It seems the loan providers refused to convert their unsecured convertible loans and they must have thought, for some reason, they would come out of it better by not doing so.
First convertible note at 0.2c x 0.8 = 0.16c about $870k* and 0.2c x 0.915 = 0.183c for second convertible. Part of the first convertible* was convertible at 0.4c x 0.8 = 0.32c - about $250k.
I guess that the companies ongoing overheads would have wiped out all available cash very quickly.
Maybe there is something left for the note holders by there being an abrupt trading halt.
In the unlikelihood that the company continues it would be unquoted.
UXA Price at posting:
0.2¢ Sentiment: None Disclosure: Held
