41K16SW038Q GAUDETTE 19D1 GAUDETTE 010

REPORT ON THE MINING PROPERTYHeld by

BAR-FIN MINING CORP. LIMITEDIn ^^

THE TOWNSHIP OF QAUDBTTB SAULT STE. MARIE MINING DIVISION

DISTRICT OF ALOOMA. ONTARIO, CANADA

SUMMARY

Bar-Fin Mining C'.-p. Limited has under option 10 mining claims in Gaudette Township, Sault Ste. Marie Mining Division, in which has been found an interesting copper discovery.

The copper sulpnides are found in a quartz vein lying along tho side of a sheared quartz diorite body. Samples of high grade copper ore can be had but the grade of ore from channel sampling shows |l5-00 per ton across a width of ^ to 6 feet.

The property is accessible. There is a gravel road from Searchmont, Ontario, to within a mile of the property. From this point there is a road across the sand plane to the south boundary of the property, this is suitable for motor traffic.

The vein lies on top of a high hill about 500 f*et high and an old tote road winds its way to the top of the hill.

The Supercrest Copper Mines Limited have proven up a commercial ore body about five miles to the north west of the Bar-Fin property. They are in the process of installing plant and equipment to bring their mine into produc tion.

The copper discovery has only been opened up at one point and I have recommended a geophysical survey to outline the vein prior to diamond drilling.

PROPERTY

The property held by Bar-Fin Mining Corp. Limited consists of 10 unsurveyed and unpatented contiguous mining claims located in Gaudette Township, Sault Ste. Marie Mining Division, District of Algoma, Ontario, Canada, and numbered SSM U8513 to SSM U8515 inclusive; and SSM U8088 to SSM U809U inclusive.

The mining claims are approximately UO acres each and make up a single block of UOO acres more or less.

ACCESS fc LOCATION

A good gravel road leaves Highway 17 North, about 13 miles north of the City of Sault Ste. Marie and continues on to Searchmont and other points in the area. Searchmont is 36 miles by road from Sault Ste. Marie.

The property lies about five miles north east of the Town of Search mont which is on the Algoma Central Railway.

There is a motor road to the bottom of the hill on which the copper discovery has been made. An old lumber road winds up the hill to within a short distance of the showing.

GEOLOGY

The claims are underlain with Laurentian granite and in the vicinity of the copper discovery there is a quartz diorite dike. The scath side of the dike appears heavily sheared and along this is a quartz vein mineralized with fine chalcopyrite.

Page 2 Report

VEIN

The copper sulphide vein dips north at 70O and strikes north 55O west It hao been exposed for a length of fifty feet, end UOO feet further west and on strike large pieces of float mineralized with chalcopyrite have been found, The shearing to the south of the vein carries chalcopyrite as seen in the old trench.

Channel samples across five feet of the vein averaged grab samples assayed from .6l# copper to 25 -6# copper.

POWER

copper and

The Great Lakes power lines of 110,000 volts are approximately 11 miles west of the property. The cost of a power line would be about $15,000.00 per mile in this area.

TIMBER

Mine tirolar is available in the area, but little suitable for mining purposes was observed on the property.

WATER

A small lake on the southern edge of the south claims could supply the necessary water requirements for both mining and milling operations.

GENERAL

The Super ere e t Mines formerly known as the Kristina Mines lies five miles north west of the Bar-Fin property. They have proven up a commercial ore body and are now moving in machinery and equipment so that the mine can be brought into production.

OLD WORK

One small trench at the site of the present work is the only indication of former work and this was done in 1952 by the party selling the property U. "~ Bar-Fin Mining Corp. Limited.

Overburden is heavy and the vein was never followed by surface trenching.

NEW WORK

The vein along the exposed fifty foot section has been cross trencheu for purposes of sampling.

CONCLUSIONS AND RECOMMENDATIONS

From present work the grade of ore in the section of the vein exposed is $15.00 per ton. The length of the vein is not known.

Prior to diamond drilling an Electro Magnetic Survey should be made of the property, this would give an indication of the length and location of the vein for diamond drilling.

An Electro Magnetic Survey will cost approximately 15-00 per acre or $2,000.00, and I am recommending that funds be provided for this purpose so that the work can commence immediately.

Respectfully submitted

Dated:November 1st, 1956.

"M. C. Halstead" M. C. Halstead, B.Se., P. Eng.

CERTIFICATION

I, Milton C. Halstead, of the City of Sault Ste. Marie, Ontario, Canada, hereby certify:

1. That I am a mining engineer with offices at Room 12, 60k Queen Street East, Sault Ste. Marie, Ontario.

2. That I am a graduate of the University of Manitoba, B.Se. (1929) and a member of the Association of Professional Engineers of the Province of Ontario.

3. That I have no interest either direct -*r indirect in the property or securities of the company and that I do not expect any interest in the property or securities of the company Bar-Fin Mining Corp oration Limited.

i*. That this report is based on personal inspection of the property during the month of September and October 1956.

5. That no old work other than that reported on was seen on this property.

6. That this certificate applies to the following mining claims: SSM U8o88 to SSM U809U inclusive, and SSM US$13 to SSM U8515 inclusive; all located in Gaudette Township, Sault Ste. Marie Mining Division, District of Algoma, Ontario, Canada.

M. C. Halstead, B.Se., P.Eng.

Dated:November 1st, 1956.

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41K16SW0380 GAUDETTE 19D1 GAUDETTE 020

November l, 1956

AUDITORS' REPORT

To the shareholders of,Bar-Fin Mining Corporation Limited,(no personal liaoility)Toronto, Ontario.

We have examined the Balance Sheet of Bar-Fin Mining Corporation Limited (no personal liability) as at August 31, 1956, and the related Statements of Deficit, Deferred Exploration, Development and Administrative Expenses as at that date.

Our examination vas conducted from May 19th, 1955* to August 31, 1956. We have placed complete reliance on the audited accounts and their respective amounts from inception (August l, 1952) to May 18, 1955i *s certified by Fisher, Gordon tt Company, Chartered Accountants and dated June l, 1955-

No independent verification was made of the Company's title in the mining properties.

Subject to the above, in our opinion, the accompanying Balance Sheet and Statements of Deficit, and Deferred Exploration, Development and Administrative Expenses are properly drawn up so as to exhibit a true and correct view of the state of the affairs of the Company as at August 31, 1956, according to the best of our information and the explanations given to us and as shown by the books of the Company.

Respectfully submitted,

"Klyman and Stern"

CHARTERED ACCOUNTANTS.

BAR-FIB MH1IHO CORPORATION LIMITED (No Personal Liability)

BALANCE SHEET AUOIBT 311 1956

ASSETS

CIRRENT

Cash in bauk Contract deposits Prepaid expense

FIXED

Mining properties, at coct

DEFERRED EXPENDITURES

Exploration and development, per attachedstatement

Administrative, per attached statement Organization costs

$57>^02.6615,000.00

230.00

^7,770.57 8,819.892,970.00

72,U52.66

25,000.00

Approved on behalf of The Board of Directors

$l57,013.12

"0. R, Bellinger"

"D. J. Scanlon"

DIRECTOR

DIRECTOR

NOTE 1: A payment of $3,OOO.UO has been made on the mortgage subsequent to Balance Sheet date and the balance is payable in two instalments of $3,000.00 each on the 25th days of January and April, 1957.

NOTE 2: Subsequent to the Balance Sheet date, the Company's engineer has advised that exploratory work on the Company's property has failed to locate any tonnage of copper ore that could be mined out, shipped to a smelter and yield the Company a profit.

NOTE 3: By Agreement dated November 1st, 1956, the Company sold to the underwriter 50,000,shares at 10^ per share and in addition, granted an option to purchase 950,000 shares at prices ranging from 151 to ^1*00 per share, payable in instalments commencing February 1st, 1957 and at intervals of two months thereafter, with the final instalment payable August l, 1958.

NOTE k : By Agreement dated September 10, 1956, the Company has taken an option to purchase ten unpatented claims in Gaudette Township, Algoma District, at a price of ^20,000.00, of which $7,000,00 has been paid and remaining payments are optional. In addition, the optionor is to receive 50,000 of the escrowed outstanding shares of the Company.

This is the Balance Sheet referred to in our report to the Shareholders dated November l, 1956.

"KLYNAN tt STERN" CHARTERED ACCOUNTANTS.

BAR-FDjl MCTINO CORPORATION LIMITED (No Personal Liability)

BALANCE SHEET AUOU3T 31t 1V56

LIABILITIES

CURRENT

Accounts payable Mortgage payable (Note l)

TOTAL LIABILITIES

CAPITAL AND DEFICIT

CAPITAL STOCK

Authorized - 3,500,000 shares, par value 51.00 each

Issued and fully paid-

5,688.819.000.00

li*,688.8l

Shares

70,1*53 600,500

670,953

787,500

For cash at May 18, 1955 from May 18, 1955 to Aug. 31, 1956

For mining claims now abandoned at May 18, 1955

11*58,1*53 at August 31, 1&56

DEFICIT, per attached statement

Par Value

70,1*53-00

600,500.00

670,953.00

787,500.00

11*58,1*53.00

Discount

1*0,381.10

1*60,250.00

500,631.10

708,750.00

1209,381.10

30,071.90

11*0,250*00

170,321.90

78.750.00

21*9,071.90

106,71*7.59 11*2. 321*. 31

^157,013. 12

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BAR-FIJI MINING CORPORATION LIMITED (No Personal Liability)

STATEMENT OF DEFERRED FXPLORATION. DEVELOPMENT AND ADMINISTRATIVE EXPENSES

FROM INCEPTION (AUGUST 1. 1952) TO AUOU3T 31 , 1956

EXPLORATION AND DEVELOPMENT EXPANSES

Shaft and underground workDiamond drillingEngineers fees and expensesGeneral surface explorationAssaysGeophysical and scintillometer surveysLicenses, fees and taxes

9,687-57

1,018.U2973.00396.00U8.00

*i*7,770,57

ADMINISTRATIVE EXPENSES

Legal and audit feesPrintingAccounting tnd secretarial service, including $550.00 paid to

a directorShare issue and distribution costs Directors' fees Licenses and fees Travelling Telephone and telegraph

2,536.1*3 1,999.89

1,850.00 870.72 575.00 U15.00 304.50 268.35

8,819.89

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BAR-FIN MINING CORPORATION LIMITED (No Personal Liability)

STATEMENT OF DEFICIT

FROM INCEPTION (AUGUST 1. 1932) 1C AUGUST 31. 1956

Mining claims abandoned, at valuation placed on 787,500 shares of the Company's capital stock issued therefore $78,750.00

Exploration, development and administrative expenditures incurred during the tenure of the mining claims later abandoned:

Exploration and development $l Administrative, including directors'

fees of $1*75.00 2.619.07 l*,52U.06

Selling expenses incurred in connection with the sale of the Company's capital stock, including commissions of $l,l*52.25 2k, 1*03.58

107,677.6U

Less; Advances from a former director who haswaived his right to repayment 930*05

41K16SW8388 GAUDETTE 19DI GAUDETTE 030 BAR-FIR MDtCTO CORPORATIOH LIMITED

PROSPECTUS

For Filing vlth the Ontario Securities Commit the Provisions of Part VII of The Securities Chapter 351 of the Revised Statutes of Ontario,

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BAB-FIN MINING CORPORATION LIMITED, hereinafter referred to as "the Company", has its Bead Office at Root. 1502, 372 Bay Street, Toronto, Ontario.

The Company was incorporated by Letters Patent undo Part XI of the Ontario Companies Act dated August 1st, 1952.

(a) Officer and Directors

President end Director

Vice-President and Director

Director

Director

Director

Secretary- Treasurer (Not a Director)

Name in Full and Occupation

David Joseph Scanlon President

Gerald Roy Bellinger Salesman

William Marshall Oillrie Advertising Manager

Stewart Laurence MacDonald Mining Engineer————-

Frank Edward McHugh Salesman

Gordon McLaughlin, Q.C. Solicitor

Address in Full

813 Duplex Avenue, Toronto, Ontario.

3j* Burnhamthorpe Par'k Blvd.7 Etobi- coVs, Ontario.

28 Park Road, Toronto, Ontario.

26 St. Joseph St. Toronto, Ontario.

117 Alcorn Avenue Toronto, Ontario.

168 Valley Road, WillowdAle, Ont.

(b) Tower Financial Corporation Limited, Room 1502, 372 Bay Street, Toronto, Ontario, is the promoter of the Company.

The auditors of the Company are Klynan and Stern, 1375 Yonge Street, Toronto 7, Ontario

Guaranty Trust Company of Canada, 70 Richmond Street West, Toronto, Ontario, is the Registrar and Transfer Agent of the Company.

The Company has an authorized capital of 3,500,000 shares of the par value of ^1.00 each of which there are issued, outstanding and fully paid l,U5d,U53 shares.

There are no bonds or debentures issued or outstanding nor does the Company propose to issue any.

708,750 shares are held in escrow by Guaranty Trust Company of Canada, 70 Richmond Street West, Toronto, Ontario, subject to release pro rata only with the consent of the Directors of the Company evidenced by a resolution, and of the Ontario Securities Commission and further sub- ject to alienation, hypothecation and/or transfer within the escrow on the written consent of the Ontario Securities Commission.

I. Shares sold fer cash to date are as follows:-

5 shares 0 *1.00li*,552 shares 0 .509,650 shares 0 .1*5

1*6,7U6 shares 0 100,000 shares 0 100,000 shares 0100,000 shares 0

5.1*0 .10 .15 .20

^.00 7,276.00

18,698.1*0 10,000*00 15,000.00 20,000.00

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100,000 shares | .25 ........ 425,000.00200,000 shares 6 .35 ........ 70,000.00

670,953

4l,452.25 has been paid in full satisfaction of commission on the sale of the said chares.

J. No other securities have been sold for cash to date.

K. No shares have been issued or are to be issued and no cash has been paid or is to be paid to any promoter. Tower Financial Corporation Limited, the promoter of the Company has acquired from the original vendors of claims which the Company acquired hereinafter referred to 708,750 of the issued vendor shares, which are in escrow.

L. (l) (a) The Company is the registered owner of two patented parcels of land described as follows:-

(i) The North-west Quarter of Section Thirteen in the Town ship of Thompson, in the District of Algoma, Ontario, containing 140 acres more or less, and

(ii) The North part of the North-east Quarter of Section Thirteen of the said Township, being all that part of the said northeast Quarter of the said Section lying north of the Mississauga Indian Reserve, containing 140 acres more or less.

Title to the said two parcels is recorded in the name of the Company in the office of Land Titles at Sault Ste. Marie, Ontario, as Parcels 390 and 397 respectively in the Register for Algoma Centre Section. The title of the Com pany is subject to a mortgage given oack by the Company to the vendor hereinafter named dated May 10, 1955, and which originally secured for principal monies the sum of 422,000.00, of which ^16,000.00 has been paid, leaving a oalance at the date hereof of 46,000.00 and which is pay able in two instalments of 43,000.00 each on the 25th days of January and April, 1957* No interest is payable under the mortgage except in case of default in payment of prin cipal instalments in which event simple interest at 5# per annum is chargeable until the payments in arrears are sat isfied. The Company can increase its principal payments or pay off the whole principal sum at any time without notice or bonus.

(b) Nelle Farrell, 2916 Richfield Road, Flint 6, Michigan, U.S.A., was the vendor of the properties above described by agreement dated April 13, 1955* The consideration pay able to the vendor is the sum of ^25,000.00 in money (of which 419,000.00 has been paid at the date hereof) and 200,000 fully-paid shares in the capital stock of the Company and which form a portion of the original vendor shares and which are held in escrow by Guaranty Trust Com pany of Canada as set out in paragraph H, and which have been donated by the promoter.

(c) No person or company to the knowledge of the Company has received from the vendor a greater than five percent interest in the shares and moneys received and to be re ceived by the vendor.

(2) (a) T*: Company is the holder of ten unpatented Mining Claims situate in the Township of Gaudette, in the District of Algoma, in the Province of Ontario/ numbered 8.8.M. 48088 to 48094 inclusive and 8.8.M. 48513 to 48515 inclusive.

(b) James Reynolds, Bar River, Ontario, is the owner and option** or by agreement dated September 10, 1956, cf the said Mining Claims and the purchase price for the said claims is 420,000.00 in money, payaole 47*000.00 on or before Septem ber 20, 19^6, (and which has been paid), 41,000.00 on or

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before December 5, 1956; $2,000.00 on or before March 5, 1957; $3,000.00 on or oefore June 5* 1^57; $3>000.00 on or before September 5, 3-957, and $i*,000.00 on or before December 5, 1957. In addition and in the event that the option is fully exercised, tb;; promoters of the Co .pany are required to transfer to th* opticnor or his nominee 50,000 of their escroved shares of the Company.

(c) Charles Van Daele of Echo Bay, Ontario, is the only per son to the knowledge of the Company who has received or is to receive from the vendor a greater than five per cent interest in the shares and moneys received and to be received by the vendor and no company to the knowledge of the Company will share in the vendor consideration in any degree.

NOTE: Upon the organization of the Company in 1952, the Company acquired from Edward Berman Fingard, 393 Avenue Road, Toronto, Ontario, 32 unpatented mining claims in the Townships of Kowkash and Qaowski, in the Thunder Bay Mining Division, in the Province of Ontario, for a con sideration of 787,500 fully-paid shares of the Company, of which 393,750 were allotted to the said Edward Berman Fingard and 393,750 to James Mitchinson Barnes, 32 Barwood Road, Toronto, Ontario. Tower Financial Corpor ation Limited above referred to has acquired from the said Fingard and Barnes 708,750 of the said vendor shares and of which 200,000 were donated to Nelle Farrell as set forth in paragraph L (l) (b).

The said 32 unpatented claims are no longer held by the Company having been abandoned.

(a) The properties of the Company described in paragraph L. l (a) arc situated one mile east of Bigbway 17 at a point 9i miles north-west from the town of Blind River on the Canadian Pacific Railway. The road leading east from Highway 17 is suitable only for trucks or wagons except in dry weather. Grading and a few loads of gravel will convert this road into a good all-weather road.

Commencing in the month of March, 1956, the Company entered into contracts for the unwatering of the shaft upon the said properties and for surface and underground diamond drilling under the supervision of Alan C. Lee, Professional Engineer, of Noranda, Quebec. Unfortunately the under ground and surface drilling failed to locate any tonnage of copper ore that could be mined out and shipped to a smelter and yield the Company a profit.

Consequently, the Company has ceased all development of the Thompson Township property, acting upon the opinion of Mr. Lee that further work upon the property is not warranted.

(b) The particulars relating to the 10 mining claims obtained from the said James Reynolds (hereinafter in this paragraph M. (b) referred to as "the property"), are as follows:-

(1) The means of access to the property is set out la detail la the report of H. C. Balstead, B.Se., Professional Engineer, dated November 1st, 1956, accompanying and forming part of this prospectus.

(2) There has been no underground or surface exploration and development and there is no underground or surface plant and equipment on or under the property.

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before December 5, 1956; ^2,000.00 on or before March 5 , 195Y; $3,000.00 on or oefore June 5 , 1^57; ^3,000.00 on or before September S, 1957* and $4^,000.00 on or before December 5; 1957* In addition and in the event that the option is fully exercised, the promoters of the Company are required to transfer to the optionor or his nominee 50,000 of their escrowed shares of the Company.

(c) Charles Van Daele of Scho Bay, Ontario, is the only per son to the knowledge of the Company who has received or is to receive from the vesdox a greater than five per cent interest in the shares and moneys received and to be received by the vendor and no company to the knowledge of the Company will share in the vendor consideration in any degree.

NOTE: Upon the organization of the Company in 1952, the Company acquired from Edward Berman Fingard, 398 Avenue Road, Toronto, Ontario, 32 unpatented mining c.laims in the Townships of Kowkash and Oaowskl, in the Thunder Bay Mining Division, in tha Province of Ontario, for a con sideration of 787,500 fully-paid shares of the Company, of which 393/750 were allotted to the said Edward Berman Fingard and 393*750 to James Mitchinson Barnes, 32 Harwood Rond, Toronto, Ontario. Tower Financial Corpor ation Limited above referred to has acquired from the said Fingard and Barnes 708,75^ of the said vendor shares and of which 200,000 were donated to Nelle Farrell as net forth in paragraph L (l) (b).

The said 32 unpatented claiirs are no longer held by the Company having been abandoned.

(a) The properties of the Company described in paragraph L. l (a) are situated one mile east of Highway 17 at a point 9^ miles north-west from the town of Blind River on the Canadian Pacific Railway. The road leading east from Highway 17 is suitable only for trucks or wagons except in dry weather. Grading and a few loads of gravel will convert this road into a good all-weather road.

Commencing in the month of March, 1956, the Company entered into co.-tracts for the unwatering of the shaft upon the said properties and for surface and underground diamond drilling under the supervision of Alan C. Lee, Professional Engineer, of Noranda, Quebec. Unfortunately the under ground and surface drilling failed to locate any tonnage of copper ore that could be mined out and shipped to a smelter and yield the Company a profit.

Consequently, the Company has ceased all development of the Thompson Township property, acting upon the opinion of Mr. Lee that further work upon the property is not warranted.

(b) The particulars relating to the 10 mining claims obtained from the said James Reynolds (hereinafter in this paragraph M. (b) referred to as "the property"), are as follows:-

(1) The means of access to the property is set out in detail in the report of M. C. Halstead, B.Se., Professional Engineer, dated November let, 1956, accompanying sad forming part of this prospectus.

(2) There has been no underground or surface exploration and development and there is no underground or surface plant and equipaent on or under the property.

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(3) ri"he property is an origin*. . find made in 1955,acquired by the optionor . ames Reynolds, above mentioned.

No work has been done or management.

improvements made by the present

Under the provisions of an agree .But dated November X, 1^6, Tower Financial Corporation Limited a{ -eed to purchase on its own account X),000 shares of the Cci -any's capital stock at the price of 10 centc per share and payne: ; for which has been received by the Company.

In consideration of the sr.id pu :hase, the Company has granted toTower Financial Corporation Lit bed an option to purchase on itsown behalf the whole or any par of an additional 950,000 sharesof the Company upon the follow: i terms:-

No. of Shares Price per Sha' Amount Time of Payment

50,000100,000100,000100,000100,000100,000100,000100,000100,000100,000

950,000

.15 c en.- i

.20 cecr J

.25 ceof i

.30 CCD }•35 CCD S.1*0 CCD B.U5 cer. s .50 cei s .75 cei s

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* 7,500.0020,000.00 25,000.00 30,000,0035,000.001*0,000.00 ^5,000.0050,000.0075,000.00 100,000.00

February 1, 1957 April 1, 1957 June 1, 1^57 August 1, 1^57 October 1, 1957 December 1, 1957 February 1, 1958 April 1, 1958 June 1, 1958 August 1, 1958

^1*27,500.00

Michael Kabln and David Josejt Ocanlon are the only persons having more than a 5Jb interest in TV tr Financial Corporation Limited.

Tower Financial Corporation . mited will sell the shares of the Company acquired by them thn .gh the medium of registered security dealers as agents at a rate A commission not to exceed 25# of the selling price. Tower Finance d Corporation Limited will also pay such dealers promotional expanses including advertising and the cost of distribution.

In the event that default oo urs under the said option, the Com pany undertakes to file an arinded prospectus within twenty days of the occurrence of such del wit provided that the Company's securities are still in the * mrse of primary distribution.

There are no sub-options.

Development and exploration r accordance with the recommend, accompanying and forming part poses expending part of the an its shares in implementing tb-i said report of Mr. Halstead at bering the properties of the C expenses will also be satisfi*

There is no indebtedness to b. the ordinary course of businei sheet prepared by the Company accompanying and forming part

ans of the management will be in lions in the report of M. C. Halstead )f this prospectus. The Company pro- leys to be received from the sale ofrecommendations contained in the i in satisfying the mortgage encum- vnpany. Ordinary administration'. out of the said moneys.

created or assumed other than in which is not shown in the balance auditors as of August 31, 1956,f this prospectus.

(i) The business is which eac, director and officer of the Company has been engaged during tit * past three years and over is aa follows:-

DAVID JOSEPH 8CANLOR - Pre 'dent of D. J. Bcanlon li Company Limited, Broker-Dernier, ft-) we than three years, until April, 1951* - since then engaged 2 ousiness ae a promoter.

GERALD ROY BELLBIOER - Employed as salesman by Biltrite Rubber Company, 121 DeOrassi Street, Toronto for three years prior to November, 1935* Since then employed a* security salesman.

WILLIAM MARSHALL CILLRIB - During the past three years and nore Eastern Advertising Manager with Stovel-Advocate Publishing Limited, Toronto.

STEUART LAtRENCE MACDOHALD - Self employed as mining Eng ineer during the past three years and more.

FRANK EDWARD McBUQB - November 1953 to January Sales Manager of Wled Motor Sales, Toronto; January to September 19^* - Salesman for Elgin Motors Limited, Tor onto; September 1951* to February 1956 - Salesman vitb Marchant Calculators Limited, Toronto; February 1956 to November 10, 1956, Sales Manager of Empire Beating Com pany, Toronto; From November 10, 1956 ~ presently employed as salesman for Toronto Motor Car Company, Toronto.

GORDON MCLAUGHLIN - Q. C., - Engaged in practice as a solic itor in Toronto for more than three years.

(li) No present director or officers of the Company either dir ectly or indirectly had any interest in any property ac quired by the Company nor does the Company propose acquir ing any additional property.

(ill) During the financial year ending August U, 1956, the aggre gate remuneration paid to directors was fVp.OO and to officers |1,100.00. It Is estimated that 11,000.00 will be paid to directors and ^1,500.00 to officers during the cur rent fiscal year.

No s have been paid to date.

S. Tower . ...-aclal Corporation Limited by reason of beneficial owner ship of securities is in a position to cause to be elected a maj ority of the directors of the Company.

T. The Company knovs of no arrangement as regards the purchase, ralecr disposition of vendor shares. If notice of any such arrangement shall come lo the directors, an amending statement will be filed vlth the Ontario Securities Commission if the shares of the Company are then in the course of p-Iaary distribution. Vendor shares when freed as veil as free vendor shares and shares heretofore sold for cash may be offered to the public at market prices but the proceeds of sales will not go Into the treasury of the Company.

l'. There IB no other material fact not disclosed in the foregoing.

DATED the 15th day of November, 1956.

The foregoing constitutes full, true and plain disclosure of all material facts in respect cf the offering of securities referred to above as required by Section 38 of The Securities Act (Ontario) and there is no further material Information applicable other than In the financial statements or reports where required.

D. J. Scanlon OR. Bellinger

W. M. 3iUrle

S. L. Macdonald T. E . McBugh

CBtnrXCATE

To the best of our knowledge, Information and belief, the f or agoing constitutes full, true and plain disclosure of all aaterial faeta in respect of the offering of securities referred to above aa required by Section 38 of The Securities Act (Ontario) and tbere i* no further asteria! inforsmtion applicable other than in the financial state ments or reports where required. In respect of matters which ara not within our knowledge ve nave relied upon the accuracy and ade quacy of the foregoing.

TOWER raiAIWXAI, CORTCIUTIOI UHBID

B* N. Kabin