(Adds details on use of proceeds in paragraph 5)

Oct 19 (Reuters) - Australia's Liontown Resources said on Thursday it secured A$1.13 billion ($712.69 million) in funding for its flagship Kathleen Valley lithium project via a debt financing package and a fully underwritten equity raise.

The miner will get A$376 million from the equity raise, out of which A$10.8 million will be from the company's Chairman Timothy Goyder, according to Liontown.

Equity will be raised at a price of A$1.80 per share, a discount of 55% to Liontown's last close of A$2.79 on Oct. 13.

The company also executed a term sheet for A$760 million of debt facilities from a banking syndicate and government credit agencies.

Liontown, which last year secured a debt facility of A$300 million from a unit of Ford to further develop the Kathleen Valley project, said it will use proceeds of the debt facilities and equity raising for the project's remaining capital costs and to refinance existing debt.

Liontown entered a trading halt on Monday to raise funding for the project after U.S.-based miner Albemarle walked away from a A$6.6 billion buyout offer.

"The execution of this credit approved term sheet and the launch of the equity raise are critical achievements in de-risking the development of the Kathleen Valley Project," Liontown CEO Tony Ottaviano said on Thursday.

The Kathleen Valley project remained on track to commence production in mid-2024, Liontown added. ($1 = 1.5838 Australian dollars) (Reporting by Poonam Behura; Editing by Subhranshu Sahu and Shounak Dasgupta)