Unlisted Trading (December 30, 1991)

The board of Teddy Bear Valley Mines is examining ways to reverse a 1984 share reorganization after determining that the restructuring “failed to meet all legal requirements.”

If a plan of arrangement is successful, about 425 dispossessed Teddy Bear shareholders will be reinstated and current shareholdings will be reviewed. The Teddy Bear Valley Syndicate, which is thought to have held 1.23 million shares of the company before 1984, will also be affected by the adjustments. For the week ended Dec. 23, Teddy Bear closed unchanged at $2 on thin volume. Canmine Resources says it will drill its FER copper-zinc property in northern Manitoba at the end of January. FER is known to host multiple lenses of massive sulphides grading up to 6.8% zinc and 0.35 oz. gold per ton. Canmine closed unchanged at 20 cents.

After further negotiations, the purchase price of a 50% interest in White Plains Resources U.S. has doubled to $2 million. Hol-Lac Gold Mines, which is purchasing the interest from White Plains of Vancouver, will use the first $100,000 to settle a lease payment. Another $600,000 will be used to confirm reserves at White Plains’ Gilbert wollastonite deposit in Nevada. The balance will pay for construction of a pilot plant. Hol-Lac was 27 cents bid, 45 cents ask for the week.