Invictus Exceeds A$5m Target To Fund Zimbabwean Exploration
- AKAP
- May 22, 2023
- 3 min read
Australian company Invictus Energy has exceeded its initial fundraising target of A$5mm through a Share Purchase Plan (SPP) for its Cabora Bassa Project in Zimbabwe. The company aims to raise a total of A$10mm to fund the project, which has confirmed the presence of light oil, gas-condensate, and helium gas. Eligible shareholders have shown support for the SPP, prompting the board to accept oversubscriptions. The funds raised will be used to build on recent discoveries and finance further exploration programs. The SPP will remain open until May 25, with the possibility of an early closing. The company's mudgas analysis revealed the presence of helium gas of ~0.1%, which it claimed to be a commercial concentration. However, we see this level of helium to be marginal at best, especially in a remote and politically risky region.