Business
Gabriel Resources: Initial Closing of Private Placement
LONDON, UK / ACCESSWIRE / August 23, 2019 / Gabriel Resources Ltd. (TSXV:GBU) (“Gabriel” or the “Company”) is pleased to announce an initial closing of the non-
About this update from Gabriel Resources Ltd.
[{"type":"text","content":"LONDON, UK / ACCESSWIRE / August 23, 2019 / Gabriel Resources Ltd. (TSXV:GBU) (“Gabriel” or the “Company”) is pleased to announce an initial closing of the non-brokered private placement previously announced on August 6, 2019 (the “Private Placement”) of up to 81,730,233 units (the “Units”) of the Company at a price of $0.3225 per Unit (“Purchase Price”) for gross proceeds of up to US$20 million (approximately $26.4 million). Each Unit consists of one common share (“Common Share”) of the Company (“New Shares”) and one Common Share purchase warrant (“New Warrants”). Each New Warrant entitles the holder to acquire one Common Share at an exercise price of $0.645 at any time prior to August 23, 2024. In the initial closing, a total of 76,504,263 Units were issued to subscribers to raise aggregate gross proceeds of US$18.7 million (approximately $24.7 million). The New Shares and New Warrants issued in the initial closing of the Private Placement are subject to a statutory 4-month hold period expiring December 24, 2019. The proceeds from the Private Placement will be used by the Company to finance the costs of its continuing arbitration case against Romania before the World Bank’s International Centre for Settlement of Investment Disputes (“ICSID Arbitration”) and for general working capital requirements. The closing of the remainder of the Private Placement is subject to certain conditions and applicable approvals. It is anticipated that the remainder of the Private Placement may close on or about August 30, 2019 or such earlier or later date as may be determined by the Company, subject to satisfaction or waiver by the relevant party of the conditions of closing. Securities Currently In Issue As a result of the initial closing of the Private Placement the Company has the following securities in issue: 567,671,723 Common Shares issued and outstanding; 76,504,263 Common Share purchase warrants which are exercisable at a price of $0.645 at any time prior to August 23, 2024; 25,723,372 Common Share purchase warrants which are exercisable at a price of $0.49 at any time prior to January 15, 2024; 80,702,475 Common Share purchase warrants which are exercisable at a price of $0.49 at any time prior to December 21, 2023; 111,536,250 Common Share purchase warrants which are exercisable at a price of $0.46 at any time prior to June 30, 2...