BSG Capital Markets PCC Limited

December 18, 2009 11:41 ET

BSG Capital Markets PCC Limited Announces Purchase of Units of Gabriel Resources Ltd.

ST PETER PORT, GUERNSEY--(Marketwire - Dec. 18, 2009) - BSG Capital Markets PCC Limited ("BSG") of Frances House, Sir William Place, St. Peter Port, Guernsey, GY1 1GX announced today that on November 11, 2009¸ BSG acquired ownership of 30,000,000 units ("Units") of Gabriel Resources Ltd. ("Gabriel") pursuant to a private placement for CDN$2.25 per Unit for proceeds of CDN$67,500,000. Each Unit consists of one common share ("Share") and one common share purchase warrant ("Warrant") in the capital of Gabriel. Each Warrant entitles BSG to purchase one additional Share at CDN$2.50 per Share for 18 months rising to CDN$3.00 per Share for the final six months of the two year Warrant term. As a result of the private placement, BSG owns approximately 9% of the issued and outstanding Shares of Gabriel. If BSG exercises all of the Warrants, BSG would have ownership over approximately 16% of the issued and outstanding Shares of Gabriel.

The units were purchased in accordance with the minimum amount investment exemption provided under Section 2.10 of National Instrument 45-106 (Prospectus and Registration Exemptions).

The Units comprised of Shares and Warrants were acquired by BSG for investment purposes. Depending on market and other conditions and subject to compliance with applicable securities laws, BSG may increase or decrease its ownership over securities of Gabriel. 

About BSG

BSG is a privately owned holding company which has business interests across the globe in natural resources, real estate, capital markets and the diamond industries. BSG's mining arm, BSG Resources ("BSGR") operates successfully in Africa and Eastern Europe and includes Ferro-Nickel operations in neighboring Macedonia and Kosovo which have the capacity to produce 30,000 tons per annum making the operation the largest producer of Ferro-Nickel in Europe. BSG's fully owned subsidiary, BSG Resources is also involved in mining diamonds, copper/cobalt, iron ore, bauxite and the production/exploration of oil and gas.

About Gabriel

Gabriel is a Canadian-based resource company committed to responsible mining and sustainable development in the communities in which it operates. Gabriel is currently engaged in the exploration and development of mineral properties in Romania and is presently engaged in the development of its 80.23% owned Rosia Montana Project, one of the largest undeveloped gold projects in the world. For more information please visit the Company's website at www.gabrielresouces.com.

Contact Information

  • For further information regarding this press release or
    to obtain a copy of the report filed in respect of the above
    please contact: BSG Capital Markets PCC Limited
    David M. Clark
    Director
    +44 1481 812 001