Dirt merchants Medinah Minerals Inc. (MDMN) is seeing some heavy trading on their penny stock today as volume exceeded the entire week’s volume. MDMN stock price has almost doubled today based on the proposed sale of one of the Company’s mining properties to Chilean purchasers for some $180 million. With their recent financial data showing a total of $6.46 million in Company owned mining claims, its not a question that a sucker is born every minute if someone actually believes the pinksheet listed Company’s news.
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MDMN Stock Chart
Market Cap (intraday): 106.49M
Avg Vol (3 month): 1,738,720
Avg Vol (10 day): 2,337,620
a/o Mar 02, 2012
Shares Outstanding: 711.81M
Float: 637.50M a/o Dec 31, 2011
Authorized Shares: 3.00B a/o Feb 17, 2012
According to the news announced by the Company on Tuesday, in exchange for the Lipangue claims, the transferring parties shall receive an aggregate of $180 million. Furthermore, the transferring parties shall receive shares of the Chilean acquisition subsidiary equal to 15% of the total outstanding share capital of the acquisition subsidiary. The final ownership of the entire Lipangue property is 85% to purchaser and a 15% non-dilutable percentage to the Altos/MDMN partners.
Wait, it gets better.
As security for $180 million payment, the transferring parties will receive $54 million worth of shares of a newly amalgamated mining company whose shares are being registered for trading on the Crest System at Euroclear and subsequently in the United States. The transferring parties have the right to sell 10% of the pledged security for $5.4 million to the purchaser’s associates. The transferring parties will receive 7 payments of a minimum of $18 million each annually toward the end purchase price of $180 million.
Now dirt merchants or not, this is about as bogus a claim as you could ever expect to here from a multi-million dollar deal making stinky pinky.
About MDMN Stock
Medinah Minerals, Inc. is a junior mining exploration company with mining properties located within the continent of South America, just north of Santiago, Chile. The company’s assets consist primarily in high-grade deposits of gold, silver, copper and molybdenum (moly). At the present time, Medinah Minerals, Inc. is in final Joint Venture Agreement discussions with several potential partners to establish an economically viable bulk mining production operation.
Specifically, Medinah’s chief holdings consist of the Alto de Lipangue and Las dos Marias claims. Medinah Minerals, Inc. claims are registered (Medinah Mining, Chile) and recognized under the Chilean Mensura mining laws. The recently expanded contiguous properties cover an area of approximately 10,000 hectares.
Bottom Line: There are no other penny stocks with momentum right now so why not add MDMN stock to your list to watch. Big fat yield sign on them, a CEO flying to hand deliver a contract worth $180 million dollars, and a website that looks like it was created by someone who was learning HTML after a night out with Charlie Sheen. MDMN Stock: do what you want but you’re gonna lose if you buy now.
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