Japaul Gold & Ventures Plc has received approval from the Securities & Exchange Commission (SEC) for a special placement of eight billion new shares at N2.50 per share, raising N20 billion in new capital.
The company, listed on the Nigerian Exchange Limited (NGX), will use the funds to support its transition into gold mining, a shift made in 2020 from its original oil servicing business.
Chairman Jegede Paul highlighted that Japaul is strategically positioned in Nigeria’s mining sector, with the goal of producing and reserving over 100 million ounces of gold by 2034.
The company has several exploration licenses and 637,000 inferred gold reserves valued at $1.55 billion, with production set to begin by 2025.
Managing Director Akin Oladapo noted that Japaul has recovered from financial struggles, turning a profit in 2023 and setting its sights on sustained growth, profitability, and dividend payments.
The company’s rebranding from Japaul Oil & Maritime Services to Japaul Gold & Ventures reflects its commitment to becoming a leading player in the global gold mining industry.