Business
2020 Second Quarter Report
LONDON, UK / ACCESSWIRE / August 4, 2020 / Gabriel Resources Ltd. (TSXV:GBU) ("Gabriel" or t...
About this update from Gabriel Resources Ltd.
[{"type":"text","content":"2020 Second Quarter ReportLONDON, UK / ACCESSWIRE / August 4, 2020 / Gabriel Resources Ltd. (TSXV:GBU) (\"Gabriel\" or the \"Company\") announces the publication of its Second Quarter Financial Statements and Management's Discussion and Analysis Report for the period ended June 30, 2020.Summary Gabriel remains focused on the progression of its arbitration case brought by the Company and its wholly-owned subsidiary, Gabriel Resources (Jersey) Ltd. (together \"Claimants\") against the Romanian State (\"Respondent\") under the rules of the International Centre for Settlement of Investment Disputes (\"ICSID\"), part of the World Bank (\"ICSID Arbitration\"):On May 11, 2020 and July 13, 2020 respectively, the Claimants and Respondent filed their responses to a list of questions issued by the tribunal constituted to adjudicate the ICSID Arbitration (\"Tribunal\") arising from the evidence presented during the oral hearing held in December 2019.A second one week oral hearing is scheduled to be held in September 2020 (\"Second Hearing\"). Given the ongoing impact of the COVID-19 pandemic on travel and the ability to form large gatherings, the parties have agreed that the Second Hearing will be held virtually from Monday, September 28 to Sunday, October 4, 2020. The Second Hearing will focus on the technical and feasibility-related aspects of the Project and the quantum of the damages claimed.In June 2020, a total of $4,763,000 principal of the convertible subordinated unsecured notes of the Company (\"Convertible Notes\") were converted into 15,339,773 common shares of the Company (\"Common Shares\") and 7,663,430 Common Share purchase warrants (\"Warrants\") were exercised with the Company receiving proceeds of $3.5 million.The net loss for the second quarter of 2020 was $8.8 million (Q1 2020 $6.8 million).As at June 30, 2020, the Company held $14.0 million of cash and cash equivalents.The Company believes that it has sufficient sources of funding to cover its planned activities through to the end of January 2021 and is currently planning to raise additional financing in the short-term to maintain its primary assets while it awaits a decision from the Tribunal.Dragos Tanase, Gabriel's President and Chief Executive Officer, stated:\"Our priority and focus remains steadfastly on the preparation for the ICSID Arbitration hearing scheduled...