- Invictus Energy (IVZ) places its shares in a trading halt pending the release of a capital raising announcement
- The company’s shares will remain in the halt until Monday, May 23, or when the announcement is released to the market, whichever occurs first
- On May 12, Invictus announced it had seen the potential for multiple stacked zones at the Mukuyu prospect in Zimbabwe
- The zones were identified via seismic inversion and quantitative analysis studies which indicated strong potential for hydrocarbons
- Shares in Invictus last traded at 27.5 cents on Wednesday, May 18
Invictus Energy (IVZ) has placed its shares in a trading halt pending the release of a capital raising announcement.
The company’s shares will remain in the halt until Monday, May 23, or when the announcement is released to the market, whichever occurs first.
Invictus is yet to disclose how much it intends to raise or what it will use the money for once received.
On May 12, Invictus announced it had seen the potential for multiple stacked zones at the Mukuyu prospect in Zimbabwe.
The zones were identified via seismic inversion and quantitative analysis studies which indicated strong potential for hydrocarbons.
Specifically, the work suggested the section just below the Horizon 200 target is likely to consist of multiple stacked hydrocarbon-bearing zones that range in thickness from 40 to 80 metres.
Invictus last tapped investors for cash in December 2021 when it undertook a $5.5 million capital raising, consisting of a $3.5 million placement and a $2 million share purchase plan.
Under the placement, 35 million new fully-paid ordinary shares were issued to sophisticated and institutional investors at 10 cents.
The share purchase plan allowed eligible shareholders to apply for up to $30,000 worth of new shares that were also priced at 10 cents.
Participants in the plan also received one attaching option for every two shares purchased, exercisable at 14 cents with a three-year period.
Invictus used the money from both the placement and share purchase plan to develop its Cabora Bassa Project in Zimbabwe.
Shares in Invictus last traded at 27.5 cents on Wednesday, May 18.