Ann: September 2018 Quarterly Activities and Cash Flow Report, page-35

Situation reminds me of Blackham late last year who faced default and after much negotiation with "interested parties" and arrangement of loans, the company made a 5 for 2 issue. Every situation is different and so not saying GCY will do what what BLK did. In fact, I do not think that GCY will face receivership but the situation going forward will be interesting for a number of months.
I bought in at 10c today as a speculative punt. I expect the SP to bounce but have not decided whether to exit quickly or hold for further developments. The gold price going forward bears on things too.