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To: cool who wrote (188)	7/19/1998 11:34:00 AM
From: Sandy W	Read Replies (2) \| Respond to of 27722

Remember there was a $20M convertible stock placement in April. It has the potential of creating 7.5 million additional shares of common at *2 5/8 and an additional 7.5 million due to the attached warrants at 3 1/2. These could get dumped (don't know if there are restrictions) if the holders sense a top. "As previously announced, the convertible preferred stock unit is priced at $13.125 per share, is convertible into five shares of Navarre common stock after June 30, 1998, and includes a warrant to purchase five shares of Navarre common stock at $3.50 per share. The terms of the private placement were negotiated with investors in March 1998 and pricing was based on Navarre's common share price during the week of March 30, 1998." These are what I was referring to, Sandy