Business
Gabriel Resources Ltd.: 2018 Annual Results
LONDON, UK / ACCESSWIRE / March 14, 2019 / Gabriel Resources Ltd. ("Gabriel" or the "Company...
About this update from Gabriel Resources Ltd.
[{"type":"text","content":"Gabriel Resources Ltd.: 2018 Annual ResultsLONDON, UK / ACCESSWIRE / March 14, 2019 / Gabriel Resources Ltd. (\"Gabriel\" or the \"Company\") announces the publication of its Annual Results and Management's Discussion and Analysis report for the year ended December 31, 2018.Summary Gabriel 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 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\"). 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. 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 fourth quarter of 2018 was $12.7 million (Q3 2018 $17.2 million), and for the year ended December 31, 2018 was $50.6 million, or $0.13 per share. On December 13, 2018, the Company announced a non-brokered private placement (the \"December 2018 Private Placement\") to raise gross proceeds of US$20 million (approximately $26.3 million), of which US$15.2 million was received in December 2018 with US$4.8 million received on closing in January 2019. As at December 31, 2018, the Company held $18.1 million of cash and cash equivalents. The Company has identified a requirement for additional funding in the medium-term to maintain its primary assets and finance the material estimated costs associated with advancing the ICSID Arbitration. As previously reported, in 2017 Gabriel's Romanian subsidiary, Roșia M...