Medinah Minerals, Inc. (Medinah) is pleased to report the completion of the processing of share cancellations from the settlement of its legal disputes with Okanadian Management Corp in the United States, and the Price Parties in British Columbia, Canada.
When the Board of Directors discovered and announced the reporting discrepancies on August 26, 2016, the share structure was as follows:
Authorized: 3,000,000,000 Outstanding: 2,996,448,498
Authorized: 100,000,000 Outstanding: 4,122,200
Although the amount of common shares was egregious and problematic, the Class C Redeemable, Convertible, Preferred Stock was more so. The Preferred Shares had conversion privileges for varying amounts (some at 1,000 to 1.) In addition, they had a dividend of $0.10 per share annually and would convert to common upon consolidation, merger, or a sale of substantially all the assets of the company.
Through aggressive legal responses and negotiation, and with cooperation and assistance from friends of the company, Medinah has survived a situation that would have bankrupted most companies. All legal disputes related to Okanadian Management Corp and the Price parties have been resolved. As of September 21, 2017, the share structure is as follows:
Authorized: 3,000,000,000 Outstanding: 2,881,282,073
Authorized: 100,000,000 Outstanding: 50,000
At the same time, our ownership percentage in AURYN, which started at 25%, has increased and remains to date at 26.5%.
Details related to the share transactions through June 30, 2017 were released in the 2017 Q2 Financial Disclosures and are available on OTCMarkets.com. The details for any transactions occurring since then will be reported in the 2017 Q3 Financial Disclosures.
Submitted on Behalf of the Board of Directors