Expert: Steven Taylor - 4/27/2010

Question
Among the documents in my father and mother's files were 500
shares of Headway Red Lake Gold Mines, Ltd. stock which I understand was amalgamated with Coulee Lead and Zinc Mines Ltd.
to form Wayfair Explorations Ltd. which apparently is no longer
in business.  Since Gold has increased in value recently we thought these shares now have some value beyond as collector's items. We have the proper documents to transfer ownership from our
father to his estate and subsequently any value to my sisters and
I.  
Any information would be appreciated.
Thank you,

Answer
Richard, I have no information on Wayfair at all except that it was cease-traded in Ontario in 1984, and that order remains in effect. That suggests the stock never corrected its problems and returned to trading. You are correct that Headway merged into Wayfair, but it did a 1 for 20 reverse split at the same time, which would have reduced your mother's shares to just 25.

Many people believe that since the price of metals are up that it likely means the value of old stock certificates are up as well. Usually, that is not the case. Exploration properties are expensive, and most require annual fees and exploration expenditures to maintain. During the lean times when metal prices are low, very few companies have the capital required to hang onto their properties, assuming the companies are even able to stay alive. Unfortunately, it looks like Wayfair is likely one of the many that didn't make it. However, to confirm the information, I suggest you try contacting a broker and see if they can perform a more detailed search for you.