Successful Placement & Institutional Entitlement
Sydney, Dec 15, 2023 AEST (ABN Newswire) - Tamboran Resources Limited (
ASX:TBN) (TBNNY:OTCMKTS) has successfully completed its offering in new fully paid CHESS Depository Interests (New CDIs) through an institutional placement (Placement) and the institutional component (Institutional Entitlement Offer, and together with the Placement, the Institutional Offer) of its 1 for 6.2 pro rata accelerated non-renounceable entitlement offer (Entitlement Offer) announced on Thursday, 14 December 2023 (the Placement and the Entitlement Offer collectively, the Equity Raise).
Tamboran successfully raised A$40.8 million via the Institutional Offer, supported by a A$15.3 million strategic placement from Liberty Energy (Liberty), a leading North American energy services firm, and an A$7.6 million pre-commitment from the Company's largest shareholder, Mr. Bryan Sheffield.
Funds raised under the Equity Raise will support the Company's Beetaloo Basin activities to the sanctioning of its proposed 40 million cubic feet per day (MMcf/d) Shenandoah South Pilot Project, which is planned for H1 2024. This includes the purchase of long lead items to maintain project timeline and Front-End Engineering and Design (FEED) activities.
All New CDIs offered under the Equity Raise will be issued at a price of $0.16 per New CDIs (Issue Price).
Tamboran Resources Corporation (ASX:TBN) Managing Director and CEO, Joel Riddle, said:
"We are greatly appreciative of the support from our shareholders who continue to see the potential of the Beetaloo Basin in the energy transition.
"The Retail Entitlement Offer allows our existing shareholders to benefit from the recent transaction with our new Strategic Partner Liberty ahead of the Shenandoah South 1H (SS-1H) 30-day initial production (IP30) flow results during the first quarter of 2024.
"We are excited to work alongside Liberty in bringing their unique intellectual property and modern stimulation technology into the Beetaloo Basin. Liberty's plan to deliver a dedicated frac fleet and crew into the Beetaloo Basin in 2024 has the potential to reduce the delays experienced in mobilizing equipment to site, thereby significantly increasing completion efficiencies and reducing the costs of future stimulation programs."
Placement and Institutional Entitlement Offer
180,588,881 New CDIs are expected to be issued to new institutional investors and existing institutional securityholders under the Placement at the Issue Price to raise approximately A$28.9 million. New CDIs issued under the Placement will not be eligible to participate in the Entitlement Offer.
74,316,119 New CDIs are expected to be issued to existing institutional securityholders under the Institutional Entitlement Offer at the Issue Price to raise approximately A$11.9 million.
Under the Placement and Institutional Entitlement Offer, the Company will issue a total of 254,905,000 New CDIs at the Issue Price to raise a total of approximately A$40.8 million.
The Placement and Institutional Entitlement Offer are expected to settle on Wednesday, 20 December 2023 and New CDIs under the Placement and Institutional Entitlement Offer are expected to be issued on the following business day, on Thursday, 21 December 2023.
Tamboran CDIs are expected to resume trading on the ASX from market open today (Friday, 15 December 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.
| ||
|
