Petroleum Africa
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Wednesday, March 22, 2017
Hyperdynamics Corp. saw the close of a private placement offering in which it sold 680 units of securities for aggregate proceeds of $680,000, before deducting placement agent fees and expenses. Each Unit consists of one share of its Series A Convertible Preferred Stock with a Stated Value of $1,040 per share, and a two-year warrant representing the right to purchase 223 shares of the company’s common stock at an exercise price of $3.50 per share. The units were offered at a price of $1,000 per Unit.
Hyperdynamics CEO, Ray Leonard, commented, “I would like to thank all investors who participated in the Offering. This capital will be used to fund various activities related to the preparation for the drilling of the Fatala well. We believe this new capital raise will provide confidence to our business partners and the Guinea Government in Hyperdynamics’s commitment to the project objectives.”
Katalyst Securities acted as placement agent for the Offering, on a reasonable best efforts basis.
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