Gabriel Resources Ltd. announced a non-brokered private placement of up to 24,782,212 common shares at a price of CAD 0.26 per common share for the aggregate gross proceeds of CAD 6,443,375 on May 23, 2023. The company has signed a subscription agreement with the investor. The common shares to be issued on closing of the private placement are subject to a statutory 4-month hold period.

The company will not pay any finder's fee in respect of the procurement of arm's length subscribers in connection with the private placement. The transaction is subject to the approval of the TSX Venture Exchange and the receipt of all other applicable approvals. The transaction is expected to close on or about June 8, 2023.