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Medinah ex Price denies misleading shareholders

2017-01-31 10:41 ET - Street Wire

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by Mike Caswell

Medinah Minerals Inc.'s former chief executive officer, Les Price, denies the company's claims that he misappropriated assets and misled shareholders. He says that the company is attempting to make him a scapegoat for problems created by new management. He is seeking the dismissal of what he calls a malicious and unfounded lawsuit.

Mr. Price is responding to an action that Medinah filed against him in the Supreme Court of British Columbia on Dec. 23, 2016. The company accused him of forging signatures and altering documents as he issued shares of Medinah for his own benefit. Among other things, Mr. Price attempted to conceal the fact that the company's share total had ballooned to 2.99 billion, Medinah said.

For his part, Mr. Price claims that there is nothing to those accusations. In a response filed on Jan. 23, 2017, he complains that Medinah has made a series of vague allegations without providing any particulars. He says that the company must provide some proof.

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