Fair comment Biggest Loser as UXA plan to use the cash raised on drilling at Dome 5 from January next. They still have $1.4m set-aside for drilling at Nabarlek North. Apart from this they should have made $500,000 profit at GAA Wireline to 31/12/2011 - as stated at AGM.
From all of the publicity in America it looks as if UXA are out to raise money to expand GAA Wireline USA as there is a good low risk market to expand the drilling side.
So yes you're right, as money will run out again by September/October 2012 and cash needs to be raised by about June/July 2012 to be safe.
Hopefully UXA will raise about $2 - £3 million to expand GAA Wireline USA and a further $3 - $4 million to firm up drilling costs in Australia for copper/gold in S.A. and for uranium in Arnhem Land -- with an issue of new stock to Americans.
I guess there will be a consolidation of shares, maybe 1 share for every 100 held at present -- we shall see.
UXA Price at posting:
1.1¢ Sentiment: Hold Disclosure: Held
