Tamboran completes Share Purchase Plan
Sydney, Aug 7, 2023 AEST (ABN Newswire) - Tamboran Resources Limited (
ASX:TBN) (TBNNY:OTCMKTS) is pleased to advise that it has completed its Share Purchase Plan (SPP) announced on Tuesday 27 June 2023. The SPP closed at 5:00pm (Sydney time) on Thursday 3 August 2023, with applications received from eligible shareholders totalling A$904,950. Approximately 5,027,430 new fully paid ordinary shares are expected to be issued (SPP Shares), and all valid applications made by eligible shareholders have been met in full.
The SPP follows the Tamboran's successful two-tranche placement (Placement) announced to ASX on Tuesday, 27 June 2023 of approximately 295,634,390 Shares at A$0.18 per Share as follows:
- Tranche 1 - comprising the issue of 288,995,504 new fully paid ordinary shares in Tamboran to institutional, sophisticated and professional investors representing 20.4% of Tamboran's pre-raise issued capital, raising approximately A$52 million and issued using Tamboran's existing placement capacity under ASX Listing Rules 7.1 and 7.1A.
- Tranche 2 - subject to shareholder approval at Tamboran's upcoming 2023 general meeting, comprising the issue of 6,638,886 new fully paid ordinary shares in Tamboran to Tamboran's investors to raise approximately A$1.2 million.
It is intended that funds raised under the Placement and SPP will be used by Tamboran to fund the Company's ongoing exploration and development programs in the Beetaloo Sub-basin, for general working capital purposes and for costs of the Equity Raising.
The SPP Shares are expected to be issued on Wednesday, 9 August 2023 and to commence trading on the ASX on Wednesday 9 August 2023. Holding statements are expected to be dispatched to successful applicants on Thursday, 10 August 2023.
About Tamboran Resources Corporation
Tamboran Resources Corporation (ASX:TBN) is a natural gas company that intends to play a constructive role in the global energy transition towards a lower carbon future by developing low CO2 unconventional natural gas resources in the Beetaloo Sub-basin within the Greater McArthur Basin in the Northern Territory of Australia. Tamboran's key assets are a 25% working interest in EP 161 and a 100% working interest in EP 136, EP 143 and EP(A) 197 which are located in the Beetaloo Sub-basin.
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