UXA RESOURCES LTD 
By
15 October 2012
The Manager
Company Announcements Office
Australian Securities Exchange
20 Bridge Street
SYDNEY NSW 2000
UXA Resources Limited's (ASX:UXA) ("Company") has received a
Notice of Event of Default in relation to the convertible
note facility with Australian Special Opportunity Fund LP
(ASOF). The convertible note facility was provided under the
unsecured funding agreement dated 12 April 2012 between UXA
and ASOF (refer to ASX announcement dated 13 April 2012).
The Event of Default relates to the suspension of UXA's
shares from official quotation on ASX. The
Company's shares have been suspended from official quotation
since 1 October 2012 as a result of UXA not lodging, with ASX
by the due date, it's annual audited financial accounts for
the
financial year ending 30 June 2012.
By the giving of the Notice of Default, ASOF has notified UXA
that all amounts outstanding (which is currently $500,000)
together with interest and costs will be due and payable by
UXA, without the need to give further notice, if both of the
conditions below are not satisfied by 4:00pm (Queensland
time) on 2 November 2012:
• UXA must lodge its full year accounts for the year ended 30
June 2012 and the suspension from trading on ASX is removed;
and
• UXA must enter into an agreement or agreements with
investors to secure funding to meet its ongoing funding
requirements on terms and with a counterparty satisfactory to
ASOF (in ASOF's absolute and unfettered discretion).
UXA has been in discussions with ASOF and will continue to
work with ASOF to find a resolution to the matters raised in
the Notice of Event of Default.
As announced earlier today, the Company is undertaking a
number of capital raising initiatives, including the
potential sale of assets to fund working capital and reduce
or eliminate entirely the Company's debt. The directors
remain confident that UXA will be able to raise additional
funds in the foreseeable future.
The Company will provide a further update to the market as
soon as it is in a position to do so. On behalf of the
Board
Graham Seppelt Company Secretary Ph: 0419 035 297
43a Fullarton Road Kent Town
SA 5067 Australia T: +61 8 8363 7970 F: +61 8 8363 7963 E:
info@uxa.com.au W: www.uxa.com.au
|
distributed by
|
