Japaul Gold and Ventures Plc, a limited-company mining company in Nigeria, has declared its intention to raise an additional N20 billion in equity capital through the NGX.
The Times reported that the capital would be raised through “special placements with identified investors,” according to the company announcement.
The company announced plans to list an additional 8 billion ordinary shares valued at 50 kobo each, at N2.50 per share through a special placement, according to a corporate filing that
The notice, which was signed by the company secretary, Michael Edeko, states that the action is intended to raise money for the firm’s minefield expansion through obtaining a 50% ownership share in H&H Mines Limited, a 100% acquisition of Covenant Gems and Gold Minerals Limited in Atakunmosa LGA of Osun State, and the establishment of a gold refinery.
According to a “competent persons report,” it is stated that H&H Mines has a gold deposit of more than 20 tonnes, and Covenant Gems and Gold Minerals has a minefield with both gold and copper.
Japaul Gold and Ventures Plc is one of NGX’s top-performing stocks in 2023, with a share price of N1.39 and a share price appreciation of 396% so far this year.
The agreement to purchase shares in H&H Mines was originally discussed in 2020, but it was contingent on Japaul’s capacity to generate capital.
