The Sunday Mail
Online Reporter
INVICTUS Energy – the Australian Stock Exchange (ASX)-listed firm searching for oil and gas in Muzarabani, Mashonaland Central – has completed an oversubscribed capital raise of A$8 million, part of which will be channelled towards paying the fee for its drilling rig.
A$4m was raised through private placement, while the balance was marshalled though a Securities Purchase Plan (SPP).
The funds will also go towards purchasing long lead items for the planned well drilling programme, finalisation of the seismic survey data processing and general working capital.
“Invictus is pleased to confirm that further to its announcement on December 29, 2021, and together with the Securities Purchase Plan (SPP) closing on 18 January 2022, it has completed its capital raising programme,” said Invictus in a trading update.
“A total of A$8 million was raised comprising of US$4 million via a placement and A$4 million via a SPP.
“Due to overwhelming demand and to accommodate as many eligible shareholders as possible, the SPP was doubled from US$2 million to US$4 million.
“The SPP was supported and oversubscribed by Invictus shareholders with a total of 39 999 775 SPP shares issued raising A$4 million.”
The firm also announced that Mangwana Opportunities Fund, an investor-owned investment company, will increase its stake in Invictus by way of a placement for A$500 000.
“The placement to Mangwana is strategic for Invictus as it increases Zimbabwean ownership in the company.
“The fund comprises a broad range of Zimbabwe’s institutional investors, including State-owned and major pension funds, and invests primarily in the fields of agriculture, natural resources and tourism.”
Invictus managing director Mr Scott Macmillan said the company will now turn its attention to preparation for drilling at the Muzarabani prospect.
“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.
“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,” he said.
