Gabriel has also granted the underwriters for the Offering an over-allotment option to purchase up to an additional 3,750,000 common shares at the Offering Price for a period of thirty (30) days after the closing of the Offering, for additional gross proceeds to Gabriel of Cdn$16,312,500 to cover over-allotments, if any, and for market stabilization purposes.
As of March 13, 2007 NCL holds 39,658,900 common shares or 18.8% of the outstanding common shares before completion of the Offering. Upon completion of the Offering NCL will hold 45,908,900 common shares or 18.9% of the then issued and outstanding shares of Gabriel. Assuming both the completion of the Offering and the Option, and Newmont's election to participate in up to 20% of both elements, NCL will hold a total of 46,846,400 common shares or 19% of the then issued and outstanding common shares. Participation by Newmont in the Offering and the Option will result in additional gross proceeds to Gabriel of Cdn$31,265,625.
The common shares (the "Shares") will be offered by way of a short form prospectus in all of the provinces of Canada. A preliminary short form prospectus with respect to the Offering has been filed by Gabriel by way of SEDAR with the securities regulatory authority in each of the provinces of Canada. Closing of the Offering is subject to certain conditions, including, but not limited to, receipt of all necessary securities regulatory approvals (including the approval of the Toronto Stock Exchange).
The Company intends to use the net proceeds of the Offering to finance the development of the Rosia Montana gold deposit in Romania.
The Shares have not been, nor will be, registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirement of such Act and applicable state securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification under the securities laws of any such jurisdiction. Any public offering of securities to be made in the United States would, if made, be made by means of a prospectus that could be obtained from the Company that would contain detailed information about the Company and management as well as financial statements. -- www.cnxmarketlink.com
Posted March 15th, 2007 by ruzik_tuzik
