In 1607 Bristol's "Society of Merchant Venturers" which included Sir Francis Bacon, Sir Percival Willoughby and John Slany, had formed the Newfoundland Company with shares selling at £25. The Newfoundland Company had then petitioned the King James I, seeking approval to establish a colony in Newfoundland. John Guy visited the island in 1608 to scout possible locations for a settlement, selecting Cuper's Cove as his preferred location. The Privy Council accepted his petition on 2 May 1610 issuing a charter to the Earl of Northampton (Guy's patron).