Recomended as a strong buy by resource oppertunities..
Attention Business Editors:
Gabriel Resources announces effective date of corporate reorganization
CDNX Trading Symbol: GBU
TORONTO, June 9 /CNW/ - GABRIEL RESOURCES LTD. (``Gabriel'') is pleased
to provide the following update on Gabriel's corporate activities.
Corporate Reorganization
------------------------
Further to Gabriel's previous announcement on May 29, 2000 regarding its
proposed corporate reorganization, Gabriel is pleased to report that the
corporate reorganization will be completed and will become effective on June
13, 2000. European Goldfields Ltd. will be called for trading on the Canadian
Venture Exchange (``CDNX'') at the opening of the market on June 13, 2000
under the symbol ``EGU''. Gabriel will continue to trade on the CDNX under
the symbol ``GBU''.
Every shareholder of Gabriel of record at the close of business on May
25, 2000 will receive one European Goldfields Ltd. common share for every ten
Gabriel common shares held on such date. As of May 25, 2000 an aggregate of
74,305,661 common shares of Gabriel were issued and outstanding. Accordingly,
an aggregate of 7,430,566 common shares of European Goldfields Ltd. will be
issued on June 13, 2000. Shareholders of Gabriel will receive the same
percentage interest in European Goldfields Ltd. as they held in Gabriel on May
25, 2000.
Certificates for shares of European Goldfields Ltd. will be mailed to the
new shareholders of European Goldfields Ltd. within seven days of the
effective date of the reorganization. No new share certificates will be
issued for Gabriel common shares and shareholders of Gabriel must retain their
existing share certificates.
Gabriel is a Canadian based resource company involved in the exploration
and development of mineral properties in Central Europe, primarily in Romania.
On Behalf of the Board:
signed by ``Frank D. Wheatley''
-------------------------------------
Frank D. Wheatley
President and Chief Operating Officer |
