It comes as no surprise that some shareholders are showing little confidence in purchasing additional shares of MDMN. IMO much of what Auryn/Masglas has done has created a sense of uncertainty in just how Auryn is going to execute their business plan. Their lack of transparency and disclosure has only added to the uncertainly that surrounds this investment. I don’t blame shareholders for being upset and somewhat anxious…I know I am. Personally IMO Auryn’s credibility is suffering from their lack of communication regarding those things they said they were going to do.
•We have heard Maurizio state that production would begin in November on the ADL and or other properties. No news as of today.
•Auryn stated specifically that they were looking to enter the US markets in the fourth quarter. No news as of today.
•Now we hear that Masglas executes an agreement with Revelo for the Ayara Breccia project in exchange for $100,000. They either have deep pockets or this could be a diversion of funds from the ADL to this new project.
For me, my concern began with the sales contract for the ADL that Juan, Les and Greg signed. Juan and Les as officers of MMC had to sign off on the contract before Greg could sign. As I have mentioned before, the contract was very poorly negotiated by Greg. By and large, he has put Medinah and it’s shareholders in a defenseless position and we have no contractual recourse against any action or non-performance of Auryn.
I have written a few contracts in my business and I know to always protect my client in any agreement. Nothing in this contract gives shareholders any recourse or defense against any actions of Auryn. I believe the following should have been written in the sales contact. If it had been, we would not be in the position we are in today: 1.There should have been a cash payment of some amount 2. A percentage to Medinah of all the revenue produced from mining efforts on the property. 3. Any unpaid taxes are to be paid by seller or to deducted from the cash payment. 4. No assessment of cost back to the seller for any exploration, drilling or mining expense. 5. Penalties to be assessed in the event the buyer fails to execute the business plan in a timely manner.
As Greg said at a shareholders meeting..”we are done, done, done”. Well he is right, we are done and there is nothing we can do about it.
