Invictus increases SPP to $4M, Mangwana Opportunities increases stake

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Invictus increases SPP to $4M, Mangwana Opportunities increases stake

Invictus increases SPP after overwhelming demand
Image source: ©2022 Kalkine Media®

Highlights 

  • Invictus Energy Limited (ASX:IVZ) has increased its the SPP to A$4 million after receiving overwhelming shareholder support.
  • The Plan will now close early to avoid a material and significant return of funds and to prevent shareholders unduly having funds held in Invictus’ SPP trust account.
  • Mangwana Opportunities Fund has increased its investment in Invictus by way of a placement for A$500,000.

Earlier in January 2022, Invictus Energy Limited (ASX:IVZ) launched its Securities Purchase Plan (SPP) to raise up to A$2 million. Due to overwhelming demand in just a couple of days, the Board resolved to accept SPP oversubscriptions for an additional A$1 million, bringing the revised SPP total to A$3 million.

Now, Invictus has agreed to increase the SPP to A$4 million, thanks to continued overwhelming support for the SPP.

SPP Timeline

Invictus’ SPP timeline, Source- Company report, 17 Jan 2022

Latest on Invictus’ SPP 

The latest increase to A$4 million, represents an increase of 100% from the original A$2 million cap. Subsequently, Invictus has lodged a supplementary prospectus with ASIC and ASX.

Invictus has also agreed to close off the Plan early-

  • to avoid a material and significant return of funds,
  • and to prevent shareholders unduly having funds held in the Company’s SPP trust account.

Besides, Invictus’ scale back methodology has been amended to a pro-rata basis (instead of first come first serve basis). Applications received post  the closing date will not form part of the SPP.

Mangwana Opportunities Fund’s increased investment

Mangwana Opportunities Fund has agreed to increase its investment in Invictus by way of a placement for A$500,000. This is strategic for Invictus as it increases Zimbabwean ownership in the Company. It will assist Invictus in advancing its strategic goals in country.

 Strategic growth

©2022 Kalkine Media®

The fund, an investor owned, closed end investment company, is managed by Mangwana Capital. It has Zimbabwe’s institutional investors including state-owned and major pension funds and invests mainly in the fields of agriculture, natural resources, and tourism. Notably, Mangwana Opportunities Fund has prescribed asset status. It has also been granted tax exempt status by the Zimbabwean Ministry of Finance.

The SPP and placement funding will help with drilling costs of Muzarabani-1 well targeting prospective resources of 8.2 Tcf + 247m barrels conventional gas condensate. Besides, Invictus has identified significant potential for the Cabora Bassa Project and drilling of the world-class Muzarabani prospect is anticipated to commence in May.

On 17 January 2022, IVZ traded at A$0.11, with a trading volume of over 2 million shares and a market capitalisation of A$71.3 million.  

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