The National Agency for Fiscal Administration (ANAF) placed an insurance seizure on the shares of the Gabriel Resources company at Roșia Montană Gold Corporation, according to Economica.net. The company, which has to pay 9.5 million euros in court costs to the Romanian state for the lost lawsuit in Washington, announced that it cannot sell the shares it owns in the Roșia Montană project.
On March 29, 2024, ANAF Alba seized the 80.6858% stake held by Gabriel Resources in Roșia Montană Gold Corporation, according to data verified by Economica.net on the Termene.ro platform.
Gabriel Resources says it only has $1.5 million left in its accounts, money that will run out by the end of May.
“The Company is in discussions with existing investors as well as other interested parties to obtain additional funds to fund future strategic objectives (which may include, as appropriate, the costs of any potential cancellation proceedings) and for general working capital purposes.“ , Gabriel Resources also announced.
However, the company says, there is a big risk that it won’t be able to come up with the money. “Failure to raise funds would have a negative impact on the Company’s financial condition and ability to continue as a going concern,” they added.
The Court of International Commercial Arbitration in Washington gave the verdict in the case of gold from Roșia Montană.
Romania won the lawsuit and will not pay any compensation to Gabriel Resources. Instead, the Canadian company is obliged to reimburse Romania for the court costs. The decision is final and enforceable and comes after nine years of litigation.
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