Invictus announces Securities Purchase Plan amidst Cabora Bassa Basin developments

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Invictus announces Securities Purchase Plan amidst Cabora Bassa Basin developments

Securities Purchase Plan
Image source: Company announcement

Highlights 

  • Invictus Energy Limited (ASX:IVZ) has invited existing shareholders to purchase fully paid ordinary shares up to AUD 30,000 under a Securities Purchase Plan (SPP).
  • The Security Purchase Plan Prospectus and Application Form was lodged with the ASIC and ASX on 10 January 2022.
  • The Company is progressing the development of the Cabora Bassa Basin in Zimbabwe.

Invictus Energy Limited (ASX:IVZ) has been garnering ample attention by the market of late, thanks to the robust progress in the development of the Cabora Bassa Basin in Zimbabwe. The Cabora Bassa Project has Invictus’ Special Grant 4571 permit containing the world class multi-TCF Muzarabani (8.2 Tcf + 247m barrels conventional gas condensate) and Msasa conventional gas-condensate prospects.

While developments at the Project continue, Invictus has now presented the opportunity to existing shareholders to purchase fully paid ordinary shares under a Securities Purchase Plan (SPP).

Eligible Shareholders have the opportunity to subscribe for a maximum of AUD 30,000 worth of new shares at an issue price of AUD 0.10 per Share.

Initially, this was intended to raise up to AUD 2,000,000 (before costs). But overwhelming demand on the opening day saw this target being achieved. Consequently, Invictus has further opened AUD 1 million worth of oversubscriptions.

Securities Purchase Plan (SPP) timeline

 

Overview of Invictus’ Securities Purchase Plan (SPP)

The SPP will enable existing shareholders to purchase up to AUD 30,000 worth of shares in Invictus, free of all brokerage and other charges, irrespective of the size of their shareholding. The Company lodged the Security Purchase Plan Prospectus as well as the Application Form with both the ASX and ASIC on 10 January 2022.

  • The right to participate in Invictus’s SPP is available exclusively to persons who are registered as holders of fully paid ordinary shares on the record date of 24 December 2021 and whose registered address is in Australia or New Zealand.
  • The Offer does not extend to shareholders who hold shares on behalf of another person outside Australia or New Zealand.
  • Eligible shareholders are entitled to apply for a minimum of AUD 2,000 worth of shares and a maximum of AUD 30,000 worth of shares (or for a specified quantity of shares between the minimum and maximum numbers).
  • The SPP will enable shareholders who do not hold a marketable parcel of at least AUD 500 worth of shares to increase their shareholding to greater than a marketable parcel, without brokerage and other charges.

Applications will be processed on a first-come-first-served principle. If applications under the SPP exceed AUD 2 million, Invictus can close the SPP early. Notably, if oversubscriptions occur, the Directors can increase the SPP acceptances by a further AUD 1 million- which has been done now.

Capital raising

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Recent developments at Cabora Bassa Project

December 2021 and January 2022 so far have been fruitful and action-packed for Invictus’ Cabora Bassa Project. Some major developments include-

  • Farm in Option Agreement for a 2-well campaign.
  • Invictus securing drilling rig for Muzarabani-1 well.
  • Capital raising of AUD 5.5 million to support Cabora Bassa development.
  • Invictus securing long leads 2-well drilling program.

Notably, the SPP funding will assist with drilling costs.

On 12 January 2022, IVZ traded at AUD 0.11 at a market capitalisation of AUD 74.4 million.

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