Invictus Energy completes capital raising programme to progress Cabora Bassa Project

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Invictus Energy completes capital raising programme to progress Cabora Bassa Project

Invictus completes capital raising
Image source: ©2022 Kalkine Media®


  • Invictus Energy Limited (ASX:IVZ) has completed its capital raising programme.
  • A$8 million was raised comprising of A$4 million via a placement and A$4 million via a Securities Purchase Plan (SPP).
  • Proceeds will be used to fund a range of initiatives to develop Invictus’s flagship Cabora Bassa Project.


Invictus Energy Limited (ASX:IVZ) is progressively developing its 80% owned and operated Cabora Bassa Project in Zimbabwe. The independent oil and gas exploration company has completed its capital raising programme. Through a Placement and Securities Purchase Plan (SPP), a total of A$8 million was raised.

Capital Raising overview

Owing to a Placement announced in December 2021, and together with the SPP which closed on 18 January 2022, Invictus completed its capital raising programme, raising A$4 million from each (total A$ 8 million).

The SPP fetched overwhelming demand. To accommodate as many eligible shareholders as possible, it was doubled from A$2 million to A$4 million. The plan was supported and oversubscribed by Invictus shareholders with a total of 39,999,775 SPP shares issued raising A$4 million.

All applicants receive a one-for-two free attaching option with an exercise price of $0.14 and expiry of 31 January 2025. 19,999,734 options were issued pursuant to Invictus’ ASX Listing Rule 7.1 allowance.

Mangwana Opportunities Fund’s increased investment

Mangwana Opportunities Fund agreed to increase its investment in the Company through a placement for A$500,000. This is strategic for Invictus as it increases Zimbabwean ownership in the Company. Besides, the move aligns well with Invictus’ commitment to in-country investor, community and government stakeholders, among others. Mangwana is an investor owned, closed end investment company managed by Mangwana Capital.

The shares are to be issued at A$0.10 per share and inclusive of a one-for-two free attaching option, A$0.14 exercise price, expiring 31 January 2025. A total of 5,000,000 shares and 2,500,000 options are to be issued to Mangwana.

Cabora Bassa Project

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Use of funds

Proceeds from the SPP and placement will fund several initiatives to develop the Company’s flagship Cabora Bassa Project in Zimbabwe-

  • Payment of the rig mobilisation fee.
  • Purchase of long lead items for the planned 2-well drilling programme.
  • Finalisation of CB21 Seismic Survey data processing.
  • General working capital.

The Company will launch its key pre-drilling initiatives in the coming weeks. All in all, Invictus is in a strong position ahead of its planned May drilling campaign.

On 25 January 2022, IVZ traded at A$0.11. The market capitalisation stood at A$68.2 million.


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