Tamboran Sources Corp on Thursday confirmed an underwritten public providing of about 2.32 million frequent shares, beneath which Baker Hughes expressed curiosity to subscribe for as much as $10 million.
RBC Capital Markets LLC and Wells Fargo Securities LLC are underwriters within the placement. “The corporate expects to grant the underwriters a 30-day choice to buy as much as an extra 348,666 shares of frequent inventory from the corporate”, Sydney-based Tamboran mentioned in a inventory submitting with the Australian Securities Alternate (ASX).
Tamboran’s frequent inventory trades on the New York Inventory Alternate (NYSE). At ASX, it holds CHESS Depositary Pursuits (CDIs), every representing 1/2 hundredth of 1 frequent share, in accordance with Tamboran.
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“The corporate intends to make use of the web proceeds of the providing to fund Tamboran’s growth plan, working capital and different basic company functions”, the early-stage, Beetaloo basin-focused pure gasoline exploration and manufacturing firm mentioned.
“Tamboran is within the strategy of conducting a bookbuild and value discovery course of in relation to the general public providing”, Tamboran added.
In a prospectus submitting with america Securities and Alternate Fee on Wednesday, Tamboran mentioned, “Baker Hughes Power Providers LLC (the Purchaser) has indicated an curiosity in buying as much as an combination of roughly $10,000,000 of shares of frequent inventory on this providing on the public providing value per share”.
“As a result of this indication of curiosity just isn’t a binding settlement or dedication to buy, we are able to present no assurances with respect as to if the Purchaser will buy shares on this providing or, in the event that they elect to buy shares, the variety of shares they in the end will purchase”, Tamboran mentioned. “As well as, the underwriters might elect to promote fewer shares or to not promote any shares on this providing to the Purchaser”.
The prospectus added, “Concurrently with this providing, we’re additionally providing to eligible retail securityholders in Australia, New Zealand, Canada, Luxembourg, Malaysia, Singapore or the UK, by way of a placement beneath a safety buy plan… as much as a most of A$30,000 of our CDIs per eligible retail securityholder on the public providing value within the providing to which this prospectus complement relates, representing a most of $30,000,000 of CDIs”.
Tamboran expects $30 million in gross proceeds from the CDI providing, which it plans to shut round mid-November.
It has paused buying and selling on the ASX since Thursday. The self-initiated suspension will stay in place “till the graduation of regular buying and selling on Monday, October 27, 2025, except earlier than that point Tamboran makes an announcement in relation to the completion of a capital elevating”, Tamboran mentioned in a separate ASX disclosure.
On September 30 Tamboran and Falcon Oil & Gasoline Ltd introduced a definitive merger settlement that they mentioned will create a number one place of about 2.9 million internet acres within the Beetaloo sub-basin onshore Australia’s Northern Territory.
Concurrently the businesses, already companions by way of the Beetaloo Joint Enterprise, sanctioned the Shenandoah South Pilot Venture, which has a deliberate capability of 40 million cubic ft a day. The three way partnership expects the venture to start out gasoline gross sales mid-2026.
Tamboran will purchase Dublin, Eire-based Falcon by issuing about 6.54 million shares listed on the NYSE to Falcon shareholders. Moreover Tamboran pays $23.7 million in money, a joint ASX submitting mentioned.
The events anticipate to finish the mix February 2026, topic to approvals by shareholders on either side. Each corporations’ boards permitted the transaction.
“On completion, Falcon will distribute Tamboran shares to eligible shareholders of Falcon at an trade ratio of 0.00687 shares of Tamboran NYSE frequent inventory for every Falcon frequent inventory”, the businesses mentioned.
“Falcon shareholders will personal ~26.8 p.c of the professional forma enterprise. Tamboran stockholders will personal the remaining 73.2 p.c.
“The transaction values Falcon’s subsidiaries at C$239 million (US$172 million), at an implied supply value of C$0.2154 per share. This displays a 19.7 p.c premium of the closing value of Falcon on the TSX [Toronto Stock Exchange] on September 29, 2025 and a 53.2 p.c premium to the 90-day traded VWAP [volume-weighted average price].
“The acquisition is accretive to Tamboran stockholders given the implied acreage worth of US$169 per acre displays a 4 p.c low cost to Tamboran’s present implied acreage worth of US$176 per acre”.
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