Well, IMO it's pretty simple. Either ECE takes up its shares or GXY will have to raise cash elsewhere. Maybe GXY could find somebody providing them a bridge loan but in a situation like this they did "quick and dirty" placements (like the one with Deutsche) in the past.
They could also sell an asset like James Bay but I don't see that carry them through to a cash flow positive state.
40c, page-12
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