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Show MINING MERGER ISJW0SED Plans are maturing for a large consolidation con-solidation of mine properties In the Beaver Lake district, about a dozen mines northwest of Milford. If approved ap-proved at a special meeting to be held , later, this will take in under one head the extensive holdings of the Utah-United Utah-United Copper, Beaver copper and Beaver Lake Metals. This embraces thirty-one claims and fractions, representing repre-senting approximately 500 acres. j , Manager A. J. McMullen of the Beaver Lake Metals has Just Issued a notice to the stockholders which covers the situation. The following is quoted. 1. As the three companies now stand, not any one of these companies is able to produce a working capital that will do any real mining development. develop-ment. ' 2. 2,600,000 shares of stock enter Into a conservative company of 1,000,000 shares. 3. You acquire a mining property of unquestioned merit, on which work has been prosecuted to depth and lack of depth has been the cause of many of the failures in mining In this district. dis-trict. 4. Your corporate estate will comprise com-prise thirty-one locations; your company com-pany will have machinery for sale, the proceeds of which will go toward the development work. 5. Corporation and general taxes will be eliminated and by working together to-gether on a property of proven merit we may consistently expect results The Utah-Unite'd stock outstanding 180,000 shares have cost the stockholders stock-holders 14 1-2 cents a share. The Beaver Copper stock 600,000 shares outstanding have cost the stockholders 5 1-4 cents a share. The Beaver Lake Metals stock 546-250 546-250 shares outstanding have cost the stockholders 3 cents a share. The United owns' 14 1-2 full claims, two patented. One of the patented claims holds a spring of good water. The property is equipped with a 25-horsepower 25-horsepower steam hoisting plant and a large pumping plant to pump the water to the mine. The Beaver Copper Cop-per owns four claims and is equipped with a plant similar to the Metals plant. The Metals owns thirteen lc-cotations, lc-cotations, most of which are fractions. A new company will be formed, which will possibly be known as the Smelter Mining company with a capital of 1,000,000 shares. The stockholders of the Utah United Unit-ed and the Beaver Copper will take share for share as now held, or 680,-000 680,-000 shares and we offer to the Beaver ( Lake Metals the opportunity of Joining Join-ing in this consolidation on the basis of giving the Metals the opportunity of joining in this consolidation on the basis of giving the Metals stockholders stockhold-ers one share for two as now held, with the further provision that each stockholder will pay an assessment of one-fourth cent per share on the stock which he retains. All stockholders stock-holders consulted have agreed to this proposal and they consider It a move in the right direction. |