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. 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. 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 have bought mining and exploration licenses for Gold, Lithium, Lead, Copper, Tin, Zinc etc., which our company will be working with,” Oladapo said.

Source: Nigerian Tribune August 02, 2020 16:41 UTC