Billions in the ground does not translate into billions of market cap. FWIW.
Gold currently valued at $10-$20 an ounce and a pound of copper is closer to 10 cents in situ.
Those numbers go up as we get closer to production amongst other things.
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Baldy,
I agree with much of what you say.
Iâd still like to see exactly what is spelled out in the MOU. If AURYN was able to insert something in the way of a clause to prevent dilution to the full 3B shares authorized, then shareholders have a chance here. Otherwise, doubling their positions to ensure the same equity stake as presently represented by each shareholderâs personal position would be necessary. As the poster Volcan warned way back, âThe ADL is probably the last world class deposit ( book definition) in SA. Yet if you donât loose it before a bunch of worthless stock, you still have a big shot score big.
Just have to be the proper way.â
One clue as to whether shareholders are in for a storm of dilution is if AURYN retains and/or increases itâs holdings in MDMN after early production starts. The three year option timeframe became too long for some former shareholders who had to drop out or face financial ruin. The current shareholder base is a rather small number with a LOT of shares, IMO. Unless the current BOD orders a NOBO/OBO list and engages Broadridge for proxy voting prior to the next AGM there will be no real shareholder vote. If a new list of BOD members with shareholder representation is not put on the agenda, then what else is worth voting on, other than perhaps a reduction of shares authorized?
Iâm content to let AURYN run the show for the next five years, or until AURYN offers a TO before the time specified in the MOU. Letts resigned from Medinah because there was no further guidance to be offered. AURYN owns the mountain!
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Wouldnât it be fair to say that Auryn has a horse in the race when it comes to share dilution. And they would put the breaks on the bod rewarding themselves over and over reducing the value of their shares.
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Sure. Thatâs one of many reasons why seeing the terms of the MOU are important.
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I remember reading in the Nevada statutes that a corporation could not sell substantially all of itâs assets without a vote of the shareholders. Iâm sure Bob is on top of that.
Go catching tornadoes?
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It was a little different than I remember:
NRS 78.565 Sale, lease or exchange of assets: Authority; vote of stockholders.
1. Unless otherwise provided in the articles of incorporation, every corporation may, by action taken at any meeting of its board of directors, sell, lease or exchange all of its property and assets, including its goodwill and its corporate franchises, upon such terms and conditions as its board of directors may approve, when and as authorized by the affirmative vote of stockholders holding stock in the corporation entitling them to exercise at least a majority of the voting power.
Hi Rich, I think I read somewhere that Chile requires companies to issue dividends. Am I delusional or is that true, as far as you know? But of course mdmn would somehow figure away around that if possible. Like being a Nevada company. Although this will not make or break me on being delusional it will just be +/- 1. Thanks
Members of management are shareholders too - do you actually believe they donât want to declare dividends just for the sport of screwing shareholders. Letâs stay grounded.
Sorry TD, I have no idea.
I donât know if this Chilean dividend rule has been changed. There was one . The Country Where Dividends Are Required By Law - StreetAuthority
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Can we vote at next share holders meeting to unauthorized 1.5 billion share that were previously authorize and also to declare a very very small dividend with first monies received so we can get a grasp on true outstanding shares and shareholders? Do we have enough shareholder votes on the same boat to make a majority decision that will pass?
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Itâs out on the wires nowâŚ
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This one went out on Business Wire as opposed to Accesswire. Looks like this is the first time since March 2015.
It shows up differently on OTCMarkets: http://www.otcmarkets.com/stock/MDMN/news
I assume itâs a more expensive service.
It was also picked up on CBS Marketwatch which I use for alerts.
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and there you have cdel 2.499 milion @ .0158 to stop any momentum
and now they drop it to .0150
I assume the fun could start when this thing gets âfinalizedâ by the end of the month!!! WowâŚThat run up was short livedâŚ
We are in transition ⌠out with the old ⌠in with the new.
In three weeks MMC / MDMN will sign the agreement and we will be shareholders in AMC. Itâs time to put the past behind us!
AMC is going to do it right. They wonât dilute themselves or us. Everything will be transparent. (Remember they and friends and family likely own 20%+ of MDMN.) The ADL will get developed.
Hopefully the current BOD understands the level of angst and distrust between a large portion of the shareholder base and the BOD. Regardless of whether the false starts, erroneous press releases, and massive dilution were because of JJ or not, they were done on the BODâs watch. Add to that the connectedness of AMNP, Medinah Gold, NUOCO and the lack of transparency in all the communications and 3rd party deals and there is mutual distrust.
It would be nice if we (shareholders and the current BOD) can work amicably toward putting together a mutually acceptable shareholder friendly / trusted BOD after this deal is closed. The directive from shareholders to the new BOD would be as follows:
i. Lean management structure
ii. Low cost operation
iii. Limited dilution
iv. Payment of dividends mandatory
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I think youâll be seeing some big offers put out by buyers trying to accumulate a position. There arenât many buyers yet. Represent a big offer and see what shakes out.
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