shares outstanding

Before the offering GXY had

584,355,501 shares and roughly 37M options

outstanding. I'll ignore the 37M options here. In the $46,7M capital raising another 584,355,501 shares plus 876,533,252 options have been offered.

In the most recent press release GXY says: "the Company intends to set aside the entire remaining $9.2 million shortfall block for these ongoing discussions." This means they expect to place the shortfall in full. Accordingly, after the cash raising has been consummated,

1,168,711,002 shares plus 876,533,252 options

will be issued and outstanding. Since the funds raised in the offering will exceed $40,000,000, Galaxy must make a repayment of $10,250,000 to the bondholders. This reduces the bonds outstanding to $61,5M - $10,25M = $51,25M. During this process another 128.125.000 shares plus 192.187.500 options will be issued reducing the bonds outstanding to $41M and bringing the number of shares and options out to

1,296,836,002 and 1,068,720,752,

respectively. After 19 November 2013, the bondholders have the choice to either continue holding the bonds at a then 10% interest rate or convert the bonds into shares and options. Should they elect to fully change the bonds into shares and options, another 512,500,000 shares plus 768,750,000 options would be issued, bringing the total number of shares and options out to

1,809,336,002 and 1,837,470,752,

respectively. Now add the older 37M options and we end up with

3,683,806,754

shares on a fully diluted basis. I've seen ppl asking why would the bondholder want to change the bonds into shares and options. The answer is simple: Those of them who fear GXY could go bankrupt before the bonds mature, will lock in the money now by taking shares+options and selling them.