Tamboran Resources closed first tranche of PIPE for drilling activities, raising $38.7 million.

From Yahoo Finance: 2025-06-29 13:28:00

Tamboran Resources Corporation (NYSE:TBN) closed the first tranche of its Private Investment Public Equity (PIPE) to finance drilling activities for the SS Pilot Project, aiming for plateau production. The company issued 2,180,515 shares at US$17.74 each, raising ~US$38.7 million. The total gross proceeds upon closing the second tranche are expected to be ~US$55.4 million.

Funds from the private placement will be used for drilling additional wells for the proposed 40 MMcf/d Pilot Project at Shenandoah South in the Beetaloo Basin. Initial production is targeted for mid-2026, contingent on weather and stakeholder approvals. Tamboran Resources Corporation (NYSE:TBN) focuses on developing unconventional gas resources in the Northern Territory of Australia.

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Read more at Yahoo Finance: Tamboran Resources (TBN) Closes First Tranche of Private Investment Public Equity (PIPE)