On the back of Thursday’s news, Tivan (ASX:TVN) is launching a pro-rata non-renounceable entitlement offer to raise up to $7.5 million.
Under the offer, 150.2 million shares at $0.05 per new will be issued to eligible shareholders on the basis of one new share for every 11.5 shares held on 20 August 2024 at 5pm AEST.
The issue price represents a 5.7% discount to the last closing price of $0.053 per share on 14 August and a 4.3% discount to the 10-day volume weighted average price (VWAP) of $0.0523 per share.
For every two new shares subscribed for and issued under the offer, eligible shareholders will receive one unlisted option to acquire one share exercisable at $0.12 and expires on 30 June 2027.
Tivan, which has a market capitalisation of $91.55 million, intends to use the funds raised to repay debt related to the Speewah Project acquisition, and progress its priority projects.
Funds will also go towards development planning for the Speewah Fluorite Project, exploration at the Sandover Project and the Speewah Vanadium Project pathway, including the Tivan+ technology, as well as general working capital.
Alderan Resources (ASX:AL8) plans to conduct a capital raising of $1.6 million to fund stage one drilling at the New Years prospect within the Cactus Copper-Gold Project in Utah, US.
The capital raising comprises a placement to raise $332,000, which the company has received firm commitments from sophisticated investors, and a non-renounceable pro-rata entitlement offer to raise up to $1.27 million.
Under the placement, 166 million shares will be issued at $0.002 per share.
Under the entitlement offer, eligible shareholders can subscribe for one new share for every two shares held at $0.002 per share, with one free attaching option for every four shares applied for and issued, exercisable at $0.005 per option and a two year expiry date.
Cygnet Capital acted as lead manager to the placement and has also been appointed as lead manager to the entitlement offer.
Evolution Energy Minerals (ASX:EV1) reveals that the second tranche funds from a previously conducted placement have been transferred, totalling $1.32 million, from ARCH Sustainable Resources Fund LP.
On 13 June, the company received commitments to raise $4 million via a two-tranche placement, with major shareholder ARCH committing to invest $1.3 million to hold 25% post-raise.
Evolution Energy will now issue 33.08 million shares to ARCH as approved by shareholders in its general meeting on 26 July 2024.
Meanwhile, Volt Resources (ASX:VRC) is conducting a capital raising of $500,000 via a convertible note to professional and sophisticated investors.
The funds raised will be used to refinance a loan, drive US downstream operations, and general working capital.
Melbourne-based boutique investment management firm Peak Asset Management acted as lead manager to the capital raise.
As a part of fiscal discipline, Volt Resources has reduced the cash outflows. The net cash flow during financial year 2024 was $4.61 million versus $9.52 million during financial year 2023.
The June quarter also saw further reductions in costs from operating activities, being $469,000.
Write to Aaliyah Rogan at Mining.com.au
Images: Tivan
