MrGann - go back and read the announcement VERY VERY carefully.
The pricing is the LOWER of a 10% discount to the price prevailing at the time OR a 130% premium to the 20 day VWAP leading up to today.
The 130% premium gives rise to my 7.33 cent assessment.
The wording in the release remains TECHNICALLY POSSIBLE. If the price prevailing at the time were 8.0 cents, then the shares would be issued at 7.2 cents.
This is a premium to the share price at the time the release was put out (7.1 cents) and is also a measure that is linked to the PREVAILING SHARE PRICE>
PRR has chosen its words very very carefully in the release. That is fine and does not bother me. Do not let it fool you however.
the terms of the note are fantastic, page-23
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