Friday May 14, 3:22 pm Eastern Time
Company Press Release
Medinah Mining, Inc. Completes Name Change and Declares Dividend
LAKE ELSINORE, Calif.--(BUSINESS WIRE)--May 14, 1999--Medinah Mining, Inc. (formerly Medinah Energy, Inc.) now appears on the OTC Bulletin Board as Medinah Mining, Inc. (MDHM), CUSIP number 5848944109. No consolidation of the share capital has occurred, or is contemplated.
Medinah Gold, Inc., a Nevada Corporation, has purchased all the properties and rights thereto from Medinah Mining, Inc., save and except the Alto de Lipangue and Las Dos Marias holdings that are the subject of ongoing exploration and development in Chile and retained by Medinah Mining, Inc.
The consideration for the sale of these properties to Medinah Gold, Inc. is 11,694,033 common shares, which have been declared, effective May 7, 1999, as a dividend to all equity holders of Medinah Mining, Inc., on a ratio of one share of Medinah Gold, Inc. for each 10 common shares owned of Medinah Mining, Inc., and one share of Medinah Gold, Inc. for each four preferred shares of Medinah Mining, Inc. The result of this dividend gives 100% ownership of Medinah Gold, Inc. to the current shareholders of Medinah Mining, Inc. in the same ratio as their present equity.
The law firm of Michael Morrison in Reno, Nevada has been engaged to file documents with the Securities Exchange Commission to register Medinah Gold, Inc. Shares received as dividends will be restricted under State and Federal securities laws.
Dividend record date was May 7, 1999 and the dividend shares of Medinah Gold, Inc. will be distributed by the Transfer Agent in due course. Shareholders of Medinah Mining, Inc. may replace their old certificates (Medinah Energy, Inc.) by remitting them directly to the transfer agent:
American Registrar & Transfer Company
705 - No. 10 Exchange Place
P.O. Box 1798
Salt Lake City, UT 84110
On behalf of the Board of Directors
Per: Larry Regis, President
For further information, contact RGM Communications Inc. at 1-800-547-9375 or access the web site at medinahenergy.com
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Contact:
RGM Communications Inc.
800/547-9375
medinahenergy.com |
