Gabriel Resources (GBU-T) has raised $34.5 million to advance its 80%-owned Rosia Montana gold project in Romanian via the public sale of 13.8 million shares at $2.50 apiece.
The funds will be used for village relocation and resettlement, engineering, and permitting, as well as for general corporate and working capital purposes.
In other news, Vasile Timis, one of Gabriel’s directors recently indirectly sold 1 million shares at $3.81 to $3.84 per share to hold 8.94 million shares.
In early November, a second feasibility study at Rosia Montana considered a smaller-scale operation that would still be capable of pouring an average of 329,000 oz. gold annually over 25 years. The internal rate of return is estimated at 20.1%, while the net present value is pegged at US$332 million, based on a 5% discount rate. Gabriel closed down 10 to $3.75.
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