IVZ raises $10M to fund long lead drilling items and 2D seismic
Our 2020 Energy Pick of the Year Invictus Energy (ASX: IVZ) just raised $10M in cash.
IVZ plans to use the funds to:
1) Prepare for drilling in Q3 this year - IVZ will use some of the funds to pay for long lead items for its Mukuyu-2 well.
2) 2D Seismic programs in May - IVZ plans to run some new seismic data acquisition programs across the eastern part of its permits.
After last year's drill program, IVZ completed all of the key objectives we had set as things we wanted to see the company achieve in 2022.
As a result, our IVZ Investment Memo #1 was closed off.
With the drill program complete, we are now watching for the final results from the Mukuyu-1 drill program (sidewall cuttings and mud gas results) as we prepare our IVZ Memo #2.
Be on the lookout for our IVZ Memo #2 in the coming weeks and also our review of how IVZ performed against each area of our IVZ Memo #1.
More on the capital raise:
The capital raise was done via a placement at 12c per share.
The placement also came with one for two listed options exercisable at 20c per share with a three-year expiry term. IVZ plans to have those options listed (subject to ASX approvals).
In total IVZ will be issuing:
- 83.3M IVZ shares - 72.5M to be issued on the 14th of April and the remainder after shareholder approvals.
- 41.6M IVZ options - to be issued after shareholder approvals.
What’s next for IVZ?
