All this will take a fair bit of working out. Debt will be mainly converted into shares in UXA resources and we need to see what final agreement, if any, is thrashed out. I would have thought that Palgrave have some backers for this cash raising, once all the debt situation is cleared away.
Reaching this stage is quite remarkable after being reported to have 'hit the wall'. It seems as if UXA have plans to become an explorer again but I doubt they will waste cash on exploring for uranium. I would prefer to see the company have others spend cash exploring the tenements, even if it means losing up to 80% of the interest.
UXA Price at posting:
0.2¢ Sentiment: None Disclosure: Held
