The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1917-11-22
CARBONATE HILL DEAL
IS EXPLAINED IN LETTER
GREAT CONSOLIDATION THAT is
BEING WORKED OUT BY
w. D. GREENOUGH

Stockholders of the Carbonate Hill
Mining company have received a cir
enlar letter from the directors Of the
company explaining in detail the terms
nj the agreement made with w. d
Greenough for the purchase of the en-
tire capital stock of the company. Mr.
Greenough has effected a consolidation
of the Carbonate Hill and Idaho Giant
and will develop the combined prop
critics under the name of the Idaho
Carbonate Hill Mining company It is
also understood that the consolidation
includes the Boulder Creek prop
erty which is already controlled by
Mr.. Greenough. Much preliminary
work is being done preparatory to be-
ginning extensive development work
about the first of the year Following
is an extract from the letter to Car
Donate Hill stockholders:
Details of Agreement.
Some time ago we forwarded you
copy of minutes of the meeting Of Sep
TENDER 4, 1917, at which the trustees
of this company voted to sell the prop
erty of the company to the Idaho Car
Donate Hill Consolidated Mining COM
pany for one million five hundred
thousand shares of its capital stock
and also gave an option upon said
stock to w. d. Greenough at price of
II cents per share, payable in install
N ,f
You will note by those minutes that
the stockholders of the company have
the privilege of replacing twenty per
cent of their holdings in the Carbonate
Hill Mining company with non -assess-
able stock in the Idaho Carbonate Hill
Consolidated Mining company, that be-
ing the new company organized by
Mr.. Greenough. The purpose of that
you did not care to accept II cents
per share for all of your stock you
might obtain an interest in the new
company to the extent of twenty per
cent of your holdings. The method
of making this election is as follows:
On or before March l, 1918. any stock
holder may elect to receive twenty per
cent of stock in the new company in
lieu of receiving payment at II cent?
per share for that amount of Car
Donate Hill stock by signing and de-
posting with the Old National bank
at Spokane, Washington, the enclosed
nd Of tla tiDnn 1pnnCit-
ing With said bank the total amount of
shares owned by him. This stock and
notice Of election will then bo-held by
said bank until such time as Mr.
Greenough pays in fun for the stock
he purchases at which time the money
paid by him will be delivered to the
Carbonate Hill Mining company and
eventually you will receive in diVi-
dends your II cents per share for
eighty per cent of your stock and
stock in the Idaho Carbonate Hill
Consolidated Mining company for
twenty per cent Of your stock and
your old stock will be retired. From
all Of the moneys received the Car
Donate Hill Mining company will be
required to pay the costs of disincor-
poration and winding up of its affairs
and this cost and other incidental ex
penses will be pro rated among all the
stockholders in proportion to the hold
ings but the amount distributed if
Mr.. Greenough pays in full will be
approximately II cents per share.
"All moneys as paid by Mr.. Green
ough on account of the purchase of
the Idaho Carbonate Hill Consolidated
Mining company stock will be turned
over to the Carbonate Hill Mining