HARARE – Invictus Energy has secured a major investment boost for its Muzarabani gas project, with Mangwana Capital and the Mutapa Investment Fund committing US$10 million to advance the discovery.
The funding will be used for flow testing, exploration wells, and early monetization opportunities.
According to Invictus Energy Managing Director Scott Macmillan, the investment is a significant milestone for the company, with Mutapa underwriting US$5 million of the share issue.
“We are thrilled with the overwhelming support from Zimbabwean institutional investors, particularly the Mutapa Investment Fund as our future partners in the project on behalf of the Republic of Zimbabwe,” said Macmillan.
The company will issue 151,515,152 shares at AU$0.10 per share, with participants receiving an option to subscribe for one share for every four shares subscribed.
Mangwana Capital will list the shares as depository receipts on the Victoria Falls Stock Exchange (VFEX), allowing local participation.
Macmillan said the secondary listing on VFEX will facilitate liquidity for local demand and provide an opportunity for local Zimbabweans to invest in the company.
“This will facilitate liquidity for the local demand that exists in Zimbabwe, providing a unique opportunity for local Zimbabweans to invest in our company,” he said.
The investment is part of a strategic local capital raise, with Invictus seeking greater participation from local investors. The company has entered into a binding share subscription offer with Mangwana Capital, partially underwritten by the Mutapa Investment Fund.
The Petroleum Production Sharing Agreement (PPSA) is expected to be finalised, providing a stable and transparent legal and fiscal framework for the project.
Mangwana Capital Managing Director Ben Mbanga stated, “Mangwana is pleased to have led this strategic investment process. Our fund investors comprise a broad range of Zimbabwe’s institutional investors and our investment in Invictus will ensure that they share in the success of the Company.”
Mutapa Investment Fund Chief Executive Officer John Mangudya commented, “The Government of Zimbabwe’s commitment, through our support for Invictus and the negotiations of the Petroleum Production Sharing Agreement, provides a solid foundation for a transparent and stable operating environment, which is crucial for the successful development of this world-class asset through our future partnership.”
