An independent oil & gas explorer dedicated on high impact energy resources in sub-Saharan Africa, Invictus Energy Limited (ASX:IVZ) has entered into a binding share subscription agreement with the Mangwana Opportunities Fund, a Zimbabwe institutional investor managed by Mangwana Capital.
The share subscription agreement raises the equivalent of $0.44 million by issuing 12.5 Mn shares at $0.035 per share. While, the condition precedent to the placement completion and subscription agreement subject to approval by the Reserve Bank of Zimbabwe Exchange Control is expected shortly. The agreement makes provision for additional equity investment by Mangwana for IVZ’s Cabora Bassa Project over the next 12-24 months.
Funds raised will be used to advance the Project’s ground activity and preparatory works in the project area, CSR program within the Muzarabani and Mbire Districts and other in-country activities.
IVZ has also onboarded Mr. Joe Mutizwa, Mangwana Capital’s current chairman, as a Director of IVZ’s 100% owned local subsidiary Invictus Energy Resources Zimbabwe Pty Ltd.
IVZ is trading at $0.026, up 4% (12:45 PM AEST).