/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
TSX Trading Symbol: GBU
TORONTO, March 6 /CNW/ - Gabriel Resources Ltd. ("Gabriel" or the
"Company") (TSX - "GBU") is pleased to announce that it has engaged a
syndicate of underwriters led by RBC Capital Markets and Sprott Securities as
joint book runners for a proposed marketed offering (the "Offering") of common
shares ("Shares") of the Company. Aggregate gross proceeds from the Offering
are anticipated to be approximately $100,000,000. The underwriters will have
an option, exercisable for a period of 30 days from the date of closing, to
purchase up to 15% in additional Shares at a price equal to the Offering price
to cover over-allotments and for market stabilization purposes.
The Shares will be offered by way of a short form prospectus in all of
the provinces of Canada. A preliminary short form prospectus with respect to
the Offering has been filed by Gabriel by way of SEDAR with the securities
regulatory authority in each of the provinces of Canada.
The Company intends to use the net proceeds of the Offering to finance
the development of the Rosia Montana gold deposit in Romania.
Closing of the Offering is subject to certain conditions, including, but
not limited to, receipt of all necessary securities regulatory approvals
(including the approval of the Toronto Stock Exchange).
The Shares have not been, nor will be, registered under the United States
Securities Act of 1933, as amended, or any state securities laws and may not
be offered or sold in the United States absent registration or applicable
exemption from the registration requirement of such Act and applicable state
securities laws. This press release shall not constitute an offer to sell or
the solicitation of an offer to buy, nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to qualification under the securities laws of any such
jurisdiction. Any public offering of securities to be made in the United
States would, if made, be made by means of a prospectus that could be obtained
from the Company that would contain detailed information about the Company and
management as well as financial statements.
Gabriel is a Canadian based resource company committed to responsible
mining and sustainable development in the communities in which it operates.
Gabriel is currently engaged in the exploration and development of mineral
properties in Romania and is presently engaged in the development of its 80%
owned Rosia Montana gold project.
Forward-Looking Statements: This press release contains forward-looking
statements that are based on the Company's current expectations and estimates.
Forward-looking statements are frequently characterized by words such as
"plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and
other similar words or statements that certain events or conditions "may" or
"will" occur, and include, without limitation, statements regarding the
closing of the Offering and the Company's plans with respect to the
exploration and development of its projects. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors that could
cause actual events or results to differ materially from estimated or
anticipated events or results implied or expressed in such forward-looking
statements. Any forward-looking statement speaks only as of the date on which
it is made and, except as may be required by applicable securities laws, the
Company disclaims any intent or obligation to update any forward-looking
statement, whether as a result of new information, future events or results or
otherwise. Forward-looking statements are not guarantees of future performance
and accordingly undue reliance should not be put on such statements due to the
inherent uncertainty therein.
For further information:
For further information: GABRIEL RESOURCES LTD., 1501 - 110 Yonge
Street, Toronto, Ontario, M5C 1T4, Canada, T: (416) 955-9200, F: (416)
955-4661, E: firstname.lastname@example.org, www.gabrielresources.com