Australia's Tamboran Resources tumbles on discounted capital raising

Tamboran Resources

27/06/2023 02:16

** Shares of Tamboran Resources  TBN.AX  decline as much as
12.2% to A$0.18 - their lowest level since Sept. 27, 2022
    ** Shale gas explorer says it raised up to A$53.2 mln
($35.53 mln) via a placement at A$0.18 per share
    ** Offer price represents a discount of 12.2% to TBN's last
close of A$0.205
    ** TBN says it intends to launch a share purchase plan to
raise up to A$5 mln
    ** Adds it has signed a deal for a convertible note of A$9
mln
    ** Says funds raised will be used to support drilling
activity in the Beetaloo Basin 
    ** Stock posts its biggest intraday pct fall since May 4
    ** Stock tops losses on the ASX All Ordinaries Index  .AORD 
    ** About 2.2 mln shares change hands, vs the 30-day average
volume of 442,000 shares
    ** Stock down 14.6% YTD, as of last close
   
($1 = 1.4975 Australian dollars)

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))