Emporis Projects has received its board approval to raise funds for mining and other related activities through the issue of further shares either by way of Preferential / FPO / GDR / FCCB / OCCPs upto $50 millions. Further the approval is subjects to the Members approval and in compliance with the ICDR Regulations, 2009 and other applicable acts.
The company has also received approval for incorporating subsidiary company in India or overseas and investing in subsidiary pursuant to the applicable provisions if any of the Companies Act, 1956, FEMA Act, 1999 and other applicable rules and regulations. The company has received an approval at its board meeting held on May 19, 2011.
Besides, Emporis Projects has executed a memorandum of understanding (MoU) with Magnat Trade International Company, Madagascar for its proposed mining venture In Madagascar.