Post by
Ebenizer3 on Jun 26, 2023 10:21pm
Tamboran news...
https://www.marketscreener.com/quote/stock/TAMBORAN-RESOURCES-LIMITE-124598243/news/Tamboran-Resources-Limited-Completes-Capital-Raise-Presentation-and-Investor-Webcast-44198966/#amp_tf=From%20%251%24s&aoh=16878320961628&referrer=https%3A%2F%2Fwww.google.com&share=https%3A%2F%2Fwww.marketscreener.com%2Fquote%2Fstock%2FTAMBORAN-RESOURCES-LIMITE-124598243%2Fnews%2FTamboran-Resources-Limited-Completes-Capital-Raise-Presentation-and-Investor-Webcast-44198966%2F Sydney, Australia (ABN Newswire) - Tamboran Resources Limited (ASX:TBN) (OTCMKTS:TBNNY) has received binding commitments for a non-underwritten placement to new and existing shareholders to raise up to ~$53.2 million (before costs) at $0.18 per share. The price represents a 12.2 per cent discount to the closing price on Thursday, 22 June 2023 and 13.0 per cent discount to the 10-day VWAP for the period ending 22 June 2023.
In conjunction with the placement, Helmerich & Payne (NYSE:HP) and Tamboran have signed a binding Heads of Agreement (HOA) for a Convertible Note (CN) of ~US$9 million (~$13.2 million), which is subject to shareholder approval. The CN has a 5-year term and 5.5% interest rate (paidin-kind), with a conversion floor of $0.21 per share and ceiling of $0.30 per share.
The Company intends to launch a Share Purchase Plan (SPP) allowing existing shareholders to participate on the same terms as the placement at $0.18 per share of up ~$5 million.
The funds from the Placement, CN and SPP (together, the Capital Raise) will support Tamboran's Beetaloo Basin drilling activity, fully satisfy the farm-in commitments associated with the Origin transaction in 2022 (securing a 38.75% interest in EPs 76, 98 and 117) and allow Tamboran to book initial 2C gas resources over the Shenandoah South area.
The placement was supported by a ~$14.7 million investment from Tamboran's largest shareholder, Mr Bryan Sheffield (Sheffield).
At the completion of the Capital Raise, Tamboran will be fully funded to undertake clean-up activities at the Amungee 2H (A2H) well and drill the Shenandoah South 1H (SS1H) and Amungee 3H (A3H) wells in EP 117 and 98, respectively.
Tamboran Resources Limited Managing Director and CEO, Joel Riddle, said:
"Tamboran's ~$71.4 million Capital Raise brings the Company one step closer to commercialisation of our acreage in the Beetaloo Basin and funds several key milestones that are expected to unlock this vast, low reservoir CO2 gas resource.
"We are fully focused on delivering commercial flow rates from the Shenandoah South and Amungee areas. Price"), representing a discount of:
- 12.2% to Tamboran's last traded price on Thursday, 22 June 2023 of $0.205 per share.
- 13.0% to Tamboran's 10-day VWAP ended Thursday, 22 June 2023 of $0.207 per share.
The placement comprises two-tranches as follows:
- An unconditional placement of 288,995,504 New Shares to raise ~$52.0 million, to be issued without shareholder approval ("Tranche 1 Placement"). New Shares issued under the Tranche 1 Placement will be issued within the Tamboran's existing placement capacity in accordance with ASX Listing Rule 7.1 (184,623,835 shares) and 7.1A (104,371,669 shares); and
- A conditional placement of 6,638,886 New Shares to certain Tamboran directors to raise ~$1.2 million, subject to shareholder approval at a general meeting expected to be held in late July / early August 2023 ("Tranche 2 Placement").