Ann: Trading Halt, page-45

I think it has to be 1:2 otherwise I wouldn't consider.
My view - current FFR Shares ~300m, Share price 10c = 30m MC - 6m Cash = EV 24m, Resources 196koz = $123 reserve oz
1:3 = 37m MC -$188 reserve oz
1:2 = 55m MC - $252 reserve oz more realistic with all the upside potential.
Remember we had a CR in October @15c. even with the Capital return for FBR you make a loss at 1:3. I think GCY has to offer something juicy to get over the line. IMO