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Gold/Mining/Energy : Naxos Resources (NAXOF) -- Ignore unavailable to you. Want to Upgrade?

To: kenneth w. calligar who wrote (13947)	7/1/1998 8:15:00 PM
From: jbIII	Respond to of 20681

Anyone, Has anyone sent or received any e-mails about the AGM recently? I was deleting some spam in my mail file and accidently deleted one with a Naxos title and can't get it back. I didn't want to appear rude by not responding to a legitimate question. In any case , I have no plans to attend an AGM. Naxos has a long way to go for me :0(. TIA, jb3

To: kenneth w. calligar who wrote (13947)	7/1/1998 11:04:00 PM
From: Henry Volquardsen	Read Replies (1) \| Respond to of 20681

Ken, That wouldn't make sense. He wouldn't need to file to sell in order to purchase options. My understanding that, as Mark indicated, that when you have restricted stock purchased via a private place in order to remove the legend and make it free tradeable stock you need to file an intention to sell. Also I suspect the person who told you it was related to an exercise of options was thinking of the story we have always been told about insiders, on many stocks, that they are selling existing shares to generate cash to exercise the options. I've never trusted those stories and usually consider them a smokescreen. Anyway on the subject of Mr Sarroff's filing, I may be wrong about this but until he actually is elected to the board he is not an insider. Therefore I don't think he has to file when he sells. Unless he owns over 5% which I don't believe he does. Given this I think this was just a filing to remove the restiction on pp shares. Of course I am making a lot of assumptions here.

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