Tivan (ASX:TVN) is set to raise AU$9 million via the placing of 85.7 million shares priced at AU$0.105 apiece, according to a Thursday filing with the Australian bourse.

This is a 4.5% discount to the last closing price on Feb. 10, the filing said.

Executive Chairman Grant Wilson raised around AU$3.5 million for the book, per the filing.

The company is also offering one free-attaching option for every two shares subscribed exercisable at AU$0.20 each and expiring Sept. 30, 2027.

Evolution Capital was the lead manager for the placement and options offer.

Proceeds will be used to fund a number of initiatives, including the Speewah and Sandover fluorite projects.