By Angela McDaniels
Tacoma, Wash., Sept. 2 - Hyperdynamics Corp. plans to issue $5 million of four-year 10% convertible debentures in a private placement, according to an 8-K filing with the Securities and Exchange Commission.
Interest will be payable quarterly in cash or in shares.
The conversion price is $2.25 per share.
Beginning one year after issue, the company can call a portion of the notes each month.
Investors will also receive 2,222,222 warrants exercisable for seven years. Half of the warrants will have an exercise price of $2.75 per share, and the remainder will be exercisable at $3.00 per share.
C.K. Cooper & Co. is the placement agent. It will receive a fee equal to 6% of the offering proceeds plus 66,000 shares of common stock.
Settlement is expected to occur by Sept. 12.
Hyperdynamics is an oil and gas exploration and production company based in Sugar Land, Texas.
| Issuer: | Hyperdynamics Corp.
|
| Issue: | Convertible debentures
|
| Amount: | $5 million
|
| Maturity: | Four years
|
| Coupon: | 10%, payable quarterly in cash or shares
|
| Conversion price: | $2.25 per share
|
| Call option: | A portion of the notes is callable each month beginning one year after issue
|
| Warrants: | 2,222,222
|
| Warrant expiration: | Seven years
|
| Warrant strike price: | $2.75 for one-half of warrants, $3.00 for other half
|
| Agent: | C.K. Cooper & Co.
|
| Pricing date: | Aug. 29
|
| Settlement date: | By Sept. 12
|
| Stock symbol: | Amex: HDY
|
| Stock price: | $1.62 on Aug. 29
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
