We have until the end of August, as a company, to solve the position concerning loans that have the right to be converted into shares at discounts of 8.5% and 20%, save that the last $250k may only be converted at 0.4c a share; the last traded price was 0.2c a share.
Hopefully the loan note holders will finally elect to convert into shares by the end of August 2014 - this looks to be the final stage.
My view is that everything that can be done is in fact being carried out. The mining sector had a horrendous time and I'm sure this is the only reason for UXA being in its present position.
UXA Price at posting:
0.2¢ Sentiment: None Disclosure: Held
