British Co
: Inveatment ‘Co

‘VANCOUVER (CP) — The
lumbla Resources
. (BORIC)
ie one..of. the est cor:
rations In Canada in the
‘of capitalization and
has borrowing. power of
about §2 billion, BCRIC
‘president David Helliwell
pald Thuraday. —
+ “We now. have unlinited
scope in terms of what we
can do with the cor-

_ poration,” Helliwell told a

nhewa conference in an-
nouncing that BCRIC has re-
ceived gross proceeds of
414.7. million from British
Columbla residents’ who
applied by the June 15
deadline to purchase

69,126,005 shares In the -
corporation,

. “The Tesponuse has been
absolutely staggering and
we've been overeltned by
the number of applications

Tony Grgesgs
sores

for both the tree shares and
the share offering. ;
"This has transformed the

corporation into ‘the very,.

very Jeaguea and just
sends siavars up my spine."
'. Helliwel] said BCRIC
““directora don't have an in-
* yeatment strategy mapped
' put yet and any sugges

. would be speculative.

Figures released Thur:

wiay were not final, Helllwell

said, because. there is a
backlog of applications
‘which have -not been

processed after a: rush by
vestors ‘before the pur-
chase deadline,

nounced in February that
every resident of
province’ would have the
opportunity to apply for five
free shares In BCRIC ‘and
B.C. residents also could

Copper mine is.
two years away

“VANCOUVER (CP) —

- Construction on the proposed

Valley Copper. mine in
Highland Valley could begin
alley co
tometime in the next two
years, a Cominco Ltd.
Opokeaman eald Thursday.
ep hala ae
per cent of-Valiey Copper,
bas commissioned Bechtel, a
San Francisco-based
company, to make an in-
dependent study of the mine
site, said ober Rozenhart,

company spokesman.
Buliding of the mine will
depend on the results of the
study and consideration of
other factors such as the
“market and government
taxation and royalties,
Rozenhart ,

sald, .
Saul Rothman, Valley

Copper président and vice-
president of Cominco
recently said the mine would.
cost about $350 million to
build and produce between
55,-000 an 60,000 tons of

copper '

An inital atudy is baing
completed by Cominco
engineera and now the
company, plans to have ‘'a
good lock at it with an In-
dependent firm," .Rotenhart
8a) id. wate

Rozenhart wid the ore
zone ls owned 60 per cent by
yay and 20 per cent by
Bethlehem Copper. Both
companies would jolntly
davelop tha-miie. "  *

The environmental impact
of the potential mine -will
alsa ‘be examined: also; he
sald, :

Premier Bi Bennett an- ‘become

the:

purchase up to 5,000 ad-
ditlonal shares for $$ each,

Bennett made the BCRIC
offering & major part of hia
provincial election platform
and his Social Credit

government won re-election

May 10, although with a
reduced majority over the
New Democratic Party,
which criticized the share
oft during the election
campaign.

Helllwell said that, as of
June 20, 1,821,302 B.C.
residenta had applied for
their flve. free shares,
totalling 9,106,510 shares,

avin number of persons
applying for 100 or more
the additional shares — to

registered :
‘shareholdera in the cor-
poration — waa more than
110,000.

“T guess you could say that
we're cash-rich and
relatlyely poor in holdings at
the present time,"’ Helllwell

’ sald. “We'll ba advising our

shareholders this summer on
what we intend todo with our
cash pool,”

BCRIC shares will appear
for trading on the Vancouver
Stock Exchange on Aug. 7
and Helliwell said he ex: .

ted the shares would
ve a book value of about.
$6.75 initially.

He said the trust funds
presently are inveated in the
short-term money market

- and “are doing airight ... in

the area of 11 per cant”

‘return,

. The corporation had
holdings of $151 million when
the provincial. government
announced its share offering,
Combined with the gross
proceeds already recalyed,
BCRIC now has a value of at
least $565 milllon.

. Helliwell said the corpo:
ration's share offering has
received twice the support of
any, similar offering ever
before’in Canada. He cited
the $197 million ralsed by

BCRIC one of the biggest |

Bell Canada earlier this year
as an example,

The company wan In.
cerporatad by the Social
Credit government in
February, 1978, with
holdings which included in-
terents in Canadian Cellulose
Co. Ltd., Kootenay Forest
Products Ltd., Plateau Mills
Lid, Westcoast Tran-
smilssion Co, Ltd. and oll and
gas exploration rights,

Many of the companies
had been converted into
Crown corporations by the
former NDP government,

Legislation covering
BCRIC sald only Canadian

citizens or residents could

hold voting shares in the
company. The board of
directors consists entirely of
B.C, businessmen, .

The book value of 96.75 a
share was reached by adding
the number of purchas
shares (almost 70 million)
with the government's
issuance of 15 million shares
ey ning

veaway), then ng
total of 85 million shares Into
the assets of about $845
million,

Helliweil said directors of
the corporation had no way
of knowing just how en-

. thusiastic the response

would be from B,C, investors
on the initial share
distribution.

“We had a private lun-
cheon, about 15 of'us, just
after the prospectus was
issued and there were a Ict o?

esses about the response; I

nk there was speculation
tanging from $48 million to
$210 million.

“We just had no way of

knowing what would happen
and it’s justetaggering to see
the fascination and Interest
of Investors so far.”

Helliwell added that he ex-
pecia the corporation te be

ted on the Toronto Stock.
Exchange in a few months,

though not necessarily by
the end of the year.

AERAAN

. #-

36

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