Longwei Petroleum (fka LPIH)

[bradford86]

they have clearly stated the terms

Under the structure of the private placement, Longwei sold 13.5 million Series A Convertible Preferred Shares and Warrants to 36 accredited investors. The warrants are valid for a term of three years and are exercisable at a price of $2.255 per share. The Series A Convertible Preferred Shares are convertible into shares of Longwei's common stock at a 1 to 1 ratio and have a conversion price of $1.10. Longwei will be required to file a registration statement for the securities sold in the private placement within 60 days.

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i'm not sure how else to put that.