August 23, 2016
On June 16, 2016, the past and present Board of Directors of MEDINAH Minerals, Inc. (OTCMARKETS: MDMN) announced the initiation of a comprehensive analysis of MEDINAH’s books and records. On August 23, 2016, MEDINAH determined that there have been ongoing share issuance discrepancies with what was reported on MEDINAH’s 15c211s regarding the actual outstanding shares. Today we contacted the SEC and FINRA and are filing formal complaints regarding these discrepancies.
The current 15c211 as filed on August 15, 2016, can no longer be relied upon. The Company will be filing corrected quarterly statements as soon as practicable. Although the investigation is not complete, it appears that the representative of Medinah Mining Chile was engaged in the sale and/or allocation of primary shares without the knowledge of past and present Directors and Officers of the Company. Additionally, it does not appear that these inappropriate transactions were for the financial benefit of MEDINAH. The Board is continuing its investigation and will not stop until satisfied that all important facts are known.
The current capital share structure based on reports from the American Registrar & Transfer Company is:
Authorized: 3,000,000,000 Outstanding: 2,996,448,498
Authorized: 100,000,000 Outstanding: 4,122,200
CEDE & Co: 2,179,197,709 MASGLAS Limited: 218,783,318 Jim O’Callaghan: 157,000,000 Vittal Karra: 75,157,222
MEDINAH management and the Board of Directors are committed to responsible and accurate financial reporting. We will work tirelessly to redact, rescind and return to the Company all shares inappropriately issued. Further, we will use all means at our disposal to seek redress from responsible parties and will cooperate with law enforcement agencies as needed.
This situation does not impact AURYN Mining Chile SpA’s ownership and development of the Altos de Lipangue project. Nor does it change MEDINAH’s 25,000,000 shares owned in AURYN.
MEDINAH management and the Board of Directors wishes to acknowledge the critical role played in this investigation by our partners AURYN Mining Chile SpA and its parent Company MASGLAS Limited. We are indebted to the leadership they provide as MEDINAH progresses toward financial sustainability.
Gary P. Goodin, Esq.
President & CEO
MEDINAH Minerals, Inc.