RE:Stock priceI am not sure about the 13 us dollar ceiling limit. I think bond holders thinking of selling would need shares trading around 18 US cents in order to have some cushion before they would initiate action to convert and sell. On the other hand the bonds will track the share price and will start selling at a premium to par once the share price crosses 13 cents US, I would think. So for those bondholders looking to sell there may be no need to convert to shares. Your are right, it is actually very complicated and I am not able to wrap my mind around it. The way I am modeling this is that GCM is a 120,000 oz producer with 1.5 billion shares outstanding and so around US$110 million market cap. This is cheap if you only give value to Segovia mine and no value to Marmato. It is extremely cheap if they are able to unlock Marmato and demonstrate a path to production which would add another 350,000 oz per year.
As to having "really a lot of shares", it may not be so much once the 5 for one or 10 for 1 reverse split happens, which inevitable and is just a matter of time IMO with 1.5 billion shares outstanding fully diluted.