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    Invictus to raise A$5.5mn for Zimbabwe gas project

Summary

The Cabora Bassa project comprises the Mzarabani and Msasa gas and condensate prospects, which Invictus describes as "world-class multi-trillion ft3" plays.

by: Shardul Sharma

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Complimentary, Natural Gas & LNG News, Asia/Oceania, Security of Supply, Corporate, Exploration & Production, News By Country, Australia, Zimbabwe

Invictus to raise A$5.5mn for Zimbabwe gas project

Australia’s Invictus Energy will raise A$5.5mn ($3.98mn) to support the development of the Cabora Bassa project in Zimbabwe, it said on December 29.

The company has announced a placement of A$3.5m and a share purchase plan of up to A$2m to raise a total aggregate amount of up to $5.5mn. Under the placement, Invictus will issue 35mn new fully paid ordinary shares at an issue price of A$0.10/share.

The proceeds from the placement will be used to fund a range of initiatives to further develop the Cabora Bassa project. Invictus will use the proceeds to pay for the rig mobilisation fee, purchase of long-lead items for the planned 2-well drilling programme and finalisation of the data processing of CB21 seismic survey.

In concert with the placement, Invictus will offer all eligible shareholders a share purchase plan to raise up to A$2mn, resulting in a maximum of 20mn shares being issued under the plan. All eligible shareholders will have the opportunity to apply for up to A$30,000 worth of new shares.

The Cabora Bassa project comprises the Mzarabani and Msasa gas and condensate prospects, which Invictus describes as "world-class multi-trillion ft3" plays. The project received environmental approval from Zimbabwean authorities in August last year.