BCRIC Share Certificates: 3 Consecutive # - Collectors Item from 1979 (43 Years)

Description

BCRIC Share Certificates: 3 Consecutive # (See Photo) Collectors Item. In mint condition, with only a centre fold
The
British Columbia Resources Investment Corporation, or BCRIC
(pronounced "brick"), was a holding company formed underthe BC government of William R. Bennett. The company took over ownership ofvarious sawmills and mines that had been bought and bailed out by the government.
The most famous aspect of the company were the five freebearer shares, dated August 7, 1979, which were distributed to all BritishColumbians, to promote investment in the province, and earn back a profit tothe buyer. British Columbians and investors were encouraged to buy more. Thecompany expanded and bought numerous mining and logging installations.
Because of significant investment in a North Sea oil play bya subsidiary, Westar Petroleum, and bad timing in a mining investment byanother subsidiary, Westar Mining, the company ran into financial trouble.Investors saw their thousands of dollars dwindle to pennies.
In 1995, the shares were consolidated at a ratio of 125 to1. At the time, five bearer shares were worth 0.8% of a post-consolidationshare. In June 1997, the consolidated shares were subject to a compulsorybuy-out at each ({{detail_product_description}}.56 per bearer share) as part of a privatizationtransaction by the Jim Pattison Group. However, the buyout had a 10-year limit,which expired on June 30, 2007, and so outstanding share certificates no longerhave any value.