Tivan Limited secures A$12.4m in strategic capital raising for 2024 projects
Tivan Limited, listed on the Australian Securities Exchange (ASX: TVN), has embarked on a strategic financial journey, securing up to A$12.4 million in capital through a blend of a convertible note facility and the issuance of new ordinary shares. This infusion of capital is geared towards propelling the company’s ambitious project and corporate plans for 2024, with a spotlight on the advancement of the Speewah Project in Western Australia.
The cornerstone of this financial milestone is an $11.2 million convertible note facility with SBC Global Investment Fund, under the auspices of L1 Capital Global Opportunities Master Fund, known for its strategic investments in the Australian resources sector. An initial tranche of $2.8 million from this facility, alongside a $1.2 million placement of 24 million fully paid ordinary shares at $0.05 per share, delineates the structure of the raise. Notably, Tivan’s Executive Chairman Mr. Grant Wilson and Non-Executive Director Dr. Anthony Robinson are personally investing $100,000 each, pending shareholder approval, underscoring their belief in the company’s trajectory.
This financial arrangement is designed to offer Tivan Limited flexibility in financing across the year, aligning with its developmental and exploratory ambitions. L1 Capital’s repeated involvement with Tivan, first initiated in 2023, speaks volumes of the investment fund’s confidence in Tivan’s strategic direction and its projects, including the Speewah Fluorite and Vanadium Projects, and the technology projects TIVAN+ and a vanadium electrolyte facility.
Proceeds from the capital raising are earmarked for a variety of critical activities, including further payments for the Speewah Project acquisition from King River Resources, development of the company’s technology projects, exploration at the Sandover Project, and other corporate costs.
In his statement, Mr. Wilson highlighted the strategic nature of this funding round, positioning Tivan Limited at the forefront of junior resource companies in Australia. This move is not just about securing funds; it’s about laying down a marker for future institutional engagement and project milestones throughout 2024.
As Tivan Limited looks to its next phase of growth and development, its strategic capital raising effort signifies a key step towards achieving its ambitious goals in the natural resources sector, particularly within the dynamic landscape of Australian mining.