MINING NEWS

New Zealand Herald, Volume LXX, Issue 21577, 23 August 1933, Page 5

MINING NEWS

WILUNA CAPITAL At a meeting of Wiluna Gold Oor» poration, Limited (Westerh Australia), in London, on September 4, the directors will seek authority to increase the capital, to £1,600,000 by creating 250,000 new shares of £1 each, which will be offered to shareholders' at 40s, on the basis of one for every five shares held. It is also proposed to pay tha outstanding convertible notes at tha earliest possible date to give note-hold-ers the opportunity* of conversion into the ordinary shares. The board is o.f opinion that these proposals will bring a dividend distribution appreciably nearer, and provide funds for development. Authorised capital of the corporation is £1,350,000, in shares of £1 each. At March 31, 1932, thero were outstanding £300,000 10 per cent seven-year convertible notes, being part of £350,000 created. The corporation holds the entire issued share capital OT Wiluna Gold Mines, Limited, registered in Western Australia, which contr. panv owns goldmining leases afc una*, covering an area of 1163 acres. ua June 30, 1932, Wiluna Gold Mine?, Limited, repaid the first instalments or £25,000, forming part of the.issue M £300,000 6 per cent seven-year nott». Guaranteed by the Commonwealth aM Western Australian Governments, and had arranged to pay a farther £50 t in January, last, v';^| 1