MINING NEWS.

Auckland Star, Volume LVI, Issue 53, 4 March 1925, Page 10

MINING NEWS.

RISING SUN G.M. CO

RAISING MORE CAPITAL.

An"' extraordinary meeting of shareholders in the Rising Sun G.M. Company was held at the office. Commerce Street, yesterday afternoon. Mr. W. Blomfleld, chairman of directors, stated that they were en payable ore, but more money was required for development work to keep the mill going two shifts. The directors proposed To reconstruct the company. They were prepared to take up 10,000 of the new shares, and also forego any claim for £1500 due for fees in. the past. On the motion of the chairman, it wae resolved that the company be reconstructed and take over existing assets and liabilities. Mr. J. H. Jackson was appointed liquidator. The capital Is to be £18.730 in 75,000 shares of 5/ each, 50.000 to be Issued and the balance of 25,000 to be held in reserve. Shareholders to have the right to apply for one share for every three Shares held payable 33 on application, 3d on allotment, and calls of not more than 3d per share at intervals of not less than one month.

On the motion of Sir. F. A. Smith, seconded by Mr. Thornes, the directors were thanked for their past services, also for foregoing their accumulated fees, totalling £1500.