LAS VEGAS--(BUSINESS WIRE)--Medinah Minerals, Inc. (OTC/PINK: MDMN) completed an equity exchange process on September 16, 2013, with the issuance of 35 million non-voting, non-interest bearing Class “C” Preferred Shares with a deemed value of $1 per preferred share, which are convertible to common shares at $0.10 per share. The transfer of all ownership shares and mining claims titles have been fully recorded and recognized by the Chilean Ministry of Mines and other pertinent government authorities. A certified English translation copy of the notarized Spanish Contract of Exchange is available for review on the official Medinah Minerals, Inc. website at www.medinah-minerals.com or on the OTC Pinks at www.otcmarkets.com.
Furthermore, and related to this important equity restructuring, was the necessary acquisition of the remaining 90% of the previously drilled and explored Gordon Breccia Claims. Through negotiation, Medinah Mining Chile now owns 100% of the Gordon Breccia claims. This acquisition process was accomplished with the cooperation of the long-standing creditors as referenced previously in a 2004 settlement agreement.
Medinah Mining Chile has now assembled a contiguous holding of all of the Altos de Lipangue mining claims, that include 21 additional properties. The final completion of these major milestones now enables Medinah Mining Chile, with the full support and directional assistance of Medinah Minerals, Inc., to proceed forward in an expeditious manner to finalize the major joint venture agreement. Terms and conditions of the joint venture agreement necessitated this entire restructuring process.