Tivan (ASX:TVN) signed an underwriting agreement with Evolution Capital to underwrite the exercise of up to AU$10 million of its listed TVNO options, exercisable at AU$0.30 each and expiring on June 30, with Regal Partners agreeing to sub-underwrite AU$7.5 million of the underwritten amount, according to a Wednesday Australian bourse filing.

The company said it has also signed a binding term sheet for a AU$5 million share placement with ETFS Capital at AU$0.30 per share, with placement shares subject to a standstill arrangement upon issue.

The arrangements ensure Tivan will receive a minimum of AU$15 million through mid-year, enabling it to accelerate development planning and exploration at its key projects in Australia and Timor-Leste, the filing added.