Invictus Energy has commenced trading on the Victoria Falls Securities Exchange (VFEX) as part of the Company’s US$10 million Placement launched last week.
The listing marks a significant milestone for the company and the Cabora Bassa project, facilitating greater and ongoing domestic investment, and reinforcing IVZ’s commitment to driving growth and development within Zimbabwe.
The Company extends its gratitude to Mangwana Capital, Mutapa and line ministries within the Government for their unwavering support in advancing the Cabora Bassa Project towards a potential game-changing development that will significantly contribute to the nation’s energy mix.
Funds raised through the Placement will propel IVZ’s dual strategy of early monetisation and further development of the Cabora Bassa.
The listing was completed on Friday 2 August 2024 at a VFEX ceremony as part of the Company’s US$10 million Institutional Placement (“Placement”) launched on 29 July 2024, and managed by Mangwana Capital (Private) Limited (“Mangwana”).
The ceremony was attended by senior Zimbabwe government officials including guest of honour Minister of Finance Hon. Prof Mthuli Ncube, Minister of Energy Hon. Edgar Moyo, Minister for State Mashonaland Central Hon. Cpt (Rtd) Christopher Magomo, Mutapa Investment Fund Chief Investment Officer Simba Chinyemba, Zimbabwe Stock Exchange representatives and various institutional investors.
Invictus Energy Managing Director Scott Macmillan commented:
“This Placement and associated listing of Invictus on the VFEX enables greater and ongoing domestic investment in the Company and our Cabora Bassa project.”
“Mangwana and Invictus have worked hard to enable greater participation in the Cabora Bassa Project’s future and the value it can generate at a domestic Zimbabwean level.
“I thank Mangwana, Mutapa and our line ministries within Government for supporting our commitment to moving the Cabora Bassa Project forward towards potential game changing development, and contribution to the nation’s energy mix.
“Funds raised through our recent Placement will be used progress our dual strategy of early monetisation as well as further development of the Cabora Bassa as we look to expand our resource base through further discovery and transition into development .”
Invictus worked closely with long-term shareholder Mangwana, which sponsored Invictus’ VFEX listing and also managed the issue of Invictus Zimbabwean Depositary Receipts (“ZDR”).
Domestic trading of securities on the VFEX commences today. The Company’s ticker code on the VFEX is INV.vx.
The VFEX listing is strategic to Invictus as it allows Zimbabweans to invest in and trade securities in the Company, for which there is anticipated to be significant demand.
Mutapa Chief Investment Officer Simba Chinyemba commented:
“By underwriting Invictus Energy’s private placement on the VFEX, Mutapa Investment Fund is not only making a sound financial decision, but also taking a decisive step towards empowering a homegrown company with the potential to transform our energy landscape.
“This investment is a testament to our confidence in Invictus Energy’s value and technical expertise, and their unwavering commitment to responsible resource development.”
Trading on the VFEX can occur in concert with but independent of trading on other exchanges Invictus is already listed on including the Australian Securities Exchange (“ASX”) and mid-tier over-the-counter North American Venture Market (“OTCQB”).
The Placement completed on 1 August 2024 is historic for the Company with US$5 million underwritten by the Mutapa Investment Fund of Zimbabwe (“Mutapa”) Mutapa, as the Sovereign Wealth Fund of the Republic of Zimbabwe, will also play a leading role assisting the Company and Government finalise a Petroleum Production Sharing Agreement (“PPSA”).
The PPSA is designed to ensure fair and equitable sharing of value generated from the Cabora Bassa Project between the Government, Invictus and its partners, as well as providing a robust governance framework the manage the project into the future.
Minister of Finance Hon. Prof. Mthuli Ncube commented:
“The Government has consistently advocated for increased local involvement in nationally significant projects.
“The listing of Invictus Energy ZDR, led by Invictus, Mangwana Capital, and MMC Stockbrokers, underscores our commitment to empowering local stakeholders and fostering an environment conducive to sustainable economic growth.
“Through this listing, VFEX will tap into new markets, attract a broader range of investors and provide an additional funding channel for economic growth.”
Mutapa’s underwriting demonstrates long-term support for the Cabora Bassa Project on behalf of the Republic of Zimbabwe, while a number of other strategic investors participated in the Placement.
Funds raised will assist Invictus progress its near-term exploration and corporate strategies as the Company transitions from explorer to developer. ENDS//
