Gabriel Resources Ltd. Announces Initial Closing of Private Placement

Gabriel Resources Ltd. has successfully completed the initial closing of the non-brokered private placement it previously announced on April 26, 2024. The company issued 220,122,500 common shares at $0.02 each, raising approximately US$3.25 million. This amount constitutes around 21.2% of the pre-placement common shares without accounting for potential dilution.

The private placement of Gabriel Resources, which has a non-diluted current total of 377,594,750 common shares, aims for gross proceeds of about US$5.575 million. These shares will adhere to a 4-month statutory hold period expiring on September 18, 2024. The remainder of the placement is expected to close around May 23, 2024, pending required approvals and conditions.

The pricing for this private placement was secured on April 19, 2024, with the TSX Venture Exchange, which conditionally accepted the terms on May 16, 2024. Gabriel Resources stated that no cash finder's fee will be paid for this private placement. The securities offered have not been registered under the US Securities Act of 1933 and are not available to US persons unless they meet certain exemptions.