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Highlights
- Invictus Energy completes second tranche of US$10 million institutional placement, raising US$3.5 million.
- The company accepts oversubscriptions totaling US$2 million, increasing the total funds raised.
- Invictus now offers a secondary listing on the Victoria Falls Stock Exchange for Zimbabwean investors.
Invictus Energy Limited (ASX:IVZ) has successfully completed the second tranche of its US$10 million institutional placement, following shareholder approval at the Extraordinary General Meeting on 21 October 2024. This tranche raised US$3.5 million, with 53,030,303 new shares issued at a price of AU$0.10 per share, based on an AUD/USD exchange rate of US$0.66.
Due to high demand, Invictus also accepted US$2 million in oversubscriptions, issuing an additional 31,298,025 shares on the same terms. As part of the placement, participants will receive an option to acquire one additional share for every four shares subscribed, exercisable at AUD$0.30 within two years.
Strategic Investment and Zimbabwean Market Access
This placement marks a significant milestone for Invictus and its Zimbabwean investors. For the first time, investors in Zimbabwe can hold and trade Invictus securities through its secondary listing on the Victoria Falls Stock Exchange (VFEX: INV). This move reflects Invictus’s ongoing commitment to expanding its investor base in Zimbabwe.
Mangwana Capital’s Role and Fees
The placement was managed by Mangwana Capital (Private) Limited ("Mangwana"), which was paid a 5% fee on the capital raised. Part of the fee was settled through the issuance of 2,711,208 new shares at a price of AU$0.10, with the balance paid in cash.
The completion of this placement further strengthens Invictus Energy’s position, enabling the company to continue progressing its strategic objectives.
