Second Tranche Closing of US$4 Million Private Placement
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PRESS RELEASE
FOR IMMEDIATE RELEASE
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
April 7, 2025
Second Tranche Closing of US$4 Million Private Placement
Gabriel Resources Ltd. (TSXV: GBU - “Gabriel” or the “ Company”) is pleased to announce a second closing
of its previously announced non-brokered private placement of up to 114,152,000 units of the Company (each,
a “Unit”) at a price of C$0.05 per Unit (the “Offering”). Pursuant to the second closing, the Company has issued
a total of 19,976,600 Units for aggregate gross proceeds of US$ 0.7 million (approximately C$ 1 million). For
more information on the Offering, please see the Company’s press release dated February 19, 2025, which is
available under the Company’s SEDAR+ profile at www.sedarplus.ca.
The Company previously announced on March 6, 2025, a first closing of the Offering of 65,637,400 Units for
aggregate gross proceeds of US$2.3 million (approximately C$ 3.3 million). In aggregate, the Company has
issued 85,614,000 Units for aggregate gross proceeds of US$3.0 million (approximately C$4.3 million) to date
in the Offering, inclusive of the first closing and the second closing.
As part of the first closing and the second closing, certain insiders of the Company have subscribed for a total
of 77,052,600 Units, which constitute "related party transactions" within the meaning of Regulation MI 61 -101
respecting Protection of Minority Security Holders in Special Transactions (" MI 61-101"). The transactions will
be exempt from the formal valuation and minority shareholder approval requirements of MI 61 -101.
The securities issued in connection with the second closing are subject to a statutory four -month hold period,
which will expire on August 5, 2025. Completion of the Offering is subject to receipt of final approval of the TSX
Venture Exchange (the “Exchange”).
The subscription funds for the closing of the final tranche of the Offering have been transferred to the Company
in escrow and will be released from escrow upon clearance by the Exchange of the personal information forms
("PIFs") of Swiss Capital S.A.. The Company intends to close the final tranche of the Offering as soon as
practicable following the Exchange’s clearance of the PIFs.
As previously announced, the terms of the Offering trigger ed thresholds requiring disinterested shareholder
approval of aspects of the Offering pursuant to the policies of the TSXV, as further described in the Company’s
February 19, 2025 press release, which the Company has obtained.
The Company will not pay a cash finder's fee in connection with the Offering.
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.
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For information on this press release, please contact:
Dragos Tanase
President & CEO
+1 425 414 9256
Simon Lusty
Group General Counsel
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
Further Information
About Gabriel
Gabriel is a Canadian resource company listed on the TSX Venture Exchange. The Company’s principal business has been the
exploration and development of the Roșia Montană gold and silver project in Romania, one of the largest undeveloped gold deposits
in Eu rope. Upon obtaining the License in June 1999, the Group focused substantially all of their management and financial
resources on the exploration, feasibility and subsequent development of the Roşia Montană Project. An extension of the exploitation
license for the Roşia Montană Project (held by Roșia Montană Gold Corporation S.A., a Romanian company in which Gabriel owns
an 80.69% equity interest, with the 19.31% balance held by Minvest Roșia Montană S.A., a Romanian state-owned mining company)
was rejected by the competent authority in late June 2024.
Forward-looking Statements
This press release contains “forward-looking information” (also referred to as “forward-looking statements”) within the meaning of
applicable Canadian securities legislation. Forward-looking statements are provided for the purpose of providing information about
management’s current expectations and plans and allowing investors and others to get a better understanding of the Company’s
operating environment. All statements, other than statements of historical fact, are forward-looking statements.
In this press release, forward-looking statements are necessarily based upon a number of estimates and assumptions that, while
considered reasonable by the Company at this time, are inherently subject to significant business, economic and competitive
uncertainties and contingencies that may cause the Company’s actual financial results, performance, or achievements to be
materially different from those expressed or implied herein.
Some of the material factors or assumptions used to develop forward -looking statements include, without limitation, the
uncertainties associated with: (i) the ongoing proceedings (the “ ICSID Annulment Proceedings ”) concerning the Company’s
application for annulment of the award dated March 8, 2024 (the “Arbitral Decision”) issued in its ICSID arbitration case against
Romania (ICSID Case No. ARB/15/31) ; (ii) future actions taken by the Romanian Government, including in relation to the
enforcement of the costs order granted under the Arbitral Decision (the “ Costs Order”); (iii) conditions or events impacting the
Company’s ability to fund its operations (including but not limited to the completion of the potential financing referred to in this press
release); and (iv) the overall impact of misjudgments made in good faith in the course of preparing forward-looking information.
Forward-looking statements involve risks, uncertainties, assumptions, and other factors including those set out below, that may
never materialize, prove incorrect or materialize other than as currently contemplated which could cause the Company’s results to
differ materially from those expressed or implied by such forward-looking statements.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives,
assumptions or future events or performance (often, but not always, identified by words or phrases such as “expects”, “is expected”,
“is of the view”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “ob jectives”,
“potential”, “possible”, “plans” or variations thereof or stating that certain actions, events, conditions or results “may”, “could”, “would”,
“should”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) ar e not
statements of fact and may be forward-looking statements.
Numerous factors could cause actual results to differ materially from those in the forward -looking statements, including without
limitation:
• the revocation of the provisional stay of enforcement of the Arbitral Decision;
• the ability of the Company to close the previously announced private placement offering and to access additional funding to
support the Group’s strategic objectives;
• the impact on the Company’s financial condition and operations of any actions taken by Romania to enforce the Costs Order
against the Group’s assets;
• the duration, costs, process and outcome of the ICSID annulment proceedings;
• the impact on the Company’s financial condition and operations of the rejection of the extension of the Rosia Montana
exploitation license;
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• the impact on financial condition, business strategy and its implementation in Romania of: any allegations of historic acts o f
corruption, uncertain fiscal investigations, uncertain legal enforcement both for and against the Group, unpredictable
regulatory or agency actions and political and social instability;
• changes in the Group’s liquidity and capital resources;
• equity dilution resulting from the conversion or exercise of new or existing securities in part or in whole to Common Shares;
• the ability of the Company to maintain a continued listing on the Exchange or any regulated public market for trading securities;
• Romania’s actions following inscription of the “Roşia Montană Mining Landscape” as a UNESCO World Heritage site;
• regulatory, political and economic risks associated with operating in a foreign jurisdiction including changes in laws,
governments and legal and fiscal regimes;
• global economic and financial market conditions, including inflation risk;
• the geo-political situation and the resulting economic developments arising from the unfolding conflict and humanitarian crisis
as a consequence of conflicts such as the Russia-Ukraine war;
• volatility of currency exchange rates; and
• the availability and continued participation in operational or other matters pertaining to the Group of certain key employees
and consultants.
This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements.
Investors are cautioned not to put undue reliance on forward-looking statements, and investors should not infer that there has been
no change in the Company’s affairs since the date of this press release that would warrant any modification of any forward-looking
statement made in this document, other documents periodically filed with or furnished to the relevant securities regulators o r
documents presented on the Company’s website. All subsequent written and oral forward -looking statements attributable to t he
Company or persons acting on its behalf are expressly qualified in their entirety by this notice. The Company disclaims any i ntent
or obligation to update publicly or otherwise revise any forward -looking statements or the foregoing list of assumptions o r factors,
whether as a result of new information, future events or otherwise, subject to the Company’s disclosure obligations under applicable
Canadian securities regulations. Investors are urged to read the Company’s filings with Canadian securities regu latory agencies
which can be viewed online at www.sedarplus.ca.
ENDS