Ann: Tivan agrees strategic capital raising of up to $12.4m, page-15

Last week another ASX company who'd sent their CEO out to Aus to endeavour to raise funds managed a raise of $15M at a 40% discount to VWAP.
They have already built a demo plant & proven their tech, had completed a DFS & by the end of March are submitting their EIS for the project - MC not far from where TVN is currently.

I'm sure there are other takes on this, the highlights are two separate but related items :
$11.2 million[1] convertible note facility (“Facility”) with SBC Global Investment Fund (“Investor”), a fund of L1 Capital Global Opportunities Master Fund (“L1 Capital”).
$2.8m in initial funding from the Investor under the Facility (“First Tranche”).
This is part 1 - $2.8M up front which will go to working capital & likely $1M to KRR


$1.2 million via the placement of 24 million fully paid ordinary shares (“Shares”) (“Placement”) at an issue price of $0.05 per Share.
Tivan’s Executive Chairman Mr Grant Wilson, and Non-Executive Director Dr Anthony Robinson, have agreed to invest $100,000 each in the Company as part of the Placement subject to shareholder approval.
This is part 2 - $1.2M, of which $200k is to Grant & Anthony.

L1 Capital were part of a previous CR so they are back again.
The fund mentioned has a few Google hits - West Wits Mining (WWI), Australian Mines (AUZ) $4.5M in 2022, Infinity Mining $10M in 2023, Magnis energy (MNS) $25M in 2023 to name a few.

First repayment (cash or shares) in May 2024 - 18 in total - so first monthly repayment will be $183k or equivalent in shares - at 7% discount to VWAP over preceding 20 days.
Can convert any CN (issued) to shares at 0.10
They get 28 million options at 0.10 but no more for further CNs.
3% cost of raise.

So 15% discount vs 40% at the other company but this is a deferred raise with defined terms - the 10c options & right to convert any issued CN to shares at 10c, seems like value for SBC Global Investment Fund will be realised when the SP above this price - particularly if TIVAN pays monthly installments in shares.

This will also change this 8.7 ratio below, with the addition of funds in point 8.5, to provide the company breathing room to do what needs to be done to progress the Fluorite PFS.



If/when it goes up on Twitter, I'll post the link to the call.