IVZ Share Price, page-11945

M1 cost $10m

"The Company has received firm commitments from sophisticated and institutional investors to raise $25m (before costs) by way of private placement (Placement). Under the Placement, Invictus will issue 108,695,652 new fully paid ordinary shares (New Shares) at an issue price of $0.23 per new share,

representing a 25.8 per cent discount to the last traded price of IVZ shares on 24 August 2022, being the last trading date before the Placement, and a 15.6 per cent discount to the 15-day VWAP prior to that date. Placement participants will be entitled to a one-for-one unlisted option for every share issued, exercisable at $0.40 with a five-year term. The Placement was highly oversubscribed, with multiple new and existing institutional investors across North America, the UK, Asia and Australia entering the share register ahead of the Company’s drilling campaign. Furthermore, the attaching options issued via the transaction are expected to provide meaningful additional capital to the Company’s balance sheet, at a materially higher valuation than the Placement, should the Company be successful in its drilling program. Use of funds Proceeds from the Placement will be used to fund the drilling program for the Mukuyu-1 well, testing the Central Fairway play, and Baobab-1, which will test the Basin Margin play:

• Mukuyu-1 Well - $10.0m
• Baobab-1 Well - $13.5m
• Costs of the Offer - $1.5m

So now they have a much better understanding whats down there and knocked back farm ins at the unknowing stage and went alone at 23c.... I would now expect farmins to be knocking down the door even if they dont spend the $13m at B1 .???



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