The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-06-28

new DEAL Is EXPLAINED TO
STOCKHOLDERS OF Elm RIVER

The following circular has been is
sued to stockholders of the Elm Rive
Copper company. by President IL. +
Fay for the board of directors:
In accordance With the resolutions
adopted at the recent annual and spe-
cial meetings OF your company, you
are advised that the Contact Copper
company has been formed under the
laws OF the state of Michigan. having
an authorized capital of 100000 dl-
vlded into 100000 shares OF the par
value of $25 each. This company has
acquired options on 500 acres of land
adjoining and lying to the east and
south of the territory of your COM
pany and believed TO carry the con-
tact between the sandstone and the
trap range of Michigan and therefore
the outcrop of the Lake. Indiana and
Adventure lodes. which have proven
remarkably rich To the southwest.
Diamond drilling to locate this con-
tact has already been started.
1t is evident that these lodes do not
cross the lands of the Elm River Cop
per company. unless at great depth,
as our latest crosscut was extended
to the eastern limits of the property
Almost all the lands OF the company
have been carefully explored during
the past ten years by shafts, drifts,
crosscuts and diamond drilling with
out finding copper of commercial value
and as the funds of the company are
nearly exhausted, your directors have
secured for the Elm River stockhold-
ers the right to participate in the plan
proposed below and of becoming stock |
holders i'm the Contact Copper com
pany on what is regarded as an equit-
able basis.
You are, therefore offered an OPP
to exchange your shares of
Elm River Copper company for an
equal number of shares of Contact
Copper company on condition that you
subscribe, at 81 per share, for addi-
tional stock TO the extent of so per
cent of your present holdings AS
m illustration-the owner of 100
shares of Elm River copper company
stock will receive $50 shares of Con-
act Copper company upon the sur
'ender of his Elm River shares and
he payment of 800.
In order To avoid the confusion in
'ident to adjusting half shares,
stockholders presenting an uneven
ubscribe for their additional 80 per
ent on the basis of the next lowest
ven number Of shares. AS an illus
ration a holder of 25 shares of Elm
river stock may exchange the same
hare for share, but will subscribe for
My IL shares additional at 50 per
hare and will receive 81 shares of {
contact Copper company upon sur
ender OF his Elm River shares and {
he payment of s24.
The Contact Copper company has {
ct aside 10000 shares of its stock
Or the purpose of effecting this ex-
hange. which. if awaited of by all the
tockholders of Elm River will pro-
ide a working capital of 100000 and
ave $4,000 shares i'm the treasury
'hich can be used for the future needs
the company.
Temporary certificates of the Con- o
'ct Copper company will be issued at il
le time of exchange, which will be re- a
laced later by permanent engraved
artificates.
stockholders should send their GER
hcates by registered mail TO the
merican Trust company, so State
rect, Boston, Mass, endorsed I'm
ank, together with remittance In
ew York or Boston funds, TO the or !
er Of the American Trust company.
cover payment for additional q
iares. For this purpose the enclosed II
rm may be used.