It's referred to as a "hat thrower" fungus. Open this link and read the
caption. It sounds exactly like what you found.
I've seen films of Pilobolus popping its spore mass, and I think I
recall seeing a film of Sphaerobolus doing the same thing. If I
filmed either I would use a very high-speed medium so I could try to
time it (if that is possible).
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