Medinah Minerals (MDMN)

[Toxic Avenger]

We know Auryn at one point held 150 million shares, worth about $4.5 million. We know there weren't bought on the open market:
- price fell during the period leading up to the announcement
- no mention of purchase by Auryn OR MDMN (who never miss a chance to promote the stock)
- statement that they "hold 150 million shares" suggests they acquired them all at once

The possibilities I see are:
- they were given the shares as compensation from an insider for funding the drilling costs
- they purchased them from one or more insiders, likely at a highly discounted price.

Either way, I believe they have and will sell those shares as quickly as possible without dramatically affecting the price. For this reason, and because the latest results have not been good, I don't expect we'll hear anything from Auryn until they've disposed of those shares.

As to purchasing 350 million shares from JJ, keep in mind that per the filings, NO ONE has 350 million shares. JJ can't claim he doesn't control beneficial ownership of the shares, then negotiate a sale price. Not and be in compliance with SEC regulations at least. So whatever the "offer for 350 million shares" was, it's not JUST to JJ, so he can't be the only impediment.