Invictus Energy (ASX:IVZ) has signed a binding memorandum of understanding and share subscription agreement for Al Mansour Holdings (AMH) to acquire a 19.9% equity stake in Invictus at a premium to the current market price, according to a Wednesday Australian bourse filing.
The strategic investment of AU$37.8 million, before costs, at a share price of AU$0.095 will provide funding for the near-term Cabora Bassa works program, the filing added.
AMH has also agreed to provide the company with up to $500 million of conditional future funding to bring the Cabora Bassa project into commercial production.
The company has established a new Africa-focused upstream company, Al Mansour Oil & Gas (AMOG), as a joint venture between Invictus and AMH, where Invictus will lead technical, commercial, and operational management of the JV portfolio.
The company's shares rose 145% to their highest since December 2023 in Wednesday's close of trade.
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