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TORONTO, ON / ACCESS Newswire / November 9, 2026 / Gabriel Resources Ltd. (TSXV:GBU) ("Gabriel" or the "Company") provides the following corporate update.
Private Placement Update
Further to its announcements of October 16 and October 27, 2026, concerning its non-brokered private placement (the "Offering"), Gabriel advises that Swiss Capital S.A. ("Swiss Capital") has not yet provided the funds required to complete its outstanding subscription of US$650,000 under the Offering, notwithstanding the funding deadline communicated by the Company.
Swiss Capital has indicated that it still intends to complete its subscription. In addition, the Company has not yet received a signed subscription agreement from a client of Swiss Capital in respect of a further proposed subscription of approximately US$244,365 under the Offering.
These subscriptions represent aggregate outstanding proceeds of approximately US$894,365. There can be no assurance that either subscription will be completed or that the remaining proceeds of the Offering will be received. The current outside date for completion of the Offering, as prescribed by the TSX Venture Exchange, is November 16, 2026. The Company will provide further updates as appropriate.
Management Update
The Company also announces that Simon Lusty, Group General Counsel and Corporate Secretary, has resigned as an officer of the Company to pursue another opportunity. Mr. Lusty will continue to serve as Group General Counsel until the end of the year to facilitate an orderly transition and handover of his responsibilities.
The Board extends its sincere thanks to Mr. Lusty for his long and dedicated service to Gabriel, and for the counsel, judgment and steadfast support he has provided to the Board and management over many years, including through some of the most complex and demanding chapters in the Company's history. The Board is grateful for his professionalism and commitment throughout his tenure and wishes him every success in his future endeavours.
For further information, please contact:
Anna El-Erian | Nicolae Suciu |
Chair of the Board | Interim Chief Executive Officer |
Email: ir@gabrielresources.com | Email: nicolae.suciu@gabrielresources.com |
Tel: +40 729 399 407 |
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Gabriel
Gabriel Resources Ltd. is a Canadian resource company listed on the TSX Venture Exchange under the symbol GBU. The Company is awaiting the decision of the ICSID ad hoc committee on its application for annulment of the arbitral award issued in its arbitration against Romania and continues to seek to preserve its assets and interests in Romania.
Gabriel holds an 80.69% interest in Ro?ia Montana Gold Corporation S.A. ("RMGC"), with the remaining 19.31% held by Minvest Ro?ia Montana S.A., a Romanian state-owned company. RMGC holds the Company's interests in the Ro?ia Montana gold and silver project. In June 2024, the competent Romanian authority rejected RMGC's application to extend the project's exploitation licence. RMGC is challenging that refusal before the Romanian courts.
Forward-Looking Statements
This press release contains forward-looking information within the meaning of applicable Canadian securities legislation, including statements concerning the anticipated completion of the outstanding subscriptions under the Offering and the receipt of the remaining proceeds. These statements reflect management's current expectations and assumptions and are subject to risks and uncertainties that could cause actual events or results to differ materially from those expressed or implied.
There can be no assurance that Swiss Capital or its client will complete their respective subscriptions, or that the remaining proceeds of the Offering will be received. The Company continues to face significant financial uncertainty, including limited liquidity, outstanding liabilities and the need for additional funding. Further information about risks and uncertainties affecting the Company is contained in its public filings, including its most recent management's discussion and analysis, available at www.sedarplus.ca.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as at the date of this release. Except as required by applicable securities laws, the Company undertakes no obligation to update or revise such statements.
SOURCE: Gabriel Resources Ltd.
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/metals-and-mining/gabriel-provides-corporate-update-1248790
