The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1920-04-29
CONTROL OF TARBOX
TAKEN UNDER OPTION
TERMS OF DEAL AS GIVEN BY
DIRECTORS IN LETTER TO
STOCKROLDERS

An option has been given on 60 per
cent of the outstanding stock of the
TarboX Mining company to well
known engineer of this city, who ex-
poets to be able to turn the control of
the property to a strong company
which is seeking a mine having a
/ large body of low grade lead-zinc ore,
such as has been developed IN the
Tarbox. Stockholders are to receive
terms Of the option are explained in
detail in a letter just issued to the
stockholders by the directors of the
TarboX company, which follows:
To the Stockholders.
Since our last report, dated De-
cember s, 1919, a small force of men
has been employed keeping the mine
unwatered and in good working con-
dition Unsettled business conditions
have made it impossible to find
market for our treasury stock, so that
financing the company from that
source has been out of the question.
"A proposal has been submitted to
your board of directors by a we'll
known mining engineer of this city
backed by wealthy mine operators.
which provides for a bond and lease
to extend approximately two and one
half years ~ terms and conditions
substantially as follows:
sixty per cent of all outstanding
stock is to be placed in escrow in the
First National Bank of Wallace
which shall net the stockholders 27c
per share, % per cent of which shall
be paid in one year from date of OPP
ton, 25 per cent in is months, % per
cent in two years and the balance
within two and one-half years, or at
the expiration of the bond and lease.
"The sum of 100000 shall be spent
by persons taking this option in the
development and equipment of the
mining property. Mt not less than
$4,000, and from that sum up to $4,000 /
monthly. this development work and /
equipment to be pait for i'm treasury |
stock Of the company ut the agreed /
price of zoe per share
Time Essence of Contract.
This optional contract is to pro- /
vide that if tho proposed purchaser |
fails to make any Of the payments at
the times mentioned. or fails to com
ply with any of the provisions Of such /
contract. then time shall be of the
essence Of the contract, and the con
tract. at the option of the Tarbox Mi
ming company. shall be declared for
feited and the proposed purchaser
shall forfeit to the company any and /
all payments that may have been
made, and likewise the expense of
development and equipment which
shall be forfeited to the company.
''This proposition has been favor
ably considered by the board of di-
rectors and the proposed purchaser
has until July 7, 1920, in which TO
complete the necessary negotiations.
In order to consummate this deal
it is absolutely necessary that all the
deposit at least 60 per
cent Of their holdings in escrow in
the First National Bank of wallace,
Idaho. to be delivered to the proposed
purchaser upon the performance Of
the contract Of purchase, otherwise to
be delivered to the stockholders.
Stock in Escrow.
you are therefore requested to
send your certificates Of stock to the
treasurer Of the company. John F.
Ferguson. wallace, Idaho, together
with the enclosed blank properly fill
ed out and signed. Then your origin
al certificates will be cancelled, and /
in lieu thereof there will be issued to
you one certificate of so per cent Of Il
your stock which will be placed IN
escrow with the bank when the lease
Is finally executed and for which you
will receive a pool receipt, and an