Tamboran Resources Ltd (ASX:TBN, OTC:TBNRF) has taken total recent capital raising proceeds for its ongoing exploration and development programs in the Beetaloo Sub-basin of the Northern Territory beyond $54 million after raising $904,950 in a share purchase plan (SPP).
The company closed the SPP on Thursday, August 3, with applications received from eligible shareholders totalling A$904,950.
All valid applications made by eligible shareholders have been met in full and the company expects to issue approximately 5,027,430 new fully paid ordinary shares on Wednesday, August 9.
Follows placement
The SPP follows Tamboran’s successful two-tranche placement of approximately 295,634,390 shares at A$0.18 per share for total proceeds of $53.2 million.
Tranche 1 comprised the issue of 288,995,504 new fully paid ordinary shares to institutional, sophisticated and professional investors representing 20.4% of Tamboran's pre-raise issued capital, raising around A$52 million.
This was issued using Tamboran's existing placement capacity under ASX Listing Rules 7.1 and 7.1A.
The second tranche, which is subject to shareholder approval at Tamboran's upcoming 2023 general meeting, comprised the issue of 6,638,886 new fully paid ordinary shares to investors to raise about A$1.2 million.
As well as the Beetaloo Sub-basin work, capital raising proceeds will be used for general working capital purposes and for costs of the raising.