Shareholders of Japaul Oil & Maritime Services Plc have approved major resolutions authorising the company to change its name, reconstruct its share capital and raise up to $70 million in new capital as part of significant redirection of the company towards growth and profitability.
At the Annual General Meeting (AGM), shareholders approved the change of the company’s name from Japaul Oil & Maritime Services Plc to Japaul Gold and Ventures Plc to reflect its new business focus from oil and gas servicing sector into natural resource management, specifically the exploration, mining, processing and export of minerals such as gold and lithium among others.
Shareholders also approved the reconstruction of all existing ordinary shares of 6.0 billion ordinary shares of 50 kobo each while also authorising an increase in authorised share capital to 60 billion ordinary shares. After the reconstruction, shareholders mandated the board to undertake public offering through a combination of any of book building and public offer to raise $70 million or its naira equivalent through all possible legitimate means.
The net proceeds of the proposed new capital raising will be used to finance the completion of expanded explorations; mining activities; mineral processing; export; engineering design; procurement; installation of a gold processing plant and working capital among others.
Chairman, Japaul Oil & Maritime Services Plc, Mr Paul Jegede said the changes underscored the company’s commitment and proactive nature in exploring opportunities to bring value to its shareholders.
According to him, the diversification was due to the belief that natural resources are a viable substitute for oil, as necessitated by oil prices which have been nosediving even before the COVID-19 pandemic.
“The mining of these natural resources is not only profitable, but it is also without any negative impact on the environment,” Jegede said.
He noted that Japaul has already acquired mining and exploration licenses through buy-overs for the exploration, mining and exportation of gold, lithium, copper, tin, lead and zinc across seven states in Nigeria where strategic minerals have been discovered in commercial quantities and reserves.
He added that the company has also started a landmark restructuring and transitioning to become Nigeria’s first indigenous publicly quoted company in that space.
Group Managing Director, Japaul Oil & Maritime Services Plc, Mr Akin Oladapo said the diversification is as a result of the company’s five-year growth plan.
“We had the foresight that the situation of the oil and gas sector would not improve for a long time, which is the case today. We started training ourselves in mining-related businesses and the rest is history. We have bought mining and exploration licenses for Gold, Lithium, Lead, Copper, Tin, Zinc etc., which our company will be working with,” Oladapo said.
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