INVICTUS Energy has secured the backing of Mutapa Investment Fund (Mutapa) and Mangwana Capital in its US$10 million capital raise to develop the Cabora Bassa project in Zimbabwe, considered to be one of the biggest onshore discoveries in the region.
The Australian Securities Exchange (ASX)-listed oil and gas explorer entered in a binding share subscription offer with Mangwana Capital which is partially underwritten by the Mutapa, Zimbabwe’s sovereign wealth fund.
Mutapa committed to underwriting US$5 million of US$10 million strategic capital raise at an issue price of AU$0,10 per share or US$0.66 from 151 515 152 shares to be issued by Invictus under private placement.