January 30, 2017
Medinah Minerals, Inc. (OTCMARKETS: MDMN) is pleased to announce that its aggressive investigation and legal action against Les Price, Pamela Fitzpatrick, MMC Mines Inc, GXK Ventures Inc, et al. has resulted in a settlement agreement with one of the purchasers of shares in the “scheme” referenced in the lawsuit.
This agreement has resulted in the return of the following amounts of stock to Medinah:
- 127,000 preferred shares, convertible to 127,000,000 shares of common stock, and
- 57,000,000 common shares.
In addition, the agreement calls for the return of an additional 10,000,000 shares of common stock once Medinah reaches a share price of $0.025 per share.
With the return of stock, the parties involved in the agreement hold each other harmless for all actions related to the purchase and cancellation of these shares. In addition, the purchaser has agreed to fully cooperate with the company’s investigation by providing background information and turning over all documents and correspondence related to their purchases of Medinah stock.
Submitted by the Board of Directors