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Gold/Mining/Energy : Medinah Mining Inc. (MDHM) -- Ignore unavailable to you. Want to Upgrade?

To: marcos who wrote (13963)	5/15/1999 4:48:00 PM
From: Mike Gold	Read Replies (2) \| Respond to of 25548

Marcos-you are in error...care to try again? Consider: Currently 71,300,334 common shares and 8,965,000 preferred shares. Assuming the strike price of $1 dollar is reached-the preferred will be converted to 35,860,000 common(4 to 1). So 35,860,000 /(35,860,000+71,300,334) * 100=gives you a current preferred ownership of Medinah Mining=33.4%. If we believe the last PR, 4 Preferred shares get 1 Medinah Gold share. So 8,965,000/4 =2,241,250 shares of Medinah Gold owned by the current preferred shareholders. Total shares outstanding in Medinah Gold is 11,694,033. 2,241,250/11,694,033=19.1% Of course, something does not add up. 7.13 millions Medinah gold share goto the common share holder + 2.241 million Medinah Gold to the preferred adds upto 9.371 million shares total so there is 2.3 million shares unaccounted for. Perhaps the PR is incorrect or some shares have been issued for other purposes. (Or the number of preferred shares has changed.) Have a nice day.