Gabriel Resources (TSE:GBU) has released an update.
Gabriel Resources Ltd. faces a legal and financial setback as its arbitration claims against the Romanian Government are dismissed, incurring a liability of approximately US$10 million in legal fees and expenses. The company disputes the tribunal’s decision, considering it unjust and possibly motivated by political reasons, and is exploring options for annulment. Amidst these challenges, Gabriel Resources warns of potential funding issues ahead, as it anticipates exhausting its current funds by May 2024 and acknowledges the difficulty in securing additional financing.
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