Invictus Energy\u00a0 has announced that it has received firm commitments from new and
\nexisting institutional and sophisticated investors to raise A$8.0m (before costs) by way of a share placement.<\/p>\n
According to Invictus the placement received strong interest and support from both new
\ninstitutional investors and existing shareholders, PAC Partners acted as lead manager to the Placement.<\/p>\n
Use of Funds<\/strong> 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.<\/p>\n 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 CY22.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
\nProceeds of the Placement will be applied towards:
\n\u2022 The upcoming 2D seismic campaign in SG 4571;
\n\u2022 Basis of well design;
\n\u2022 Long lead drilling items for the Mzarabani-1 exploration well;
\n\u2022 Drilling rig tender preparation; and
\n\u2022 General working capital<\/p>\n
\n\u201cWe are extremely pleased with the excellent support received from new and existing shareholders and it is a strong endorsement of our Cabora Bassa project and the exciting and world class Mzarabani-1 Prospect which the Company is preparing to drill.<\/p>\n