Let M(0,2) denote the
quasi-projective variety of isomorphism classes of stable rank 2 vector bundles on
ℙ3(C) with c1= 0 and c2= 2. In this paper we study a natural (irreducible)
compactification of M(0,2) and describe explicitly the sheaves on ℙ3 which occur in
the closure of M(0,2) in the moduli space of semi-stable sheaves on ℙ3 with c1= 0,
c2= 2 and c3= 0.