The Nigerian Exchange Limited (NGX) has listed eight million additional shares of Japaul Gold & Ventures Plc on its Daily Official List on Monday.
The additional share offered through private placement was listed at N2.50 Kobo per ordinary shares of 50 Kobo each.
Having secured approval from the Security Exchange Commission (SEC) on their special placement of eight billion units of new shares at N2.50 Kobo to run pari-passu with the existing shares and with the listing, the total issued and fully paid up shares of Japaul has now increased from 6,262,701,716 to 14,262,701,716 ordinary shares of 50 Kobo each.
Speaking on the listing, Chairman of Japaul Gold & Venture Plc, 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 noted that Japaul has 637,000 Inferred Reserve ounces of Gold, which is worth $1,551,095,000 on its Mining Leases that it has acquired, adding that the company has many Exploration Licenses in different parts of the country and Mining leases in different Goldfields.
With the objective of becoming a work class Gold Mining Company, not only in Nigeria but across the Globe, the Chairman noted that Japaul is now being reorganised structurally by KPMG.
Japaul Chairman, therefore, expressed optimism that with the recent development in Japaul, the company is poised for continuous growth of revenue and profitability, while assuring investors of ceaseless payment of dividends soon as tremendous value is added to assets of the investors in the company.
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 year 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, Akin Oladapo noted 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.
READ ALSO: Abandoned newborn found in Kano
