Petroleum Africa
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Tuesday, November 7, 2017
Hyperdynamicsenteredinto a $6 million definitive agreement to issue and sell 40 million common shares at a price of $0.15 per share to CLNG Limited (Hong Kong) or its affiliate. The closing of the sale is subject to (i) the completion of satisfactory due diligence by each party of the other, (ii) waiver by holders of Hyperdynamics’ Series A Convertible Preferred Stock of their right of first refusal, and (iii) satisfaction of other customary closing conditions.
If this purchase is completed, CLNG will own approximately 53% of Hyperdynamics’ outstanding common shares and will have the right to appoint representatives who will form a majority of Hyperdynamics’ board of directors, but no specific agreement has yet been entered into in this respect.
The stock purchase agreement provides that Ray Leonard will remain President, CEO and a director of the Company, and Jason Davis will remain CFO, subject to the discretion of the board and resolutions of the stockholders.
Ray Leonard, president and CEO of Hyperdynamics commented: “We look forward to working with our prospective new majority shareholder, riding on our experience and demonstrated competencies of the past eight years.”
Markos Armanious, chairman of CLNG, stated: “CLNG values the operational expertise that Hyperdynamics has demonstrated in its ability to drill in record water depths, on budget and on time, in the West Africa transform margin.”
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