Petroleum Africa
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Monday, June 12, 2017
Hyperdynamics closed its private placement offering of units of its securities each consisting of one share of the company’s common stock and a warrant to purchase three-quarters of a share of common stock within two years at an exercise price of $1.825 per whole share.
The purchase price was $1.46 per unit. The warrants will have ‘weighted average’ adjustment anti-dilution protection.
The company closed on gross proceeds of $6,330,000 (before placement agent fees and expenses of the offering).
Hyperdynamics CEO, Ray Leonard, commented, “I would like to thank all investors who participated in the Offering. This was a timely closing as we have signed final closing documents on the Farmout Agreement with our partner SAPETRO. This capital will be used to pay a part of our portion of costs of drilling operations, shared from today 50/50 with SAPETRO.”
Katalyst Securities acted as placement agent for the offering, on a reasonable best efforts basis.
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