- Invictus Energy (IVZ) raises $15 million through a two-tranche placement to new and existing investors
- The company will issue around 100 million new shares at an issue price of 15 cents per share
- The funds will go toward drilling the Mukuyu-2 well, as well as providing working capital
- Drilling started today and is expected to be complete in 50-60 days
- IVZ shares are down 16.3 per cent, trading at 16.8 cents at 3:05 pm AEST
Invictus Energy (IVZ) has raised $15 million through a two-tranche placement to new and existing investors.
The company will issue around 100 million new shares at an issue price of 15 cents per share. This represents a 25 per cent discount to the company’s share price on September 18.
Tranche one will raise around $7.5 million, while the second tranche will raise a further $7.5 million, subject to shareholder approval at the upcoming AGM.
“We are pleased to welcome new institutional investors onto our share register at an exciting time for the company as we finalise preparations to embark on our Mukuyu-2 appraisal well drilling campaign in Zimbabwe,” IVZ Managing Director Scott Macmillan said.
The company also announced today that drilling has commenced at Mukuyu-2, marking an important milestone in the high-impact Cabora Bassa Basin exploration program.
Mukuyu-2 drilling and evaluation is estimated to be complete in 50-60 days.
IVZ shares were down 16.3 per cent, trading at 16.8 cents at 3:05 pm AEST.