HIGHLIGHTS
- Share Placement Plan successfully raises $12.7 million
- The Board has elected to accept $2.7 million in oversubscriptions
- Funds to be used for high-impact exploration and appraisal program, building on the successful maiden Cabora Bassa exploration campaign
Invictus Energy has provided an update on the capital raising activities to assist with the funding of its 80 per cent owned and operated Cabora Bassa Project in Zimbabwe.
The Company’s Share Purchase Plan ('SPP') offer announced on 6 April 2023 has closed oversubscribed, with valid applications received from eligible shareholders amounting to $12.7 million. Due to the overwhelming support received by shareholders, the Board has exercised its discretion to increase the size of the SPP to accommodate the oversubscriptions in recognition of the long-term support of its retail investors. Even with the additional shares to be issued under the SPP, the total number of shares issued under the SPP will still be less than the 30% limit specified in the ASX Listing Rules, while the additional options to be issued will be able to be issued under the Company’s available Listing Rule 7.1 placement capacity. In order to facilitate the change to the offer terms under the SPP prospectus to accept the oversubscriptions, Invictus will be lodging a supplementary SPP prospectus.
Comments from Managing Director Scott Macmillan:
'I am pleased by the overwhelming support we have received from shareholders for the SPP, and I am delighted that we have been able to accept oversubscriptions.
'The funding raised in the SPP, combined with the recently completed institutional Placement, puts Invictus in a strong position as we enter our next phase of exploration and appraisal in the Cabora Bassa Basin.
The funds will help support the drilling of the upcoming Mukuyu-2 appraisal well, which will build on the success of the play opening Mukuyu-1/ST1 exploration well.
Funds will also be allocated to support the recently awarded CB23 seismic campaign, which will aim to mature a number of already identified leads to drill-ready prospects as we look to unlock the upside potential of our wider basin master position.'
Source: Invictus Energy
