The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Invictus Energy (IVZ) completes a capital raising program to support its flagship Cabora Bassa Project in Zimbabwe
  • The company raised a total of $8 million from its placement and share purchase plan (SPP)
  • Mangwana Opportunities Fund agreed to increase its investment in Invictus through a separate $500,000 placement
  • Five million shares and 2.5 million options will be issued to Mangwana and held in an escrow account for three months from the date of issue
  • Shares were trading 4.55 per cent higher today at 11.5 cents each

Invictus Energy (IVZ) has completed a capital raising program to support its flagship Cabora Bassa Project in Zimbabwe.

The company raised a total of $8 million from its placement and share purchase plan (SPP).

The SPP was oversubscribed, raising $4 million. The company was originally aiming to raise $2 million but chose to accomodate as many shareholders as possible.

Just under four million shares will be issued under the SPP at a price of 10 cents each.

All SPP applicants will receive a one-for-two free attaching option with an exercise price of 14 cents and expiring in January 2025.

The other $4 million was raised from the placement.

Mangwana Opportunities Fund agreed to increase its investment in Invictus through a separate $500,000 placement.

Invictus said this is strategic as it increases Zimbabwean ownership in the company. The fund has prescribed asset status and has been granted tax exempt status by the Zimbabwean Ministry of Finance.

Five million shares and 2.5 million options will be issued to Mangwana under the same terms as the SPP.

The shares will be escrowed for a period of three months from the date of issue.

The funds from the capital raising will be used to fund initiatives to develop the company’s flagship Cabora Bassa project in Zimbabwe.

This includes payment of the rig mobilisation fee, purchase of long lead items, finalisation of the CB21 Seismic Survey data processing, and general working capital.

Managing Director Scott Macmillan said the company is in a solid position.

“Invictus is in a strong position ahead of its planned May drilling campaign thanks to an excellent show of support from retail investors and recent SPP participants, which allowed the company to double its targeted raise ahead of launching key pre-drilling initiatives in coming weeks,” he said.

“Mangwana’s increased stake in Invictus adds significant local ownership weight to the company and aligns well with the company’s commitment to in-country investor, community and government stakeholders, among others.”

Shares were trading 4.55 per cent higher today at 11.5 cents each at 10.49 am AEDT.

IVZ by the numbers
More From The Market Online

Week 13 Wrap: Easter bunny delivers new all time high for ASX200

Another week, another all time high. The ASX200 clocked 7,901pts on Thursday for the first time…
The Market Online Video

Market Close: Green lights up on ASX for Easter hunt go

The ASX200 closed the day in record territory - nearly a per cent up with every…

Market shrugs as Fisher & Paykel announces mass recall

Fisher & Paykel has initiated a voluntary limited recall of batches of Airvo 1 and my…
The Market Online Video

Market Update: ASX glows red hot with another hit record

The ASX200 is trading up, hitting a new high of 7901 point and eclipsing the last…