NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATESLONDON, UK / ACCESSWIRE / April 26, 2024 / Gabriel Resources Ltd. (TSXV:GBU) ('Gabriel' or the 'Company') is pleased
LONDON, UK / ACCESSWIRE / April 26, 2024 / Gabriel Resources Ltd. is pleased to announce that it has entered into definitive subscription agreements with certain investors in connection with a non-brokered private placement of up to 377,594,750 common shares of the Company at a price of $0.02 per Common Share for gross proceeds of up to US$5.575 million , subject to stock exchange and other approvals as applicable.
All securities issued under the Private Placement will be subject to a hold period which will expire four months and one day from the date of the applicable closing of the Private Placement. The Company expects to file a material change report in respect of the related party transaction less than 21 days prior to the closing of the Private Placement, which the Company deems reasonable in the circumstances so as to be able to avail itself of the proceeds of the Private Placement in an expeditious manner.
Following issuance of the exploitation license in June 1999, the Group focused substantially all of its management and financial resources on the exploration, feasibility and subsequent development of the Rosia Montana Project. Gabriel invested over US$760 million to develop the Rosia Montana Project and to define two promising gold, silver and porphyry copper-gold mineral deposits in the Bucium concession area located in the vicinity of Ro?ia Montana .
In this press release, forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies that may cause the Company's actual financial results, performance, or achievements to be materially different from those expressed or implied herein.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of fact and may be forward-looking statements.
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