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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: Larry Macklin who wrote (19698)8/20/1999 8:58:00 AM
From: Max Haber  Read Replies (1) of 20681
 
In the press release issued on August 13th Naxos said they had financing in place to cover the leases. Very important to keep all the leases in good standing.
With the stock trading at 18 cents, to pennies above a 52 week low, selling stock here is not a pleasant thought. There is something called the "maximum allowable discount" that would allow a company (legally} to sell shares at 80% of the current market price in a private placement. The dilution would be insane. (.18 x .80 = ______) cents????? I can't imagine that will happen.
Typically when a financing was in place the terms were made available to shareholders.
Does anyone know when/if the details of the August 13th financing will be made public? Does this represent a policy change on the part of management?

Very curious.

Max
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