Japaul Gold and Ventures Plc, a Nigeria-based brewing company, has applied to the Securities and Exchange Commission (SEC) for an additional capital injection of 20 billion Nigerian naira ($25 million) through special placements with identified investors. The company's objective is to strengthen its mining-focused operations and establish a prominent position in the mining sector. The funds raised from the placement will primarily support the expansion of the company's minefields, which includes acquiring a 50 percent equity stake in H&H Mines and a 100 percent acquisition of Covenant Gems & Gold Minerals Limited in Eti-oni, Osun State, and establishing a gold refinery for enhanced value creation.
Japaul Gold and Ventures is set to leverage the mining lease of H&H Mines Ltd, which holds a confirmed gold reserve exceeding 20,000 kilograms, and the mining assets of Covenant Gems & Gold Minerals Ltd, rich in copper and mineable gold at 97 percent, to strengthen its position in the mining industry. This strategic move aims to enhance the company's presence and capabilities in the mining sector.