GRY is suffering from the same problems that many other small caps are suffering from (including some I was holding sadly) namely shocking management.
In the case of GRY it's exactly as you said with poorly timed capital management, inability to meet deadlines, failure in mauritiana and a management that pays itself far to much especially in the case of the MD.
I've been looking at this one for a long time but it needs to hit around 25 cents (with it's current cash levels intact) for me to be interested.
Good luck to all.
Twinssen
GRY Price at posting:
34.5¢ Sentiment: ST Sell Disclosure: Not Held