Invictus Energy (ASX:IVZ) gets ‘overwhelming support’ for $10Mn Share Purchase Plan

May 22, 2023 07:44 PM PDT | By Manisha

Invictus Energy (ASX:IVZ) gets ‘overwhelming support’ for $10Mn Share Purchase Plan — Image source: Pexels.com

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Highlights

Invictus Energy has received strong support for its recently announced SPP.

The company has exceeded its initial target of raising up to AU$5 million.

Invictus will now accept oversubscriptions to raise a total of up to AU$10 million.

The ASX-listed company has decided to utilise the funds for high-impact exploration and appraisal programs across its Cabora Bassa Project in Zimbabwe.

In the latest update, Invictus Energy Limited (ASX:IVZ) talked about the overwhelming response and demand for its recently announced Share Purchase plan (SPP) from eligible shareholders of the company. The company has surpassed its target of AU$5 million that was set under the SPP.

Considering the encouraging support, the company has decided to allow oversubscriptions for capital raising of up to AU$10 million.

The fund-raising activity was initiated last month to build capital for the company’s 80%-owned and operated Cabora Bassa Project in Zimbabwe. The company plans to direct the proceeds to build on recent exciting breakthroughs from the Mukuyu-1/ST1 exploration campaign and provide funding for the Mukuyu-2 appraisal and Phase 2 exploration programs.

Under the SPP, which is open till 25 May 2023, participants will also be entitled to receive attaching options on a one-for-two basis at AU$0.20. The shareholders can subscribe for a maximum of AU$30,000 worth of new shares at an issue price of AU$0.12 per share.

IVZ stock gains over 8%

IVZ shares were trading at AU$0.125 on the Australian Securities Exchange (ASX), with an uptick of about 8.695%, at the time of writing this article on 23 May 2023. The company’s stock price has soared by over 200% on the ASX in the past five years.

Invictus has a market capitalisation of over AU$110 million.

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