Sula Iron and Gold’s brought on board a new investor after conditionally raising $400,000. Madini Occidental, which is a private, Seychelles-incorporated company, is owned by Madini Minerals and private high net worth investor Ian Schofield.
Sula's new CEO Roger Murphy tells Proactive: ''We're really excited. We're focused mainly on the gold which we think is very attractive and $400,000 including a significant chunk of my own money gives us 26% of the company''.
''Our focus is mainly going to be on the capital markets side - we think we have a good project in Sierra Leone with a good management team in the country, very good relationships. What we bring to the party apart from capital is the ability to raise the profile of the company and that's what I'm intending to do over the next year or two'', Murphy said.
In terms of why he decided to invest, he said there's two reasons. First is the quality of the gold project and secondly is the very low valuation of the company right now.