Invictus launches an entitlement offer after US$10 million capital raising
Following its successful raising of over A$15 million against a target of A$10 million to fund the Cabora Bassa oil and gas project in the Muzarabani-Mbire area, Australia Stock Exchange-listed oil and gas exploration company Invictus Energy has launched an entitlement offer for up to AU$15.2 million at AU$0.13 per share.
Rudairo Mapuranga
According to Invictus Managing Director and CEO Scott MacMillan, the Offer is being made as a pro-rata non-renounceable entitlement issue of one Share for every 12 Shares held by Shareholders registered at the Record Date at an issue price of
AU$0.13 per Share together with one Listed Option (OptionASX: IVZOA) for every two Shares subscribed for and issued.
MacMillan said that Based on the capital structure of the Company approximately 117,204,164 Shares and 58,602,082 IVZOA Options may be issued under the Offer to raise up to $15,236,541(before costs). Each option entitles the holder to subscribe for one Share upon exercise of the Option at an exercise price of AU$0.20 with an expiry date of 7 June 2026.
He said the capital raised will fund a range of critical activities, Mukuyu2 well test, preparation for 3D seismic over the Mukuyu gas field and long lead items and preparation for a new high-impact exploration well following the completion of interpretation of recently acquired CB23 infill seismic survey.
“The Company is pleased to release details of its pro-rata non-renounceable entitlement offer following the recent Placement for sophisticated and institutional investors in December 2023.
“Interest in the Placement surpassed our initial target of $10 million, extending the capital raise to more than $15 million and the Company committed to extend the same terms to all shareholders via this Offer.
“Funds from the Offer will be invested in important ongoing operational activity at our Cabora Bassa project including well testing at Mukuyu2, where we declared two material gas discoveries in the Upper and Lower Angwa targets last month.
“These discoveries are transformational for the Company, for the onshore oil and gas sector and for Southern African communities that continue to live in the grip of energy shortages.
“Preparation for 3D seismic surveying over Mukuyu2 will be carried out as well as ordering long lead items, planning and preparation for a new high impact exploration well within our commanding 360,000ha project area,” MacMillan said.