Gabriel Resources Ltd. Closing of US$4.75 Million Private Placement

LONDON, UK / ACCESSWIRE / June 8, 2023 / Further to the news release of May 23, 2023, Gabriel Resources Ltd. (TSXV:GBU)("Gabriel" or the "Company") is pleased to announce that it has completed the closing of its non-brokered private placement (the "Private Placement") of 24,782,212 common shares of the Company ("Common Share") at a price of $0.26 per Common Share ("Purchase Price") for gross proceeds of US$4.75 million (approximately $6.4 million), subject to stock exchange and other approvals as applicable.

In connection with the closing of the Private Placement, the Company has issued Common Shares, which represent approximately 2.5% of the Common Shares currently in issue and outstanding on a non-diluted basis prior to the Private Placement and are subject to a statutory 4-month hold period expiring on October 9, 2023.

The Company is progressing with its arbitration case against Romania before the World Bank's International Centre for Settlement of Investment Disputes ("ICSID Arbitration") and intends to use the proceeds of the Private Placement to finance the costs of the ongoing ICSID Arbitration and for general working capital requirements.

The Private Placement was conditionally approved by the TSX Venture Exchange (the "Exchange") on May 26, 2023. The Private Placement remains subject to final acceptance by the Exchange and the receipt of all other applicable approvals. The Company will not pay any finder's fee in connection with the Private Placement.

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.