MINING NEWS.

New Zealand Herald, Volume LXII, Issue 18949, 21 February 1925, Page 7

MINING NEWS.

RISING SUN COMPANY. PROPOSED RECONSTRUCTION. Proposals for the reconstruction of the Rising Sun (Jrolcl Mining Company, Limited, it re to be submitted to tho shareholders at a, general meeting to be held on March 3. In a circular the directors advise shareholders, that if reconstruction is not agreed to the company will be put into liquidation by its creditors. The directors state;—"lt is proposed to form a new company to take over the liabilities of the present company v.ith the exception of £ISOO owing as directors' fees for the past six years, which amount the directors are willing to forego if the shareholders will supply the necessary capital. Tho proposed capital issue is £18,750 in 75,000 shares of 5s each, 50,000 to be issued and the Tialance of 25,000 to be held in i£serve. Shareholders are to have the right to apply for one share for every three shares held, payable 3d on application, 3d on allotment and call:; of not more than 3d per share at intervals of not, less than one month. " The mine has never looked better, atid the new reef No. 3. now being driven on, gives promise of rich returns, but further work cannot be done until more money is provided to further develop tho known gold-bearing reefs in order to insure a constant supply of high-grade ore for the mill and for paying off existing liabilities." Resolutions appropriate to the directors' proposals will bo submitted at the meeting. MINE MANAGERS' REPORTS. Rising Sun.—No. :i reef is looking well. It is liOiu. wide.