Invictus Raising $5.5M to Support Development of Cabora Bassa Project

Source: 12/29/2021, Location: Africa

• $3.5m Placement to sophisticated & institutional investors
• Up to $2m Share Purchase Plan Offer
• Placement & SPP participants to receive attaching option on a 1-for-2 basis, exercise price of $0.14 & 3-year term
• 2-Well Drilling Program planned for 1HCY22, with proceeds to be used to fund the mobilization of the Exalo #202 drilling rig and long lead items
• Muzarabani-1 well targeting prospective resources of 8.2 Tcf + 247 million barrels conventional gas condensate

Invictus Energy Limited, is pleased to announce a Placement of $3.5m and Share Purchase Plan (“SPP”) of up to $2m to raise a total aggregate amount of up to $5.5m (“Capital Raising”).

Invictus Managing Director Scott Macmillan commented:
“We are pleased to offer our long-term and loyal shareholders the right to participate in a SPP alongside the placement participants. As announced on 9 December 2021, we are positioning Invictus to undertake a 2-well exploration campaign commencing 1H 2022 including the drilling of Muzarabani-1 well targeting prospective# resources of 8.2 Tcf + 247 million barrels conventional gas condensate1. The placement & SPP follows on from recent announcements securing the Exalo #202 Rig and a farm in option agreement with Cluff Energy Africa Limited.

We have a busy 1st half of 2022 planned with finalisation of our data processing for our seismic survey, update of our prospect and lead inventory, conclusion of our farm-out process and securing long lead items as we embark on our planned 2-well drilling campaign of our world class asset including the Muzarabani-1 well which will be one of the largest conventional targets drilled globally in 2022.”

Capital Raising

1. Placement
The Company has received firm commitments from sophisticated and institutional investors to raise $3.5m (before costs) by way of placement (Placement). Under the Placement, Invictus will issue 35,000,000 new fully paid ordinary shares (New Shares) at an issue price of $0.10 per New Share, which represents a 13.0% discount to last closing price of Invictus shares on 22 December 2021, being the last trading date before the Placement, and a 14.1% discount to the 5-day VWAP prior to that date.

Use of Funds
The proceeds from the Placement will be used to fund a range of initiatives to further develop Invictus’s flagship Cabora Bassa Project, these include:
• Payment of the rig mobilisation fee
• Purchase of long lead items for the planned 2-well drilling programme
• Finalisation of the data processing of CB21 Seismic Surve

2. Share Purchase Plan
In concert with the Placement, Invictusis pleased to offer all eligible shareholders a SPP to raise up to $2.0m, resulting in a maximum of 20,000,000 shares being issued under the SPP. All eligible shareholders will have the opportunity to apply for up to $30,000 worth of New Shares.

The issue price under the SPP of $0.10 is equal to that of the New Shares issued under the Placement, with SPP participants also receiving attaching option on a 1-for-2 basis, at a strike price of $0.14, with a 3-year term. No brokerage or commissions are payable by shareholders in respect to the New Shares applied for under the SPP. Applications will be processed on a first-come-first-served principle, if applications under the SPP exceed $2.0m, the Company reserves the right to close the SPP early.

In the event of oversubscriptions, the Directors may also, in their absolute discretion, decide to increase SPP acceptances by a further $1.0m.

The Offer is offered exclusively to all Eligible Shareholders (including Custodians), being registered holders of Shares as at 7.00pm (AEDT) on 24 December 2021 (Record Date) with a registered address in Australia and New Zealand, and not resident or located in the United States or any other jurisdiction in or into which an offer of New Shares would be unlawful, who meet certain other conditions as expressly prescribed in the Terms & Conditions (Eligible Shareholders).

Eligible shareholders who wish to participate in the SPP will be required to complete the personalised application form accompanying the SPP offer document and pay the applicable funds in accordance with the instructions in those documents, prior to the closing date of the SPP.

Proceeds from the SPP will be allocated to further purchases of long lead items for the planned 2-well drilling campaign and for general working capital.

The Placement shares of 35,000,000 are to be issued under the Company’s placement capacity pursuant to ASX Listing Rule 7.1A. The Placement Options are to be issued under the Company’s placement capacity pursuant to ASX Listing Rule 7.1. Shares issued under the SPP will issued under an exception per ASX Listing Rule 7.2. The SPP options will be issued under a separate prospectus and be issued utilising the Company’s ASX Listing Rule 7.1 capacity.

PAC Partners acted as lead manager to the placement and will be paid a management fee of 2% and a selling fee of 4% for the placement funds received. PAC Partners to receive lead manager unlisted options on a ratio of 1-for-8 of the total placement shares issued, with an exercise price of $0.14, unlisted, with a 3- year expiry period. PAC Partners options will be issued under the Company’s ASX Listing Rule 7.1 allowance.

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