bnw ,

can you explain why you think this is such a bad deal ?

In my opinion,

each purchase contract will automatically settle on May 15, 2015 for between 4.5855 and 5.3879 shares of Thompson Creek common stock

There doesn't appear to be a set price so I'd assume the contract entitles the holder to buy between

4.5 and 5.38 shares per note at the market, as of May 15 2015.

How can this be bad ???

check the prospectus for yourself

http://www.sedar.com