from email from Roxanne Rimstead:

One of your members, olddude, found a case he thought was a watch case, inscribed P Rimstead and Kenora Thistles.
Your members wondered if P RIMSTAD was a playing team member.
P Rimstead stands for Paul Rimstead.
He was a member of the Kenora Thistles hockey team in the 1920's and was originally from Kenora. His younger brother Bill Rimstad played for the Kenora Thistles years later.
Paul played defence and was photographed with the team in uniform.

In 1927, Paul Rimstad received a diamond jubilee medal to celebrate 60 years of confederation.That same year, the Kenora Thistles won the league championship. They had won the Stanley Cup in 1907.
The case YOU FOUND was probably for the medal, and not for a watch.
You can see the same type of medal and case in the Canadian Museum of History online.
P Rmstad was my father.

BEST,
R RIMSTEAD (ENGLISH VS. NORWEGIAN SPELLING OF RIMSTAD)