MEDINAH Minerals, Inc. previously announced that Vittal Karra, a former officer and director of MEDINAH, volunteered to give his shareholdings in MEDINAH Minerals Inc. and AURYN Mining Chile to the benefit of MEDINAH. The company has now received these.
In total Mr. Karra gave MEDINAH
- 65,157,222 shares of MDMN common stock in certificate form,
- 10,000,000 shares of MDMN restricted common stock held in a brokerage account and requiring a legal opinion for redemption, and
- 118,000 shares in AURYN Mining Chile SpA derived from his ownership in the NUOCO.
These actions were initiated by Mr. Karra for the MEDINAH’s benefit and were not part of an arbitrated compromise or entered under duress or threat. Per Mr. Karra, “The shareholders of MEDINAH Minerals, Inc., including family, friends, and me, have suffered greatly through the fraudulent activities. My hope is that gifting my shares of MDMN and AMC to the benefit of the MEDINAH will aid in the recovery process as the company seeks justice from those responsible for the fraud.”
The 75,157,222 common shares of MDMN are now in the process of being transferred into MEDINAH’s name and will be returned to the Company treasury.
The AURYN Mining Chile SpA shares certificate, in the name of Vittal Karra, was given back to AURYN for the benefit of MEDINAH. AURYN has cancelled the returned certificate and reissued a new certificate in the name of MEDINAH Minerals, Inc. As a result of the returned AURYN shares by Mr. Karra, MEDINAH now has a total of 26,824,000 shares of AURYN Mining Chile representing a 26.8% equity interest, an increase from MEDINAH’s previous holdings of 26,706,000 shares representing a 26.7% equity interest.
Submitted by the Board of Directors