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Medinah Minerals, Inc. Announces the Signing of a Memorandum of Understanding (MOU) With Auryn Mining Chile SpA
Medinah Minerals, Inc. Announces the Signing of a Memorandum of Understanding (MOU) With Auryn Mining Chile SpA.
About this update from Medinah Minerals, Inc.
[{"type":"text","content":"\n \n On Tuesday, April 5, 2016, Medinah Minerals, Inc. (OTC PINK: MDMN) \n reports the signing of a Memorandum of Understanding (MOU) with AURYN \n Mining Chile SpA.\n \n \n This MOU articulates Terms and Conditions agreed upon by the parties \n regarding the sale of MDMN’s Altos de Lipangue group of mining claims. \n This adds to AURYN’s previous holdings and will now encompass an area in \n excess of 10,000 hectares that has been determined by numerous mining \n professionals as a potential “world class” project.\n \n \n The MOU is subject to minor clarification points and formal contract \n signing in Santiago, Chile before a Ministry of Mines Notary to fulfill \n Chilean law requirements. This transaction will be formalized by the \n parties during the week of April 23-30, 2016 in Santiago, Chile.\n \n \n This MOU provides that AURYN acquires and assumes all rights as well as \n the encumbrances of the mining claims owned by Medinah Mining Chile \n (“MMC”), and known as part of the Altos de Lipangue Project, in exchange \n for a 25% equity stake in the AURYN Mining Chile SpA’s capital structure.\n \n \n Furthermore, AURYN has also granted an option to MMC/MDMN Company to \n acquire an additional 5% equity stake in AURYN’s capital structure for \n U.S. $50,000,000.00. The option is for a five (5) year time period that \n formally begins after the signing of the Sales Contract before the \n Notary. The option period is exercisable by MMC/MDMN, at its sole \n discretion at any time within the option time frame, with designated \n payments to be determined among MMC/MDMN and AURYN Mining Chile, SpA.\n \n \n This MOU, in conjunction with AURYN Mining Chile SpA’s three (3) \n previously reported acquisitions of other proximate junior mining \n exploration entities, effectively amalgamates 100% of Altos de Lipangue \n (“ADL”) Project claims.\n \n \n Of note, MMC remains as a 15% shareholder of S.C.M. NUOCO, a Chilean \n Company in which AURYN Mining Chile, SpA holds the remaining 85% \n interest of the stock issued. MDMN, under the MOU Terms and Conditions, \n would have 36.25% of all production from the NUOCO claims (25% of \n AURYN’s 85% = 21.25% + its original 15% holding = 36.25%).\n \n \n Through the provisions of the MOU, AURYN Mining Chile, SpA will ass...