LAS VEGAS--(BUSINESS WIRE)--
On Thursday, August 7, 2014, Medinah Minerals, Inc. (Pink Sheets: MDMN)
announced a Stock Issuance Share Cap Agreement with representatives of
AURYN Mining Chile, SpA with regard to the Joint Venture Option
Agreement concerning the Altos de Lipangue group of claims near
The number of Authorized Common Shares of the Medinah Minerals, Inc.,
Company is currently 3 billion, as approved by the shareholder body. The
Board of Directors has agreed to restrict all remaining share issuances
to a maximum total of 1.5 billion, fully diluted, of the 3 billion
authorized, that can be issued and outstanding during the entire
36-month Joint Venture Option Agreement period with AURYN Mining Chile
SpA. Presently, Medinah Minerals, Inc., has 957 million shares issued
and outstanding. After conversion of all current/outstanding Mining
Claims Consolidation Purchases, and Preferred Share Redemptions for Debt
Resolution of the Company obligations, the total shares issuance will be
approximately 1.35 billion. As a result of this Share Cap Agreement,
during the 3-year Option Agreement period, Medinah Minerals, Inc. can,
only if necessary, issue a total of 165 million shares from the Treasury.
The completed Joint Venture Option Agreement does not require the
issuance of any MDMN Treasury shares to AURYN Mining Chile, SpA, as a
contractual condition of the final Joint Venture Option Agreement. AURYN
Mining Chile SpA board members have provided Medinah Minerals, Inc.,
with their written intent to purchase MDMN open market shares.
Pursuant to the contract, Medinah Minerals, Inc.’s. subsidiary, Medinah
Mining Chile, will retain a 15% equity interest in the Altos de Lipangue
Joint Venture project.
Medinah Minerals, Inc.’s, 100% owned subsidiary, Medinah Mining Chile,
maintains, in good standing, all of its other ownership percentages in
various mining properties throughout Chile. These include percentage
holdings in the CompaÑia Minera LDM Chile, CompaÑia Minera NUOCO,
CompaÑia Minera Jota, CompaÑia Minera Polo, and CompaÑia Minera Madre de
Dennis B. Tenney
CEO – Medinah Minerals, Inc.
South American Mining Media
Roberto de Silva, 702-727-8235
Source: Medinah Minerals, Inc.