Medinah Minerals, Inc. (OTC/PINK: MDMN) completed an equity exchange
process on September 16, 2013, with the issuance of 35 million
non-voting, non-interest bearing Class “C” Preferred Shares with a
deemed value of $1 per preferred share, which are convertible to common
shares at $0.10 per share. The transfer of all ownership shares and
mining claims titles have been fully recorded and recognized by the
Chilean Ministry of Mines and other pertinent government authorities. A
certified English translation copy of the notarized Spanish Contract of
Exchange is available for review on the official Medinah Minerals, Inc.
website at www.medinah-minerals.com
or on the OTC Pinks at www.otcmarkets.com.
Furthermore, and related to this important equity restructuring, was the
necessary acquisition of the remaining 90% of the previously drilled and
explored Gordon Breccia Claims. Through negotiation, Medinah Mining
Chile now owns 100% of the Gordon Breccia claims. This acquisition
process was accomplished with the cooperation of the long-standing
creditors as referenced previously in a 2004 settlement agreement.
Medinah Mining Chile has now assembled a contiguous holding of all of
the Altos de Lipangue mining claims, that include 21 additional
properties. The final completion of these major milestones now enables
Medinah Mining Chile, with the full support and directional assistance
of Medinah Minerals, Inc., to proceed forward in an expeditious manner
to finalize the major joint venture agreement. Terms and conditions of
the joint venture agreement necessitated this entire restructuring
process.
Copyright Business Wire 2013