MDN Inc.
TSX : MDN

MDN Inc.

October 06, 2008 14:04 ET

MDN Inc./Share Capital Update: 8.4 Million Warrants Expire, 30% Dilution Overhang Eliminated

MONTREAL, QUEBEC--(Marketwire - Oct. 6, 2008) - MDN Inc ("MDN") (TSX:MDN) announces that 8.4 million warrants with an exercise price of $1.60 and an expiry date of October 4, 2008, issued April 2007 in connection with a private placement to GBS Gold International Ltd (8 million) and Haywood Securities Inc (400,000) expired unexercised.

Over the last weeks, MDN has reduced the potential share dilution and overhang of 30% represented by 27.4 million warrants which have now been exchanged or expired. Of this amount 19 million warrants were tendered against the issue of 5,069,174 common shares pursuant to a warrant exchange offer completed on September 14, 2008.

There are currently 95.4 million common shares of MDN issued and outstanding or 102 million common shares on a fully diluted basis.

Furthermore, MDN advises that Mr. Gil Playford has resigned as a director of the Company. His resignation is immediate, and the Board has decided to not immediately fill the vacant position, but to review the various nominees' qualifications in due course. As a result the current MDN Board of Directors is composed of Serge Savard, Jacques Bonneau, Raymond Legault, Louis-Marie Riopel and Paul-A. Girard, who is also the Chairman of the Board.

MDN is a mining exploration company with its head office in Montreal, Quebec (Canada). Its main exploration activities are carried out in Quebec through gold and base metal interests and in Tanzania through a majority interest in 28 adjacent mineral licenses in addition to a 30% participation interest in the Tulawaka Gold Mine.

Contact Information

  • MDN Inc.
    Paul-A. Girard
    President & CEO
    +1-514-866-6500
    or
    MDN Inc.
    Richard Corbo
    Advisor, Corporate Development
    +1-514-866-6500
    www.mdn-mines.com
    or
    Evolution Group
    Sylvain Archambault
    President & CEO
    +1-514-448-4887
    Toll free: +1-866-703-4887
    www.evolutiongrp.com