ELECTRUM GLOBAL HOLDINGS L.P. ACQUIRES UNITS OF GABRIEL RESOURCES LTD. IN PRIVATE PLACEMENT

This press release is issued pursuant to Multilateral Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. 

NEW YORK, March 7, 2025 /CNW/ - On March 6, 2025, Electrum Global Holdings L.P. ("Electrum") acquired 28,538,000 units ("Units") in the capital of Gabriel Resources Ltd. (the "issuer") in connection with the issuer's US$4 million private placement (the "Private Placement"). The Units were issued at a price of C$0.05 per Unit.  Each Unit consists of one common share ("Common Shares"), one common share purchase warrant ("Warrant") and once contingent value right (each a, "CVR").

Upon completion of the Private Placement, and following the issuer's recent 10:1 share consolidation, Electrum and "joint actors" (as such term is defined in National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues) of Electrum own 46,669,452 Common Shares, 28,538,000 Warrants, and 28,538,000 CVRs which, based on 114,152,000 Units to be issued in the Private Placement, will represent approximately 19.46% of the issued and outstanding Common Shares or approximately 28.03% upon the exercise of the Warrants (assuming the exercise of all of the Warrants beneficially owned by Electrum and that no other securities including those convertible into, or exercisable for, the issuer's securities, are issued, converted or exercised). Electrum also owns 9,271 arbitration value rights.

As at the date of the filing of Electrum's last Form 62-103F1 relating to its security holdings of the issuer, being July 2, 2021, Electrum and its "joint actors" owned 127,917,939 Common Shares, 28,804,873 common share purchase warrants and 9,271 arbitration value rights, representing approximately 13.22% of the issued and outstanding Common Shares or approximately 15.73% upon exercise of the applicable warrants.

The securities of the issuer noted above referred to above were acquired for investment purposes and Electrum and/or one or more of its affiliates may, depending on market and other conditions, increase or decrease its beneficial ownership of Common Shares or other securities of the issuer whether in the open market, by privately negotiated agreement or otherwise.  

Electrum is an "accredited investor" (as such term is defined in National Instrument 45-106 – Prospectus Exemptions adopted by the Canadian Securities Administrators ("NI 45-106")).      

The issuer is located at c/o RM Gold (Services) Ltd., 25 Southampton Buildings, London, England, WC2A 1AL.  Electrum is located at 600 Fifth Avenue, 24^th Floor, New York, NY, USA 10020.  A copy of the early warning report to which this news release relates can be obtained from Michael Williams (646-365-1600) or on the SEDAR+ profile of the issuer at www.sedar.com. 

SOURCE Electrum Global Holdings L.P.