Biggest Loser, If UXA are in trouble paying the $422k due quite...

Biggest Loser, If UXA are in trouble paying the $422k due quite shortly they can draw on the additional $1.5m loan agreed with La Jolla Cove Investors.

So far cash received is $1m loan from La Jolla and $550,000 of loan converted into UXA shares. This it what has kept UXA going.

UXA have $1.376m kept to one side (ring fenced) for further drilling in Arnhem Land.

UXA are trying to get a partner for GAA Wireline and fund expansion. The company is slowing down drilling and only now definately going ahead with fully funded drilling in Arnhem Land.

The financial situation is high risk but the GAA Wireline asset is worth a great deal ($5 to $9 million) and should prove the saviour in the end.