Japaul Gold & Ventures Plc (NGX: JAPAULGOLD,) has listed additional 8 billion ordinary shares on the Nigerian Exchange.
The 8 billion ordinary shares of 50kobo each at N2.5 per share were offered through private placement.
With the new 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.
Japaul Gold’s share price declined today by 6.67% to close at N2.51 per share on the floor of the Nigerian Exchange.
In a press briefing on Monday in their corporate office in Lagos, Jegede A. Paul, chairman and Akin Oladapo, Group Managing Director, Japaul Gold & Ventures Plc noted that Japaul has been able to come out of the woods, “and there is light now at the end of the tunnel for the company that looked as if it was going to go out of business, coming from a huge operating losses of N2,859billion in 2021 to an operating profit of N191million in 2022, and the profit improved further to N619million in 2023, but due to economic situation as regards Foreign Exchange, the company was hit by an exchange loss of about N1.2billion, which brought the operating profit to negative. With all indications, the loss is going to be wiped out this year 2024, despite the hardship in the economy, and for the fact that Gold production has not yet commenced”.
They said, “With the recent development in our Company, we are positioned for continuous growth of our revenue and profitability. There shall be ceaseless payment of dividends in a very short time from now, and tremendous value shall be added to the Assets of the Investors to the company”.
Japaul was incorporated in 1994 but started its business in 1997 as a private company. Initially, it operated as an oil servicing company, supporting international oil companies by providing offshore logistic services such as chartering of sea going Vessels, Barges and Accommodation Barges.
The company later transitioned into mining sector and changed its name from Japaul Oil & Maritime Services Plc to Japaul Gold & Ventures Plc in the year 2020.
They further said that “The transition into the Mining Sector is aimed at establishing a niche for the Company across the value chain of the Global Mining Business.
“Japaul has many Exploration Licenses in different parts of the country and Mining Leases in different Gold fields. The Company is now being reorganized structurally by KPMG with the objective of becoming a world class Gold Mining company, not only in Nigeria but across the Globe.
“Presently, Japaul has 637,000 Inferred Reserve ounces of Gold, which worth $1.551billion on its Mining Leases that it has acquired. To this end, the Company has been able to come up with the means of financing further Exploration and to commence the preliminary development of the Gold field, with the already made clear Plan to commence Gold production before the end of 2025.”
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
