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
About QualityStocks
QualityStocks is committed to connecting subscribers with companies that have huge potential to succeed in the short and long-term future. We offer several ways for investors to learn more about investing in these companies as well as find and evaluate them.
Sign up for “The QualityStocks Daily Newsletter” at www.QualityStocks.net
The Quality Stocks Daily Blog http://blog.qualitystocks.net
The Quality Stocks Daily Videos http://videocharts.qualitystocks.net
The Quality Stocks “Ones to Watch” http://gotstocks.qualitystocks.net
Please see disclaimer on the QualityStocks website: http://disclaimer.qualitystocks.net
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment