By Devika Patel
Knoxville, Tenn., May 12 - Hyperdynamics Corp. announced it has arranged a $4 million direct offering of stock and warrants, which will be conducted under the company's effective shelf registration with the Securities and Exchange Commission.
The company will sell 2,424,243 common shares at $1.65 per share to two institutional investors.
The investors also will receive warrants for 2,424,243 common shares, which are exercisable at $3.24 for seven years.
C.K. Cooper & Co. is the agent.
Proceeds will be used for general corporate purposes, including expansion and acceleration of the company's exploration program offshore Guinea.
Based in Houston, Hyperdynamics is a holding company for oil and natural gas exploration companies.
Issuer: | Hyperdynamics Corp.
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Issue: | Common stock, warrants
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Amount: | $4,000,000.95
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Shares: | 2,424,243
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Price: | $1.65
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Warrants: | For 2,424,243 shares
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Warrant expiration: | Seven years
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Warrant strike price: | $3.24
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Agent: | C.K. Cooper & Co.
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Pricing date: | May 12
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Stock symbol: | Amex: HDY
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Stock price: | $2.73 at close May 9
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