Hyperdynamics to Raise $6.5 Million in Registered Direct Offering
December 03 2009 - 9:25AM
PR Newswire (US)
SUGAR LAND, Texas, Dec. 3 /PRNewswire-FirstCall/ -- Hyperdynamics
Corporation (NYSE Amex: HDY) announced today that the Company has
entered into a definitive agreement to sell 7,222,223 shares of its
common stock at a price per share of $0.90 pursuant to a registered
direct offering to institutional investors, resulting in gross
proceeds of approximately $6.5 million. In addition to the issuance
of the shares of common stock, Hyperdynamics will issue to the
investors warrants to purchase up to 3,250,000 shares of common
stock with an exercise price of $0.98 per share. The warrants will
be exercisable over a four year term commencing 6 months from the
closing date of the transaction. The shares and warrants are being
offered by Hyperdynamics pursuant to a shelf registration statement
declared effective by the Securities and Exchange Commission.
Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw
Capital Group, Inc. (NASDAQ:RODM), acted as the exclusive placement
agent for the transaction. The closing of the offering is expected
to take place subject to the satisfaction of customary closing
conditions. Hyperdynamics Corporation plans to use the net proceeds
from the offering to fund a portion of their seismic data
acquisition and processing, extinguishment of long term debt,
working capital and general corporate purposes. This announcement
shall not constitute an offer to sell or the solicitation of an
offer to buy these securities, nor shall there be any offer or sale
of these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
About Hyperdynamics Hyperdynamics is an emerging independent oil
and gas exploration and production company that is exploring for
oil and gas offshore the Republic of Guinea in West Africa. To find
out more, visit our website at http://www.hyperdynamics.com/.
Forward Looking Statements This news release and the Company's
website referenced in this news release contain forward looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, regarding Hyperdynamics Corporation's future
plans and expected performance that are based on assumptions the
Company believes to be reasonable. Statements preceded by, followed
by or that otherwise include the words "believes", "expects",
"anticipates", "intends", "projects", "estimates", "plans", "may
increase", "may result", "will result", "may fluctuate" and similar
expressions or future or conditional verbs such as "will",
"should", "would", "may" and "could" are generally forward-looking
in nature and not historical facts. A number of risks and
uncertainties could cause actual results to differ materially from
these statements, including without limitation, funding and
exploration efforts, fluctuations in oil and gas prices and other
risk factors described from time to time in the Company's reports
filed with the SEC, including the Company's Annual Report on Form
10-K for the fiscal year ended June 30, 2009. The Company
undertakes no obligation to publicly update these forward looking
statements to reflect events or circumstances that occur after the
issuance of this news release or to reflect any change in the
Company's expectations with respect to these forward looking
statements. Contacts: Dennard Rupp Gray & Easterly, LLC
--------------------------------- Ken Dennard, Managing Partner
Jack Lascar, Partner (713) 529-6600 Anne Pearson, Sr. Vice
President (210) 408-6321 HDY-IR DATASOURCE: Hyperdynamics
Corporation CONTACT: Ken Dennard, Managing Partner or Jack Lascar,
Partner, +1-713-529-6600, or Anne Pearson, Sr. Vice President,
+1-210-408-6321, all of Dennard Rupp Gray & Easterly, LLC, for
Hyperdynamics Corporation Web Site: http://www.hyperdynamics.com/
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