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- Invictus Energy (IVZ) receives “overwhelming demand” on the opening day of its share purchase plan
- Invictus launched its share purchase plan (SPP) on January 10, with the aim of raising up to $2 million
- Given the demand for the SPP, the company has begun accepting oversubscriptions of a further $1 million
- The company says its capital raising activities will assist with funding its 80 per cent owned and operated Cabora Bassa project in Zimbabwe
- Invictus Energy end yesterday’s trading day at 12 cents
Invictus Energy (IVZ) reported “overwhelming demand” for a share purchase plan on its opening day.
The company has been undertaking capital raisings to help fund its 80 per cent owned and operated Cabora Bassa gas-condensate project in Zimbabwe.
Invictus launched its share purchase plan (SPP) on January 10, seeking to raise up to $2 million.
The SPP was offered at 10 cents per share, with the minimum SPP parcel set at $2,000 and the maximum capped at $30,000. A one-for-two option at an exercise price of 14 cents was also presented, expiring on January 31, 2025.
Invictus received strong demand for the SPP on the opening day, hitting its target of $2 million. Given this, the company has started to accept oversubscriptions of a further $1 million, increasing the SPP total to $3 million.
Invictus outlined the funding will go towards assisting with the drilling costs of the Cabora Bassa project’s Muzarabani-1 well.
The SPP follows a $3.5 million share placement announced in December. The company said the funds will be pumped into advancing the project, including payment of a rig mobilisation fee and the purchase of long lead items for the planned two-well drilling program.
IVZ shares last traded at 12 cents on January 11.
