1 for 1 at 8c, page-33

Moorookamick,

.............. "after its $62 mil payment of convertable bonds".

I believe the company will try to re-negotiate terms with the holders. There is no way GXY will pay that amount in November and remain viable.

I am also hoping that the company only raises a portion of the $47Million (enough to keep the company going until the cash flow turns positive). If they can raise say anywhere between 30-35% (which gives them approx. $16Million) this should be enough to see them through. Then they would only raise 205Million shares. Plus the additional options of 307 in 12 months (brings in $24Million when exercised).

This will mean all up 1082 Million shares.
(much better than 2044 Million).

In that scenario plus major board changes and tighten costs throughout, we may be able to get through. Also included selling of non-core assets, and even sell a portion of the Sal de Vida if they have to.

This has to be a wake up call to all management.
They should also make a separate announcement stating that they are all committed to subscribing to the rights in FULL. I would expect nothing less.