Gabriel Resources completes second closing of private placement

Gabriel Resources Ltd. (TSXV: GBU) has completed a second closing of its non-brokered private placement, issuing 3,181,552 units to eligible investors who are clients of Swiss Capital S.A., generating gross cash proceeds of US$185,000 (approximately C$262,478), according to a press release from the Toronto-based company.

Each unit is priced at C$0.0825 and consists of one common share and one warrant. Each warrant allows the holder to purchase one additional common share at C$0.11 until October 16, 2031.

Combined with the initial closing on October 16, 2026, Gabriel Resources has now issued 43,090,848 units under the offering for aggregate subscriptions of approximately US$2.51 million. That total includes roughly US$930,634 in gross cash proceeds and US$1,575,000 satisfied through a previously announced bridge-debt settlement.

The offering targets aggregate subscriptions of up to US$3.4 million (approximately C$4.82 million) through a maximum of 58,471,757 units. The company expects a subsequent closing covering the remaining 15,380,909 units, representing approximately US$894,365 in additional subscriptions, pending signed subscription agreements, receipt of funds, and satisfaction of closing conditions.

Net cash proceeds from the second closing will be directed toward working capital and essential operations, including the company's application to annul an ICSID arbitration award rendered on March 8, 2024.

Securities issued in the second closing are subject to a Canadian hold period expiring February 28, 2027. The TSX Venture Exchange has granted conditional acceptance of the offering, with final acceptance still pending. No finder's fees will be paid in connection with the offering.

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