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Invictus Energy placing raises $1.5 million



  • Invictus successfully completes a well supported Placement of $1.5m to new and existing sophisticated and institutional investors.
  • Funds will be used to progress the Company’s flagship Cabora Bassa gas-condensate asset in Zimbabwe.
  • Farm-out discussions ongoing with significant interest at recent Africa Oil Week presentation.

Invictus Energy Limited has received binding commitments for a Placement to raise $1.5 million (before costs) by issuing 57,692,310 shares at an issue price of $0.026 which represents a 13.3% discount to the 10 day VWAP.

Shares will be issued to new and existing institutional and Sophisticated investors under the Company’s existing ASX Listing Rule 7.1 and 7.1A placement capacity. A total of 18,592,121 shares will be issued under the Company’s Listing Rule 7.1 allowance and 39,100,189 shares being issued in accordance with Listing Rule 7.1A.

Ashanti Capital is acting as Lead Manager to the Placement.

Together with the existing cash reserves, the new funds ensure Invictus is well funded through this growth phase as farm-out discussions develop, preparatory works for the on ground exploration phase commence, the Company progresses its Corporate Social Responsibility program within the community resulting from the completed Environmental Impact Assessment field survey, and government discussions on the petroleum regulatory framework.

Invictus Managing Director Scott Macmillan commented:
“The demand and bids for the Placement was well in excess of our target and we thank our existing shareholders and the new incoming shareholders for their strong support. The Company looks forward to an exciting growth phase as we focus on discussions with potential farm In partners and the future exploration program”.

The Cabora Bassa Project

The Cabora Bassa Project encompasses the Mzarabani Prospect, a multi-TCF and liquids rich conventional gas-condensate target, which is potentially the largest, undrilled seismically defined structure onshore Africa. The prospect is defined by a robust dataset acquired by Mobil in the early 1990s that includes seismic, gravity, aeromagnetic and geochemical data.

Link to Invictus Energy Zimbabwe country profile

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