Closing Statement and Joint Disbursement Instructions for Convertible Debenture Issuance – Hyperdynamics Corporation and Cornell Capital Partners, LP
Summary
This agreement documents the closing of a $2,000,000 investment by Cornell Capital Partners, LP in Hyperdynamics Corporation through the purchase of convertible debentures. It confirms that all conditions for closing have been met or waived, and details how the funds will be disbursed, including fees paid to Yorkville Advisors, LLC. After deducting fees, $1,800,000 in net proceeds will be transferred to Hyperdynamics Corporation. The agreement is signed by representatives of both parties.
EX-10.3 9 ex10_3.txt EXHIBIT 10.3 Exhibit 10.3 -- CLOSING STATEMENT JOINT DISBURSEMENT INSTRUCTIONS FOR CLOSING: JUNE 22, 2006 The undersigned do hereby: 1. Acknowledge the acceptance of subscriptions from purchasers representing gross proceeds of $2,000,000 from the issuance of Convertible Debentures of HYPERDYNAMICS CORPORATION, a Delaware corporation (the "Company"). ------- 2. Represent that all conditions precedent to closing of the Company's offering of the Convertible Debentures pursuant to the Securities Purchase Agreement have been satisfied or waived; and 3. Agree that gross proceeds shall be disbursed via wire transfer in immediately available U.S. funds, payable to the following parties: Gross Proceeds: From Cornell Capital Partners, LP $2,000,000 Less: Commitment Fee (9% of Gross Proceeds) to ($180,000) Yorkville Advisors, LLC Structuring Fee to Yorkville Advisors, LLC ($15,000) Due Diligence Fee to Yorkville Advisors, LLC ($5,000) Sub-Total: $1,800,000 Disbursements: Net Proceeds: Net Proceeds Payable to the Company $1,800,000 [SIGNATURE PAGE IMMEDIATELY TO FOLLOW] HYPERDYNAMICS CORPORATION CORNELL CAPITAL PARTNERS, LP By: Yorkville Advisors, LLC Its: General Partner By: /s/ Kent P. Watts By: /s/ Mark Amgelo Name: Kent P. Watts Name: Mark Angelo Title: President and Chief Executive Officer Its: Portfolio Manager
