An old stock certificate for 500 shares of Inverness Mines Ltd. turned up among my mother’s things after her recent death. Please determine if the stock has any current value. John Macfie Parry Sound, Ont.
After reviewing our records on this company we can report that Inverness Mines Ltd., (1924) lost its Ontario charter as of Aug. 18, 1958, for default in filing annual returns.
The company had been idle for decades preceding the cancellation of its charter. The shares your mother held in Inverness Mines Ltd. are, therefore, quite valueless today. The stock was a very speculative buy back in the late 1920s. The company had no producing mines, and its primary assets included only scattered exploration properties, none of which was located near a producing mine.
Following the stock market crash of 1929, the company’s prospects for raising money based on its scattered holdings were so dismal that its directors made a desperate personal appeal to shareholders for additional finances.
A 1931 letter to Inverness shareholders read, in part, as follows: “. * * (the Board) now make a personal appeal to you to give them your moral and financial support and ask every shareholder to send a cheque, payable to Inverness Mines, for the amount of at least $15.00 * * .”
Not much was heard about Inverness again until its charter was cancelled in 1958.
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