and received 3.9 million common shares.

The notes were issued on July 10, 2009.

The conversion price was $38.08. The company said it would issue up to 10,503,567 common shares plus an additional common share consideration, which was to be about 350 shares for each $100,000 principal amount of notes.

Previously, holders had a one-time right on July 10, 2012 to convert their notes at an early conversion price based on the volume-weighted average share price of the stock for 20 consecutive trading days ending five trading days prior to July 10, 2012.

The early conversion period process was managed by ABG Sundal Collier Norge ASA.

Calgary, Alta.-based Petrobank is an oil and natural gas exploration and production company with operations in western Canada and Latin America.

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