Japaul Gold & Ventures Plc has notified the investing public that it has filed an application with the Securities and Exchange Commission to raise additional capital in the sum of N20 billion through special placement with identified investors.
The procced of the placement shall be applied primarily to finance the expansion of the Company’s minefields through the acquisition of 50% equity stake in H&H Mines and 100% acquisition of Covenant Gems and Gold Minerals Limited in Eti Oni, Atakumosa Local Government, Osun State and the establishment of a Gold Refinery to maximise value.
The transaction is aimed at reinforcing the primary business of the Company as a mining focused enterprise and repositioning it as a market leader in the mining sector.