Just a follow up on why I think it is more likely to be AJM than...

Just a follow up on why I think it is more likely to be AJM than GXY. Have a look at this extract from the AJM proposed debt refinancing document put out on 2 December 19:

"...Our principal debt financing is a series of privately placed secured loan notes issued by the Issuer and guaranteed by the Guarantor that are currently held by four institutional investors in the United States. We issued US$110 million of secured loan notes in July 2017, and an additional US$15 million in September 2018. The notes mature in August 2020. These notes carried a coupon of 14% until 62 January 2019 and 15% thereafter. The loan notes are secured over all of the Issuer’s assets, our shares in the Issuer, our bank accounts and certain receivables.
The terms of the loan notes include a financial covenant that required us to maintain an annual ratio of net debt to EBITDA (as defined in the loan notes) of no more than 2:1 for the quarterly period ending on September 30, 2018 and an annual ratio of 1.5:1 for quarterly periods ending after September 30, 2018. The calculation of this ratio is based on the current operating quarter results added to the previous 3 operating quarters in order to deliver an annual result.
This covenant was breached in each quarter of fiscal 2019 and again in the first quarter of fiscal 2020. To date, note holders have waived these breaches. We have paid a total of US$1.1 million of waiver fees as of September 30, 2019. Because of the covenant breaches, as of June 30 and September 30, 2019, we did not hold an unconditional right to defer the settlement of the loan. As a result, the full balance of the loan notes was recorded as a current liability in our financial statements for fiscal 2019 and the three months ended September 30, 2019..." (pages 62 & 63 of the Proposed Debt Financing document issued by AJM).

This makes for many sleepless nights knowing that your fate rests on the patience/ tolerance of your 4 financiers that have security over all your assets. Of particular concern is they have breached their loan covenants 5 times over the last 5 quarters (see bold above) and that this quarter is just about to end and there's every chance it will be the same.

On top of this there's some 205m shares outstanding required to raise circa $12m in new equity (carried over from the recent cap raising). The only problem is they have approval to sell these shares for $0.06 each and the current share price is <$0.05.

I'm a lot happier holding GXY.