Tamboran Resources Corporation has launched an underwritten public offering of 2,956,602 shares of common stock, with underwriters expected to receive a 30-day option to buy up to an additional 443,491 shares.
The company said the offering is being run by RBC Capital Markets and Wells Fargo Securities as joint book-running managers. At the same time, Tamboran is also pursuing a separate registered direct institutional entitlement offer of common stock. The two transactions are independent: completion of one does not depend on completion of the other.
Tamboran said it plans to use the proceeds for additional drilling in the pilot area, resource delineation in the Orion acreage and the Beetaloo Central development area, drilling in the EP 161 acreage, working capital and other general corporate purposes.
The company did not disclose pricing in the release. If the full 3.40 million shares available under the base offering and underwriters’ option are sold, the transaction would total 3,400,093 shares. Following these announcements, the company's shares moved 8.14%, and are now trading at a price of $34.55. If you want to know more, read the company's complete 8-K report here.
