Lamenting on the past won’t do much for shareholders, IMO, but thanks for efforts by those who believe it will. Caution to all, for the efforts of the company to salvage the damage on the past transgressions of the previous management teams, as it may be slow going. Hopefully, not as long as many have endured here. The new BOD is doing all that it can to bring transparency to where we are NOW.
From a flagged post on July 7 Leanandgreen said, "It has been suggested that the option clause for 5% for $50M was purposely included with the intent that is what accomodating to a prospective buyer of Medinah. Well that buyer is gonna require audited f/s."
I responded (edited):
Continuing the discussion from Medinah Minerals (MDMN) - 2016 Q3 - General Discussion (recovered):
Well, it looks like I was wrong and an audited financial statement will be part of the required work necessary to make Medinah a legitimate and respectable company, although the checkered past is what it is. The speculation that followed was the $50M buyback clause in the sales contract for the ADL was actually setting the prospective price to someone contracting for a 5% piece of AURYN. Medinah had no prospect of cashflow sufficient for this kind of purchase anytime in the forseeable future. With copper being a long term project (30+ years) what would 5% of AURYN be worth to a mid or major wanting to develop the Pegaso Nero? Would AURYN be willing to contract out part of the future Pegaso Nero (from Medinah’s 25%) to a company with expertise in mining copper deposits of this particular kind? What would Medinah do with any cash generated from an entirely cash deal for part of Medinah’s AURYN’s assets? Where else would Medinah possibly generate the funds necessary for a massive share buyback and subsequent shareholder cash dividend to provide a recovery to current shareholders, including MASGLAS? Obviously, something like this would be in addition to all other efforts through leverage and the legal system to reclaim assets (cash, shares, and possibly claims) lost through fraud and deceit. Such a deal would only make sense if it was of benefit to MASGLAS, MDMN, as well as a prospective developer of the Pegaso Nero.
There are 19 days to go before we see what the Company has to say, hear what it is doing and uncovering, and find what answers the Company can provide to shareholder’s questions.