The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1916-04-27
AMRERGR|S MINING CD,
WILL Be REORGAN|zED
MAJORITY AND MINORITY OWN
ERs AGREE ON PLAN
DEVELOPMENT.

Acting as Intermediary for the ma
iority and minority owners of the
Ambergrls Mining company Herman
7 Rossi has mailed a circular letter
to the stockholders outlining a plan
for the reorganization of the company
having for Its purpose the reduction
of the capital stock from 100000
shares of the par value of 81 each to
not exceeding 100000 shares of the
par value of 81 each, and to provide
corporation, the stock of the present
company being non -assessable. Mr..
Rossi states that shareholders repre-
senting 2,515,793 shares have agreed
to the proposed plan, sufficient to
effect the reorganization but that the
proposition us SO attractive and will
be fruitful of perhaps opening up
new producing mine, it Is urgently re-
quested that every shareholder send
his stock to the bank at once for the
purpose of sharing in the future ben
efits of the new company"
Idle for Many Years.
The Ambergris lies north of and ad-
joining the Hercules, and years ago
the ownership of it's ore bodies was
contested in the courts by the Her.
cules which finally resulted in a set
Element out of court by which the
Hercules acquired majority inter-
est and at the same time agreed to
extend crosscut from the Hercules
workings to the Ambergris vein. The
original owners of the Ambergris had
sunk shaft $50 feet which exposed a
shoot of high grade galena ore, upon
which a drift was run 100 feet from
the bottom of the shaft. The crosscut
from the Hercules II 1t had been ex-
tended on level would have cut the
vein several hundred feet below the
shaft, but for some reason unknown
the crosscut tunnel was changed to
an incline raise which intersected the
ore body only short distance below
A1e shaft This work was completed
a good many years ago, and nothing
IN the way of development has been
done on the Ambergris since.
Reorganization Plan.
The proposition agreed upon by
majority of the minority stockholders
and the majority stockholders repre-
senting 1,565,O00 shares is explained
In the circular letter as follows.
First: A reorganization of the
corporation and a reduction of its
capital stock to a reasonable basis. In
order to proceed with this reorgani-
cation they have suggested, and we
agree with their suggestion that
new corporation be organized, having
a capitalization not to exceed 1,000,-
900 shares Of the par value of $1.00
each, and that the present corpora
ton deed all the property, tools and
equipment now owned by 1t to this
new corporation and that the stock in
the new corporation be distributed
among the holders of the old corpor-
a+ion in proportion to their holdings
in the old corporation.
"Secnd: That the stock in the new
corporation be made assessable."
Upon the contamination Of the re-
organization it is proposed to assess
the stock of the new company to
provide funds for the immediate de-
velopment of the Ambergris, and the
belief is expressed that with reas-
enable expenditure the property can
be placed in condition for steady pro-
duction. Stockholders are urged to
send their stock certificates to the
Wallace National bank without delay
and as soon as the new company is
organized certificates in exchange for
NOTICE or ANNUAL MEETING OF