Independent oil and gas explorer with an asset portfolio within the Cabora Bassa Basin in Zimbabwe, Invictus Energy (ASX:IVZ) completes $0.44 million Placement with the Mangwana Opportunities Fund, via issue of 12,564,143 shares at a price of $0.035.
The issue price represents a 91% premium to the preceding five day VWAP of $0.0183. The Placement, announced on 30 April 2020, received approval from the Reserve Bank of Zimbabwe Exchange Control authority.
The share subscription agreement makes provision for further equity investment by Mangwana for Cabora Bassa project over the next 12-24 months, while assisting Invictus in achieving strategic goals in Zimbabwe.
Besides this, the Company appointed Mr. Joe Mutizwa, respected Zimbabwean businessperson and current Chairman of Mangwana Capital, as a director of Invictus’ 100% owned local subsidiary- Invictus Energy Resources Zimbabwe Pty Ltd.
IVZ soared 10.34% on the ASX, quoting $0.032 at 11:53 AM AEST on 8 July 2020.