ZIMBABWE: Invictus Energy Reports Strategic Capital Raise Tranche 2 Oversubscription

Invictus Energy announces that following shareholder approval at the Extraordinary General Meeting held on 21 October 2024, the second tranche of the US$10 million Institutional Placement managed by Mangwana Capital (Private) Limited as announced to the ASX on 29 July 2024 has been completed.
Due to strong demand, the Company also accepted an additional US$2 million in oversubscriptions on
the same terms. Tranche one of the Placement was partially underwritten by the Mutapa Investment
Fund of Zimbabwe which was completed in August 2024.

This strategic investment is historic for both Invictus and investors in Zimbabwe, who can now hold and
trade securities in the Company through its secondary listing on the Victoria Falls Stock Exchange.
Invictus Energy Managing Director Scott Macmillan commented:

“The completion of this strategic capital raise is testament to the strong investor confidence in our Cabora Bassa Project and its potential to drive transformative growth in Zimbabwe’s energy landscape.
We are grateful for the enduring and overwhelming local and institutional support.
With the capital secured, we are equipped to accelerate the next phase of our exploration and development activities at the Cabora Bassa Project. We remain committed to delivering long-term value for our shareholders and contributing to Zimbabwe’s energy independence and economic growth.”

Placement details
Under Tranche Two of the Placement consisting of the remaining US$3.5 million, a total of 53,030,303
new shares will be issued at share price of AU$0.10 at an AUD/USD FX rate of US$0.66.
The Company accepted US$2.065 million in oversubscriptions and will issue an additional 31,298,025
new shares on the same terms as the Placement.
Participants will receive an option to acquire one additional share for every four shares subscribed under the Private Placement, exercisable at AUD$0.30 with a two-year period.
Mangwana was paid a 5% fee on capital raised which will be partially settled through the issuance of
2,711,208 new shares at a price of AU$0.10 and the balance in cash.
Securities issued will be listed on the Victoria Falls Stock Exchange (VFEX: INV) through issuance of new
Zimbabwe Depository Receipts (ZDRs) to support local liquidity and trading.