Medinah Minerals (MDMN) - 2017 Q3 General Discussion

Individual Stocks Medinah Minerals (MDMN)
454

Final Settlement Shares Processed
Medinah Minerals, Inc. (Medinah) is pleased to report the completion of the processing of share cancellations from the settlement of its legal disputes with Okanadian Management Corp in the United States, and the Price Parties in British Columbia, Canada.

When the Board of Directors discovered and announced the reporting discrepancies on August 26, 2016, the share structure was as follows:
Common Shares
Authorized: 3,000,000,000
Outstanding: 2,996,448,498
Preferred Shares
Authorized: 100,000,000
Outstanding: 4,122,200

Although the amount of common shares was egregious and problematic, the Class C Redeemable, Convertible, Preferred Stock was more so. The Preferred Shares had conversion privileges for varying amounts (some at 1,000 to 1.) In addition, they had a dividend of $0.10 per share annually and would convert to common upon consolidation, merger, or a sale of substantially all the assets of the company.

Through aggressive legal responses and negotiation, and with cooperation and assistance from friends of the company, Medinah has survived a situation that would have bankrupted most companies. All legal disputes related to Okanadian Management Corp and the Price parties have been resolved. As of September 21, 2017, the share structure is as follows:

Common Shares
Authorized: 3,000,000,000
Outstanding: 2,881,282,073
Preferred Shares
Authorized: 100,000,000
Outstanding: 50,000

At the same time, our ownership percentage in AURYN, which started at 25%, has increased and remains to date at 26.5%.

Details related to the share transactions through June 30, 2017 were released in the 2017 Q2 Financial Disclosures and are available on OTCMarkets.com. The details for any transactions occurring since then will be reported in the 2017 Q3 Financial Disclosures.
Submitted on Behalf of the Board of Directors

455

Whoa this is huge news, FINALLY!

I guess this is why there was an obituary post on the Les FB feed. Lol

Is this the start of some actual good news now concerning the mountain in the near future??

1 Like
456

Maybe Medina can now sell that 5% option of AURYN for a gain and do a share buyback.

457

For the website news:

458

Looks good to see the number of outstanding preferred shares go down!

2 Likes
459

President & CEO Resignation Announcement
Resignation Announcement
Less than one year ago I contacted the Board of Directors of Medinah Minerals, Inc. (Medinah) and offered to serve as a director and as Medinah’s President & CEO. Medinah needed someone who understood the company’s history and was willing to work tirelessly along with the Board of Directors to save the company and, as much as possible, redress the actions of its former management.
On October 18, 2016, the Board of Directors appointed me as a director, President & CEO, Secretary, and Treasurer.
On, September 21, 2017, I respectfully submitted my resignation, effective September 24, 2017. I recently accepted a senior position with another company which prevents me from effectively continuing as an officer and director of Medinah.
Gary Goodin, Medinah’s Chairman of the Board, has agreed to serve as the interim President, Secretary, and Treasurer.
Accomplishments
Although my tenure was short, I believe I was successful in what I intended to accomplish. Due to a team effort amongst myself, the Board of Directors, Greg Chapin (former officer and director), and friends of the company, Medinah has survived. We have held onto our ownership percentage in AURYN Mining Chile SpA. We have settled our legal disputes with Okanadian and the Price parties in the British Columbia litigation. We have recaptured and cancelled almost all of the preferred shares and many common shares. We have returned to Current Information reporting status on the OTC Markets Pink Sheets and have filed accurate financials.
I realize not all shareholders have been pleased with the level of disclosure while I was the CEO. Although I intended to be far more verbose, legal counsel advised me to be fully transparent, but to do so only through proper financial disclosures and legal filings reported on the OTC Markets. I heeded their advice without regret, and I suggest that current management continue this practice.
Thank You
I want to thank the Board of Directors and the shareholders for their support during the eleven months I served the company. Thanks to a team effort, Medinah has survived and its shareholders have good things to look forward to as AURYN develops the Altos de Lipangue Mining District.

8 Likes
460

Kevin,

You are a rock star. What you did (and for so little compensation) helped keep the dream alive for many of us here on the Board. It was, and is frustrating not to have more news flow, but I respect your intentions and your legal handcuffs.
Best of luck going forward. I for one will miss you being involved. My confidence level is already slightly lower knowing you are not involved. Having said that, I hope we are now an a path to the Auryn IPO and we move from there.

25 Likes
461

Thanks Kevin. Although it’s a bit of a bummer to have you out, I’m curious as to who, if anyone, is going to step up to take the position and if there are any people already under consideration. Something tells me you wouldn’t leave without knowing or at least having an idea of who might take the role, if anyone.

(I’ll do a MUX and gold update later tonight for those watching the “Other mining stocks” forum).

4 Likes
462

Thank you Kevin! With today’s news Resignation and No news from Auryn should we be worried now knowing you’re no longer at the helm??

1 Like
463

IMO, you should view these announcements as the end of the legal Pause that started a year ago, and combined with Auryn agreements with Cerro and Medinah and intentions for ‘going public’ as some type of new beginning leading to something different in appearance and function from the unmitigated disaster that Medinah has been for nearly 20 years.

Whatever this new form is, the beginning of the transformation has started and the plan will be carried out going forward. I would not assume there will be another CEO of Medinah. I would not assume there will be a Medinah or a Cerro going forward. Whatever is happening, which we can not see clearly at this time, will emerge as Auryn carries out their intentions.

For those who do not know whether to be confident in or afraid of Auryn, at least consider that Kevin clearly is on board with what is happening. And while he is no longer CEO, he continues to have a substantial personal and financial interest in how this plays out.

So in summary, bottom line is Les and JJ are no longer in charge. It took us a year to transition to get to the beginning of a new season of corporate life. Here it comes … Enjoy if you can.

CHG

31 Likes
464

Perhaps we might even have a “wire” news release. We have not had one of those in over 16 months…

465

Thank you Kevin for all you’ve done for us and the company. Good luck on your new job, may you find it enjoyable and challenging. Rick

12 Likes
466

Nice post Husker.

1 Like
467

YEP…The Wizard also liked it…

468

Thanks Kevin. I for one was damn tired of the BS rumor mill. I appreciate the silence, it really was golden.

5 Likes
469

I’m sure I wasn’t the only one looking for the occasional “like” from a certain wizard the last couple months/year.

2 Likes
470

Anybody who is concerned that Kevin is no longer in charge at MDMN needn’t be. He is leaving the company in comparatively much better shape from when he took over last October. He worked tirelessly to save everyone’s investment, including his own, and all shareholders owe him a debt of gratitude for that…even the clueless, ungrateful, jackhole Baboon on I-Hub who has mortgaged his damaged ego into a depraved, vindictive crusade of lies to smear Kevin - all because Kevin banned him from TMP for being, well, himself. But those are his personal demons he has to contend with, sadly in an embarrassingly public display for everyone to gawk at in dismay. But enough of that.

MDMN is no longer a mining company. It is merely a holding company of shares in a mining company. There is no tangible overhead for the company to contend with. Now that the litigation is behind us, there isn’t much that is required of the ensuing regime leading up to the inevitable consolidation with Auryn and most likely CDCH.

As Kevin explained, although he wished to keep shareholders updated on developments, the lawyers advised him to only put out updates in the form of quarterly updates and that is likely what Gary Goodin will continue to do. So I wouldn’t expect to see any updates from the MDMN side of the equation other than the quarterly filings, until the time comes for the consolidation with Auryn.

Thank you Kevin for saving what is left of my investment in this company. And best of luck in your future position. I know you will succeed because I know your work ethic, your aptitude, and most of all, the strength of your character.

21 Likes
471

AURYN Thanks Outgoing Medinah CEO, Kevin Tupper
September 21, 2017 @ 9:06 pm

We are always judged by our results, rightly or wrongly.

Value is based on a variety of things. One of them is perception. Perception starts with publicity and promotion. The job of public relations and promotion is to take small achievements and present them in the best possible light to enhance value.

Unfortunately there are some who abuse this. They blatantly mislead and deceive honest and trusting people by creating a web of lies. Eventually their lies catch up with them and the result is they end up destroying real value and harming people.

What do you do after that happens? How do you move forward? Someone needs to step up and put honesty back in motion and start undoing the wrong as much as possible and in the best possible way.

For Medinah and its shareholders, Kevin Tupper was that someone. . . .

Visit our website to read the rest of the letter from Maurizio Cordova.

Sincerely,

Maurizio Cordova
MASGLAS Limited
AURYN Mining Chile SpA
AURYN Holdings Corporation
American Sierra Gold Corp.

7 Likes
472

AURYN Thanks Outgoing Medinah CEO, Kevin Tupper

We are always judged by our results, rightly or wrongly.

Value is based on a variety of things. One of them is perception. Perception starts with publicity and promotion. The job of public relations and promotion is to take small achievements and present them in the best possible light to enhance value.

Unfortunately there are some who abuse this. They blatantly mislead and deceive honest and trusting people by creating a web of lies. Eventually their lies catch up with them and the result is they end up destroying real value and harming people.

What do you do after that happens? How do you move forward? Someone needs to step up and put honesty back in motion and start undoing the wrong as much as possible and in the best possible way.

For Medinah and its shareholders, Kevin Tupper was that someone. As CEO of Medinah for the last year, Kevin led the effort. He worked diligently and served as a counselor and friend to both AURYN and Medinah. He sacrificed his time and relationships in order to bring a positive result to many shareholders. Unfortunately we have not been able to share much about this. The reason is quite simple: certain issues are still pending. However, I am free to say that the amount of work completed in the last year by Kevin is remarkable. On his own initiative he led the way looking out for Medinah’s and Cerro’s shareholders. He never dictated and always sought to build a consensus among the directors before moving forward.

I have asked Kevin to make a presentation to the shareholders summarizing the enormous amount of work that was done in the last year and the concrete result that has been achieved because of it.

Without question, Medinah and Cerro were saved from a certain death because of his leadership. As a result, the companies remain trading and have maintained their respective ownership percentages in AURYN. With no other business, their managerial duties and expenses have been greatly reduced. There is still risk involved. That is what mining is all about. However we can say, thanks to the work led by Kevin, the only risk we have is normal mining risk.

Please, take a moment to understand what happened here. Take a moment to appreciate and be thankful for all the hard work. It is easy to complain, blame, and demand immediate results. However, if your going to do that, do your homework. Make sure you fully understand the situation Medinah was in and where it was going.

I want to express my profound gratitude to Kevin Tupper and the other Directors for their work with Medinah. There is a time for everything. Kevin is moving on to lead other projects. I wish him the best in his future endeavors. Even so, I am sure he will somehow remain connected. I look forward to him offering his viewpoints and his positive expectation for our success.

We hope that the Medinah and Cerro shareholders rest a little easier now that their ownership interest in AURYN is secured and their overhead is reduced. AURYN continues to execute its mining plan. All shareholders of AURYN will be treated equally as we move forward with our intention to access the public markets and provide eventual liquidity to all shareholders. Further details will be announced in the coming quarter.

Thank you so much.

Respectfully,

Maurizio Cordova
MASGLAS Limited
AURYN Mining Chile SpA
AURYN Holdings Corporation
American Sierra Gold Corp.

18 Likes
473

Notice the last company listed in Maurizio’s thank you update.

3 Likes