Independent oil and gas explorer, Invictus Energy Limited (ASX:IVZ) released an update of its activities for the quarter ending March 2020. During the period, significant progress was made at its 80% owned and operated Special Grant 4571 licence (Cabora Bassa Project).
From Zimbabwe government, IVZ Company bagged Priority Project Status. A tech committee was formed to carry out negotiations for a Production Sharing Agreement (PSA). Besides, final EIA submissions were received by Environmental Management Authority.
Moreover, meetings were conducted with the Chiefs representing Muzarabani and Mbire rural districts.
More recently, IVZ announced a placement with Mangwana Opportunities Fund to raise $0.44 million at a price of $0.035, representing a 91% premium to the preceding 5 day VWAP of $0.0183 and a 40% to premium to the last closing price of $0.025.
Cash and cash equivalents at end of quarter amounted to $1.54 million. The stock quoted $0.025 at 11:43 AM AEST on 1 May 2020.
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