Tivan Limited announced that it expects to receive AUD 11.2 million in funding from SBC Global Investors

Tivan Limited announced a convertible securities agreement to issue senior secured convertible notes with a face value of AUD 13.2 million (face value AUD 1 per convertible note) for a gross proceeds of AUD 11.2 million on March 22, 2024. The transaction included participation from new investor SBC Global Investment Fund, a fund managed by SBC Global Investors. The term of notes is 18 months from the issuance.

The Facility provides for initial funding via a First Tranche of AUD 2.8 million through the issue of convertible notes with a face value of AUD 3.3 million, and access to potential further funding tranches totaling up to AUD 8.4 million (with total face value up to AUD 9.9 million), with subsequent tranches being subject to mutual agreement between the Company and the Investor. The transaction expects to close its initial tranche on April 19, 2024.