Business
2019 First Quarter Report
LONDON, UK / ACCESSWIRE / May 14, 2019 / Gabriel Resources Ltd. ("Gabriel" or the "Company")...
About this update from Gabriel Resources Ltd.
[{"type":"text","content":"2019 First Quarter ReportLONDON, UK / ACCESSWIRE / May 14, 2019 / Gabriel Resources Ltd. (\"Gabriel\" or the \"Company\") announces the publication of its First Quarter Financial Statements and Management's Discussion and Analysis Report for the period ended March 31, 2019.Summary Gabriel remains focused on the progression of its arbitration case against Romania under the rules of the International Centre for Settlement of Investment Disputes (\"ICSID\"), part of the World Bank (\"ICSID Arbitration\"). On February 28, 2019, Gabriel filed its comments with ICSID on the 'amicus curiae' submission made by certain non-governmental organizations who have opposed the Roșia Montană gold and silver project (the \"Roșia Montană Project\") for many years. Romania is to file its rejoinder with ICSID (\"Rejoinder\"), its final substantive submission, by May 24, 2019. The net loss for the first quarter of 2019 was $7.7 million (Q4 2018 $12.7 million). On January 15, 2019 the Company announced the receipt of US$4.8 million upon the final closing of a non-brokered private placement announced in December 2018 (the \"December 2018 Private Placement\"), raising gross proceeds of US$20 million (approximately $26.3 million). As at March 31, 2019, the Company held $16.7 million of cash and cash equivalents. The Company believes that it has sufficient sources of funding to cover its planned activities through November 2019 and is currently planning to raise additional financing in 2019. On February 6, 2019, the Alba Iulia Court of Appeal ruled in favour of the annulment challenge by Gabriel's Romanian subsidiary, Roșia Montană Gold Corporation S.A. (\"RMGC\"), to the assessment of a liability for value added tax in the amount of RON 27m (the \"VAT Assessment\") made by the Romanian National Agency for Fiscal Administration (\"ANAF\"). ANAF has appealed this decision, however no hearing date has yet been set. RMGC will contest this appeal. With effect from June 1, 2019, the Board has appointed Mr. Richard Brown, who is currently Chief Commercial Officer and Corporate Secretary, as Chief Financial Officer (\"CFO\"). Mr. Simon Lusty, who is currently the Group General Counsel, will replace Mr. Brown as Corporate Secretary with effect from May 16, 2019. Mr. Vaughan who had indicated his wish to resign from the Gr...