IMO, the good news is that we now know a lot more than we did at the opening bell this morning. We know where these unlimited shares have been coming from and can now easily see how these available share numbers have been responsible for eroding the share price. We also know that Medinah/Auryn are in the middle of moving forward to correct this as best and as fast as possible. I’m sure that they plan on their actions resulting in a large share “claw back” that results in this actual float being substantially reduced from today’s numbers. As some have pointed out, if the NUCCO 5% is exposed to being recovered as a Medinah asset our ownership of AURYN is subject to grow and add to value. Everything is “up in the air” at this moment but it looks like we could very well be on a track to see the endless share availability coming to an end and this mess corrected. The two major questions are, how long will it take and what will be the end result?
BE, did you know about this?
I thought the shareholders of MM had suffered enough but I was wrong. I seems to me that this will take quite awhile to resolve. I also see this delaying any TO.
There isn’t anything to walk away from. They own the mountain. No changing that at this point. And they are about to start operating a mine that will generate $30M+ in annual revenue by their own calculations. Nothing there to want to walk away from.
The cap agreement was announced in Aug 2014 as part of the former JV/Purchase agreement (with $100M in cash - remember that one): http://www.businesswire.com/news/home/20140807005858/en/Medinah-Minerals-Announces-Stock-Issuance-Share-Cap
That JV/Purchase agreement was trashed and the new agreement(s) were reached in an AMC equity for claims trade.
AMC is just a victim of these (apparent) lies like the rest of us. But that doesn’t change anything in regard to the validity of the sale of the claims for AMC shares.
It appears the conditions of the original option agreement (i.e. 1.5B share cap) upon which the equity for claims trade was based was violated. Proving criminal intent for those involved would not likely be very difficult. A clawback ala Bogdan is a different matter. 
(added edit) - Apologies … only now catching up on all the posts today. Missed this important one!!!
Man oh man. I haven’t been buying stock for quite some time. Even when John was banging the gavel regarding CDCH, I never bought any because I just wanted my money back from MDMN. 95% of my investment is in MDMN. 5% with CDCH. I doubt I will ever sniff the break even point now.
What a dreadful day. My only solace is that I never fell for the Les Price love, not even pre 2012. But that isn’t helping my pitiful investment.
Do you think they would have given enough info to SEC and authorities privately so that they could pinpoint Les’s whereabouts before they announced it publicly? I would hate for Les to escape somewhere.
Yes. And the 1.5B cap was violated while that Purchase Agreement was in place (by all appearances). But that option agreement was trashed. The 1.5B share cap may or may not have been independent of that option agreement. It’s very unlikely, imo, the next sale agreement of AMC shares for claims was dependent in any way on the 1.5B share cap. And even if it was and Auryn somehow had the option to unwind it all because they were pissed at Les, it makes zero sense to even think about that when you already spent the money to set up a mine you are about to start operating which will generate far more in cash in 1 or 2 years than you ever spent on MDMN shares.
So, is a RS the the most expedient action to correct the share structure, or is legal action to be pursued first? It seems this stock has a reputation that is proving difficult to leave behind in the rearview mirror!
“Two things define you: Your patience when you have nothing, and your attitude when you have everything.” - Anonymous
Maybe Rayfer can send Lester an email explaning his actions regarding today’s release
Les’ s whereabouts are now unknown. I think he will not go into hiding due to his close ties with his family. Canada will not be a safe haven for him.
One bright side to this…we got half the property from Juan for a lot less shares vs what it would have been if the shares outstanding were publicly known. Perhaps Juan will file suit against Les? Ha…
I can’t see Auryn walking away as I’m pretty sure they had an idea what they were getting themselves in for when they came to the plate. These are extremely knowledgeable Business people. At least they are cleaning the floor ready for a rebuild. On the other hand, who is taking advantage of the 25% discount which won’t last long IMHO.
It would not surprise me if Les arranged shares to be distributed to JJ on the down low in order to facilitate the share sale to Aurun.
I just read through this shocking news and the first thing comes to my mind is there really any short position or that is a total fabrication since the shares were real and just simply not reported. I do not understand how the Transfer agent, MDMN BOD, and the DTC allowed this to happen. Their must be some sort of checks and balances when stock is issued and the sale is not reported on the books of the transfer agent or the DTC.
Shock and awe! Just when I was getting ready to buy more stock, now I have to sit back and really see what this company could be worth!
Wow look at that 3.1 million @ .012 WTF?! Somebody is running
I had similar thoughts, all theoretical of course. In other words, JJ could have been paid by Auryn, but then bought the shares back or even been given as many shares under the table essentially giving up certs, getting open market shares, and making money and hoping to double dip in the future.
If Juan or Les would have a giant block of shares at this point it would be easier to claw them back than if they are out there in thousands of accounts.
Well there were still 3.5M left to go to get to 3B. One last sale for the road! 
As previously stated, JJ’s block of shares were bought for 1.5 cents.
WOW…We traded below .01…SHOCKING!!!
Not shocking at all.
Just a remedial explanation of how stock is processed into street name.
Company issues cert to either debt converter/service provider. As a pink, there is a 12 month restriction before resticitve legend can be removed. The legend removal need to be approved by the company.
The stock cert recipent provides the cert, along with proof of payment (wire/cancelled check) in the case of debt converter, service contract in case of service provider to a stock clearing firm, usually Alpine Securities, along with a opinion letter stating which exemption is being relied upon to be converted into free trading stock. The real check and balance occurs at the clearing firm. They make sure the shares were issued for a legal purpose and are eligible to be free trading. Usually, all in cost to process the shares into free trading $2-2,500.
Once Alpine clears the shares, the cert is sent back to the T/A and T/A issues a new cert in like amount in the name of Cede and Company and it is deposited into Cede for free trading.
Now in either instance, the company can back date docs, change $amount of contracts, etc. to gin the system and there are many cases of that occuring in the pinks.