Invictus Energy announced that it had received firm commitments from new and existing institutional and sophisticated investors to raise A$8 million (before costs) by way of a share placement.

Under the placement, Invictus will issue 25,058,198new 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, at an issue price of $0.11per share.

Highlights of the Capital Raising:

• The capital raising is made up of A$8.0m in funds raised via a Private Placement to sophisticated and institutional investors
• Proceeds from the capital raising to be applied to SG 4571 seismic acquisition campaign and ordering of long lead drilling items for Mzarabani–1 exploration well
• Funds will provide capital for Invictus to accelerate the Company’s exploration campaign throughout the remainder of CY21

Excerpts from Invictus Energy’s release:

“The placement price of A$0.11 per share represents a 21.4% discount to the last traded price of $0.14 per share on 19 March 2021, being the last trading date before the placement, and a 10.0% discount to the 15–day VWAP prior to that date.

Each investor in the New Shares will also be allocated an attaching unlisted option, on a 1–for–2 basis, with an exercise price of $0.17 and a 3–year term, resulting in a total of 36,363,636 new options being issued. The options are to be issued under the Company’s ASX LR–7.1 capacity.”

Commenting, the Manging Director of Invictus, Scott Macmillan, said: “We 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.

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.”

ABOUT INVICTUS ENERGY

Invictus Energy Ltd is an independent oil and gas exploration company focused on high impact energy resources in sub-Saharan Africa. Our asset portfolio consists of a highly prospective portion of the Cabora Bassa Basin in Zimbabwe, one of the largest under-explored interior rift basins in Africa.