Santowin Corporation has executed a memorandum of understanding (MoU) with a party in Ghana for mining of gold in Ghana. The transaction of the business was informed at its board meeting held on March 19, 2011.
The board has empowered the managing director to take all necessary steps towards implementation of the project in Ghana and elsewhere and also empower to execute Power of Attorney agreement, etc in the interest of the company.
It has also approved that, if necessary, it will open a subsidiary in West Africa and seek listing of company at the Ghana Stock Exchange. The board has also approved to open the bank account in Ghana and remit the money so required for fulfillment of terms and conditions of agreement as and when the same is required.
Further, the company has approved to raise loan for the fulfillment of future commitment if necessary.
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