Expert: Steven Taylor - 5/13/2009

Question
QUESTION: Hi Steven,
Thanks for the wealth of info you provide on Old Canadian Stock! Some of it hs proved useful already! We are currently trying to close the estate of a family member who took a keen interest in the Canadian Mining Industry! These are obscure names, & it looks like some of the OLD annual reports are in some University libraries, that's all I can find. Have any of these companies amalgamated, gone private, changed names, etc?  In short, does any of this stock have any potential value? Before I start faxing letters to Computershare & CIBC Mellon Trust I'm hoping to get a sense of what may have gone on...The companies on the certs are as follows: COMBINED METAL MINES LIMITED (dated Apr.'65, Inc.in Ont.,transfer agent:Guaranty Trust); MARIMAC MINES LIMITED (Apr.'64,Inc.Ont.,The Premier Trust Co.);SOLID SILVER MINES LIMITED Mar.'64,Inc.Ont.,Guaranty Trust);THE WISCONSIN MINING COMPANY LIMITED (Mar.'65,Inc'd under the Quebec Mining Companies Act,Eastern & Chartered Trust Company); BRACEMAC MINES LIMITED(Jan'65,Inc.Ont.,Eastern & Chartered Trust Company);DAERING EXPLORERS CORPORATION LIMITED(Dec.'64,Inc.Ont.,The Toronto General Trust Corporation was crossed out & stamped Canada Permanent Trust Company);NICKEL RIM MINES LIMITED-(could it be affiliated with Noranda-Falconbridge-Kerr-Addison etc?(Mar'65,Inc. Ont.,Guaranty Trust);YUKENO MINES LIMITED(Feb'65,Inc.Ont.,Guaranty Trust). You are truly THE Old-Stock Guru if you can uncover data on these!
Thanks again, Carol.



ANSWER: Carol, from the information I have available, it appears none of those certificates have any value.

Combeind Metal did a 1 for 5 reverse split and became CME Capital. CME was delisted and cease-traded in 1995.

Marimac went through 2 big reverse splits and numerous name changes before it was cease-traded and delisted in 1995 as well.

Solid had a name change before it was dissolved in 1980. I do not believe there was any value for shareholders.

Wisconsin Mining had a reverse split and a name change before having its charter cancelled in 1970.

Bracemac had its charter cancelled in 1976.

Daering went through several name changes and reverse splits before becoming Bonaventure Technologies Inc. in 1983. In 1984, Bonaventure was cease-traded. I believe those orders remain in effect.

Nickel Rim was delisted in 1991 and cease-traded in 1992.

Yukeno had a reverse split and name change before surrendering its charter in 1972.

You can contact a broker to help confirm this information.

---------- FOLLOW-UP ----------

QUESTION: Hi Steven,
With all the convoluted behavior that has gone on with especially the older corporations, how does one determine in the case of a "defunct" company or a "cease-traded" company,etc., whether or not it has been bought by another company & had the name changed or gone private?....And, in one of these situations, whether or not there is money sitting in a transfer-company trust account, or whether your old stock now just has a new name & you need to get new certificates issued (or have your name changed on the company register, etc.) We're talking pre-electronic era here!  This seems to be a problem when dealing with old street-stock or where registered shareholders have moved, passed away , etc. Can you help clarify this?
-Carol.


Answer
Carol, there are publications out there which track old stocks, as well as provide regular updates regarding company changes. Put those together with specific news sites as well as the regulatory sources, and a knowledgeable professional can usually determine what happened to a company and/or who to contact in regards to obtaining new certificates.

These sources are designed for use by finance professionals, as most of the public would have little need for the information, except perhaps on a one-time basis. Therefore, the information is quite expensive and not available to the public. I have some sources which I use daily in my business, but not as much as others do, such as brokers. I often suggest that people contact brokers, as they not only have databases which list all the active transfer agents, but also will often have the defunct stock volumes, which are massive, heavy, and very expensive. Broker's back offices deal with such matters on a daily basis, and they have the tools to handle it.