Braden Burry to go public
Alberta Stock Exchange listing anticipated later this year
by Doug Ashbury
NNSL (Apr 29/98) - Yellowknife-based Braden Burry Expediting Ltd. is dealing with a whole new kind of logistics.
Owners have decided to take the company public.
Braden Burry recently filed a preliminary prospectus with the Alberta Stock Exchange.
The initial public offering includes two million shares at 25 cents each. If the issue is fully subscribed it will gross $500,000.
Prior to share flotation, the company must file a final prospectus with the ASE.
"The Alberta Stock Exchange has given conditional approval of the preliminary prospectus," Braden Burry vice-president Bill Power said.
A prospectus is a comprehensive formal written offer to sell securities. It covers plans for a proposed business enterprise or information on an existing business. Investors use the document to make informed decisions about buying company shares.
Prospectuses include details of the share offering, company ownership, company history, future business plans and the risks associated with such plans as well as financial statements.
Once shares are floated, Braden Burry, which has about 15 employees, will likely be the only publicly-traded Northern-based expediting company.
Going public will give Braden Burry the opportunity to expand, Power also said.
Going public will means "more equity capital and greater borrowing power."
Power, originally from Halifax, joined the company two years ago from the NWT Housing Corporation in Rankin Inlet. He is playing a key role in the drafting of the prospectus.
He estimated it could take up to six months before Braden Burry shares are floated on the ASE.
Braden Burry, located at the Yellowknife airport, was incorporated in 1977 by Max Braden and Rick Burry.
The company serves mining and exploration companies in the North.
In 1988, Gordon Stewart and Dale Vance purchased the company from the original owners.
About a year later, Vance left the company and Stewart became 100 per cent owner.
Since then, the company, which focuses on the logistics associated with resource company freight and transportation needs, has added a handful of other shareholders.
Braden Burry president and chief executive officer Stewart remains the major shareholder. Stewart is also a director of publicly-held resource company Ellesmere Minerals Ltd.