- Invictus Energy will raise $1.5 million through a placement to further develop its Cabora Bass Project in Zimbabwe
- This oil and gas project is potentially the largest un-drilled structure in onshore Africa
- Funding will support the company in preparing for exploration and potential farm-in opportunities
- The company’s share price remains flat today, with shares trading for 2.9 cents each
Invictus Energy has received binding commitments for a $1.5 million placement to new and existing sophisticated and institutional investors.
The oil and gas explorer will raise the funds by issuing 57,692,310 shares at an issue price of $0.026. This represents a 13.3 per cent discount to the 10-day volume-weighted average price.
“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,” Managing Director Scott Macmillan said.
The funds from the placement will progress Invictus’ flagship Cabora Bassa Project in Zimbabwe.
This project encompasses the Mzarabani Prospect, a multi-trillion cubic feet and liquids-rich conventional gas target. It’s, potentially, the largest un-drilled seismically defined structure in onshore Africa.
Funding will support Invictus through works in preparation for on-ground exploration.
It may also engage farm-out partners who Invictus was in discussions with during the Africa Oil Week exhibition which took place in Cape Town, South Africa, from November 4 – 8.
“The company looks forward to an exciting growth phase as we focus on discussions with potential farm-in partners and the future exploration program,” Scott said.
Invictus is also progressing its Corporate Social Responsibility program within the community as a result of the completed Environmental Impact Assessment field survey in September 2019.
The company’s share price remains flat today, with shares trading for 2.9 cents at 10:16 am AEDT.