Hyperdynamics Corporation (OTCPK:HDYN) announced that it has entered into a subscription agreement for a private placement on best efforts basis of up to 680 units at $1,000 per unit for gross proceeds of $680,000 on March 17, 2017. Each unit will comprise of one series A convertible preferred share and a two-year warrant. Each warrant will entitle the holder to purchase 223 common shares at $3.50 per share for a period of two years. Preferred share carries a fixed coupon of 1% per annum, payable upon conversion or in cash in the case of redemption. The preferred shares have a stated value of $1,040 per share and are redeemable, in whole or in part, at the option of the company at a price per share equal to 115% of the stated value plus 115% of accrued but unpaid dividends. The preferred shares are convertible in whole or in part, into shares at conversion price of the lesser of $2.75 per share, or 80% of the lowest closing price during 21 consecutive trading days ending on the trading day immediately prior to the conversion date. The company issued the securities pursuant to exemption provided under Regulation D. The company will receive net proceeds of $539,000. On the same date, the company issued 680 units for gross proceeds of $680,000 in the first tranche of the transaction.