Petrobank Noteholders Convert 100% of Outstanding Convertible Notes

Petrobank Energy and Resources Ltd. (TSX:PBG) reported that all holders of Petrobank’s convertible notes due July 10, 2015 have converted their Notes to common shares of Petrobank in accordance with such Noteholders’ existing conversion right and the previously announced early conversion period.

The press release is quoted as saying:

The amount of Notes converted to common shares pursuant to the Early Conversion Period represents 100% of the previously outstanding Notes. An aggregate of US$27.4 million was paid and 3.9 million common shares of Petrobank were issued to Noteholders in connection with the Early Conversion Period. The transaction allows Petrobank to strengthen our balance sheet, enhance liquidity and increase available cash flow that can be dedicated to our Heavy Oil Business Unit expansion plans. The Early Conversion Period process was managed for Petrobank by ABG Sundal Collier Norge ASA.

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