Tamboran Raises $38.7MM from First Tranche of Private Placement

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Tamboran Raises $38.7MM from First Tranche of Private Placement

Tamboran Resource Corporation has closed the first tranche of its Private Investment Public Equity (PIPE) of Common Stock to fund ongoing drilling activities to reach plateau production at the proposed SS Pilot Project. Tamboran said in a regulatory filing that it expects to receive gross proceeds of approximately $55.4 million upon closing the second tranche […]

Tamboran said in a regulatory filing that it expects to receive gross proceeds of approximately $55.4 million upon closing the second tranche of the PIPE, before deducting placement agent fees and other offering expenses.

Pursuant to the closing of the first tranche, Tamboran Resources issued 2,180,515 common shares at $17.74 per share. The first tranche raised approximately $38.7 million, with Bank of America acting as the sole placement agent.

The second tranche, expected to close in August 2025, will involve the issuance of an additional 940,729 shares at the same price, pending approval from Tamboran’s shareholders, the company said. This includes a $1 million investment from certain company directors, also subject to shareholder approval.

The overall transaction saw strong support, notably a $10 million placement from Formentera Partners, an entity founded by Bryan Sheffield, at the same share price as other investors, Tamboran said.

Tamboran added that certain non-affiliated investors will participate in the second tranche with a total of $5.7 million.

Furthermore, Tamboran signed a binding agreement with Daly Waters Energy LP (DWE) under which DWE will acquire a non-operating and non-controlling interest across 10,000 acres within two areas of Tamboran’s post-checkerboard acreage position for a consideration of $15 million.

The transaction is subject to certain conditions including DWE receiving approval from the Formentera Australia Fund LP’s Limited Partner Advisory Committee and obtaining regulatory approvals. Tamboran said the transaction does not require shareholder approval.

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