I still believe the smoking gun with be the 150 million shares Auryn held.
- They never explained where they came from or indeed if they were purchased.
- There was no explanation as to the intent of the ownership.
- There was no price or value provided.
- The amount was not stated as "approximately 150 million", which suggests it is a precise amount, not an approximation. This in turn suggests it was not accumulated over time, but in a single transaction.
- The lack of the words "purchased, bought" or the source of the shares suggests they were transferred without cost.
- The period preceding Auryn's ownership announcement saw the continuation of a long priced decline, which would not suggest buying pressure as 150 million share purchase would be expected to generate.
While some will argue that MDMN's lack of comment in the filings about these shares suggests they were simply open market purchases, I would point out that Auryn is the one who disclosed the position and they are under no obligation to disclose details. MDMN's record with disclosing negative material information, has been so dismal as to account for the lack of comment on their part, IMHO.
Since that announcement 5 months ago, there has been no further mention of the shares held. Even at only the recent $.03 PPS, those shares would have generated roughly $4.5 million if sold on the open market.
"The Board of Directors of AURYN Holdings Corporation and associates currently holds 150 million common shares of Medinah Minerals Inc."
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