see this link:

http://ir.silverstandard.com/releasedetail.cfm?ReleaseID=295231

This means that Silver Standard is seeking to raise working capital (part for the Pirquitas mine) through open market sale (through underwriters) of convertible notes.

This is basically a loan proposition with the option to convert the loan to shares under certain circumstances.

The maturation date is in 2028, at which point these loans would be fully paid back, either in cash, or in shares.

I still have not "worked my way through" all the ramifications of this announcement, so will not have any personal opinions or comments to make at this time.