OCR Text |
Show OHIO COPPER REORGANIZATION REORGANI-ZATION WINS APPROVAL Plans for reorganization of Ohio Copper Co. Friday received approval from Federal Judge Willis Ritter, reported Percy H. Kittle, president and general manager. After certain legal steps are taken, the proposals will be submitted sub-mitted to stockholders for their consideration. Plans are to form a new company, com-pany, probably nomed Ohio Mining Min-ing Co., with capitalization of $175,000 and stock of 3,500,000 shares of 5c par value each. The stock would be assessable. The company believes it would be necessary to sell at least 1,-700,000 1,-700,000 shares to effect reorganization. reorgani-zation. This would bring in $85,-000. $85,-000. of which $60,000 would be spent for further exploration in the Lark-Bingham district areas thus far developed. About $25,000 would be used to pay current obligations. Present Pres-ent Ohio Copper Co. stockholders would be able to turn in shares of stock for the new issue upon payment of 5c a share. The company previously filed papers for reorganization under bankruptcy laws, and these received re-ceived court approval. |