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Gabriel Resources Ltd. Closing of US$6 million Private Placement
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES LON...
About this update from Gabriel Resources Ltd.
[{"type":"text","content":"Gabriel Resources Ltd. Closing of US$6 million Private PlacementNOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATESLONDON, UK / ACCESSWIRE / June 10, 2021 / Further to the news release of May 27, 2021, Gabriel Resources Ltd. (TSXV:GBU)(\"Gabriel\" or the \"Company\") is pleased to announce that it has completed closing of its previously announced non-brokered private placement (the \"Private Placement\") of 30,444,800 common shares of the Company (\"Common Share\") at a price of $0.245 per Common Share for gross proceeds of US$6.0 million (approximately $7.5 million), subject to stock exchange and other approvals as applicable.The Company is progressing with its arbitration case against Romania before the World Bank's International Centre for Settlement of Investment Disputes (\"ICSID Arbitration\") and intends to use the proceeds of the Private Placement to finance the costs of the ICSID Arbitration and for general working capital requirements.The 30,444,800 Common Shares issued pursuant to the Private Placement represent approximately 4.9% of the Common Shares in issue and outstanding (on a non-diluted basis) prior to the Private Placement and are subject to a statutory 4-month hold period expiring on October 11, 2021.The Private Placement was conditionally approved by the TSX Venture Exchange (the \"Exchange\") on June 8, 2021. The Private Placement remains subject to final acceptance by the Exchange and the receipt of all other applicable approvals. The Company will not pay a cash finder's fee in connection with the Private Placement.The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\") or any state securities laws and accordingly may not be offered or sold within the United States or to \"U.S. persons\", as such term is defined in Regulation S promulgated under the U.S. Securities Act (\"U.S. Persons\"), except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Company's securities to, or for the account of benefit of, persons in the United States or U.S. Persons.Further detail...