ZIMBABWE: Invictus Energy Hopes to Raise up to A$20m to fund exploration and appraisal work in Cabora Bassa basin

Invictus Energy has launched a Share Purchase Plan and the shortfall offer to raise up to A$10m to fund exploration and appraisal work in Zimbabwe’s Cabora Bassa basin. Invictus had already raised $8,745,000 under the Placement and is also seeking shareholder approval at the General Meeting to raise a further 1,255,000 from the issue of additional Shares (and Options) to make the total raising under the Placement $10,000,000.

According to the company dunds raised under the Placement and the SPP Offer, which could total up to
$20,000,000 are intended to be used in preparation for Mukuyu-2 Well (including long lead time items), 2D Seismic and processing of Eastern leads on trend with Mukuyu to drill ready targets and the Ngamo-Gwayi-Sikumi Project development.

Should the company fail to raise the funds it says the funds allocated to working capital will first be reduced, and then the Board will assess ways to reduce the up-front expenses of the Mukuyu-2 Well preparation and seismic activity to ensure that the Company can achieve its stated objective within the budget.

The total expenses of the Placement and Offers are estimated to be approximately $400,000.