Hyperdynamics to Raise $30 Million in Registered Direct Offering

Hyperdynamics Corporation

today announced that it has entered into a definitive agreement with institutional investors in a registered direct offering of its common stock with gross proceeds of approximately $30 million. Hyperdynamics plans to use the net proceeds from the offering for general corporate purposes and working capital, including ongoing drilling costs on the Sabu-1 exploratory well offshore Guinea and a 3-D deep water seismic survey. In the offering, the Company will issue 10,000,000 shares of its common stock at a price per share of $3.00. The investors will also receive common stock purchase warrants to purchase up to 10,000,000 shares of common stock with an exercise price of $3.50 per share. The warrants will have a 14-month term and will not be exercisable until 6 months from the closing date of the transaction.