Hyperdynamics Corp. said plans to engage in a direct offering of common stock to raise capital to continue its oil and gas exploration and development activities in Africa and other areas. The company will issue ten million shares of common stock at a price of $3.00 per share to a group of institutional investors.
Hyperdynamics will also issue associated warrants in the common stock offering. Each warrant will allow the holder to purchase one share of Hyperdynamics Corp. common stock at an exercise price of $3.50 per share. The warrants expire in 14 months and can't be exercised until six months after the offering.
The offering is being conducted by a subsidiary of Rodman & Renshaw Capital Group, Inc., and is expected to close in early February 2012.
Hyperdynamics also announced that the company has restarted drilling on an exploration well located offshore West Africa. The Sabu-1 well is on a concession granted by the Republic of Guinea and is being drilled to a subsea depth of 3,600 meters. The well is targeting sandstone reservoirs in the upper Cretaceous zone.
For more information on the company, go to www.hyperdynamics.com
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