MINING NEWS.

New Zealand Herald, Volume LVI, Issue 17139, 19 April 1919, Page 7

MINING NEWS.

WAIHI EXTENDED.

SALE OF THE PROPERTY,

SHAREHOLDERS CONSENT.

The consent of shareholders in the Waihl Extended G.M. Co. to the sale of the company'n property was given on Thursday morning at an extraordinary meeting held at the office of the secretary, Mr. 3. V/. Niehol. A confirmatory meeting will be held on Tuesday, May 6. The chairman'of directors, Mr. 3. Dawson, presided. He slated that within the last three years the auriferous zone had been reachcd in the mine, and the directors were faced with a large expenditure of capital to obtain which it would have been necessary to reconstruct the company. It was therefore decided to recommend the shareholders to accept an offer . which had been made for the purchase of the mine, cto., for £7500, which would be subject to o 10 per cent, reduction for brokerage. formal resolutions were carried approving the conditional contract entered into by the directors for the sale of the mine and assets, and authorising them to carry the contract into elfect. The price to be paid by the purchasers, after deducting brokerage, will amount to £f>7so. This, with the cifch assets in hand and after pay mi: liabilities, will, it is anticipated, give u return to Waihi Extended shareholders of about 4s to Is 3d per share. There are at present 101 shareholders owning 51,671 shares, on each of which the sum of lOn Bid lias been paid. Tho amount of capital actually paid up in cash is £59,4152 5s Gjd. The company was formed in May, 1895, and registered three months lateri with a nominal capital of £150,000 in £1 shares, of whiih 119,967 wcro allotted, 118,296 having sinco been forfeited. The mine has been mainly a development proposition, the only bullion produced being to the valuo of £16 15s 3d. Against this tho expenditure since registration has totalled £62,143 9s 3d.