Invictus Energy raises over $10 million to fund development of Zimbabwe natural gas discoveries
(WO) – Invictus Energy Limited it has successfully raised A$15 million ($10.29 million) through an Institutional Placement to continue funding operations at its 80% owned and operated Cabora Bassa Project in Zimbabwe. The capital will ensure the company is well funded for a range of activities to roll out at its Cabora Bassa project in Northern Zimbabwe.
Earlier this month, Invictus declared two natural gas discoveries in the Upper and Lower Angwa formations through the Mukuyu-2 well. Funding will be utilized for a well test on natural gas discoveries in the Upper and Lower Angwa formations in Mukuyu-2 well, preparation for 3D seismic over the Mukuyu gas field and long lead items for a planned high impact exploration well from the company’s extensive portfolio in the Basin Margin or Central Fairway prospects.
Private placement. Under the Placement, Invictus will issue approximately 115,384,616 new fully paid ordinary shares at an issue price of A$0.13 per New Share, representing a 16% discount to the company’s share price on Dec. 21, 2023, the last trading date before the Placement, and a 21% discount to the five-day volume weighted average price (“VWAP”) prior to that date.
Each applicant will receive one free listed IVZOA option for every two shares subscribed for and issued under the Placement, with up to 57,692,308 IVZOA options to be issued.
Invictus will also launch an Entitlement offer to all shareholders with details of the rights issue to be released to the market in January 2024. The Placement was participated in by a range of new and existing sophisticated and institutional investors.
Placement shares and attaching options will be issued under the company’s existing ASX Listing Rule 7.1 and 7.1A placement allowance.
Managing Director Scott Macmillan commented, “These funds will be invested into extending the recent success of our dual gas discoveries in the Upper and Lower Angwa formations and completion of a highly successful Mukuyu-2 drill campaign.
“Ongoing operations across the Mukuyu field will include a well test on Mukuyu-2 and preparation for a 3D seismic survey over the Mukuyu gas field. We are currently maturing additional drill ready prospects from our recently completed CB23 infill seismic survey, and excitingly planning for our next well location within our commanding 360,000 hectare project area.
Lead image source: Invictus Energy
