Gabriel Resources Ltd. announced that it has entered into definitive subscription agreements with certain investors for a non-brokered private placement of up to 33,105,117 common shares at a price of CAD 0.215 per share for gross proceeds of approximately CAD 7,117,600 on May 24, 2022. The transaction included participation from insiders of the company for 24,069,424 common shares for gross proceeds of CAD 5,233,490.90. The closing of the private placement is subject to certain conditions, including, but not limited to, the approval of the TSX Venture Exchange and the receipt of all other applicable approvals.

On receipt of approvals, it is anticipated that the private placement will close on or about June 20, 2022. The common shares to be issued on closing of the private placement are subject to a statutory 4-month hold period. Subject to the receipt of all regulatory approvals, including the approval of the Exchange.

The company may pay a cash finder's fee of up to CAD 7,200.87.