Medinah Minerals (MDMN) - 2016 Q3 - General Discussion (recovered)

Individual Stocks Medinah Minerals (MDMN)
738

MEDINAH Discovers 15c211 Discrepancies
News Release – August 23, 2016
On June 16, 2016, the past and present Board of Directors of MEDINAH Minerals, Inc. (OTCMARKETS: MDMN) announced the initiation of a comprehensive analysis of MEDINAH’s books and records. On August 23, 2016, MEDINAH determined that there have been ongoing share issuance discrepancies with what was reported on MEDINAH’s 15c211s regarding the actual outstanding shares. Today we contacted the SEC and FINRA and are filing formal complaints regarding these discrepancies.
The current 15c211 as filed on August 15, 2016, can no longer be relied upon. The Company will be filing corrected quarterly statements as soon as practicable. Although the investigation is not complete, it appears that the representative of Medinah Mining Chile was engaged in the sale and/or allocation of primary shares without the knowledge of past and present Directors and Officers of the Company. Additionally, it does not appear that these inappropriate transactions were for the financial benefit of MEDINAH. The Board is continuing its investigation and will not stop until satisfied that all important facts are known.
The current capital share structure based on reports from the American Registrar & Transfer Company is:
Common Shares
Authorized: 3,000,000,000
Outstanding: 2,996,448,498
Preferred Shares
Authorized: 100,000,000
Outstanding: 4,122,200
Significant Shareholders
CEDE & Co: 2,179,197,709
MASGLAS Limited: 218,783,318
Jim O’Callaghan: 157,000,000
Vittal Karra: 75,157,222
MEDINAH management and the Board of Directors are committed to responsible and accurate financial reporting. We will work tirelessly to redact, rescind and return to the Company all shares inappropriately issued. Further, we will use all means at our disposal to seek redress from responsible parties and will cooperate with law enforcement agencies as needed.
This situation does not impact AURYN Mining Chile SpA’s ownership and development of the Altos de Lipangue project. Nor does it change MEDINAH’s 25,000,000 shares owned in AURYN.

MEDINAH management and the Board of Directors wishes to acknowledge the critical role played in this investigation by our partners AURYN Mining Chile SpA and its parent Company MASGLAS Limited. We are indebted to the leadership they provide as MEDINAH progresses toward financial sustainability.
Sincerely,
Gary P. Goodin, Esq.
President & CEO
MEDINAH Minerals, Inc.

Copyright © 2016 Medinah Minerals, Inc., All rights reserved.
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739

deleted by me

740

Les has finally been busted. I think he will be spending his retirement in jail.

8 Likes
741

Hopefully they will make him buy it back…

742

Dang it, that mean they blew right through the share cap??? Freaking idiots!!!

743

It appears Les sold shares with knowledge of the transfer agent but without knowledge of the Company and probably pocketed the money for himself. Hopefully, authorities will move quickly to arrest him.

9 Likes
744

So, the shareholders just received a 50% dilution in the value of our stock.

1 Like
745

So I guess we can stop with all of the speculation of nefarious MM’s and the selling of air shares to depress our stock price eh?

Thank you Gary for taking the bull by the horns. I hope these scum bags spend the rest of their days in jail.

2 Likes
746

Les may not be the only one in jail!! I believe most reputable transfer agents carry insurance but these guys are not reputable.

747

Looks that way. We went from 1.5 billion to 2.9 billion outstanding or am o reading it wrong?

748

It’s going to be hard to delete the posts that threaten violence against Les - but I guess we have to do it.

749

So all those out there who were saying that we shouldn’t focus on past management sins and just move on can apologize now.

I am betting that people won’t be able to find Les Price much less arrest him.

Thank goodness for Auryn and this work. I’m sure they are motivated to solve this because their position regarding mdmn ownership percentage just changed.

3 Likes
750

I would also be VERY careful about publishing accusations against any person allegedly involved, as these facts are the conclusions of a private investigation and have not yet been fully adjudicated in a court of law. Of course, in the United States “substantial truth” is usually a defense - but do you really want to have to hire an attorney to go into court and PROVE substantial truth?

1 Like
751

Transfer Agent may have insurance, but if they receive proper documentation it is their responsibility to call every office to verify?
Les used creative coping and pasting for the last 5 years to rape us all. No way are we going to claw back any of the stock already held by CEDE.

752

His whereabouts are known but I got to assume he will flee offshore rather quickly.

The good thing is a fair amount of the stolen booty will be recovered. His debt with Medinah will be cancelled, and Nuoco /5% of Nunco will be seized for sure plus any assets he has in Canada.

3 Likes
753

Now I can see why I got filled:sob:

754

Either Les is very stupid or very smart . I will be waiting for the verdict . This again is incredible. I hope this is a bad dream or big mistake!

2 Likes
755

You’re right - I’d like to amend my previous statement to say “but these guys may not be reputable”.

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756

Could you check with what he hid with his kids too.

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757

While this does not surprise me, the magnitude does. This issue needs to handled delicately as if the DTC beleives there are a substantial amount of shares in Cede that are unauthroized, they could place a chill on the stock until it is rectified.

Whoever is responsible, clearly not only made bank, but put all shareholders at risk.

Lastly, I totally disagree with MG, I don’t think anything will be recovered, although obviously any conversion of the subject party’s debt would be a no go, not only because of this issue, but becasue there is no remaining room under the 3 billion A/S.

1 Like