Court hears Teddy Bear application

The Ontario Court of Justice has heard the application by Teddy Bear Valley Mines (CDN) for a plan of arrangement under the Ontario Business Corporations Act.

The plan seeks to: — reinstate the 430 shareholders disenfranchised in 1984 as a result of a reorganization of Teddy Bear;

— wind up the Teddy Bear Valley Syndicate and distribute, on a pro-rata basis, all the shares of the company held by the syndicate’s 135 unit-holders; and

— reduce the number of issued and outstanding shares to 4.23 million from 4.28 million.

Teddy Bear has a 15.35% interest in the Holloway gold project in northeastern Ontario where underground exploration is ongoing.