Tivan's $4.5m share placement commitments

Tivan Limited (ASX: $TVN) has received firm commitments from Australian and international investors to raise up to $4.5 million through a share placement. The placement involves approximately 69.2 million fully paid ordinary shares at an issue price of $0.065 per share, alongside an offer of up to approximately 34.6 million free-attaching options to placement participants. The funds raised will be allocated to advancing the Speewah Fluorite Project, the Sandover Project, and the Speewah Vanadium Titanomagnetite Project, as well as debt retirement, corporate costs, and general working capital.

Executive Chairman's perspective on the placement

Mr Grant Wilson, Executive Chairman of Tivan, expressed, 'Unlike previous capital raises, this placement was anchored by Australian institutional investors, reflecting the growing recognition here at home of Tivan's achievements. With important milestones and catalysts ahead, we are pleased to welcome a new cohort of highly pedigreed investors to the register'.

Summary of Tivan's share placement and outlook

Tivan Limited's successful securing of $4.5 million through share placement demonstrates the growing confidence of Australian and international investors in the company's critical mineral projects. The funds will be utilized to drive the progression of key projects, retire debt, and support general working capital. The company's decision to exercise discretion to upsize the raising to $4.5 million aims to extend the runway for project initiatives and de-risk the enterprise level. Tivan's focus on achieving upcoming milestones in the second half of 2024 indicates a positive outlook for the company's strategic initiatives and growth trajectory.