MEDINAH Minerals, Inc. previously announced that Greg Chapin, a former officer and director of MEDINAH, cancelled the company’s debt owed to him and volunteered to give his shareholdings in MEDINAH (common and preferred) and AURYN Mining Chile to the benefit of MEDINAH. The company has now received these.
In total Mr. Chapin gave MEDINAH
- 34,114,063 shares of MDMN common stock,
- 1,600,000 class “C” convertible shares of MDMN, convertible to 32,000,000 common shares,
- 1,706,000 shares in AURYN Mining Chile SpA derived from his ownership in the NUOCO, and
- cancelled all remaining debts equating to approximately $450,000 of debt that MEDINAH owed him for advances.
All of these actions were initiated by Mr. Chapin for the company’s benefit and were not part of an arbitrated compromise or entered into under duress or threat. According to Mr. Chapin, “Medinah Minerals, Inc. has been seriously damaged by the recent revelation of nefarious and fraudulent activities. I sincerely hope that gifting my MDMN and AMC shares to MEDINAH and cancelling MEDINAH’s debt to me will help augment and facilitate the rebirth of MEDINAH Minerals, Inc.”
The 34,114,063 common shares of MDMN are now in the process of being transferred into MEDINAH’s name and will be returned to the Company treasury.
All 1,600,000 class “C” convertible shares have been returned to the Company and are in the process of being cancelled.
The AURYN Mining Chile SpA shares certificate, in the name of Gregory A. Chapin, was given back to AURYN for the benefit of the Company. 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. Chapin, MEDINAH now has a total of 26,706,000 shares of AURYN Mining Chile representing a 26.7% equity interest, an increase from MEDINAH’s previous holdings of 25,000,000 shares representing a 25% equity interest.
Submitted by the Board of Directors