Hyperdynamics to Raise Funds for 3D Seismic

Hyperdynamics has entered into a definitive agreement with institutional investors in a registered direct offering of its common stock with gross proceeds of approximately $10.5 million. Hyperdynamics Corporation plans to use the net proceeds from the offering to fund a portion of their 3D seismic data acquisition and processing, certain short term debt and payables, working capital and general corporate purposes. The shares and warrants are being offered by Hyperdynamics pursuant to a shelf registration statement on Form S-3 previously declared effective by the Securities and Exchange Commission.

In the offering, the Company will issue 8,076,925 shares of its common stock at a price per share of $1.30. The investors will also receive common stock purchase warrants to purchase up to 2,826,923 shares of common stock with an exercise price of $1.58 per share. Warrants to purchase 807,692 shares of common stock will have a one year term commencing 6 months from the closing date of the transaction and warrants to purchase 2,019,231 shares of common stock will have a five year term commencing 6 months from the closing date of the transaction.
 

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