Unfortunately the only way to get rid of the convertible notes is to sell GAA Wireline, such is UXA's dependence on them.
Still about $790k of La Jolla to be converted at 20% discount, the last $250k at no lower than 0.4c a share. Loan carries an interest rate at 4.2%.
Lind had loaned UXA $1m up to August 2012 and can be converted at an 8.5% discount and carries an interest rate of 10%. UXA may have drawn down more of the $6m remaining as they said the facility was to draw down monthly amounts over two years.
GAA Wireline is profitable and two of the new directors are with them. UXA were trying to raise over $5m to expand GAA in the States and that could mean selling an interest. There have been no statements as to the outcome.
Lind had outlined the possibility that UXA could apply for a quote on the USA OTC market. Whether the late accounts has anything to do with this I am unsure.
I do NOT know if the Lind loan is in anyway affected by the suspension of UXA's ASX quote or if the loan is in anyway tied in with the company's 100% owned prime asset GAA Wireline. [The above is in NO way meant to draw any doubts, actual that is, as to the solidity or otherwise of the Lind loan agreement.]
UXA Price at posting:
0.2¢ Sentiment: None Disclosure: Held
