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The consideration for the sale of these properties to Medinah Gold, Inc. is 11,694,033 common shares, which have be declared, effective May 7, 1999, as a dividend to all equity holders of Medinah Mining, Inc. on a ratio a 1 share of Medinah Gold, Inc. for each 10 common shares owned of Medinah Mining, Inc. and 1 share of Medinah Gold, Inc. for each 4 preferred shares of Medinah Mining, Inc. The result of this dividend gives 100% ownership of Medinah Gold, Inc. of the current shareholders of Medinah Mining, Inc. in the same ratio as their present equity. |
