It was August last year when Cerro first announced that FINRA had processed the request for a reverse split, name change, and symbol change. Apparently, the rule allows that Notification can be Submitted at least 1 calendar day prior to certain Corporate Action Dates, provided the corporations pays FINRA a $2,000 fee. My recollection is that shareholders were notified the day before the change was seen on our brokerage accounts. It is under this same Rule 10b-17 (Untimely Announcements of Record Dates) of the Securities Exchange Act of 1934 (“SEA”), which generally requires an OTC Equity issuer to provide FINRA’s Operations Department notice 10 days prior to the record date of the following corporate actions: (1) the issuance of a dividend or other distribution in cash or in kind; (2) a stock split or reverse split; or (3) a rights or other subscription offering.
The two primary questions remain when does the 1year restriction on already issued AUMC stock become unrestricted and when will Medinah corporation receive it’s pro rata distribution of stock. It is after this occurs that the mechanism for the distribution to individual shareholders’ brokerage accounts should be revealed to shareholders. I don’t envision much detailed information from AUMC concerning mining activities before the first steps of the AUMC distribution have been announced.
I note in the December 12, 2018 Shareholder Announcement the following information of things to look forward to:
Project Developments
We continue to provide logistical support to Hochschild’s work on the LDM project. Hochschild recently completed Phase 2 of their work on the project and plans to start Phase 3 in early January.
We recently started working on the Fortuna de Lampa and Lo Amarillo claims. State records indicate some historic sales of ore from this area contain more than one ounce of gold per ton. We are in the process of removing water from the existing tunnels and expect to conclude this year. After that, the old tunnels will be enlarged and made safely accessible to evaluate the historical work, systematically sample the area, and consider mining plan options.
We continue to work on the Larissa and Merlin claims and are finishing the chimneys and exit routes. Once approval has been given, we will make a new cut on level 3 to intercept the high-grade ore vein uncovered in a new tunnel found between levels 2 and 3.
The imbedded link refers back to an earlier Sept 1, 2016 announcement which states:
Additional Adit Uncovered During Caren Mine Preparation
AURYN Mining Chile SpA is delighted to update our shareholders regarding our continuing efforts toward preparing the Caren mine for production.
On Tuesday, August 30, an older tunnel was uncovered between adits #2 and #3. The vein pictured below was discovered in the tunnel. At this time, we are unable to determine whether this is the same Merlin #1 vein that is at surface, in adit #1, and adit #2 or is a completely separate vein. AURYN geologists will take representative samples from the vein Tuesday, September 5, 2016, and submit them for assaying and analysis.
Work progresses daily on adit #3. We have advanced over 30 meters from the tunnel’s entrance. During the process we encountered three structural faults which required time to sure up the adit in order to prioritize the safety of our workers. We are in the process of crossing the third structural fault in an effort to reach the high grade vein and begin production. Further details will be provided as they become available or at the informational meeting scheduled for October 1, 2016.
There was a great amount of information presented at the informational meeting. For anyone not attending that meeting the thread titled “October 1st, 2016 Informational Meeting News“ contains the impressions and posts of shareholders that were there. FWIW - Interesting to reread the information presented in that thread for anyone interested.