News out today on investment and production sharing agreement
Positive news and the markets looks to agree, at least early on - strategic investment at a higher price than the share price
HIGHLIGHTS
• Mutapa Investment Fund of Zimbabwe 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 oversubscriptions 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 Invictus Energy Limited ("Invictus" or "the Company"), is pleased to announce it has entered into a binding share subscription offer with Mangwana Capital (Private) Limited (“Mangwana”), which is partially underwritten by the Mutapa Investment Fund of Zimbabwe (“Mutapa”).
https://www.invictusenergy.com/investors/asx-announcements/