Grey Wolf GWX - was Cascade COL - ASE Message Board

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Gold/Mining/Energy : Grey Wolf GWX - was Cascade COL - ASE

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To: ROSARIO who wrote (20)	10/12/1998 10:10:00 AM
From: Enigma	Read Replies (2) of 80

Rosario - re the recent financing of 50 million shares - 25 million was taken up by Abraxas - GWX's parent, 1.6 million by directors and staff, and the balance by institutions - so none of this can be regarded as being part of the float. That leaves us with 76 million of which 48.6 % is owned by Abraxas = 37 million shares, officers and directors own approx. 8 million shares = 45 million. 76-45 = 31 million shares. The above figures are to the best of my knowledge fully diluted, therefore the residual 31 million shares include shares under option plans, escrowed shares etc., roughly 8 million shares. So now we have a net figure of 31-8 = 23 million. Some of this 23 million includes shares issued in recent acquisitions. I don't know how much is in 'friendly hands' and therefore not really part of the float. In an earlier post I mentioned the management deal with AXAS - which is key to understanding the huge leverage this affords the company. I suggest you call the company and ask them to send you the prospectus relative to the recent offering. E

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