Gabriel Resources (TSE:GBU) has released an update.
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Gabriel Resources has secured a US$1.5 million loan from its principal shareholders to address its critical financial condition and sustain its operations. This short-term funding is essential for the company to proceed with a proposed private placement of securities, aimed at improving its balance sheet. The loan is unsecured, bearing a 12% interest rate, and is expected to be repaid through future fundraising efforts.
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