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Gold/Mining/Energy : Gabriel resources GBU -- Ignore unavailable to you. Want to Upgrade?

To: I_C_Deadpeople who wrote (34)	3/15/2002 1:02:52 PM
From: I_C_Deadpeople	Read Replies (1) \| Respond to of 41

Gabriel Resources arranges $44-million financing Gabriel Resources Ltd (2) GBU Shares issued 81,510,954 Mar 14 close $3.65 Fri 15 Mar 2002 News Release Mr. Frank Timis reports GABRIEL RESOURCES LTD. - $44 MILLION PRIVATE PLACEMENT Gabriel Resources has arranged, subject to regulatory approval, a non-brokered private placement to a number of institutional investors, which will raise gross proceeds of approximately $44-million for Gabriel. The proceeds of this financing will be used to finance a substantial portion of Gabriel's equity component of its proposed project financing for the development of a large scale open pit mine at Gabriel's 80-per-cent owned Rosia Montana project in Romania, which has a mineable reserve of 10.4 million ounces of gold. The private placement will be structured by way of fully paid common share purchase warrants at a purchase price of $3.50 per warrant. Each warrant will be exercisable at any time on or before a date, which is 120 days after closing of the private placement, into one common share of Gabriel without payment of additional consideration. The exercise of the warrants will result in the issue of a total of 12.6 million common shares of Gabriel. The warrants also provide that if Gabriel were to issue common shares in connection with either a private or public equity financing during the 120-day term of the warrants, at a price less than $3.50 per share, then the exercise price of the warrants will be adjusted downward to equal the issue price of such offering and the number of common shares issuable under the warrants will be increased, up to a maximum of 14.41 million common shares. The securities offered have not and will not be registered under the United States Securities Act of 1933 as amended, and may not be offered or sold in the United States unless registered under the 1933 Act or an exemption from such registration requirements is available.