Business
2023 Second Quarter Report
LONDON, UK / ACCESSWIRE / August 3, 2023 / Gabriel Resources Ltd. (TSXV:GBU) (" Gabriel " or the...
About this update from Gabriel Resources Ltd.
[{"type":"text","content":"2023 Second Quarter ReportLONDON, UK / ACCESSWIRE / August 3, 2023 / 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, 2023.SummaryGabriel and its wholly-owned indirect subsidiary, Gabriel Resources (Jersey) Ltd. (together \"Claimants\"), remain focused on concluding their arbitration case 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\").The Claimants and Respondent (together \"Parties\") currently await a final decision from the presiding arbitral tribunal (\"Tribunal\") in the ICSID Arbitration proceedings (an arbitral award (\"Award\")). In a procedural order made by the Tribunal on June 27, 2023, the Tribunal noted that its decision-making at this stage is almost complete.However, there is no specified timeframe in the ICSID Rules applicable to this case in which an Award is to be rendered by the Tribunal. Accordingly, there is no certainty as to when the written Award will be issued or whether further procedural steps may be required by the Tribunal prior to the issuance of an Award.On June 8, 2023, the Company completed a non-brokered private placement (the \"2023 Private Placement\") of 24,782,212 common shares of the Company (\"Common Shares\") at a price of $0.26 each for gross proceeds of US$4.75 million (approximately $6.4 million).As at June 30, 2023, the Company held $7.0 million of cash and cash equivalents (Q1 2023 $3.6 million).The Company believes that it has sufficient funding necessary to cover its planned activities through to December 2023 and will need to raise additional financing thereafter to fund ICSID Arbitration costs and working capital requirements.The net loss for the second quarter of 2023 was $2.6 million (Q1 2023 $2.0 million).All resolutions were adopted at the annual general meeting of shareholders (\"AGM\") held earlier today.Dragos Tanase, Gabriel's President and Chief Executive Officer, stated:\"We remain grateful for the continued financial support and patience of our shareholders as Gabriel looks forward to the prospect of receiving a binding and enforceable judgment in its favour from the ICS...