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Key Points
- Mangwana Capital facilitated the second tranche of Invictus Energy’s $10 million capital raise, driving the Cabora Bassa Project forward.
- The second tranche of $3.5 million involved issuing 53 million shares at AUD0.10, with oversubscriptions bringing in additional funding.
- Issued securities will be listed on the Victoria Falls Stock Exchange via Zimbabwe Depository Receipts, enhancing liquidity and local investor participation.
Mangwana Capital, an investment advisory firm co-founded and led by Zimbabwean business executive Benedict Mbanga, has successfully facilitated the second tranche of Invictus Energy’s $10 million capital raise.
Invictus Energy fuels Zimbabwe’s energy future
This funding is pivotal for Invictus Energy, a sub-Saharan Africa-focused independent oil and gas exploration company, as it advances its flagship Cabora Bassa Project. The $10 million placement highlights robust investor confidence in the project and underscores Mangwana Capital's critical role in fostering economic development in the region.
As part of the second tranche, valued at $3.5 million, Invictus Energy will issue 53,030,303 new shares at AUD0.10 each, based on an AUD/USD exchange rate of $0.66. The company has accepted $2.065 million in oversubscriptions, resulting in the issuance of an additional 31,298,025 shares on similar terms.
ZDRs to attract local investors
Participants in the placement are also entitled to purchase one additional share for every four subscribed shares, exercisable at AUD0.30 within two years. Mangwana Capital, instrumental in securing the funding, earned a 5 percent fee on the capital raised, partly compensated through the issuance of 2,711,208 new shares at AUD0.10, with the remainder paid in cash.
In a strategic move to enhance liquidity and trading, the issued securities will be listed on the Victoria Falls Stock Exchange through Zimbabwe Depository Receipts (ZDRs). This initiative aligns with Invictus Energy’s strategy to boost local investor participation and leverage growing domestic interest in its exploration and development activities.
Mangwana Capital powers regional energy shift
Established in 2017, Mangwana Capital has emerged as a leading investment advisory and private equity firm in Zimbabwe, specializing in mining, tourism, and agriculture. Under Benedict Mbanga’s leadership, the firm has expanded its influence into Africa’s energy sector, offering sustainable investment solutions and driving regional economic growth.
The private placement managed by Mangwana Capital for Invictus Energy strengthens funding for the Cabora Bassa Project and positions Invictus as a key player in Zimbabwe’s energy future. Listing ZDRs on the Victoria Falls Stock Exchange connects local and international investors, boosting engagement in Zimbabwe’s growing energy sector.
