- Invictus Energy (IVZ) enters a pre-Christmas trading halt while it plans the details of an upcoming capital raising
- The company will remain in the halt until December 29 or when more details are released, whichever occurs first
- On December 10, Invictus announced it had secured a drill rig for the Muzarabani-1 exploration well in Zimbabwe
- The company executed a Memorandum of Understanding with EXALO Drilling SA to drill the well with an option for an additional well to be exercised by Fenruary 15
- Shares in Invictus last traded at 11.5 cents on December 22
Invictus Energy (IVZ) has entered a pre-Christmas trading halt while it plans the details of an upcoming capital raising.
The company will remain in the halt until December 29 or when more details are released, whichever occurs first.
Invictus is yet to disclose how much it intends to raise or what it will use the funds for once received.
On December 10, Invictus announced it has secured a drill rig for its Muzarabani-1 exploration well in Zimbabwe.
Invictus executed a Memorandum of Understanding (MOU) with EXALO Drilling SA to drill the Muzarabani-1 well with an option for an additional well to be exercised by February 15.
The companies are expected to sign a binding rig agreement next year.
Invictus last tapped investors for cash in March when it undertook an $8 million placement.
A total of 72,727,273 fully-paid ordinary shares were issued to sophisticated and institutional investors at 11 cents.
Each investor also received one unlisted attaching option for every two shares subscribed for.
Invictus stated it would use the money for an upcoming 2D seismic campaign at the SG 4571 permit in northern Zimbabwe.
The company also stated it would use the money for well designing and drilling the Muzarabani-1 well.
Shares in Invictus last traded at 11.5 cents on December 22. The company has a $67.28 million market cap.