ZIMBABWE: Invictus Completes $8M Placement towards SG 4571 Seismic Acquisition Campaign & Mzarabani-1 Exploration Well

Invictus Energy  has announced that it has received firm commitments from new and
existing institutional and sophisticated investors to raise A$8.0m (before costs) by way of a share placement.

According to Invictus the placement received strong interest and support from both new
institutional investors and existing shareholders, PAC Partners acted as lead manager to the Placement.

Use of Funds
Proceeds of the Placement will be applied towards:
• The upcoming 2D seismic campaign in SG 4571;
• Basis of well design;
• Long lead drilling items for the Mzarabani-1 exploration well;
• Drilling rig tender preparation; and
• General working capital

Commenting on the capital raising Managing Director Scott Macmillan said:
“We are extremely pleased with the excellent support received from new and existing shareholders and it is a strong endorsement of our Cabora Bassa project and the exciting and world class Mzarabani-1 Prospect which the Company is preparing to drill.

The placement funds will allow us to commence our 2D seismic acquisition campaign to refine the drilling targets in the stacked Mzarabani Prospect and identify additional prospectivity in the SG 4571 permit.

The Company will also use part of the proceeds from the placement to order long lead drilling equipment and undertake a rig tender exercise. In addition, the placement will provide ongoing working capital to support the development of the project as it continues to prepare for a high impact basin opening drilling campaign, anticipated in late CY21 / early CY22.”