Zimbabwe: Invictus Raises $25.0m to Fund Mukuyu-1 & Baobab-1 Drilling Campaign

Invictus Energy has announced a private placement to raise $25m at $0.23 per share following the Company’s decision to sole fund the initial drilling campaign in Zimbabwe’s Cabora Bassa Basin.

Following the assessment of a range of options, including farm–in bids from multiple interested parties, Invictus’ Board and Management elected to sole fund the initial stages of the Company’s high–impact drilling campaign, which will target the Mukuyu and Baobab (Basin Margin) prospects.

This decision was made with careful consideration of several factors, including:

• The significant increase in the prospectivity of the Caborra Bassa project following the gazettal of additional exploration tenure and consequential de–risking of the campaign
• Maintaining a material ownership of the expanded acreage encompassing the new Basin Margin play, plus additional prospects and leads, providing shareholders with the largest exposure to drilling success
• Consideration of sole funding via the Company’s own equity capital in comparison to the dilutive impact shareholders would absorb at the project level via any potential farm–in agreements
• The avoidance of time delays and costs associated with executing and undertaking a (or multiple) farm–in partnership(s)

The Company remains open to strategic partnering opportunities in the future that could add value for shareholders as it continues to progress development of the Cabora Bassa project.