Tivan Limited (ASX:TVN) Entitlement Offer Results

Tivan Limited (ASX:TVN) has successfully closed its pro-rata non-renounceable entitlement offer, raising approximately $1.523 million for the next phase of advancement of the Company's priority resources projects. The offer provided eligible shareholders the opportunity to subscribe for fully paid new shares at an issue price of $0.05 per new share on the basis of 1 new share offered for every 11.5 existing shares held on the record date. Additionally, for every 2 new shares subscribed for and issued under the Entitlement Offer, each eligible shareholder will receive 1 free attaching unlisted option exercisable at $0.12 and expiring on 30 June 2027.

Executive Commentary on Entitlement Offer

In proceeding with the Entitlement Offer, the Board was seeking to ensure that Tivan's extensive retail shareholder base was afforded the opportunity to participate ahead of key milestones expected to be achieved in 2H. We are delighted with the uptake, with nearly 500 shareholders from across Australia and New Zealand participating. The resulting shortfall capacity was anticipated and provides management with maximum flexibility in the three months ahead to strengthen Tivan's balance sheet and advance our key priorities, most notably the Speewah Fluorite Project.

Summary of Entitlement Offer Results

Tivan Limited (ASX:TVN) has successfully closed its Entitlement Offer, raising approximately $1.523 million for the next phase of advancement of the Company's priority resources projects. The offer aimed to facilitate shareholder participation in funding the next phase of advancement of the Company's priority resources projects. Tivan received valid acceptance of entitlements representing 30,465,113 New Shares (with 15,232,625 free attaching New Options). An Appendix 2A seeking quotation of the New Shares on ASX will be lodged today, and Tivan intends to seek shareholder approval at its 2024 Annual General Meeting to amend the terms of the New Options to facilitate quotation on ASX. The resulting shortfall capacity was anticipated and provides management with maximum flexibility in the three months ahead to strengthen Tivan's balance sheet and advance key priorities, most notably the Speewah Fluorite Project. The Shortfall Offer, not open to the general public, will close on 2 December 2024, or such earlier date as the Directors determine.