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Gold/Mining/Energy : Northern Abitibi Mining (NAI-ASE) -- Ignore unavailable to you. Want to Upgrade?

To: wayne cath who wrote (271)	2/23/1998 3:10:00 PM
From: VAUGHN	Read Replies (4) \| Respond to of 773

Hello Wayne Have you received your AR and proxy solicitation yet? If so, you may have noticed that the company (Glen Harper)wants to do a private placement with Golden Rule (his other company)for 2,800,000 units @ $.72 = a share + a warrant exercisable at $.84 in 1998 and $1.00 if in 1999. This would effectively give GR, 40.6% of the company on a fully diluted basis. I am no financial wiz but how is this deal in shareholder's interest? Why wouldn't NAI do a public share float, or a private placement with say Altimira like DML did? Why not do a straight share deal exercisable say at the current price of $1.60 or at a minimum at a 10% discount. You don't have to be a rocket scientist to know NAI will be a $5 play in a few months. Why should general shareholders support this "made deal or insider deal" to benefit one shareholder over all the others. At least Altimira or Tech or some other fund winvesting would lend legitimacy to the play. I detest these underhanded tactics. Lets start some conversation for other shareholders. Regards