UXA extended their capital raising twice and now to 12th Nov. Some foreign investors were excluded early on but obtained permission to take part in the issue late-on. Some foreign brokers moved slowly in transferring funds. The issue looks likely to be more than fully subscribed and foreign holders, some quite large, are listed amongst nominees.
UXA cash, excluding $1.7m earmarked for Nabarlek, had fallen to unacceptably low levels due to Geoscience earnings dropping due to extremely wet weather. Funding, including placing, should reach over $3 million and keep exploration going for about 9 months.
Geoscience and PFN Tool should pick-up in Australia and the latter should increase earnings in Texas. Turn-over should beat A$1 million in a full year to 2011 and expand from there. Hopefully, though not mentioned so far, UXA may take-up an option to explore their own area in the United States.
UXA Price at posting:
4.5¢ Sentiment: ST Buy Disclosure: Held
