🇿🇼ZimbabweSouthern Africa
Invictus Energy secures US$7.15 million funding for Cabora Bassa Project after Qatari deal collapse
via NewsDay Zimbabwe6 min read
Invictus Energy Limited has secured AU$10 million US$7.15 million in capital commitments to fund exploration activities at its Cabora Bassa Project in northern Zimbabwe. This funding follows the termination of a strategic partnership with Al Mansour Holdings, a Qatari investment group, which was expected to invest up to US$500 million and acquire a 50% stake in Invictus. The agreement was terminated in January after Invictus stated that Al Mansour Holdings did not intend to fulfill its contractual obligations and proposed revised terms were inconsistent with the Australian Securities Exchange. The capital raise, a placement that received strong support from institutional and sophisticated investors, involves the issuance of 166,666,667 ordinary shares at AU$0.060 per share. Participants will also receive one attaching option for every two shares allocated. Invictus managing director Scott Macmillan welcomed the support, noting the funding will prepare the company for a new exploration campaign targeting the high-impact Musuma prospect, which is designed as a low-cost, low-risk vertical well. Success at Musuma is expected to unlock a new play fairway, expand the resource base, and accelerate the transition from exploration to commercial development, with seismic data indicating the presence of hydrocarbons.
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This summary was AI-generated from a story originally published by NewsDay Zimbabwe.
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