Invictus raises US$23,57m for Zim projects

AUSTRALIAN firm Invictus Energy (Invictus) has raised a combined A$35,4 million (about US$23,57 million) to fund the next phase of its Cabora Bassa exploration and appraisal programme, a company official said yesterday.

The company — which aims to pipe Zimbabwe’s first oil barrels — has been on the market seeking funds as it gets ready to start the next stage of an exploration and appraisal programme that may assure Zimbabwe of future energy security.

In a shareholder update, the firm’s managing director Scott Macmillan said they had received strong support from new and existing institutional as well as sophisticated investors.

This story is for NewsDay subscribers.