Invictus Energy Exceeds $5m Target To Fund Zimbabwean Oil Exploration4 months ago
Invictus Energy, an Australian company that explores oil and gas in Zimbabwe, has announced that it has exceeded its initial fundraising target of $5 million through the Share Purchase Plan (SPP). The SPP is one of the company’s ways of raising capital to fund its 80% owned and operated Cabora Bassa Project in Zimbabwe, with a goal of raising $10 million.
Invictus Energy recently confirmed the presence of light oil, gas-condensate, and helium gas in commercial quantities from its Mukuyu-1 mud gas compositional analysis. Last year, the company reported that Zimbabwe may have over 5.5 billion barrels of oil, which is equivalent to 874.4 billion litres.
- Invictus Energy Update 22 May 2023: Invictus Energy receives strong support for Share Placement Plan
According to a shareholder update seen by Pindula News, the company has surpassed its initial $5 million target under the Share Purchase Plan, which was announced on April 6, with eligible Invictus shareholders showing overwhelming support for the offer. Said Invictus Energy on Monday:
The Company has exceeded its initial $5 million target under the Share Purchase Plan (“SPP”), announced on 6 April 2023, with the offer receiving overwhelming support from eligible Invictus shareholders.
The board has agreed to accept oversubscriptions, up to an additional $5 million, to raise a total of up to $10 million.
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Funds raised via the SPP will be used to build on recent exciting breakthroughs from the Mukuyu-1/ST1 exploration campaign and provide funding for the Mukuyu-2 appraisal and Phase 2 exploration programs.
The SPP will remain open until 5:00pm (WST) on 25 May 2023, with the Company reserving the right to close the offer earlier than stated.
Shareholders who were registered as holders of Shares at 5:00pm (WST) on 05 April 2023 (the Record Date) and whose registered address is in Australia or New Zealand (“Eligible Shareholders”) can subscribe for a maximum of $30,000 worth of new Shares at an issue price of $0.12 per Share. SPP participants will also be entitled to receive attaching options on a one-for-two basis at A$0.20 (67 per cent premium to the SPP price) with a three-year term.
Participation in the SPP is optional and eligible shareholders who wish to participate in the SPP are required to complete the application form accompanying the SPP offer document and pay the applicable funds in accordance with the instructions in those documents, prior to the closing date of the SPP.
In 2020, the Government classified the Muzarabani project as one of the priority development projects, which can provide a significant economic benefit to the economy in pursuit of an upper middle-income economy by 2030.