/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
TSX Trading Symbol: GBU
TORONTO, March 22 /CNW/ - Gabriel Resources Ltd. ("Gabriel" or the "Company") (TSX - "GBU") is pleased to announce the closing of the sale of 31,250,000 common shares (the "Shares") at Cdn$4.35 per Share to a syndicate of underwriters led by RBC Capital Markets and Sprott Securities Inc. as joint bookrunners, and including BMO Nesbitt Burns Inc., Canaccord Capital Corporation, Merrill Lynch Canada Inc., Orion Securities Inc., Paradigm Capital Inc. and Raymond James Ltd. (collectively the "Underwriters"), for aggregate gross proceeds of Cdn $135,937,500.
"We are very pleased with the results of this offering which will enable us to continue to pursue the development of the Rosia Montana gold deposit in Romania" said Alan R. Hill, President and CEO, "and we anticipate that this will be our last equity offering related to the development of the project."
The Shares have not been, nor will be, registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirement of such Act and applicable state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification under the securities laws of any such jurisdiction. Any public offering of securities to be made in the United States would, if made, be made by means of a prospectus that could be obtained from the Company that would contain detailed information about the Company and management as well as financial statements.
Gabriel Resources
Gabriel is a Canadian based resource company committed to responsible mining and sustainable development in the communities in which it operates. Gabriel is currently engaged in the exploration and development of mineral properties in Romania and is presently engaged in the development of its 80% owned Rosia Montana gold project.
Forward-Looking Statements: This press release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the closing of the Offering and the Company's plans with respect to the exploration and development of its projects. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.