Gabriel increases private placement to $2.86M (U.S.)

Executive Summary

• Gabriel Resources announced an upsizing of its non‑brokered private placement to up to 37,441,457 units at C$0.105 per unit, targeting gross proceeds of approximately US$2.87 million.
• Each unit includes one common share and one five‑year warrant exercisable at C$0.14 per share; the offering is subject to TSX Venture Exchange approval and customary closing conditions.
• Net proceeds will be used for general corporate purposes, notably funding the company’s ICSID annulment application and covering critical operational expenses.

Key Details

• Offering Size: Up to 37,441,457 units (previously announced amount increased).
• Price per Unit: C$0.105 (Canadian cents).
• Aggregate Gross Proceeds: Up to US$2,865,000.
• Unit Composition: 1 common share + 1 common share purchase warrant.
• Warrant Terms: Right to purchase one additional common share at C$0.14 per share for five years from closing date.
• Closing Conditions: Subject to receipt of all necessary approvals, including TSX Venture Exchange approval; customary closing conditions apply.
• Use of Proceeds: General corporate purposes, specifically:
• Funding costs and expenses related to the company’s International Centre for Settlement of Investment Disputes (ICSID) annulment application.
• Covering critical operational expenses.
• Related‑Party Transaction: Insiders participating; company will rely on MI 61‑101 exemptions due to serious financial difficulty and the need to improve its financial position.
• Finder’s Fees: No finder’s fees will be paid for arm‑length subscriber procurement.

Notable Quotes

(No direct CEO/President quotes were provided in the release.)