trading below cash backing

Hi Guys, Marchello & Prawnstar

UUL has 43 million shares on issue on an undiluted basis after the recent issue of 5.6 million shares to Shandong at the end of February. From the last quarterly there is 4.7m at bank. At today's price it is trading at 4.12m

Now as we know events in Japan have definitely not helped any uranium companies, and most uranium company's share price is still lagging from the events and subsequent fall out in Japan. But the company has been creeping at under cash backing.

I've emailed the company and I'm told that drilling should be able to commence early June, so with a value of zero for their projects I like the risk reward. However I will grant that the options recently at .14 are fairly unfair, but that's still about 40% from this level.

Downside is very limited at this level I believe