Invictus Energy’s (ASX:IVZ) shares took a major hit, falling as much as 22.5% to A$0.155, setting the company up for its most challenging day since January 3rd if losses hold.

The oil and gas company has confirmed firm commitments to raise A$15 million via a two-tranche placement.

The new shares' issue price of A$0.15 suggests a 25% discount from the stock’s last close.

Invictus Energy (ASX:IVZ) plans to use the proceeds to fund its upcoming Mukuyu-2 exploration campaign in Zimbabwe.

So far, approximately 6.4 million of the company’s shares have been traded, notably higher than the 30-day average volume of 4.8 million.

Currently, Invictus Energy (ASX:IVZ) is the highest percentage loser on the ASX All Ordinaries Index.

The stock is down 31% year-to-date, based on the last close.

Invictus Energy (ASX:IVZ) is an oil and gas company that focuses on securing firm commitments for significant investments.