Japaul Gold and Ventures Plc, one of the few listed mining companies in Nigeria has announced plans to raise additional equity capital of N20 billion at the NGX.

According to the company announcement, the capital will be raised through “special placements with identified investors”.$BTC

According to a corporate filing on the NGX website found by Nairametrics, the company announced plans to list an extra 8 billion ordinary shares valued at 50 kobo each, at N2.50 per share through a special placement.#Web3Wallet

According to the announcement signed by the company secretary, Michael Edeko, the move is aimed at raising funds for the expansion of the company’s minefields through:#CryptoMoj

The acquisition of a 50% equity stake in H&H Mines Limited

100% acquisition of Covenant Gems and Gold Minerals Limited in Atakunmosa LGA of Osun State.

The establishment of a gold refinery

It is noted that the H&H Mines has a gold reserve in the excess of 20 tonnes based on a “competent persons report” while the Covenant Gems and Gold Minerals has a minefield that contains gold and copper.