Hyperdynamics (HDY) Secures $30 Million Financial Infusion
Hyperdynamics Corp., an emerging independent oil and gas exploration and production company operating exploration efforts offshore the Republic of Guinea in West Africa, today announced a private placement agreement with affiliates of one of the world’s leading investment management firms, BlackRock. Per the agreement, Hyperdynamics will sell 15 million common shares at $2 per share to BlackRock, an aggregate value of $30 million, resulting in BlackRock owning approximately 12 percent of Hyperdynamic common shares. Hyperdynamics said it will use the net proceeds from the sale to facilitate the drilling of its exploration program scheduled to start in late 2011, as…