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Invictus Energy accepts US$1.7 million in oversubscriptions of Share Placement Plan

Invictus Energy has accepted US$1,7 million in over subscriptions after the company successfully raised US$8,2 million in their Share Placement Plan (SPP).

Initially the company set out to raise US$6,4 million.

Invictus is an independent upstream oil and gas company headquartered and listed on the Australian Securities Exchange with offices in Harare.

Recently, Invictus confirmed the presence of light oil, gas condensate and helium at its Cabora Bassa basin adding that the mud gas analysis from the Mukuyu-1 well drilled last year had proved the presence of hydrocarbons in multiple reservoir pay zones.

In a statement, the energy utility company said due to the overwhelming support received by shareholders, the board exercised its discretion to increase the size of the SPP to accommodate the oversubscriptions in recognition of the long-term support of its retail investors.

“Even with the additional shares to be issued under the SPP, the total number of shares issued under the SPP will still be less than the 30% limit specified in the ASX Listing Rules, while the additional options to be issued will be able to be issued under the Company’s available Listing Rule 7.1 placement capacity,” read the statement.

In order to facilitate the change to the offer terms under the SPP prospectus to accept the oversubscriptions, Invictus will be lodging a supplementary SPP prospectus.

Invictus Managing Director, Scott Macmillan, welcomed the over subscriptions saying the funds will help in the exploration of the Cabora Bassa Basin.

“I am pleased by the overwhelming support we have received from shareholders for the SPP, and I am delighted that we have been able to accept oversubscriptions,” Macmillan said.

“The funding raised in the SPP, combined with the recently completed institutional Placement, puts Invictus in a strong position as we enter our next phase of exploration and appraisal in the Cabora Bassa Basin.

The funds will help support the drilling of the upcoming Mukuyu-2 appraisal well, which will build on the success of the play opening Mukuyu-1/ST1 exploration well,” he added. – (New Zimbabwe)

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