Tivan raises over $1 million through share purchase plan

Tivan (ASX:TVN) has closed its share purchase plan (SPP), which was announced on 12 July, and raised $1.022 million from shareholders. 

The $108.96 million market capitalisation company says the SPP was undertaken in conjunction with a $5 million share placement to Australian and international institutional and high-net-worth investors. 

Commenting on the SPP, Tivan Executive Chairman Grant Wilson says: “Tivan’s first capital raise has been a resounding success. Beyond the proceeds raised, we set a new benchmark for the sector on pricing and in maximising net proceeds. 

Beyond the proceeds raised, we set a new benchmark for the sector on pricing and in maximising net proceeds”

The outcome has further advanced various commercial-in-confidence negotiations that were underway. The SPP was offered to afford our retail shareholders the opportunity to participate on the same terms as new institutional investors, consistent with the undertaking I made during the Change campaign.”

Tivan notes that SPP and Placement proceeds exclude the amounts to be received from the company’s directors, who each agreed to invest $25,000 in the placement subject to shareholder approval which will be sought at the company’s 2023 annual general meeting. 

The issue of SPP shares is planned for 10 August. 

Under the purchase plan, eligible shareholders were able to subscribe for up to $30,000 in new shares in Tivan at an issue price of $0.072 per share. 

Tivan is an ASX-listed critical minerals-focused company, with its major project based in the Northern Territory. As of 30 June 2023, the company had $1.298 million cash and cash equivalents at hand, according to its latest quarterly report published on 25 July.

Write to Aaliyah Rogan at Mining.com.au

Images: Tivan Ltd
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.