Sula Iron & Gold has conditionally raised $400,000 gross via a subscription for 304.6m new shares at 0.1p per subscription share.
The Subscription Shares are being subscribed for by Madini Occidental Ltd ("MO"), a private company incorporated in the Republic of Seychelles, which is currently owned by Madini Minerals ("Madini") and Ian Schofield who are interested in 75.0 per cent. and 25.0 per cent. of its issued share capital respectively.
Madini is a privately owned enterprise, incorporated in Mauritius, formed by mining professionals with a focus on acquiring stakes in, and applying its extensive technical and commercial capabilities to, African based advanced exploration and development-stage projects.
Ian Schofield is a private high-net worth investor with experience in investing in natural resources companies. Ian Schofield is also currently interested in 9.2 per cent. of the issued share capital of Madini.