HARARE, Apr. 21 (NewsDay Live) - Invictus Energy Limited (Invictus) has secured AU$10 million (US$7,15 million) in capital commitments to support ongoing exploration activities at its Cabora Bassa Project in northern Zimbabwe, its first substantial investment following the collapse of the US$500 million Qatari deal.
The capital raise comes after a failed strategic partnership with Al Mansour Holdings (AMH), a Qatari investment group, which had been expected to inject up to US$500 million into the project. The deal would have also seen AMH eventually acquire a 50% stake in Invictus.
However, after months of negotiations, Invictus announced the agreement’s termination in January, stating that AMH did not intend to fulfil its contractual obligations and that certain proposed revised terms were inconsistent with the Australian Securities Exchange (ASX).
“Invictus Energy Ltd (ASX: IVZ) (Invictus or the company) is pleased to announce it has received binding commitments for a $10 million placement (placement) to fund forward works at its 80%-owned Cabora Bassa Project in northern Zimbabwe,” Invictus said in a statement.
“The placement received strong support from institutional and sophisticated investors. A total of 166 666 667 fully paid ordinary shares (shares) at an issue price of $0,060 per share will be issued as part of the placement.”
The AU$0,06 issue price per share represents a 0,6% discount to the 15-day volume weighted average price (VWAP) of AU$0,0604 and a 6,8% premium to the 30-day VWAP of AU$0,0562 to the close of trading last Thursday.
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“Settlement of the placement is expected to occur on Tuesday, 28th April 2026. Participants in the placement will also receive one (1) attaching option for every two (2) shares allocated under the Placement, which will be exercisable at $0,10 and have an expiry date two (2) years from the date of issue (attaching options),” Invictus said.
“The company intends to apply for quotation of the attaching options subject to satisfying the requirements under the ASX Listing Rules (including spread). The issue of the 83 333 333 attaching options will be issued pursuant to the company’s ASX Listing Rule 7.1 capacity.”
Invictus managing director Scott Macmillan welcomed the support.
“We are pleased with the backing Invictus has received from both existing and new shareholders as we prepare to follow up the successful Mukuyu gas discovery with a new exploration campaign targeting the high-impact Musuma prospect,” Macmillan said.
According to the firm, Musuma-1 has been confirmed as the first high-impact exploration well to be drilled outside the Mukuyu gas-condensate discovery area, targeting a new play type in the Cabora Bassa Basin.
The well has the potential to unlock a substantial new resource base in the eastern portion of the licence area where several high potential prospects have been identified from a seismic survey.
Macmillan noted that the planned Musuma well had been designed as a low-cost, low-risk vertical well targeting shallow formations with significant upside potential.
“Success at Musuma would unlock a new play fairway, significantly advancing our development plans, expanding our resource base and accelerating the transition from exploration to commercial development,” Macmillan said.
He added that seismic data, including consistent flat spots observed across multiple surveys, pointed to the presence of hydrocarbons, strengthening confidence in the basin’s prospectivity.
“Musuma is a technically compelling prospect, underpinned by multiple lines of seismic evidence, including consistent flat spots across different seismic surveys which are indicative of hydrocarbons,” Macmillan said.
“Together with our Mukuyu discovery, it further underpins the basin’s potential to emerge as a significant new hydrocarbon province.”