Medinah Minerals (MDMN)

[Zhenli]

https://www.stockwatch.com/News/Item.aspx?bid=U-s0145028-U%3aMDMN-20171108&symbol=MDM
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by Mike Caswell

North Vancouver's Les Price and his former company, Medinah Minerals Inc., have reached an out-of-court deal to settle the lawsuit in which Medinah had accused him of misleading shareholders. The company had claimed that Mr. Price covered up the company's massive share total as he issued stock for his own benefit. He also misdirected at least $240,000, according to Medinah. (All figures are in U.S. dollars.) Mr. Price denied any wrongdoing.

The end of the suit is contained in a consent order filed in the Supreme Court of British Columbia on Nov. 2, 2017. The order simply states that Medinah has dropped the case, with each party to pay its own legal fees. It is signed by Medinah's lawyer and by Mr. Price.

The order means that Medinah's shareholders will not have the chance to see the accusations against Mr. Price tested in court. In its lawsuit, filed on Dec. 26, 2016, Medinah had claimed that Mr. Price forged signatures and altered documents as he issued shares of the company for his own benefit. Those actions were part of a scheme to misappropriate assets, the company said.