Con - its a hedge, not a forward sale. So no, they are not going to receive any upfront cash, nor do they need to. In fact, they actually had to put up $5m until the debt facility if signed off.
As for the timeframe of the forward sales. It does not specify exact dates, but... as they plan to be producing gold before June, my guess would be perhaps 15k per quarter after June 2018
ie. Sept Q 13k Dec Q 13k etc etc. At a slowly increasing price (floor of AUD $1660).
Regarding your question about the funding itself, I have to correct you, GCY took on the hedge to fullfil the final commitment for the banks to lend them $60m AUD. They will have access to this funding at the end of the month. Yes they are spending $20m this quarter, but, the $5m you mention will be returned to GCY when the debt facility gets signed off, so their liquidity position will increase from currently approx $20m, to approx $60m at years end. That should see GCY with approx $25-30m for the June quarter which will see them producing gold.
While I don't run the company, I am 99% sure there will be no raising, because, GCY raised more than they needed already.
GCY has no debt, owns Dalgaranga 100% and other than I believe a payment to the original owner, after they produce something like 30k, there is not other financial restrictions on the company.
As for Glenburgh, I am unsure what you mean, GCY has already provided the market with their first drill results a while back, which were excellent. GCY is hoarding their cash right now, they will ramp up exploration once the debt funding is signed off, which is prudent.
As for the current share price fall, as I have posted, just holders who are impatient is my guess. If it gets down to wards $0.40, I will be again rotating even more funding into the company.
Hope that helps.
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