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Gabriel Resources Ltd. 2024 Second Quarter Report
LONDON, UK / ACCESSWIRE / August 2, 2024 / Gabriel Resources Ltd. (TSXV:GBU)("Gabriel" or the "Company") announces the publication of its Second Quarter Financial Statements and Management's Discussion and Analysis for the period ended June 30, …
LONDON, UK / ACCESSWIRE / August 2, 2024 / Gabriel Resources Ltd. (TSXV:GBU)("Gabriel" or the "Company") announces the publication of its Second Quarter Financial Statements and Management's Discussion and Analysis for the period ended June 30, 2024.
Summary
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On March 8, 2024, Gabriel announced that a majority of the presiding tribunal ("Tribunal"), over the strong dissent of one of the three arbitrators, had issued a final decision ("Arbitral Decision") dismissing the ICSID arbitration claims filed against the Romanian State ("ICSID Arbitration") and awarded Romania approximately US$10 million in costs ("Costs Order").
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The Arbitral Decision is binding on the parties and the amount payable incurs simple interest from the date of the Arbitral Decision at the 3-month US Treasury rate.
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On July 8, 2024, Gabriel announced that it has filed an application requesting the annulment of the Arbitral Decision ("Annulment Application") on grounds including that:
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the two arbitrators who rendered the majority decision lacked the qualities of independence and impartiality that the ICSID Convention requires, and failed to adequately disclose relationships;
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the Arbitral Decision suffers from manifest excesses of power by disregarding the applicable law, multiple serious departures from fundamental rules of procedure, and failures to state reasons for decisions made on several of the most fundamental aspects of the claims.
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On July 12, 2024, the Acting Secretary-General of ICSID registered the Annulment Application and notified the parties of the provisional stay of enforcement of the Costs Order.
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On June 20,2024, RMGC was notified that the Romanian National Agency for Mineral Resources ("NAMR") had rejected its application for extension of the term of the License for an additional five years, as provided by Romanian law ("LicenseExtension Application"). Gabriel and RMGC will pursue all options to defend and reinstate its legal rights.
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On April 26, 2024 Gabriel announced a fundraising of up to US$5.575 million and on May 17, 2024 the Company announced proceeds received of US$3.25 million (approximately $4.4 million). No further funds are expected in this regard.
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As at June 30, 2024, the Company held $2.5 million of cash and cash equivalents (Q1 2024 $2.2 million), excluding prepayment of $2 million set aside in respect of certain legal fees in the Annulment process.
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