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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: kenneth w. calligar who wrote (13947)	7/2/1998 4:42:00 AM
From: Kurt R.	Read Replies (1) of 20681

Ken: Looks like Alan Saroff considers himself insider, otherwise he would not file an "intent to sell". You may be aware that Naxos issued 4 million shares at $1.25 with a warrant at $1.50 attached to each share. The shares become transferable on July 24, 1998. The warrants can be exercised until July 23, 1999. It appears that an "intent to sell" does not have to be filed for those 4 million shares to become transferable. Also, Saroff would have until July 23, 1999 to exercise the warrants at $1.50. I guess the market understands this an reacted accordingly yesterday. We need some good news from the labs, preferably before the 4 million shares become transferable. Kurt

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