PERTH (miningweekly.com) – ASX-listed Invictus Energy will raise A$15-million in a share placement from sophisticated and institutional investors to fund the upcoming Mukuyu-2 exploration campaign, in Zimbabwe.
The company will issue 100-million new shares at a price of 15c each, with the issue price representing a 25% discount to Invictus’ last closing price and an 11.2% discount to the company’s 30-day volume weighted average share price.
The share placement will be done in two tranches, with the first tranche of 50-million shares to be issued under the company’s existing placement capacity, raising an initial A$7.5-million.
The second tranche of a further 50-million shares will be subject to shareholder approval.
“We are pleased to welcome new institutional investors onto our share register at an exciting time for the company as we finalise preparations to embark on our Mukuyu-2 appraisal well drilling campaign in Zimbabwe,” said Invictus MD Scott Macmillan.
“I also thank existing shareholders that participated in the placement for their continued support, ensuring the company is well funded to the next step of our high impact exploration campaign aimed at opening up the Cabora Bassa basin.”