Australia's Tamboran Resources faces worst day ever on discounted placement

Tamboran Resources

20/09/2022 02:30

** Shares of Tamboran Resources Ltd  TBN.AX  plunge as much
as 20.4% to A$0.215 - stock to mark worst day ever if losses
hold 
    ** Shale gas explorer says it will raise up to A$195 mln 
($131.04 mln) through placement and strategic partnership to
fund acquisition of Origin Energy's  ORG.AX  stake in Beetaloo
shale gas venture  urn:newsml:reuters.com:*:nL1N30Q0D8
    ** Under placement, TBN will raise up to A$138 mln by
issuing 657.2 mln new shares
    ** Issue price of A$0.21 per share represents a discount of
22% to the stock's last close on Wednesday, after which TBN went
into a trading halt
    ** TBN stock hits its lowest since Sept. 9
    ** More than 108,100 shares change hands, compared with the
30-day average of 410,536 shares 
    ** Stock had dropped 29.4% this year, as of last close 

($1 = 1.4881 Australian dollars)

 (Reporting by Navya Mittal in Bengaluru)
 ((navya.mittal@thomsonreuters.com))