Invictus Enery completes US$6.10mn placement in Zimbabwe

Zimbabwe storyInvictus Energy Limited has received firm commitments from new and existing institutional and sophisticated investors to raise approximately US$6.10mn (before costs) by way of a share placement in Zimbabwe

Invictus received strong interest and support from both new institutional investors and existing shareholders, PAC Partners acted as lead manager to the placement.

Under the placement, Invictus will issue 25,058,198 new fully paid ordinary shares under the company’s remaining ASX LR-7.1 capacity and 47,669,075 new shares under the company’s additional ASX LR-7.1 A placement capacity, for a total of 72,727,273 new shares.

The proceeds of the placement will be applied towards the upcoming 2D seismic campaign in SG 4571; basis of well design; long lead drilling items for the Mzarabani-1 exploration well; drilling rig tender preparation and general working capital.

Commenting on the capital raising, managing director Scott Macmillan said, “The placement funds will allow us to commence our 2D seismic acquisition campaign to refine the drilling targets in the stacked Mzarabani Prospect and identify additional prospectivity in the SG 4571 permit.”

“The company will also use part of the proceeds from the placement to order long lead drilling equipment and undertake a rig tender exercise. In addition, the placement will provide ongoing working capital to support the development of the project as it continues to prepare for a high impact basin opening drilling campaign, anticipated in late CY21 / early CY2.”

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