Gabriel Resources (TSE:GBU) has released an update.
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Gabriel Resources Ltd. is considering an annulment of a recent ICSID tribunal decision that dismissed their arbitration claims against the Romanian Government and ordered the company to pay US$10 million in legal fees and expenses. The Romanian State has taken precautionary measures to restrict the sale of Gabriel Jersey’s shares in its subsidiary pending settlement, which the company intends to defend vigorously. Gabriel Resources, with only C$2.0 million in available funds, is actively seeking additional financing to support its strategic objectives and sustain operations, acknowledging the substantial risk of not securing necessary capital.
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