Critical minerals company Tivan has flagged a A$7.5-million capital raise to advance work at its Speewah project and the Tivan pilot plant project.
The ASX-listed company has received binding commitments for a non-underwritten share placement to raise A$5-million through the issue of 69.2-million shares at a price of 7.2c each.
The issue price represented a 1.4% discount to the company’s last closing price on July 7, and a 2.7% discount to its ten-day volume weighted average share price. The shares will be issued under the company’s existing placement capacity.
Additionally, Tivan will also undertake a share purchase plan (SPP) with the aim of raising a further A$2.5-million.
The SPP will allow shareholders the opportunity to subscribe for an additional A$30 000 of new shares in the company, also at a price of 7.2c a share. The SPP will open on July 20 and close on August 3.
“This placement sets a strong precedent for Tivan, raising proceeds from highly sophisticated investors around the world at a modest discount and with minimal transaction costs. It strongly differentiates Tivan from sectoral peers and signals an ongoing commitment to preserve and enhance shareholder value,” said executive chairperson Grant Wilson.
“I am pleased to welcome a new cohort of global investors to Tivan, including from Singapore, Hong Kong, New Zealand and Europe. I am grateful for the ongoing support of existing shareholders, small and large, as we continue to build a company of durable significance and a track record of path-breaking achievements.”
Tivan recently announced plans to switch its focus from its Mt Peake vanadium/titanium/iron project, in the Northern Territory, to its wholly owned Speewah vanadium/titianium/iron project, in Western Australia.
A scoping study for Speewah is planned for 2023, followed by prefeasibility and feasibility studies in 2024 and 2025 respectively.
www.ferroalloynet.com
