Once again, Japaul Gold and Ventures Plc has announced it will not be able to file unaudited financial statements for the period ended 30 June 2021.
This is becoming a trend following a similar announcement in the first quarter of the year.
In a statement signed by Babatunde Adewale, Legal Officer, the company said it will be unable to file the 2021 quarter 2 unaudited financial statements within the regulatory due date of 30 July 2021.
This, it attributed to the ongoing business diversification process which has not been finalised.
It would be recalled that the company announced in November 2020 that it has received approval in principle from H&H Mines Limited to invest in or acquire shares in the company once it concluded its fundraising exercise.
The announcement saw Japaul’s share price rising over 100 percent in two months before it became clear that the embattled company still has a long way to go to perfect the deal given the fact that it still plans to raise the necessary fund for the deal. A company struggling financially before changing its name and business direction from oil to mining.
“The company is currently conducting some strategic engagements aimed at impacting positively on the company’s new business and intent at successfully transiting from a loss position to a consistent and sustainable profitability as envisaged in the operations,” Japaul statement reads in part.
It added that “In view of this, the company has sought and obtained the approval of NGX Regulation Limited (NGX RegCo) for an extension of time to file the accounts on or before 29 September 2021.”
