Invictus Energy (IVZ) has commenced the week in a trading halt ahead of an upcoming capital raise.
So far, there are no details on how much the company is aiming to spend or where the funds will be spent.
Currently, Invictus shares will be paused until Wednesday, March 24, or when more information is released to the market.
Invictus is an independent oil and gas exploration company focussed on high impact energy resources in sub-Saharan Africa.
Last December, the company received a non-binding farm-in offer for the Cabora Bassa Project in Zimbabwe.
The proposed transaction is subject to completion of further technical, legal and commercial due diligence by both parties.
“To have received a farm-in offer for our Cabora Bassa project which sets the company on a positive path for a transformational 2021,” Managing Director Scott Macmillan said in December.
The Cabora Bassa Project includes the Mzarabani Prospect, which, according to the company, has the potential to be the largest un-drilled seismically defined structure onshore Africa.
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