The oil and gas exploration junior said the resources will be raised through a share placement to new and existing institutional as well as sophisticated investors.
Invictus has already spent more than
The funding will be applied towards seisimic acquisition campaign this year and ordering of long lead equipment for the test well drilling, which is scheduled for October.
Invictus has since undertaken detailed traversing and mapping across the prospective area, identifying the optimal acquisition routes.
"Invictus received strong interest and support from both new institutional investors and existing shareholders,
Under the placement Invictus will issue 25 058198 new fully paid ordinary shares under the company's remaining ASX LR-7,1 capacity.
The company will also issue 47 669 075 new shares under the company's additional ASX LR-7.1A placement capacity, for a total of 72 727 273 New Shares, at an issue price of
The placement price of
Proceeds of the placement will be applied towards the upcoming 2D seismic campaign in special grant 4571, basis of well design, long lead drilling items for the Muzarabani-1 exploration well, drilling rig tender preparation and general working capital.
"We are extremely pleased with the excellent support received from new and existing shareholders and it is a strong endorsement of our Cahora Bassa project and the exciting and world class Muzarabani-1 Prospect, which the company is preparing to drill," commented managing director
The company has confirmed that a
The PEDPA provides the framework for progression of the Cahora Bassa (Muzarabani) project through the exploration, appraisal, development and production phases and the obligations and rights of each party over the project life-cycle.
The company announced, three trading days before the end of 2020, that it had received a farm-in offer to
Its asset portfolio consists of a highly prospective 250 000 acres within the
Special Grant 4571 contains the world class multi-trillion cubic feet Muzarabani and Msasa conventional gas condensate prospects.
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