Gabriel Resources Ltd.: Annual & Special Meeting Voting Results and Update on Cash Resources
TORONTO, ONTARIO -- (Marketwire) -- 06/23/11 -- Gabriel Resources Ltd. (TSX: GBU) ('Gabriel' or 'the Company') announces the results of voting on the matters submitted to the annual and special meeting (the 'Meeting') of the its shareholders (the 'Shareholders') held on June 16, 2011. In addition, following completion of the exercise of all outstanding warrants in the Company, as described below, the Company's current cash balance is now approximately C$177 million.
Report on Voting Results
National Instrument 51-102 - Continuous Disclosure Obligations Section 11.3
Total Common Shares Issued and Outstanding at the Record Date - 348,526,338
At the Meeting, Shareholders were asked to consider the following matters:
Outcome of
General Business Vote
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Carried by a
1. Election of directors show of
hands
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Carried by a
2. Re-appointment of show of
PriceWaterhouseCoopers hands
LLP as auditors and to
authorize the directors
to
fix their remuneration
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Ballot Results
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Outcome of
General Business Vote Votes For Votes Against % in
(Withheld) Favour
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Carried by
3 An Ordinary resolution ballot 228,763,947 35,134,364 86.69%
. approving the Restricted
Share Unit Plan
Richard Brown, Corporate Secretary
Warrant exercise
During 2009, the Company closed a private placement with BSG Capital Markets PCC Limited ('BSG') pursuant to which BSG subscribed for 30 million units at a subscription price of C$2.25 per unit. Each unit consisted of one common share of the Company and one warrant entitling BSG to purchase one additional common share of the Company at C$2.50 per share until June 18, 2011, rising to C$3.00 per share for the final six month warrant period through to December 18, 2011. BSG has now exercised all of these warrants and the Company has arranged the issue of the underlying 30,000,000 common shares. As consideration for the exercise, the Company has received C$75 million which will be used for general working capital purposes.
About Gabriel
Gabriel is a Canadian-listed resource company engaged in the exploration and development of mineral properties in Romania and is presently in the permitting stage and preparing to develop its 80.46%-owned Rosia Montana Project ('Project'). Gabriel is committed to responsible mining and sustainable development in the communities in which it operates. The Project is anticipated to bring US$19 billion to Romania as potential direct and indirect investment according to 2010 estimates from British-based Oxford Policy Management. The Project will generate thousands of jobs while observing all Romanian and European environmental laws and also helping preserve important historic buildings as well as local cultural heritage. For more information please visit the Company's websites at www.gabrielresources.com and www.rmgc.ro.
Contacts:
Gabriel Resources Ltd.
Jonathan Henry
President and Chief Executive Officer
44 207 421 1111 or Mobile: 44 7798 801783
info@gabrielresources.com
www.gabrielresources.com
Buchanan Communications
Bobby Morse
44 20 7466 5000
bobbym@buchanan.uk.com
Buchanan Communications
Charles O'Brien
44 20 7466 5000
charleso@buchanan.uk.com