Speak of the Devil:
NEWS RELEASE TRANSMITTED BY CCNMatthews
FOR: GABRIEL RESOURCES LTD.
TSX SYMBOL: GBU
JULY 8, 2003 - 17:08 ET
Gabriel Resources Ltd. Announces $28.0 Million Offering
Of Common Shares
TORONTO, ONTARIO--Gabriel Resources Ltd. (TSX: GBU) ("Gabriel")
announced today that it has entered into an agreement with RBC
Capital Markets under which they have agreed to purchase from
Gabriel and sell to the public 10.0 million Common Shares of
Gabriel at a price of $2.80 per Common Share for gross proceeds
of $28.0 million.
A preliminary short-form prospectus will be filed with securities
regulatory authorities in all provinces of Canada by July 10,
2003. The offering is expected to close on or about July 25,
2003.
Net proceeds of the offering will be used to fund the continued
development of the Rosia Montana gold deposit in Romania and for
general corporate purposes.
The offering is being made in all provinces of Canada by means of
a short-form prospectus, and is subject to the approval of
securities regulatory authorities. The securities to be offered
have not been and will not be registered under the United States
Securities Act of 1933 and may not be offered or sold in the
United States absent registration or applicable exemption from
registration requirement. This news release shall not constitute
an offer to sell or the solicitation of an offer to buy
securities in any jurisdiction.
Gabriel's common shares are traded on the Toronto Stock Exchange
under the symbol "GBU".
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FOR FURTHER INFORMATION PLEASE CONTACT:
Simon Lawrence
Vice President, Corporate Development
(416) 955-9200
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH
THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES
LAW.
