Invictus Energy : Update - Proposed issue of securities - IVZ

Appendix 3B - Proposed issue of securities

Update Summary

Entity name

INVICTUS ENERGY LTD

Announcement Type

Update to previous announcement

Date of this announcement

13/3/2024

Reason for update to a previous announcement

Proposed issue date of securities changed to 14 March 2024

Refer to next page for full details of the announcement

Appendix 3B - Proposed issue of securities

1 / 7

Appendix 3B - Proposed issue of securities

Part 1 - Entity and announcement details

1.1 Name of +Entity

INVICTUS ENERGY LTD

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation).

1.2	Registered Number Type	Registration Number
ABN	21150956773
1.3	ASX issuer code
IVZ

1.4 The announcement is Update/amendment to previous announcement

1.4a Reason for update to a previous announcement

Proposed issue date of securities changed to 14 March 2024

1.4b Date of previous announcement to this update

14/2/2024

1.5 Date of this announcement

13/3/2024

1.6 The Proposed issue is:

A standard +pro rata issue (non-renounceable or renounceable)

1.6a The proposed standard +pro rata issue is: + Non-renounceable

Appendix 3B - Proposed issue of securities

2 / 7

Appendix 3B - Proposed issue of securities

Part 3 - Details of proposed entitlement offer issue

Part 3A - Conditions

3A.1 Do any external approvals need to be obtained or other conditions satisfied before the entitlement offer can proceed on an unconditional basis?

No

Part 3B - Offer details

+Class or classes of +securities that will participate in the proposed issue and +class or classes of +securities proposed to be issued

ASX +security code and description

IVZ : ORDINARY FULLY PAID

Is the proposed security a 'New	Will the proposed issue of this
class' (+securities in a class that is	+security include an offer of
not yet quoted or recorded by ASX)	attaching +securities?
or an 'Existing class' (additional	Yes
securities in a class that is already
quoted or recorded by ASX)?
Existing class

Details of +securities proposed to be issued

If the entity has quoted company options, do the terms entitle option holders to participate on exercise? Yes

ASX +security code and description

IVZ : ORDINARY FULLY PAID

ISIN Code (if Issuer is a foreign company and +securities do not have +CDIs issued over them)

ISIN Code for the entitlement or right to participate in a non-renounceable issue (if Issuer is foreign company and +securities do not have +CDIs issued over them)

Offer ratio (ratio to existing holdings at which the proposed +securities will be issued)

The quantity of additional +securities to be issued

For a given quantity of +securities held

1

12

Appendix 3B - Proposed issue of securities

3 / 7

Appendix 3B - Proposed issue of securities

What will be done with fractional entitlements?

Fractions rounded up to the next whole number

Maximum number of +securities proposed to be issued (subject to rounding)

117,204,164

Offer price details for retail security holders

In what currency will the offer be made?

AUD - Australian Dollar

What is the offer price per +security for the retail offer?

AUD 0.13000

Oversubscription & Scale back details

Will individual +security holders be permitted to apply for more than their entitlement (i.e. to over-subscribe)?

Yes

Describe the limits on over-subscription

shareholders given right to apply for any shortfall with no limit

Will a scale back be applied if the offer is over-subscribed?

Yes

Describe the scale back arrangements

pro-rata basis upon the short fall applied for

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class?

Yes

Attaching +Security

Is the proposed attaching security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional +securities in a class that is already quoted or recorded by ASX)?

Existing class

Attaching +Security - Existing class (additional +securities in a class that is already quoted or recorded by ASX)

Details of attaching +securities proposed to be issued

ASX +security code and description

IVZOA : OPTION EXPIRING 07-JUN-2026

ISIN Code (if Issuer is a foreign company and +securities do not have +CDIs issued over them)

ISIN Code for the entitlement or right to participate in a non-renounceable issue (if Issuer is foreign company and +securities do not have +CDIs issued over them)

Appendix 3B - Proposed issue of securities

4 / 7

Appendix 3B - Proposed issue of securities

Offer ratio (ratio of attaching securities at which the new +securities will be issued)

The quantity of attaching +securities to be issued	For a given quantity of the new +securities issued
1	2

What will be done with fractional entitlements?

Fractions rounded up to the next whole number

Offer price details for retail security holders

Maximum number of +securities proposed to be issued (subject to rounding)

58,602,082

In what currency will the offer be made?

What is the offer price per +security for the retail offer?

AUD 0.00000

AUD - Australian Dollar

Oversubscription & Scale back details

Will individual +security holders be permitted to apply for more than their entitlement (i.e. to over-subscribe)?Yes

Describe the limits on over-subscription

shareholders given right to apply for any shortfall with no limit

Will a scale back be applied if the offer is over-subscribed?

Yes

Describe the scale back arrangements

pro-rata basis upon the short fall applied for

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class?

Yes

Details of company options where holders entitled to participate in the offer

ASX +security code and description

IVZOA : OPTION EXPIRING 07-JUN-2026

Date Option must be exercised by

7/6/2026

Part 3C - Timetable

3C.1 +Record date

30/1/2024

Appendix 3B - Proposed issue of securities

5 / 7

Appendix 3B - Proposed issue of securities

3C.2 Ex date

29/1/2024

3C.4 Record date

30/1/2024

3C.5 Date on which offer documents will be sent to +security holders entitled to participate in the +pro rata issue

2/2/2024

3C.6 Offer closing date

6/3/2024

3C.7 Last day to extend the offer closing date

1/3/2024

3C.9 Trading in new +securities commences on a deferred settlement basis

7/3/2024

3C.11 +Issue date and last day for entity to announce results of +pro rata issue

14/3/2024

3C.12 Date trading starts on a normal T+2 basis

15/3/2024

3C.13 First settlement date of trades conducted on a +deferred settlement basis and on a normal T+2 basis

19/3/2024

Part 3E - Fees and expenses

3E.1 Will there be a lead manager or broker to the proposed offer? No

3E.2 Is the proposed offer to be underwritten? No

3E.3 Will brokers who lodge acceptances or renunciations on behalf of eligible +security holders be paid a handling fee or commission?

No

3E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed offer

Part 3F - Further Information

3F.1 The purpose(s) for which the entity intends to use the cash raised by the proposed issue

Exploration & Development of Cabora Bassa Basin asset & general working capital

Appendix 3B - Proposed issue of securities

6 / 7

Appendix 3B - Proposed issue of securities

3F.2 Will holdings on different registers or subregisters be aggregated for the purposes of determining entitlements to the issue?

No

3F.3 Will the entity be changing its dividend/distribution policy if the proposed issue is successful? No

3F.4 Countries in which the entity has +security holders who will not be eligible to participate in the proposed issue

Austria, Botswana, China, Gibraltar, Israel, Japan, Seychelles, South Africa, Switzerland,

Thailand, United States & Zimbabwe

3F.5 Will the offer be made to eligible beneficiaries on whose behalf eligible nominees or custodians hold existing +securities

Yes

3F.5a Please provide further details of the offer to eligible beneficiaries

Beneficiaries will only be participate if their interest in the company is based from an eligible country

3F.6 URL on the entity's website where investors can download information about the proposed issu

Below URL will go 'live' approaching the record date

https://www.invictusenergy.com/investors/prospectus/

shareholders will also be directed to the Company's registry for application process, this function will go 'live' post the record date

3F.7 Any other information the entity wishes to provide about the proposed issue

3F.8 Will the offer of rights under the rights issue be made under a +disclosure document or product disclosure statement under Chapter 6D or Part 7.9 of the Corporations Act (as applicable)?

Yes

3F.9 Any on-sale of the +securities proposed to be issued within 12 months of their date of issue will comply with the secondary sale provisions in sections 707(3) and 1012C(6) of the Corporations Act by virtue of:

The publication of a cleansing notice under section 708A(5), 708AA(2)(f), 1012DA(5) or 1012DAA(2)(f)

Appendix 3B - Proposed issue of securities

7 / 7