Tivan Limited (ASX:TVN) signed a binding term sheet to acquire Speewah Mining Pty Ltd from King River Resources Limited (ASX:KRR) for AUD 18.1 million on February 17, 2023. The consideration consists of AUD 10 million in cash and AUD 10 million through issuance of 100 million ordinary fully paid shares in Tivan. AUD 2.5 million is to be held in escrow as a refundable deposit pending Transaction completion, AUD 2.5 million will be funded through a raising of no less than AUD 2.5 million, AUD 5 million to be paid 12 months after execution of the Agreement, or, if the payment of AUD 2.5 million above has not been made at that time, AUD 7.5 million must be paid 12 months after execution of the Agreement. The final AUD 5 million cash payment will only be paid if an application to extend the term of E80/3657 is granted within 12 months. Completion of the Transaction is subject to conditions precedent being satisfied or waived, which will include completion of an independent geological assessment to validate the reported resources of Speewah by 27 February 2023; and shareholders of KRR approving the transaction by 31 March 2023 or such other date as may be agreed between the parties. As on March 2, 2023, King River Resources Limited shareholders approved the deal. The transaction is expected to complete by April 7, 2023.

Tivan Limited (ASX:TVN) completed the acquisition of Speewah Mining Pty Ltd from King River Resources Limited (ASX:KRR) on April 11, 2023. Tivan has made a cash payment of AUD 2.5 million to KRR, the funds that were previously held in escrow and issued 100 million ordinary fully paid shares in Tivan to KRR. The shares issued to KRR will be subject to voluntary escrow until February 17, 2025. The remaining cash payment of AUD 7.5 million is payable by Tivan to KRR by February 17, 2024.