Tivan Limited has announced that it completed the acquisition of Speewah Mining Pty Limited (SMPL), the owner of the Speewah-Vanadium-Titanium-Iron Project in Western Australia (WA), from King River Resources Limited (KRR).
Tivan previously signed a binding term sheet with KRR to acquire SMPL for a total consideration of $20 million, split between staged cash payments and the issue of Tivan shares.
SMPL, which is located 100 km south of the port town of Wyndham in the Kimberley region in north-west WA, owns Speewah Project tenements E80/2863, E80/3657, L80/43, L80/47, M80/267, M80/268, M80/269 and associated project assets, including mining information and all related intellectual property.
Tivan said it had already made a cash payment of $2.5 million to KRR and issued 100 million ordinary fully paid shares in Tivan to KRR at a deemed issue price of 10 cents per share for $10 million.
The shares issued to KRR will be subject to voluntary escrow until 17 February 2025.
The remaining cash payment of $7.5 million will be payable by Tivan to KRR by 17 February 2024.
Tivan said it would issue further details on its development planning for Speewah in the future.
KRR stated that the sale of its project to Tivan will allow it to approve a $1.25 million geophysical exploration program in the Tennant Creek field to commence.
The company added that the program would prioritise target drill positioning over specific targets in locations around the Tennant Creek field, with the expectation that drilling will commence by mid-2023
