- Invictus Energy (Invictus) is an independent upstream oil and gas company listed on the Australian Securities Exchange (ASX: IVZ) and the OTC Markets (OTCQB: IVCTF).
- Their asset portfolio consists of the highly prospective SG 4571 & EPOs 1848/49, in the Cabora Bassa Basin in Zimbabwe, one of the largest under-explored interior rift basins in Africa.
The Mutapa Investment Fund, formerly known as the Sovereign Wealth Fund of Zimbabwe is a state-owned investment fund. Invictus has announced that Mutapa Investment Fund of Zimbabwe has committed to underwriting US$5 million of US$10 million strategic capital raise at an issue price of AU$0.10 per share demonstrating long-term support for Cabora Bassa Project.
Securities issued will facilitate a secondary listing on the Victoria Falls Stock Exchange (VFEX) through issuance of Zimbabwe Depository Receipts (ZDRs) to support local liquidity and trading with substantial demand expected.
Invictus reserves the right to accept over-subscriptions of up to US$5 million from Zimbabwean investors as part of the local strategic capital raise. Petroleum Production Sharing Agreement to be implemented by Mutapa Investment Fund on behalf of Republic of Zimbabwe.
Funds to be utilised for Mukuyu-2 flow testing, advancing early monetisation opportunities and purchase of long leads for new exploration wells. Farm-out process to secure strategic partner progressing well. Shareholder briefing to be held to provide update
Link to the full announcement HERE
Author: Bryan Groenendaal
