Gabriel Resources Ltd. announced that it has entered into definitive subscription agreements with certain investors in connection with a non-brokered private placement to issue 377,594,750 common shares at an issue price of CAD 0.0198625 for the gross proceeds of CAD 7,499,786.9245 on April 26, 2024. Closing of the Private Placement is subject to a number of conditions, including, without limitation, approval of the TSXV and receipt of all necessary corporate and regulatory approvals. The Company may complete the Private Placement via the closing of multiple tranches.

On receipt of approvals, it is anticipated that the Private Placement will close on or about May 23, 2024 or such earlier or later date as may be determined by the Company, subject to satisfaction or waiver by the relevant party of the conditions of closing. All securities issued under the Private Placement will be subject to a hold period which will expire four months and one day from the date of the applicable closing of the Private Placement. Insiders of the Company have subscribed for 88,049,000 Common Shares for gross proceeds of CAD 1,748,829.238.

The Company will not pay any finder's fee in respect of the procurement of arm?s length subscribers in connection with the Private Placement.