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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: Tom Jones who wrote (4179)9/22/1997 11:02:00 AM
From: Henry Volquardsen   of 20681
 
TO ALL:
I've been thinking about the commentary regarding the recent private placement and some of the comparisons to the earlier placement. Reread the announcements and compare them for a moment and I think you will notice a differrence between the two events which may be telling. The first pp was a public offering in that anyone who could qualify could participate. The terms were publicly announced in advance and changed as the market moved. The press release all refer to an offering. The press releases for the second pp all mention the placement was negotiated. That and the fact that it was not publicized make me suspect that the entire placement went to one individual or entity, or at the least to a small cohesive group. Two months ago this entity could have had all the stock it wanted much cheaper. So it is apparent, at least to me, that they acted only after seeing the most recently released news. Mention has also been made of the discounted price of the pp. We all know what you trade off to buy at this discounted price, your stock is restricted and you can't sell for a significant period.

So my conclusion/guess/speculation is that a sophisticated investor who has been keeping an eye on this situation has seen enough to start entering the position. They have just put up $800,000 that will be restricted. I'm not saying we have reached Nirvana yet, $800,000 is probably not that significant for the type of player I have in mind. But it is a start.
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