The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1917-09-27
CARBONATE HILL DEAL
DIRECTORS GIVE TERMS
GREENoUGH TAKES STOCK AT
AVERAGE PRICE II CENTS
DEVELOPMENT PLANO.

A circular has been received from
the directors of the Carbonate Hill
Mining company in which Is given the
details of the option for the purchase
of the property held by W. d. Green
ough. The meeting was held on Sep
TENDER 4. The property of the COM
pany is listed. being nine patented
and two unpatented claims on Willow
creek, about three miles above Mullan.
THE resolution authorizing the trans
fer sets forth that the Carbonate Hill
company had expended approximate
! ly $4,000 in the development of the
property and exhausted the treasury
/ to levy assessments; that further de-
velopment requires machinery which
is beyond the means of the company
| to purchase; that w. ID. Greenough.
pany known as the Idaho Carbonate
Hill Consolidated Mining company
with a capital stock of 100000 shares
| of the par value of 20 cents; that
| 100000 shares are in the treasury and
that w. ID. Greenough has agreed to
purchase the same at cents per
share, aggregating $4,000, and to adj
vance additional funds for the develop
ment and equipment of the property;
/ that it is the purpose of the said
| company to purchase the claims of the
4 Idaho Giant Mining company adjoin-
ing the Carbonate Hill and so situat-
ed that it can be developed by the
same system of workings that the
capital stock of said company is open
to subscription and that it would be
to the best interest of the Carbonate
Hill company to subscribe for 1900
600 of said stock and convey all the
property of the company in payment
of such subscription. A resolution
was thereupon adopted by unanimous
vote of the directors authorizing the
purchase.
Optioned to Greenoush.
sThereupon proposed contract be-
tween w. d. Greenough and the Car
Donate Hill company for the purchase
OF stock acquired in the new company
was considered and approved, by the
terms of which Mr.. Greenough agrees
to purchase the 100000 shares at a
price averaging II cents per share to
be paid for upon the following terms
; 4, -. Oh ut
cents per share to be paid within six
months from October |, 1917, 250,00C
shares at 8 cents per share to be paid
for on or before October /, 1918; $780,
or before October l. 1915 100000
shares at 20 cents to be paid on or be
fore october 1, 1920, reserving the
right of any stakeholder to replace
20 per cent of his holdings with STOCK
: in the Idaho Carbonate Hill Consoli
q dated Mining company.
The directors of the Carbonate Hill
are George Shiel, Andrew Hedin, Will
liam Ganninger George H. Martin ant
!. John E. Hoppe
Large Holdings.
With the acquisition of the Car
Donate Hill and the Idaho Giant, Mr.
: Greenough acquires tract extending
from Boulder creek, just south Of Null
Ian, to Willow creek, the Boulde
i, creek property lying west of the Idah,
: Giant already being in his control
'. Mr.. Greenough was in the city TIN
;. first of the week, returning to Spokan
!, Tuesday. An extensive plan of dev
= elopment is being worked out undo
' the general supervision of Earl Green
= ough, who will be associated with W
ID. Greenough in the management o
|, the consolidated properties. Thes
" plans have not advanced sufficiently
to permit definite announcement a
. this time. 1t is expected that within
a week or two everything will be il
readiness to begin operations.