Tivan Limited (ASX: TVN), a resources company focused on developing critical mineral projects, has announced it received firm commitments to raise $15 million through a share placement. The placement involves issuing 150 million fully paid ordinary shares at $0.10 per share to Australian and international institutional and sophisticated investors. This includes a cornerstone investment of $8.3 million from ETFS Capital Limited (ETFSC), the family office of Graham Tuckwell AO and Louise Tuckwell AO. Tivan will use the funds to part-fund the acquisition of 100% of the Molyhil Tungsten-Molybdenum Project. Tivan is also progressing exploration and development planning work at the Company’s other projects.
The issue price of $0.10 per share represents a 2.4% discount to the 10-day volume-weighted average price and a 4.8% discount to the last closing price as of September 11, 2025. Executive Chairman Grant Wilson led the placement, securing over $14 million in subscriptions. This reduced brokerage fees, while Evolution Capital Pty Ltd handled the remaining subscriptions. New shares issued under the placement will rank equally with existing shares. Funds will also be allocated to ore sorting evaluation for the Speewah and Sandover Fluorite Projects and project studies.
ETFSC’s investment will result in them becoming a substantial shareholder in Tivan. In connection with their investment, ETFSC has agreed to a standstill arrangement, preventing the sale of their placement shares until the earlier of November 14, 2026, a final investment decision for the Speewah Fluorite Project, or termination of the term sheet negotiations.
According to Tivan, the company and ETFSC will continue to work towards a binding agreement based on the non-binding term sheet in good faith. The Board of Tivan will welcome Graham and Louise Tuckwell to the company’s Annual General Meeting in Melbourne in late November.
