Business
Gabriel Resources Ltd. 2020 Third Quarter Results
LONDON, UK / ACCESSWIRE / November 10, 2020 / Gabriel Resources Ltd. (TSXV:GBU) ("Gabriel" o...
About this update from Gabriel Resources Ltd.
[{"type":"text","content":"Gabriel Resources Ltd. 2020 Third Quarter ResultsLONDON, UK / ACCESSWIRE / November 10, 2020 / Gabriel Resources Ltd. (TSXV:GBU) (\"Gabriel\" or the \"Company\") announces the publication of its Third Quarter Financial Statements and Management's Discussion and Analysis Report for the period ended September 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\"):The Claimants and Respondent filed their responses, on May 11, 2020 and July 13, 2020 respectively, to written questions issued by the tribunal constituted to adjudicate the ICSID Arbitration (\"Tribunal\") arising from the evidence presented during the oral hearing on the merits of the claim held in December 2019 (\"Hearing\").A second oral hearing on the merits of the claim was held virtually from September 28 to October 4, 2020 with a focus on the technical and feasibility-related aspects of the Project and the quantum of the damages claimed (\"Second Hearing\").Subsequent to the Second Hearing, the Tribunal invited the Claimants and Respondent to make two further simultaneous written submissions (\"Post-Hearing Briefs\") on February 4, 2021 and March 26, 2021 respectively.The net loss for the third quarter of 2020 was $11.7 million (Q2 2020 $8.8 million).As at September 30, 2020, the Company held $7.7 million of cash and cash equivalents.The Company believes that it has sufficient sources of funding to cover its planned activities through to January 2021 and is currently planning to raise additional financing in the short-term.Following a request of certain of the major shareholders for ongoing Board renewal, Walter Segsworth, David Peat and Janice Stairs have provided their resignations effective December 11, 2020.Dragos Tanase, Gabriel's President and Chief Executive Officer, stated:\"We are pleased to have completed a further important milestone in our ISCID Arbitration claim and to take another step closer to an arbitral award. Through the credible and compelling testimony of our independent experts and witnesses on the quantum and technical ...