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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: jlallen who wrote (16541)	10/6/1998 9:42:00 AM
From: Henry Volquardsen	Read Replies (1) of 20681

John, The Board of Directors was elected by a majority of the shareholders and given the authority to enter into such transactions as they deem appropriate. From what little I have seen of this new placement they are not 'selling off substanially all of the Company's assets'. Since they retain an interest in Franklin Lake this is little more than a dilution of our interest in that asset, and as distasteful as dilution is to all shareholders it is not illegal. Wether any of us agrees or disagrees with the action being taken it is unlikely that is illegal. As a securities lawyer I am sure you are aware of that. Henry

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