As spotted by others earlier: La Jolla Cove are using their right to buy shares at a 20% discount and then put them back for sale in the market above the price they bought them for, immediately.
So far, La Jolla Cove have bought $605,677 (includes $5,677 interest) worth of UXA shares at a 20% discount from UXA Resources in newly quoted shares.
La Jolla are then selling them into the market at a profit of about 25%.
UXA pay interest at 4.2% but the real percentage IS ENORMOUS.
La Jolla's action means that all of the $1 million MAY become UXA shares forcing the price lower and lower.
UXA will at least have an eventual additional up to $1 million BUT AT WHAT A PRICE.
WHAT ever the terms are for the additional $1.5 million loan UXA DIRECTORS MUST NOW THINK ON THEIR FEET.
As spotted by others earlier: La Jolla Cove are using their...
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