Show IDAHO METALS CO ANNOUNCES NEW MINE FINANCING SCHEME an announcement was made saturday by don lawhead of the don lawhead company investment bankers that a new financing program had been worked out for the idaho metals company whereby that concern would have ample capital to resume both mine and mill operations in the empire mine says the mackay miner A new financing program was voted by the idaho metals companas Comp anys board of directors on august provid ing for the issuance of three hundred thousand dollars worth of first mortgage eight per cent refunding gold notes these gold notes will be secured by a first mortgage on the entire mine and capital of the idaho metals company executed to the national bank of commerce at ogden utah as trustee these gold notes are issued in series of A B C due in one two and three years of one hundred thousand dollars of each series these first mortgage b securities are being sold by the don lawhead company in utah california illinois and other places the proceeds from the three hundred thousand dollars issued will provide the idaho metals company with one hundred and twenty thousand dollars cash working capital after paying all the indebtedness of the concern this will enable the company to oi operate erate on a scale more extensive than at any time during the past five or six years the idaho metals company has called a stockholders meeting for october ath at mackay at which time the proposition will be put to the stockholders of increasing the capital stock of the company from one million to two million shares at this meeting the stockholders will also be called upon to ratify the three hundred thousand dollar first mortgage issued |