Hi Mike Also, somebody emailed a question to ask you. Chief, I believe you are quite familar with quite a number of exploration stage mining companies-how does the share structure of MDIN compare to them? 33,000,000 shares out, 9 million preferred convertible to another 30 or 40 million shares in a year, apparantly quite a number of more shares around from either shorting, naked shorting, or unregistered shares, current share price of 0.065 cents.) Thanks.
Market cap has to take into account full dillution including preferred, so I will use 73,000,000 shares.
73mm x.065 =$4,745,000US
This is not an "outrageous market cap" in fact it is extremely low for the companies potential! However, and there is always a "however" somewhere out there is a $34,000,000US debt for these properties( albeit based on expenditures and milestones, we think!). The company in its "present stupidity" has chosen not to explain to the shareholders what the deal "is and was"! In pursuit of proceeding along with the mining aspects of the company Larry, Les and Ian have chosen like many "mining executives" to keep their shareholders in the dark! It is possible that it is being done for good reason. Under normal market conditions there actions would be tolerated and accepted. However, we are in a "commodities toilet" and the information vaccuum created by mining executives can cause numerous problems. Raising money, and share price being the most important!
The AGM will give the shareholders opportunity to express their disdain with present information flow. However, as a result of attending many AGM's I can tell you, one piece of good news and the "disgusted few" generally curl their tails between their legs and "will be happy", something every company that treats their shareholders as mushrooms...hopes for!!
So MDIN's shareprice is probably undervalued even in these market conditions ;
1) poor information flow from the company
2) poor understanding of the property deal
3) poor commodities prices (except AU)
4) OTC BB listing
If the company chose to promote its properties and inform its shareholders results would likely be very different!!
the Chief |
