We had an asset……hmmm
The are held by a virtually defunct company, until AUMC or someone else makes a bid for the company. Somewhere between $0.000001 a share and the last actual trade $0.0006 May 29 2024. That’s when it fell from $.0013 on the previous day to ~$0 June 10 after no volume.
Market capitalization currently $2,880.
Although it’s AUMC holdings : January 2021 Shareholder Notification [4 YEARS OLD]
"Medinah Minerals, Inc. is pleased to share the most recent news from Auryn Mining Corporation with our shareholders.
Medinah Minerals, Inc. owns 16,104,200 common shares of AUMC received from AURYN Mining Chile, SpA. These shares are currently restricted. The Company intends on removing the restriction, selling a small portion of its shares to satisfy corporate liabilities and legal expenses, and allocating the remainder of its AUMC shares to its shareholders, pro rata, in the form of a dividend payment. This is subject to a final recommendation by our securities attorney and approval by regulatory authorities.
The timeframe for these actions is to be determined and is based on the Company’s desire to maximize the number of AUMC shares it is able to retain and allocate to its shareholders."
Based on the 16.1M shares of AURYN the company is worth today $11,435,592.42 .
4 Years ago , this was 23.1%
At that time each MDMN share would convert to 0.005587309 shares of AUMC (16104200/2882282073)
Although in Sept 2023 they stated that IF they get Les Price’s shares the total will be 16,275,200. Since this was their LAST Financial, we cannot assume those shares from Les were obtained.
What the Financial statement says is :
Total Liabilities (Loans from stockholders & Accounts Payable) : $400,347
So this is now almost 5 quarters ago, How much more is MDMN in debt to AUMC ?
How will the debt be converted ? How many MDMN shares will be paid to AUMC at what price ? The current price of $0.000001 a share OR $0.0006 OR what the current value of MDMN’S shares are worth in AUMC terms ?
How much larger is the current debt than $400,347 ?
Pretty hard to imagine how the debt ballooned that high (or higher) based on a company that had only a few years of financial reporting and had a website up until a while ago, then not.
Loans from shareholders to do what exactly ? Pay what exactly ?
It’s so great the AUMC is so transparent to the Medinah shareholders.
So just relax, AUMC is taking care of us, just like we are in the ICU in the hospital & we are told that the doctor will be here at any moment, day, month, year, (decade ?)
My take, Start emailing AUMC, posting, contact OTC, demanding transparency whatever way you can. To me this whole process of keeping MDMN in the dark is BS.
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I tried to call the transfer agent used by mdmn and the call would not go thru saying the number is temporarily unavailable.
Maybe someone else can have better luck
: American Registrar & Transfer Co. , Address: 342 East 900 South, Salt Lake City, UT 84111. Telephone Number of the Transfer Agent is: 801-363-9065. The Transfer Agent is registered with the Securities & Exchange Commission under the Exchange Act of 1934.
AUMC has communicated (for years) that they will sell some of the AUMC shares owed to MDMN to cover the costs. I guess the presumption is that a higher price in AUMC would mean less shares need to be sold wiuth more shares allocated to MDMN shareholders. The problem: MDMN’s expenses continue to accrue, MDMN should not even be publicly listied (should be wound down), and now that they have only allowed a “black market” in shares, the capital structure is a complete mess. They have basically blocked shareholders from taking a tax loss and/or adding to their exposure.
Waiting for a higher share price in AUMC is somewhat comical. At 75 cents or a $50M market cap, the company is extraordinarly expensive based on any comp. Add in the liabilities (as best you can) and its basically uninvestable. With several years of execution (and actual financials) AUMC can definitely grow into their valuation but its going to be a bumpy road. If MDMN were trading, there would have been a good arbitrage opportunity once AUMC reached production.
Bottom line: the only excuse for not distributing (waiting for a higher share price/Godot) is not in play. With MDMN not trading its simply bad form to not give MDMN shareholders what they have been asking for all of these years.
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So we done here??
WTF is going on? Was this a long con too?
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Something smells bad here. For them not to come out and state that they were not going to pay for filing and move to the Grey Market which is really the death of penny stocks says something.
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That makes sense about waiting for a higher stock price to use less MDMN shares for expenses, which would benefit us a little. But, bottom line, we will each get close to the same number of shares regardless of the price being .50 or 1.50. I would rather get my shares now and worry about the price later.
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Repost of Mine :
Auryn/Medinah 2025 1st half General Discussion
Feb 7
The reasoning of some (for non-conversion of MDMN shares to AUMC) on the BB was that AUMC had to have a higher share price (at times it was $0.11 to $0.20 during 2020, late 2023 - mid 2024) . Early 2021 to mid 2022 price went up to max of $1.04, still NO Conversion ! Now $0.70 - $0.95. Does AUMC actually think the price will skyrocket, when over the next ~5 years having to repay $4M for the loan & $20 in services fees & paying back $3-5M to Maurizio. That’s ~$28M paid out of NET income, for an operation (hopefully) starting in Q3. How long will it take to make that much net income ?
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$3000 and it just keeps going. If I only owned a gold mine!
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Or one with more transparency and not riddled with crooks for 15 years.
Re: MDMN. The debt isn’t much more than when I stepped down as CEO. My recollection is it includes some minor debts already outstanding with the balance being the cost of dealing with the LP fraud and lawsuits. This included legal costs to deal with SEC, LP, OKANADIAN, and preferred shareholders.
Costs are not continuing to accumulate. That’s one of the reasons for going dark at this point.
I believe allocating the shares will happen. Nothing any of us can do about when. I can tell you from when I was there, it’s not an easy process from a legal perspective. And it’s fraught with minefields. Anyone who thinks otherwise, please advise Raul, and include your credentials in securities law and the NRS along with all the details and history of company registrations.
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To my recollection, AUMC hasn’t communicated anything like that at all. The shares are MDMN’s shares and not under the control of AUMC.
There aren’t any expenses that are accruing until they legally do the work to allocate the shares and wind the company down. Nobody is blocked form taking a tax loss. You can basically declare the shares worthless if that is what you desire. Not my choice, personally.
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Really Kevin? You want to go there? Maurizio is the control person for Medinah. There is nobody else running that ship. It’s rudderless. The control of AUMC and MDMN are one in the same and, while not stated in PRs there has been a consistent communcation re: an imminent distribution of those shares. Yes, they have also been stating that they would audit their financials and uplist since 2021 but, when you remove the ability to buy and sell a stock, MDMN shareholders will inevitably become more and more frustrated. Its just bad “form” following 7 years of missed projected milestones. You might be singing a different tune if you weren’t issued shares of AUMC related to your previous contributions. Most folks have a more concentrated position in MDMN.
Separately, I will be very curious to see how many shares (options) have been issued to directors of AUMC over all of these years. We know there are only 70M shares outstanding but we won’t know the true capital structure until/unless we get a true filing. Nobody is getting paid so I can only assume that shares are being issued for compensation. Time is expensive.
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So which one is it? Waiting for the SP of Aumc to go up before converting or B it’s difficult
to convert them?
It’s both and it’s probably very costly to do the conversion as well, so it makes sense for them to at least wait until the opportunity to get the highest value for AUMC shares happens. which is not right now.
I would assume they want to get into production before they begin the conversion process in hopes that the share price will get a nice bump. If the bump doesn’t happen then at least they can say they tried, and the conversion will take place.
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I would be curious about what is involved in the actual conversion and where the cost would come from.
Alternatively they could dividend out cash early on in the first proudction cycle so that MDMN can clean up its debt without selling any of its AUMC shares
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They are NOT going to dividend out cash when they have to pay out ~$28M paid out of NET income !
The AUMC shares should/could be a dividend to MDMN shareholders, not a huge cost to my knowledge, except to get MDMN off the grey market, which was their doing.
They are only worried about having tradable AUMC shares out there, which I guess MANY people would want to sell to get out this POS situation !
The higher share price conversion theory is laughable, IMO.
Everybody is guessing and estimating. The best thing would be for Medinah to file for a certain period of time and AUMC pump the shit out with positive PR’s with production and all the crap that will make the stock go up so Medina shareholders can sell and get the hell out, plain and simple. Then they can do whatever they want with the Medina devil stock.
The problem is that the current valuation ($70M enterprise value) would need a minumum of 25,000 ounces of annual production to support the current share price. I think they will be closer to 5k ounces. This does not mean the share price needs to go down (nobody knows it exists, see: daily volume). I’ve been told that the conversion will cost upwards of $200k, No idea why. To state the obvious, when MDMN (Maurizio) decided to kill trading in MDMN, shareholders understandably had a new urgency to receive shares in AUMC. Despite the ridculuous speculations that this move was done with a pupose (arbitrage, LOL) the fact remains that investors were stripped of any options. This is why the shares need to be issued. Shares in AUMC are a looong game. It will take years and considerably higher production to increase the current valuation. Pull off the bandaid and give MDMN shareholders what they are owed. Restrict the shares for six months if there is concern of selling. However, if that concerns exists, its a healthy incentive for AUMC to finally deliver to avoid that outcome. You know, like every other publicly traded company is forced to do.
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