Tivan's (ASX:TVN) partner ETFS Capital completed tranche one funding of AU$11.3 million to Fluorite Holding SPV to advance the development of the Speewah project in Western Australia, according to a Wednesday filing with the Australian bourse.

The company recently finalized binding agreements for ETFS Capital to become a strategic partner in the project, investing up to AU$51.3 million in two tranches for an equity interest of up to 17.5% and providing a AU$10 million equity overrun facility, the filing said.

Tivan shares rose more than 5% in morning trade on Wednesday and earlier reached their highest since February 2008.