Invictus Energy Limited has listed on the Victoria Falls Stock Exchange (VFEX) in Zimbabwe following a US$10 million strategic institutional placement.
The listing was completed on August 2, 2024, and trading commenced on August 5, 2024, under the ticker code “INV”.
The move is part of a US$10 million strategic institutional placement, which was managed by Mangwana Capital and underwritten by the Mutapa Investment Fund of Zimbabwe to the tune of US$5 million. The placement was launched on July 29, 2024.
The VFEX listing allows Zimbabweans to invest in and trade securities in Invictus, which is already listed on the Australian Securities Exchange (ASX) and the OTCQB market in North America.
Invictus Energy Managing Director Scott Macmillan said the listing enables greater domestic investment in the company and its Cabora Bassa project. He thanked Mangwana, Mutapa, and the government for supporting the company’s commitment to developing the project.
“This Placement and associated listing of invictus on the VFEX enables greater and ongoing domestic investment in the Company and our Cabora Bassa project,” he said.
“Mangwana and Invictus have worked hard to enable greater participation in the Cabora Bassa Project’s future and the value it can generate at a domestic Zimbabwean level.
“I thank Mangwana, Mutapa and our line ministries within Government for supporting our commitment to moving the Cabora Bassa Project forward towards potential game changing development, and contribution to the nation’s energy mix.
“Funds raised through our recent Placement will be used progress our dual strategy of early monetisation as well as further development of the Cabora Bassa as we look to expand our resource base through further discovery and transition into development.”
Mutapa Chief Investment Officer Simba Chinyemba said the investment fund’s underwriting of Invictus’ private placement demonstrates its confidence in the company’s value and technical expertise.
“By underwriting Invictus Energy’s private placement on the VFEX, Mutapa Investment Fund is not only making a sound financial decision, but also taking a decisive step towards empowering a homegrown company with the potential to transform our energy landscape,” Chinyemba said.
“This investment is a testament to our confidence in Invictus Energy’s value and technical expertise, and their unwavering commitment to responsible resource development.”
Minister of Finance Mthuli Ncube said the listing underscores the government’s commitment to empowering local stakeholders and fostering an environment conducive to sustainable economic growth.
“The Government has consistently advocated for increased local involvement in nationally significant projects,” Ncube noted.
“The listing of Invictus Energy ZDR, led by Invictus, Mangwana Capital, and MMC Stockbrokers, underscores our commitment to empowering local stakeholders and fostering an environment conducive to sustainable economic growth.
“Through this listing, VFEX will tap into new markets, attract a broader range of investors and provide an additional funding channel for economic growth.”
VFEX was established in 2020 to spearhead the development of the International Financial Services Centre in Zimbabwe and has a listed market capitalization of US$1.26 billion. The exchange allows trading in United States Dollars and other convertible currencies.
