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Wednesday, March 24, 2021
Invictus Energy announced that it initiated a capital raising made up of A$8.0m in funds raised via a Private Placement to sophisticated and institutional investors for its Cabora Bassa project in Zimbabwe. Proceeds from the capital raising are to be applied to SG 4571 seismic acquisition campaign and the ordering of long lead drilling items for Mzarabani-1 exploration well.
The funds will also provide capital for Invictus to accelerate the company’s exploration campaign throughout the remainder of CY21.
Proceeds of the Placement will be applied towards:
Commenting on the capital raising Managing Director Scott Macmillan said: “We are extremely pleased with the excellent support received from new and existing shareholders and it is a strong endorsement of our Cabora Bassa project and the exciting and world class Mzarabani-1 Prospect which the company is preparing to drill.
“The placement funds will allow us to commence our 2D seismic acquisition campaign to refine the drilling targets in the stacked Mzarabani Prospect and identify additional prospectivity in the SG 4571 permit.
“The company will also use part of the proceeds from the placement to order long lead drilling equipment and undertake a rig tender exercise. In addition, the placement will provide ongoing working capital to support the development of the project as it continues to prepare for a high impact basin opening drilling campaign, anticipated in late CY21 / early CY2.”
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