LAKE ELSINORE, Calif.--(BUSINESS WIRE)--Feb. 5, 1998--Medinah Energy Inc. has been offered two sources of funding for the continuing development of the Chile gold properties.
Management has been presented with an offer of financing by way of a signed letter of intent in the amount of $10,000,000 from a United States financial and investment company with offices in California and Miami. The financing company has reviewed reports by Paul Jones, Mining Engineer and P. Geologist and by Robert Cinits, P. Geologist of Howe Chile Ltda. The financing is proposed as part of a joint venture subject to a successful field trip to Chile by their engineer. Should management accept this offer, Director Paul Jones will travel to Chile along with representatives of the group.
Medinah Energy Inc. has also been presented with a second financing proposal. This group has completed their due diligence, including a visit to the Chilean properties by one of their representatives, and has informed the company of their intention to proceed. Final terms and conditions of this proposal have not yet been reviewed. Management will wait for documentation of the second proposal to be completed before choosing which of the two will best benefit the company and its shareholders.
Pursuant to agreements between Medinah Energy Inc. and NP Energy Corp. (NPEC), NPEC has been offered the opportunity to participate in the proposed new acquisitions near Santiago.
On behalf of the Board of Directors
Per: Larry Regis, President |
