The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1918-05-16

FORMER STOCKHOLDERS OF the lex
Mining company. whose holdings have
now been transferred to the Rex Con-
solidated Mining company, have re-
ceived the following circular letter
from L. E. Whicher. president of the
consolidated company, dated New
York, May s:
To Former Rex Stockholders.
1.-The agreement between the Rex
Mining company and the Rex Consol-
dated. Mining company, for the prac-
teal consolidation of the interests of
both of these companies, was duly
consummated several weeks ago, and
accordingly, the stockholders of the
Rex Mining company have become
stockholders of the Rex Consolidated
Mining company, and as such stock
holders We are addressing you in re-
ference to the affairs of our company.
1.-The enclosed copy of circular let
ter dated March II, 1918, gives you a
clear and comprehensive outline of the
company's future plans, and we trust
that these plans will have your fav-
orable cooperation.
TT is our purpose to endeavor to
make a substantial success of the en-
terprise We have confidence that
our plans to develop the Rex mines
will be commercially successful, and to
that end. we have already leased the
upper levels of the mine on a salts
factory royalty basis and expect to
make similar arrangements for the
operation Of our mill.
IN the meantime, we are giving
careful technical consideration to the
development of the property at depth
"As all Of the most successful prop
critics in the Occur d'Alene mining dis
trict Of a similar type to ours have
encountered their best ore bodies at
depths considerably lower than our
lowest workings, we feel that our ex
pectations Of success are well founded,
1t Is also our purpose, as stated in the
enclosed circular letter, to take over
one or more mining propositions, and
with that end in view. Mr.. Raymond
Guyer is now examining and investi-
eating several interesting mining pro-
perties in Arizona and Nevada on
which we have options.
"The officers and directors of the
company, in cooperation with some of
the large stockholders, have financed
it's affairs and are hopeful of a sue
cess, in which all shareholders will
participate.
stockholders will be fully inform
ed Of the company's progress from
time to time"
Plans of New Company.
Following are the extracts from the
circular letter to which reference is
made above:
"As contemplated by the reorgani-
cation plan, the Rex Consolidated Min
ing company has now total authoriz-
ed capital stock of five million shares
of the par value of Csc each, of which
two million shares will be exchanged
for an equivalent number of shares
ROW outstanding of the par value of
$100 each.
"Three million shares have been is
sued to the syndicate for the purposes
set forth in the resolutions adopted by
the stockholders at their special meet
ing, which are accounted for as fol-
lows:
1.-THE purchase price of the Rex Min
ing companys properties as per agree
ment is one million shares; deductine
from this purchase price the exchange
Of the Rex Mining company's shares
owned by this company, the net re-
suit will be S15,733 shares; to liquid
ate the Indebtedness of the company
100000 convertible notes and accrued
interest) will require $4,000 shares