Gabriel Resources Ltd. 2023 First Quarter Results

LONDON, UK / ACCESSWIRE / May 30, 2023 / Gabriel Resources Ltd. (TSXV:GBU) ("Gabriel" or the "Company") announces the publication of its First Quarter Financial statements and Management's Discussion and Analysis for the period ended March 31, 2023.

Summary

• Gabriel and its wholly-owned indirect subsidiary, Gabriel Resources (Jersey) Ltd. (together "Claimants"), remain focused on concluding their arbitration case against the Romanian State ("Respondent") under the rules of the International Centre for Settlement of Investment Disputes ("ICSID"), part of the World Bank ("ICSID Arbitration"). The ICSID Arbitration case is well advanced.
• The Claimants and Respondent (together "Parties") await a final decision from the presiding arbitral tribunal ("Tribunal") in the ICSID Arbitration proceedings (an arbitral award ("Award")). There is no specified timeframe in the ICSID Rules applicable to this case in which an Award is to be rendered by the Tribunal. Accordingly, there is no certainty as to when the Award will be issued or whether further procedural steps may be required by the Tribunal prior to the issuance of an Award.
• The net loss for the first quarter of 2023 was $2.0 million (Q4 2022 $2.6 million).
• As at March 31, 2023, the Company held $3.6 million of cash and cash equivalents (Q4 2022 $5.6 million).
• On May 23, 2023, the Company announced a non-brokered private placement (the "2023 Private Placement") of up to 24,782,212 common shares of the Company ("Common Shares") at a price of $0.26 each for gross proceeds of up to US$4.75 million (approximately $6.4 million).
• On the basis that the 2023 Private Placement completes, the Company believes that it has sufficient funding necessary to cover its planned activities through to December 2023 and will need to raise additional financing thereafter to fund ICSID Arbitration costs and working capital requirements.
• On May 12, 2023, at the request of the Company, PricewaterhouseCoopers LLP ("PwC") resigned as auditors of the Company and Ernst & Young LLP ("EY") were appointed as auditor to hold office until the close of next annual meeting of the Company, at a remuneration to be fixed by the Company's directors ("Board").

Dragos Tanase, Gabriel's President and Chief Executive Officer, stated: