Invictus Energy is tapping the equity capital markets second time this year, while it drills oil and gas targets in Zimbabwe.Invictus had its joint lead managers, PAC Partners and Jett Capital Advisors, offering 87 million shares at 23¢ each, a 25.8 per cent discount to the last close. The offer price included a one-for-one attaching option with a 40¢ strike price and five-year term.
The term sheet said Invictus’s Mukuyu prospect was the largest un-drilled conventional oil and gas prospect. Invictus is planned to start drilling at Mukuyu-1 wellsite in September and had earmarked $10 million of the raise’s proceeds for it.PAC and Jett were calling for bids by 9am Monday, August 29. They had room for $5 million more in oversubscriptions, according to the therm sheet.
Incivtus would have a $263.2 million market capitalisation after the raise. Friday’s cash call is its second equity raise since
Source: Energy Industry News (energyindustrynews.net)
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