A startup mining company in Sparks has filed a registration statement with the Securities and Exchange Commission for an initial public offering of stock that would raise $18,000.
Northwest Resources Inc. plans to sell 3 million shares at 0.6 cents each. If the company sells all the shares, public investors would own 27 percent of the company.
Founded on May 21, Northwest Resources acquired two mining claims near Quincy in Plumas County, California. It plans to use most of the proceeds from the public offering for exploration of the claims.
In its filing with the SEC, Northwest Resources said it's lost $11,742 since its inception. Cash on its books totaled $9,904 on Nov. 30.
The company was founded by Taylor Edgerton, an employee of Amazon.com and a mechanical engineering student at the University of Nevada, Reno. He is the company's sold officer and director.
Northwest Resources is handling the stock sale itself.
