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Tamboran Resources: ASX Announcement

27 Jun 2023 3:47 PM | Stephanie Berlin (Administrator)

Tamboran receives commitments for the institutional placement component of its ~$71.4 million capital raise to accelerate development of the Beetaloo

Highlights 

  • Tamboran Resources 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.

To view full ASX Announcement, click here.

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