Queries Assets of Corona Mines acquired in 1930

Would you please provide some information on the current status of Corona Mines Ltd. As a holder of a Corona stock certificate dated Feb 24, 1928, I wonder if it’s worth anything? N.W. Elliot Lake, Ont.

Sorry, but your certificate appears to be worthless. Corona Mines Ltd. was one of five companies which merged in 1930 to form Alliance Mining and Investment Co. Ltd. The five companies were Duprat Mines Ltd., Corona Mines Ltd., Boischatel Mines Ltd., Mormac Development Co. Ltd. and Marriott Mines Ltd.

Before the merger, Corona’s assets included $40,000 in cash, three claims in the Kamiskotia district adjoining Hollinger holdings near the Matachewan, Ont., mining district and an option on the Quebec Malartic Syndicate Ltd. in Malartic Twp., Que.

Corona’s assets were acquired by the new company on the basis of one new for six old shares.

Based in Ottawa, Alliance Mining was capitalized at three million no par value shares and all the assets of the five companies with the exception of 378,050 shares of Rhyolite Rouyn Mines stock held by Duprat Mines, were transferred to the new company.

However, sometime between 1930 and 1934, Alliance Mining and Investments Co. Ltd. became Alliance Mining and Securities Ltd. According to a 1935 annual report, Alliance made an unsuccessful attempt to become one of Canada’s “leading development organizations.” It acquired some oil interests in the Hudson Bay Junction, Sask. In an apparent effort to diversify, Alliance also acquired control under option of the Kenojevis gold property in Rouyn Twp., Que.

Consisting of 677 acres and a 100- ft shaft, the property adjoined the McWatters gold mine property to the west. To finance the development of those properties, Alliance set aside an allotment of shares which were offered to shareholders at 50 cents per share at the 1935 annual meeting.

However, the corporation was coded inactive in 1937. In 1945, it had no properties or other assets and according to the Quebec Department of Mines, no claims were ever registered in the company’s name.

Alliance Mining and Securities Ltd. was formally dissolved on Dec 16, 1980.