Tamboran Resources tumbles on deep-discounted share sale

U.S.-listed shares of Australian natural gas producer Tamboran Resources TBN.N tumble 22.3% premarket to $35.25 after equity raise news

Co late Tues announced pricing public offering of ~3 mln shares at $35 for gross proceeds of $103.5 mln

Offering price represents 22.8% discount to stock's last close

TBN also conducting concurrent registered direct institutional entitlement offering with RBC as placement agent

Co intends to use net proceeds of offerings to fund additional drilling in the Shenandoah Pilot Area, resource delineation in the Orion Acreage and the Beetaloo Central Development Area, drilling in the EP 161 acreage, among other purposes

RBC and Wells Fargo joint bookrunners for the public offering

TBN has ~22.7 mln shares outstanding

Through Tues close, U.S.-listed TBN shares up 66.5% YTD including 46% surge over the past month

4 of 5 analysts rate shares "buy", 1 rates "hold"; median PT $59, LSEG data reflects