$25M raised, Mukuyu-1 now fully funded

Our 2020 Energy Pick Of The Year Invictus Energy (ASX: IVZ) came out of a trading halt yesterday having raised enough cash to finance the drilling of its Mukuyu-1 well.

IVZ raised $25M via a share placement at 23c per share.

The placement also came with one-for-one unlisted options exercisable at 40c per share with a five year expiry.

IVZ also confirmed that the placement was “highly oversubscribed, with multiple new and existing institutional investors across North America, the UK, Asia and Australia entering the share register ahead of the Company’s drilling campaign”.

This means investors who missed out on an allocation will need to buy on market if they want greater exposure to IVZ’s drilling program. The share price opened above the 23c placement price, ending the day at 26.5c per share.

A total of 108,695,652 new shares and unlisted options will be issued and IVZ expects the shares to be issued on the 7th of September 2022.

The share price has since pulled back to ~25c, and we expect to see it hover around the placement price after the shares come to market as some investors may sell their shares but hold onto their options into the drilling program.

IVZ detailed what the funds would be used for: