Japaul moves to raise N20bn through special placement

Japaul Gold and Ventures Plc have filed an application with the Securities and Exchange Commission (SEC) to raise additional capital in the sum of N20billion through special placements with identified investors.

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.

The company informed the Nigerian Exchange Limited (NGX) and the investing public that the proceeds of the placement would be applied primarily to finance the expansion of the company’s minefields.

This will be done through the acquisition of 50percent equity stake in H&H Mines and a 100 percent acquisition of Covenant Gems & Gold Minerals Limited in Eti-oni, Atakumosa, Local Government, Osun State (assets for share exchange) and the establishment of a gold refinery to maximise value.

“The mining lease of H&H Mines Limited, based on the Component Persons Report (CPR), confirms a gold reserve in excess of 20,000kg while Covenant Gems & Gold Minerals Limited minefields contain copper and mineable gold at 97percent,” Japaul Gold and Ventures said.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.