Invictus Energy (ASX:IVZ) completed the second tranche of its $10 million institutional placement, raising $3.5 million and accepting an additional $2 million in oversubscriptions, according to a Tuesday filing with the Australian bourse.
Under the second tranche, the company issued 53 million shares at AU$0.10 each, the filing said. It will issue an additional 31.3 million shares at the same price for the oversubscriptions.
The placement supports Invictus' secondary listing on the Victoria Falls Stock Exchange through the issue of Zimbabwe Depository receipts, the company said.
Shares rose nearly 7% in recent Tuesday trade.
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