John this reminds me of the scene in National Lampoons Vegas Vacation
I agree with Baldy, LDM was stolen by the insiders and all should return their shares received form Auryn to MDMN. like Chapin and Vittal did!
One other item that will probably require housekeeping before any IPO is the option granted to MDMN to buy an additional 5% of Auryn stock for $50 M.
I would imagine if they IPO Auryn, Auryn may want to eliminate this option, since the options puts a valuation on Auryn of $1.0 B. Maybe since the valuation it is so far out there they might be willing to transfer that right to MDMN shareholders directly in a rights offering, especially if they plan on eliminating MDMN and CDCH after the IPO. Just another thing to consider!
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There a lot of things that should or could happen but I’m going to rely on Kevin to put mdmn in the best possible position he can.
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Now that I’m thinking it, I wonder if it was this issue that has kept Auryn from not doing much with the LDM despite its lion size potential?
Hopefully now that Auryn has complete ownership, we will see a mine or two at the LDM started.
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The Board Members and Trustee were engaged in necessary business meetings throughout
their time in Chile, both in person and telephonically, with all parties
involved with the ADL. After many meetings and negotiations between all
parties involved and multiple trips to Chilean Notaria’s, an amalgamation of
the NUOCO, Caren and CDCH interests on the ADL plateau occurred. It is important
to note that the position of Medinah Minerals, Inc. (MDMN) is currently
unchanged. MDMN still possesses a 15% interest in all AURYN production
from property claims. At this point, Medinah Minerals Inc. continues in
its Option Agreement with AURYN that calls for the payment of a minimum of $100
million US funds while maintaining a non-dilutable 15% interest in AURYN
holdings. Based upon the positive results published by AURYN,
negotiations are ongoing between the Companies to consider AURYN’s outright
purchase formula for the Company’s Altos de Lipangue (“ADL”) property claims at
a much higher ownership holding that would enhance Medinah’s long-term
prospects.
Medinah Mining Chile Announces Formal Signing of an Option Agreement to Purchase All of the Shares of Compania Minera NUOCO Mining, S.C.M. - Jan 17, 2015
Medinah Minerals, Inc. (OTC PINK: MDMN) reports that its 100% owned Chilean
subsidiary, Medinah Mining Chile (MMC) has now provided notice that the Option
Agreement among the parties, Medinah Mining Chile (MMC), Compania Minera NUOCO
Mining S.C.M. (NUOCO) and AURYN Mining Chile, SpA (“AURYN”), has now been
formally signed and notarized under Chilean governing laws that grants to AURYN
the ability to earn up to 85% of the shares of Compania Minera NUOCO Mining
S.C.M.
By Option Agreement, AURYN Mining Chile SpA can earn 60% of the NUOCO
Company shares by completing a minimum of 5,000 meters of diamond drilling as
well as conducting geophysical and geochemistry work matters. AURYN, upon
signing the Option Agreement, immediately engaged the firm of Geodatas Chile,
by contract, to commence an airborne magnetometry survey and ground I.P. study
of the NUOCO property and abutting Altos de Lipangue claims.
Should AURYN continue to the secondary leg of the Option Agreement they will
invest a minimum of U.S. $2.5 million dollars to conduct a full feasibility
study in order to earn an additional 25% of the NUOCO Company shares. By
completing these requirements AURYN would then earn in 85% of the shares of the
NUOCO Company.
All costs for the Option Agreement will be the responsibility of AURYN
Mining Chile SpA, with no costs assigned to the NUOCO Company. Should AURYN
choose to vacate the Option Agreement the NUOCO shares, materials and property
claims would remain with NUOCO. AURYN´s Option Agreement period expires on or
before August 31, 2017.
If AURYN exercises the full terms of the purchase Option Agreement as to the
Altos de Lipangue, and then fulfills the terms of the NUOCO Option Agreement,
Medinah Mining Chile has the right to purchase from the NUOCO Company the
remaining 85% of the NUOCO Company shares.
Medinah Mining Chile, already an owner of 15% of the NUOCO Company shares, would then aggregate 100% of the
NUOCO capital, which 85% would be earned in by AURYN through completing the provisions of the Option Agreement.
In a separate notarized contract transaction, under notice by AURYN, Medinah
Mining Chile was required to make concessions to comply with shortfall
provisions in the Altos de Lipangue/AURYN Option Agreement. In order to meet
this obligation, NUOCO Company provided title as to three of its Columbo claims
to the benefit of Medinah Mining Chile. The NUOCO Company maintains in excess of
2,000 Hectares after providing the required claims concessions.
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In the end, my relationship with this stock comes down to this: Do I trust Kevin? Do I trust Muarizio? And after having flown down to the shareholder’s information meeting in Las Vegas last October 1, after having listened to both of them speak (it helped a lot that niether of them were wearing track suits!) (that’s a little joke), after having shaken their hands and looked them in the eyes, I do trust them! I definitely do. They’re playing a game that I can’t even pretend to know the rules to, and until I something happens to change that, I’m content to let them play it out on my behalf. I’ve been wrong before, and I’m sure I’ll be wrong again, but that’s my read on this today and for the past few months now. Not that it should matter to anyone reading this, but there it is.
I think that if the world survives another 1,000 days or so, one morning I’m going to turn on this computer and find that I’m richer than I ever could have reasonably imagined myself.
— madmen (brad)
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Rod, can you add the link for this? Thanks!
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What he said. 
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I trust KMT 100% to do the right thing here!
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Any remaining holders of the LDM (who subsequently received shares in Auryn) needs to return those shares, similar to Chapin, ASAP. I have dozens of emails that I would be happy to provide CLEARLY showing that the LDM was basically stolen by NUOCO. If you remember, this is around the time that Brecciabo was claiming that a fairness opinion was just too darn expensive. If you hold those shares (Kleen, etc.) get ready to hand them over.
One example from Lester the Molester with Chapin CC’d
Contract terms simple
_ _
Medinah minerals USA is entitled to 30 percent of all net production profits, defined as 30 percent of all net cheques received from The sale of ores, which generally is a cheque from enami with their deduction for smelting and transportation.
_ _
Medinah mining chile owns 20 percent of the total shares outstanding in ldm which is frozen at 100 shares. Bly virtue of Medinah minerals ownership of 50 percent of Medinah mining, there accrues to Medinah usa 20 percent of the net profits of ldm
_ _
Medinah mining chile is a free carried partner in ldm, not required to provide capital to the project.
_ _
Therefore for no capital outlay and no shares issuance to anyone, Medinah mining receives a 30 percent net production profit plus a share of the net profits from ldm. If you deduct from ldm profits the 30 percent paid to Medinah, the remainder, being 70 percent Medinah mining, in effect, retains 20 percent of 70 percent, which is 14 percent, of the net operating profits of ldm as calculated on a quarterly basis upon commencement of production. Adding the 30 percent with the half of the 14 percent, you come to a figure of 37 percent.
I cannot understand your continuing argument on this issue as Medinah minerals was not entitled to anything under this agreement. In negotiations with the funders of ldm chile and Juan Jose, it was agreed to give Medinah minerals a gift of 37 percent for nothing, when they were entitled to nothing period. It would be utterly amazing if you could find it within yourself to do anything to help the company.
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It’s from my Historical Archive that I created. Every article, news release, Q&A, shareholder info, etc. that I have found from 1997 onward.
Is there any additional info you wanted me to look up ?
Rod
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In other words. The contract terms are simple. You bend over, I make them up as a go, and you have a hard time sitting down for the next decade.
Serious question: Has anybody who lives nears Les bothered to egg his house yet?
I have an upcoming trip to Vancouver planned. Stocking up on TP. Hope he has a lot of trees on his property.
Another suggestion, if anybody can post his home address, I would suggest that Medinah shareholders start sending the Price’s thank you letters for all he has done to screw us over. I’m not sure if a guy like Les has any actual friends (with the exception of Ian Dow) but his family should be informed that their Patriarch is a criminal who singlehandly wiped out many family savings. I plan to send him a Xmas card next year.
Here’s another great website to consider:
We may not be gettting many shares recovered to the treasury but the juvenile in me stil receives immense satisfication with any actions that will make this man miserable.
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IS ANYONE GOING TO P.D.A.C. THIS YEAR ?
Let me know by reply or PM me.
Rod
I’ll be there Rod. Don’t have much time to spend on MDMN/Auyrn but I’ll do my best to report back on anything I pick up.
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After reading all the posts for today, my brain is having a problem trying to understand are we better off or did we just getting screwed again?
Don’t read the posts. Read the releases that were put out a couple days ago from Auryn and Medinah.
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Ah, ok, got it. No requests at this time. Thanks!
Was there a holiday yesterday? It seemed that volume was suspiciously low for a regular trading day…
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I would not expect any new updates from Kevin upon his return from Chile. IMO both actions will benefit Medinah in the future. Job well done. Since this was his first visit to the property I would like to hear his overall assessment of the Alto and mining operations.
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What about the other three trucks to Enami? Shouldn’t we have heard about that by now?