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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Basicgov Systems Inc. | TSXV:BSG | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
NOT FOR RELEASE IN THE UNITED STATES OR OVER U.S. NEWSWIRE SERVICES Gabriel Resources Ltd. ("Gabriel" or the "Company") (TSX:GBU) is pleased to announce the closing of its previously announced private placement (the "Private Placement") with BSG Capital Markets PCC Limited, which is part of the Beny Steinmetz Group ("BSG"). Pursuant to the Private Placement, BSG subscribed for 30 million Units at a subscription price of $2.25 per Unit for proceeds to the Company of $67.5 million. Each Unit consists of one common share of Gabriel and one common share purchase warrant entitling BSG to purchase one additional common share of Gabriel at $2.50 per share for 18 months rising to $3.00 per share for the final six months of the two year warrant. The Company plans to use the net proceeds of the Private Placement towards developing the Company's 80.23% owned Rosia Montana gold project. BSG has advised Gabriel that it has subscribed for the Units for investment purposes but it reserves the right to increase or decrease its interest in Gabriel as market circumstances may dictate. About Gabriel 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 80.23% owned Rosia Montana Project, one of the largest undeveloped gold projects in the world. For more information please visit the Company's website at www.gabrielresources.com. For further information regarding the private placement, please contact Richard Young, Vice President and Chief Financial Officer at (416) 682-6080. Forward-Looking Statements: Certain statements included in this press release, including the anticipated use of the net proceeds of the financing constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities legislation. The words "believe", "expect", "anticipate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule", and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. In particular, the press release includes many such forward-looking statements and such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Gabriel to be materially different from its estimated future results, performance or achievements expressed or implied by those forward-looking statements and its forward-looking statements are not guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to: general business, economic, competitive, political and social uncertainties, fluctuations in the value of the United States dollar and the Canadian dollar relative to the Romanian RON, changes to the costs of inputs (including but not limited to labour, cement, steel and fuel), and delays in obtaining or the inability to obtain governmental approvals or financing;. While Gabriel may elect to, Gabriel is under no obligation to and does not undertake to update this information at any particular time, except as required by law.
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