The Nigerian Exchange Limited has listed additional eight billion ordinary shares of Japaul Gold & Ventures Plc on its daily official list of the Exchange.
The additional shares listed on NGX yesterday arose from Japaul’s Private Placement of eight billion ordinary shares of 50 kobo each at N2.50 per share. With the listing of the additional shares, the total issued and fully paid-up shares of Japaul has now increased from 6.263 billion to 14.263 billion ordinary shares of 50 kobo each.
Recall that Japaul Gold raised additional capital in the sum of N20 billion through special placements with identified investors at reinforcing the primary business of the company as a mining-focused enterprise and repositioning it as a market leader in the mining sector.
Speaking on the listing, chairman of Japaul Gold & Venture, Jegede Paul noted that the financing is targeted at further exploration and towards the commencement of the preliminary development of the gold field as the company planned to commence gold production before the end of 2025.
Paul stated that Japaul has 637,000 Inferred Reserve ounces of Gold, which worth $1.551 billion on its Mining Leases that it has acquired, adding that the company has many Exploration Licences in different parts of the country and Mining leases in different Gold fields.
Paul pointed out that with the recent development in Japaul Gold & Ventures, the company is poised for continuous growth of revenue and profitability, assuring investors of dividends payment soon.
He also said “it will be recalled that due to the low patronage of IOCs generally to Oil Servicing Companies, a strategic decision was made by Japaul in 2020 to diversify into mining of gold and other solid minerals, having identified the great potentials in the Mining industry in Nigeria.”
The Group managing director of the company, Akin Oladapo said that “while the company foresees the bleak future of crude oil business given global warming issues, it made smart diversification into mining to add value to the wealth of its shareholders in dividend payment and possibly giving bonus share issues in the nearest future.”
Japaul Gold is an NGX listed entity, previously known for providing offshore support services to the oil and gas industry. The Company has now fully transitioned into exploration and production of gold, zinc, lead, tin, and copper among other critical minerals.