Gabriel Resources Ltd. has announced a non-brokered private placement, aiming to raise up to US$5 million (approximately $6.6 million) by issuing up to 25,326,972 units at $0.26 per unit. Each unit consists of one common share and a half purchase warrant, allowing purchase at $0.39 over three years. Insiders are expected to buy 15,120,142 units for US$2.98 million. The funds will finance the ongoing ICSID Arbitration against Romania and for working capital. Closing is anticipated around December 15, 2020, subject to approvals.
On September 17, 2020, Gabriel Resources Ltd. announced that all resolutions presented at its annual meeting were approved by shareholders. Resolutions included the re-election of directors, the re-appointment of PricewaterhouseCoopers LLP as auditors, and the continuation of the Option Plan with minor amendments. Chairman Walter Segsworth acknowledged the contributions of departing board members. The company continues to focus on its Roșia Montană gold and silver project amidst ongoing ICSID Arbitration with the Romanian government, which has impeded project development.
Gabriel Resources Ltd. has granted 130,924 incentive stock options and 103,582 deferred share units to directors as non-cash compensation for Q2 2020. The options are exercisable for ten years at $0.46 per share with immediate vesting. As of now, roughly 5.2% of the company's outstanding shares are allocated for stock options. The company is focused on the ICSID Arbitration regarding its Roșia Montană project, which remains stalled due to Romanian government actions. This project is one of Europe’s largest undeveloped gold deposits, with Gabriel holding an 80.69% stake.