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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: jlallen who wrote (13557)	6/15/1998 12:36:00 PM
From: Kurt R.	Read Replies (1) of 20681

John: Those are "interesting" news indeed. I also received the proxy today and was not really surprised to learn that our esteemed former CEO "repriced" 380,000 stock options from $5.76 down to $3.00. WOW! That's $1,048,800 bonus! What for, if I may ask. Maybe those thread participants who aloofly called the recent discussion about the director loan vis-…-vis the private placement "bickering" have an answer to this. I do understand that all these deals were done under the previous management, but that may be only an explanation, it can not be an excuse for such self-serving behavior, IMO. I believe you asked Mr. Brasington what steps, if any, were taken to undo these deals at the time of management change. Did you receive a response? Naxos has announced some excellent values from the new drill program and I believe the company is very much on track and has enormous potential. However, the company needs to proactively address the issues that are directly connected to the question of ethics and trustworthiness. Kurt

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