Gabriel adds a backer

Article Excerpt

GABRIEL RESOURCES $3.51 (Toronto symbol GBU; SI Rating: Speculative) (416-955-9200; www.gabrielresources.com; Shares outstanding: 307.3 million; Market cap: $1.1 billion) shot up over 30% recently after it added a new investor with experience in permitting and building large industrial projects in Romania. That’s where Gabriel’s 80.23%-owned Rosia Montana project is located. BSG Capital Markets is investing $67.5 million in Gabriel for a 9% stake. BSG has an option to raise that to 16%. Gabriel will use the proceeds of the BSG financing to develop Rosia Montana once the stalled permitting process resumes. Meanwhile, BSG will use its experience in Romania to push the process forward. Gabriel Resources is still a hold. hold…