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Gabriel raises C$40.6M for Romanian gold mine arbitration

GabrielResources Ltd. said July 14 that it has successfully raised C$40.6million via the nonbrokered private placement flagged earlier in July to finance itscontinuing arbitration case against Romania before the World Bank'sInternational Centre for Settlement of Investment Disputes.

Gabriel Resources filed for against Romaniain 2015, alleging the eastern European country the development of itsRosia Montanagold-silver project "without due process and without compensation."

President and CEO Jonathan Henry said in the lateststatement: "We see no indication of any political desire to have a minebuilt at Rosia Montana or any political will behind settlement of our dispute.The company's focus is therefore firmly on a positive outcome to the ICSIDarbitration."

Tenor Capital Management Co. LP, one of the two subscribersof the placement that were named previously, has the right to nominate a boardmember, and Gabriel will make an announcement on this in due course.