Results of AGM
On September 17, 2020, Gabriel Resources Ltd. announced that all resolutions presented at its annual meeting were approved by shareholders. Resolutions included the re-election of directors, the re-appointment of PricewaterhouseCoopers LLP as auditors, and the continuation of the Option Plan with minor amendments. Chairman Walter Segsworth acknowledged the contributions of departing board members. The company continues to focus on its Roșia Montană gold and silver project amidst ongoing ICSID Arbitration with the Romanian government, which has impeded project development.
- All shareholder resolutions were approved at the annual meeting.
- PricewaterhouseCoopers LLP retained as auditors, ensuring continued financial oversight.
- Amended Option Plan continues, suggesting commitment to incentivizing management.
- Ongoing ICSID Arbitration with Romania delays the Roșia Montană project development.
- Romania's lack of progress on granting implementation rights affects future revenues.
- Share dilution risks due to new or existing securities conversion.
- Potential listing risks on the TSX Venture Exchange.
LONDON, UK / ACCESSWIRE / September 17, 2020 / Gabriel Resources Ltd. ("Gabriel" or the "Company") announces that all of the matters submitted to shareholders for approval, as set out in the Company's Management Information Circular dated August 12, 2020 ("Circular"), were approved by the requisite majority of votes cast at its annual general and special meeting ("Meeting") held in Vancouver, British Columbia, earlier today, including resolutions:
Re-electing Dag Cramer, Ali Erfan, Dan Kochav, David Peat, Walter Segsworth, Janice Stairs and Dragos Tanase as directors of the Company;
Re-appointing PricewaterhouseCoopers LLP as auditors of the Company for the ensuing year; and
Approving the continuation of the amended and restated incentive stock option plan of the Company ("Option Plan").
Certain minor house-keeping amendments to the Option Plan were adopted by the Board prior to the issuance of the Circular, none of which required shareholder approval. For further details, please refer to the heading titled "Options" in the Circular and Part C of the Appendix thereto, which includes the Option Plan in its entirety.
Walter Segsworth, the newly appointed Chairman of the Board, commented:
"I am pleased to see that all resolutions were passed at the Meeting but saddened that this heralds the departure from the Gabriel Board of the former Chairman, Keith Hulley, together with Wayne Kirk and Alfred Gusenbauer. All have been dedicated and effective servants to the Company over more than a decade and I would like to record on behalf of the Board and the Company our sincere appreciation of their efforts."
For information on this press release, please contact:
Dragos Tanase
President & CEO
Phone: +40 730 399 019
dt@gabrielresources.com
Richard Brown
Chief Financial Officer
Mobile: +44 7748 760276
richard.brown@gabrielresources.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Gabriel
Gabriel is a Canadian resource company listed on the TSX Venture Exchange. The Company's principal focus has been the exploration and development of the Roșia Montană gold and silver project in Romania. The Roşia Montană Project, one of the largest undeveloped gold deposits in Europe, is situated in the South Apuseni Mountains of Transylvania, Romania, an historic and prolific mining district that since pre-Roman times has been mined intermittently for over 2,000 years. The exploitation license for the Roşia Montană Project is held by Roșia Montană Gold Corporation S.A., a Romanian company in which Gabriel owns an
Upon obtaining the License in June 1999, the Group focused substantially all of their management and financial resources on the exploration, feasibility and subsequent development of the Roşia Montană Project. Despite the Company's fulfilment of its legal obligations and its development of the Roşia Montană Project as a high-quality, sustainable and environmentally-responsible mining project, using best available techniques, Romania has blocked and prevented implementation of the Roşia Montană Project without due process and without compensation. Accordingly, the Company's current core focus is the ICSID Arbitration. For more information please visit the Company's website at www.gabrielresources.com.
Forward-looking Statements
This press release contains "forward-looking information" (also referred to as "forward-looking statements") within the meaning of applicable Canadian securities legislation. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of the Company's operating environment. All statements, other than statements of historical fact, are forward-looking statements.
In this press release, forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies that may cause the Company's actual financial results, performance, or achievements to be materially different from those expressed or implied herein. Some of the material factors or assumptions used to develop forward-looking statements include, without limitation, the uncertainties associated with: the ICSID Arbitration, actions by the Romanian Government, conditions or events impacting the Company's ability to fund its operations (including but not limited to the completion of further funding noted above) or service its debt, exploration, development and operation of mining properties and the overall impact of misjudgments made in good faith in the course of preparing forward-looking information.
Forward-looking statements involve risks, uncertainties, assumptions, and other factors including those set out below, that may never materialize, prove incorrect or materialize other than as currently contemplated which could cause the Company's results to differ materially from those expressed or implied by such forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "expects", "is expected", "is of the view", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential", "possible" or variations thereof or stating that certain actions, events, conditions or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of fact and may be forward-looking statements.
Numerous factors could cause actual results to differ materially from those in the forward-looking statements, including without limitation:
- the outbreak of the coronavirus (COVID‐19) may affect the Company's operations and/or the anticipated timeline for the ICSID Arbitration;
- the duration, required disclosure, costs, process and outcome of the ICSID Arbitration;
- the advancement of Romania's nomination of the "Roşia Montană Mining Landscape" as a UNESCO World Heritage site;
- changes in the liquidity and capital resources of Gabriel, and/or the group of companies of which it is directly or indirectly parent;
- access to funding to support the Group's continued ICSID Arbitration and/or operating activities in the future;
- equity dilution resulting from the conversion or exercise of new or existing securities in part or in whole to Common Shares;
- the ability of the Company to maintain a continued listing on the TSX Venture Exchange or any regulated public market for trading securities;
- the impact on business strategy and its implementation in Romania of: any allegations of historic acts of corruption, uncertain fiscal investigations; uncertain legal enforcement both for and against the Group and political and social instability;
- regulatory, political and economic risks associated with operating in a foreign jurisdiction including changes in laws, governments and legal regimes and interpretation of existing and future fiscal and other legislation;
- volatility of currency exchange rates; and
- the availability and continued participation in operational or other matters pertaining to the Group of certain key employees and consultants.
This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements.
Investors are cautioned not to put undue reliance on forward-looking statements, and investors should not infer that there has been no change in the Company's affairs since the date of this press release that would warrant any modification of any forward-looking statement made in this document, other documents periodically filed with or furnished to the relevant securities regulators or documents presented on the Company's website. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this notice. The Company disclaims any intent or obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of assumptions or factors, whether as a result of new information, future events or otherwise, subject to the Company's disclosure obligations under applicable Canadian securities regulations. Investors are urged to read the Company's filings with Canadian securities regulatory agencies which can be viewed online at www.sedar.com.
ENDS
SOURCE: Gabriel Resources Ltd.
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FAQ
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