Gabriel Resources (TSE:GBU) has released an update.
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Gabriel Resources Ltd. has announced a private placement of 377,594,750 common shares at $0.02 each, aiming to raise approximately $5.575 million for strategic initiatives and general working capital. The placement, which represents about 36% of the current shares on a non-diluted basis, is pending regulatory and corporate approvals and is expected to close around May 23, 2024. Significant participation by company insiders includes a $1.3 million investment and the funds raised will support ongoing projects in Romania and potential legal actions.
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