Invictus Energy Raises AU$15 million for Mukuyu-2 Drilling

Invictus Energy Limited (ASX: IVZ) has successfully secured commitments from both new and existing sophisticated and institutional investors, resulting in a capital infusion of AU$15.0 million through a two-tranche Placement. This funding is earmarked for the upcoming Mukuyu-2 exploration campaign, which includes project contingency and well evaluation and testing following the drilling phase. The Placement, managed by Canaccord Genuity (Australia) Limited and PAC Partners Securities, will involve the issuance of approximately 100,000,000 new fully paid ordinary shares at AU$0.15 per share, representing a 25% discount to the company's share price on September 18, 2023, and an 11.2% discount to the thirty-day volume-weighted average price prior to that date.

Shareholders will also receive IVZOA options alongside their subscribed shares, pending shareholder approval. The Placement will consist of Tranche 1, raising AU$7.5 million, and Tranche 2, subject to shareholder approval at the upcoming Annual General Meeting. These funds will support the Mukuyu-2 drilling campaign at the Cabora Bassa Project in Zimbabwe, with the aim of making a significant discovery. Managing Director Scott Macmillan expressed optimism about the Company's prospects and thanked both new and existing shareholders for their support in advancing their exploration campaign.

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