ZIMBABWE: Invictus Energy Cabora Bassa Securities Purchase Plan increased to $4m

Invictus Energy has provide an update on the capital raising activities to assist with the funding of its 80 per cent owned and operated Cabora Bassa Project in Zimbabwe.

Securities Purchase Plan increased target of $3m reached On 10 January 2022 Invictus launched its Securities Purchase Plan (SPP) by lodgement with the ASX and ASIC of its SPP prospectus to raise up to $2m, with the SPP being open to all eligible shareholders per the record date of 24 December 2021.

On 12 January 2022 due to overwhelming demand, the board of Invictus resolved to accept SPP oversubscriptions for an additional $1m, bringing the revised SPP total to $3m.

Supplementary Prospectus – SPP increased to $4m
The Company says it has continued to receive overwhelming support for the SPP and has agreed to increase the SPP to $4m, which represents an increase of 100% from original $2m cap. The increase necessitates the requirement for a supplementary prospectus that will be lodged with ASIC and ASX today.

SPP timetable and closing date
In accordance with the supplementary prosectus and the Company’s SPP prospectus lodged on 10 January 2022, the board had the discretion to amend and alter the SPP timetable.

Due to the overwhelming and unexpected demand for SPP securities the Company has agreed to close off the Plan early to avoid a material and significant return of funds and to prevent shareholders unduly having funds held in the Company’s SPP trust account.

Following feedback from the Company’s advisers and shareholders, the Company’s scale back methodology has been amended to a pro-rata basis (instead of 1st come-1st serve basis). All SPP applications received after the closing date will not form part of the SPP, all SPP applications received up to the new closing date of 18 January 2022 will be proportionally scaled back on a pro-rata basis based on the SPP application