ZIMBABWE: Invictus Raises $12.7 million for High Impact Exploration & Appraisal Program

Invictus Energy has announced that its Share Purchase Plan (SPP) offer announced on 6 April 2023 has closed oversubscribed, with valid applications received from eligible shareholders amounting to
$12.7 million.

Due to the overwhelming support received by shareholders, the Board has exercised its discretion to increase the size of the SPP to accommodate the oversubscriptions in recognition of the long-term support of its retail investors.

In order to facilitate the change to the offer terms under the SPP prospectus to accept the oversubscriptions, Invictus will be lodging a supplementary SPP prospectus.

Comments from Managing Director Scott Macmillan:
“I am pleased by the overwhelming support we have received from shareholders for the SPP, and I am delighted that we have been able to accept oversubscriptions.
The funding raised in the SPP, combined with the recently completed institutional Placement, puts Invictus in a strong position as we enter our next phase of exploration and appraisal in the Cabora Bassa Basin.
The funds will help support the drilling of the upcoming Mukuyu-2 appraisal well, which will build on the success of the play opening Mukuyu-1/ST1 exploration well.

Funds will also be allocated to support the recently awarded CB23 seismic campaign, which will aim to mature a number of already identified leads to drill-ready prospects as we look to unlock the upside potential of our wider basin master position.“

SPP shares to be issued
With the SPP now closed, Invictus will allot a total of 106,127,367 new fully paid ordinary shares, raising $12.7 million.
As a result of accepting the oversubscriptions and the requirement to lodge a SPP supplementary prospectus, the allotment of shares will now take place on 2 June 2023.