Market caps , adjusted for options, are
GCY $93m
FFY $31m
If its a true merger with no sweetener for FFY, FFY shareholders get 25% of combined. At 10c, each FFY share would get 10/37 of a GCY.
But I don't think many would be happy with that.
Sweeten it up by 50% would make it 15/37 of a GCY share.