Quite a massive cash raising in terms of new shares from the...

Quite a massive cash raising in terms of new shares from the previous placing, cash raising from shareholders and further planned placing - total around $5.4 million.

Cash will go towards a further logging purchase around $1.8 million in the states. That's on top of the Geoscience and PFN tool purchase. We must wait and see if income reaches planned levels - Geoscience Australia failed to in the last Financial year.

UXA are exploring drilling etc., at or near zone 5 in this quarter and next two quarters of 2011. Teck consider the area not commercial to them as a major company so hopefully it may be for UXA. Quite a big stake in this one cash wise.

So basically: Will the drilling side do well enough this year? - Question marks remain because if it doesn't do well more cash will be needed next year and once again.

I have reduced my holding as I'm not convinced all this cash raising will be beneficial to shareholders as far as the stock price is concerned.