Business
2018 Third Quarter Report
LONDON, ENGLAND / ACCESSWIRE / November 27, 2018 / Summary – Arbitration Development...
About this update from Gabriel Resources Ltd.
[{"type":"text","content":"2018 Third Quarter ReportLONDON, ENGLAND / ACCESSWIRE / November 27, 2018 / Summary – Arbitration Developments Gabriel Resources Ltd. (\"Gabriel\" or \"Company\") remains focused on the progression of its arbitration case against Romania to be determined under the rules of the International Centre for Settlement of Investment Disputes (\"ICSID\"), part of the World Bank (\"ICSID Arbitration\"). On May 25, 2018, Romania supplemented its counter-memorial (\"Counter-Memorial\") filed on February 22, 2018 by filing a further preliminary objection to the jurisdiction of the Tribunal (\"Jurisdictional Challenge\") with ICSID. On July 11, 2018 and October 2, 2018, respectively, ICSID published, in redacted form, the Company's memorial on the merits and quantum of its claim which it had filed on June 30, 2017 (\"Memorial\") and the Counter-Memorial. On November 2, 2018, Gabriel filed with ICSID a comprehensive rebuttal of the legal and factual contentions raised in the Counter-Memorial and its response to the Jurisdictional Challenge (\"Reply\"). Other Material Events On July 10, 2018, the Company announced the resignation of its President and Chief Executive Officer and the retention of his services as a consultant in connection with the ICSID Arbitration. On August 8, 2018, Dragos Tanase was announced as President and Chief Executive Officer of Gabriel. The net loss for the third quarter of 2018 was $17.2 million (Q2 2018 $13.8 million). As at September 30, 2018, the Company held $11.6 million of cash and cash equivalents. The Company is in advanced discussions to secure additional, long-term funding and, while there can be no assurance of completion, Management is of the view that a further financing will be completed by the end of 2018. Dragos Tanase, Gabriel's President and Chief Executive Officer, stated:\"Gabriel remains very confident in the merits of its ICSID Arbitration claim following the submission of its Reply to Romania's Counter-Memorial, and is fully focused on raising further funding to underpin financially the continuation of that claim through to the hearings in December 2019.\"Further information and commentary on the results in the third quarter of 2018 is given below. The Company has filed its Unaudited Condensed Interim Consolidated Financial Statements for Q3 2018 and related Management's Discussion &...