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Gold/Mining/Energy : Medinah Mining Inc. (MDHM)
MDMN 0.000001000-99.0%Jun 3 1:07 PM EST
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To: Handshake™ who wrote (21137)12/14/1999 4:11:00 PM
From: CIMA  Read Replies (2) of 25548
 
I sat with Les Price at the MDHM office for 2 hours last Friday morning. A recap from notes I took follows:

- Nasdaq Merger: An offer must be made to all shareholders. Approval requires 51% which is in place. The existing assets in the Nasdaq company would be sold and MDHM assets rolled in. Les stated there will be a news release very shortly stating whether the takeover (non-hostile) will take place or not.

- Financing: The negotiations began with a first meeting Aug. 9, 1999. At the meeting last Tuesday the final point involved resolving issues with dissidents. Management and the BOD must be shown to be credible and capable of following through. The financing is not tied to the share price and the potential financier has a fair chunk of money invested in the DD process.

- Filing: I saw someone in the office working on the what was apparently the final stage of the audit. Les stated the filing will be completed no later than the end of next week (Dec. 24, 1999).

- Pinks: It appears likely MDHM will end up on the pinks and a good chance that it would come off the pinks as a Nasdaq small-cap company sometime next year.

- Shorts: Re the short position, Les said he has had calls to unwind some positions. He answers "no" to those requests.

- Property: The drilling started last Wednesday on Lipangue.
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