Ya beat me to it. Here is the text:
Medinah Energy Announces Creation of Preferred
Shares
LAKE ELSINORE, Calif.--(BUSINESS WIRE)--Aug. 4, 1998--Directors of Medinah adopted
a resolution creating 10,000,000 Class A preferred shares holding the following privileges:
1. Issue and redemption price - $1.00 per share
2. Dividend rate - $0.10 per share, payable at such time as the
Board of Directors determine
3. Convertible at the option of the holder to common shares of the
Corporation at the ratio of $0.25 for each common share divided by
the purchase price of each preferred share of $1.00 each
4. Owners of record may convert 1/3 of their Class A shares on July
10, 1999, 2000, 2001
5. Any preferred share issued under this series shall not be
accorded any voting rights of whatever nature or kind.
Medinah has distributed 8,965,000 Class A preferred shares, 7,465,000 to Frontier International
Resources in exchange for cancellation of the 25,000,000 common 144 shares of Medinah issued
under the Frontier/NP Energy Corp [OTC BB:NPEC - news]/Medinah acquisition agreement
regarding the acquisition of the Chilean mining properties, and a further 1,500,000 Class A
preferred shares to NP Energy Corp as settlement for any and all interests and participation NP
might retain pursuant to the Frontier/NP/Medinah acquisition agreements.
Frontier International Resource Inc. will distribute the Class A preferred shares of Medinah to its
shareholders, which include NP Energy Corp, Medinah Energy and other public shareholders on
the ratio of one Class ''A'' preferred share for each 4 common shares of Frontier.
The above transactions, approved by directors of all three companies, had the net effect of
reducing the issued common share capital of Medinah from 53,800,334 shares to 28,800,334
shares.
On behalf of the Board of Directors
Per: Larry Regis, President
|
