By Devika Patel
Knoxville, Tenn., Dec. 3 - Hyperdynamics Corp. said it will raise $6.5 million in a registered direct offering of stock.
The company will sell 7,222,223 common shares at $0.90 apiece. Investors will also receive warrants for 3.25 million shares, which are exercisable at $0.98 for four years.
Rodman & Renshaw, LLC is the agent.
Proceeds will be used for seismic data acquisition and processing, extinguishment of long-term debt, working capital and general corporate purposes.
Hyperdynamics is an oil and gas exploration and production company based in Sugar Land, Texas.
| Issuer: | Hyperdynamics Corp.
|
| Issue: | Common stock
|
| Amount: | $6.5 million
|
| Shares: | 7,222,223
|
| Price: | $0.90
|
| Warrants: | For 3.25 million shares
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $0.98
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | Dec. 3
|
| Stock symbol: | Amex: HDY
|
| Stock price: | $0.98 at close Dec. 2
|
| Market capitalization: | $75.6 million
|
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