Gabriel Resources closes second tranche of private placement

Gabriel Resources Ltd. (TSXV:GBU) completed its second tranche of a non-brokered private placement on Monday, issuing 3,181,552 units to investors for gross proceeds of US$185,000. The units, consisting of one common share and one warrant exercisable at C$0.11 until October 16, 2031, were sold at C$0.0825 per unit to clients of Swiss Capital S.A.

This brings the total units issued under the offering to 43,090,848, with approximately US$2.51 million in subscriptions. The net cash proceeds will be used to fund working capital and operations, including the company's application to annul an ICSID arbitration award. Gabriel Resources holds an 80.69% interest in Roșia Montană Gold Corporation S.A., which is currently facing challenges in Romania due to the rejection of an application to extend its exploitation license.

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