Tamboran Resources (TBN) said Tuesday it agreed to issue about $55.4 million in common shares to institutional investors as private investment in public equity.
The agreement covers about 3.1 million shares at $17.74 apiece, the company said.
Tamboran expects to close an initial $44.4 million of the investment on Friday, while the remaining amount is conditional on stockholders' authorization.
The company said it will be fully funded to drill and complete the remaining three wells after completion of the private investment.
Price: 20.75, Change: -0.12, Percent Change: -0.57
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.