By Sheri Kasprzak
New York, June 23 - HyperDynamics Corp. received $1.8 million in proceeds from a $2 million private placement of three-year convertible debentures.
The debentures were purchased by Cornell Capital Partners, LP.
The 10% debentures mature June 19, 2009 and are convertible into common shares at $2.00 each. The debentures were priced at 90.
Cornell also received warrants for 2.1 million shares. A total of 955,000 warrants are exercisable at $2.50 each, 715,000 warrants are exercisable at $3.50 each and warrants for 430,000 shares are exercisable at $4.00 each. All the warrants expire on June 19, 2011.
Upon filing of the registration statement, the company will receive another $2 million in principal of the debentures.
Once the registration statement for these debentures is declared effective, the company may issue another $2 million in debentures.
Based in Houston, HyperDynamics is a holding company for oil and natural gas exploration companies.
| Issuer: | HyperDynamics Corp.
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| Issue: | Convertible debentures
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| Amount: | $2 million
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| Proceeds: | $1.8 million
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| Maturity: | June 19, 2009
|
| Coupon: | 10%
|
| Price: | 90
|
| Warrants: | For 2.1 million shares
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| Warrant expiration: | June 19, 2011
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| Warrant strike price: | $2.50 for 955,000 shares; $3.50 for 715,000 shares; $4.00 for 430,000 shares
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| Investor: | Cornell Capital Partners, LP
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| Settlement date: | June 22
|
| Stock symbol: | Amex: HDY
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| Stock price: | $2.15 at close June 22
|
| Stock price: | $2.21 at close June 23
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